N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22487

DBX ETF Trust

(Exact name of registrant as specified in charter)

875 Third Avenue

New York, New York 10022

(Address of principal executive offices) (Zip code)

Diane Kenneally

One International Place

Boston, MA 02110

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: May 31, 2020

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

May 31, 2020

Annual Report

DBX ETF Trust

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

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)

Xtrackers MSCI Europe Hedged Equity ETF (DBEU)

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)

Xtrackers MSCI Germany Hedged Equity ETF (DBGR)

Xtrackers MSCI Japan Hedged Equity ETF (DBJP)

DBX ETF Trust

Table of Contents

	Page
Shareholder Letter		1
Management’s Discussion of Fund Performance		3
Performance Summary
Xtrackers MSCI All World ex US Hedged Equity ETF		6
Xtrackers MSCI Emerging Markets Hedged Equity ETF		8
Xtrackers MSCI Europe Hedged Equity ETF		10
Xtrackers MSCI Eurozone Hedged Equity ETF		12
Xtrackers MSCI Germany Hedged Equity ETF		14
Xtrackers MSCI Japan Hedged Equity ETF		16
Fees and Expenses		18
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF		19
Xtrackers MSCI Emerging Markets Hedged Equity ETF		44
Xtrackers MSCI Europe Hedged Equity ETF		64
Xtrackers MSCI Eurozone Hedged Equity ETF		72
Xtrackers MSCI Germany Hedged Equity ETF		81
Xtrackers MSCI Japan Hedged Equity ETF		84
Statements of Assets and Liabilities		90
Statements of Operations		92
Statements of Changes in Net Assets		94
Financial Highlights		97
Notes to Financial Statements		100
Report of Independent Registered Public Accounting Firm		113
Liquidity Risk Management		114
Board Members and Officers		115
Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts		118
Additional Information		121
Privacy Policy Notice		122

To our Shareholders: (Unaudited)

Dear Shareholders,

We are pleased to provide this annual report for 6 of our currency-hedged equity ETFs for the period ended May 31, 2020.

During the reporting period, developed and emerging economies alike shifted from a “sustaining growth” approach to ‘low-growth’ position, however equity markets across these regions avoided their lowest levels anchored by government stimulus. Through the initial phase of the review period, economies were focusing their efforts towards ensuring favorable employment rates, achieving target inflation levels and improving corporate earnings. Each of these factors saw varied levels of success to keep the overall expansion levels afloat. However, as the global pandemic and the accompanying business lockdown ensued, a slowdown took shape globally, causing enormous economic and human losses. Monetary backing from central banks and fiscal stimulus from governments were at the forefront, providing a base for the economies and businesses to recover and partially offset losses.

The U.S. GDP¹ increment was marginal by the end of the review period, as lockdown measures culminated in the highest unemployment levels historically. A dire employment scenario led to a steeper spiraling down of consumer consumption than what businesses had anticipated. The direct impact was on the equity markets, which lost all the gains they had accumulated during the period. A relief fund to the tune of USD3.6 trillion was approved by the Treasury through the Coronavirus Aid, Relief and Economic Security (CARES) Act, while the Federal Reserve Board (FRB) brought the federal funds rate near zero levels to infuse liquidity into the economy. A volatile oil market saw oil become the first commodity in history to record negative prices. As a result, inflation levels waned towards the end of the review period.

The Eurozone, which was facing recessionary pressures even before the COVID-19 outbreak, contracted over the review period, drawing down major equity indices by a larger impact. With dwindling household consumption in Germany and France’s GDP impacted by constant strikes over the government’s pension reforms, the euro area’s power houses had already come under pressure. Serving as a virus hotspots, Italy and Spain inflicted the highest damage, further straining the region’s stability. The European Central Bank’s (ECB) efforts to contain the economic damage were not far behind the U.S., as it issued EUR1.35 trillion in the form of Pandemic Emergency Purchase Programme (PEPP). In addition, the regular asset purchase programme was reinitiated, while keeping interest rates at the zero level. The U.K.’s economy contracted as well, following the global trend, and yet again postponed Brexit² negotiations.

In another first, the world’s fastest growing major economy, China, contracted, as the epicenter of the pandemic underwent a two-month shutdown. Industrial production detracted sharper than the services sector. Over a short positive stint, the first phase of U.S.-China negotiations was convened by the global giants, relaxing tensions prior to the COVID-19 outbreak. However, disrupted supply chains amid a travel ban globally revived growth sustainability concerns for all export-reliant economies, which include emerging economies. Elsewhere, the Japanese economy was formally declared to be in a technical recession³ as it underwent two consecutive quarters of negative growth.

A second wave of the pandemic and U.S.-China trade tensions are among the visible causes of concerns in the near future. Nevertheless, the availability of reasonable debt and synchronized efforts by economies globally to ensure liquidity are expected to ease recessionary concerns. Our team appreciates your trust and looks forward to continue serving your investment needs

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through innovative index-driven strategies. In view of an appreciating U.S. dollar, our currency-hedged strategy plays a significant role in managing investments in international equities.

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.

² Brexit is a combination of words “Britain” and “Exit” and describes the exit of the United Kingdom from the European Union.

³. A “technical recession” is when you have 2 negative quarters of GDP, but it is due mainly to slowing growth or an isolated event rather than a major underlying cause. Technical recessions are usually short in duration and mild in severity.

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.

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DBX ETF Trust

Management’s Discussion of Fund Performance (Unaudited)

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

The Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA US Dollar Hedged Index (the DBAW Index). The DBAW Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the U.S.), while at the same time mitigating exposure to fluctuation between the value of the U.S. dollar and select non-U.S. currencies. For the 12-month period ended May 31, 2020, DBAW returned -0.78%, compared to the DBAW Index return of -0.37%.

Financials, Energy and Real Estate were the major negative contributors, while Health Care, Information Technology and Consumer Discretionary sectors contributed the most to performance. From a geographical perspective, United Kingdom, Brazil and India were the major negative contributors, while Japan and Switzerland contributed positively to performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed positively to performance.

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)

The Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EM US Dollar Hedged Index (the DBEM Index). The DBEM Index is designed to provide exposure to equity securities in the global emerging markets, while at the same time mitigating exposure to fluctuations between the value of the US dollar and the currencies of countries included in the underlying index. For the 12-month period ended May 31, 2020, DBEM returned -1.01%, compared to the DBEM Index return of -0.17%.

Financials, Energy and Materials were the major negative contributors, while Information Technology, Consumer Discretionary and Communication Services sectors contributed the most to performance. From a geographical perspective, majority of countries contributed negatively to performance during the period with the greatest negative contributions coming from Brazil, India and South Africa, while Taiwan and Hong Kong were among the positive contributors. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed positively to performance.

Xtrackers MSCI Europe Hedged Equity ETF (DBEU)

The Xtrackers MSCI Europe Hedged Equity ETF (DBEU) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Europe US Dollar Hedged Index (the DBEU Index). The DBEU index is designed to provide exposure to equity securities in 15 developed European stock markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies. For the 12-month period ended May 31, 2020, DBEU returned -2.16%, compared to the DBEU Index return of -1.96%.

Majority of sectors contributed negatively to performance during the period with the greatest negative contributions coming from Financials, Energy and Communication Services. The Health Care, Information Technology and Utilities sectors contributed positively to performance. From a geographical perspective, United Kingdom, France and Spain were the major detractors, while Switzerland, Denmark and Sweden contributed positively to performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed positively to performance.

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)

The Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EMU IMI U.S. Dollar Hedged Index (the DBEZ Index). The DBEZ Index is designed to provide exposure to equities in countries in the European Monetary Union, or the “Eurozone” that have adopted the euro as their common currency and sole legal tender, while at the same time mitigating exposure to the fluctuations between the value of the U.S. dollar and the euro. For the 12-month period ended May 31, 2020, DBEZ returned -2.80%, compared to the DBEZ Index return of -2.57%.

3

DBX ETF Trust

Management’s Discussion of Fund Performance (Unaudited) (Continued)

Majority of sectors contributed negatively to performance during the period with the greatest negative contributions coming from Financials, Industrials and Energy. The Health Care, Information Technology and Utilities sectors contributed positively to performance. Most countries contributed negatively with France, Spain and Italy being the most significant detractors. However, Netherlands, Finland and Ireland contributed positively to the performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against the euro. The currency hedging strategy contributed positively to performance.

Xtrackers MSCI Germany Hedged Equity ETF (DBGR)

The Xtrackers MSCI Germany Hedged Equity ETF (DBGR) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI German US Dollar Hedged Index (the DBGR Index). The DBGR Index is designed to provide exposure to Germany’s equity market, while at the same time mitigating exposure to fluctuations between the value of the US dollar and euro. For the 12-month period ended May 31, 2020, DBGR returned 1.15%, compared to the DBGR Index return of 1.40%.

The Health Care, Utilities and Information Technology sectors were the major positive contributors, while Consumer Discretionary and Materials sectors detracted most from the performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed positively to performance.

Xtrackers MSCI Japan Hedged Equity ETF (DBJP)

The Xtrackers MSCI Japan Hedged Equity ETF (DBJP) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Japan US Dollar Hedged Index (the DBJP Index). The DBJP Index is designed to track the performance of the Japanese equity market, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and Japanese yen. For the 12-month period ended May 31, 2020, DBJP returned 7.88%, compared to the DBJP Index return of 8.32%.

Health Care, Information Technology and Consumer Discretionary were the major positive contributors, while Financials, Real Estate and Energy sectors detracted most from the performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against the Japanese yen. The currency hedging strategy contributed positively to performance.

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Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 6-17 of this report for additional performance information, including performance data based on market value. The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.

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This Page is Intentionally Left Blank

5

DBX ETF Trust

Performance Summary (Unaudited)

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

The Xtrackers MSCI All World ex US Hedged 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 MSCI ACWI ex USA US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities in developed and emerging stock markets (excluding the United States), while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.

Performance as of May 31, 2020

Average Annual Total Return
	Net Asset Value	Market Value	MSCI ACWI ex USA US Dollar Hedged Index	MSCI ACWI ex USA Index
One Year	-0.78%	-0.44%	-0.37%	-3.43%
Five Year	2.22%	2.13%	2.68%	0.79%
Since Inception1	4.11%	4.11%	4.57%	1.12%
Cumulative Total Returns
	Net Asset Value	Market Value	MSCI ACWI ex USA US Dollar Hedged Index	MSCI ACWI ex USA Index
One Year	-0.78%	-0.44%	-0.37%	-3.43%
Five Year	11.58%	11.10%	14.14%	4.01%
Since Inception1	29.17%	29.18%	32.83%	7.34%

¹ Total returns are calculated based on the commencement of operations, January 23, 2014 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2019, was 0.40%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

6

DBX ETF Trust

Performance Summary (Unaudited)

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

Growth of an Assumed $10,000 Investment

¹ Based on Net Asset Value from commencement of operations, January 23, 2014.

Sector Diversification* as of May 31, 2020

Financials	18.0%
Consumer Discretionary	12.5%
Industrials	11.5%
Health Care	11.0%
Information Technology	10.6%
Consumer Staples	10.1%
Materials	7.5%
Communication Services	7.3%
Energy	5.0%
Utilities	3.6%
Real Estate	2.9%
Total	100.0%

Ten Largest Equity Holdings
as of May 31, 2020 (11.8% of Net Assets)

Description	% of Net Assets
Alibaba Group Holding Ltd. (China)		2.0%
Nestle SA (Switzerland)		1.6%
Tencent Holdings Ltd. (China)		1.5%
Roche Holding AG (Switzerland)		1.2%
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		1.2%
Samsung Electronics Co. Ltd. (South Korea)		1.2%
Novartis AG (Switzerland)		1.0%
AstraZeneca PLC (United Kingdom)		0.7%
ASML Holding NV (Netherlands)		0.7%
Toyota Motor Corp. (Japan)		0.7%

Country Diversification* as of May 31, 2020

Japan	17.2%
China	10.3%
United Kingdom	8.7%
Switzerland	7.0%
France	6.8%
Canada	6.6%
Germany	5.9%
Australia	4.3%
Taiwan	3.4%
South Korea	3.2%
Hong Kong	3.1%
Netherlands	3.0%
India	2.3%
Other	18.2%
Total	100.0%

* As a percent of total investments excluding 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 19.

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DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)

The Xtrackers MSCI Emerging Markets Hedged 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 MSCI EM US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track emerging market performance while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into and index.

Performance as of May 31, 2020

Average Annual Total Return
	Net Asset Value	Market Value	MSCI EM US Dollar Hedged Index	MSCI EM Index
One Year	-1.01%	0.15%	-0.17%	-4.39%
Five Year	1.07%	1.12%	2.26%	0.88%
Since Inception1	0.51%	0.59%	2.38%	0.09%
Cumulative Total Returns
	Net Asset Value	Market Value	MSCI EM US Dollar Hedged Index	MSCI EM Index
One Year	-1.01%	0.15%	-0.17%	-4.39%
Five Year	5.46%	5.73%	11.82%	4.47%
Since Inception1	4.71%	5.42%	23.58%	0.84%

¹ Total returns are calculated based on the commencement of operations, June 9, 2011 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2019, was 0.65%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

8

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) (Continued)

Growth of an Assumed $10,000 Investment

¹ Based on Net Asset Value from commencement of operations, June 9, 2011.

Sector Diversification* as of May 31, 2020

Financials	19.8%
Consumer Discretionary	17.0%
Information Technology	16.4%
Communication Services	12.9%
Materials	7.0%
Consumer Staples	6.7%
Energy	6.2%
Industrials	4.9%
Health Care	4.0%
Real Estate	2.6%
Utilities	2.5%
Total	100.0%

Ten Largest Equity Holdings
as of May 31, 2020 (28.0% of Net Assets)

Description	% of Net Assets
Alibaba Group Holding Ltd. (China)		7.1%
Tencent Holdings Ltd. (China)		5.6%
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		4.4%
Samsung Electronics Co. Ltd. (South Korea)		4.1%
China Construction Bank Corp. (China)		1.4%
Naspers Ltd. (South Africa)		1.3%
Meituan Dianping (China)		1.2%
Ping An Insurance Group Co. of China Ltd. (China)		1.1%
Reliance Industries Ltd. (India)		1.0%
China Mobile Ltd. (Hong Kong)		0.8%

Country Diversification* as of May 31, 2020

China	36.5%
Taiwan	12.0%
South Korea	11.5%
India	8.1%
Brazil	5.2%
Hong Kong	3.8%
South Africa	3.6%
Russia	3.5%
Saudi Arabia	2.8%
Thailand	2.4%
Other	10.6%
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 44.

9

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI Europe Hedged Equity ETF (DBEU)

The X-trackers MSCI Europe Hedged 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 MSCI Europe US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the developed markets in Europe, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.

Performance as of May 31, 2020

Average Annual Total Return
	Net Asset Value	Market Value	MSCI Europe US Dollar Hedged Index	MSCI Europe Index
One Year	-2.16%	-1.87%	-1.96%	-4.41%
Five Year	2.90%	2.88%	3.22%	0.03%
Since Inception1	5.55%	5.58%	5.88%	1.24%
Cumulative Total Returns
	Net Asset Value	Market Value	MSCI Europe US Dollar Hedged Index	MSCI Europe Index
One Year	-2.16%	-1.87%	-1.96%	-4.41%
Five Year	15.36%	15.25%	17.17%	0.13%
Since Inception1	43.32%	43.63%	46.36%	8.55%

¹ Total returns are calculated based on the commencement of operations, October 1, 2013 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2019, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

10

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI Europe Hedged Equity ETF (DBEU) (Continued)

Growth of an Assumed $10,000 Investment

¹ Based on Net Asset Value from commencement of operations, October 1, 2013.

Sector Diversification* as of May 31, 2020

Health Care	17.2%
Consumer Staples	15.1%
Financials	14.6%
Industrials	13.2%
Consumer Discretionary	9.9%
Materials	7.4%
Information Technology	7.3%
Utilities	4.9%
Energy	4.8%
Communication Services	4.2%
Real Estate	1.4%
Total	100.0%

Ten Largest Equity Holdings
as of May 31, 2020 (20.0% of Net Assets)

Description	% of Net Assets
Nestle SA (Switzerland)		4.0%
Roche Holding AG (Switzerland)		3.0%
Novartis AG (Switzerland)		2.3%
AstraZeneca PLC (United Kingdom)		1.7%
ASML Holding NV (Netherlands)		1.7%
SAP SE (Germany)		1.6%
Royal Dutch Shell PLC (Netherlands)		1.5%
LVMH Moet Hennessy Louis Vuitton SE (France)		1.4%
Novo Nordisk A/S (Denmark)		1.4%
Sanofi (France)		1.4%

Country Diversification* as of May 31, 2020

United Kingdom	21.3%
Switzerland	17.2%
France	16.7%
Germany	14.4%
Netherlands	7.3%
Sweden	4.6%
Spain	3.9%
Denmark	3.8%
Italy	3.2%
Finland	2.0%
Other	5.6%
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 64.

11

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)

The Xtrackers MSCI Eurozone Hedged 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 MSCI EMU IMI US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities based in the countries in the European Monetary Union (the “EMU”), while seeking to mitigate exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.

Performance as of May 31, 2020

Average Annual Total Return
	Net Asset Value	Market Value	MSCI EMU IMI US Dollar Hedged Index	MSCI EMU Index
One Year	-2.80%	-2.08%	-2.57%	-5.30%
Five Year	2.31%	2.29%	2.45%	0.68%
Since Inception1	5.11%	5.20%	5.27%	1.37%
Cumulative Total Returns
	Net Asset Value	Market Value	MSCI EMU IMI US Dollar Hedged Index	MSCI EMU Index
One Year	-2.80%	-2.08%	-2.57%	-5.30%
Five Year	12.11%	11.98%	12.88%	3.45%
Since Inception1	31.39%	32.04%	32.53%	7.77%

¹ Total returns are calculated based on the commencement of operations, December 10, 2014 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2019, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

12

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) (Continued)

Growth of an Assumed $10,000 Investment

¹ Based on Net Asset Value from commencement of operations, December 10, 2014.

Sector Diversification* as of May 31, 2020

Industrials	14.4%
Consumer Discretionary	14.4%
Financials	13.5%
Information Technology	12.2%
Consumer Staples	9.7%
Health Care	9.6%
Utilities	7.1%
Materials	7.1%
Communication Services	5.2%
Energy	4.0%
Real Estate	2.8%
Total	100.0%

Ten Largest Equity Holdings
as of May 31, 2020 (21.7% of Net Assets)

Description	% of Net Assets
ASML Holding NV (Netherlands)		3.1%
SAP SE (Germany)		3.0%
LVMH Moet Hennessy Louis Vuitton SE (France)		2.6%
Sanofi (France)		2.5%
TOTAL SA (France)		2.1%
Siemens AG (Germany)		1.9%
Allianz SE (Germany)		1.7%
Unilever NV (United Kingdom)		1.7%
L’Oreal SA (France)		1.6%
Bayer AG (Germany)		1.5%

Country Diversification* as of May 31, 2020

France	31.0%
Germany	28.2%
Netherlands	11.7%
Spain	7.9%
Italy	7.1%
Finland	3.7%
Belgium	3.3%
United Kingdom	2.3%
Ireland	2.1%
Other	2.7%
Total	100.0%

* As a percent of total investments excluding 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 72.

13

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI Germany Hedged Equity ETF (DBGR)

The Xtrackers MSCI Germany Hedged 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 MSCI Germany US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the German equity market while mitigating exposure to fluctuations between the value of the US dollar and the euro. It is not possible to invest directly into an index.

Performance as of May 31, 2020

Average Annual Total Return
	Net Asset Value	Market Value	MSCI Germany US Dollar Hedged Index	MSCI Germany Index
One Year	1.15%	2.23%	1.40%	-1.54%
Five Year	1.48%	1.62%	1.82%	0.05%
Since Inception1	4.06%	4.13%	4.41%	0.92%
Cumulative Total Returns
	Net Asset Value	Market Value	MSCI Germany US Dollar Hedged Index	MSCI Germany Index
One Year	1.15%	2.23%	1.40%	-1.54%
Five Year	7.61%	8.36%	9.43%	0.27%
Since Inception1	43.01%	43.92%	47.35%	8.60%

1 Total returns are calculated based on the commencement of operations, June 9, 2011 (“Inception”).

Prior to May 31, 2013, this Fund was known as dbx-trackers MSCI Canada Hedged Equity Fund (DBCN) and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2019, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

14

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI Germany Hedged Equity ETF (DBGR) (Continued)

Growth of an Assumed $10,000 Investment

1 Based on Net Asset Value from commencement of operations, June 9, 2011.

Sector Diversification* as of May 31, 2020

Consumer Discretionary	16.0%
Information Technology	15.8%
Financials	14.8%
Health Care	13.5%
Industrials	13.2%
Materials	8.0%
Communication Services	6.0%
Real Estate	5.2%
Utilities	4.3%
Consumer Staples	3.2%
Total	100.0%

Ten Largest Equity Holdings
as of May 31, 2020 (51.6% of Net Assets)

Description	% of Net Assets
SAP SE		11.2%
Siemens AG		7.1%
Allianz SE		6.4%
Bayer AG		5.6%
Deutsche Telekom AG		4.5%
adidas AG		4.3%
BASF SE		4.2%
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		2.8%
Volkswagen AG		2.8%
Daimler AG		2.7%

* 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 81.

15

DBX ETF Trust

Performance Summary (Unaudited) (Continued)

Xtrackers MSCI Japan Hedged Equity ETF (DBJP)

The Xtrackers MSCI Japan Hedged 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 MSCI Japan US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the Japanese equity market while mitigating exposure to fluctuations between the value of the US dollar and Japanese yen. It is not possible to invest directly into an index.

Performance as of May 31, 2020

Average Annual Total Return
	Net Asset Value	Market Value	MSCI Japan US Dollar Hedged Index	MSCI Japan Index
One Year	7.88%	8.66%	8.32%	6.98%
Five Year	0.80%	0.87%	1.36%	3.09%
Since Inception1	8.88%	8.84%	9.56%	5.70%
Cumulative Total Returns
	Net Asset Value	Market Value	MSCI Japan US Dollar Hedged Index	MSCI Japan Index
One Year	7.88%	8.66%	8.32%	6.98%
Five Year	4.09%	4.42%	6.97%	16.46%
Since Inception1	114.68%	114.03%	127.14%	64.61%

¹ Total returns are calculated based on the commencement of operations, June 9, 2011 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2019, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

16

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI Japan Hedged Equity ETF (DBJP) (Continued)

Growth of an Assumed $10,000 Investment

1 Based on Net Asset Value from commencement of operations, June 9, 2011.

Sector Diversification* as of May 31, 2020

Industrials	20.4%
Consumer Discretionary	17.7%
Information Technology	12.2%
Health Care	12.1%
Financials	9.3%
Communication Services	9.1%
Consumer Staples	8.4%
Materials	4.8%
Real Estate	3.7%
Utilities	1.6%
Energy	0.7%
Total	100.0%

Ten Largest Equity Holdings
as of May 31, 2020 (19.3% of Net Assets)

Description	% of Net Assets
Toyota Motor Corp.		3.9%
Sony Corp.		2.4%
Keyence Corp.		2.2%
SoftBank Group Corp.		2.0%
Takeda Pharmaceutical Co. Ltd.		1.8%
Daiichi Sankyo Co. Ltd.		1.5%
Mitsubishi UFJ Financial Group, Inc.		1.5%
KDDI Corp.		1.4%
Nintendo Co. Ltd.		1.3%
Recruit Holdings Co. Ltd.		1.3%

* As a percent of total investments excluding 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 84.

17

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 management fees and other Fund expenses. In the most recent six-month period the Funds limted 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 six-month period and held for the entire period (December 1, 2019 to May 31, 2020).

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 December 1, 2019		Ending Account Value May 31, 2020		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers MSCI All World ex US Hedged Equity ETF
Actual	$	1,000.00	$	906.50		0.40	%	$	1.91
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.00		0.40	%	$	2.02
Xtrackers MSCI Emerging Markets Hedged Equity ETF
Actual	$	1,000.00	$	938.60		0.65	%	$	3.15
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.75		0.65	%	$	3.29
Xtrackers MSCI Europe Hedged Equity ETF
Actual	$	1,000.00	$	882.30		0.46	%	$	2.16
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.70		0.46	%	$	2.33
Xtrackers MSCI Eurozone Hedged Equity ETF
Actual	$	1,000.00	$	856.60		0.46	%	$	2.14
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.70		0.46	%	$	2.33
Xtrackers MSCI Germany Hedged Equity ETF
Actual	$	1,000.00	$	890.00		0.45	%	$	2.13
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.75		0.45	%	$	2.28
Xtrackers MSCI Japan Hedged Equity ETF
Actual	$	1,000.00	$	940.20		0.46	%	$	2.23
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.70		0.46	%	$	2.33

(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.

18

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF

May 31, 2020

	Number of Shares		Value
COMMON STOCKS — 96.1%
Argentina — 0.0%
Globant SA* (Cost $17,197)		181	$	25,378
Australia — 4.2%
Afterpay Ltd.*		1,048		33,118
AGL Energy Ltd.		3,095		34,575
AMP Ltd.*		15,634		16,986
Ampol Ltd.		1,484		26,796
APA Group (a)		5,682		43,971
Aristocrat Leisure Ltd.		2,688		46,082
ASX Ltd.		996		58,541
Aurizon Holdings Ltd.		10,650		33,719
AusNet Services		9,095		10,639
Australia & New Zealand Banking Group Ltd.		14,354		171,165
BHP Group Ltd.		14,640		338,027
BHP Group PLC		10,520		205,433
BlueScope Steel Ltd.		2,849		20,946
Brambles Ltd.		8,014		62,178
Coca-Cola Amatil Ltd.		2,948		17,213
Cochlear Ltd.		298		38,338
Coles Group Ltd.		6,687		68,463
Commonwealth Bank of Australia		8,875		377,122
Computershare Ltd.		2,238		19,542
Crown Resorts Ltd.		2,004		12,810
CSL Ltd.		2,254		414,994
Dexus REIT		4,980		29,875
Evolution Mining Ltd.		7,946		32,308
Fortescue Metals Group Ltd. (b)		6,995		64,809
Goodman Group REIT		8,965		91,845
GPT Group REIT		9,236		24,564
Insurance Australia Group Ltd.		12,013		48,924
Lendlease Group (a)		2,917		25,140
Macquarie Group Ltd.		1,622		118,893
Magellan Financial Group Ltd.		611		23,764
Medibank Pvt Ltd.		13,038		24,768
Mirvac Group REIT		19,016		29,787
National Australia Bank Ltd.		16,028		190,273
Newcrest Mining Ltd.		4,334		88,340
Northern Star Resources Ltd.		3,656		36,066
Oil Search Ltd.		15,926		36,942
Orica Ltd.		1,847		21,151
Origin Energy Ltd.		9,011		35,377
Qantas Airways Ltd.		3,569		9,492
QBE Insurance Group Ltd.		6,965		40,993
Ramsay Health Care Ltd.		897		41,883
REA Group Ltd.		266		17,814
Santos Ltd.		8,962		32,019
Scentre Group REIT		26,667		39,638
SEEK Ltd.		1,626		21,817
Sonic Healthcare Ltd.		2,036		38,229
South32 Ltd.		24,709		31,457
Stockland REIT		11,935		28,400
Suncorp Group Ltd.		6,201		38,150
Sydney Airport (a)		5,460		21,290
Tabcorp Holdings Ltd.		10,292		22,090
Telstra Corp. Ltd.		20,380		44,013

	Number of Shares		Value
Australia (Continued)
TPG Telecom Ltd.		1,814	$	10,278
Transurban Group (a)		13,166		125,406
Treasury Wine Estates Ltd.		3,772		24,287
Vicinity Centres REIT		6,728		7,220
Wesfarmers Ltd.		5,538		149,020
Westpac Banking Corp.		18,104		207,798
WiseTech Global Ltd. (b)		1,583		21,515
Woodside Petroleum Ltd.		4,610		69,660
Woolworths Group Ltd.		6,426		151,370
(Cost $4,923,308)				4,167,323
Austria — 0.1%
ANDRITZ AG*		404		15,131
Erste Group Bank AG*		1,490		32,691
OMV AG*		744		24,545
Raiffeisen Bank International AG		747		13,715
Verbund AG*		344		15,289
voestalpine AG		458		8,915
(Cost $158,350)				110,286
Belgium — 0.6%
Ageas SA/NV*		1,046		35,611
Anheuser-Busch InBev SA/NV		3,323		154,593
Colruyt SA		290		17,506
Elia Group SA/NV		233		27,313
Galapagos NV*		213		43,351
Groupe Bruxelles Lambert SA		409		33,016
KBC Group NV		1,154		60,297
Proximus SADP		765		15,960
Sofina SA		113		30,857
Solvay SA (b)		370		28,126
Telenet Group Holding NV		106		4,337
UCB SA		658		65,737
Umicore SA		935		41,350
(Cost $823,970)				558,054
Brazil — 1.1%
Ambev SA		23,396		54,716
Atacadao SA		1,728		5,987
B2W Cia Digital*		954		16,379
B3 SA — Brasil Bolsa Balcao		10,585		90,352
Banco Bradesco SA		6,568		21,909
Banco BTG Pactual SA		1,039		9,509
Banco do Brasil SA		4,076		23,556
Banco Santander Brasil SA		4,922		23,520
BB Seguridade Participacoes SA		3,822		18,106
BRF SA*		2,728		11,824
CCR SA		5,921		16,311
Cia Brasileira de Distribuicao		602		7,105
Cia de Saneamento Basico do Estado de Sao Paulo		1,860		18,934
Cia Siderurgica Nacional SA		2,953		5,711
Cosan SA*		1,941		23,952
CPFL Energia SA*		2,808		16,970
Energisa SA		1,284		11,429
Engie Brasil Energia SA		1,304		10,364
Equatorial Energia SA*		5,327		20,015

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

	Number of Shares		Value
Brazil (Continued)
Hapvida Participacoes e Investimentos SA, 144A		1,049	$	10,784
Hypera SA		1,860		11,231
JBS SA		5,696		23,451
Klabin SA		2,672		9,869
Localiza Rent a Car SA		5,003		36,077
Lojas Renner SA		4,064		29,359
Magazine Luiza SA		3,621		43,665
Multiplan Empreendimentos Imobiliarios SA		1,318		5,110
Natura & Co. Holding SA		3,169		22,080
Notre Dame Intermedica Participacoes SA		2,392		27,926
Petrobras Distribuidora SA		3,362		13,634
Petroleo Brasileiro SA		18,496		72,233
Porto Seguro SA		2,119		18,783
Raia Drogasil SA		1,317		27,010
Rumo SA*		6,562		27,705
Sul America SA		3,150		26,475
Suzano SA*		2,344		16,630
TIM Participacoes SA		3,349		8,548
Ultrapar Participacoes SA		3,444		11,049
Vale SA		18,287		181,626
WEG SA		6,083		47,683
(Cost $1,044,027)				1,077,577
Canada — 6.4%
Agnico Eagle Mines Ltd.		1,190		76,135
Algonquin Power & Utilities Corp.		2,592		36,296
Alimentation Couche-Tard, Inc., Class B		4,318		135,168
AltaGas Ltd.		712		7,643
Atco Ltd., Class I		377		10,627
Aurora Cannabis, Inc.*(b)		2		28
B2Gold Corp.		5,088		28,048
Bank of Montreal		3,190		157,363
Bank of Nova Scotia		6,192		248,112
Barrick Gold Corp.		8,727		209,864
BCE, Inc.		729		30,302
BlackBerry Ltd.*		3,338		15,516
Brookfield Asset Management, Inc., Class A		6,778		212,814
CAE, Inc.		1,397		20,962
Cameco Corp.		1,698		18,449
Canadian Apartment Properties REIT		525		17,898
Canadian Imperial Bank of Commerce		2,156		138,253
Canadian National Railway Co.		3,675		316,560
Canadian Natural Resources Ltd.		5,974		109,123
Canadian Pacific Railway Ltd.		691		173,195
Canadian Tire Corp. Ltd., Class A (b)		241		20,588
Canadian Utilities Ltd., Class A		660		15,838
Canopy Growth Corp.*		981		17,250
CCL Industries, Inc., Class B		756		25,472
Cenovus Energy, Inc.		2,514		10,955
CGI, Inc.*		1,205		76,999
Constellation Software, Inc.		99		112,538
Dollarama, Inc.		1,566		53,093
Emera, Inc.		1,178		46,834
Empire Co. Ltd., Class A		856		19,372

	Number of Shares		Value
Canada (Continued)
Enbridge, Inc.		10,383	$	337,692
Fairfax Financial Holdings Ltd.		130		36,112
First Quantum Minerals Ltd.		3,309		19,395
Fortis, Inc.		2,240		86,242
Franco-Nevada Corp.		953		133,767
George Weston Ltd.		374		27,017
Gildan Activewear, Inc.		1,128		15,648
Great-West Lifeco, Inc.		1,500		24,425
Hydro One Ltd., 144A		1,804		34,957
iA Financial Corp., Inc.		533		17,021
IGM Financial, Inc.		549		13,039
Imperial Oil Ltd. (b)		1,386		21,653
Intact Financial Corp.		699		66,730
Inter Pipeline Ltd.		1,778		16,284
Keyera Corp.		1,084		17,179
Kinross Gold Corp.*		6,908		44,904
Kirkland Lake Gold Ltd.		1,541		59,375
Loblaw Cos. Ltd.		972		48,118
Lundin Mining Corp.		3,317		15,274
Magna International, Inc.		1,586		66,880
Manulife Financial Corp.		9,551		118,620
Metro, Inc.		1,309		54,590
National Bank of Canada		1,586		69,068
Nutrien Ltd.		2,375		81,073
Onex Corp.		387		18,160
Open Text Corp.		1,239		51,473
Pan American Silver Corp.		1,028		30,231
Parkland Corp.		721		20,276
Pembina Pipeline Corp. (b)		3,259		81,425
Power Corp. of Canada		2,807		45,688
Quebecor, Inc., Class B		840		18,467
Restaurant Brands International, Inc.		1,531		83,641
Ritchie Bros Auctioneers, Inc.		541		23,414
Rogers Communications, Inc., Class B		1,857		77,822
Royal Bank of Canada		7,336		475,960
Saputo, Inc.		1,069		26,266
Shaw Communications, Inc., Class B		2,564		43,259
Shopify, Inc., Class A*		494		374,925
Sun Life Financial, Inc. (b)		3,009		103,218
Suncor Energy, Inc. (b)		7,026		120,787
TC Energy Corp.		4,641		209,154
Teck Resources Ltd., Class B		2,554		24,263
TELUS Corp.		2,027		35,127
Thomson Reuters Corp.		1,022		68,452
TMX Group Ltd.		277		27,765
Toronto-Dominion Bank		8,988		385,018
Wheaton Precious Metals Corp.		2,545		109,648
WSP Global, Inc.		477		30,785
Yamana Gold, Inc.		4,670		25,269
(Cost $6,405,223)				6,296,851
Chile — 0.2%
Antofagasta PLC		2,087		22,589
Banco de Chile		215,346		18,298
Banco de Credito e Inversiones SA		187		6,332
Banco Santander Chile		312,455		12,726
Cencosud SA		8,433		9,851

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

	Number of Shares		Value
Chile (Continued)
Empresa Nacional de Telecomunicaciones SA		868	$	5,531
Empresas CMPC SA		8,312		16,927
Empresas COPEC SA		2,150		13,565
Enel Americas SA		190,503		27,728
Enel Chile SA		123,794		9,278
Falabella SA		2,985		6,955
(Cost $212,490)				149,780
China — 10.0%
360 Security Technology, Inc., Class A		3,700		9,227
51job, Inc., ADR*(b)		118		7,610
58.com, Inc., ADR*		537		25,781
AAC Technologies Holdings, Inc. (b)		1,620		8,318
Accelink Technologies Co. Ltd., Class A		2,700		10,346
Agile Group Holdings Ltd.		7,957		8,181
Agricultural Bank of China Ltd., Class A		19,900		9,480
Agricultural Bank of China Ltd., Class H		136,802		55,240
Aier Eye Hospital Group Co. Ltd., Class A		3,510		19,258
Air China Ltd., Class H		10,875		6,510
AK Medical Holdings Ltd., 144A		4,000		12,204
Alibaba Group Holding Ltd., ADR*		9,280		1,924,579
A-Living Services Co. Ltd., Class H, 144A (b)		4,750		25,431
Aluminum Corp. of China Ltd., Class H*		20,450		3,773
Anhui Conch Cement Co. Ltd., Class A		1,200		9,550
Anhui Conch Cement Co. Ltd., Class H		6,071		45,465
Anhui Gujing Distillery Co. Ltd., Class B		1,300		14,540
ANTA Sports Products Ltd.		5,343		47,630
Anxin Trust Co. Ltd., Class A*(c)		1,500		525
Autohome, Inc., ADR (b)		320		24,618
BAIC Motor Corp. Ltd., Class H, 144A		10,311		4,150
Baidu, Inc., ADR*		1,375		146,506
Bank of Beijing Co. Ltd., Class A		11,100		7,589
Bank of China Ltd., Class A		16,800		8,121
Bank of China Ltd., Class H*		412,558		150,621
Bank of Communications Co. Ltd., Class A		13,200		9,450
Bank of Communications Co. Ltd., Class H		59,882		36,308
Bank of Jiangsu Co. Ltd., Class A		10,000		8,294
Bank of Ningbo Co. Ltd., Class A		2,300		8,253
Bank of Shanghai Co. Ltd., Class A		5,590		6,344
Baozun, Inc., ADR*		184		4,874
BeiGene Ltd., ADR*(b)		164		27,149
Beijing Capital International Airport Co. Ltd., Class H		7,123		4,438
BEST, Inc., ADR*		2,662		13,789
BOE Technology Group Co. Ltd., Class A*		31,000		16,114
BYD Co. Ltd., Class A		2,100		16,891
BYD Co. Ltd., Class H (b)		3,102		17,408
BYD Electronic International Co. Ltd. (b)		3,177		6,082
CanSino Biologics, Inc., Class H, 144A*		200		4,680
CGN Power Co. Ltd., Class H, 144A		51,498		11,826
Changchun High & New Technology Industry Group, Inc., Class A*		200		18,662
China Aoyuan Group Ltd.*		5,569		5,906
China Cinda Asset Management Co. Ltd., Class H		59,929		11,056

	Number of Shares		Value
China (Continued)
China CITIC Bank Corp. Ltd., Class H		46,587	$	20,254
China Communications Construction Co. Ltd., Class H		24,316		15,465
China Communications Services Corp. Ltd., Class H		15,597		10,322
China Conch Venture Holdings Ltd.		8,082		36,284
China Construction Bank Corp., Class H		479,300		376,564
China East Education Holdings Ltd., 144A		10,436		20,491
China Eastern Airlines Corp. Ltd., Class H*		6,242		2,110
China Everbright Bank Co. Ltd., Class A		14,000		7,473
China Everbright Bank Co. Ltd., Class H		14,787		5,990
China Evergrande Group (b)		8,711		18,250
China Feihe Ltd., 144A*		10,000		18,061
China Galaxy Securities Co. Ltd., Class H*		12,246		5,877
China Hongqiao Group Ltd.		8,230		3,620
China International Capital Corp. Ltd., Class H, 144A*(b)		5,058		8,183
China International Travel Service Corp. Ltd., Class A		800		11,346
China Lesso Group Holdings Ltd.		14,000		16,905
China Life Insurance Co. Ltd., Class A		700		2,511
China Life Insurance Co. Ltd., Class H		35,783		67,028
China Literature Ltd., 144A*		2,240		12,672
China Merchants Bank Co. Ltd., Class A		8,100		38,381
China Merchants Bank Co. Ltd., Class H		20,816		97,481
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		2,200		4,941
China Minsheng Banking Corp. Ltd., Class A		13,500		10,762
China Minsheng Banking Corp. Ltd., Class H		33,356		23,194
China Molybdenum Co. Ltd., Class H		16,711		5,131
China National Building Material Co. Ltd., Class H		15,008		16,844
China National Nuclear Power Co. Ltd., Class A		12,600		7,114
China Oilfield Services Ltd., Class H		12,051		10,478
China Pacific Insurance Group Co. Ltd., Class A		1,600		6,339
China Pacific Insurance Group Co. Ltd., Class H		13,157		36,153
China Petroleum & Chemical Corp., Class A		9,200		5,336
China Petroleum & Chemical Corp., Class H		118,834		55,036
China Railway Construction Corp. Ltd., Class H		10,726		9,589
China Railway Group Ltd., Class A		15,300		11,254
China Railway Group Ltd., Class H		20,256		11,054
China Shenhua Energy Co. Ltd., Class H		18,462		33,725
China Shipbuilding Industry Co. Ltd., Class A		8,500		4,835
China Southern Airlines Co. Ltd., Class H		8,335		3,419
China State Construction Engineering Corp. Ltd., Class A		9,600		6,725
China Telecom Corp. Ltd., Class H		71,007		23,542
China Tower Corp. Ltd., Class H, 144A		217,035		43,679

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

	Number of Shares		Value
China (Continued)
China United Network Communications Ltd., Class A		9,100	$	6,324
China Vanke Co. Ltd., Class A		2,400		8,642
China Vanke Co. Ltd., Class H		6,217		20,171
China Yangtze Power Co. Ltd., Class A		10,800		26,314
China Yuhua Education Corp. Ltd., 144A		12,000		11,704
CIFI Holdings Group Co. Ltd.		13,094		9,409
CITIC Securities Co. Ltd., Class A		3,100		9,672
CITIC Securities Co. Ltd., Class H		15,910		28,530
CNOOC Ltd.		89,461		99,600
Contemporary Amperex Technology Co. Ltd., Class A		619		12,621
COSCO SHIPPING Holdings Co. Ltd., Class A*		16,200		7,172
Country Garden Holdings Co. Ltd.		38,190		47,199
Country Garden Services Holdings Co. Ltd.*		6,808		31,882
CRRC Corp. Ltd., Class A		9,800		8,019
CRRC Corp. Ltd., Class H		24,010		11,213
CSPC Pharmaceutical Group Ltd.*		20,902		40,933
Dali Foods Group Co. Ltd., 144A		17,259		10,955
Daqin Railway Co. Ltd., Class A		10,400		9,937
Dongfeng Motor Group Co. Ltd., Class H		13,883		8,704
East Money Information Co. Ltd., Class A		9,600		19,166
ENN Energy Holdings Ltd.		4,411		51,442
Focus Media Information Technology Co. Ltd., Class A		3,200		2,215
Foshan Haitian Flavouring & Food Co. Ltd., Class A		600		9,659
Fosun International Ltd.		15,117		19,404
GCL System Integration Technology Co. Ltd., Class A*		12,400		4,430
GDS Holdings Ltd., ADR*(b)		344		19,608
Genscript Biotech Corp.*		4,043		8,867
Gigadevice Semiconductor Beijing, Inc., Class A		420		11,380
Great Wall Motor Co. Ltd., Class H*		21,547		13,648
Gree Electric Appliances, Inc. of Zhuhai, Class A		1,300		10,371
Greentown Service Group Co. Ltd.		4,808		6,414
GSX Techedu, Inc., ADR*		378		11,854
Guangzhou Automobile Group Co. Ltd., Class H		14,124		11,607
Guotai Junan Securities Co. Ltd., Class A		8,400		18,442
Haidilao International Holding Ltd., 144A*		7,000		33,819
Haitian International Holdings Ltd.		4,920		10,384
Haitong Securities Co. Ltd., Class H		15,568		11,769
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		3,400		13,086
Hansoh Pharmaceutical Group Co. Ltd., 144A*		2,000		8,682
Henan Shuanghui Investment & Development Co. Ltd., Class A*		3,200		17,736
Hengan International Group Co. Ltd.		3,470		28,337
Hua Hong Semiconductor Ltd., 144A*(b)		2,953		5,493
Huatai Securities Co. Ltd., Class A		2,100		5,084
Huatai Securities Co. Ltd., Class H, 144A		7,057		11,052

	Number of Shares		Value
China (Continued)
Huaxia Bank Co. Ltd., Class A		9,400	$	8,389
Huazhu Group Ltd., ADR (b)		661		22,355
HUYA, Inc., ADR*(b)		794		12,323
Industrial & Commercial Bank of China Ltd., Class A		14,000		10,043
Industrial & Commercial Bank of China Ltd., Class H		335,161		216,191
Industrial Bank Co. Ltd., Class A		5,000		11,278
Industrial Securities Co. Ltd., Class A		1,500		1,196
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		32,600		5,024
Inner Mongolia Yili Industrial Group Co. Ltd., Class A*		1,500		5,979
Innovent Biologics, Inc., 144A*		6,500		35,471
iQIYI, Inc., ADR*(b)		821		13,620
JD.com, Inc., ADR*		3,823		207,704
Jiangsu Expressway Co. Ltd., Class H		9,726		11,456
Jiangsu Hengrui Medicine Co. Ltd., Class A		1,200		13,232
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		200		2,956
JOYY, Inc., ADR*		244		14,896
Kingdee International Software Group Co. Ltd.*		13,211		23,179
Kingsoft Corp. Ltd.*(b)		4,779		15,494
Koolearn Technology Holding Ltd., 144A*		3,000		12,133
Kweichow Moutai Co. Ltd., Class A		400		76,588
KWG Group Holdings Ltd.*		5,818		8,121
Legend Holdings Corp., Class H, 144A (b)		3,532		4,274
Lenovo Group Ltd.		35,135		19,083
Li Ning Co. Ltd.		12,847		43,091
Logan Property Holdings Co. Ltd.		9,750		14,515
Longfor Group Holdings Ltd., 144A		8,628		39,069
LONGi Green Energy Technology Co. Ltd., Class A		4,400		19,980
Luxshare Precision Industry Co. Ltd., Class A		961		5,992
Luzhou Laojiao Co. Ltd., Class A		800		9,561
Maanshan Iron & Steel Co. Ltd., Class A		26,500		9,728
Meituan Dianping, Class B*		17,551		332,159
Metallurgical Corp. of China Ltd., Class A		21,100		7,391
Momo, Inc., ADR		862		16,723
Muyuan Foodstuff Co. Ltd., Class A		1,300		21,891
NetEase, Inc., ADR		354		135,547
New China Life Insurance Co. Ltd., Class H		4,923		15,306
New Hope Liuhe Co. Ltd., Class A		4,800		18,844
New Oriental Education & Technology Group, Inc., ADR*		754		90,450
Ninestar Corp., Class A		2,648		10,202
NIO, Inc., ADR*(b)		3,269		13,011
OFILM Group Co. Ltd., Class A*		4,203		8,350
Orient Securities Co. Ltd., Class A		1,600		2,056
People’s Insurance Co. Group of China Ltd., Class H		33,693		10,128
PetroChina Co. Ltd., Class A		7,700		4,585
PetroChina Co. Ltd., Class H		99,313		34,080

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

	Number of Shares		Value
China (Continued)
PICC Property & Casualty Co. Ltd., Class H		39,275	$	33,998
Pinduoduo, Inc., ADR*		1,396		93,350
Ping An Bank Co. Ltd., Class A		3,800		6,921
Ping An Healthcare and Technology Co. Ltd., 144A*(b)		1,600		21,075
Ping An Insurance Group Co. of China Ltd., Class A		4,300		42,600
Ping An Insurance Group Co. of China Ltd., Class H		29,292		289,084
Poly Developments and Holdings Group Co. Ltd., Class A		3,400		6,841
Poly Property Development Co. Ltd., Class H*		1,400		15,803
Postal Savings Bank of China Co. Ltd., Class H, 144A		63,685		40,504
Power Construction Corp. of China Ltd., Class A		14,500		6,928
SAIC Motor Corp. Ltd., Class A		2,000		5,021
Sanan Optoelectronics Co. Ltd., Class A		4,700		15,317
Sany Heavy Industry Co. Ltd., Class A		9,100		23,370
Seazen Group Ltd.*		10,549		9,758
Semiconductor Manufacturing International Corp.*(b)		20,221		43,930
SF Holding Co. Ltd., Class A		2,300		14,688
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		9,093		15,907
Shanghai Electric Group Co. Ltd., Class H		14,557		4,019
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		3,305		10,489
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		3,931		2,775
Shanghai Pudong Development Bank Co. Ltd., Class A		9,300		13,773
Shenwan Hongyuan Group Co. Ltd., Class A*		11,900		7,203
Shenzhen Goodix Technology Co. Ltd., Class A		400		12,133
Shenzhen Kingdom Sci-Tech Co. Ltd., Class A*		3,900		8,803
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		700		27,343
Shenzhou International Group Holdings Ltd.		3,846		45,721
Silergy Corp.		1,000		53,955
SINA Corp.*		393		12,305
Sino-Ocean Group Holding Ltd.		13,001		3,002
Sinopec Engineering Group Co. Ltd., Class H		7,834		3,285
Sinopec Shanghai Petrochemical Co. Ltd., Class H		16,218		3,996
Sinopharm Group Co. Ltd., Class H		6,046		14,866
Sinotruk Hong Kong Ltd.		3,686		8,949
SOHO China Ltd.*		10,116		3,406
Sunac China Holdings Ltd.		14,419		60,362
Sunny Optical Technology Group Co. Ltd.		3,265		43,132
TAL Education Group, ADR*		2,062		116,420
Tencent Holdings Ltd.		28,585		1,513,421

	Number of Shares		Value
China (Continued)
Tencent Music Entertainment Group, ADR*		2,544	$	32,868
Tianma Microelectronics Co. Ltd., Class A		1,000		1,898
Tingyi Cayman Islands Holding Corp.		11,317		19,447
Tongcheng-Elong Holdings Ltd.*		9,600		17,215
Topsports International Holdings Ltd., 144A		16,213		23,008
TravelSky Technology Ltd., Class H		4,761		9,557
Trip.com Group Ltd., ADR*		2,357		62,625
Tsingtao Brewery Co. Ltd., Class H		1,980		13,704
Uni-President China Holdings Ltd.		11,236		11,625
Vipshop Holdings Ltd., ADR*		2,179		37,784
Wanhua Chemical Group Co. Ltd., Class A		2,400		15,629
Want Want China Holdings Ltd.		29,747		21,375
Weichai Power Co. Ltd., Class H		13,085		22,654
Wens Foodstuffs Group Co. Ltd., Class A		1,200		4,444
Wingtech Technology Co. Ltd., Class A*		200		2,740
Wuliangye Yibin Co. Ltd., Class A		1,600		33,222
WuXi AppTec Co. Ltd., Class A		1,200		17,906
WuXi AppTec Co. Ltd., Class H, 144A (b)		983		10,399
Wuxi Biologics Cayman, Inc., 144A*		4,366		68,603
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		2,170		12,769
Xiaomi Corp., Class B, 144A*		56,472		87,569
Xinyi Solar Holdings Ltd.		15,406		11,190
Yangzijiang Shipbuilding Holdings Ltd.		11,300		7,518
Yihai International Holding Ltd.*		2,266		20,244
Yum China Holdings, Inc.		1,890		87,583
Zai Lab Ltd., ADR*		284		21,130
Zhaojin Mining Industry Co. Ltd., Class H		8,500		10,395
Zhejiang Dahua Technology Co. Ltd., Class A		4,800		10,007
Zhejiang Expressway Co. Ltd., Class H		6,370		4,479
Zhenro Properties Group Ltd.*		18,000		11,448
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*		4,400		15,525
Zhongsheng Group Holdings Ltd.		2,526		12,970
Zijin Mining Group Co. Ltd., Class H*		29,355		11,740
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H (b)		18,400		15,073
ZTE Corp., Class A*		3,312		16,728
ZTE Corp., Class H*		3,812		9,639
ZTO Express Cayman, Inc., ADR		1,841		60,053
(Cost $8,793,557)				9,831,005
Colombia — 0.0%
Ecopetrol SA		23,874		12,737
Interconexion Electrica SA ESP		1,750		9,196
(Cost $18,862)				21,933
Cyprus — 0.0%
Polymetal International PLC (Cost $11,831)		1,093		21,963
Czech Republic — 0.0%
CEZ AS		1,090		21,380
Komercni banka AS*		512		10,961
(Cost $32,950)				32,341

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

	Number of Shares		Value
Denmark — 1.5%
A.P. Moller — Maersk A/S, Class A		16	$	14,594
A.P. Moller — Maersk A/S, Class B		34		33,164
Ambu A/S, Class B		801		26,707
Carlsberg A/S, Class B		546		70,462
Chr Hansen Holding A/S		542		52,399
Coloplast A/S, Class B		612		102,529
Danske Bank A/S*		2,853		35,255
Demant A/S*		554		15,617
DSV PANALPINA A/S		1,094		115,344
Genmab A/S*		322		98,780
GN Store Nord A/S		628		33,826
H Lundbeck A/S		342		13,109
Novo Nordisk A/S, Class B		8,997		584,491
Novozymes A/S, Class B		1,111		60,620
Orsted A/S, 144A		911		106,740
Pandora A/S		290		14,411
Tryg A/S		547		15,298
Vestas Wind Systems A/S		903		91,952
(Cost $1,178,287)				1,485,298
Egypt — 0.0%
Commercial International Bank Egypt SAE		6,605		26,033
Eastern Co. SAE		4,376		3,435
ElSewedy Electric Co.		4,141		1,940
(Cost $34,987)				31,408
Finland — 0.8%
Elisa OYJ		719		44,998
Fortum OYJ		2,266		43,315
Kone OYJ, Class B		1,726		115,493
Metso OYJ		549		17,777
Neste OYJ (b)		2,040		82,247
Nokia OYJ		28,049		111,015
Nordea Bank Abp*		15,511		104,761
Orion OYJ, Class B		586		31,288
Sampo OYJ, Class A*(b)		2,170		77,371
Stora Enso OYJ, Class R*		2,737		33,496
UPM-Kymmene OYJ		2,595		74,809
Wartsila OYJ Abp		2,233		17,411
(Cost $844,247)				753,981
France — 6.6%
Accor SA*		1,045		29,406
Aeroports de Paris		56		5,822
Air Liquide SA		2,387		323,527
Airbus SE*		2,893		182,085
Alstom SA		1,153		48,431
Amundi SA, 144A*		318		23,633
Arkema SA		354		30,792
Atos SE*		448		33,727
AXA SA*		9,636		175,208
BioMerieux		193		27,658
BNP Paribas SA*		5,499		196,890
Bollore SA		3,385		9,642
Bouygues SA*		968		29,593
Bureau Veritas SA*		1,467		29,784
Capgemini SE		796		81,380
Carrefour SA		2,807		42,548

	Number of Shares		Value
France (Continued)
Cie de Saint-Gobain		2,802	$	90,418
Cie Generale des Etablissements Michelin SCA*		805		81,192
CNP Assurances*		922		9,677
Covivio REIT (b)		296		17,299
Credit Agricole SA*		5,586		48,515
Danone SA*		3,119		213,136
Dassault Aviation SA*		13		11,068
Dassault Systemes SE		629		106,304
Edenred		1,193		49,767
Eiffage SA*		383		34,862
Electricite de France SA		1,960		17,310
Engie SA*		9,152		108,043
EssilorLuxottica SA*		1,407		180,783
Eurazeo SE*		203		9,870
Faurecia SE*		376		14,466
Gecina SA REIT		226		29,026
Getlink SE*		2,545		36,670
Hermes International		152		126,175
ICADE REIT		166		11,858
Iliad SA		125		21,979
Ingenico Group SA		303		41,774
Ipsen SA*		64		5,023
Kering SA		380		198,086
Klepierre SA REIT (b)		1,035		19,577
Legrand SA (b)		1,317		89,617
L’Oreal SA*		1,260		366,310
LVMH Moet Hennessy Louis Vuitton SE		1,375		572,370
Natixis SA*		4,697		10,391
Orange SA		10,011		120,517
Orpea		254		29,774
Pernod Ricard SA		1,048		162,983
Peugeot SA*		2,935		41,719
Publicis Groupe SA		1,011		28,640
Remy Cointreau SA		102		12,092
Renault SA		967		21,688
Safran SA*		1,626		154,972
Sanofi		5,743		558,005
Sartorius Stedim Biotech*		140		37,888
Schneider Electric SE		2,764		273,804
SCOR SE*		761		18,737
SEB SA		147		20,136
Societe Generale SA*		4,177		61,353
Sodexo SA		411		27,620
Suez SA (b)		1,777		20,140
Teleperformance*		272		64,342
Thales SA		523		39,931
TOTAL SA		12,191		455,034
Ubisoft Entertainment SA*		489		37,812
Unibail-Rodamco-Westfield REIT		276		14,614
Valeo SA*		1,211		29,776
Veolia Environnement SA (b)		2,656		58,037
Vinci SA		2,682		247,223
Vivendi SA		3,980		90,260
Wendel SE*		136		12,470
Worldline SA, 144A*		674		50,217
(Cost $6,889,084)				6,481,476

See Notes to Financial Statements. 24

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

	Number of Shares		Value
Germany — 5.3%
adidas AG*		997	$	262,514
Allianz SE		2,141		386,961
BASF SE*		4,739		255,898
Bayer AG		4,783		322,385
Bayerische Motoren Werke AG		1,565		91,378
Beiersdorf AG		488		51,061
Brenntag AG		767		40,365
Carl Zeiss Meditec AG*		206		21,061
Commerzbank AG*		2,922		11,356
Continental AG*		552		54,191
Covestro AG, 144A*		354		13,082
Daimler AG*		4,678		173,336
Delivery Hero SE, 144A*		779		74,522
Deutsche Bank AG* (d)		9,839		82,252
Deutsche Boerse AG		972		159,580
Deutsche Lufthansa AG*(b)		1,085		11,011
Deutsche Post AG*		4,974		154,489
Deutsche Telekom AG*		17,257		271,538
Deutsche Wohnen SE		1,864		83,221
E.ON SE		11,092		117,044
Evonik Industries AG		1,001		24,612
Fraport AG Frankfurt Airport Services Worldwide*(b)		230		11,392
Fresenius Medical Care AG & Co. KGaA*		1,084		90,969
Fresenius SE & Co. KGaA*		2,055		98,546
GEA Group AG		871		25,902
Hannover Rueck SE		287		46,067
HeidelbergCement AG*		677		33,540
Henkel AG & Co. KGaA*		514		41,109
HOCHTIEF AG		93		8,166
Infineon Technologies AG		6,273		131,301
KION Group AG*		387		21,565
Knorr-Bremse AG		237		25,040
LANXESS AG*		467		24,095
LEG Immobilien AG*		341		42,425
Merck KGaA		646		73,968
MTU Aero Engines AG*		204		32,813
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		734		166,703
Puma SE*		521		37,118
RWE AG*		3,161		104,529
SAP SE		4,970		626,174
Scout24 AG, 144A		532		40,600
Siemens AG		3,878		424,150
Siemens Healthineers AG, 144A		665		34,300
Symrise AG*		609		66,520
TeamViewer AG*		638		32,404
Telefonica Deutschland Holding AG		3,236		9,936
thyssenkrupp AG*(b)		2,115		14,227
Uniper SE		962		30,007
United Internet AG		391		16,007
Volkswagen AG*		161		25,450
Vonovia SE*		2,434		139,903
Wirecard AG (b)		592		62,140
Zalando SE, 144A*		826		55,784
(Cost $5,898,402)				5,254,707

	Number of Shares		Value
Greece — 0.0%
FF Group*(c)		197	$	1,050
Hellenic Telecommunications Organization SA		1,360		19,112
JUMBO SA		669		12,119
OPAP SA		782		7,292
(Cost $39,291)				39,573
Hong Kong — 3.0%
AIA Group Ltd.		60,824		493,168
Alibaba Health Information Technology Ltd.*		14,938		34,996
Alibaba Pictures Group Ltd.*		56,769		6,884
ASM Pacific Technology Ltd.		1,169		10,632
Bank of East Asia Ltd.		5,962		10,753
Beijing Enterprises Water Group Ltd.*		32,433		12,259
BOC Hong Kong Holdings Ltd.		18,715		52,150
Brilliance China Automotive Holdings Ltd.		15,169		13,268
Budweiser Brewing Co. APAC Ltd., 144A		5,700		15,957
China Ding Yi Feng Holdings Ltd.*		7,780		4,125
China Everbright International Ltd.		18,662		9,582
China Everbright Ltd.		8,000		11,208
China Gas Holdings Ltd.		9,466		33,094
China Jinmao Holdings Group Ltd.		31,925		22,075
China Mengniu Dairy Co. Ltd.*		14,298		51,094
China Merchants Port Holdings Co. Ltd.		6,845		8,327
China Mobile Ltd.		30,011		209,456
China Overseas Land & Investment Ltd.		18,372		55,935
China Resources Beer Holdings Co. Ltd.		6,285		33,284
China Resources Cement Holdings Ltd.		11,672		14,651
China Resources Gas Group Ltd.		4,884		26,621
China Resources Land Ltd.		19,200		75,670
China Resources Power Holdings Co. Ltd.		8,490		9,836
China Taiping Insurance Holdings Co. Ltd.		9,224		13,685
China Traditional Chinese Medicine Holdings Co. Ltd.		39,418		16,679
China Unicom Hong Kong Ltd.*		27,042		15,664
CITIC Ltd.		30,670		29,121
CK Asset Holdings Ltd.		12,246		66,590
CK Hutchison Holdings Ltd.		13,595		83,133
CK Infrastructure Holdings Ltd.		3,415		17,050
CLP Holdings Ltd.		8,134		79,698
COSCO SHIPPING Ports Ltd.		8,735		4,361
Far East Horizon Ltd.		12,824		11,333
Galaxy Entertainment Group Ltd.		12,932		87,253
Geely Automobile Holdings Ltd.		25,189		34,445
Guangdong Investment Ltd.		15,674		30,857
Haier Electronics Group Co. Ltd.		9,353		26,063
Hang Lung Properties Ltd.		9,627		20,244
Hang Seng Bank Ltd.		3,813		57,996
Henderson Land Development Co. Ltd.		7,395		26,378
HK Electric Investments & HK Electric Investments Ltd. (a)		12,644		12,527
HKT Trust & HKT Ltd. (a)		18,549		26,370
Hong Kong & China Gas Co. Ltd.		50,303		84,622
Hong Kong Exchanges & Clearing Ltd.		6,132		213,748
Hongkong Land Holdings Ltd.		5,900		22,184
Hutchison China MediTech Ltd., ADR*		272		5,932

See Notes to Financial Statements. 25

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

	Number of Shares		Value
Hong Kong (Continued)
Jardine Matheson Holdings Ltd.		1,021	$	40,993
Jardine Strategic Holdings Ltd.		1,146		22,863
Kerry Properties Ltd.		4,014		9,476
Kunlun Energy Co. Ltd.		16,221		9,940
Link REIT		10,582		79,111
Melco Resorts & Entertainment Ltd., ADR		1,216		19,492
MTR Corp. Ltd.		7,298		34,977
New World Development Co. Ltd.		29,755		29,980
Nine Dragons Paper Holdings Ltd.		12,519		10,950
PCCW Ltd.		13,612		7,463
Power Assets Holdings Ltd.		6,817		37,948
Shenzhen International Holdings Ltd.		3,792		6,330
Shimao Property Holdings Ltd.		6,607		27,446
Sino Biopharmaceutical Ltd.		32,360		50,931
Sino Land Co. Ltd.		16,451		19,164
SJM Holdings Ltd.		12,719		14,128
SSY Group Ltd.		7,414		4,543
Sun Art Retail Group Ltd.		11,832		18,103
Sun Hung Kai Properties Ltd.		7,727		88,719
Swire Pacific Ltd., Class A		2,782		14,428
Swire Properties Ltd.		6,234		13,881
Techtronic Industries Co. Ltd.		8,679		74,681
WH Group Ltd., 144A		47,212		40,686
Wharf Holdings Ltd. (b)		9,000		16,046
Wharf Real Estate Investment Co. Ltd. (b)		6,085		23,393
Wheelock & Co. Ltd.		3,725		25,157
Yuexiu Property Co. Ltd.		27,696		4,966
(Cost $3,304,947)				2,946,753
Hungary — 0.1%
MOL Hungarian Oil & Gas PLC		1,547		9,746
OTP Bank Nyrt*		1,218		40,394
Richter Gedeon Nyrt		707		15,398
(Cost $64,751)				65,538
India — 2.2%
Adani Ports & Special Economic Zone Ltd.		2,391		10,239
Ambuja Cements Ltd.		2,048		5,188
Asian Paints Ltd.		1,212		26,977
Aurobindo Pharma Ltd.		1,595		15,728
Avenue Supermarts Ltd., 144A*		1,052		31,572
Axis Bank Ltd.		10,575		53,836
Bajaj Auto Ltd.		521		18,676
Bajaj Finance Ltd.		372		9,611
Berger Paints India Ltd.		2,698		17,546
Bharat Petroleum Corp. Ltd.		6,654		30,165
Bharti Airtel Ltd.*		13,257		96,882
Bharti Infratel Ltd.		2,785		8,469
Biocon Ltd.		3,398		15,939
Britannia Industries Ltd.		312		13,941
Cipla Ltd.		1,780		15,257
Coal India Ltd.		6,331		11,830
Dabur India Ltd.		2,705		16,686
Divi’s Laboratories Ltd.		378		11,948
Dr. Reddy’s Laboratories Ltd., ADR		564		30,140
Eicher Motors Ltd.		65		14,225
GAIL India Ltd.		7,774		9,494

	Number of Shares		Value
India (Continued)
Godrej Consumer Products Ltd.		2,049	$	17,174
Grasim Industries Ltd.		1,418		11,049
HCL Technologies Ltd.		5,957		43,348
HDFC Asset Management Co. Ltd., 144A		494		16,492
HDFC Life Insurance Co. Ltd., 144A*		4,881		33,772
Hero MotoCorp Ltd.		557		17,390
Hindalco Industries Ltd.		5,786		10,625
Hindustan Unilever Ltd.		4,125		112,232
Housing Development Finance Corp. Ltd.		8,338		182,922
ICICI Bank Ltd.		23,637		103,765
ICICI Lombard General Insurance Co. Ltd., 144A		659		11,336
Indian Oil Corp. Ltd.		8,950		9,848
Indraprastha Gas Ltd.		2,574		16,070
Info Edge India Ltd.		291		10,328
Infosys Ltd., ADR		1,178		10,720
Infosys Ltd.		16,502		150,799
ITC Ltd.*		17,894		46,701
JSW Steel Ltd.		4,127		10,053
Jubilant Foodworks Ltd.		783		17,154
Larsen & Toubro Ltd.		2,431		29,971
Lupin Ltd.		1,453		16,714
Mahindra & Mahindra Ltd.		3,735		21,553
Marico Ltd.		2,701		12,281
Maruti Suzuki India Ltd.		591		43,853
Nestle India Ltd.		130		30,156
NTPC Ltd.		11,858		15,345
Oil & Natural Gas Corp. Ltd.		12,131		13,348
Page Industries Ltd.		15		3,743
Petronet LNG Ltd.		3,652		12,197
Pidilite Industries Ltd.		846		16,429
Power Grid Corp. of India Ltd.		9,465		19,721
Reliance Industries Ltd.		14,398		278,835
SBI Life Insurance Co. Ltd., 144A*		1,643		16,701
Shree Cement Ltd.		41		11,309
Siemens Ltd.		945		13,612
State Bank of India*		9,492		20,248
Sun Pharmaceutical Industries Ltd.		3,997		25,068
Tata Consultancy Services Ltd.		4,410		115,029
Tata Consumer Products Ltd.*		2,120		10,287
Tata Motors Ltd.*		7,221		8,308
Tech Mahindra Ltd.		915		6,419
Titan Co. Ltd.		1,500		17,655
Torrent Pharmaceuticals Ltd.		248		7,749
UltraTech Cement Ltd.		749		38,679
United Spirits Ltd.*		1,067		8,383
UPL Ltd.*		2,605		13,982
Vedanta Ltd.		9,028		11,008
Wipro Ltd.		5,503		15,487
Zee Entertainment Enterprises Ltd.		4,114		9,986
(Cost $2,641,781)				2,160,183
Indonesia — 0.4%
PT Astra International Tbk		95,289		31,111
PT Bank Central Asia Tbk		48,572		86,273
PT Bank Mandiri Persero Tbk		94,033		28,770
PT Bank Negara Indonesia Persero Tbk		34,620		9,075

See Notes to Financial Statements. 26

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

	Number of Shares		Value
Indonesia (Continued)
PT Bank Rakyat Indonesia Persero Tbk		282,629	$	57,067
PT Barito Pacific Tbk*		118,895		10,986
PT Charoen Pokphand Indonesia Tbk		38,504		15,220
PT Indofood CBP Sukses Makmur Tbk		12,656		7,060
PT Indofood Sukses Makmur Tbk		17,083		6,723
PT Kalbe Farma Tbk		106,184		10,284
PT Semen Indonesia Persero Tbk		19,237		12,904
PT Telekomunikasi Indonesia Persero Tbk		245,534		52,938
PT Unilever Indonesia Tbk		52,194		27,687
PT United Tractors Tbk		9,367		10,066
(Cost $417,837)				366,164
Ireland — 0.7%
AerCap Holdings NV*		676		21,794
CRH PLC		3,924		127,626
DCC PLC		511		42,485
Experian PLC		4,528		157,305
Flutter Entertainment PLC		401		51,323
Flutter Entertainment PLC (b)		322		40,881
James Hardie Industries PLC CDI		2,316		40,060
Kerry Group PLC, Class A		800		98,839
Kingspan Group PLC		770		47,481
Smurfit Kappa Group PLC		1,027		33,357
(Cost $570,305)				661,151
Isle of Man — 0.0%
GVC Holdings PLC (Cost $41,595)		3,125		30,597
Israel — 0.4%
Azrieli Group Ltd.		204		10,684
Bank Hapoalim BM		5,372		32,907
Bank Leumi Le-Israel BM		7,587		40,058
Check Point Software Technologies Ltd.*		585		64,157
CyberArk Software Ltd.*		182		18,888
Elbit Systems Ltd.		115		15,982
ICL Group Ltd.		3,196		11,040
Israel Discount Bank Ltd., Class A		6,827		21,600
Mizrahi Tefahot Bank Ltd.		653		12,760
Nice Ltd.*		350		63,142
Teva Pharmaceutical Industries Ltd., ADR*		5,139		64,392
Wix.com Ltd.*		219		48,690
(Cost $471,576)				404,300
Italy — 1.3%
Assicurazioni Generali SpA		5,278		73,148
Atlantia SpA*		2,393		38,769
Davide Campari-Milano SpA		2,786		22,576
DiaSorin SpA*		165		34,525
Enel SpA		41,834		320,468
Eni SpA		12,515		112,847
Ferrari NV		625		105,385
FinecoBank Banca Fineco SpA*		3,000		34,983
Infrastrutture Wireless Italiane SpA, 144A		2,069		21,049
Intesa Sanpaolo SpA*		73,428		126,534
Leonardo SpA*		2,082		12,942
Mediobanca Banca di Credito Finanziario SpA		3,458		22,402

	Number of Shares		Value
Italy (Continued)
Moncler SpA*		816	$	30,299
Nexi SpA, 144A*		2,085		34,185
Poste Italiane SpA, 144A		3,014		26,411
Prysmian SpA		1,228		26,097
Recordati SpA		519		23,575
Snam SpA		10,782		50,077
Telecom Italia SpA*		41,726		15,378
Telecom Italia SpA-RSP		17,235		6,635
Terna Rete Elettrica Nazionale SpA		6,957		46,876
UniCredit SpA*		9,897		84,220
(Cost $1,471,904)				1,269,381
Japan — 16.7%
ABC-Mart, Inc.		200		12,147
Acom Co. Ltd.		1,700		6,920
Advantest Corp.		1,000		49,330
Aeon Co. Ltd.		3,500		77,354
Aeon Mall Co. Ltd.		500		7,024
AGC, Inc.		800		22,625
Air Water, Inc.		1,000		14,512
Aisin Seiki Co. Ltd.		800		25,184
Ajinomoto Co., Inc.		2,200		37,474
Alfresa Holdings Corp.		900		18,134
Amada Co. Ltd.		1,100		9,802
ANA Holdings, Inc.*(b)		600		14,460
Aozora Bank Ltd.		400		7,425
Asahi Group Holdings Ltd.		1,700		63,968
Asahi Intecc Co. Ltd.		1,000		30,599
Asahi Kasei Corp.		6,200		48,866
Astellas Pharma, Inc.		9,300		165,097
Bandai Namco Holdings, Inc.		900		50,039
Bank of Kyoto Ltd.		200		7,177
Benesse Holdings, Inc.		200		5,410
Bridgestone Corp.		2,800		92,870
Brother Industries Ltd.		919		17,290
Calbee, Inc.		300		8,665
Canon, Inc.		5,000		102,879
Casio Computer Co. Ltd.		700		12,313
Central Japan Railway Co.		700		119,658
Chiba Bank Ltd.		4,100		19,465
Chubu Electric Power Co., Inc.		3,600		48,436
Chugai Pharmaceutical Co. Ltd.		1,188		175,041
Chugoku Electric Power Co., Inc.		1,200		16,468
Coca-Cola Bottlers Japan Holdings, Inc.		600		11,906
Concordia Financial Group Ltd.		2,100		6,854
CyberAgent, Inc.		600		30,210
Dai Nippon Printing Co. Ltd.		1,000		22,709
Daicel Corp.		1,000		8,457
Daifuku Co. Ltd.		500		38,852
Dai-ichi Life Holdings, Inc.		5,300		68,950
Daiichi Sankyo Co. Ltd.		2,942		275,118
Daikin Industries Ltd.		1,313		192,972
Daito Trust Construction Co. Ltd.		300		31,670
Daiwa House Industry Co. Ltd.		2,871		71,199
Daiwa House REIT Investment Corp. REIT		11		27,172
Daiwa Securities Group, Inc.		4,700		19,468
Denso Corp.		2,100		80,440

See Notes to Financial Statements. 27

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

	Number of Shares		Value
Japan (Continued)
Dentsu Group, Inc.		900	$	24,076
Disco Corp.		100		22,310
East Japan Railway Co.		1,670		130,850
Eisai Co. Ltd.		1,200		93,890
Electric Power Development Co. Ltd.		700		13,196
FamilyMart Co. Ltd.		1,200		22,466
FANUC Corp.		1,025		182,627
Fast Retailing Co. Ltd.		300		168,381
Fuji Electric Co. Ltd.		600		16,017
FUJIFILM Holdings Corp.		1,700		78,517
Fujitsu Ltd.		1,000		102,926
Fukuoka Financial Group, Inc.		800		13,004
GLP J REIT		18		23,984
GMO Payment Gateway, Inc.		200		22,495
Hakuhodo DY Holdings, Inc.		1,200		14,899
Hamamatsu Photonics KK		600		27,150
Hankyu Hanshin Holdings, Inc.		1,100		40,595
Hikari Tsushin, Inc.		100		21,893
Hino Motors Ltd.		1,000		6,760
Hirose Electric Co. Ltd.		105		12,531
Hisamitsu Pharmaceutical Co., Inc.		300		15,105
Hitachi Construction Machinery Co. Ltd.		300		7,872
Hitachi Ltd.		4,941		158,293
Hitachi Metals Ltd.		2,048		23,586
Honda Motor Co. Ltd.		8,243		212,792
Hoshizaki Corp.		378		30,494
Hoya Corp.		1,978		185,429
Hulic Co. Ltd. (b)		1,300		13,139
Idemitsu Kosan Co. Ltd.		1,032		22,871
Iida Group Holdings Co. Ltd.		500		7,418
Inpex Corp.		3,700		25,762
Isetan Mitsukoshi Holdings Ltd.		1,400		9,360
Isuzu Motors Ltd.		3,000		28,082
ITOCHU Corp.		6,900		147,795
Itochu Techno-Solutions Corp.		400		13,501
Japan Airlines Co. Ltd.		500		9,815
Japan Airport Terminal Co. Ltd.		200		8,790
Japan Exchange Group, Inc.		2,600		55,860
Japan Post Bank Co. Ltd.		1,800		14,855
Japan Post Holdings Co. Ltd.		6,399		46,525
Japan Post Insurance Co. Ltd.		1,100		13,953
Japan Prime Realty Investment Corp. REIT		3		9,152
Japan Real Estate Investment Corp. REIT		7		38,166
Japan Retail Fund Investment Corp. REIT		13		17,141
Japan Tobacco, Inc.		5,388		106,791
JFE Holdings, Inc.		1,000		7,344
JGC Holdings Corp.		1,000		10,747
JSR Corp.		600		11,750
JXTG Holdings, Inc.		18,393		70,659
Kajima Corp.		2,500		28,328
Kakaku.com, Inc.		600		14,499
Kamigumi Co. Ltd.		500		9,759
Kansai Electric Power Co., Inc.		3,600		35,835
Kansai Paint Co. Ltd.		800		16,557
Kao Corp.		2,511		201,332
Kawasaki Heavy Industries Ltd.		600		9,491
KDDI Corp.		8,800		255,893

	Number of Shares		Value
Japan (Continued)
Keihan Holdings Co. Ltd.		600	$	28,485
Keikyu Corp.		1,100		18,370
Keio Corp.		500		29,672
Keisei Electric Railway Co. Ltd.		500		16,389
Keyence Corp.		900		370,115
Kikkoman Corp.		700		35,180
Kintetsu Group Holdings Co. Ltd.		800		39,242
Kirin Holdings Co. Ltd.		4,200		85,971
Kobayashi Pharmaceutical Co. Ltd.		300		26,705
Koito Manufacturing Co. Ltd.		600		25,398
Komatsu Ltd.		4,600		92,985
Konami Holdings Corp.		400		14,039
Kose Corp.		200		25,017
Kubota Corp.		5,000		67,203
Kuraray Co. Ltd.		1,500		15,745
Kurita Water Industries Ltd.		400		11,079
Kyocera Corp.		1,584		85,644
Kyowa Kirin Co. Ltd.		1,000		27,094
Kyushu Electric Power Co., Inc.		1,700		14,124
Kyushu Railway Co.		700		19,829
Lasertec Corp.		400		32,825
Lawson, Inc.		300		16,579
LINE Corp.*		200		9,996
Lion Corp.		1,032		23,588
LIXIL Group Corp.		600		8,368
M3, Inc.		2,442		98,273
Makita Corp.		1,000		33,845
Marubeni Corp.		7,600		36,878
Marui Group Co. Ltd.		900		16,215
Maruichi Steel Tube Ltd.		200		5,117
Mazda Motor Corp.		2,900		18,528
McDonald’s Holdings Co. Japan Ltd.		300		15,940
Mebuki Financial Group, Inc.		3,944		8,923
Medipal Holdings Corp.		865		17,140
MEIJI Holdings Co. Ltd.		500		37,600
Mercari, Inc.*		400		11,906
MINEBEA MITSUMI, Inc.		1,600		28,055
MISUMI Group, Inc.		1,500		39,807
Mitsubishi Chemical Holdings Corp.		6,000		35,290
Mitsubishi Corp.		7,144		166,602
Mitsubishi Electric Corp.		9,800		128,901
Mitsubishi Estate Co. Ltd.		5,500		87,362
Mitsubishi Gas Chemical Co., Inc.		600		8,924
Mitsubishi Heavy Industries Ltd.		1,500		38,771
Mitsubishi Materials Corp.		500		11,373
Mitsubishi Motors Corp.		4,400		12,403
Mitsubishi UFJ Financial Group, Inc.		60,800		250,428
Mitsubishi UFJ Lease & Finance Co. Ltd.		1,500		7,316
Mitsui & Co. Ltd.		8,100		122,839
Mitsui Chemicals, Inc.		800		16,616
Mitsui Fudosan Co. Ltd.		4,400		84,597
Miura Co. Ltd.		400		17,062
Mizuho Financial Group, Inc.		120,700		150,532
MonotaRO Co. Ltd.		600		21,781
MS&AD Insurance Group Holdings, Inc.		2,500		73,369
Murata Manufacturing Co. Ltd.		2,900		161,746
Nabtesco Corp.		700		21,712

See Notes to Financial Statements. 28

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

	Number of Shares		Value
Japan (Continued)
Nagoya Railroad Co. Ltd.		800	$	24,109
NEC Corp.		1,300		58,283
Nexon Co. Ltd.		2,660		55,398
NGK Insulators Ltd.		1,000		14,641
NGK Spark Plug Co. Ltd.		800		12,885
NH Foods Ltd.		500		18,452
Nidec Corp.		2,200		135,086
Nihon M&A Center, Inc.		700		28,105
Nikon Corp.		1,600		14,688
Nintendo Co. Ltd.		579		233,758
Nippon Building Fund, Inc. REIT		9		56,414
Nippon Express Co. Ltd.		300		15,411
Nippon Paint Holdings Co. Ltd.		700		48,746
Nippon Prologis REIT, Inc. REIT (b)		10		28,189
Nippon Shinyaku Co. Ltd.		200		17,210
Nippon Steel Corp.		4,310		39,669
Nippon Telegraph & Telephone Corp.		6,300		142,772
Nippon Yusen KK		800		11,520
Nissan Chemical Corp.		600		26,455
Nissan Motor Co. Ltd.		11,400		42,378
Nisshin Seifun Group, Inc.		850		13,233
Nissin Foods Holdings Co. Ltd.		415		34,633
Nitori Holdings Co. Ltd.		401		72,637
Nitto Denko Corp.		700		37,841
Nomura Holdings, Inc.		15,400		66,101
Nomura Real Estate Holdings, Inc.		600		11,094
Nomura Real Estate Master Fund, Inc. REIT		22		27,030
Nomura Research Institute Ltd.		1,656		43,732
NSK Ltd.		1,800		13,152
NTT Data Corp.		3,400		39,251
NTT DOCOMO, Inc.		5,742		157,147
Obayashi Corp.		3,100		28,659
Obic Co. Ltd.		300		51,963
Odakyu Electric Railway Co. Ltd.		1,500		37,401
Oji Holdings Corp.		4,822		24,189
Olympus Corp.		6,000		104,122
Omron Corp.		900		59,586
Ono Pharmaceutical Co. Ltd.		1,800		51,357
Oracle Corp.		200		23,330
Oriental Land Co. Ltd.		1,025		148,411
ORIX Corp.		6,700		88,778
Orix JREIT, Inc. REIT		12		17,336
Osaka Gas Co. Ltd.		2,308		46,077
Otsuka Corp.		508		24,494
Otsuka Holdings Co. Ltd.		2,183		98,457
Pan Pacific International Holdings Corp.		2,300		46,301
Panasonic Corp.		9,800		87,509
Park24 Co. Ltd.		400		7,756
PeptiDream, Inc.*		500		22,416
Persol Holdings Co. Ltd.		1,000		13,213
Pigeon Corp.		600		23,367
Pola Orbis Holdings, Inc.		400		7,774
Rakuten, Inc.		4,300		38,915
Recruit Holdings Co. Ltd.		6,700		230,488
Renesas Electronics Corp.*		4,300		22,288
Resona Holdings, Inc.		10,600		38,117

	Number of Shares		Value
Japan (Continued)
Ricoh Co. Ltd.		3,500	$	25,833
Rinnai Corp.		100		8,410
Rohm Co. Ltd.		400		26,890
Ryohin Keikaku Co. Ltd.		1,150		17,371
Santen Pharmaceutical Co. Ltd.		2,100		38,750
SBI Holdings, Inc.		1,317		28,197
Secom Co. Ltd.		1,000		86,550
Sega Sammy Holdings, Inc.		700		9,113
Seibu Holdings, Inc.		400		5,222
Seiko Epson Corp.		1,500		16,885
Sekisui Chemical Co. Ltd.		1,800		25,119
Sekisui House Ltd.		3,500		66,612
Seven & i Holdings Co. Ltd.		3,887		132,889
Seven Bank Ltd.		3,600		10,248
SG Holdings Co. Ltd.		700		22,815
Sharp Corp.		900		9,739
Shimadzu Corp.		1,200		32,435
Shimano, Inc.		453		83,211
Shimizu Corp.		3,200		27,061
Shin-Etsu Chemical Co. Ltd.		1,855		217,072
Shinsei Bank Ltd.		1,856		23,664
Shionogi & Co. Ltd.		1,509		89,005
Shiseido Co. Ltd.		1,906		116,115
Shizuoka Bank Ltd.		1,800		11,450
Showa Denko KK		800		19,102
SMC Corp.		300		151,245
Softbank Corp.		8,800		111,464
SoftBank Group Corp.		7,700		344,999
Sohgo Security Services Co. Ltd.		400		19,658
Sompo Holdings, Inc.		1,700		60,405
Sony Corp.		6,200		395,186
Sony Financial Holdings, Inc.		900		21,664
Square Enix Holdings Co. Ltd.		400		19,398
Stanley Electric Co. Ltd.		800		19,428
Subaru Corp.		2,600		57,343
SUMCO Corp.		1,300		19,902
Sumitomo Chemical Co. Ltd.		7,500		23,228
Sumitomo Corp.		5,700		68,604
Sumitomo Dainippon Pharma Co. Ltd.		1,000		14,122
Sumitomo Electric Industries Ltd.		3,500		40,714
Sumitomo Heavy Industries Ltd.		400		9,124
Sumitomo Metal Mining Co. Ltd.		1,200		33,392
Sumitomo Mitsui Financial Group, Inc.		6,100		176,419
Sumitomo Mitsui Trust Holdings, Inc.		1,610		47,339
Sumitomo Realty & Development Co. Ltd.		1,539		42,590
Sumitomo Rubber Industries Ltd.		400		4,065
Sundrug Co. Ltd.		400		13,464
Suntory Beverage & Food Ltd.		700		28,560
Suzuken Co. Ltd.		400		14,521
Suzuki Motor Corp.		1,800		62,523
Sysmex Corp.		800		63,869
T&D Holdings, Inc.		1,500		13,533
Taiheiyo Cement Corp.		600		14,170
Taisei Corp.		900		31,211
Taisho Pharmaceutical Holdings Co. Ltd.		100		6,342
Taiyo Nippon Sanso Corp.		500		8,401
Takeda Pharmaceutical Co. Ltd.		7,687		298,727

See Notes to Financial Statements. 29

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

	Number of Shares		Value
Japan (Continued)
TDK Corp.		600	$	56,081
Teijin Ltd.		600		9,814
Terumo Corp.		3,300		129,436
THK Co. Ltd.		700		18,174
Tobu Railway Co. Ltd.		1,192		42,222
Toho Co. Ltd.		500		18,360
Toho Gas Co. Ltd.		400		19,695
Tohoku Electric Power Co., Inc.		2,400		24,836
Tokio Marine Holdings, Inc.		3,234		139,982
Tokyo Century Corp.		200		8,688
Tokyo Electric Power Co. Holdings, Inc.*		7,200		24,235
Tokyo Electron Ltd.		798		159,089
Tokyo Gas Co. Ltd.		1,700		40,520
Tokyu Corp.		2,600		41,178
Tokyu Fudosan Holdings Corp.		3,300		16,707
Toppan Printing Co. Ltd.		1,500		25,634
Toray Industries, Inc.		6,400		31,091
Toshiba Corp.		1,851		50,529
Tosoh Corp.		1,500		20,835
TOTO Ltd.		640		25,340
Toyo Suisan Kaisha Ltd.		400		20,882
Toyoda Gosei Co. Ltd.		100		2,135
Toyota Industries Corp.		700		35,764
Toyota Motor Corp.		10,484		656,678
Toyota Tsusho Corp.		1,000		25,314
Trend Micro, Inc.		600		32,936
Tsuruha Holdings, Inc.		200		29,524
Unicharm Corp.		2,105		78,270
United Urban Investment Corp. REIT (b)		12		12,707
USS Co. Ltd.		1,100		19,155
Welcia Holdings Co. Ltd.		200		16,783
West Japan Railway Co.		800		51,563
Yakult Honsha Co. Ltd.		500		30,599
Yamada Denki Co. Ltd.		3,276		15,918
Yamaha Corp.		700		34,012
Yamaha Motor Co. Ltd.		1,300		18,745
Yamato Holdings Co. Ltd.		1,400		30,948
Yamazaki Baking Co. Ltd.		1,000		17,905
Yaskawa Electric Corp.		1,200		43,062
Yokogawa Electric Corp.		961		13,830
Yokohama Rubber Co. Ltd.		500		7,543
Z Holdings Corp.		13,000		53,039
ZOZO, Inc.		433		7,966
(Cost $15,393,920)				16,456,826
Jordan — 0.0%
Hikma Pharmaceuticals PLC (Cost $32,167)		1,008		32,006
Luxembourg — 0.1%
ArcelorMittal SA*		3,042		29,057
Aroundtown SA		4,606		25,268
Eurofins Scientific SE		55		37,108
Reinet Investments SCA		671		10,513
SES SA		783		5,784
Tenaris SA		2,316		14,376
(Cost $204,183)				122,106

	Number of Shares		Value
Macau — 0.1%
Sands China Ltd.		14,271	$	55,508
Wynn Macau Ltd.		8,449		14,279
(Cost $85,537)				69,787
Malaysia — 0.5%
AMMB Holdings Bhd		6,287		4,584
Axiata Group Bhd		13,276		11,604
CIMB Group Holdings Bhd		23,413		20,303
Dialog Group Bhd		17,600		16,153
DiGi.Com Bhd		24,244		25,373
Fraser & Neave Holdings Bhd		800		5,988
Gamuda Bhd		13,475		12,088
Genting Bhd		17,700		16,285
Genting Plantations Bhd		1,000		2,323
HAP Seng Consolidated Bhd		2,069		3,564
Hartalega Holdings Bhd		7,400		21,345
Hong Leong Bank Bhd		5,982		18,713
Hong Leong Financial Group Bhd		1,753		5,403
IHH Healthcare Bhd		7,891		9,856
IOI Corp. Bhd		13,200		13,815
Kuala Lumpur Kepong Bhd		1,320		6,692
Malayan Banking Bhd		26,007		44,865
Maxis Bhd		15,300		18,582
MISC Bhd		6,700		12,791
Nestle Malaysia Bhd		300		9,592
Petronas Chemicals Group Bhd		10,857		15,733
Petronas Dagangan Bhd		1,500		8,101
Petronas Gas Bhd		2,841		12,416
PPB Group Bhd		2,740		10,941
Press Metal Aluminium Holdings Bhd		5,200		4,509
Public Bank Bhd		15,100		50,918
QL Resources Bhd		8,300		19,321
RHB Bank Bhd		6,800		7,461
Sime Darby Plantation Bhd		14,911		17,012
Telekom Malaysia Bhd		4,400		4,281
Tenaga Nasional Bhd		16,600		42,994
Top Glove Corp. Bhd		5,500		16,826
Westports Holdings Bhd		12,000		11,013
(Cost $550,641)				501,445
Mexico — 0.5%
America Movil SAB de CV, Series L		166,278		111,054
Arca Continental SAB de CV		1,935		8,631
Becle SAB de CV*		11,223		19,435
Cemex SAB de CV, Series CPO		71,786		16,996
Coca-Cola Femsa SAB de CV		2,468		10,773
Fibra Uno Administracion SA de CV REIT		33,142		25,274
Fomento Economico Mexicano SAB de CV		9,674		65,423
Gruma SAB de CV, Class B		1,049		10,411
Grupo Aeroportuario del Pacifico SAB de CV, Class B		1,882		12,424
Grupo Aeroportuario del Sureste SAB de CV, Class B		1,012		10,431
Grupo Bimbo SAB de CV, Series A		7,709		12,053
Grupo Financiero Banorte SAB de CV, Class O		17,499		53,070
Grupo Mexico SAB de CV, Series B		15,916		34,079

See Notes to Financial Statements. 30

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

	Number of Shares		Value
Mexico (Continued)
Grupo Televisa SAB, Series CPO*		11,737	$	13,905
Kimberly-Clark de Mexico SAB de CV, Class A		6,625		10,283
Megacable Holdings SAB de CV, Series CPO		2,093		6,331
Wal-Mart de Mexico SAB de CV		26,375		65,835
(Cost $752,257)				486,408
Netherlands — 2.9%
ABN AMRO Bank NV, 144A		1,437		11,501
Adyen NV, 144A*		89		116,874
Aegon NV		6,911		18,450
Akzo Nobel NV		1,171		95,670
Altice Europe NV*		1,888		7,545
ASML Holding NV		2,115		687,775
EXOR NV		442		23,777
Heineken Holding NV		613		50,422
Heineken NV		1,306		119,573
ING Groep NV		18,342		118,213
Just Eat Takeaway.com NV, 144A*		564		61,079
Koninklijke Ahold Delhaize NV		5,731		145,110
Koninklijke DSM NV		937		119,666
Koninklijke KPN NV		15,589		38,139
Koninklijke Philips NV*		4,749		215,030
Koninklijke Vopak NV		374		20,472
NN Group NV		1,273		39,242
Prosus NV*		2,490		206,196
QIAGEN NV*		1,167		50,923
Randstad NV		471		19,727
Royal Dutch Shell PLC, Class A		19,928		309,903
Royal Dutch Shell PLC, Class B		17,991		272,404
Wolters Kluwer NV		1,332		105,985
(Cost $3,026,010)				2,853,676
New Zealand — 0.2%
a2 Milk Co. Ltd.*		3,355		39,570
Auckland International Airport Ltd.		4,782		19,295
Fisher & Paykel Healthcare Corp. Ltd.		2,746		51,103
Mercury NZ Ltd.		6,742		19,461
Meridian Energy Ltd.		6,453		19,027
Ryman Healthcare Ltd.		2,994		22,488
Spark New Zealand Ltd.		8,975		24,625
(Cost $146,290)				195,569
Norway — 0.4%
DNB ASA*		4,958		67,428
Equinor ASA		4,890		71,005
Gjensidige Forsikring ASA*		977		17,719
Mowi ASA		2,262		42,595
Norsk Hydro ASA*		6,886		17,483
Orkla ASA		4,199		37,728
Schibsted ASA, Class B*		546		13,087
Telenor ASA		3,677		55,756
Yara International ASA		907		31,034
(Cost $429,197)				353,835
Peru — 0.1%
Cia de Minas Buenaventura SAA, ADR		998		7,834

	Number of Shares		Value
Peru (Continued)
Credicorp Ltd.		342	$	47,135
Southern Copper Corp. (b)		387		14,048
(Cost $91,493)				69,017
Philippines — 0.2%
Altus San Nicolas Corp.*(c)		170		18
Ayala Corp.		1,520		22,446
Ayala Land, Inc.		63,800		40,332
BDO Unibank, Inc.		10,610		21,044
Globe Telecom, Inc.		155		7,024
International Container Terminal Services, Inc.		13,310		23,060
JG Summit Holdings, Inc.		28,750		27,716
Manila Electric Co.		920		5,143
Metropolitan Bank & Trust Co.		491		341
PLDT, Inc.		235		5,919
SM Investments Corp.*		1,225		22,143
SM Prime Holdings, Inc.*		53,100		31,627
Universal Robina Corp.		4,790		12,396
(Cost $250,337)				219,209
Poland — 0.2%
Bank Polska Kasa Opieki SA		1,995		26,142
CD Projekt SA*		324		32,618
Cyfrowy Polsat SA		981		6,388
Dino Polska SA, 144A*		306		13,930
Grupa Lotos SA		464		6,888
KGHM Polska Miedz SA*		641		13,788
LPP SA		3		5,131
Orange Polska SA*		3,303		5,369
Polski Koncern Naftowy ORLEN SA		1,475		24,550
Powszechna Kasa Oszczednosci Bank Polski SA		4,459		24,791
Powszechny Zaklad Ubezpieczen SA		3,045		22,653
(Cost $202,268)				182,248
Portugal — 0.1%
EDP—Energias de Portugal SA		11,768		55,165
Galp Energia SGPS SA		2,525		30,033
Jeronimo Martins SGPS SA*		1,147		19,582
(Cost $100,746)				104,780
Qatar — 0.2%
Barwa Real Estate Co.		8,950		7,129
Commercial Bank PSQC		8,970		9,103
Industries Qatar QSC		9,750		21,075
Masraf Al Rayan QSC		18,600		20,025
Mesaieed Petrochemical Holding Co.		20,910		11,509
Qatar Electricity & Water Co. QSC		1,690		6,925
Qatar Fuel QSC		1,750		7,690
Qatar International Islamic Bank QSC		4,987		10,629
Qatar Islamic Bank SAQ		5,600		23,686
Qatar National Bank QPSC		23,084		112,091
(Cost $217,988)				229,862
Romania — 0.0%
NEPI Rockcastle PLC
(Cost $26,361)		2,088		10,647

See Notes to Financial Statements. 31

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

	Number of Shares		Value
Russia — 0.9%
Alrosa PJSC		13,206	$	12,391
Gazprom PJSC		61,643		175,222
Inter RAO UES PJSC		172,920		12,154
LUKOIL PJSC		2,033		151,516
Magnit PJSC, GDR		770		8,778
Magnitogorsk Iron & Steel Works PJSC		10,753		6,182
MMC Norilsk Nickel PJSC		324		101,839
Mobile TeleSystems PJSC, ADR		2,491		22,145
Moscow Exchange MICEX-RTS PJSC		7,013		11,394
Novatek PJSC, GDR		463		66,996
Novolipetsk Steel PJSC		5,971		11,694
PhosAgro PJSC, GDR		544		7,507
Polyus PJSC		196		32,525
Rosneft Oil Co. PJSC		5,275		28,211
Sberbank of Russia PJSC		52,223		148,853
Severstal PAO		1,075		14,283
Surgutneftegas PJSC		36,607		20,614
Tatneft PJSC		7,582		57,343
VTB Bank PJSC		14,659,382		7,567
X5 Retail Group NV, GDR		551		16,363
(Cost $860,605)				913,577
Saudi Arabia — 0.8%
Advanced Petrochemical Co.		842		10,861
Al Rajhi Bank		6,434		96,270
Alinma Bank*		5,516		21,559
Almarai Co. JSC		788		10,291
Arab National Bank		2,846		14,973
Bank AlBilad		1,067		6,170
Bank Al-Jazira		5,918		17,678
Banque Saudi Fransi		3,056		24,206
Bupa Arabia for Cooperative Insurance Co.		297		8,935
Dar Al Arkan Real Estate Development Co.*		4,027		7,333
Etihad Etisalat Co.*		2,668		18,398
Jarir Marketing Co.		225		8,135
National Commercial Bank		7,286		72,550
Rabigh Refining & Petrochemical Co.*		1,926		6,922
Riyad Bank		6,641		28,997
Sahara International Petrochemical Co.		2,629		10,079
Samba Financial Group		5,453		34,205
Saudi Arabian Fertilizer Co.		1,668		33,529
Saudi Arabian Mining Co.*		2,313		20,661
Saudi Arabian Oil Co., 144A		5,947		52,250
Saudi Basic Industries Corp.		4,460		98,557
Saudi British Bank		2,869		17,492
Saudi Cement Co.		623		7,630
Saudi Electricity Co.*		2,882		12,967
Saudi Kayan Petrochemical Co.*		5,149		11,378
Saudi Telecom Co.		2,972		79,127
Savola Group		735		8,023
Yanbu National Petrochemical Co.		1,255		16,673
(Cost $918,377)				755,849
Singapore — 0.7%
Ascendas Real Estate Investment Trust REIT		14,752		32,682
BOC Aviation Ltd., 144A		771		4,237

	Number of Shares		Value
Singapore (Continued)
CapitaLand Commercial Trust REIT		13,907	$	17,226
CapitaLand Ltd.*		11,657		23,845
CapitaLand Mall Trust REIT		13,709		19,698
City Developments Ltd.		2,100		11,430
DBS Group Holdings Ltd.		8,900		122,652
Genting Singapore Ltd.		36,200		20,114
Keppel Corp. Ltd.		7,200		30,119
Mapletree Commercial Trust REIT		16,100		22,792
Oversea-Chinese Banking Corp. Ltd.		16,270		98,463
Singapore Airlines Ltd. (b)		7,250		19,603
Singapore Exchange Ltd.		3,593		21,058
Singapore Technologies Engineering Ltd.		7,930		17,905
Singapore Telecommunications Ltd.		40,100		70,675
Suntec Real Estate Investment Trust REIT		9,028		9,394
United Overseas Bank Ltd.		6,322		87,259
UOL Group Ltd.*		2,200		10,651
Venture Corp. Ltd.		1,500		16,244
Wilmar International Ltd.		14,637		41,234
(Cost $852,307)				697,281
South Africa — 0.9%
Absa Group Ltd.		1,142		5,283
Anglo American Platinum Ltd.		301		19,034
AngloGold Ashanti Ltd.		2,073		50,136
Aspen Pharmacare Holdings Ltd.*		1,317		10,481
Bid Corp. Ltd.		1,518		21,301
Bidvest Group Ltd.		1,653		14,301
Capitec Bank Holdings Ltd.		242		11,661
Clicks Group Ltd.		1,163		15,423
Discovery Ltd. (b)		2,255		12,623
FirstRand Ltd.		22,954		52,481
Gold Fields Ltd.		4,861		37,970
Growthpoint Properties Ltd. REIT		13,996		9,952
Impala Platinum Holdings Ltd.		3,903		26,035
Kumba Iron Ore Ltd.		337		9,107
Mr Price Group Ltd.		1,099		8,140
MTN Group Ltd.		8,207		25,203
MultiChoice Group*		2,209		10,888
Naspers Ltd., Class N		2,232		354,573
Nedbank Group Ltd.		2,015		11,340
Northam Platinum Ltd.*		1,743		10,886
Old Mutual Ltd.		26,893		17,206
Remgro Ltd.		2,605		20,624
RMB Holdings Ltd.		4,734		14,284
Sanlam Ltd.		9,251		29,816
Shoprite Holdings Ltd.		2,586		15,245
Sibanye Stillwater Ltd.*		11,084		20,441
SPAR Group Ltd.		774		7,725
Standard Bank Group Ltd.		8,950		51,812
Vodacom Group Ltd.		2,870		20,640
Woolworths Holdings Ltd.		4,793		7,897
(Cost $1,237,313)				922,508
South Korea — 2.9%
Amorepacific Corp.		89		11,714
BGF retail Co. Ltd.		34		4,585
Celltrion Healthcare Co. Ltd.*		346		25,368

See Notes to Financial Statements. 32

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

	Number of Shares		Value
South Korea (Continued)
Celltrion Pharm, Inc.*		210	$	15,549
Celltrion, Inc.*		438		75,508
Cheil Worldwide, Inc.		320		4,289
CJ CheilJedang Corp.		28		6,715
CJ Logistics Corp.*		156		20,280
Coway Co. Ltd.		184		9,895
Daelim Industrial Co. Ltd.		137		10,210
DB Insurance Co. Ltd.		302		10,583
Douzone Bizon Co. Ltd.		206		19,960
E-MART, Inc.		89		8,157
Fila Holdings Corp.		235		7,296
GS Engineering & Construction Corp.		342		7,884
GS Retail Co. Ltd.		176		6,054
Hana Financial Group, Inc.		1,448		34,784
Hanmi Pharm. Co. Ltd.		18		3,445
Hanon Systems		837		6,583
Hanwha Solutions Corp.		647		8,437
HLB, Inc.*		147		13,401
Hotel Shilla Co. Ltd.		152		9,721
Hyundai Engineering & Construction Co. Ltd.		901		24,881
Hyundai Glovis Co. Ltd.		90		8,212
Hyundai Heavy Industries Holdings Co. Ltd.		3		655
Hyundai Mobis Co. Ltd.		324		51,800
Hyundai Motor Co.		725		57,370
Kakao Corp.		322		68,511
Kangwon Land, Inc.		553		10,806
KB Financial Group, Inc.		1,982		54,413
Kia Motors Corp.		1,317		36,422
KMW Co. Ltd.*		317		14,923
Korea Electric Power Corp.*		1,204		20,999
Korea Investment Holdings Co. Ltd.		206		8,766
Korea Shipbuilding & Offshore Engineering Co. Ltd.*		196		14,370
Korea Zinc Co. Ltd.		32		9,767
KT&G Corp.		589		39,902
Kumho Petrochemical Co. Ltd.		50		2,862
LG Chem Ltd.		230		72,522
LG Corp.		492		25,068
LG Electronics, Inc.		498		23,845
LG Household & Health Care Ltd.		53		58,630
LG Innotek Co. Ltd.		88		10,481
LG Uplus Corp.		2,219		23,562
Lotte Chemical Corp.		94		14,270
Mirae Asset Daewoo Co. Ltd.		1,783		8,883
NAVER Corp.		713		130,113
NCSoft Corp.		88		56,135
Orion Corp.		120		12,790
Ottogi Corp.		8		3,559
Pearl Abyss Corp.*		18		2,972
POSCO		393		57,437
POSCO Chemical Co. Ltd.		133		5,960
S-1 Corp.		77		5,795
Samsung Biologics Co. Ltd., 144A*		88		44,197
Samsung C&T Corp.		591		47,291
Samsung Card Co. Ltd.		213		5,082

	Number of Shares		Value
South Korea (Continued)
Samsung Electro-Mechanics Co. Ltd.		308	$	31,087
Samsung Electronics Co. Ltd.		23,966		981,127
Samsung Fire & Marine Insurance Co. Ltd.		149		21,957
Samsung Life Insurance Co. Ltd.		218		8,044
Samsung SDI Co. Ltd.		290		84,065
Samsung SDS Co. Ltd.		164		25,227
Samsung Securities Co. Ltd.		383		8,644
Shinhan Financial Group Co. Ltd.		2,258		54,971
Shinsegae, Inc.		19		3,759
SK Holdings Co. Ltd.		241		46,509
SK Hynix, Inc.		2,824		185,842
SK Innovation Co. Ltd.		272		26,026
SK Telecom Co. Ltd.		77		13,430
S-Oil Corp.		231		13,187
Woori Financial Group, Inc.		2,704		19,934
Yuhan Corp.		195		8,172
(Cost $2,396,910)				2,885,650
Spain — 1.5%
ACS Actividades de Construccion y Servicios SA		1,060		27,004
Aena SME SA, 144A*		324		46,108
Amadeus IT Group SA		1,949		101,554
Banco Bilbao Vizcaya Argentaria SA		32,549		100,914
Banco Santander SA		80,347		181,723
Banco Santander SA		3,060		6,537
Bankinter SA		3,337		14,117
CaixaBank SA		17,581		32,777
Cellnex Telecom SA, 144A*		1,353		76,477
Enagas SA		1,108		24,857
Endesa SA		1,574		37,303
Ferrovial SA*		33		894
Ferrovial SA		2,413		65,410
Grifols SA (b)		1,532		47,821
Iberdrola SA		30,163		324,378
Industria de Diseno Textil SA		5,612		156,052
Mapfre SA		3,817		6,707
Naturgy Energy Group SA		1,580		29,281
Red Electrica Corp. SA		2,050		36,046
Repsol SA		7,421		68,949
Siemens Gamesa Renewable Energy SA*		1,190		19,993
Telefonica SA		23,152		108,993
(Cost $2,196,924)				1,513,895
Sweden — 1.8%
Alfa Laval AB*		2,055		41,416
Assa Abloy AB, Class B		4,885		98,866
Atlas Copco AB, Class A		3,285		128,715
Atlas Copco AB, Class B		2,000		70,512
Boliden AB		1,449		31,402
Electrolux AB, Series B		1,265		20,695
Epiroc AB, Class A		3,189		35,384
Epiroc AB, Class B		2,337		26,017
Essity AB, Class B*		3,142		103,638
Evolution Gaming Group AB, 144A*		628		37,043
Hennes & Mauritz AB, Class B		4,066		61,340
Hexagon AB, Class B*		1,519		83,377
Husqvarna AB, Class B		2,076		15,260

See Notes to Financial Statements. 33

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

	Number of Shares		Value
Sweden (Continued)
ICA Gruppen AB (b)		374	$	17,556
Industrivarden AB, Class C*		838		18,623
Investment AB Latour, Class B		731		13,103
Investor AB, Class B		2,214		117,719
Kinnevik AB, Class B		1,144		28,774
L E Lundbergforetagen AB, Class B*		389		19,288
Lundin Energy AB		937		22,573
Nibe Industrier AB, Class B*		1,542		34,203
Sandvik AB*		5,583		92,373
Securitas AB, Class B*		1,546		20,476
Skandinaviska Enskilda Banken AB, Class A*		7,889		68,420
Skanska AB, Class B*		1,704		34,017
SKF AB, Class B		1,834		33,634
Svenska Cellulosa AB SCA, Class B*		2,995		37,348
Svenska Handelsbanken AB, Class A*		7,227		68,369
Swedbank AB, Class A*		4,446		55,678
Swedish Match AB		935		64,857
Tele2 AB, Class B		2,515		33,444
Telefonaktiebolaget LM Ericsson, Class B		15,440		140,332
Telia Co. AB		11,049		37,852
Volvo AB, Class B*		7,307		103,333
(Cost $1,863,964)				1,815,637
Switzerland — 6.8%
ABB Ltd.		9,061		177,960
Adecco Group AG		658		31,210
Alcon, Inc.*		2,434		156,598
Baloise Holding AG		233		33,092
Barry Callebaut AG		20		40,175
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		10		83,281
Cie Financiere Richemont SA		2,479		144,028
Clariant AG*		1,111		20,348
Coca-Cola HBC AG*		782		19,682
Credit Suisse Group AG		11,929		108,748
EMS-Chemie Holding AG		42		31,026
Geberit AG		177		85,997
Givaudan SA		45		161,276
Glencore PLC*		49,124		90,893
Julius Baer Group Ltd.		1,131		48,095
Kuehne + Nagel International AG*		285		41,011
LafargeHolcim Ltd.*		2,572		106,271
Logitech International SA		812		47,852
Lonza Group AG		382		187,267
Nestle SA		14,716		1,589,108
Novartis AG		10,855		937,087
Pargesa Holding SA		228		17,187
Partners Group Holding AG		87		71,858
Roche Holding AG		3,523		1,218,655
Schindler Holding AG		92		21,273
Schindler Holding AG Participation Certificates		212		49,176
SGS SA		31		72,681
Sika AG		655		112,027
Sonova Holding AG		261		57,123
STMicroelectronics NV		3,817		93,597

	Number of Shares		Value
Switzerland (Continued)
Straumann Holding AG		51	$	41,254
Swatch Group AG — Bearer		117		23,344
Swatch Group AG — Registered		258		10,016
Swiss Life Holding AG		143		50,164
Swiss Prime Site AG		462		42,943
Swiss Re AG		1,376		93,164
Swisscom AG		138		71,712
Temenos AG		320		48,808
UBS Group AG		18,022		192,999
Vifor Pharma AG		216		32,811
Zurich Insurance Group AG		744		239,414
(Cost $6,122,447)				6,701,211
Taiwan — 3.3%
Accton Technology Corp.		3,780		30,404
Acer, Inc.		17,300		9,421
Advantech Co. Ltd.		1,525		15,085
Airtac International Group		1,178		20,205
ASE Technology Holding Co. Ltd.		16,148		33,237
Asia Cement Corp.		10,572		15,334
Asustek Computer, Inc.		3,170		22,224
AU Optronics Corp.		46,038		11,623
Catcher Technology Co. Ltd.		3,107		22,559
Cathay Financial Holding Co. Ltd.		38,652		51,557
Chailease Holding Co. Ltd.		5,065		19,653
Chang Hwa Commercial Bank Ltd.		48,284		30,233
Cheng Shin Rubber Industry Co. Ltd.		9,594		10,481
Chicony Electronics Co. Ltd.		2,237		6,407
China Development Financial Holding Corp.		86,713		26,252
China Life Insurance Co. Ltd.*		8,087		5,589
China Steel Corp.		60,999		40,226
Chunghwa Telecom Co. Ltd.		19,017		69,988
Compal Electronics, Inc.		22,036		14,018
CTBC Financial Holding Co. Ltd.		93,398		62,058
Delta Electronics, Inc.		9,932		45,649
E.Sun Financial Holding Co. Ltd.		56,061		49,759
Eclat Textile Co. Ltd.		1,246		12,823
Eva Airways Corp.		10,317		3,780
Far Eastern New Century Corp.		15,056		13,489
Far EasTone Telecommunications Co. Ltd.		9,250		19,933
Feng TAY Enterprise Co. Ltd.		2,138		12,889
First Financial Holding Co. Ltd.		53,947		41,055
Formosa Chemicals & Fibre Corp.		17,575		42,145
Formosa Petrochemical Corp.		6,988		20,411
Formosa Plastics Corp.		23,023		63,644
Foxconn Technology Co. Ltd.		4,226		7,586
Fubon Financial Holding Co. Ltd.		40,185		56,748
Giant Manufacturing Co. Ltd.		1,876		14,683
Globalwafers Co. Ltd.		1,575		18,963
Highwealth Construction Corp.		14,468		21,371
Hiwin Technologies Corp.		949		9,688
Hon Hai Precision Industry Co. Ltd.		62,743		158,399
Hotai Motor Co. Ltd.		1,520		27,135
Hua Nan Financial Holdings Co. Ltd.		48,107		31,163
Inventec Corp.		13,870		11,272
Largan Precision Co. Ltd.		542		69,228

See Notes to Financial Statements. 34

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

	Number of Shares		Value
Taiwan (Continued)
Lite-On Technology Corp.		9,228	$	14,783
MediaTek, Inc.		7,722		119,077
Mega Financial Holding Co. Ltd.		50,675		51,899
Micro-Star International Co. Ltd.		1,704		5,732
Nan Ya Plastics Corp.		24,234		50,768
Nanya Technology Corp.		6,135		12,219
Nien Made Enterprise Co. Ltd.		661		5,658
Novatek Microelectronics Corp.		2,585		17,649
Pegatron Corp.		10,138		21,779
Phison Electronics Corp.		756		6,924
Pou Chen Corp.		11,351		11,171
Powertech Technology, Inc.		1,605		5,185
President Chain Store Corp.		2,564		25,234
Quanta Computer, Inc.		12,507		29,159
Realtek Semiconductor Corp.		1,613		13,887
Ruentex Development Co. Ltd.*		2,518		3,833
Shanghai Commercial & Savings Bank Ltd.		13,602		19,389
Shin Kong Financial Holding Co. Ltd.*		39,103		10,862
SinoPac Financial Holdings Co. Ltd.		52,678		20,703
Standard Foods Corp.		2,737		5,788
Synnex Technology International Corp.		7,783		11,509
Taishin Financial Holding Co. Ltd.		46,657		20,201
Taiwan Business Bank		19,625		6,928
Taiwan Cement Corp.		25,330		35,896
Taiwan Cooperative Financial Holding Co. Ltd.		67,613		45,939
Taiwan High Speed Rail Corp.		9,687		12,163
Taiwan Mobile Co. Ltd.		11,217		40,161
Taiwan Semiconductor Manufacturing Co. Ltd.		123,112		1,197,292
Uni-President Enterprises Corp.		24,378		59,108
United Microelectronics Corp.		51,679		26,593
Vanguard International Semiconductor Corp.		4,827		11,816
Walsin Technology Corp.		2,110		13,141
Win Semiconductors Corp.		2,249		19,250
Wistron Corp.		8,893		8,471
WPG Holdings Ltd.		10,759		14,065
Yageo Corp.		914		11,278
Yuanta Financial Holding Co. Ltd.		48,345		26,165
Zhen Ding Technology Holding Ltd.		2,151		8,561
(Cost $2,478,318)				3,288,603
Thailand — 0.6%
Advanced Info Service PCL, NVDR		6,000		36,309
Airports of Thailand PCL, NVDR		21,700		42,295
Bangkok Bank PCL, NVDR		900		3,084
Bangkok Dusit Medical Services PCL, NVDR		50,400		35,649
Bangkok Expressway & Metro PCL, NVDR		53,700		16,628
Berli Jucker PCL, NVDR		6,100		8,150
BTS Group Holdings PCL, NVDR		38,600		14,683
Bumrungrad Hospital PCL, NVDR		2,400		9,054
Central Pattana PCL, NVDR		13,300		20,592
Central Retail Corp. PCL, NVDR*		8,300		10,046
Charoen Pokphand Foods PCL, NVDR		19,100		18,914

	Number of Shares		Value
Thailand (Continued)
CP ALL PCL, NVDR		30,600	$	67,818
Electricity Generating PCL, NVDR		1,600		13,882
Energy Absolute PCL, NVDR		8,200		10,053
Global Power Synergy PCL, Class F		7,200		17,089
Gulf Energy Development PCL, NVDR		14,500		17,208
Home Product Center PCL, NVDR		25,200		11,725
Indorama Ventures PCL, NVDR		8,700		7,795
Intouch Holdings PCL, NVDR		12,300		20,783
IRPC PCL, NVDR		112,383		9,539
Kasikornbank PCL, NVDR		10,300		31,084
Krung Thai Bank PCL, NVDR		21,700		7,095
Land & Houses PCL, NVDR		44,300		10,166
Minor International PCL, NVDR*		14,600		8,537
PTT Exploration & Production PCL, NVDR		7,200		19,013
PTT Global Chemical PCL, NVDR		7,000		9,462
PTT PCL, NVDR		58,000		64,728
Ratch Group PCL, NVDR		3,800		8,362
Siam Cement PCL		700		7,548
Siam Cement PCL, NVDR		3,500		37,740
Siam Commercial Bank PCL, NVDR		1,200		2,792
Thai Oil PCL, NVDR		8,800		11,896
Thai Union Group PCL, NVDR		16,700		7,192
True Corp. PCL, NVDR		54,500		6,339
(Cost $724,109)				623,250
Turkey — 0.1%
Akbank T.A.S.*		32,552		27,131
BIM Birlesik Magazalar AS		2,061		19,653
Eregli Demir ve Celik Fabrikalari TAS*		7,049		8,312
Ford Otomotiv Sanayi AS		241		2,183
KOC Holding AS		4,182		9,887
Turkcell Iletisim Hizmetleri AS		4,843		10,045
Turkiye Garanti Bankasi AS*		11,543		13,222
Yapi ve Kredi Bankasi AS*		42,754		14,529
(Cost $161,456)				104,962
United Arab Emirates — 0.2%
Abu Dhabi Commercial Bank PJSC		13,268		15,894
Aldar Properties PJSC		32,065		15,102
DP World PLC		840		13,230
Dubai Islamic Bank PJSC		16,461		15,909
Emaar Properties PJSC*		14,089		9,589
Emirates Telecommunications Group Co. PJSC		8,658		36,865
First Abu Dhabi Bank PJSC		13,709		41,353
NMC Health PLC (c)		462		0
(Cost $214,902)				147,942
United Kingdom — 8.5%
3i Group PLC		4,320		44,015
Admiral Group PLC		779		22,445
Anglo American PLC		6,491		136,327
Ashtead Group PLC		2,163		63,924
Associated British Foods PLC		1,527		34,341
AstraZeneca PLC		6,662		705,926
Auto Trader Group PLC, 144A		4,590		31,642
AVEVA Group PLC		360		18,175
Aviva PLC		17,680		54,085

See Notes to Financial Statements. 35

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

	Number of Shares		Value
United Kingdom (Continued)
BAE Systems PLC		16,080	$	98,539
Barclays PLC		81,476		115,958
Barratt Developments PLC		4,246		26,062
Berkeley Group Holdings PLC		630		31,861
BP PLC		98,278		371,099
British American Tobacco PLC		11,276		444,166
British Land Co. PLC REIT		3,250		16,348
BT Group PLC		40,458		58,085
Bunzl PLC		1,708		39,793
Burberry Group PLC		1,724		31,841
CNH Industrial NV*		4,194		25,382
Coca-Cola European Partners PLC		1,141		43,016
Compass Group PLC		9,386		137,246
Croda International PLC		607		38,907
Diageo PLC		11,755		405,109
Direct Line Insurance Group PLC		5,332		17,424
Ferguson PLC		1,100		86,482
Fiat Chrysler Automobiles NV*		5,442		47,977
GlaxoSmithKline PLC		25,294		522,239
Halma PLC		2,048		58,932
Hargreaves Lansdown PLC		1,946		44,065
HSBC Holdings PLC		99,857		456,420
Imperial Brands PLC		4,401		79,708
Informa PLC		9,124		51,202
InterContinental Hotels Group PLC		978		46,755
Intertek Group PLC		767		52,155
ITV PLC		12,917		12,807
J Sainsbury PLC		6,654		15,942
JD Sports Fashion PLC		1,489		12,107
Johnson Matthey PLC		766		19,989
Kingfisher PLC		8,235		19,751
Land Securities Group PLC REIT		2,773		20,747
Legal & General Group PLC		27,323		66,982
Lloyds Banking Group PLC		345,504		127,455
London Stock Exchange Group PLC		1,672		165,813
M&G PLC		9,744		16,847
Melrose Industries PLC		19,850		28,229
Mondi PLC		2,351		43,785
National Grid PLC		17,884		204,523
Next PLC		571		34,300
Ocado Group PLC*		2,241		60,639
Pearson PLC		2,950		16,883
Persimmon PLC		1,394		39,476
Prudential PLC		12,977		167,799
Reckitt Benckiser Group PLC		3,560		317,611
RELX PLC		10,042		232,349
Rentokil Initial PLC		9,135		56,048
Rio Tinto Ltd.		1,797		111,874
Rio Tinto PLC		5,723		304,839
Rolls-Royce Holdings PLC*		8,152		27,344
Royal Bank of Scotland Group PLC		20,172		27,491
RSA Insurance Group PLC		4,071		19,824
Sage Group PLC		5,344		45,605
Schroders PLC		591		21,568
Segro PLC REIT		5,432		56,325
Severn Trent PLC		1,293		38,979
Smith & Nephew PLC		4,348		88,172

	Number of Shares		Value
United Kingdom (Continued)
Smiths Group PLC		2,088	$	33,690
Spirax-Sarco Engineering PLC		358		43,638
SSE PLC		5,153		79,009
St James’s Place PLC		2,180		24,737
Standard Chartered PLC		12,366		56,262
Standard Life Aberdeen PLC		9,830		31,358
Taylor Wimpey PLC		13,475		23,897
Tesco PLC		49,842		140,530
Unilever NV		7,511		387,615
Unilever PLC		5,905		315,919
United Utilities Group PLC		3,385		38,360
Vodafone Group PLC		128,623		211,302
Whitbread PLC (b)		516		16,110
Wm Morrison Supermarkets PLC		9,756		22,495
WPP PLC		5,451		41,173
(Cost $10,315,549)				8,345,849
TOTAL COMMON STOCKS (Cost $98,163,335)				94,846,636
PREFERRED STOCKS — 1.0%
Brazil — 0.4%
Banco Bradesco SA		22,358		79,396
Cia Paranaense de Energia		1,364		16,180
Gerdau SA		4,941		12,435
Itau Unibanco Holding SA		24,503		105,794
Itausa — Investimentos Itau SA		21,676		35,989
Lojas Americanas SA		2,850		15,088
Petroleo Brasileiro SA		26,141		99,640
Telefonica Brasil SA		1,890		16,696
(Cost $452,510)				381,218
Chile — 0.0%
Sociedad Quimica y Minera de Chile SA, Class B (Cost $8,914)		457		11,219
Colombia — 0.0%
Bancolombia SA (Cost $26,114)		2,740		18,071
Germany — 0.4%
Bayerische Motoren Werke AG		186		8,544
FUCHS PETROLUB SE		385		15,309
Henkel AG & Co. KGaA*		837		74,589
Porsche Automobil Holding SE		783		42,511
Sartorius AG*		165		61,065
Volkswagen AG*		922		135,609
(Cost $396,025)				337,627
Russia — 0.0%
Surgutneftegas PJSC (Cost $19,413)		35,522		17,882
South Korea — 0.2%
AMOREPACIFIC Group		10		278
Hyundai Motor Co. — 2nd Preferred		171		8,312
LG Chem Ltd.		27		3,859
LG Household & Health Care Ltd.		26		15,011

See Notes to Financial Statements. 36

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

	Number of Shares		Value
South Korea (Continued)
Samsung Electronics Co. Ltd.		4,355	$	150,682
(Cost $119,837)				178,142
TOTAL PREFERRED STOCKS (Cost $1,022,813)				944,159
	Principal Amount
CORPORATE BONDS — 0.0%
India — 0.0%
Britannia Industries Ltd. 8.00%, 8/28/22 (Cost $132)	INR	9,360		127
	Number of Shares
RIGHTS — 0.0%
Brazil — 0.0%
Natura & Co. Holding SA*, expires 6/12/20 (Cost $0)		166		155
China — 0.0%
Zhengqi Financial Holding Corp.*(c) (Cost $0)		271		0
India — 0.0%
Reliance Industries Ltd.*, expires 12/31/20 (Cost $0)		959		2,815

	Number of Shares		Value
Italy — 0.0%
Davide Campari-Milano SpA*, expires 6/21/20 (c) (Cost $0)		2,786	$	0
United Kingdom — 0.0%
Whitbread PLC*, expires 6/12/20 (Cost $7,481)		327		4,047
TOTAL RIGHTS (Cost $7,481)				7,017
WARRANTS — 0.0%
Thailand — 0.0%
BTS Group Holdings PCL*, expires 2/16/21 (Cost $0)		3,710		156
SECURITIES LENDING COLLATERAL — 1.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (e)(f) (Cost $1,267,996)		1,267,996		1,267,996
CASH EQUIVALENTS — 2.0%
DWS Government Money Market Series “Institutional Shares”, 0.12% (e) (Cost $1,949,518)		1,949,518		1,949,518
TOTAL INVESTMENTS — 100.4% (Cost $102,411,275)			$	99,015,609
Other assets and liabilities, net — (0.4%)				(345,831	)
NET ASSETS — 100.0%			$	98,669,778

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2020 is as follows:

	Value ($) at 5/31/2019		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2020		Value ($) at 5/31/2020
COMMON STOCKS — 0.1%
Germany — 0.1%
Deutsche Bank AG*(d)
		64,295		5,329		(1,078	)		36		13,670		—		—		9,839		82,252
SECURITIES LENDING COLLATERAL —1.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (e)(f)
		1,641,117		—		(373,121	)(g)		—		—		16,441		—		1,267,996		1,267,996
CASH EQUIVALENTS — 2.0%
DWS Government Money Market Series “Institutional Shares”, 0.12% (e)
		856,243		30,253,989		(29,160,714	)		—		—		32,975		—		1,949,518		1,949,518
		2,561,655		30,259,318		(29,534,913	)		36		13,670		49,416		—		3,227,353		3,299,766

* 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.

See Notes to Financial Statements. 37

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

(b) All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at May 31, 2020 amounted to $1,481,130, which is 1.5% of net assets.

(c) Investment was valued using significant unobservable inputs.

(d) Affiliated issuer. This security is owned in proportion with its representation in the index.

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

(f) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $341,623.

(g) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2020.

ADR: American Depositary Receipt

CDI: Chess Depositary Interest

CPO: Ordinary Participation Certificates

GDR: Global Depositary Receipt

JSC: Joint Stock Company

NVDR: Non Voting Depositary Receipt

PJSC: Public Joint Stock Company

PSQC: Public Shareholders Qatari Company

QPSC: Qatari Public Shareholders Company

QSC: Qatari Shareholders Company

REIT: Real Estate Investment Trust

RSP: Risparmio (Convertible Savings Shares)

SAE: Societe Anonyme Egyptienne

SAQ: Societe Anonyme Qatar

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.

At May 31, 2020, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Appreciation
MINI S&P/TSX 60 Futures	CAD		5	$	148,431	$	166,267		6/18/2020	$	17,836
MSCI EAFE Futures	USD		22		1,571,016		1,898,160		6/19/2020		327,144
MSCI Emerging Markets Index Futures	USD		16		673,990		746,320		6/19/2020		72,330
Total unrealized appreciation										$	417,310

As of May 31, 2020, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Citigroup Global Markets	6/3/2020	AED	669,700	USD	182,301	$	—	$	(20	)
JP Morgan & Chase Co.	6/3/2020	AUD	3,413,500	USD	2,234,972		—		(40,304	)
RBC Capital Markets	6/3/2020	AUD	2,470,600	USD	1,617,638		—		(29,146	)
RBC Capital Markets	6/3/2020	AUD	208,000	USD	136,184		—		(2,459	)
JP Morgan & Chase Co.	6/3/2020	BRL	3,304,800	USD	605,768		—		(13,437	)
RBC Capital Markets	6/3/2020	BRL	3,141,600	USD	578,922		—		(9,705	)
RBC Capital Markets	6/3/2020	BRL	613,000	USD	112,954		—		(1,901	)
Citigroup Global Markets	6/3/2020	CAD	2,802,900	USD	2,018,159		—		(17,579	)
JP Morgan & Chase Co.	6/3/2020	CAD	2,549,000	USD	1,835,186		—		(16,145	)
RBC Capital Markets	6/3/2020	CAD	1,182,000	USD	851,057		—		(7,426	)
RBC Capital Markets	6/3/2020	CAD	2,389,300	USD	1,720,422		—		(14,920	)
Citigroup Global Markets	6/3/2020	CHF	3,460,800	USD	3,588,404		—		(10,157	)
JP Morgan & Chase Co.	6/3/2020	CHF	1,452,400	USD	1,505,930		—		(4,284	)
RBC Capital Markets	6/3/2020	CHF	512,000	USD	530,888		—		(1,493	)
RBC Capital Markets	6/3/2020	CHF	1,285,100	USD	1,332,497		—		(3,758	)
Citigroup Global Markets	6/3/2020	CLP	159,063,400	USD	190,402		—		(8,327	)
JP Morgan & Chase Co.	6/3/2020	CLP	13,480,400	USD	16,158		—		(684	)
JP Morgan & Chase Co.	6/3/2020	CNH	6,861,400	USD	971,222		10,102		—
Citigroup Global Markets	6/3/2020	COP	332,003,700	USD	84,446		—		(4,538	)
JP Morgan & Chase Co.	6/3/2020	COP	23,380,500	USD	5,929		—		(338	)
Citigroup Global Markets	6/3/2020	CZK	1,161,500	USD	47,066		—		(847	)

See Notes to Financial Statements. 38

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	6/3/2020	DKK	1,351,000	USD	198,464	$	—	$	(2,736	)
RBC Capital Markets	6/3/2020	DKK	7,952,300	USD	1,168,176		—		(16,131	)
Citigroup Global Markets	6/3/2020	EGP	632,000	USD	39,698		—		(83	)
Citigroup Global Markets	6/3/2020	EUR	1,774,000	USD	1,944,100		—		(25,251	)
Citigroup Global Markets	6/3/2020	EUR	2,337,800	USD	2,561,855		—		(33,381	)
JP Morgan & Chase Co.	6/3/2020	EUR	7,668,000	USD	8,403,170		—		(109,222	)
RBC Capital Markets	6/3/2020	EUR	6,284,000	USD	6,886,541		—		(89,445	)
Citigroup Global Markets	6/3/2020	GBP	786,000	USD	991,493		20,768		—
Citigroup Global Markets	6/3/2020	GBP	585,800	USD	738,959		15,485		—
JP Morgan & Chase Co.	6/3/2020	GBP	4,429,900	USD	5,587,942		116,933		—
RBC Capital Markets	6/3/2020	GBP	2,095,100	USD	2,643,251		55,764		—
JP Morgan & Chase Co.	6/3/2020	HKD	50,130,200	USD	6,463,460		—		(3,255	)
RBC Capital Markets	6/3/2020	HKD	6,000,000	USD	773,590		—		(400	)
RBC Capital Markets	6/3/2020	HKD	12,796,900	USD	1,649,989		—		(791	)
Citigroup Global Markets	6/3/2020	HUF	5,831,900	USD	18,167		—		(483	)
JP Morgan & Chase Co.	6/3/2020	HUF	16,042,500	USD	49,964		—		(1,340	)
Citigroup Global Markets	6/3/2020	ILS	708,300	USD	204,227		2,509		—
RBC Capital Markets	6/3/2020	ILS	165,000	USD	47,567		576		—
JP Morgan & Chase Co.	6/3/2020	INR	140,527,300	USD	1,863,658		5,770		—
JP Morgan & Chase Co.	6/3/2020	INR	24,742,000	USD	328,039		929		—
Citigroup Global Markets	6/3/2020	JPY	587,581,900	USD	5,496,428		47,796		—
JP Morgan & Chase Co.	6/3/2020	JPY	547,950,300	USD	5,125,797		44,668		—
JP Morgan & Chase Co.	6/3/2020	JPY	44,227,000	USD	413,715		3,600		—
RBC Capital Markets	6/3/2020	JPY	600,252,200	USD	5,614,976		48,853		—
Citigroup Global Markets	6/3/2020	KRW	1,189,186,700	USD	985,242		25,028		—
JP Morgan & Chase Co.	6/3/2020	KRW	2,113,059,800	USD	1,754,669		48,470		—
RBC Capital Markets	6/3/2020	KRW	251,403,000	USD	208,763		5,767		—
RBC Capital Markets	6/3/2020	KRW	327,187,000	USD	270,626		6,438		—
Citigroup Global Markets	6/3/2020	MXN	9,408,000	USD	393,209		—		(30,868	)
JP Morgan & Chase Co.	6/3/2020	MXN	968,700	USD	40,481		—		(3,184	)
RBC Capital Markets	6/3/2020	MXN	2,305,000	USD	96,334		—		(7,567	)
RBC Capital Markets	6/3/2020	MYR	2,370,900	USD	549,965		4,695		—
Citigroup Global Markets	6/3/2020	NOK	3,889,900	USD	380,676		—		(19,499	)
JP Morgan & Chase Co.	6/3/2020	NZD	13,300	USD	8,203		—		(52	)
RBC Capital Markets	6/3/2020	NZD	256,100	USD	157,969		—		(1,003	)
JP Morgan & Chase Co.	6/3/2020	PHP	561,200	USD	11,119		34		—
RBC Capital Markets	6/3/2020	PHP	13,280,600	USD	263,107		771		—
Citigroup Global Markets	6/3/2020	PLN	654,500	USD	158,004		—		(5,169	)
JP Morgan & Chase Co.	6/3/2020	PLN	54,900	USD	13,252		—		(435	)
Citigroup Global Markets	6/3/2020	QAR	858,700	USD	235,907		62		—
Citigroup Global Markets	6/3/2020	RUB	37,921,400	USD	510,659		—		(28,206	)
JP Morgan & Chase Co.	6/3/2020	RUB	20,400,000	USD	274,727		—		(15,158	)
JP Morgan & Chase Co.	6/3/2020	SEK	1,949,000	USD	199,592		—		(7,258	)
JP Morgan & Chase Co.	6/3/2020	SEK	4,986,200	USD	510,620		—		(18,572	)
RBC Capital Markets	6/3/2020	SEK	10,941,600	USD	1,120,492		—		(40,756	)
JP Morgan & Chase Co.	6/3/2020	SGD	795,900	USD	565,431		2,076		—
RBC Capital Markets	6/3/2020	SGD	212,300	USD	150,822		552		—
JP Morgan & Chase Co.	6/3/2020	TRY	911,400	USD	129,432		—		(3,955	)
Citigroup Global Markets	6/3/2020	TWD	4,084,700	USD	138,324		2,275		—
Citigroup Global Markets	6/3/2020	TWD	9,943,000	USD	336,055		4,886		—
JP Morgan & Chase Co.	6/3/2020	TWD	21,134,600	USD	715,215		11,289		—
RBC Capital Markets	6/3/2020	TWD	67,626,400	USD	2,292,576		40,157		—
Citigroup Global Markets	6/3/2020	USD	182,326	AED	669,700		—		(5	)
JP Morgan & Chase Co.	6/3/2020	USD	2,265,881	AUD	3,413,500		9,394		—
RBC Capital Markets	6/3/2020	USD	1,778,079	AUD	2,678,600		7,348		—
JP Morgan & Chase Co.	6/3/2020	USD	608,265	BRL	3,304,800		10,940		—
RBC Capital Markets	6/3/2020	USD	691,270	BRL	3,754,600		12,212		—
Citigroup Global Markets	6/3/2020	USD	2,027,863	CAD	2,802,900		7,875		—
JP Morgan & Chase Co.	6/3/2020	USD	1,844,164	CAD	2,549,000		7,167		—

See Notes to Financial Statements. 39

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets	6/3/2020	USD	2,583,787	CAD	3,571,300	$	10,038	$	—
Citigroup Global Markets	6/3/2020	USD	3,602,486	CHF	3,460,800		—		(3,925	)
JP Morgan & Chase Co.	6/3/2020	USD	1,511,814	CHF	1,452,400		—		(1,600	)
RBC Capital Markets	6/3/2020	USD	1,870,615	CHF	1,797,100		—		(1,980	)
Citigroup Global Markets	6/3/2020	USD	197,560	CLP	159,063,400		1,169		—
JP Morgan & Chase Co.	6/3/2020	USD	16,763	CLP	13,480,400		79		—
JP Morgan & Chase Co.	6/3/2020	USD	957,718	CNH	6,861,400		3,401		—
Citigroup Global Markets	6/3/2020	USD	89,410	COP	332,003,700		—		(426	)
JP Morgan & Chase Co.	6/3/2020	USD	6,306	COP	23,380,500		—		(40	)
Citigroup Global Markets	6/3/2020	USD	47,994	CZK	1,161,500		—		(81	)
JP Morgan & Chase Co.	6/3/2020	USD	201,621	DKK	1,351,000		—		(421	)
RBC Capital Markets	6/3/2020	USD	1,186,786	DKK	7,952,300		—		(2,480	)
Citigroup Global Markets	6/3/2020	USD	39,905	EGP	632,000		—		(124	)
Citigroup Global Markets	6/3/2020	USD	4,573,864	EUR	4,111,800		—		(9,277	)
JP Morgan & Chase Co.	6/3/2020	USD	123,297	EUR	113,000		2,147		—
JP Morgan & Chase Co.	6/3/2020	USD	8,403,804	EUR	7,555,000		—		(16,857	)
RBC Capital Markets	6/3/2020	USD	6,990,146	EUR	6,284,000		—		(14,159	)
Citigroup Global Markets	6/3/2020	USD	1,695,960	GBP	1,371,800		—		(1,762	)
JP Morgan & Chase Co.	6/3/2020	USD	5,366,672	GBP	4,340,900		—		(5,580	)
JP Morgan & Chase Co.	6/3/2020	USD	110,580	GBP	89,000		—		(664	)
RBC Capital Markets	6/3/2020	USD	2,590,193	GBP	2,095,100		—		(2,706	)
JP Morgan & Chase Co.	6/3/2020	USD	6,345,141	HKD	49,179,200		—		(1,103	)
JP Morgan & Chase Co.	6/3/2020	USD	122,621	HKD	951,000		57		—
RBC Capital Markets	6/3/2020	USD	2,425,094	HKD	18,796,900		—		(324	)
Citigroup Global Markets	6/3/2020	USD	18,730	HUF	5,831,900		—		(80	)
JP Morgan & Chase Co.	6/3/2020	USD	51,524	HUF	16,042,500		—		(220	)
Citigroup Global Markets	6/3/2020	USD	202,178	ILS	708,300		—		(460	)
RBC Capital Markets	6/3/2020	USD	47,098	ILS	165,000		—		(107	)
JP Morgan & Chase Co.	6/3/2020	USD	2,186,970	INR	165,269,300		—		(1,972	)
Citigroup Global Markets	6/3/2020	USD	5,454,006	JPY	587,581,900		—		(5,375	)
JP Morgan & Chase Co.	6/3/2020	USD	5,496,610	JPY	592,177,300		—		(5,366	)
RBC Capital Markets	6/3/2020	USD	213,103	JPY	22,757,000		—		(2,078	)
RBC Capital Markets	6/3/2020	USD	5,360,405	JPY	577,495,200		—		(5,307	)
Citigroup Global Markets	6/3/2020	USD	961,192	KRW	1,189,186,700		—		(978	)
JP Morgan & Chase Co.	6/3/2020	USD	1,707,551	KRW	2,113,059,800		—		(1,352	)
RBC Capital Markets	6/3/2020	USD	467,926	KRW	578,590,000		—		(741	)
Citigroup Global Markets	6/3/2020	USD	425,071	MXN	9,408,000		—		(993	)
JP Morgan & Chase Co.	6/3/2020	USD	43,767	MXN	968,700		—		(102	)
RBC Capital Markets	6/3/2020	USD	104,143	MXN	2,305,000		—		(242	)
RBC Capital Markets	6/3/2020	USD	545,662	MYR	2,370,900		—		(391	)
Citigroup Global Markets	6/3/2020	USD	400,193	NOK	3,889,900		—		(18	)
JP Morgan & Chase Co.	6/3/2020	USD	8,236	NZD	13,300		20		—
RBC Capital Markets	6/3/2020	USD	158,590	NZD	256,100		382		—
JP Morgan & Chase Co.	6/3/2020	USD	11,116	PHP	561,200		—		(31	)
RBC Capital Markets	6/3/2020	USD	262,826	PHP	13,280,600		—		(490	)
Citigroup Global Markets	6/3/2020	USD	163,453	PLN	654,500		—		(280	)
JP Morgan & Chase Co.	6/3/2020	USD	13,711	PLN	54,900		—		(24	)
Citigroup Global Markets	6/3/2020	USD	235,848	QAR	858,700		—		(3	)
Citigroup Global Markets	6/3/2020	USD	537,032	RUB	37,921,400		1,832		—
JP Morgan & Chase Co.	6/3/2020	USD	288,698	RUB	20,400,000		1,187		—
JP Morgan & Chase Co.	6/3/2020	USD	736,356	SEK	6,935,200		—		(313	)
RBC Capital Markets	6/3/2020	USD	1,161,744	SEK	10,941,600		—		(497	)
JP Morgan & Chase Co.	6/3/2020	USD	563,110	SGD	795,900		244		—
RBC Capital Markets	6/3/2020	USD	150,205	SGD	212,300		65		—
JP Morgan & Chase Co.	6/3/2020	USD	133,589	TRY	911,400		—		(202	)
Citigroup Global Markets	6/3/2020	USD	467,590	TWD	14,027,700		—		(372	)
JP Morgan & Chase Co.	6/3/2020	USD	704,369	TWD	21,134,600		—		(443	)
RBC Capital Markets	6/3/2020	USD	2,254,589	TWD	67,626,400		—		(2,170	)
JP Morgan & Chase Co.	6/3/2020	USD	408,719	ZAR	7,206,200		1,715		—

See Notes to Financial Statements. 40

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets	6/3/2020	USD	660,379	ZAR	11,643,400	$	2,780	$	—
JP Morgan & Chase Co.	6/3/2020	ZAR	4,007,200	USD	217,480		—		(10,753	)
JP Morgan & Chase Co.	6/3/2020	ZAR	3,199,000	USD	173,610		—		(8,592	)
RBC Capital Markets	6/3/2020	ZAR	11,643,400	USD	631,918		—		(31,240	)
JP Morgan & Chase Co.	6/4/2020	IDR	4,195,241,900	USD	277,794		—		(9,190	)
RBC Capital Markets	6/4/2020	IDR	1,679,087,700	USD	111,088		—		(3,774	)
JP Morgan & Chase Co.	6/4/2020	THB	16,913,900	USD	521,599		—		(10,109	)
JP Morgan & Chase Co.	6/4/2020	USD	286,756	IDR	4,195,241,900		228		—
RBC Capital Markets	6/4/2020	USD	114,613	IDR	1,679,087,700		248		—
JP Morgan & Chase Co.	6/4/2020	USD	531,750	THB	16,913,900		—		(41	)
Citigroup Global Markets	7/3/2020	AED	669,700	USD	182,293		—		(3	)
JP Morgan & Chase Co.	7/3/2020	AUD	3,413,500	USD	2,265,881		—		(9,456	)
RBC Capital Markets	7/3/2020	AUD	477,000	USD	316,634		—		(1,320	)
RBC Capital Markets	7/3/2020	AUD	2,678,600	USD	1,778,084		—		(7,391	)
JP Morgan & Chase Co.	7/3/2020	BRL	3,304,800	USD	607,352		—		(10,888	)
JP Morgan & Chase Co.	7/3/2020	BRL	1,010,000	USD	185,875		—		(3,069	)
RBC Capital Markets	7/3/2020	BRL	3,754,600	USD	690,197		—		(12,189	)
Citigroup Global Markets	7/3/2020	CAD	2,802,900	USD	2,027,886		—		(7,891	)
JP Morgan & Chase Co.	7/3/2020	CAD	2,549,000	USD	1,844,190		—		(7,177	)
RBC Capital Markets	7/3/2020	CAD	3,571,300	USD	2,583,826		—		(10,049	)
Citigroup Global Markets	7/3/2020	CHF	3,460,800	USD	3,605,458		3,816		—
JP Morgan & Chase Co.	7/3/2020	CHF	1,452,400	USD	1,513,043		1,535		—
RBC Capital Markets	7/3/2020	CHF	1,797,100	USD	1,872,145		1,909		—
Citigroup Global Markets	7/3/2020	CLP	159,063,400	USD	197,494		—		(1,227	)
JP Morgan & Chase Co.	7/3/2020	CLP	13,480,400	USD	16,761		—		(80	)
JP Morgan & Chase Co.	7/3/2020	CNH	824,000	USD	114,747		—		(434	)
JP Morgan & Chase Co.	7/3/2020	CNH	6,861,400	USD	955,527		—		(3,576	)
Citigroup Global Markets	7/3/2020	COP	332,003,700	USD	89,105		373		—
JP Morgan & Chase Co.	7/3/2020	COP	23,380,500	USD	6,285		37		—
Citigroup Global Markets	7/3/2020	CZK	1,161,500	USD	48,001		80		—
JP Morgan & Chase Co.	7/3/2020	DKK	1,351,000	USD	201,739		412		—
JP Morgan & Chase Co.	7/3/2020	DKK	1,147,000	USD	171,280		354		—
RBC Capital Markets	7/3/2020	DKK	7,952,300	USD	1,187,478		2,425		—
Citigroup Global Markets	7/3/2020	EUR	4,111,800	USD	4,576,569		9,141		—
Citigroup Global Markets	7/3/2020	EUR	845,000	USD	940,514		1,879		—
JP Morgan & Chase Co.	7/3/2020	EUR	7,555,000	USD	8,408,700		16,530		—
RBC Capital Markets	7/3/2020	EUR	6,284,000	USD	6,994,218		13,888		—
Citigroup Global Markets	7/3/2020	GBP	1,371,800	USD	1,696,166		1,730		—
JP Morgan & Chase Co.	7/3/2020	GBP	4,340,900	USD	5,367,306		5,463		—
RBC Capital Markets	7/3/2020	GBP	2,095,100	USD	2,590,465		2,616		—
JP Morgan & Chase Co.	7/3/2020	HKD	49,179,200	USD	6,339,242		—		(325	)
RBC Capital Markets	7/3/2020	HKD	18,796,900	USD	2,423,218		156		—
Citigroup Global Markets	7/3/2020	HUF	5,831,900	USD	18,727		80		—
JP Morgan & Chase Co.	7/3/2020	HUF	16,042,500	USD	51,508		214		—
JP Morgan & Chase Co.	7/3/2020	IDR	4,195,241,900	USD	284,732		—		(1,098	)
RBC Capital Markets	7/3/2020	IDR	1,679,087,700	USD	113,976		—		(424	)
Citigroup Global Markets	7/3/2020	ILS	708,300	USD	202,272		452		—
RBC Capital Markets	7/3/2020	ILS	165,000	USD	47,116		102		—
JP Morgan & Chase Co.	7/3/2020	INR	165,269,300	USD	2,179,299		702		—
Citigroup Global Markets	7/3/2020	JPY	587,581,900	USD	5,456,361		5,309		—
JP Morgan & Chase Co.	7/3/2020	JPY	592,177,300	USD	5,498,958		5,274		—
RBC Capital Markets	7/3/2020	JPY	577,495,200	USD	5,362,570		5,093		—
RBC Capital Markets	7/3/2020	JPY	131,829,000	USD	1,224,169		1,179		—
Citigroup Global Markets	7/3/2020	KRW	1,189,186,700	USD	961,114		954		—
JP Morgan & Chase Co.	7/3/2020	KRW	2,113,059,800	USD	1,707,261		1,157		—
RBC Capital Markets	7/3/2020	KRW	578,590,000	USD	467,869		710		—
Citigroup Global Markets	7/3/2020	MXN	9,408,000	USD	423,064		924		—
JP Morgan & Chase Co.	7/3/2020	MXN	968,700	USD	43,565		100		—
RBC Capital Markets	7/3/2020	MXN	2,305,000	USD	103,662		236		—

See Notes to Financial Statements. 41

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets		7/3/2020		MYR	2,370,900		USD	545,411	$	901	$	—
Citigroup Global Markets		7/3/2020		NOK	3,889,900		USD	400,290		18		—
JP Morgan & Chase Co.		7/3/2020		NZD	13,300		USD	8,235		—		(20	)
RBC Capital Markets		7/3/2020		NZD	256,100		USD	158,568		—		(382	)
JP Morgan & Chase Co.		7/3/2020		PHP	561,200		USD	11,085		9		—
RBC Capital Markets		7/3/2020		PHP	13,280,600		USD	262,203		99		—
Citigroup Global Markets		7/3/2020		PLN	654,500		USD	163,439		279		—
JP Morgan & Chase Co.		7/3/2020		PLN	54,900		USD	13,709		23		—
Citigroup Global Markets		7/3/2020		QAR	858,700		USD	235,835		—		(42	)
Citigroup Global Markets		7/3/2020		RUB	37,921,400		USD	533,987		—		(2,561	)
JP Morgan & Chase Co.		7/3/2020		RUB	11,994,000		USD	169,005		—		(697	)
JP Morgan & Chase Co.		7/3/2020		RUB	20,400,000		USD	287,460		—		(1,178	)
JP Morgan & Chase Co.		7/3/2020		SEK	6,935,200		USD	736,549		297		—
JP Morgan & Chase Co.		7/3/2020		SEK	1,309,000		USD	139,022		56		—
RBC Capital Markets		7/3/2020		SEK	10,941,600		USD	1,162,053		475		—
JP Morgan & Chase Co.		7/3/2020		SGD	795,900		USD	563,129		—		(275	)
RBC Capital Markets		7/3/2020		SGD	212,300		USD	150,213		—		(71	)
JP Morgan & Chase Co.		7/3/2020		THB	16,913,900		USD	531,289		—		(363	)
JP Morgan & Chase Co.		7/3/2020		THB	2,981,000		USD	93,626		—		(75	)
JP Morgan & Chase Co.		7/3/2020		TRY	911,400		USD	132,270		53		—
Citigroup Global Markets		7/3/2020		TWD	14,027,700		USD	468,324		933		—
JP Morgan & Chase Co.		7/3/2020		TWD	21,134,600		USD	705,357		1,170		—
RBC Capital Markets		7/3/2020		TWD	67,626,400		USD	2,257,977		4,725		—
JP Morgan & Chase Co.		7/3/2020		ZAR	7,206,200		USD	407,393		—		(1,754	)
RBC Capital Markets		7/3/2020		ZAR	11,643,400		USD	658,292		—		(2,786	)
Citigroup Global Markets		7/6/2020		EGP	632,000		USD	39,316		245		—
Total unrealized appreciation (depreciation)									$	700,894	$	(906,289	)

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

Currency Abbreviations

AED Arab Emirates Dirham

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

CLP Chilean Peso

CNH Chinese Yuan

COP Colombian Peso

CZK Czech Koruna

DKK Danish Krone

EGP Egyptian Pound

EUR Euro

GBP Pound Sterling

HKD Hong Kong Dollar

HUF Hungarian Forint

IDR Indonesian Rupiah

ILS Israeli Shekel

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

MXN Mexican Peso

MYR Malaysian Ringgit

NOK Norwegian Krone

NZD New Zealand Dollar

PHP Philippine Peso

PLN Polish Zloty

QAR Qatari Rial

RUB Russian Ruble

SEK Swedish Krona

SGD Singapore Dollar

THB Thai Baht

TRY Turkish Lira

TWD New Taiwan Dollar

USD U.S. Dollar

ZAR South African Rand

See Notes to Financial Statements. 42

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

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 May 31, 2020 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 (h)	$	94,845,043	$	—		$	1,593	$	94,846,636
Preferred Stocks (h)		944,159		—			—		944,159
Rights (h)		7,017		—			0		7,017
Corporate Bonds		—		127			—		127
Warrants		156		—			—		156
Short-Term Investments (h)		3,217,514		—			—		3,217,514
Derivatives (i)
Forward Foreign Currency Contracts		—		700,894			—		700,894
Futures Contracts		417,310		—			—		417,310
TOTAL	$	99,431,199	$	701,021		$	1,593	$	100,133,813
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (i)
Forward Foreign Currency Contracts	$	—	$	(906,289	)	$	—	$	(906,289	)
TOTAL	$	—	$	(906,289	)	$	—	$	(906,289	)

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

(i) Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

During the year ended May 31, 2020, the amount of transfers from Level 1 to Level 3 was $14,108 and from Level 3 to Level 1 was $22,905. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity. The investment was transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs.

See Notes to Financial Statements. 43

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF

May 31, 2020

	Number of Shares		Value
COMMON STOCKS — 96.7%
Argentina — 0.1%
Globant SA*		547	$	76,695
Telecom Argentina SA, ADR		1,430		12,284
YPF SA, ADR		2,984		15,039
(Cost $119,947)				104,018
Brazil — 3.7%
Ambev SA		76,426		178,737
Atacadao SA		7,667		26,566
B2W Cia Digital*		3,674		63,080
B3 SA — Brasil Bolsa Balcao		33,877		289,170
Banco Bradesco SA		21,940		73,184
Banco BTG Pactual SA		3,812		34,889
Banco do Brasil SA		13,294		76,830
Banco Santander Brasil SA		7,488		35,782
BB Seguridade Participacoes SA		11,028		52,244
BR Malls Participacoes SA		13,522		24,858
BRF SA*		9,071		39,318
CCR SA		21,487		59,191
Centrais Eletricas Brasileiras SA*		3,714		19,926
Cia Brasileira de Distribuicao		2,878		33,967
Cia de Saneamento Basico do Estado de Sao Paulo		5,716		58,185
Cia Siderurgica Nacional SA		12,269		23,727
Cielo SA		22,795		17,471
Cogna Educacao		30,432		29,997
Cosan SA*		2,540		31,344
CPFL Energia SA*		3,841		23,213
Energisa SA		2,936		26,134
Engie Brasil Energia SA		3,082		24,494
Equatorial Energia SA*		13,584		51,039
Hapvida Participacoes e Investimentos SA, 144A		3,509		36,074
Hypera SA		6,402		38,655
IRB Brasil Resseguros S/A		11,360		17,669
JBS SA		16,547		68,125
Klabin SA		12,059		44,541
Localiza Rent a Car SA		10,686		77,057
Lojas Renner SA		12,217		88,257
Magazine Luiza SA		11,503		138,714
Multiplan Empreendimentos Imobiliarios SA		5,298		20,541
Natura & Co. Holding SA		11,107		77,387
Notre Dame Intermedica Participacoes SA		7,713		90,047
Petrobras Distribuidora SA		12,786		51,850
Petroleo Brasileiro SA		61,600		240,568
Porto Seguro SA		1,790		15,866
Raia Drogasil SA		3,555		72,908
Rumo SA*		17,741		74,903
Sul America SA		4,157		34,938
Suzano SA*		8,708		61,782
TIM Participacoes SA		14,140		36,090
Ultrapar Participacoes SA		13,331		42,769
Vale SA		60,358		599,474
WEG SA		14,136		110,809
(Cost $3,085,207)				3,332,370

	Number of Shares		Value
Chile — 0.5%
Aguas Andinas SA, Class A		52,645	$	15,463
Banco de Chile		704,646		59,874
Banco de Credito e Inversiones SA		870		29,457
Banco Santander Chile		1,008,582		41,079
Cencosud SA		28,187		32,927
Cencosud Shopping SA		5,673		9,746
Cia Cervecerias Unidas SA		2,771		20,038
Colbun SA		152,058		24,872
Empresa Nacional de Telecomunicaciones SA		3,034		19,332
Empresas CMPC SA		19,232		39,166
Empresas COPEC SA		7,229		45,610
Enel Americas SA		531,674		77,386
Enel Chile SA		429,114		32,162
Falabella SA		12,336		28,744
(Cost $687,244)				475,856
China — 36.1%
360 Security Technology, Inc., Class A		1,500		3,741
3SBio, Inc., 144A*		23,408		27,782
51job, Inc., ADR*(a)		451		29,085
58.com, Inc., ADR*		1,524		73,167
AAC Technologies Holdings, Inc. (a)		11,721		60,181
AECC Aviation Power Co. Ltd., Class A*		2,500		8,424
Agile Group Holdings Ltd.		21,733		22,346
Agricultural Bank of China Ltd., Class A		95,400		45,445
Agricultural Bank of China Ltd., Class H		425,695		171,893
Aier Eye Hospital Group Co. Ltd., Class A		6,383		35,021
Air China Ltd., Class A		1,000		906
Air China Ltd., Class H		35,116		21,020
Aisino Corp., Class A		500		1,117
AK Medical Holdings Ltd., 144A		6,000		18,306
Alibaba Group Holding Ltd., ADR*		30,713		6,369,569
A-Living Services Co. Ltd., Class H, 144A		6,260		33,515
Aluminum Corp. of China Ltd., Class A*		18,200		7,140
Aluminum Corp. of China Ltd., Class H*		75,057		13,847
Angang Steel Co. Ltd., Class A		19,690		6,786
Anhui Conch Cement Co. Ltd., Class A		4,800		38,199
Anhui Conch Cement Co. Ltd., Class H		18,746		140,386
Anhui Gujing Distillery Co. Ltd., Class A		660		13,848
Anhui Gujing Distillery Co. Ltd., Class B		1,400		15,659
ANTA Sports Products Ltd.		17,681		157,616
Anxin Trust Co. Ltd., Class A*(b)		1,400		490
Asymchem Laboratories Tianjin Co. Ltd., Class A		660		20,117
Autobio Diagnostics Co. Ltd., Class A*		500		10,228
Autohome, Inc., ADR (a)		863		66,391
AVIC Aircraft Co. Ltd., Class A		4,900		11,808
Avic Capital Co. Ltd., Class A		2,300		1,221
AVIC Jonhon Optronic Technology Co. Ltd., Class A		2,550		12,494
AVIC Shenyang Aircraft Co. Ltd., Class A*		2,455		11,557
AviChina Industry & Technology Co. Ltd., Class H		41,841		19,054
BAIC Motor Corp. Ltd., Class H, 144A		31,664		12,745
Baidu, Inc., ADR*		4,461		475,320

See Notes to Financial Statements. 44

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
China (Continued)
Bank of Beijing Co. Ltd., Class A		16,300	$	11,145
Bank of Chengdu Co. Ltd., Class A		14,155		15,806
Bank of China Ltd., Class A		35,100		16,966
Bank of China Ltd., Class H*		1,293,653		472,301
Bank of Communications Co. Ltd., Class A		33,700		24,127
Bank of Communications Co. Ltd., Class H		144,901		87,858
Bank of Guiyang Co. Ltd., Class A		840		911
Bank of Hangzhou Co. Ltd., Class A		15,560		19,838
Bank of Jiangsu Co. Ltd., Class A		12,479		10,350
Bank of Nanjing Co. Ltd., Class A		8,400		9,297
Bank of Ningbo Co. Ltd., Class A		8,900		31,934
Bank of Shanghai Co. Ltd., Class A		12,540		14,231
Baoshan Iron & Steel Co. Ltd., Class A*		14,000		9,592
Baozun, Inc., ADR*		740		19,603
BBMG Corp., Class A		22,100		9,753
Beijing Capital International Airport Co. Ltd., Class H		30,204		18,820
Beijing Dabeinong Technology Group Co. Ltd., Class A		2,100		2,430
Beijing New Building Materials PLC, Class A		3,870		12,563
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A*		1,605		8,669
Beijing Shiji Information Technology Co. Ltd., Class A		200		832
Beijing Shunxin Agriculture Co. Ltd., Class A*		800		6,142
Beijing Sinnet Technology Co. Ltd., Class A		1,800		6,280
Beijing Tiantan Biological Products Corp. Ltd., Class A		1,200		6,473
Beijing Tongrentang Co. Ltd., Class A		300		1,053
BEST, Inc., ADR*		2,764		14,318
Betta Pharmaceuticals Co. Ltd., Class A		600		8,836
BGI Genomics Co. Ltd., Class A		600		10,136
Bilibili, Inc., ADR*		1,606		52,083
BOE Technology Group Co. Ltd., Class A*		33,400		17,361
BYD Co. Ltd., Class A		1,300		10,457
BYD Co. Ltd., Class H(a)		11,155		62,600
BYD Electronic International Co. Ltd.		12,204		23,364
Caitong Securities Co. Ltd., Class A		7,080		9,860
CanSino Biologics, Inc., Class H, 144A*		1,000		23,402
CGN Power Co. Ltd., Class H, 144A		175,391		40,276
Changchun High & New Technology Industry Group, Inc., Class A*		280		26,127
Changjiang Securities Co. Ltd., Class A		1,400		1,226
Chaozhou Three-Circle Group Co. Ltd., Class A		2,000		5,573
China Aoyuan Group Ltd.*		20,798		22,055
China Cinda Asset Management Co. Ltd., Class H		124,839		23,030
China CITIC Bank Corp. Ltd., Class A		1,400		985
China CITIC Bank Corp. Ltd., Class H		145,588		63,295
China Communications Construction Co. Ltd., Class A		700		752

	Number of Shares		Value
China (Continued)
China Communications Construction Co. Ltd., Class H		72,724	$	46,253
China Communications Services Corp. Ltd., Class H		48,562		32,139
China Conch Venture Holdings Ltd.		26,142		117,363
China Construction Bank Corp., Class A		10,400		9,282
China Construction Bank Corp., Class H		1,569,760		1,233,289
China East Education Holdings Ltd., 144A		6,541		12,843
China Eastern Airlines Corp. Ltd., Class A*		22,000		12,823
China Eastern Airlines Corp. Ltd., Class H*		24,014		8,117
China Everbright Bank Co. Ltd., Class A		57,800		30,854
China Everbright Bank Co. Ltd., Class H		27,090		10,974
China Evergrande Group		30,659		64,233
China Feihe Ltd., 144A*		14,000		25,285
China Film Co. Ltd., Class A		500		925
China Fortune Land Development Co. Ltd., Class A		2,500		7,587
China Galaxy Securities Co. Ltd., Class H*		67,168		32,234
China Gezhouba Group Co. Ltd., Class A		1,200		1,000
China Grand Automotive Services Group Co. Ltd., Class A		1,400		612
China Greatwall Technology Group Co. Ltd., Class A		3,300		6,348
China Hongqiao Group Ltd.		31,205		13,728
China Huarong Asset Management Co. Ltd., Class H, 144A		175,593		17,896
China International Capital Corp. Ltd., Class H, 144A*(a)		24,143		39,057
China International Travel Service Corp. Ltd., Class A		2,800		39,712
China Jushi Co. Ltd., Class A		4,000		4,949
China Lesso Group Holdings Ltd.		16,210		19,574
China Life Insurance Co. Ltd., Class A		2,400		8,608
China Life Insurance Co. Ltd., Class H		120,441		225,608
China Literature Ltd., 144A*		4,577		25,892
China Longyuan Power Group Corp. Ltd., Class H*		60,361		29,357
China Medical System Holdings Ltd.		24,429		27,828
China Merchants Bank Co. Ltd., Class A		18,963		89,854
China Merchants Bank Co. Ltd., Class H		65,742		307,867
China Merchants Energy Shipping Co. Ltd., Class A		7,700		6,387
China Merchants Securities Co. Ltd., Class A		5,000		11,629
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		11,500		25,828
China Minsheng Banking Corp. Ltd., Class A		30,600		24,394
China Minsheng Banking Corp. Ltd., Class H		96,594		67,167
China Molybdenum Co. Ltd., Class A		15,700		7,523
China Molybdenum Co. Ltd., Class H		68,780		21,118
China National Building Material Co. Ltd., Class H		63,179		70,910

See Notes to Financial Statements. 45

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
China (Continued)
China National Chemical Engineering Co. Ltd., Class A		13,200	$	10,283
China National Nuclear Power Co. Ltd., Class A		11,400		6,437
China National Software & Service Co. Ltd., Class A*		600		6,592
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		7,000		9,955
China Oilfield Services Ltd., Class H		28,361		24,660
China Pacific Insurance Group Co. Ltd., Class A		5,300		21,000
China Pacific Insurance Group Co. Ltd., Class H		46,243		127,069
China Petroleum & Chemical Corp., Class A		38,600		22,390
China Petroleum & Chemical Corp., Class H		372,755		172,636
China Railway Construction Corp. Ltd., Class A		11,700		14,179
China Railway Construction Corp. Ltd., Class H		34,209		30,584
China Railway Group Ltd., Class A		18,600		13,681
China Railway Group Ltd., Class H		67,155		36,647
China Railway Signal & Communication Corp. Ltd., Class H, 144A*		27,284		12,038
China Reinsurance Group Corp., Class H		111,897		11,693
China Resources Pharmaceutical Group Ltd., 144A		23,653		12,877
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		200		759
China Shenhua Energy Co. Ltd., Class A		3,965		9,099
China Shenhua Energy Co. Ltd., Class H		55,782		101,899
China Shipbuilding Industry Co. Ltd., Class A		32,085		18,251
China South Publishing & Media Group Co. Ltd., Class A		6,200		9,251
China Southern Airlines Co. Ltd., Class A		1,800		1,276
China Southern Airlines Co. Ltd., Class H		36,515		14,980
China Spacesat Co. Ltd., Class A*		300		1,354
China State Construction Engineering Corp. Ltd., Class A		44,040		30,851
China Telecom Corp. Ltd., Class H		212,485		70,449
China Tower Corp. Ltd., Class H, 144A		729,613		146,836
China TransInfo Technology Co. Ltd., Class A*		1,700		5,278
China United Network Communications Ltd., Class A		46,055		32,005
China Vanke Co. Ltd., Class A		11,300		40,688
China Vanke Co. Ltd., Class H		24,307		78,865
China Yangtze Power Co. Ltd., Class A		24,900		60,667
China Yuhua Education Corp. Ltd., 144A		18,000		17,555
Chinese Universe Publishing and Media Group Co. Ltd., Class A		300		477
Chongqing Changan Automobile Co. Ltd., Class A		1,000		1,381
Chongqing Rural Commercial Bank Co. Ltd., Class H		32,315		12,382

	Number of Shares		Value
China (Continued)
Chongqing Zhifei Biological Products Co. Ltd., Class A		1,700	$	19,960
CIFI Holdings Group Co. Ltd.		47,813		34,357
CITIC Securities Co. Ltd., Class A		13,400		41,810
CITIC Securities Co. Ltd., Class H		33,235		59,597
CNOOC Ltd.		285,943		318,350
Contemporary Amperex Technology Co. Ltd., Class A		2,439		49,730
COSCO SHIPPING Development Co. Ltd., Class A		2,000		518
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		19,629		9,699
COSCO SHIPPING Holdings Co. Ltd., Class A*		1,900		841
COSCO SHIPPING Holdings Co. Ltd., Class H*		46,390		11,730
Country Garden Holdings Co. Ltd.		120,952		149,483
Country Garden Services Holdings Co. Ltd.*		22,210		104,009
CRRC Corp. Ltd., Class A		20,500		16,774
CRRC Corp. Ltd., Class H		74,271		34,685
CSC Financial Co. Ltd., Class A		2,925		13,106
CSPC Pharmaceutical Group Ltd.*		80,497		157,640
Dali Foods Group Co. Ltd., 144A		34,724		22,040
Daqin Railway Co. Ltd., Class A		12,100		11,562
Dawning Information Industry Co. Ltd., Class A		1,400		7,301
DHC Software Co. Ltd., Class A		800		1,209
Dong-E-E-Jiao Co. Ltd., Class A		200		1,001
Dongfang Electric Corp. Ltd., Class A		7,080		8,689
Dongfeng Motor Group Co. Ltd., Class H		46,579		29,204
Dongxing Securities Co. Ltd., Class A		600		881
East Money Information Co. Ltd., Class A		6,456		12,889
ENN Energy Holdings Ltd.		12,880		150,210
Eve Energy Co. Ltd., Class A*		1,035		9,415
Everbright Securities Co. Ltd., Class A		7,600		11,638
Fangda Carbon New Material Co. Ltd., Class A*		596		785
Fiberhome Telecommunication Technologies Co. Ltd., Class A		1,300		5,091
Financial Street Holdings Co. Ltd., Class A		800		741
First Capital Securities Co. Ltd., Class A		900		861
Focus Media Information Technology Co. Ltd., Class A		11,720		8,112
Foshan Haitian Flavouring & Food Co. Ltd., Class A		3,120		50,226
Fosun International Ltd.		39,836		51,134
Founder Securities Co. Ltd., Class A		14,700		14,252
Foxconn Industrial Internet Co. Ltd., Class A		3,700		6,952
Fuyao Glass Industry Group Co. Ltd., Class A*		500		1,376
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		9,719		21,315
Ganfeng Lithium Co. Ltd., Class A		1,200		8,322
GD Power Development Co. Ltd., Class A		20,300		5,176

See Notes to Financial Statements. 46

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
China (Continued)
GDS Holdings Ltd., ADR*(a)		1,279	$	72,903
Gemdale Corp., Class A		7,300		13,040
Genscript Biotech Corp.*		16,104		35,318
GF Securities Co. Ltd., Class A		6,700		12,372
GF Securities Co. Ltd., Class H		19,457		19,805
Giant Network Group Co. Ltd., Class A		300		700
Gigadevice Semiconductor Beijing, Inc., Class A		658		17,829
Glodon Co. Ltd., Class A		1,200		9,640
GoerTek, Inc., Class A		3,900		11,606
GOME Retail Holdings Ltd.*(a)		203,938		25,257
Great Wall Motor Co. Ltd., Class H*		51,941		32,901
Gree Electric Appliances, Inc. of Zhuhai, Class A		3,400		27,124
Greenland Holdings Corp. Ltd., Class A		12,173		9,124
Greentown Service Group Co. Ltd.		16,696		22,271
GSX Techedu, Inc., ADR*		1,236		38,761
Guangdong Haid Group Co. Ltd., Class A		1,885		12,782
Guangdong HEC Technology Holding Co. Ltd., Class A*		6,000		5,330
Guangzhou Automobile Group Co. Ltd., Class H		43,676		35,892
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		2,300		9,712
Guangzhou Haige Communications Group, Inc. Co., Class A		600		1,005
Guangzhou R&F Properties Co. Ltd., Class H		22,133		27,325
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A*		1,200		15,325
Guosen Securities Co. Ltd., Class A		8,900		13,317
Guotai Junan Securities Co. Ltd., Class A		6,100		13,392
Guotai Junan Securities Co. Ltd., Class H, 144A		7,476		9,818
Guoyuan Securities Co. Ltd., Class A		9,100		10,136
Haidilao International Holding Ltd., 144A*		12,325		59,546
Haier Smart Home Co. Ltd., Class A		4,700		10,898
Haitian International Holdings Ltd.		10,433		22,019
Haitong Securities Co. Ltd., Class A		7,800		12,622
Haitong Securities Co. Ltd., Class H		52,812		39,925
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		9,700		37,333
Hangzhou Robam Appliances Co. Ltd., Class A*		200		954
Hangzhou Tigermed Consulting Co. Ltd., Class A		600		7,133
Hansoh Pharmaceutical Group Co. Ltd., 144A*		8,360		36,292
Henan Shuanghui Investment & Development Co. Ltd., Class A*		2,308		12,792
Hengan International Group Co. Ltd.		10,386		84,814
Hengli Petrochemical Co. Ltd., Class A		6,210		12,111
Hengtong Optic-electric Co. Ltd., Class A		420		966
Hengyi Petrochemical Co. Ltd., Class A		7,241		9,283
Hesteel Co. Ltd., Class A		2,700		760
Hithink RoyalFlush Information Network Co. Ltd., Class A		500		7,516

	Number of Shares		Value
China (Continued)
HLA Corp. Ltd., Class A*		600	$	512
Hua Hong Semiconductor Ltd., 144A*(a)		8,882		16,523
Huaan Securities Co. Ltd., Class A		900		895
Huadian Power International Corp. Ltd., Class A		2,000		1,023
Huadong Medicine Co. Ltd., Class A		3,000		9,520
Hualan Biological Engineering, Inc., Class A		4,173		24,076
Huaneng Power International, Inc., Class A		1,200		728
Huaneng Power International, Inc., Class H		69,210		25,714
Huatai Securities Co. Ltd., Class A		9,300		22,516
Huatai Securities Co. Ltd., Class H, 144A		21,004		32,895
Huaxia Bank Co. Ltd., Class A		14,100		12,584
Huaxin Cement Co. Ltd., Class A		1,500		5,222
Huayu Automotive Systems Co. Ltd., Class A		3,200		8,586
Huazhu Group Ltd., ADR(a)		1,958		66,220
Hubei Biocause Pharmaceutical Co. Ltd., Class A		1,000		685
Hubei Energy Group Co. Ltd., Class A		1,100		546
Hundsun Technologies, Inc., Class A*		1,760		25,968
HUYA, Inc., ADR*(a)		900		13,968
Iflytek Co. Ltd., Class A		3,050		13,653
Industrial & Commercial Bank of China Ltd., Class A		49,800		35,724
Industrial & Commercial Bank of China Ltd., Class H		992,833		640,413
Industrial Bank Co. Ltd., Class A		25,500		57,521
Industrial Securities Co. Ltd., Class A		18,900		15,067
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		49,800		7,675
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		21,800		7,575
Inner Mongolia Yili Industrial Group Co. Ltd., Class A*		7,600		30,294
Inner Mongolia Yitai Coal Co. Ltd., Class B		19,900		11,661
Innovent Biologics, Inc., 144A*		14,907		81,348
Inspur Electronic Information Industry Co. Ltd., Class A		1,585		8,556
iQIYI, Inc., ADR*(a)		3,572		59,259
Jafron Biomedical Co. Ltd., Class A		950		8,385
JD.com, Inc., ADR*		12,190		662,283
Jiangsu Expressway Co. Ltd., Class H		23,490		27,667
Jiangsu Hengli Hydraulic Co. Ltd., Class A		900		9,278
Jiangsu Hengrui Medicine Co. Ltd., Class A		5,232		57,690
Jiangsu King’s Luck Brewery JSC Ltd., Class A*		2,640		13,560
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		2,100		31,043
Jiangxi Copper Co. Ltd., Class A		500		893
Jiangxi Copper Co. Ltd., Class H		20,163		18,468

See Notes to Financial Statements. 47

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
China (Continued)
Jiangxi Zhengbang Technology Co. Ltd., Class A		2,800	$	6,077
Jinduicheng Molybdenum Co. Ltd., Class A		700		594
Jinke Properties Group Co. Ltd., Class A		1,400		1,510
Jointown Pharmaceutical Group Co. Ltd., Class A		500		1,261
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		1,980		15,258
JOYY, Inc., ADR*		921		56,227
Juewei Food Co. Ltd., Class A		1,200		11,626
Kaisa Group Holdings Ltd.*		42,823		15,634
Kingdee International Software Group Co. Ltd.*		38,393		67,360
Kingsoft Corp. Ltd.*(a)		15,734		51,050
Koolearn Technology Holding Ltd., 144A*		3,500		14,155
Kweichow Moutai Co. Ltd., Class A		1,300		248,910
KWG Group Holdings Ltd.*		22,191		30,975
Legend Holdings Corp., Class H, 144A		6,017		7,281
Lenovo Group Ltd.		119,303		64,796
Lens Technology Co. Ltd., Class A		3,700		8,450
Lepu Medical Technology Beijing Co. Ltd., Class A		3,020		14,780
Li Ning Co. Ltd.		35,226		118,155
Liaoning Cheng Da Co. Ltd., Class A*		400		917
Lingyi iTech Guangdong Co., Class A*		6,890		8,707
Logan Property Holdings Co. Ltd.		25,037		37,274
Lomon Billions Group Co. Ltd., Class A		2,300		5,033
Longfor Group Holdings Ltd., 144A		28,914		130,927
LONGi Green Energy Technology Co. Ltd., Class A		3,250		14,758
Luxshare Precision Industry Co. Ltd., Class A		5,285		32,950
Luye Pharma Group Ltd., 144A		20,745		10,357
Luzhou Laojiao Co. Ltd., Class A		1,200		14,341
Maanshan Iron & Steel Co. Ltd., Class A		1,500		551
Mango Excellent Media Co. Ltd., Class A*		2,735		20,309
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A		3,708		6,104
Meituan Dianping, Class B*		58,183		1,101,135
Metallurgical Corp. of China Ltd., Class A		21,700		7,601
Momo, Inc., ADR		2,493		48,364
Muyuan Foodstuff Co. Ltd., Class A		1,960		33,005
NanJi E-Commerce Co. Ltd., Class A*		3,900		10,300
Nanjing Securities Co. Ltd., Class A		4,000		7,706
NARI Technology Co. Ltd., Class A		3,870		10,036
NAURA Technology Group Co. Ltd., Class A		565		12,032
NavInfo Co. Ltd., Class A		2,200		4,565
NetEase, Inc., ADR		1,163		445,313
New China Life Insurance Co. Ltd., Class A		2,100		12,872
New China Life Insurance Co. Ltd., Class H		14,755		45,874

	Number of Shares		Value
China (Continued)
New Hope Liuhe Co. Ltd., Class A		4,300	$	16,881
New Oriental Education & Technology Group, Inc., ADR*		2,331		279,627
Ninestar Corp., Class A		200		771
Ningbo Joyson Electronic Corp., Class A*		1,500		4,142
Ningbo Zhoushan Port Co. Ltd., Class A*		9,400		4,478
NIO, Inc., ADR*(a)		11,387		45,320
Noah Holdings Ltd., ADR*(a)		513		13,610
Oceanwide Holdings Co. Ltd., Class A		11,900		5,652
Offcn Education Technology Co. Ltd., Class A		2,700		11,122
Offshore Oil Engineering Co. Ltd., Class A		14,000		8,984
OFILM Group Co. Ltd., Class A*		7,400		14,702
Oppein Home Group, Inc., Class A		900		15,265
Orient Securities Co. Ltd., Class A		11,600		14,903
Oriental Pearl Group Co. Ltd., Class A		910		1,275
People’s Insurance Co. Group of China Ltd., Class A		6,700		5,829
People’s Insurance Co. Group of China Ltd., Class H		142,826		42,932
Perfect World Co. Ltd., Class A		1,500		9,236
PetroChina Co. Ltd., Class A		13,632		8,117
PetroChina Co. Ltd., Class H		324,360		111,307
PICC Property & Casualty Co. Ltd., Class H		109,660		94,926
Pinduoduo, Inc., ADR*		4,219		282,125
Ping An Bank Co. Ltd., Class A		20,100		36,610
Ping An Healthcare and Technology Co. Ltd., 144A*(a)		6,128		80,716
Ping An Insurance Group Co. of China Ltd., Class A		10,900		107,985
Ping An Insurance Group Co. of China Ltd., Class H		96,231		949,709
Poly Developments and Holdings Group Co. Ltd., Class A		14,400		28,972
Poly Property Development Co. Ltd., Class H*		1,800		20,319
Postal Savings Bank of China Co. Ltd., Class H, 144A		162,456		103,323
Power Construction Corp. of China Ltd., Class A		12,201		5,829
RiseSun Real Estate Development Co. Ltd., Class A		8,800		9,605
Rongsheng Petro Chemical Co. Ltd., Class A		1,850		3,009
SAIC Motor Corp. Ltd., Class A		8,100		20,337
Sanan Optoelectronics Co. Ltd., Class A		4,900		15,968
Sangfor Technologies, Inc., Class A		375		9,879
Sany Heavy Industry Co. Ltd., Class A		6,600		16,950
SDIC Capital Co. Ltd., Class A		6,600		11,022
SDIC Power Holdings Co. Ltd., Class A		5,900		6,241
Seazen Group Ltd.*		34,845		32,231
Seazen Holdings Co. Ltd., Class A*		2,200		9,648
Semiconductor Manufacturing International Corp.*(a)		53,684		116,628

See Notes to Financial Statements. 48

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
China (Continued)
SF Holding Co. Ltd., Class A		2,455	$	15,678
Shaanxi Coal Industry Co. Ltd., Class A		7,100		7,132
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		338		1,100
Shandong Gold Mining Co. Ltd., Class A		3,240		16,841
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		37,764		66,062
Shanghai 2345 Network Holding Group Co. Ltd., Class A		1,521		607
Shanghai Baosight Software Co. Ltd., Class A		1,000		7,929
Shanghai Electric Group Co. Ltd., Class A		2,000		1,222
Shanghai Electric Group Co. Ltd., Class H		56,766		15,672
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		1,700		7,324
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		11,355		36,036
Shanghai International Airport Co. Ltd., Class A		900		9,128
Shanghai International Port Group Co. Ltd., Class A		11,400		6,469
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		22,159		15,644
Shanghai M&G Stationery, Inc., Class A		2,075		16,202
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		500		1,247
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		13,247		20,952
Shanghai Pudong Development Bank Co. Ltd., Class A		33,600		49,759
Shanghai RAAS Blood Products Co. Ltd., Class A*		5,600		6,442
Shanghai Tunnel Engineering Co. Ltd., Class A		800		702
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		700		544
Shanxi Meijin Energy Co. Ltd., Class A*		4,700		4,122
Shanxi Securities Co. Ltd., Class A		10,500		10,195
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		700		12,564
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A		800		536
Shenergy Co. Ltd., Class A		1,100		829
Shengyi Technology Co. Ltd., Class A		2,455		9,218
Shennan Circuits Co. Ltd., Class A		658		13,921
Shenwan Hongyuan Group Co. Ltd., Class A*		21,000		12,710
Shenzhen Energy Group Co. Ltd., Class A		12,300		9,478
Shenzhen Expressway Co. Ltd., Class H*		8,908		9,010
Shenzhen Goodix Technology Co. Ltd., Class A		565		17,138
Shenzhen Inovance Technology Co. Ltd., Class A		1,800		8,658
Shenzhen Kangtai Biological Products Co. Ltd., Class A		470		9,614
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		992		38,749

	Number of Shares		Value
China (Continued)
Shenzhen Overseas Chinese Town Co. Ltd., Class A*		17,700	$	14,482
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		200		558
Shenzhen Sunway Communication Co. Ltd., Class A*		1,100		6,012
Shenzhou International Group Holdings Ltd.		12,855		152,821
Shui On Land Ltd.		61,945		10,229
Sichuan Chuantou Energy Co. Ltd., Class A		12,600		15,676
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		400		1,149
Silergy Corp.		1,000		53,955
SINA Corp.*		1,121		35,099
Sinolink Securities Co. Ltd., Class A		800		1,103
Sino-Ocean Group Holding Ltd.		60,422		13,953
Sinopec Engineering Group Co. Ltd., Class H		22,915		9,608
Sinopec Shanghai Petrochemical Co. Ltd., Class A		1,200		599
Sinopec Shanghai Petrochemical Co. Ltd., Class H		47,643		11,739
Sinopharm Group Co. Ltd., Class H		22,474		55,261
Sinotruk Hong Kong Ltd.		12,017		29,176
SOHO China Ltd.*		28,361		9,549
Songcheng Performance Development Co. Ltd., Class A		2,520		6,454
SooChow Securities Co. Ltd., Class A		1,040		1,097
Spring Airlines Co. Ltd., Class A*		2,600		13,059
Sunac China Holdings Ltd.		42,177		176,565
Suning.com Co. Ltd., Class A		8,800		10,813
Sunny Optical Technology Group Co. Ltd.		11,533		152,355
Sunwoda Electronic Co. Ltd., Class A		1,800		3,589
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		2,500		8,172
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A		700		777
TAL Education Group, ADR*		6,263		353,609
Tasly Pharmaceutical Group Co. Ltd., Class A		420		869
TBEA Co. Ltd., Class A		11,100		10,684
TCL Technology Group Corp., Class A		12,800		9,361
Tencent Holdings Ltd.		93,704		4,961,120
Tencent Music Entertainment Group, ADR*		5,976		77,210
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		3,200		7,868
Tianma Microelectronics Co. Ltd., Class A		1,000		1,898
Tianqi Lithium Corp., Class A		1,700		4,737
Tingyi Cayman Islands Holding Corp.		35,554		61,095
Tongcheng-Elong Holdings Ltd.*		13,200		23,670
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		400		888
Tongling Nonferrous Metals Group Co. Ltd., Class A*		2,600		688

See Notes to Financial Statements. 49

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
China (Continued)
Tongwei Co. Ltd., Class A		3,800	$	7,294
Topchoice Medical Corp., Class A*		755		15,008
Topsports International Holdings Ltd., 144A		20,768		29,471
TravelSky Technology Ltd., Class H		13,795		27,691
Trip.com Group Ltd., ADR*		7,635		202,862
Tsingtao Brewery Co. Ltd., Class A		200		1,773
Tsingtao Brewery Co. Ltd., Class H		7,216		49,944
Tunghsu Optoelectronic Technology Co. Ltd., Class A		17,600		6,830
Unigroup Guoxin Microelectronics Co. Ltd., Class A*		700		6,757
Uni-President China Holdings Ltd.		22,460		23,238
Unisplendour Corp. Ltd., Class A*		3,296		17,673
Venustech Group, Inc., Class A		1,000		5,494
Vipshop Holdings Ltd., ADR*		7,193		124,727
Walvax Biotechnology Co. Ltd., Class A		1,300		7,632
Wanda Film Holding Co. Ltd., Class A*		2,400		5,431
Wanhua Chemical Group Co. Ltd., Class A		3,395		22,109
Want Want China Holdings Ltd.		82,325		59,156
Weibo Corp., ADR*(a)		942		28,985
Weichai Power Co. Ltd., Class A		5,900		10,779
Weichai Power Co. Ltd., Class H		33,202		57,482
Weifu High-Technology Group Co. Ltd., Class A		200		551
Wens Foodstuffs Group Co. Ltd., Class A		6,234		23,085
Western Securities Co. Ltd., Class A		900		1,004
Will Semiconductor Ltd., Class A		850		21,863
Wingtech Technology Co. Ltd., Class A*		935		12,809
Winning Health Technology Group Co. Ltd., Class A		1,900		6,205
Wuhan Guide Infrared Co. Ltd., Class A*		1,100		7,089
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,000		4,764
Wuliangye Yibin Co. Ltd., Class A		4,100		85,131
WUS Printed Circuit Kunshan Co. Ltd., Class A		2,000		6,565
WuXi AppTec Co. Ltd., Class A		1,225		18,279
WuXi AppTec Co. Ltd., Class H, 144A(a)		3,584		37,914
Wuxi Biologics Cayman, Inc., 144A*		14,662		230,385
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		1,000		5,884
XCMG Construction Machinery Co. Ltd., Class A		8,400		6,908
Xiamen C & D, Inc., Class A		700		856
Xiaomi Corp., Class B, 144A*		170,988		265,146
Xinhu Zhongbao Co. Ltd., Class A		2,200		922
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		8,833		11,732
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		14,439		13,002
Xinyi Solar Holdings Ltd.		68,824		49,988
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		1,100		3,927
Yanzhou Coal Mining Co. Ltd., Class H		36,425		27,819

	Number of Shares		Value
China (Continued)
Yealink Network Technology Corp. Ltd., Class A		600	$	7,566
Yifeng Pharmacy Chain Co. Ltd., Class A		1,100		12,146
Yihai International Holding Ltd.*		7,844		70,076
Yonghui Superstores Co. Ltd., Class A		7,800		10,185
Yonyou Network Technology Co. Ltd., Class A		2,697		13,188
Yum China Holdings, Inc.		5,822		269,791
Yunda Holding Co. Ltd., Class A		1,200		5,610
Yunnan Baiyao Group Co. Ltd., Class A		1,900		23,474
Yunnan Energy New Material Co. Ltd.		800		6,647
Yuzhou Properties Co. Ltd.		33,291		13,614
Zai Lab Ltd., ADR*(a)		863		64,207
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		1,100		22,612
Zhaojin Mining Industry Co. Ltd., Class H		15,551		19,019
Zhejiang Century Huatong Group Co. Ltd., Class A		6,900		12,954
Zhejiang Chint Electrics Co. Ltd., Class A		4,000		14,252
Zhejiang Dahua Technology Co. Ltd., Class A		5,600		11,675
Zhejiang Expressway Co. Ltd., Class H		28,655		20,147
Zhejiang Huayou Cobalt Co. Ltd., Class A		752		3,421
Zhejiang Longsheng Group Co. Ltd., Class A		5,300		9,044
Zhejiang NHU Co. Ltd., Class A		4,245		15,047
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A*		5,850		18,319
Zhejiang Supor Co. Ltd., Class A		945		8,964
Zhengzhou Yutong Bus Co. Ltd., Class A		503		853
Zhenro Properties Group Ltd.*		27,749		17,649
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*		6,155		21,717
Zhongji Innolight Co. Ltd., Class A		700		5,589
Zhongjin Gold Corp. Ltd., Class A		900		1,170
Zhongsheng Group Holdings Ltd.		10,609		54,472
Zhuzhou CRRC Times Electric Co. Ltd., Class H		9,526		24,640
Zijin Mining Group Co. Ltd., Class A		26,800		14,193
Zijin Mining Group Co. Ltd., Class H*		87,522		35,002
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		6,976		6,226
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H (a)		25,462		20,858
ZTE Corp., Class A*		3,600		18,183
ZTE Corp., Class H*		11,612		29,361
ZTO Express Cayman, Inc., ADR		6,064		197,808
(Cost $26,883,823)				32,249,858
Colombia — 0.2%
Bancolombia SA		4,079		27,339
Ecopetrol SA		88,265		47,091
Grupo de Inversiones Suramericana SA		3,686		17,985
Interconexion Electrica SA ESP		7,633		40,109
(Cost $157,317)				132,524

See Notes to Financial Statements. 50

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Cyprus — 0.1%
Polymetal International PLC (Cost $48,171)		3,860	$	77,565
Czech Republic — 0.1%
CEZ AS		2,674		52,449
Komercni banka AS*		1,290		27,618
Moneta Money Bank AS, 144A		7,868		17,396
(Cost $122,722)				97,463
Egypt — 0.1%
Commercial International Bank Egypt SAE		21,416		84,408
Eastern Co. SAE		17,485		13,726
ElSewedy Electric Co.		16,555		7,755
(Cost $116,179)				105,889
Greece — 0.2%
FF Group*(b)		1,458		7,769
Hellenic Telecommunications Organization SA		3,974		55,847
JUMBO SA		1,954		35,399
Motor Oil Hellas Corinth Refineries SA		1,162		19,348
OPAP SA		3,067		28,598
(Cost $170,495)				146,961
Hong Kong — 3.8%
Alibaba Health Information Technology Ltd.*		60,442		141,602
Alibaba Pictures Group Ltd.*		252,998		30,680
Beijing Enterprises Holdings Ltd.		8,260		27,439
Beijing Enterprises Water Group Ltd.*		74,043		27,988
Bosideng International Holdings Ltd.		54,735		14,052
Brilliance China Automotive Holdings Ltd.		56,861		49,735
China Ding Yi Feng Holdings Ltd.*		22,249		11,797
China Education Group Holdings Ltd.		11,301		19,536
China Everbright International Ltd.		66,969		34,385
China Everbright Ltd.		16,808		23,548
China Gas Holdings Ltd.		44,522		155,653
China Jinmao Holdings Group Ltd.		91,197		63,061
China Mengniu Dairy Co. Ltd.*		44,826		160,186
China Merchants Port Holdings Co. Ltd.		26,329		32,030
China Mobile Ltd.		99,996		697,902
China Overseas Land & Investment Ltd.		61,983		188,712
China Overseas Property Holdings Ltd.		20,000		22,628
China Power International Development Ltd.		65,498		14,365
China Resources Beer Holdings Co. Ltd.		23,795		126,012
China Resources Cement Holdings Ltd.		43,279		54,326
China Resources Gas Group Ltd.		14,858		80,984
China Resources Land Ltd.		50,733		199,947
China Resources Power Holdings Co. Ltd.		34,270		39,701
China State Construction International Holdings Ltd.		40,493		24,970
China Taiping Insurance Holdings Co. Ltd.		29,869		44,313
China Traditional Chinese Medicine Holdings Co. Ltd.		41,479		17,552

	Number of Shares		Value
Hong Kong (Continued)
China Unicom Hong Kong Ltd.*		101,566	$	58,831
CITIC Ltd.		88,482		84,013
COSCO SHIPPING Ports Ltd.		29,062		14,509
Far East Horizon Ltd.		39,615		35,008
Geely Automobile Holdings Ltd.		81,713		111,741
Guangdong Investment Ltd.		49,465		97,379
Haier Electronics Group Co. Ltd.		21,624		60,257
Hutchison China MediTech Ltd., ADR*		1,010		22,028
Kingboard Holdings Ltd.		12,571		30,327
Kingboard Laminates Holdings Ltd.		19,629		17,093
Kunlun Energy Co. Ltd.		55,667		34,112
Lee & Man Paper Manufacturing Ltd.		28,609		15,390
Nine Dragons Paper Holdings Ltd.		26,958		23,579
Shanghai Industrial Holdings Ltd.		9,818		15,275
Shenzhen International Holdings Ltd.		17,040		28,446
Shenzhen Investment Ltd.		49,117		15,144
Shimao Property Holdings Ltd.		18,912		78,561
Sino Biopharmaceutical Ltd.		110,541		173,979
SSY Group Ltd.		26,110		16,000
Sun Art Retail Group Ltd.		38,732		59,261
Vinda International Holdings Ltd.		6,000		18,229
Wharf Holdings Ltd. (a)		18,229		32,500
Yuexiu Property Co. Ltd.		111,772		20,043
(Cost $3,610,643)				3,364,809
Hungary — 0.2%
MOL Hungarian Oil & Gas PLC		7,109		44,788
OTP Bank Nyrt*		3,700		122,707
Richter Gedeon Nyrt		2,049		44,625
(Cost $184,479)				212,120
India — 8.0%
Adani Ports & Special Economic Zone Ltd.		7,637		32,703
Ambuja Cements Ltd.		9,810		24,851
Asian Paints Ltd.		4,597		102,322
Aurobindo Pharma Ltd.		4,097		40,400
Avenue Supermarts Ltd., 144A*		2,461		73,858
Axis Bank Ltd.		12,941		65,881
Axis Bank Ltd., GDR		4,537		113,198
Bajaj Auto Ltd.		1,487		53,302
Bajaj Finance Ltd.		2,869		74,125
Bajaj Finserv Ltd.		665		38,738
Bandhan Bank Ltd., 144A		7,577		21,859
Berger Paints India Ltd.		3,192		20,758
Bharat Forge Ltd.		4,206		18,136
Bharat Petroleum Corp. Ltd.		11,131		50,461
Bharti Airtel Ltd.*		39,873		291,390
Bharti Infratel Ltd.		6,014		18,289
Biocon Ltd.		4,341		20,363
Bosch Ltd.		120		15,427
Britannia Industries Ltd.		1,089		48,661
Cipla Ltd.		5,831		49,981
Coal India Ltd.		22,209		41,501
Colgate-Palmolive India Ltd.		853		15,697
Container Corp. Of India Ltd.		3,624		18,025
Dabur India Ltd.		9,261		57,128

See Notes to Financial Statements. 51

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
India (Continued)
Divi’s Laboratories Ltd.		1,435	$	45,358
DLF Ltd.		8,973		17,877
Dr. Reddy’s Laboratories Ltd., ADR		1,921		102,658
Eicher Motors Ltd.		244		53,399
GAIL India Ltd.		27,552		33,649
Godrej Consumer Products Ltd.		6,164		51,665
Grasim Industries Ltd.		5,593		43,581
Havells India Ltd.		4,049		26,573
HCL Technologies Ltd.		17,397		126,596
HDFC Asset Management Co. Ltd., 144A		687		22,935
HDFC Life Insurance Co. Ltd., 144A*		11,048		76,443
Hero MotoCorp Ltd.		1,719		53,670
Hindalco Industries Ltd.		17,892		32,854
Hindustan Petroleum Corp. Ltd.		11,413		29,364
Hindustan Unilever Ltd.		13,387		364,231
Housing Development Finance Corp. Ltd.		26,756		586,984
ICICI Bank Ltd.		48,899		214,663
ICICI Bank Ltd., ADR (a)		15,167		131,953
ICICI Lombard General Insurance Co. Ltd., 144A		2,992		51,466
ICICI Prudential Life Insurance Co. Ltd., 144A		5,024		26,118
Indian Oil Corp. Ltd.		31,012		34,122
Indraprastha Gas Ltd.		3,185		19,885
Info Edge India Ltd.		948		33,647
Infosys Ltd.		26,687		243,872
Infosys Ltd., ADR		29,352		267,103
InterGlobe Aviation Ltd., 144A		1,521		19,421
ITC Ltd.*		54,871		143,207
JSW Steel Ltd.		15,206		37,042
Jubilant Foodworks Ltd.		1,048		22,960
Larsen & Toubro Ltd.		7,526		92,786
LIC Housing Finance Ltd.		5,993		18,986
Lupin Ltd.		3,731		42,917
Mahindra & Mahindra Ltd.		13,538		78,122
Marico Ltd.		5,640		25,643
Maruti Suzuki India Ltd.		1,883		139,720
Motherson Sumi Systems Ltd.		14,792		18,643
Nestle India Ltd.		369		85,597
NTPC Ltd.		40,883		52,904
Oil & Natural Gas Corp. Ltd.		43,540		47,907
Page Industries Ltd.		92		22,954
Petronet LNG Ltd.		11,376		37,995
Pidilite Industries Ltd.		2,037		39,557
Piramal Enterprises Ltd.		1,697		21,717
Power Grid Corp. of India Ltd.		26,462		55,135
REC Ltd.		13,897		16,274
Reliance Industries Ltd., GDR, 144A		23,731		912,457
SBI Life Insurance Co. Ltd., 144A*		5,717		58,114
Shree Cement Ltd.		161		44,409
Shriram Transport Finance Co. Ltd.		1,496		11,322
Siemens Ltd.		1,003		14,448
State Bank of India*		27,124		57,859
Sun Pharmaceutical Industries Ltd.		13,706		85,961
Tata Consultancy Services Ltd.		14,680		382,908
Tata Consumer Products Ltd.*		6,661		32,320
Tata Motors Ltd., ADR*		5,365		30,634

	Number of Shares		Value
India (Continued)
Tata Steel Ltd.		6,263	$	24,450
Tech Mahindra Ltd.		7,881		55,285
Titan Co. Ltd.		5,252		61,816
Torrent Pharmaceuticals Ltd.		745		23,277
UltraTech Cement Ltd.		1,777		91,765
United Spirits Ltd.*		5,391		42,356
UPL Ltd.*		9,464		50,795
Vedanta Ltd.		32,667		39,831
Wipro Ltd., ADR		8,591		28,436
Wipro Ltd.		8,462		23,814
Zee Entertainment Enterprises Ltd.		14,746		35,794
(Cost $7,021,940)				7,125,258
Indonesia — 1.4%
PT Ace Hardware Indonesia Tbk*		109,101		11,612
PT Adaro Energy Tbk		279,522		21,045
PT Astra International Tbk		320,390		104,604
PT Bank Central Asia Tbk		156,639		278,219
PT Bank Mandiri Persero Tbk		289,551		88,589
PT Bank Negara Indonesia Persero Tbk		125,050		32,782
PT Bank Rakyat Indonesia Persero Tbk		879,120		177,509
PT Barito Pacific Tbk*		449,551		41,540
PT Charoen Pokphand Indonesia Tbk		121,620		48,074
PT Gudang Garam Tbk		7,947		26,517
PT Hanjaya Mandala Sampoerna Tbk*		177,465		23,565
PT Indah Kiat Pulp & Paper Corp. Tbk		47,643		17,120
PT Indocement Tunggal Prakarsa Tbk*		32,232		26,695
PT Indofood CBP Sukses Makmur Tbk		44,482		24,814
PT Indofood Sukses Makmur Tbk		57,836		22,762
PT Kalbe Farma Tbk		277,367		26,863
PT Perusahaan Gas Negara Tbk		207,906		12,238
PT Semen Indonesia Persero Tbk		50,428		33,826
PT Telekomunikasi Indonesia Persero Tbk		766,846		165,336
PT Unilever Indonesia Tbk		111,089		58,928
PT United Tractors Tbk		28,476		30,600
PT XL Axiata Tbk*		48,589		8,614
(Cost $1,568,409)				1,281,852
Luxembourg — 0.0%
Reinet Investments SCA (Cost $46,319)		2,458		38,511
Malaysia — 1.8%
AMMB Holdings Bhd		30,746		22,419
Axiata Group Bhd		49,199		43,003
Carlsberg Brewery Malaysia Bhd		2,900		19,264
CIMB Group Holdings Bhd		96,584		83,754
Dialog Group Bhd		70,136		64,369
DiGi.Com Bhd		55,660		58,253
Fraser & Neave Holdings Bhd		1,800		13,473
Gamuda Bhd		32,085		28,782
Genting Bhd		37,467		34,472
Genting Malaysia Bhd		45,934		24,512
Genting Plantations Bhd		2,900		6,737
HAP Seng Consolidated Bhd		11,451		19,728
Hartalega Holdings Bhd		26,202		75,577
Hong Leong Bank Bhd		11,541		36,103

See Notes to Financial Statements. 52

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Malaysia (Continued)
Hong Leong Financial Group Bhd		3,100	$	9,555
IHH Healthcare Bhd		33,335		41,635
IJM Corp. Bhd		41,664		18,400
IOI Corp. Bhd		31,994		33,484
Kuala Lumpur Kepong Bhd		7,210		36,552
Malayan Banking Bhd		63,035		108,744
Malaysia Airports Holdings Bhd		16,200		18,631
Maxis Bhd		37,096		45,053
MISC Bhd		20,400		38,947
Nestle Malaysia Bhd		1,300		41,564
Petronas Chemicals Group Bhd		37,924		54,956
Petronas Dagangan Bhd		4,304		23,245
Petronas Gas Bhd		13,135		57,404
PPB Group Bhd		9,862		39,380
Press Metal Aluminium Holdings Bhd		24,100		20,899
Public Bank Bhd		47,222		159,235
QL Resources Bhd		11,400		26,537
RHB Bank Bhd		24,053		26,391
Sime Darby Bhd		46,823		22,510
Sime Darby Plantation Bhd		36,823		42,011
Telekom Malaysia Bhd		18,945		18,433
Tenaga Nasional Bhd		37,205		96,361
Top Glove Corp. Bhd		27,000		82,599
Westports Holdings Bhd		14,807		13,589
YTL Corp. Bhd		55,098		13,180
(Cost $1,783,356)				1,619,741
Mexico — 1.8%
Alfa SAB de CV, Class A		48,431		25,641
America Movil SAB de CV, Series L		551,451		368,306
Arca Continental SAB de CV		6,643		29,631
Becle SAB de CV*		8,852		15,329
Cemex SAB de CV, Series CPO		230,665		54,612
Coca-Cola Femsa SAB de CV		8,593		37,508
Fibra Uno Administracion SA de CV REIT		49,505		37,752
Fomento Economico Mexicano SAB de CV		31,953		216,089
Gruma SAB de CV, Class B		3,316		32,911
Grupo Aeroportuario del Pacifico SAB de CV, Class B		5,893		38,904
Grupo Aeroportuario del Sureste SAB de CV, Class B		3,461		35,672
Grupo Bimbo SAB de CV, Series A		27,196		42,521
Grupo Carso SAB de CV, Series A1		6,868		15,483
Grupo Financiero Banorte SAB de CV, Class O		41,148		124,792
Grupo Financiero Inbursa SAB de CV, Class O*		40,170		27,535
Grupo Mexico SAB de CV, Series B		50,104		107,283
Grupo Televisa SAB, Series CPO*		40,559		48,050
Industrias Penoles SAB de CV		2,241		21,311
Infraestructura Energetica Nova SAB de CV		8,675		24,623
Kimberly-Clark de Mexico SAB de CV, Class A		24,725		38,379
Megacable Holdings SAB de CV, Series CPO		5,498		16,630

	Number of Shares		Value
Mexico (Continued)
Orbia Advance Corp. SAB de CV		16,848	$	24,724
Promotora y Operadora de Infraestructura SAB de CV*		3,794		28,609
Wal-Mart de Mexico SAB de CV		86,721		216,465
(Cost $2,795,904)				1,628,760
Peru — 0.3%
Cia de Minas Buenaventura SAA, ADR		3,290		25,826
Credicorp Ltd.		1,109		152,842
Southern Copper Corp. (a)		1,445		52,454
(Cost $287,744)				231,122
Philippines — 0.8%
Aboitiz Equity Ventures, Inc.		33,290		28,213
Aboitiz Power Corp.		22,646		12,437
Altus San Nicolas Corp.*(b)		871		89
Ayala Corp.		4,626		68,312
Ayala Land, Inc.		120,724		76,317
Bank of the Philippine Islands		17,024		22,297
BDO Unibank, Inc.		33,135		65,720
Globe Telecom, Inc.		574		26,013
GT Capital Holdings, Inc.*		1,504		11,498
International Container Terminal Services, Inc.		16,232		28,122
JG Summit Holdings, Inc.		48,242		46,508
Jollibee Foods Corp.		6,833		14,673
Manila Electric Co.		3,630		20,294
Megaworld Corp.		191,200		10,765
Metro Pacific Investments Corp.		275,127		15,708
Metropolitan Bank & Trust Co.		27,112		18,853
PLDT, Inc.		1,616		40,703
Puregold Price Club, Inc.		13,600		12,359
Robinsons Land Corp.		36,539		10,669
SM Investments Corp.*		3,768		68,110
SM Prime Holdings, Inc.*		158,991		94,697
Universal Robina Corp.		14,909		38,583
(Cost $1,032,182)				730,940
Poland — 0.8%
Bank Polska Kasa Opieki SA		2,783		36,468
CD Projekt SA*		1,129		113,659
Cyfrowy Polsat SA		4,472		29,122
Dino Polska SA, 144A*		763		34,735
Grupa Lotos SA		1,453		21,568
KGHM Polska Miedz SA*		2,373		51,045
LPP SA		23		39,336
mBank SA*		281		15,090
Orange Polska SA*		8,806		14,314
PGE Polska Grupa Energetyczna SA*		15,307		18,455
Polski Koncern Naftowy ORLEN SA		5,007		83,337
Polskie Gornictwo Naftowe i Gazownictwo SA		27,431		28,750
Powszechna Kasa Oszczednosci Bank Polski SA		14,718		81,827
Powszechny Zaklad Ubezpieczen SA		10,117		75,265
Santander Bank Polska SA*		616		25,002
(Cost $891,270)				667,973

See Notes to Financial Statements. 53

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Qatar — 0.9%
Barwa Real Estate Co.		28,937	$	23,048
Commercial Bank PSQC		27,672		28,082
Industries Qatar QSC		30,872		66,730
Masraf Al Rayan QSC		60,108		64,714
Mesaieed Petrochemical Holding Co.		80,210		44,147
Ooredoo QPSC		16,570		28,666
Qatar Electricity & Water Co. QSC		7,912		32,422
Qatar Fuel QSC		7,672		33,714
Qatar International Islamic Bank QSC		12,652		26,965
Qatar Islamic Bank SAQ		19,312		81,682
Qatar National Bank QPSC		74,173		360,170
(Cost $744,825)				790,340
Romania — 0.0%
NEPI Rockcastle PLC (Cost $87,980)		6,574		33,522
Russia — 3.4%
Alrosa PJSC		42,237		39,629
Gazprom PJSC		179,270		509,579
Gazprom PJSC, ADR		7,409		41,150
Inter RAO UES PJSC		597,307		41,981
LUKOIL PJSC		3,648		271,879
LUKOIL PJSC, ADR		3,184		236,380
Magnit PJSC, GDR		5,866		66,872
Magnitogorsk Iron & Steel Works PJSC		38,347		22,046
MMC Norilsk Nickel PJSC		1,073		337,264
Mobile TeleSystems PJSC, ADR		8,351		74,240
Moscow Exchange MICEX-RTS PJSC		21,238		34,507
Novatek PJSC, GDR		1,463		211,696
Novolipetsk Steel PJSC		19,137		37,478
PhosAgro PJSC, GDR		2,200		30,360
Polyus PJSC		563		93,427
Rosneft Oil Co. PJSC, GDR		19,254		100,198
Sberbank of Russia PJSC		176,434		502,897
Severstal PAO		725		9,633
Severstal PAO, GDR		2,697		35,385
Surgutneftegas PJSC, ADR		11,092		61,671
Tatneft PJSC		23,115		174,819
VTB Bank PJSC, GDR		10,145		9,983
VTB Bank PJSC		36,674,306		18,931
X5 Retail Group NV, GDR		1,793		53,248
(Cost $2,881,808)				3,015,253
Saudi Arabia — 2.8%
Abdullah Al Othaim Markets Co.		731		22,265
Advanced Petrochemical Co.		1,740		22,445
Al Rajhi Bank		20,033		299,748
Alinma Bank*		16,631		65,001
Almarai Co. JSC		4,475		58,439
Arab National Bank		8,833		46,470
Bank AlBilad		6,574		38,016
Bank Al-Jazira		6,916		20,660
Banque Saudi Fransi		9,123		72,260
Bupa Arabia for Cooperative Insurance Co.		988		29,724
Co. for Cooperative Insurance*		1,093		20,370
Dar Al Arkan Real Estate Development Co.*		9,461		17,229

	Number of Shares		Value
Saudi Arabia (Continued)
Emaar Economic City*		6,611	$	12,198
Etihad Etisalat Co.*		6,609		45,573
Jarir Marketing Co.		1,021		36,915
National Commercial Bank		24,097		239,944
National Industrialization Co.*		5,760		15,090
Rabigh Refining & Petrochemical Co.*		3,791		13,626
Riyad Bank		22,109		96,536
Sahara International Petrochemical Co.		5,966		22,873
Samba Financial Group		14,933		93,669
Saudi Airlines Catering Co.		696		14,083
Saudi Arabian Fertilizer Co.		2,993		60,163
Saudi Arabian Mining Co.*		6,854		61,222
Saudi Arabian Oil Co., 144A		19,624		172,415
Saudi Basic Industries Corp.		14,750		325,945
Saudi British Bank		10,823		65,987
Saudi Cement Co.		1,309		16,031
Saudi Electricity Co.*		13,807		62,124
Saudi Industrial Investment Group		3,904		20,268
Saudi Kayan Petrochemical Co.*		12,956		28,630
Saudi Telecom Co.		9,854		262,354
Savola Group		4,563		49,809
Yanbu National Petrochemical Co.		4,026		53,487
(Cost $2,956,353)				2,481,569
Singapore — 0.0%
BOC Aviation Ltd., 144A (Cost $23,186)		3,716		20,422
South Africa — 3.5%
Absa Group Ltd.		12,120		56,070
Anglo American Platinum Ltd.		805		50,906
AngloGold Ashanti Ltd.		6,845		165,548
Aspen Pharmacare Holdings Ltd.*		6,720		53,478
Bid Corp. Ltd.		5,141		72,142
Bidvest Group Ltd.		4,497		38,905
Capitec Bank Holdings Ltd.		779		37,537
Clicks Group Ltd.		4,247		56,320
Discovery Ltd. (a)		6,799		38,058
Exxaro Resources Ltd.		4,043		28,547
FirstRand Ltd.		54,471		124,540
Gold Fields Ltd.		13,734		107,277
Growthpoint Properties Ltd. REIT		43,106		30,650
Impala Platinum Holdings Ltd.		12,701		84,722
Kumba Iron Ore Ltd.		1,122		30,321
Life Healthcare Group Holdings Ltd.		21,769		22,709
Momentum Metropolitan Holdings		17,362		17,053
Mr Price Group Ltd.		4,419		32,730
MTN Group Ltd.		27,046		83,055
MultiChoice Group*		7,017		34,585
Naspers Ltd., Class N		7,280		1,156,492
Nedbank Group Ltd.		6,250		35,174
Northam Platinum Ltd.*		5,369		33,532
Old Mutual Ltd.		78,132		49,990
Pepkor Holdings Ltd., 144A		10,101		6,906
Pick n Pay Stores Ltd.		6,977		21,183
PSG Group Ltd.		2,151		19,911
Rand Merchant Investment Holdings Ltd.		12,920		20,000

See Notes to Financial Statements. 54

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
South Africa (Continued)
Remgro Ltd.		8,769	$	69,425
RMB Holdings Ltd.		13,448		40,577
Sanlam Ltd.		31,540		101,653
Sasol Ltd.*(a)		8,739		45,059
Shoprite Holdings Ltd.		7,938		46,795
Sibanye Stillwater Ltd.*		35,998		66,389
SPAR Group Ltd.		3,029		30,233
Standard Bank Group Ltd.		20,882		120,888
Tiger Brands Ltd.		2,670		23,884
Vodacom Group Ltd.		10,809		77,736
Woolworths Holdings Ltd.		15,151		24,964
(Cost $5,294,054)				3,155,944
South Korea — 10.8%
Amorepacific Corp.		526		69,230
AMOREPACIFIC Group		507		23,662
BGF retail Co. Ltd.		168		22,654
BNK Financial Group, Inc.		5,322		21,830
Celltrion Healthcare Co. Ltd.*		1,103		80,869
Celltrion Pharm, Inc.*		259		19,177
Celltrion, Inc.*		1,538		265,140
Cheil Worldwide, Inc.		1,128		15,120
CJ CheilJedang Corp.		138		33,095
CJ Corp.		306		22,707
CJ ENM Co. Ltd.		204		19,931
CJ Logistics Corp.*		160		20,800
Coway Co. Ltd.		750		40,333
Daelim Industrial Co. Ltd.		452		33,687
Daewoo Engineering & Construction Co. Ltd.*		3,119		9,646
Daewoo Shipbuilding & Marine Engineering Co. Ltd.*		797		14,029
DB Insurance Co. Ltd.		721		25,267
Doosan Bobcat, Inc.		736		14,085
Douzone Bizon Co. Ltd.		313		30,328
E-MART, Inc.		375		34,368
Fila Holdings Corp.		852		26,452
GS Engineering & Construction Corp.		996		22,961
GS Holdings Corp.		805		24,505
GS Retail Co. Ltd.		605		20,811
Hana Financial Group, Inc.		4,476		107,522
Hankook Tire & Technology Co. Ltd.		953		18,045
Hanmi Pharm. Co. Ltd.		121		23,156
Hanon Systems		2,349		18,474
Hanwha Corp.		414		6,719
Hanwha Solutions Corp.		1,666		21,725
Helixmith Co. Ltd.*		372		18,804
HLB, Inc.*		675		61,535
Hotel Shilla Co. Ltd.		560		35,813
Hyundai Department Store Co. Ltd.		219		11,317
Hyundai Engineering & Construction Co. Ltd.		1,416		39,103
Hyundai Glovis Co. Ltd.		300		27,373
Hyundai Heavy Industries Holdings Co. Ltd.		184		40,189
Hyundai Marine & Fire Insurance Co. Ltd.		1,240		24,280
Hyundai Mobis Co. Ltd.		1,075		171,868

	Number of Shares		Value
South Korea (Continued)
Hyundai Motor Co.		2,372	$	187,699
Hyundai Steel Co.		1,405		24,788
Industrial Bank of Korea		4,142		27,693
Kakao Corp.		919		195,532
Kangwon Land, Inc.		1,636		31,968
KB Financial Group, Inc.		6,402		175,758
Kia Motors Corp.		4,186		115,766
KMW Co. Ltd.*		432		20,336
Korea Aerospace Industries Ltd.		1,354		27,715
Korea Electric Power Corp.*		3,873		67,550
Korea Gas Corp.		386		9,304
Korea Investment Holdings Co. Ltd.		777		33,064
Korea Shipbuilding & Offshore Engineering Co. Ltd.*		658		48,243
Korea Zinc Co. Ltd.		162		49,446
Korean Air Lines Co. Ltd.*		990		16,547
KT&G Corp.		1,847		125,127
Kumho Petrochemical Co. Ltd.		378		21,640
LG Chem Ltd.		743		234,278
LG Corp.		1,334		67,968
LG Display Co. Ltd.*		4,330		35,662
LG Electronics, Inc.		1,574		75,367
LG Household & Health Care Ltd.		151		167,039
LG Innotek Co. Ltd.		288		34,301
LG Uplus Corp.		3,645		38,703
Lotte Chemical Corp.		299		45,389
Lotte Corp.		345		9,555
Lotte Shopping Co. Ltd.		218		15,666
Meritz Securities Co. Ltd.		5,293		14,040
Mirae Asset Daewoo Co. Ltd.		3,238		16,132
NAVER Corp.		2,018		368,257
NCSoft Corp.		269		171,594
Neoplux Co. Ltd.*		25		40
Netmarble Corp., 144A*		344		25,638
NH Investment & Securities Co. Ltd.		1,159		9,106
Orion Corp.		425		45,299
Ottogi Corp.		31		13,792
Pan Ocean Co. Ltd.*		5,010		14,462
Pearl Abyss Corp.*		117		19,320
POSCO		1,162		169,827
POSCO Chemical Co. Ltd.		481		21,556
Posco International Corp.		988		12,764
S-1 Corp.		320		24,082
Samsung Biologics Co. Ltd., 144A*		280		140,627
Samsung C&T Corp.		1,437		114,988
Samsung Card Co. Ltd.		467		11,143
Samsung Electro-Mechanics Co. Ltd.		948		95,684
Samsung Electronics Co. Ltd.		78,082		3,196,542
Samsung Engineering Co. Ltd.*		2,746		26,829
Samsung Fire & Marine Insurance Co. Ltd.		463		68,228
Samsung Heavy Industries Co. Ltd.*		7,964		30,963
Samsung Life Insurance Co. Ltd.		1,261		46,532
Samsung SDI Co. Ltd.		899		260,601
Samsung SDS Co. Ltd.		522		80,295
Samsung Securities Co. Ltd.		1,050		23,697
Shinhan Financial Group Co. Ltd.		7,181		174,821

See Notes to Financial Statements. 55

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
South Korea (Continued)
Shinsegae, Inc.		120	$	23,739
SK Holdings Co. Ltd.		566		109,229
SK Hynix, Inc.		8,959		589,575
SK Innovation Co. Ltd.		882		84,393
SK Telecom Co. Ltd.		350		61,044
S-Oil Corp.		829		47,326
Woori Financial Group, Inc.		8,858		65,302
Yuhan Corp.		795		33,316
(Cost $7,483,423)				9,649,497
Taiwan — 11.9%
Accton Technology Corp.		8,112		65,247
Acer, Inc.		58,804		32,022
Advantech Co. Ltd.		6,121		60,547
Airtac International Group		2,210		37,907
ASE Technology Holding Co. Ltd.		53,502		110,122
Asia Cement Corp.		35,398		51,343
Asustek Computer, Inc.		11,409		79,986
AU Optronics Corp.		136,474		34,454
Catcher Technology Co. Ltd.		10,692		77,631
Cathay Financial Holding Co. Ltd.		126,509		168,749
Chailease Holding Co. Ltd.		19,811		76,869
Chang Hwa Commercial Bank Ltd.		92,742		58,070
Cheng Shin Rubber Industry Co. Ltd.		36,610		39,994
Chicony Electronics Co. Ltd.		12,128		34,738
China Airlines Ltd.		28,482		7,779
China Development Financial Holding Corp.		216,578		65,568
China Life Insurance Co. Ltd.*		42,642		29,469
China Steel Corp.		190,114		125,371
Chunghwa Telecom Co. Ltd.		62,522		230,098
Compal Electronics, Inc.		68,943		43,857
CTBC Financial Holding Co. Ltd.		286,219		190,177
Delta Electronics, Inc.		30,329		139,397
E.Sun Financial Holding Co. Ltd.		171,762		152,455
Eclat Textile Co. Ltd.		2,518		25,914
Eva Airways Corp.		47,910		17,552
Evergreen Marine Corp. Taiwan Ltd.*		53,835		19,544
Far Eastern New Century Corp.		55,555		49,773
Far EasTone Telecommunications Co. Ltd.		22,472		48,424
Feng TAY Enterprise Co. Ltd.		4,358		26,271
First Financial Holding Co. Ltd.		164,387		125,104
Formosa Chemicals & Fibre Corp.		53,316		127,852
Formosa Petrochemical Corp.		18,509		54,063
Formosa Plastics Corp.		59,532		164,568
Formosa Taffeta Co. Ltd.		17,850		20,332
Foxconn Technology Co. Ltd.		16,450		29,531
Fubon Financial Holding Co. Ltd.		107,684		152,067
Giant Manufacturing Co. Ltd.		4,882		38,210
Globalwafers Co. Ltd.		3,810		45,872
Highwealth Construction Corp.		15,731		23,236
Hiwin Technologies Corp.		3,555		36,290
Hon Hai Precision Industry Co. Ltd.		202,264		510,628
Hotai Motor Co. Ltd.		5,064		90,401
Hua Nan Financial Holdings Co. Ltd.		129,311		83,767
Innolux Corp.		136,321		28,240

	Number of Shares		Value
Taiwan (Continued)
Inventec Corp.		37,404	$	30,397
Largan Precision Co. Ltd.		1,591		203,213
Lite-On Technology Corp.		36,933		59,167
MediaTek, Inc.		24,951		384,756
Mega Financial Holding Co. Ltd.		178,860		183,179
Micro-Star International Co. Ltd.		10,576		35,576
Nan Ya Plastics Corp.		81,141		169,984
Nanya Technology Corp.		21,550		42,921
Nien Made Enterprise Co. Ltd.		2,946		25,216
Novatek Microelectronics Corp.		10,048		68,604
Pegatron Corp.		31,406		67,467
Phison Electronics Corp.		2,823		25,856
Pou Chen Corp.		36,766		36,184
Powertech Technology, Inc.		10,097		32,620
President Chain Store Corp.		9,474		93,241
Quanta Computer, Inc.		45,635		106,393
Realtek Semiconductor Corp.		8,294		71,407
Ruentex Development Co. Ltd.*		12,986		19,766
Shanghai Commercial & Savings Bank Ltd.		50,972		72,660
Shin Kong Financial Holding Co. Ltd.*		188,370		52,323
SinoPac Financial Holdings Co. Ltd.		174,056		68,405
Standard Foods Corp.		7,588		16,048
Synnex Technology International Corp.		17,611		26,043
Taishin Financial Holding Co. Ltd.		165,081		71,476
Taiwan Business Bank		96,039		33,906
Taiwan Cement Corp.		72,060		102,120
Taiwan Cooperative Financial Holding Co. Ltd.		136,553		92,779
Taiwan High Speed Rail Corp.		33,255		41,756
Taiwan Mobile Co. Ltd.		26,378		94,442
Taiwan Semiconductor Manufacturing Co. Ltd.		401,702		3,906,644
Tatung Co. Ltd.*		35,528		24,553
Uni-President Enterprises Corp.		77,860		188,783
United Microelectronics Corp.		189,265		97,390
Vanguard International Semiconductor Corp.		16,396		40,137
Walsin Technology Corp.		6,010		37,431
Win Semiconductors Corp.		5,929		50,749
Winbond Electronics Corp.		55,240		25,297
Wistron Corp.		53,625		51,080
Wiwynn Corp.		1,252		33,401
WPG Holdings Ltd.		21,501		28,107
Yageo Corp.		4,890		60,341
Yuanta Financial Holding Co. Ltd.		144,897		78,421
Zhen Ding Technology Holding Ltd.		9,348		37,205
(Cost $7,388,297)				10,616,933
Thailand — 2.4%
Advanced Info Service PCL, NVDR		20,074		121,479
Airports of Thailand PCL, NVDR		69,400		135,266
Asset World Corp. PCL, NVDR		91,000		13,560
B Grimm Power PCL, NVDR		10,800		17,910
Bangkok Bank PCL, NVDR		8,646		29,626
Bangkok Commercial Asset Management PCL, NVDR		25,700		19,067

See Notes to Financial Statements. 56

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Thailand (Continued)
Bangkok Dusit Medical Services PCL, NVDR		146,900	$	103,906
Bangkok Expressway & Metro PCL, NVDR		134,100		41,524
Berli Jucker PCL, NVDR		19,000		25,385
BTS Group Holdings PCL, NVDR		125,844		47,869
Bumrungrad Hospital PCL, NVDR		7,300		27,539
Central Pattana PCL, NVDR		37,200		57,595
Central Retail Corp. PCL, NVDR*		28,600		34,615
Charoen Pokphand Foods PCL, NVDR		65,643		65,003
CP ALL PCL, NVDR		94,800		210,104
Electricity Generating PCL, NVDR		3,900		33,838
Energy Absolute PCL, NVDR		28,800		35,310
Global Power Synergy PCL, NVDR		10,800		25,633
Gulf Energy Development PCL, NVDR		45,500		53,996
Home Product Center PCL, NVDR		98,400		45,782
Indorama Ventures PCL, NVDR		28,097		25,173
Intouch Holdings PCL, NVDR		35,900		60,661
IRPC PCL, NVDR		190,918		16,205
Kasikornbank PCL, NVDR		30,679		92,587
Krung Thai Bank PCL, NVDR		68,206		22,299
Krungthai Card PCL, NVDR		11,700		14,161
Land & Houses PCL, NVDR		124,100		28,479
Minor International PCL, NVDR*		40,500		23,681
Muangthai Capital PCL, NVDR		10,100		17,701
Osotspa PCL, NVDR		10,800		14,429
PTT Exploration & Production PCL, NVDR		23,813		62,883
PTT Global Chemical PCL, NVDR		40,600		54,882
PTT PCL		47,400		52,899
PTT PCL, NVDR		141,780		158,227
Ratch Group PCL, NVDR		11,200		24,646
Siam Cement PCL		6,458		69,635
Siam Cement PCL, NVDR		6,300		67,932
Siam Commercial Bank PCL, NVDR		14,098		32,796
Srisawad Corp. PCL, NVDR*		10,800		19,352
Thai Oil PCL, NVDR		18,157		24,544
Thai Union Group PCL, NVDR		54,700		23,558
TMB Bank PCL, NVDR		420,026		15,185
Total Access Communication PCL, NVDR		11,600		16,228
True Corp. PCL, NVDR		189,500		22,042
(Cost $2,375,188)				2,105,192
Turkey — 0.4%
Akbank T.A.S.*		45,545		37,960
Anadolu Efes Biracilik Ve Malt Sanayii AS*		3,943		10,708
Aselsan Elektronik Sanayi Ve Ticaret AS		5,352		23,660
BIM Birlesik Magazalar AS		7,100		67,703
Eregli Demir ve Celik Fabrikalari TAS*		22,518		26,552
Ford Otomotiv Sanayi AS		1,335		12,095
Haci Omer Sabanci Holding AS		15,448		18,781
KOC Holding AS		12,751		30,145
TAV Havalimanlari Holding AS		3,190		9,485
Tupras Turkiye Petrol Rafinerileri AS*		2,020		25,357
Turk Hava Yollari AO*		10,531		19,436
Turkcell Iletisim Hizmetleri AS		13,444		27,884
Turkiye Garanti Bankasi AS*		38,612		44,228

	Number of Shares		Value
Turkey (Continued)
Turkiye Is Bankasi AS, Class C*		23,601	$	17,112
Yapi ve Kredi Bankasi AS*		56,351		19,150
(Cost $776,082)				390,256
United Arab Emirates — 0.6%
Abu Dhabi Commercial Bank PJSC		46,177		55,315
Aldar Properties PJSC		63,178		29,756
DP World PLC		3,094		48,730
Dubai Islamic Bank PJSC		27,536		26,613
Emaar Malls PJSC*		43,172		15,514
Emaar Properties PJSC*		64,943		44,201
Emirates NBD Bank PJSC		20,944		49,265
Emirates Telecommunications Group Co. PJSC		28,435		121,074
First Abu Dhabi Bank PJSC		48,032		144,888
(Cost $655,408)				535,356
TOTAL COMMON STOCKS (Cost $81,279,955)				86,417,874
PREFERRED STOCKS — 2.2%
Brazil — 1.4%
Banco Bradesco SA		71,663		254,486
Braskem SA, Class A		3,473		18,054
Centrais Eletricas Brasileiras SA, Class B*		4,441		25,549
Cia Energetica de Minas Gerais		17,569		35,558
Cia Paranaense de Energia		1,687		20,012
Gerdau SA		18,889		47,538
Itau Unibanco Holding SA		78,893		340,628
Itausa — Investimentos Itau SA		72,056		119,637
Lojas Americanas SA		13,202		69,891
Petroleo Brasileiro SA		75,445		287,568
Telefonica Brasil SA		6,690		59,098
(Cost $1,420,513)				1,278,019
Chile — 0.1%
Embotelladora Andina SA, Class B		5,576		13,383
Sociedad Quimica y Minera de Chile SA, Class B		2,045		50,202
(Cost $52,923)				63,585
Colombia — 0.0%
Bancolombia SA (Cost $69,866)		7,347		48,455
Russia — 0.1%
Surgutneftegas PJSC (Cost $57,270)		104,162		52,434
South Korea — 0.6%
Amorepacific Corp.		212		9,877
AMOREPACIFIC Group		37		1,031
Hyundai Motor Co.		468		21,275
Hyundai Motor Co. — 2nd Preferred		584		28,388
LG Chem Ltd.		134		19,151
LG Household & Health Care Ltd.		33		19,052

See Notes to Financial Statements. 57

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
South Korea (Continued)
Samsung Electronics Co. Ltd.		13,276	$	459,346
(Cost $367,096)				558,120
TOTAL PREFERRED STOCKS (Cost $1,967,668)				2,000,613
	Principal Amount
CORPORATE BONDS — 0.0%
India — 0.0%
Britannia Industries Ltd. 8.00%, 8/28/22 (Cost $411)		INR      29,160		395
	Number of Shares
RIGHTS — 0.0%
Brazil — 0.0%
Natura & Co. Holding SA*, expires 6/12/20 (Cost $0)		584		545
China — 0.0%
Zhengqi Financial Holding Corp.*(b) (Cost $0)		532		0
TOTAL RIGHTS (Cost $0)				545
WARRANTS — 0.0%
Thailand — 0.0%
BTS Group Holdings PCL*, expires 2/16/21		14,384		606

	Number of Shares
Thailand (Continued)
Minor International PCL*, expires 9/30/21		2,475	$	133
TOTAL WARRANTS (Cost $0)				739
EXCHANGE-TRADED FUNDS — 0.0%
Global X MSCI Pakistan ETF (Cost $33,215)		875		20,475
SECURITIES LENDING COLLATERAL — 0.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (c)(d)
(Cost $404,374)		404,374		404,374
CASH EQUIVALENTS — 1.2%
DWS Government Money Market Series “Institutional Shares”, 0.12% (c)
(Cost $1,075,539)		1,075,539		1,075,539
TOTAL INVESTMENTS — 100.6% (Cost $84,761,162)			$	89,920,554
Other assets and liabilities, net — (0.6%)				(532,490	)
NET ASSETS — 100.0%			$	89,388,064

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2020 is as follows:

	Value ($) at 5/31/2019		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2020		Value ($) at 5/31/2020
SECURITIES LENDING COLLATERAL — 0.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (c)(d)
		751,459		—		(347,085	)(e)		—		–		11,609		—		404,374		404,374
CASH EQUIVALENTS —1.2%
DWS Government Money Market Series “Institutional Shares”, 0.12% (c)
		879,859		40,845,800		(40,650,120	)		—		—		26,672		—		1,075,539		1,075,539
		1,631,318		40,845,800		(40,997,205	)		—		—		38,281		—		1,479,913		1,479,913

* 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 May 31, 2020 amounted to $1,029,929, which is 1.2% of net assets.

(b) Investment was valued using significant unobservable inputs.

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

(d) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $679,558.

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2020.

See Notes to Financial Statements. 58

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2020

ADR: American Depositary Receipt

CPO: Ordinary Participation Certificates

GDR: Global Depositary Receipt

JSC: Joint Stock Company

NVDR: Non Voting Depositary Receipt

PJSC: Public Joint Stock Company

PSQC Public Shareholders Qatari Company

QPSC: Qatari Public Shareholders Company

QSC: Qatari Shareholders Company

REIT: Real Estate Investment Trust

SAE: Societe Anonyme Egyptienne

SAQ: Societe Anonyme Qatar

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.

At May 31, 2020, open futures contracts purchased were as follows:

Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Appreciation
MSCI Emerging Markets Index Futures		USD		24	$	990,085	$	1,119,480		6/19/2020	$	129,395

As of May 31, 2020, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Citigroup Global Markets	6/3/2020	AED	1,694,300	USD	461,210	$	–	$	(50	)
Citigroup Global Markets	6/3/2020	BRL	5,962,800	USD	1,098,769		–		(18,453	)
JP Morgan & Chase Co.	6/3/2020	BRL	4,570,800	USD	837,826		–		(18,584	)
JP Morgan & Chase Co.	6/3/2020	BRL	3,206,000	USD	590,663		–		(10,031	)
RBC Capital Markets	6/3/2020	BRL	10,992,200	USD	2,025,600		–		(33,958	)
Citigroup Global Markets	6/3/2020	CLP	429,500,300	USD	514,119		–		(22,484	)
RBC Capital Markets	6/3/2020	CLP	80,649,000	USD	96,551		–		(4,209	)
RBC Capital Markets	6/3/2020	CLP	14,715,400	USD	17,619		–		(765	)
JP Morgan & Chase Co.	6/3/2020	CNH	12,402,200	USD	1,755,514		18,260		–
JP Morgan & Chase Co.	6/3/2020	CNH	2,889,000	USD	408,927		4,246		–
RBC Capital Markets	6/3/2020	CNH	14,483,700	USD	2,050,206		21,383		–
Citigroup Global Markets	6/3/2020	COP	959,445,400	USD	244,037		–		(13,113	)
JP Morgan & Chase Co.	6/3/2020	CZK	2,364,000	USD	95,793		–		(1,725	)
Citigroup Global Markets	6/3/2020	EGP	1,817,600	USD	114,171		–		(239	)
JP Morgan & Chase Co.	6/3/2020	EUR	201,800	USD	221,148		–		(2,874	)
Citigroup Global Markets	6/3/2020	HKD	58,012,100	USD	7,480,027		–		(3,440	)
JP Morgan & Chase Co.	6/3/2020	HKD	34,211,200	USD	4,410,968		–		(2,222	)
JP Morgan & Chase Co.	6/3/2020	HKD	21,283,000	USD	2,744,104		–		(1,368	)
RBC Capital Markets	6/3/2020	HKD	61,228,300	USD	7,894,569		–		(3,784	)
JP Morgan & Chase Co.	6/3/2020	HUF	26,696,000	USD	83,144		–		(2,230	)
RBC Capital Markets	6/3/2020	HUF	44,286,400	USD	137,090		–		(4,538	)
Citigroup Global Markets	6/3/2020	INR	90,272,800	USD	1,198,205		4,724		–
JP Morgan & Chase Co.	6/3/2020	INR	378,257,200	USD	5,016,408		15,532		–
JP Morgan & Chase Co.	6/3/2020	INR	98,738,000	USD	1,309,766		4,367		–
JP Morgan & Chase Co.	6/3/2020	KRW	1,764,397,000	USD	1,459,035		34,366		–
JP Morgan & Chase Co.	6/3/2020	KRW	2,481,553,400	USD	2,060,663		56,923		–
RBC Capital Markets	6/3/2020	KRW	9,340,673,500	USD	7,756,424		214,260		–
Citigroup Global Markets	6/3/2020	MXN	23,153,500	USD	967,705		–		(75,968	)
JP Morgan & Chase Co.	6/3/2020	MXN	3,835,000	USD	160,249		–		(12,619	)
JP Morgan & Chase Co.	6/3/2020	MXN	2,208,400	USD	92,287		–		(7,259	)
RBC Capital Markets	6/3/2020	MXN	11,175,500	USD	467,063		–		(36,686	)
RBC Capital Markets	6/3/2020	MYR	6,808,800	USD	1,579,402		13,483		–
RBC Capital Markets	6/3/2020	MYR	439,000	USD	101,503		540		–
Citigroup Global Markets	6/3/2020	PHP	18,058,100	USD	358,047		1,339		–
JP Morgan & Chase Co.	6/3/2020	PHP	423,100	USD	8,383		26		–
RBC Capital Markets	6/3/2020	PHP	16,343,200	USD	323,782		949		–
Citigroup Global Markets	6/3/2020	PLN	2,192,800	USD	529,368		–		(17,317	)

See Notes to Financial Statements. 59

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2020

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	6/3/2020	PLN	284,200	USD	68,603	$	–	$	(2,251	)
JP Morgan & Chase Co.	6/3/2020	PLN	378,000	USD	91,248		–		(2,991	)
Citigroup Global Markets	6/3/2020	QAR	3,028,200	USD	831,923		217		–
Citigroup Global Markets	6/3/2020	RUB	52,125,800	USD	701,939		–		(38,771	)
JP Morgan & Chase Co.	6/3/2020	RUB	136,596,100	USD	1,839,543		–		(101,493	)
JP Morgan & Chase Co.	6/3/2020	RUB	29,959,000	USD	403,386		–		(22,333	)
JP Morgan & Chase Co.	6/3/2020	TRY	925,200	USD	131,392		–		(4,015	)
RBC Capital Markets	6/3/2020	TRY	1,385,100	USD	196,985		–		(5,730	)
Citigroup Global Markets	6/3/2020	TWD	122,078,700	USD	4,134,057		68,006		–
JP Morgan & Chase Co.	6/3/2020	TWD	125,591,900	USD	4,250,149		67,085		–
JP Morgan & Chase Co.	6/3/2020	TWD	46,871,000	USD	1,586,857		25,734		–
RBC Capital Markets	6/3/2020	TWD	55,209,500	USD	1,871,635		32,784		–
Citigroup Global Markets	6/3/2020	USD	461,272	AED	1,694,300		–		(12	)
Citigroup Global Markets	6/3/2020	USD	1,098,486	BRL	5,962,800		18,737		–
JP Morgan & Chase Co.	6/3/2020	USD	1,431,359	BRL	7,776,800		25,745		–
RBC Capital Markets	6/3/2020	USD	1,836,379	BRL	9,974,200		32,441		–
RBC Capital Markets	6/3/2020	USD	182,274	BRL	1,018,000		8,464		–
Citigroup Global Markets	6/3/2020	USD	533,448	CLP	429,500,300		3,155		–
RBC Capital Markets	6/3/2020	USD	118,442	CLP	95,364,400		703		–
JP Morgan & Chase Co.	6/3/2020	USD	197,782	CNH	1,411,000		–		(135	)
JP Morgan & Chase Co.	6/3/2020	USD	1,937,406	CNH	13,880,200		6,880		–
RBC Capital Markets	6/3/2020	USD	2,021,564	CNH	14,483,700		7,259		–
Citigroup Global Markets	6/3/2020	USD	258,382	COP	959,445,400		–		(1,232	)
JP Morgan & Chase Co.	6/3/2020	USD	97,684	CZK	2,364,000		–		(167	)
Citigroup Global Markets	6/3/2020	USD	114,766	EGP	1,817,600		–		(356	)
JP Morgan & Chase Co.	6/3/2020	USD	224,472	EUR	201,800		–		(450	)
Citigroup Global Markets	6/3/2020	USD	7,484,452	HKD	58,012,100		–		(984	)
JP Morgan & Chase Co.	6/3/2020	USD	7,159,907	HKD	55,494,200		–		(1,245	)
RBC Capital Markets	6/3/2020	USD	1,138,058	HKD	8,826,000		482		–
RBC Capital Markets	6/3/2020	USD	6,760,715	HKD	52,402,300		–		(902	)
JP Morgan & Chase Co.	6/3/2020	USD	85,740	HUF	26,696,000		–		(366	)
RBC Capital Markets	6/3/2020	USD	142,236	HUF	44,286,400		–		(608	)
Citigroup Global Markets	6/3/2020	USD	1,195,191	INR	90,272,800		–		(1,710	)
JP Morgan & Chase Co.	6/3/2020	USD	5,941,196	INR	448,976,200		–		(5,356	)
JP Morgan & Chase Co.	6/3/2020	USD	368,540	INR	28,019,000		1,894		–
JP Morgan & Chase Co.	6/3/2020	USD	3,431,126	KRW	4,245,950,400		–		(2,717	)
RBC Capital Markets	6/3/2020	USD	6,910,494	KRW	8,544,825,500		–		(10,940	)
RBC Capital Markets	6/3/2020	USD	649,672	KRW	795,848,000		–		(7,061	)
Citigroup Global Markets	6/3/2020	USD	1,046,117	MXN	23,153,500		–		(2,444	)
JP Morgan & Chase Co.	6/3/2020	USD	273,050	MXN	6,043,400		–		(636	)
RBC Capital Markets	6/3/2020	USD	504,924	MXN	11,175,500		–		(1,174	)
RBC Capital Markets	6/3/2020	USD	1,668,078	MYR	7,247,800		–		(1,197	)
Citigroup Global Markets	6/3/2020	USD	357,232	PHP	18,058,100		–		(525	)
JP Morgan & Chase Co.	6/3/2020	USD	8,381	PHP	423,100		–		(23	)
RBC Capital Markets	6/3/2020	USD	323,436	PHP	16,343,200		–		(603	)
Citigroup Global Markets	6/3/2020	USD	547,623	PLN	2,192,800		–		(938	)
JP Morgan & Chase Co.	6/3/2020	USD	165,376	PLN	662,200		–		(284	)
Citigroup Global Markets	6/3/2020	USD	831,717	QAR	3,028,200		–		(11	)
Citigroup Global Markets	6/3/2020	USD	738,191	RUB	52,125,800		2,519		–
JP Morgan & Chase Co.	6/3/2020	USD	183,216	RUB	13,821,000		13,181		–
JP Morgan & Chase Co.	6/3/2020	USD	2,161,471	RUB	152,734,100		8,886		–
JP Morgan & Chase Co.	6/3/2020	USD	135,612	TRY	925,200		–		(205	)
RBC Capital Markets	6/3/2020	USD	202,990	TRY	1,385,100		–		(275	)
Citigroup Global Markets	6/3/2020	USD	4,069,290	TWD	122,078,700		–		(3,239	)
JP Morgan & Chase Co.	6/3/2020	USD	5,184,966	TWD	155,574,900		–		(3,264	)
JP Morgan & Chase Co.	6/3/2020	USD	569,905	TWD	16,888,000		–		(7,420	)
RBC Capital Markets	6/3/2020	USD	1,840,623	TWD	55,209,500		–		(1,772	)
JP Morgan & Chase Co.	6/3/2020	USD	2,130,396	ZAR	37,561,400		8,941		–

See Notes to Financial Statements. 60

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2020

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	6/3/2020	USD	147,153	ZAR	2,761,000	$	10,102	$	–
RBC Capital Markets	6/3/2020	USD	1,358,593	ZAR	23,953,900		5,719		–
JP Morgan & Chase Co.	6/3/2020	ZAR	27,968,400	USD	1,517,913		–		(75,048	)
JP Morgan & Chase Co.	6/3/2020	ZAR	12,354,000	USD	670,510		–		(33,121	)
RBC Capital Markets	6/3/2020	ZAR	23,953,900	USD	1,300,041		–		(64,271	)
Citigroup Global Markets	6/4/2020	IDR	9,073,743,800	USD	601,109		–		(19,598	)
JP Morgan & Chase Co.	6/4/2020	IDR	8,804,007,900	USD	582,970		–		(19,286	)
RBC Capital Markets	6/4/2020	IDR	1,516,118,300	USD	100,306		–		(3,408	)
JP Morgan & Chase Co.	6/4/2020	THB	57,472,600	USD	1,772,369		–		(34,351	)
JP Morgan & Chase Co.	6/4/2020	THB	10,795,000	USD	332,957		–		(6,397	)
Citigroup Global Markets	6/4/2020	USD	620,639	IDR	9,073,743,800		68		–
JP Morgan & Chase Co.	6/4/2020	USD	601,778	IDR	8,804,007,900		478		–
RBC Capital Markets	6/4/2020	USD	103,489	IDR	1,516,118,300		224		–
JP Morgan & Chase Co.	6/4/2020	USD	2,039,569	THB	64,874,600		–		(158	)
JP Morgan & Chase Co.	6/4/2020	USD	104,874	THB	3,393,000		1,789		–
Citigroup Global Markets	7/3/2020	AED	390,000	USD	106,156		–		(4	)
Citigroup Global Markets	7/3/2020	AED	1,694,300	USD	461,191		–		(7	)
Citigroup Global Markets	7/3/2020	BRL	2,356,000	USD	432,961		–		(7,784	)
Citigroup Global Markets	7/3/2020	BRL	5,962,800	USD	1,096,829		–		(18,652	)
JP Morgan & Chase Co.	7/3/2020	BRL	7,776,800	USD	1,429,209		–		(25,622	)
RBC Capital Markets	7/3/2020	BRL	9,974,200	USD	1,833,526		–		(32,380	)
Citigroup Global Markets	7/3/2020	CLP	429,500,300	USD	533,269		–		(3,313	)
RBC Capital Markets	7/3/2020	CLP	95,364,400	USD	118,391		–		(749	)
JP Morgan & Chase Co.	7/3/2020	CNH	2,167,000	USD	301,767		–		(1,141	)
JP Morgan & Chase Co.	7/3/2020	CNH	13,880,200	USD	1,932,974		–		(7,234	)
RBC Capital Markets	7/3/2020	CNH	14,483,700	USD	2,016,891		–		(7,675	)
Citigroup Global Markets	7/3/2020	COP	959,445,400	USD	257,501		1,077		–
JP Morgan & Chase Co.	7/3/2020	CZK	2,364,000	USD	97,695		160		–
JP Morgan & Chase Co.	7/3/2020	EUR	201,800	USD	224,603		442		–
Citigroup Global Markets	7/3/2020	HKD	58,012,100	USD	7,479,011		817		–
JP Morgan & Chase Co.	7/3/2020	HKD	8,818,000	USD	1,136,627		–		(79	)
JP Morgan & Chase Co.	7/3/2020	HKD	55,494,200	USD	7,153,251		–		(367	)
RBC Capital Markets	7/3/2020	HKD	52,402,300	USD	6,755,485		436		–
JP Morgan & Chase Co.	7/3/2020	HUF	26,696,000	USD	85,713		356		–
RBC Capital Markets	7/3/2020	HUF	44,286,400	USD	142,188		588		–
Citigroup Global Markets	7/3/2020	IDR	9,073,743,800	USD	617,345		–		(867	)
JP Morgan & Chase Co.	7/3/2020	IDR	8,804,007,900	USD	597,530		–		(2,305	)
RBC Capital Markets	7/3/2020	IDR	1,516,118,300	USD	102,913		–		(383	)
Citigroup Global Markets	7/3/2020	INR	90,272,800	USD	1,191,091		1,106		–
JP Morgan & Chase Co.	7/3/2020	INR	27,021,000	USD	356,074		–		(120	)
JP Morgan & Chase Co.	7/3/2020	INR	448,976,200	USD	5,920,357		1,907		–
JP Morgan & Chase Co.	7/3/2020	KRW	4,245,950,400	USD	3,430,544		2,326		–
JP Morgan & Chase Co.	7/3/2020	KRW	606,554,000	USD	490,666		929		–
RBC Capital Markets	7/3/2020	KRW	8,544,825,500	USD	6,909,656		10,486		–
Citigroup Global Markets	7/3/2020	MXN	23,153,500	USD	1,041,179		2,275		–
JP Morgan & Chase Co.	7/3/2020	MXN	6,043,400	USD	271,790		621		–
RBC Capital Markets	7/3/2020	MXN	11,175,500	USD	502,592		1,144		–
RBC Capital Markets	7/3/2020	MYR	7,247,800	USD	1,667,311		2,753		–
Citigroup Global Markets	7/3/2020	PHP	18,058,100	USD	356,562		170		–
JP Morgan & Chase Co.	7/3/2020	PHP	423,100	USD	8,357		7		–
RBC Capital Markets	7/3/2020	PHP	16,343,200	USD	322,669		122		–
Citigroup Global Markets	7/3/2020	PLN	2,192,800	USD	547,575		935		–
JP Morgan & Chase Co.	7/3/2020	PLN	662,200	USD	165,362		283		–
Citigroup Global Markets	7/3/2020	QAR	3,028,200	USD	831,672		–		(148	)
Citigroup Global Markets	7/3/2020	RUB	52,125,800	USD	734,005		–		(3,521	)
JP Morgan & Chase Co.	7/3/2020	RUB	24,444,000	USD	344,436		–		(1,421	)
JP Morgan & Chase Co.	7/3/2020	RUB	152,734,100	USD	2,152,206		–		(8,822	)
JP Morgan & Chase Co.	7/3/2020	THB	5,404,000	USD	169,727		–		(136	)

See Notes to Financial Statements. 61

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2020

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	7/3/2020	THB	64,874,600	USD	2,037,800	$	–	$	(1,393	)
JP Morgan & Chase Co.	7/3/2020	TRY	925,200	USD	134,273		54		–
RBC Capital Markets	7/3/2020	TRY	1,385,100	USD	200,987		50		–
Citigroup Global Markets	7/3/2020	TWD	122,078,700	USD	4,075,675		8,121		–
JP Morgan & Chase Co.	7/3/2020	TWD	7,401,000	USD	247,010		416		–
JP Morgan & Chase Co.	7/3/2020	TWD	155,574,900	USD	5,192,234		8,615		–
RBC Capital Markets	7/3/2020	TWD	55,209,500	USD	1,843,389		3,857		–
Citigroup Global Markets	7/3/2020	USD	81,764	CLP	65,795,000		434		–
JP Morgan & Chase Co.	7/3/2020	USD	129,118	EUR	116,000		–		(264	)
Citigroup Global Markets	7/3/2020	USD	130,355	MXN	2,898,000		–		(321	)
JP Morgan & Chase Co.	7/3/2020	USD	118,974	ZAR	2,104,000		485		–
JP Morgan & Chase Co.	7/3/2020	ZAR	37,561,400	USD	2,123,483		–		(9,141	)
RBC Capital Markets	7/3/2020	ZAR	23,953,900	USD	1,354,299		–		(5,731	)
Citigroup Global Markets	7/6/2020	EGP	1,817,600	USD	113,071		703		–
Total unrealized appreciation (depreciation)						$	793,566	$	(924,969	)

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

Currency Abbreviations

AED Arab Emirates Dirham

BRL Brazilian Real

CLP Chilean Peso

CNH Chinese Yuan

COP Colombian Peso

CZK Czech Koruna

EGP Egyptian Pound

EUR Euro

HKD Hong Kong Dollar

HUF Hungarian Forint

IDR Indonesian Rupiah

INR Indian Rupee

KRW South Korean Won

MXN Mexican Peso

MYR Malaysian Ringgit

PHP Philippine Peso

PLN Polish Zloty

QAR Qatari Rial

RUB Russian Ruble

THB Thai Baht

TRY Turkish Lira

TWD New Taiwan Dollar

USD U.S. Dollar

ZAR South African Rand

See Notes to Financial Statements. 62

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2020

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 May 31, 2020 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 (f)	$	86,409,526	$	—		$	8,348	$	86,417,874
Preferred Stocks (f)		2,000,613		—			—		2,000,613
Corporate Bonds		—		395			—		395
Rights (f)		545		—			0		545
Warrants		739		—			—		739
Exchange-Traded Funds		20,475		—			—		20,475
Short-Term Investments (f)		1,479,913		—			—		1,479,913
Derivatives (g)
Forward Foreign Currency Contracts		—		793,566			—		793,566
Futures Contracts		129,395		—			—		129,395
TOTAL	$	90,041,206	$	793,961		$	8,348	$	90,843,515
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (g)
Forward Foreign Currency Contracts	$	—	$	(924,969	)	$	—	$	(924,969	)
TOTAL	$	—	$	(924,969	)	$	—	$	(924,969	)

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

(g) Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

During the year ended May 31, 2020, the amount of transfers from Level 1 to Level 3 was $1,044 and from level 3 to level 1 were $65,801. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity. The investments were transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs.

See Notes to Financial Statements. 63

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF

May 31, 2020

	Number of Shares		Value
COMMON STOCKS — 97.1%
Australia — 0.5%
BHP Group PLC (Cost $2,737,868)		128,569	$	2,510,674
Austria — 0.3%
ANDRITZ AG*		4,212		157,752
Erste Group Bank AG*		17,782		390,140
OMV AG*		8,835		291,473
Raiffeisen Bank International AG		9,184		168,620
Verbund AG*		3,786		168,274
voestalpine AG		6,982		135,903
(Cost $2,020,392)				1,312,162
Belgium — 1.4%
Ageas SA/NV*		10,606		361,084
Anheuser-Busch InBev SA/NV		46,250		2,151,652
Colruyt SA		3,407		205,662
Elia Group SA/NV		1,823		213,694
Galapagos NV*		2,569		522,863
Groupe Bruxelles Lambert SA		5,011		404,502
KBC Group NV		15,226		795,560
Proximus SADP		8,821		184,036
Sofina SA		926		252,865
Solvay SA (a)		4,472		339,945
Telenet Group Holding NV		3,016		123,404
UCB SA		7,697		768,965
Umicore SA		11,843		523,750
(Cost $11,205,782)				6,847,982
Chile — 0.0%
Antofagasta PLC
(Cost $254,544)		23,057		249,559
Denmark — 3.7%
A.P. Moller — Maersk A/S, Class A		212		193,369
A.P. Moller — Maersk A/S, Class B		382		372,605
Ambu A/S, Class B		9,886		329,624
Carlsberg A/S, Class B		6,454		832,898
Chr Hansen Holding A/S		6,302		609,258
Coloplast A/S, Class B		7,202		1,206,563
Danske Bank A/S*		41,999		518,987
Demant A/S*		6,697		188,788
DSV PANALPINA A/S		12,746		1,343,852
Genmab A/S*		3,935		1,207,136
GN Store Nord A/S		7,758		417,871
H Lundbeck A/S		4,466		171,187
Novo Nordisk A/S, Class B		107,758		7,000,503
Novozymes A/S, Class B		13,055		712,323
Orsted A/S, 144A		11,395		1,335,128
Pandora A/S		6,250		310,585
Tryg A/S		8,133		227,453
Vestas Wind Systems A/S		12,148		1,237,024
(Cost $16,846,673)				18,215,154
Finland — 1.9%
Elisa OYJ		8,628		539,980
Fortum OYJ		27,613		527,824
Kone OYJ, Class B		20,643		1,381,302
Metso OYJ		6,367		206,165

	Number of Shares		Value
Finland (Continued)
Neste OYJ (a)		25,396	$	1,023,891
Nokia OYJ		343,847		1,360,907
Nordea Bank Abp*		198,322		1,339,469
Orion OYJ, Class B		6,276		335,097
Sampo OYJ, Class A*(a)		28,499		1,016,127
Stora Enso OYJ, Class R*		37,233		455,669
UPM-Kymmene OYJ		32,529		937,746
Wartsila OYJ Abp		25,966		202,457
(Cost $11,555,575)				9,326,634
France — 16.4%
Accor SA*		11,869		333,991
Aeroports de Paris		1,737		180,572
Air Liquide SA		28,831		3,907,672
Airbus SE*		35,559		2,238,078
Alstom SA		11,639		488,888
Amundi SA, 144A*		3,593		267,024
Arkema SA		4,305		374,464
Atos SE*		5,987		450,723
AXA SA*		117,643		2,139,059
BioMerieux		2,517		360,705
BNP Paribas SA*		68,448		2,450,759
Bollore SA		52,229		148,769
Bouygues SA*		14,167		433,096
Bureau Veritas SA*		17,116		347,503
Capgemini SE		9,724		994,139
Carrefour SA		37,006		560,927
Casino Guichard Perrachon SA*(a)		2,608		98,083
Cie de Saint-Gobain		31,532		1,017,511
Cie Generale des Etablissements Michelin SCA*		10,313		1,040,161
CNP Assurances*		10,370		108,839
Covivio REIT (a)		3,168		185,151
Credit Agricole SA*		72,159		626,703
Danone SA*(a)		37,446		2,558,861
Dassault Aviation SA*		169		143,888
Dassault Systemes SE		7,974		1,347,647
Edenred		14,498		604,794
Eiffage SA*		5,066		461,128
Electricite de France SA		38,260		337,896
Engie SA*		111,151		1,312,181
EssilorLuxottica SA*		17,284		2,220,792
Eurazeo SE*		2,358		114,647
Faurecia SE*		4,487		172,634
Gecina SA REIT		2,680		344,200
Getlink SE*		27,115		390,685
Hermes International		1,957		1,624,497
ICADE REIT		1,971		140,792
Iliad SA		838		147,347
Ingenico Group SA		3,739		515,490
Ipsen SA*		2,318		181,918
JCDecaux SA*		5,304		107,686
Kering SA		4,595		2,395,280
Klepierre SA REIT (a)		11,955		226,132
La Francaise des Jeux SAEM, 144A*		5,078		172,882
Legrand SA (a)		16,187		1,101,462
L’Oreal SA*		15,293		4,446,015

See Notes to Financial Statements. 64

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
France (Continued)
LVMH Moet Hennessy Louis Vuitton SE		16,853	$	7,015,380
Natixis SA*		57,506		127,222
Orange SA		120,495		1,450,579
Orpea		3,067		359,518
Pernod Ricard SA		12,805		1,991,409
Peugeot SA*		35,518		504,860
Publicis Groupe SA		12,790		362,321
Remy Cointreau SA (a)		1,280		151,748
Renault SA		11,383		255,304
Safran SA*		19,507		1,859,191
Sanofi		68,449		6,650,690
Sartorius Stedim Biotech*		1,665		450,600
Schneider Electric SE		33,548		3,323,295
SCOR SE*		9,628		237,050
SEB SA		1,429		195,745
Societe Generale SA*		49,684		729,768
Sodexo SA		5,340		358,861
Suez SA (a)		20,347		230,605
Teleperformance*		3,588		848,748
Thales SA		6,395		488,254
TOTAL SA		150,182		5,605,610
Ubisoft Entertainment SA*		5,544		428,696
Unibail-Rodamco-Westfield REIT		8,279		438,368
Valeo SA*		14,578		358,438
Veolia Environnement SA (a)		32,248		704,662
Vinci SA		31,460		2,899,938
Vivendi SA		50,330		1,141,400
Wendel SE*		1,614		147,988
Worldline SA, 144A*		8,359		622,801
(Cost $96,493,191)				79,760,720
Germany — 13.2%
adidas AG*		11,586		3,050,640
Allianz SE		25,380		4,587,141
BASF SE*		55,967		3,022,129
Bayer AG		59,655		4,020,882
Bayerische Motoren Werke AG		20,080		1,172,444
Beiersdorf AG		6,243		653,226
Brenntag AG		9,047		476,121
Carl Zeiss Meditec AG*		2,318		236,982
Commerzbank AG*		61,394		238,595
Continental AG*		6,640		651,868
Covestro AG, 144A*		10,269		379,476
Daimler AG*		52,369		1,940,454
Delivery Hero SE, 144A*		7,780		744,267
Deutsche Bank AG*(b)		118,803		993,168
Deutsche Boerse AG		11,535		1,893,775
Deutsche Lufthansa AG*		13,710		139,130
Deutsche Post AG*		59,702		1,854,297
Deutsche Telekom AG*		202,711		3,189,650
Deutsche Wohnen SE		20,906		933,374
E.ON SE		136,940		1,445,010
Evonik Industries AG		12,356		303,805
Fraport AG Frankfurt Airport Services Worldwide*		2,316		114,713
Fresenius Medical Care AG & Co. KGaA*		13,034		1,093,811
Fresenius SE & Co. KGaA*		25,238		1,210,268

	Number of Shares		Value
Germany (Continued)
GEA Group AG		9,303	$	276,655
Hannover Rueck SE		3,700		593,899
HeidelbergCement AG*		8,803		436,114
Henkel AG & Co. KGaA*		6,278		502,109
HOCHTIEF AG		1,614		141,717
Infineon Technologies AG		76,364		1,598,383
KION Group AG*		4,127		229,975
Knorr-Bremse AG		2,870		303,229
LANXESS AG*		4,860		250,752
LEG Immobilien AG*		4,133		514,205
Merck KGaA		7,754		887,846
METRO AG		11,098		103,433
MTU Aero Engines AG*		3,237		520,659
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		8,850		2,009,979
Nemetschek SE*		3,499		275,380
Puma SE*		4,870		346,954
RWE AG*		35,345		1,168,803
SAP SE		63,527		8,003,812
Scout24 AG, 144A		6,510		496,817
Siemens AG		46,493		5,085,091
Siemens Healthineers AG, 144A		9,237		476,431
Symrise AG*		7,804		852,423
TeamViewer AG*		7,886		400,533
Telefonica Deutschland Holding AG		63,575		195,201
thyssenkrupp AG*		24,020		161,580
Uniper SE		12,423		387,503
United Internet AG		6,529		267,289
Volkswagen AG*		1,985		313,771
Vonovia SE*		31,486		1,809,765
Wirecard AG		7,063		741,377
Zalando SE, 144A*		9,231		623,420
(Cost $82,564,678)				64,320,331
Ireland — 1.5%
AerCap Holdings NV*		7,723		248,989
CRH PLC		47,531		1,545,921
DCC PLC		5,937		493,604
Experian PLC		55,706		1,935,258
Flutter Entertainment PLC(a)		8,435		1,079,586
Kerry Group PLC, Class A		9,530		1,177,418
Kingspan Group PLC		9,195		566,994
Smurfit Kappa Group PLC		14,143		459,366
(Cost $7,060,411)				7,507,136
Isle of Man — 0.1%
GVC Holdings PLC
(Cost $454,735)		34,622		338,987
Italy — 3.2%
Assicurazioni Generali SpA		66,274		918,490
Atlantia SpA*		31,031		502,739
Davide Campari-Milano SpA		36,219		293,496
DiaSorin SpA*		1,517		317,424
Enel SpA		495,672		3,797,074
Eni SpA		155,579		1,402,846
Ferrari NV		7,664		1,292,278
FinecoBank Banca Fineco SpA*		38,156		444,940

See Notes to Financial Statements. 65

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Italy (Continued)
Infrastrutture Wireless Italiane SpA, 144A		14,234	$	144,811
Intesa Sanpaolo SpA*		907,662		1,564,122
Leonardo SpA*		23,591		146,648
Mediobanca Banca di Credito Finanziario SpA		36,274		234,992
Moncler SpA*		11,699		434,398
Nexi SpA, 144A*		18,771		307,759
Pirelli & C SpA, 144A*		21,898		97,961
Poste Italiane SpA, 144A		31,702		277,796
Prysmian SpA		14,581		309,874
Recordati SpA		6,512		295,796
Snam SpA		123,897		575,434
Telecom Italia SpA*		542,962		200,101
Telecom Italia SpA-RSP		358,761		138,111
Terna Rete Elettrica Nazionale SpA		83,820		564,780
UniCredit SpA*		127,635		1,086,129
(Cost $20,726,552)				15,347,999
Jordan — 0.1%
Hikma Pharmaceuticals PLC
(Cost $280,464)		8,789		279,067
Luxembourg — 0.3%
ArcelorMittal SA*		43,342		414,002
Aroundtown SA		72,733		399,004
Eurofins Scientific SE		799		539,076
SES SA		21,428		158,273
Tenaris SA		28,084		174,329
(Cost $3,234,843)				1,684,684
Netherlands — 7.2%
ABN AMRO Bank NV, 144A		25,117		201,023
Adyen NV, 144A*		1,094		1,436,629
Aegon NV		111,623		297,997
Akzo Nobel NV		12,226		998,861
Altice Europe NV*		40,202		160,655
ASML Holding NV		25,853		8,407,118
EXOR NV		6,628		356,540
Heineken Holding NV		6,866		564,761
Heineken NV		15,598		1,428,105
ING Groep NV		238,389		1,536,406
Just Eat Takeaway.com NV, 144A*		7,369		798,037
Koninklijke Ahold Delhaize NV		66,242		1,677,264
Koninklijke DSM NV		10,602		1,353,995
Koninklijke KPN NV		211,188		516,682
Koninklijke Philips NV*		54,956		2,488,350
Koninklijke Vopak NV		4,130		226,062
NN Group NV		18,456		568,927
Prosus NV*		29,597		2,450,920
QIAGEN NV*		14,170		618,323
Randstad NV		7,012		293,678
Royal Dutch Shell PLC, Class A		250,359		3,893,366
Royal Dutch Shell PLC, Class B		226,330		3,426,888
Wolters Kluwer NV		16,784		1,335,476
(Cost $41,565,892)				35,036,063

	Number of Shares		Value
Norway — 0.9%
DNB ASA*		56,833	$	772,916
Equinor ASA		60,755		882,192
Gjensidige Forsikring ASA*		11,903		215,878
Mowi ASA		26,527		499,526
Norsk Hydro ASA*		80,070		203,290
Orkla ASA		46,325		416,226
Schibsted ASA, Class B*		6,032		144,583
Telenor ASA		45,395		688,344
Yara International ASA		10,620		363,368
(Cost $5,472,130)				4,186,323
Portugal — 0.3%
EDP — Energias de Portugal SA		155,013		726,661
Galp Energia SGPS SA		29,765		354,031
Jeronimo Martins SGPS SA*		14,401		245,862
(Cost $1,318,027)				1,326,554
Russia — 0.0%
Evraz PLC
(Cost $225,233)		30,110		105,013
Spain — 3.8%
ACS Actividades de Construccion y Servicios SA		15,861		404,069
Aena SME SA, 144A*		4,256		605,665
Amadeus IT Group SA		26,444		1,377,885
Banco Bilbao Vizcaya Argentaria SA		402,413		1,247,629
Banco Santander SA		1,010,423		2,285,302
Bankinter SA		39,476		166,999
CaixaBank SA		211,204		393,754
Cellnex Telecom SA, 144A*		15,185		858,313
Enagas SA		15,472		347,101
Endesa SA		18,919		448,372
Ferrovial SA*		428		11,602
Ferrovial SA		29,385		796,552
Grifols SA(a)		18,207		568,325
Iberdrola SA		353,845		3,805,309
Industria de Diseno Textil SA		66,586		1,851,541
Mapfre SA		61,157		107,466
Naturgy Energy Group SA		17,833		330,486
Red Electrica Corp. SA		25,769		453,101
Repsol SA		85,661		795,887
Siemens Gamesa Renewable Energy SA*		14,239		239,224
Telefonica SA		281,382		1,324,669
(Cost $30,933,638)				18,419,251
Sweden — 4.5%
Alfa Laval AB*		18,699		376,856
Assa Abloy AB, Class B		60,380		1,222,012
Atlas Copco AB, Class A		40,603		1,590,931
Atlas Copco AB, Class B		23,261		820,086
Boliden AB		16,903		366,312
Electrolux AB, Series B		13,518		221,150
Epiroc AB, Class A		39,165		434,564
Epiroc AB, Class B		23,237		258,695
EQT AB*		14,409		227,775
Essity AB, Class B*		36,614		1,207,702

See Notes to Financial Statements. 66

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Sweden (Continued)
Evolution Gaming Group AB, 144A*		7,703	$	454,370
Hennes & Mauritz AB, Class B(a)		49,033		739,719
Hexagon AB, Class B*		17,380		953,981
Husqvarna AB, Class B		24,820		182,438
ICA Gruppen AB(a)		6,136		288,027
Industrivarden AB, Class C*		9,911		220,255
Investment AB Latour, Class B		9,047		162,168
Investor AB, Class B		27,571		1,465,959
Kinnevik AB, Class B		14,934		375,626
L E Lundbergforetagen AB, Class B*		4,479		222,083
Lundin Energy AB		11,118		267,845
Nibe Industrier AB, Class B*		18,945		420,216
Sandvik AB*		70,123		1,160,214
Securitas AB, Class B*		17,999		238,394
Skandinaviska Enskilda Banken AB, Class A*		98,628		855,382
Skanska AB, Class B*		19,988		399,015
SKF AB, Class B		23,871		437,770
Svenska Cellulosa AB SCA, Class B*		36,540		455,657
Svenska Handelsbanken AB, Class A*		94,726		896,135
Swedbank AB, Class A*		54,260		679,506
Swedish Match AB		10,503		728,546
Tele2 AB, Class B		29,728		395,320
Telefonaktiebolaget LM Ericsson, Class B		178,332		1,620,830
Telia Co. AB		157,287		538,838
Volvo AB, Class B*		89,561		1,266,537
(Cost $24,551,790)				22,150,914
Switzerland — 16.9%
ABB Ltd.		112,350		2,206,583
Adecco Group AG		9,446		448,042
Alcon, Inc.*		29,895		1,923,376
Baloise Holding AG		2,916		414,146
Banque Cantonale Vaudoise		1,829		177,613
Barry Callebaut AG		183		367,598
Chocoladefabriken Lindt & Spruengli AG		6		520,275
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		69		574,641
Cie Financiere Richemont SA		31,403		1,824,495
Clariant AG*		11,538		211,314
Coca-Cola HBC AG*		11,959		301,000
Credit Suisse Group AG		147,475		1,344,418
EMS-Chemie Holding AG		494		364,927
Geberit AG		2,232		1,084,439
Givaudan SA		562		2,014,155
Glencore PLC*		612,377		1,133,068
Julius Baer Group Ltd.		13,302		565,660
Kuehne + Nagel International AG*		3,189		458,887
LafargeHolcim Ltd.*		31,857		1,316,279
Logitech International SA		9,953		586,542
Lonza Group AG		4,567		2,238,865
Nestle SA		181,040		19,549,609
Novartis AG		130,647		11,278,458
Pargesa Holding SA		2,316		174,579
Partners Group Holding AG		1,120		925,066
Roche Holding AG		42,713		14,775,021
Schindler Holding AG		1,254		289,966

	Number of Shares		Value
Switzerland (Continued)
Schindler Holding AG Participation Certificates		2,494	$	578,511
SGS SA		364		853,421
Sika AG		8,605		1,471,743
Sonova Holding AG		3,279		717,643
STMicroelectronics NV		39,041		957,325
Straumann Holding AG		637		515,269
Swatch Group AG — Bearer		1,747		348,564
Swatch Group AG — Registered		3,380		131,222
Swiss Life Holding AG		1,952		684,763
Swiss Prime Site AG		4,498		418,092
Swiss Re AG		17,900		1,211,944
Swisscom AG		1,568		814,812
Temenos AG		4,102		625,664
UBS Group AG		223,580		2,394,338
Vifor Pharma AG		2,721		413,327
Zurich Insurance Group AG		9,094		2,926,381
(Cost $81,494,749)				82,132,041
United Arab Emirates(c) — 0.0%
NMC Health PLC(d)
(Cost $293,106)		6,475		0
United Kingdom — 20.9%
3i Group PLC		57,866		589,583
Admiral Group PLC		11,385		328,031
Anglo American PLC		74,554		1,565,815
Ashtead Group PLC		27,537		813,817
Associated British Foods PLC		21,780		489,818
AstraZeneca PLC		79,722		8,447,589
Auto Trader Group PLC, 144A		56,533		389,726
AVEVA Group PLC		3,762		189,931
Aviva PLC		235,696		721,017
BAE Systems PLC		196,074		1,201,556
Barclays PLC		1,046,741		1,489,738
Barratt Developments PLC		60,391		370,677
Berkeley Group Holdings PLC		7,385		373,484
BP PLC		1,230,616		4,646,825
British American Tobacco PLC		139,179		5,482,310
British Land Co. PLC REIT		56,117		282,277
BT Group PLC		541,125		776,887
Bunzl PLC		20,353		474,190
Burberry Group PLC		25,362		468,422
CNH Industrial NV*		60,389		365,474
Coca-Cola European Partners PLC		12,531		472,419
Compass Group PLC		108,462		1,585,976
Croda International PLC		7,699		493,479
Diageo PLC		142,639		4,915,725
Direct Line Insurance Group PLC		81,975		267,879
Ferguson PLC		13,694		1,076,624
Fiat Chrysler Automobiles NV*		67,372		593,953
GlaxoSmithKline PLC		305,212		6,301,634
Halma PLC		22,540		648,600
Hargreaves Lansdown PLC		20,312		459,940
HSBC Holdings PLC		1,236,757		5,652,893
Imperial Brands PLC		57,456		1,040,602
Informa PLC		91,169		511,626
InterContinental Hotels Group PLC		10,639		508,617

See Notes to Financial Statements. 67

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
United Kingdom (Continued)
Intertek Group PLC		9,791	$	665,780
ITV PLC		215,656		213,814
J Sainsbury PLC		104,874		251,268
JD Sports Fashion PLC		26,482		215,332
Johnson Matthey PLC		11,503		300,177
Kingfisher PLC		125,656		301,370
Land Securities Group PLC REIT		40,818		305,385
Legal & General Group PLC		358,066		877,790
Lloyds Banking Group PLC		4,266,438		1,573,867
London Stock Exchange Group PLC		19,159		1,900,009
M&G PLC		154,535		267,191
Melrose Industries PLC		293,527		417,426
Mondi PLC		29,599		551,246
National Grid PLC		214,218		2,449,820
Next PLC		8,117		487,592
Ocado Group PLC*		28,554		772,639
Pearson PLC		46,481		266,010
Persimmon PLC		19,397		549,295
Prudential PLC		158,142		2,044,849
Reckitt Benckiser Group PLC		42,980		3,834,524
RELX PLC		117,721		2,723,798
Rentokil Initial PLC		111,362		683,260
Rio Tinto PLC		68,270		3,636,442
Rolls-Royce Holdings PLC*		117,245		393,271
Royal Bank of Scotland Group PLC		292,511		398,641
RSA Insurance Group PLC		60,062		292,478
Sage Group PLC		64,685		552,013
Schroders PLC		7,827		285,641
Segro PLC REIT		67,174		696,532
Severn Trent PLC		14,979		451,563
Smith & Nephew PLC		52,838		1,071,487
Smiths Group PLC		23,590		380,631
Spirax-Sarco Engineering PLC		4,423		539,140
SSE PLC		62,750		962,117
St James’s Place PLC		31,542		357,913
Standard Chartered PLC		164,391		747,937
Standard Life Aberdeen PLC		145,333		463,613
Taylor Wimpey PLC		195,166		346,119
Tesco PLC		595,086		1,677,849
Unilever NV		89,046		4,595,330
Unilever PLC		71,032		3,800,229
United Utilities Group PLC		42,015		476,129
Vodafone Group PLC		1,627,274		2,673,283
Whitbread PLC (a)		7,724		241,150
Wm Morrison Supermarkets PLC		148,402		342,177
WPP PLC		75,624		571,208
(Cost $141,570,680)				101,602,469
TOTAL COMMON STOCKS (Cost $582,860,953)				472,659,717
PREFERRED STOCKS — 0.9%
Germany — 0.9%
Bayerische Motoren Werke AG		3,344		153,603
FUCHS PETROLUB SE		4,509		179,287
Henkel AG & Co. KGaA*		10,839		965,916

	Number of Shares		Value
Germany (Continued)
Porsche Automobil Holding SE		9,176	$	498,188
Sartorius AG*		2,168		802,357
Volkswagen AG*		11,223		1,650,698
(Cost $5,583,273)				4,250,049
TOTAL PREFERRED STOCKS (Cost $5,583,273)				4,250,049
RIGHTS — 0.0%
Italy — 0.0%
Davide Campari-Milano SpA*, expires 6/21/20(d)
(Cost $0)		36,219		0
United Kingdom — 0.0%
Whitbread PLC*, expires 6/12/20
(Cost $103,000)		3,862		47,791
TOTAL RIGHTS (Cost $103,000)				47,791
EXCHANGE-TRADED FUNDS — 0.1%
iShares Currency Hedged MSCI Eurozone ETF (a)		14,688		394,960
iShares Currency Hedged MSCI United Kingdom ETF		7,000		139,642
TOTAL EXCHANGE-TRADED FUNDS (Cost $639,140)				534,602
SECURITIES LENDING COLLATERAL — 1.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07%(e)(f) (Cost $7,981,610)		7,981,610		7,981,610
CASH EQUIVALENTS — 1.9%
DWS ESG Liquidity Fund “Capital Shares”, 0.47% (e)		639,124		639,380
DWS Government Money Market Series “Institutional Shares”, 0.12% (e)		8,725,094		8,725,094
TOTAL CASH EQUIVALENTS (Cost $9,364,218)				9,364,474
TOTAL INVESTMENTS — 101.6% (Cost $606,532,194)			$	494,838,243
Other assets and liabilities, net — (1.6%)				(7,822,267	)
NET ASSETS — 100.0%			$	487,015,976

See Notes to Financial Statements. 68

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2020

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2020 is as follows:

	Value ($) at 5/31/2019		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/ (Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2020		Value ($) at 5/31/2020
COMMON STOCKS — 0.2%
Germany — 0.2%
Deutsche Bank AG*(b)
		1,318,613		232,377		(850,233	)		(1,112,810	)		1,405,221		—		—		118,803		993,168
SECURITIES LENDING COLLATERAL — 1.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (e)(f)
		26,160,853		—		(18,179,243	)(g)		—			—		155,304		—		7,981,610		7,981,610
CASH EQUIVALENTS — 1.9%
DWS ESG Liquidity Fund “Capital Shares”, 0.47% (e)
		9,320,708		18,416		(8,701,740	)		1,740			256		21,048		—		639,124		639,380
DWS Government Money Market Series “Institutional Shares”, 0.12% (e)
		15,462,354		346,167,057		(352,904,317	)		—			—		189,576		—		8,725,094		8,725,094
		52,262,528		346,417,850		(380,635,533	)		(1,111,070	)		1,405,477		365,928		—		17,464,631		18,339,252

* 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 May 31, 2020 amounted to $7,754,778, which is 1.6% of net assets.

(b) Affiliated issuer. This security is owned in proportion with its representation in the index.

(c) Securities are listed in country of domicile and trade on exchanges within the MSCI Europe US Dollar Hedged Index.

(d) Investment was valued using significant unobservable inputs.

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

(f) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $276,240.

(g) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2020.

REIT: Real Estate Investment Trust

RSP: Risparmio (Convertible Savings Shares)

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.

At May 31, 2020, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Appreciation
AMSTERDAM Index Futures	EUR		6	$	693,706	$	708,843		6/19/2020	$	15,137
CAC40 10 EURO Futures	EUR		37		1,836,336		1,924,627		6/19/2020		88,291
DAX Index Futures	EUR		4		1,063,694		1,287,936		6/19/2020		224,242
FTSE/MIB Index Futures	EUR		2		190,096		201,774		6/19/2020		11,678
FTSE 100 Index Futures	GBP		33		2,323,119		2,469,959		6/19/2020		146,840
IBEX 35 Index Futures	EUR		12		888,071		940,914		6/19/2020		52,843
OMXS30 Index Futures	SEK		44		728,790		760,219		6/18/2020		31,429
SWISS MKT IX Futures	CHF		12		1,145,626		1,226,076		6/19/2020		80,450
Total unrealized appreciation										$	650,910

See Notes to Financial Statements. 69

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2020

As of May 31, 2020, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Citigroup Global Markets	6/3/2020	CHF	6,697,000	USD	6,943,926	$	—	$	(19,654	)
JP Morgan & Chase Co.	6/3/2020	CHF	32,040,722	USD	33,221,618		—		(94,515	)
JP Morgan & Chase Co.	6/3/2020	CHF	346,000	USD	358,573		—		(1,200	)
JP Morgan & Chase Co.	6/3/2020	CHF	6,644,000	USD	6,889,043		—		(19,427	)
RBC Capital Markets	6/3/2020	CHF	32,983,917	USD	34,200,426		—		(96,446	)
Citigroup Global Markets	6/3/2020	DKK	35,513,500	USD	5,216,935		—		(71,960	)
JP Morgan & Chase Co.	6/3/2020	DKK	37,558,142	USD	5,517,337		—		(76,058	)
JP Morgan & Chase Co.	6/3/2020	DKK	13,236,000	USD	1,944,397		—		(26,791	)
RBC Capital Markets	6/3/2020	DKK	31,499,500	USD	4,627,210		—		(63,894	)
Citigroup Global Markets	6/3/2020	EUR	19,372,000	USD	21,228,612		—		(276,609	)
Citigroup Global Markets	6/3/2020	EUR	2,350,000	USD	2,562,976		—		(45,804	)
JP Morgan & Chase Co.	6/3/2020	EUR	91,852,623	USD	100,658,993		—		(1,308,333	)
JP Morgan & Chase Co.	6/3/2020	EUR	19,668,000	USD	21,553,670		—		(280,148	)
RBC Capital Markets	6/3/2020	EUR	77,322,273	USD	84,736,319		—		(1,100,592	)
Citigroup Global Markets	6/3/2020	GBP	509,000	USD	632,141		3,517		—
Citigroup Global Markets	6/3/2020	GBP	15,990,054	USD	20,170,702		422,687		—
JP Morgan & Chase Co.	6/3/2020	GBP	40,692,850	USD	51,330,571		1,074,144		—
JP Morgan & Chase Co.	6/3/2020	GBP	8,615,000	USD	10,867,383		227,698		—
RBC Capital Markets	6/3/2020	GBP	25,920,820	USD	32,702,614		689,919		—
Citigroup Global Markets	6/3/2020	NOK	12,520,900	USD	1,225,329		—		(62,762	)
JP Morgan & Chase Co.	6/3/2020	NOK	4,579,000	USD	448,123		—		(22,943	)
JP Morgan & Chase Co.	6/3/2020	NOK	9,924,691	USD	971,299		—		(49,706	)
RBC Capital Markets	6/3/2020	NOK	15,523,500	USD	1,519,186		—		(77,798	)
Citigroup Global Markets	6/3/2020	SEK	54,257,250	USD	5,556,298		—		(202,100	)
JP Morgan & Chase Co.	6/3/2020	SEK	43,342,536	USD	4,438,564		—		(161,440	)
JP Morgan & Chase Co.	6/3/2020	SEK	22,534,000	USD	2,307,651		—		(83,914	)
RBC Capital Markets	6/3/2020	SEK	85,995,000	USD	8,806,452		—		(320,318	)
Citigroup Global Markets	6/3/2020	USD	6,971,176	CHF	6,697,000		—		(7,596	)
JP Morgan & Chase Co.	6/3/2020	USD	40,627,378	CHF	39,030,722		—		(43,002	)
RBC Capital Markets	6/3/2020	USD	34,333,212	CHF	32,983,917		—		(36,340	)
Citigroup Global Markets	6/3/2020	USD	5,300,064	DKK	35,513,500		—		(11,169	)
JP Morgan & Chase Co.	6/3/2020	USD	7,580,423	DKK	50,794,142		—		(15,839	)
RBC Capital Markets	6/3/2020	USD	4,700,927	DKK	31,499,500		—		(9,823	)
Citigroup Global Markets	6/3/2020	USD	24,163,010	EUR	21,722,000		—		(49,009	)
JP Morgan & Chase Co.	6/3/2020	USD	124,049,965	EUR	111,520,623		—		(248,822	)
RBC Capital Markets	6/3/2020	USD	86,011,131	EUR	77,322,273		—		(174,221	)
Citigroup Global Markets	6/3/2020	USD	20,397,830	GBP	16,499,054		—		(21,191	)
JP Morgan & Chase Co.	6/3/2020	USD	60,959,492	GBP	49,307,850		—		(63,380	)
RBC Capital Markets	6/3/2020	USD	32,046,169	GBP	25,920,820		—		(33,474	)
Citigroup Global Markets	6/3/2020	USD	1,288,150	NOK	12,520,900		—		(59	)
JP Morgan & Chase Co.	6/3/2020	USD	1,492,126	NOK	14,503,691		—		(55	)
RBC Capital Markets	6/3/2020	USD	1,597,043	NOK	15,523,500		—		(59	)
Citigroup Global Markets	6/3/2020	USD	5,760,851	SEK	54,257,250		—		(2,453	)
JP Morgan & Chase Co.	6/3/2020	USD	6,994,547	SEK	65,876,536		—		(2,978	)
RBC Capital Markets	6/3/2020	USD	9,130,677	SEK	85,995,000		—		(3,907	)
Citigroup Global Markets	7/3/2020	CHF	6,697,000	USD	6,976,928		7,384		—
Citigroup Global Markets	7/3/2020	CHF	1,363,000	USD	1,419,947		1,478		—
JP Morgan & Chase Co.	7/3/2020	CHF	39,030,722	USD	40,660,390		41,254		—
RBC Capital Markets	7/3/2020	CHF	32,983,917	USD	34,361,289		35,042		—
Citigroup Global Markets	7/3/2020	DKK	35,513,500	USD	5,303,134		10,909		—
JP Morgan & Chase Co.	7/3/2020	DKK	50,794,142	USD	7,584,851		15,503		—
RBC Capital Markets	7/3/2020	DKK	31,499,500	USD	4,703,664		9,605		—
RBC Capital Markets	7/3/2020	DKK	14,949,000	USD	2,232,236		4,534		—
Citigroup Global Markets	7/3/2020	EUR	14,640,000	USD	16,294,818		32,559		—
Citigroup Global Markets	7/3/2020	EUR	21,722,000	USD	24,177,303		48,288		—
JP Morgan & Chase Co.	7/3/2020	EUR	111,520,623	USD	124,122,230		244,007		—

See Notes to Financial Statements. 70

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2020

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets	7/3/2020	EUR	77,322,273	USD	86,061,236	$	170,882	$	—
Citigroup Global Markets	7/3/2020	GBP	16,499,054	USD	20,400,305		20,812		—
Citigroup Global Markets	7/3/2020	GBP	1,180,000	USD	1,459,016		1,490		—
JP Morgan & Chase Co.	7/3/2020	GBP	49,307,850	USD	60,966,691		62,049		—
RBC Capital Markets	7/3/2020	GBP	25,920,820	USD	32,049,539		32,359		—
Citigroup Global Markets	7/3/2020	NOK	12,520,900	USD	1,288,463		58		—
JP Morgan & Chase Co.	7/3/2020	NOK	14,503,691	USD	1,492,494		58		—
RBC Capital Markets	7/3/2020	NOK	15,523,500	USD	1,597,374		—		—
Citigroup Global Markets	7/3/2020	SEK	34,738,000	USD	3,689,299		1,457		—
Citigroup Global Markets	7/3/2020	SEK	54,257,250	USD	5,762,423		2,387		—
JP Morgan & Chase Co.	7/3/2020	SEK	65,876,536	USD	6,996,379		2,820		—
RBC Capital Markets	7/3/2020	SEK	85,995,000	USD	9,133,101		3,735		—
Total unrealized appreciation (depreciation)						$	3,166,635	$	(5,185,789	)

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

Currency Abbreviations

CHF Swiss Franc

DKK Danish Krone

EUR Euro

GBP Pound Sterling

NOK Norwegian Krone

SEK Swedish Krona

USD U.S. Dollar

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 May 31, 2020 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 (h)	$	472,659,717	$	—		$	0	$	472,659,717
Preferred Stocks		4,250,049		—			—		4,250,049
Rights (h)		47,791		—			0		47,791
Exchange-Traded Funds		534,602		—			—		534,602
Short-Term Investments (h)		17,346,084		—			—		17,346,084
Derivatives (i)
Forward Foreign Currency Contracts		—		3,166,635			—		3,166,635
Futures Contracts		650,910		—			—		650,910
TOTAL	$	495,489,153	$	3,166,635		$	0	$	498,655,788
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (i)
Forward Foreign Currency Contracts	$	—	$	(5,185,789	)	$	—	$	(5,185,789	)
TOTAL	$	—	$	(5,185,789	)	$	—	$	(5,185,789	)

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

(i) Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

During the year ended May 31, 2020, the amount of transfers from Level 1 to Level 3 was $300,531. The investment was transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity.

See Notes to Financial Statements. 71

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF

May 31, 2020

	Number of Shares		Value
COMMON STOCKS — 97.0%
Austria — 0.9%
Agrana Beteiligungs AG		84	$	1,622
ANDRITZ AG*		350		13,109
AT&S Austria Technologie & Systemtechnik AG		111		2,021
BAWAG Group AG, 144A*		290		9,561
CA Immobilien Anlagen AG*		293		9,855
DO & CO AG		27		1,498
Erste Group Bank AG*		1,346		29,531
EVN AG		174		2,971
FACC AG		99		732
IMMOFINANZ AG*		416		7,776
Kapsch TrafficCom AG		21		408
Lenzing AG*		68		3,329
Oesterreichische Post AG*		177		5,924
OMV AG*		673		22,203
Palfinger AG*		70		1,531
Porr AG (a)		39		658
Raiffeisen Bank International AG		697		12,797
S IMMO AG		218		4,114
S&T AG*(a)		203		5,318
Schoeller-Bleckmann Oilfield Equipment AG		66		1,788
Semperit AG Holding*		47		596
Telekom Austria AG*		732		5,265
UNIQA Insurance Group AG*		630		4,245
Verbund AG*		306		13,601
Vienna Insurance Group AG Wiener Versicherung Gruppe*		174		3,650
voestalpine AG		534		10,394
Wienerberger AG*		556		11,109
Zumtobel Group AG*		126		867
(Cost $243,614)				186,473
Belgium — 3.3%
Ackermans & van Haaren NV		108		14,830
Aedifica SA REIT		112		11,948
Ageas SA/NV*		869		29,585
AGFA-Gevaert NV*		808		3,238
Akka Technologies (a)		59		1,637
Anheuser-Busch InBev SA/NV		3,635		169,108
Barco NV		42		7,292
Befimmo SA REIT		111		4,596
Bekaert SA		159		3,399
Biocartis NV, 144A*		227		1,237
bpost SA		442		2,900
Cie d’Entreprises CFE*		39		2,810
Cofinimmo SA REIT		120		16,304
Colruyt SA		261		15,755
D’ieteren SA/NV		114		6,821
Econocom Group SA/NV		563		1,237
Elia Group SA/NV		153		17,935
Euronav NV		756		7,553
Exmar NV*		152		692
Fagron		352		8,401
Galapagos NV*		199		40,502
Gimv NV		111		6,654

	Number of Shares		Value
Belgium (Continued)
Groupe Bruxelles Lambert SA		402	$	32,451
Intervest Offices & Warehouses NV REIT		138		3,347
Ion Beam Applications*		96		820
KBC Ancora		171		5,698
KBC Group NV		1,187		62,021
Kinepolis Group NV*		69		2,845
Melexis NV		87		5,703
Mithra Pharmaceuticals SA*		60		1,569
Montea C.V.A REIT		49		4,580
Ontex Group NV		354		5,588
Orange Belgium SA		145		2,363
Proximus SADP		705		14,709
Recticel SA		129		1,071
Retail Estates NV REIT*		32		2,099
Sioen Industries NV*		35		697
Sofina SA		69		18,842
Solvay SA(a)		336		25,541
Telenet Group Holding NV		221		9,043
Tessenderlo Group SA*		101		2,915
UCB SA		603		60,242
Umicore SA		966		42,721
Van de Velde NV*		24		578
Warehouses De Pauw CVA REIT		565		14,867
X-Fab Silicon Foundries SE, 144A*		228		769
(Cost $999,696)				695,513
Finland — 3.6%
Aktia Bank OYJ*		200		1,983
Cargotec OYJ, Class B		217		4,745
Caverion OYJ*		578		3,715
Citycon OYJ(a)		339		2,280
Elisa OYJ		653		40,868
Finnair OYJ*(a)		223		872
Fortum OYJ		2,039		38,976
F-Secure OYJ*		383		1,316
Huhtamaki OYJ*		441		17,780
Kemira OYJ		450		5,744
Kesko OYJ, Class B		1,224		20,652
Kone OYJ, Class B		1,620		108,400
Konecranes OYJ*		298		7,119
Metsa Board OYJ*		1,087		7,740
Metso OYJ		480		15,542
Neste OYJ (a)		2,028		81,763
Nokia OYJ		26,554		105,098
Nokian Renkaat OYJ		566		13,156
Oriola OYJ, Class B		502		1,165
Orion OYJ, Class B		528		28,192
Outokumpu OYJ*		1,296		3,874
Outotec OYJ		807		4,137
Rovio Entertainment OYJ, 144A		227		1,361
Sampo OYJ, Class A*(a)		2,235		79,689
Sanoma OYJ		307		2,972
Stora Enso OYJ, Class R*		2,701		33,056
TietoEVRY OYJ*		492		12,933
Tokmanni Group Corp.		263		3,533
UPM-Kymmene OYJ		2,574		74,203
Uponor OYJ		233		2,912

See Notes to Financial Statements. 72

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Finland (Continued)
Valmet OYJ*		607	$	15,753
Wartsila OYJ Abp		2,160		16,841
YIT OYJ		890		4,890
(Cost $788,565)				763,260
France — 30.6%
ABC arbitrage		101		762
Accor SA*		910		25,607
Aeroports de Paris		137		14,242
Air France-KLM*(a)		940		4,240
Air Liquide SA		2,227		301,841
Airbus SE*		2,789		175,539
AKWEL		36		611
Albioma SA		98		3,470
ALD SA, 144A (a)		518		5,698
Alstom SA		884		37,132
Alten SA		136		10,900
Amundi SA, 144A*		268		19,917
Arkema SA		323		28,096
Atos SE*		451		33,953
Aubay		23		725
AXA SA*		9,285		168,826
Beneteau SA		126		892
BioMerieux		196		28,088
BNP Paribas SA*		5,352		191,627
Boiron SA*		27		989
Bollore SA		3,903		11,117
Bonduelle SCA		54		1,271
Bouygues SA*		1,126		34,423
Bureau Veritas SA*		1,456		29,561
Capgemini SE		766		78,312
Carmila SA REIT*		244		3,023
Carrefour SA		2,815		42,669
Casino Guichard Perrachon SA*(a)		177		6,657
Cellectis SA*		114		2,088
CGG SA*		3,365		3,614
Chargeurs SA		80		1,398
Cie de Saint-Gobain		2,400		77,446
Cie des Alpes		24		518
Cie Generale des Etablissements Michelin SCA*		821		82,805
Cie Plastic Omnium SA		301		6,191
CNP Assurances*		807		8,470
Coface SA*		413		2,352
Covivio REIT (a)		254		14,845
Credit Agricole SA*		5,584		48,497
Danone SA*		2,906		198,581
Dassault Aviation SA*		11		9,365
Dassault Systemes SE		622		105,121
DBV Technologies SA*		129		1,201
Derichebourg SA		323		991
Devoteam SA		21		1,641
Edenred		1,165		48,599
Eiffage SA*		397		36,137
Electricite de France SA		2,871		25,355
Elior Group SA, 144A		474		2,910
Elis SA*		945		11,644

	Number of Shares		Value
France (Continued)
Engie SA*		8,733	$	103,096
Eramet*(a)		39		1,354
EssilorLuxottica SA*		1,338		171,917
Etablissements Maurel et Prom SA		219		416
Eurazeo SE*		189		9,189
Europcar Mobility Group, 144A*(a)		383		658
Eutelsat Communications SA		803		7,987
Faurecia SE*		396		15,236
FFP		21		1,525
Fnac Darty SA*		70		2,280
Gaztransport Et Technigaz SA		99		7,319
Gecina SA REIT		218		27,998
Genfit*(a)		126		670
Getlink SE*		2,166		31,209
GL Events		54		743
Groupe Crit		5		305
Groupe Guillin		23		468
Guerbet		23		892
Hermes International		151		125,344
ICADE REIT		128		9,143
ID Logistics Group*		12		2,432
Iliad SA		64		11,253
Imerys SA		145		4,996
Ingenico Group SA		276		38,052
Innate Pharma SA*(a)		171		1,077
Interparfums SA*		74		2,686
Ipsen SA*		171		13,420
IPSOS		189		4,584
Jacquet Metal Service SA		65		805
JCDecaux SA*		436		8,852
Kaufman & Broad SA*		59		2,083
Kering SA		361		188,182
Klepierre SA REIT (a)		921		17,421
Korian SA		219		7,867
La Francaise des Jeux SAEM, 144A*		415		14,129
Lagardere SCA*		256		3,586
Legrand SA (a)		1,278		86,963
LISI*		75		1,427
LNA Sante SA		20		985
L’Oreal SA*		1,189		345,669
LVMH Moet Hennessy Louis Vuitton SE		1,313		546,561
Maisons du Monde SA, 144A		184		2,194
Manitou BF SA		36		660
Mercialys SA REIT		219		1,771
Mersen SA		84		1,916
Metropole Television SA*		111		1,286
Natixis SA*		4,402		9,739
Nexans SA*		119		4,845
Nexity SA		188		5,747
Orange SA		9,511		114,498
Orpea		247		28,954
Pernod Ricard SA		1,012		157,384
Peugeot SA*		2,798		39,771
Publicis Groupe SA		1,024		29,008
Quadient		156		2,246
Remy Cointreau SA		106		12,567
Renault SA		938		21,038

See Notes to Financial Statements. 73

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
France (Continued)
Rexel SA		1,137	$	11,465
Rubis SCA		413		19,668
Safran SA*		1,518		144,679
Sanofi		5,333		518,169
Sartorius Stedim Biotech*		128		34,641
Schneider Electric SE		2,606		258,153
SCOR SE*		744		18,318
SEB SA		99		13,561
SMCP SA, 144A*		168		914
Societe BIC SA		114		6,059
Societe Generale SA*		3,933		57,769
Sodexo SA		405		27,217
SOITEC*(a)		97		9,400
Sopra Steria Group		75		8,833
SPIE SA		528		8,159
Suez SA (a)		1,614		18,292
Synergie SA		25		587
Tarkett SA		133		1,367
Teleperformance*		284		67,181
Television Francaise 1*		189		1,062
Thales SA		524		40,007
TOTAL SA		11,693		436,446
Trigano SA		34		3,110
Ubisoft Entertainment SA*		429		33,173
Unibail-Rodamco-Westfield REIT		692		36,641
Valeo SA*		1,112		27,341
Vallourec SA*(a)		33		1,199
Veolia Environnement SA(a)		2,620		57,250
Verallia SA, 144A*		147		4,047
Vicat SA		92		2,768
Vilmorin & Cie SA		34		1,793
Vinci SA		2,434		224,363
Virbac SA*		15		3,164
Vivendi SA		3,961		89,829
Wendel SE*		126		11,553
Worldline SA, 144A*		649		48,355
(Cost $7,076,727)				6,450,893
Germany — 26.0%
Aareal Bank AG*		241		4,601
adidas AG*		901		237,237
ADO Properties SA, 144A		232		6,716
ADVA Optical Networking SE*		204		1,318
AIXTRON SE*		644		6,784
Allianz SE		1,968		355,693
alstria office REIT-AG REIT*		721		10,485
Amadeus Fire AG*		21		2,354
AURELIUS Equity Opportunities SE & Co. KGaA		96		1,693
Aurubis AG		176		10,159
BASF SE*		4,401		237,647
Basler AG		23		1,282
Bayer AG		4,635		312,409
Bayerische Motoren Werke AG		1,583		92,429
BayWa AG*		60		1,848
Bechtle AG		145		25,512
Beiersdorf AG		485		50,747

	Number of Shares		Value
Germany (Continued)
Bertrandt AG		21	$	833
bet-at-home.com AG*		5		223
Bilfinger SE*		112		2,131
Borussia Dortmund GmbH & Co. KGaA		301		2,118
Brenntag AG		713		37,523
CANCOM SE		195		12,230
Carl Zeiss Meditec AG*		186		19,016
CECONOMY AG*		810		2,386
Cewe Stiftung & Co. KGaA		21		2,149
Commerzbank AG*		4,609		17,912
CompuGroup Medical SE		118		9,608
Continental AG*		505		49,577
Covestro AG, 144A*		801		29,600
CropEnergies AG		232		2,264
CTS Eventim AG & Co. KGaA*		275		12,455
Daimler AG*		4,067		150,696
Datagroup SE		51		2,972
Delivery Hero SE, 144A*		604		57,781
Dermapharm Holding SE		71		3,834
Deutsche Bank AG*(b)		9,480		79,251
Deutsche Beteiligungs AG		52		1,706
Deutsche Boerse AG		904		148,416
Deutsche EuroShop AG		191		2,784
Deutsche Lufthansa AG*(a)		1,168		11,853
Deutsche Pfandbriefbank AG, 144A		597		4,109
Deutsche Post AG*		4,699		145,947
Deutsche Telekom AG*		15,727		247,464
Deutsche Wohnen SE		1,612		71,970
Deutz AG*		548		2,178
DIC Asset AG*		201		2,606
Draegerwerk AG & Co. KGaA*		11		706
Duerr AG		263		6,218
E.ON SE		10,717		113,087
Eckert & Ziegler Strahlen- und Medizintechnik AG*		19		2,980
Elmos Semiconductor AG		43		959
ElringKlinger AG*		127		663
Encavis AG (a)		368		5,000
Evonik Industries AG		1,075		26,432
Evotec SE*(a)		669		18,061
Flatex AG*		61		2,116
Fraport AG Frankfurt Airport Services Worldwide*(a)		190		9,411
Freenet AG		604		10,443
Fresenius Medical Care AG & Co. KGaA*		1,005		84,339
Fresenius SE & Co. KGaA*		1,987		95,285
GEA Group AG		698		20,757
Gerresheimer AG		136		11,579
GRENKE AG*(a)		133		10,696
Hamborner REIT AG REIT*		354		3,291
Hamburger Hafen und Logistik AG		111		1,799
Hannover Rueck SE		277		44,462
HeidelbergCement AG*		683		33,837
HelloFresh SE*		639		25,961
Henkel AG & Co. KGaA*		473		37,830
HOCHTIEF AG		110		9,659
Hornbach Holding AG & Co. KGaA		39		2,805

See Notes to Financial Statements. 74

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Germany (Continued)
HUGO BOSS AG		290	$	7,900
Hypoport SE*		20		8,880
Indus Holding AG*		66		2,128
Infineon Technologies AG		5,968		124,917
Isra Vision AG		67		3,719
Jenoptik AG		259		6,227
JOST Werke AG, 144A*		94		2,682
K+S AG*(a)		905		5,740
KION Group AG*		306		17,052
Kloeckner & Co. SE*		324		1,370
Knorr-Bremse AG		217		22,927
Koenig & Bauer AG*		53		1,114
Krones AG		66		4,293
KWS Saat SE & Co. KGaA		65		4,575
LANXESS AG*		378		19,503
LEG Immobilien AG*		339		42,176
Leoni AG*(a)		129		1,068
LPKF Laser & Electronics AG*		129		3,029
MBB SE*		6		406
Merck KGaA		599		68,587
METRO AG		797		7,428
MLP SE*		278		1,605
MorphoSys AG*		142		18,387
MTU Aero Engines AG*		246		39,568
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		683		155,120
Nemetschek SE*		255		20,069
New Work SE		14		4,367
Nordex SE*		292		2,817
Norma Group SE*		135		3,947
OHB SE*		24		944
OSRAM Licht AG*		459		20,141
PATRIZIA AG*		204		5,005
Pfeiffer Vacuum Technology AG		22		3,893
ProSiebenSat.1 Media SE(a)		1,012		12,919
Puma SE*		384		27,357
Rational AG*		17		9,103
Rheinmetall AG		197		15,955
RIB Software SE*(a)		203		6,535
Rocket Internet SE, 144A*		322		6,402
RWE AG*		2,792		92,327
Salzgitter AG*(a)		152		2,042
SAP SE		4,928		620,882
Scout24 AG, 144A		512		39,074
SGL Carbon SE*		217		676
Siemens AG		3,615		395,384
Siemens Healthineers AG, 144A		740		38,168
Siltronic AG*		102		9,930
Sixt Leasing SE*		54		1,127
Sixt SE (a)		64		5,122
SMA Solar Technology AG*		54		1,602
Software AG*		203		7,837
STRATEC SE*		21		1,912
Stroeer SE & Co. KGaA		137		9,908
Suedzucker AG		313		4,673
Symrise AG*		617		67,394
TAG Immobilien AG*		621		14,393

	Number of Shares		Value
Germany (Continued)
Takkt AG*		144	$	1,391
TeamViewer AG*		613		31,134
Telefonica Deutschland Holding AG		5,249		16,117
thyssenkrupp AG*(a)		1,899		12,774
Uniper SE		924		28,822
United Internet AG		502		20,551
Varta AG*(a)		94		9,610
VERBIO Vereinigte BioEnergie AG		114		1,125
Volkswagen AG*		149		23,553
Vonovia SE*		2,446		140,592
Vossloh AG*		47		2,035
Wacker Chemie AG*		75		4,677
Wacker Neuson SE*		129		1,750
Washtec AG*		64		2,629
Wirecard AG (a)		563		59,096
Wuestenrot & Wuerttembergische AG		84		1,531
Zalando SE, 144A*		735		49,639
zooplus AG*		35		5,463
(Cost $6,199,624)				5,505,677
Ireland — 2.1%
AerCap Holdings NV*		585		18,860
AIB Group PLC*		3,762		4,172
Bank of Ireland Group PLC*		4,440		7,970
Cairn Homes PLC		4,027		4,050
CRH PLC		3,790		123,268
Dalata Hotel Group PLC		738		2,662
Flutter Entertainment PLC(a)		640		81,913
Glanbia PLC		936		10,198
Glenveagh Properties PLC, 144A*		4,492		3,261
Hibernia REIT PLC REIT		2,966		3,582
Irish Residential Properties REIT PLC REIT		2,460		3,577
Kerry Group PLC, Class A		751		92,785
Kingspan Group PLC		747		46,063
Origin Enterprises PLC		559		1,725
Smurfit Kappa Group PLC		1,036		33,649
Uniphar PLC		1,451		3,093
(Cost $483,208)				440,828
Italy — 7.1%
A2A SpA		7,478		10,355
ACEA SpA		237		4,578
Amplifon SpA*		586		16,230
Anima Holding SpA, 144A		1,230		5,188
Arnoldo Mondadori Editore SpA*		419		490
Ascopiave SpA*		222		1,003
Assicurazioni Generali SpA		5,330		73,868
ASTM SpA*		323		6,633
Atlantia SpA*		2,334		37,814
Autogrill SpA		554		3,112
Azimut Holding SpA		523		8,650
Banca Carige SpA*(c)		462,340		770
Banca Farmafactoring SpA, 144A*		832		4,932
Banca Generali SpA*		253		6,841
Banca IFIS SpA*		79		727
Banca Mediolanum SpA		839		5,579
Banca Monte dei Paschi di Siena SpA*		1,327		1,937

See Notes to Financial Statements. 75

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Italy (Continued)
Banca Popolare di Sondrio SCPA*		1,971	$	3,179
Banco BPM SpA*		6,873		8,778
Biesse SpA*		49		504
BPER Banca*		1,780		4,242
Brunello Cucinelli SpA*		141		4,580
Buzzi Unicem SpA		358		7,107
Buzzi Unicem SpA-RSP		189		2,174
Cairo Communication SpA*		354		575
Carel Industries SpA, 144A		128		2,413
Cementir Holding NV		114		776
Cerved Group SpA*		879		6,074
CIR SpA-Compagnie Industriali		3,390		1,539
Credito Emiliano SpA*		405		1,947
Credito Valtellinese SpA*		26,604		1,639
Danieli & C Officine Meccaniche SpA		54		699
Danieli & C Officine Meccaniche SpA-RSP		144		1,018
Datalogic SpA*		81		1,017
Davide Campari-Milano SpA		2,639		21,385
De’ Longhi SpA*		308		6,585
DeA Capital SpA*		399		614
DiaSorin SpA*		120		25,109
doValue SpA, 144A*		152		1,159
El.En. SpA*		39		926
Enav SpA, 144A		1,319		5,974
Enel SpA		38,756		296,889
Eni SpA		12,004		108,239
ERG SpA		274		6,037
Falck Renewables SpA		578		3,455
Ferrari NV		596		100,496
Fila SpA*		99		918
Fincantieri SpA*(a)		2,190		1,473
FinecoBank Banca Fineco SpA*		2,843		33,152
Freni Brembo SpA*		891		8,313
Gruppo MutuiOnline SpA*		99		1,967
Hera SpA		3,814		14,606
Illimity Bank SpA*		284		2,270
IMA Industria Macchine Automatiche SpA*		102		6,205
Immobiliare Grande Distribuzione SIIQ SpA REIT*		278		1,001
Infrastrutture Wireless Italiane SpA, 144A		1,268		12,900
Interpump Group SpA		354		10,563
Intesa Sanpaolo SpA*		70,546		121,568
Iren SpA		2,711		6,729
Italgas SpA		2,323		12,599
Italmobiliare SpA		66		1,766
Juventus Football Club SpA*		2,213		2,285
La Doria SpA		20		234
Leonardo SpA*		1,819		11,307
Maire Tecnimont SpA*(a)		530		833
MARR SpA*		159		2,319
Mediaset SpA*(a)		1,978		3,384
Mediobanca Banca di Credito Finanziario SpA		2,861		18,534
Moncler SpA*		896		33,270
Nexi SpA, 144A*		1,487		24,380
Piaggio & C SpA		759		1,818

	Number of Shares		Value
Italy (Continued)
Pirelli & C SpA, 144A*		1,715	$	7,672
Poste Italiane SpA, 144A		2,438		21,364
Prysmian SpA		1,220		25,927
RAI Way SpA, 144A*		466		2,824
Recordati SpA		473		21,485
Reply SpA		125		10,913
Saipem SpA		2,713		6,430
Salvatore Ferragamo SpA*		189		2,629
Saras SpA*		2,585		2,310
Sesa SpA		38		2,134
Snam SpA		9,610		44,633
Societa Cattolica di Assicurazioni SC*		622		2,853
Tamburi Investment Partners SpA		370		2,452
Technogym SpA, 144A*		399		3,289
Telecom Italia SpA*		41,652		15,350
Telecom Italia SpA-RSP		25,785		9,926
Terna Rete Elettrica Nazionale SpA		6,653		44,828
Tinexta SpA		125		1,604
Tod’s SpA*		41		1,081
UniCredit SpA*		10,164		86,492
Unione di Banche Italiane SpA*		4,349		12,267
Unipol Gruppo SpA*		1,999		7,003
Webuild SpA(a)		809		1,116
Zignago Vetro SpA		63		827
(Cost $1,744,156)				1,485,639
Luxembourg — 0.8%
APERAM SA		247		6,786
ArcelorMittal SA*		3,538		33,795
Aroundtown SA		5,408		29,668
Befesa SA, 144A		197		7,468
Corestate Capital Holding SA*(a)		55		1,107
Eurofins Scientific SE		62		41,831
Grand City Properties SA		487		11,017
SES SA		1,655		12,224
Solutions 30 SE*(a)		308		4,096
Stabilus SA		106		5,735
Tenaris SA		2,167		13,451
(Cost $284,003)				167,178
Netherlands — 11.5%
Aalberts NV*		456		12,477
ABN AMRO Bank NV, 144A		1,919		15,359
Accell Group NV*		110		2,668
Adyen NV, 144A*		85		111,621
Aegon NV		9,121		24,350
Akzo Nobel NV		935		76,389
Alfen Beheer BV, 144A*		101		3,122
Altice Europe NV*		3,158		12,620
AMG Advanced Metallurgical Group NV		145		2,425
Arcadis NV*		311		5,317
Argenx SE*		209		44,428
ASM International NV		230		26,693
ASML Holding NV		2,006		652,330
ASR Nederland NV		638		17,493
Basic-Fit NV, 144A*		188		4,758
BE Semiconductor Industries NV		332		12,648

See Notes to Financial Statements. 76

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Netherlands (Continued)
Boskalis Westminster*		376	$	6,945
Brunel International NV*		109		692
Corbion NV*		282		10,346
Eurocommercial Properties NV		186		2,358
Euronext NV, 144A		249		22,914
EXOR NV		493		26,520
Flow Traders, 144A		142		4,968
ForFarmers NV		95		603
Fugro NV*(a)		348		1,313
Heineken Holding NV		542		44,582
Heineken NV		1,219		111,608
IMCD NV*		255		24,009
ING Groep NV		18,467		119,019
Intertrust NV, 144A		387		6,109
Just Eat Takeaway.com NV, 144A*		573		62,054
Koninklijke Ahold Delhaize NV		5,200		131,665
Koninklijke BAM Groep NV*		1,368		2,314
Koninklijke DSM NV		813		103,829
Koninklijke KPN NV		17,597		43,052
Koninklijke Philips NV*		4,234		191,711
Koninklijke Vopak NV		338		18,501
NIBC Holding NV, 144A		234		1,862
NN Group NV		1,381		42,571
NSI NV REIT		84		3,184
OCI NV*		400		4,507
Pharming Group NV*		2,520		3,728
PostNL NV		1,875		2,784
Prosus NV*		2,287		189,386
QIAGEN NV*		1,123		49,003
Randstad NV		615		25,758
SBM Offshore NV		790		10,778
Shop Apotheke Europe NV, 144A*		50		5,145
SIF Holding NV*		38		428
Signify NV, 144A*		605		12,915
TKH Group NV		186		6,553
TomTom NV*		323		2,734
Vastned Retail NV REIT		71		1,416
Wereldhave NV REIT(a)		173		1,462
Wolters Kluwer NV		1,299		103,359
(Cost $2,111,163)				2,427,383
Portugal — 0.6%
Altri SGPS SA		294		1,350
Banco Comercial Portugues SA, Class R		40,733		4,454
Corticeira Amorim SGPS SA		224		2,293
CTT-Correios de Portugal SA*		577		1,313
EDP—Energias de Portugal SA		11,950		56,018
Galp Energia SGPS SA		2,303		27,392
Jeronimo Martins SGPS SA*		1,165		19,890
Mota-Engil SGPS SA		467		595
Navigator Co. SA*		1,124		2,777
NOS SGPS SA*		1,266		5,202
REN—Redes Energeticas Nacionais SGPS SA		2,236		6,007
Semapa-Sociedade de Investimento e Gestao*		107		985
Sonae SGPS SA		3,626		2,701
(Cost $143,152)				130,977

	Number of Shares		Value
Spain — 7.8%
Acciona SA(a)		98	$	9,769
Acerinox SA*		872		6,905
ACS Actividades de Construccion y Servicios SA		1,217		31,004
Aedas Homes SA, 144A*		107		1,758
Aena SME SA, 144A*		318		45,254
Almirall SA*		255		3,354
Amadeus IT Group SA		2,061		107,390
Applus Services SA		574		4,533
Atresmedia Corp. de Medios de Comunicacion SA		384		1,027
Banco Bilbao Vizcaya Argentaria SA		31,946		99,044
Banco de Sabadell SA		26,504		7,961
Banco Santander SA		78,270		177,025
Bankia SA		5,465		4,816
Bankinter SA		2,994		12,666
Bolsas y Mercados Espanoles SHMSF SA		375		13,704
CaixaBank SA		16,929		31,561
Cellnex Telecom SA, 144A*		1,200		67,829
Cia de Distribucion Integral Logista Holdings SA		219		4,031
CIE Automotive SA		380		6,838
Construcciones y Auxiliar de Ferrocarriles SA		86		2,964
Corp. Financiera Alba SA		90		3,597
Distribuidora Internacional de Alimentacion SA*		20,449		2,604
Ebro Foods SA		402		8,398
eDreams ODIGEO SA*		343		1,089
Enagas SA		1,237		27,751
Ence Energia y Celulosa SA		486		1,490
Endesa SA		1,508		35,739
Euskaltel SA, 144A		368		2,896
Faes Farma SA		1,221		4,927
Ferrovial SA*		32		867
Ferrovial SA		2,304		62,456
Fluidra SA*		213		2,624
Fomento de Construcciones y Contratas SA*		373		3,760
Gestamp Automocion SA, 144A		691		2,036
Global Dominion Access SA, 144A*		459		1,572
Grifols SA		1,443		45,043
Grupo Catalana Occidente SA		207		4,665
Grupo Empresarial San Jose SA*		174		917
Iberdrola SA		27,262		293,180
Indra Sistemas SA*		676		5,215
Industria de Diseno Textil SA		5,141		142,955
Inmobiliaria Colonial Socimi SA REIT		1,451		13,095
Lar Espana Real Estate Socimi SA REIT		407		2,004
Liberbank SA*		10,395		1,802
Mapfre SA		5,144		9,039
Masmovil Ibercom SA*		420		8,728
Mediaset Espana Comunicacion SA*		704		2,499
Melia Hotels International SA		488		2,417
Merlin Properties Socimi SA REIT		1,626		13,627
Metrovacesa SA, 144A*		172		1,105
Miquel y Costas & Miquel SA		111		1,641

See Notes to Financial Statements. 77

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Spain (Continued)
Naturgy Energy Group SA		1,382	$	25,612
Neinor Homes SA, 144A*		382		3,452
Pharma Mar SA*		881		6,039
Promotora de Informaciones SA, Class A*		1,286		802
Prosegur Cash SA, 144A		2,298		2,033
Prosegur Cia de Seguridad SA		1,177		2,637
Red Electrica Corp. SA		2,056		36,151
Repsol SA		6,808		63,254
Sacyr SA		1,700		3,321
Siemens Gamesa Renewable Energy SA*		1,117		18,766
Solaria Energia y Medio Ambiente SA*		234		2,596
Talgo SA, 144A*		459		2,150
Tecnicas Reunidas SA*		144		2,238
Telefonica SA		22,099		104,036
Unicaja Banco SA, 144A*		3,980		2,166
Viscofan SA		167		10,974
Zardoya Otis SA		808		5,740
(Cost $2,470,653)				1,641,138
Switzerland(d) — 0.4%
STMicroelectronics NV
(Cost $38,124)		3,004		73,661
United Kingdom(d) — 2.3%
CNH Industrial NV*		4,689		28,378
Coca-Cola European Partners PLC		975		36,757
Dialog Semiconductor PLC*		354		13,958
Fiat Chrysler Automobiles NV*		5,350		47,166
Unilever NV(a)		6,891		355,619
(Cost $483,672)				481,878
TOTAL COMMON STOCKS (Cost $23,066,357)				20,450,498
PREFERRED STOCKS — 1.6%
Germany — 1.6%
Bayerische Motoren Werke AG		254		11,667
Draegerwerk AG & Co. KGaA*		36		2,849
FUCHS PETROLUB SE		346		13,758
Henkel AG & Co. KGaA*		858		76,460

	Number of Shares		Value
Germany (Continued)
Jungheinrich AG*		203	$	3,934
Porsche Automobil Holding SE		703		38,168
Sartorius AG*		173		64,026
Sixt SE		76		4,146
STO SE & Co. KGaA		9		1,031
Volkswagen AG*		876		128,844
(Cost $366,289)				344,883
TOTAL PREFERRED STOCKS (Cost $366,289)				344,883
RIGHTS — 0.0%
Italy — 0.0%
Davide Campari-Milano SpA*, expires 6/21/20(c) (Cost $0)		2,639		0
WARRANTS — 0.0%
Spain — 0.0%
Abengoa SA*, expires 3/31/25 (Cost $43)		7,125		79
SECURITIES LENDING COLLATERAL — 3.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (e)(f) (Cost $667,973)		667,973		667,973
CASH EQUIVALENTS — 1.4%
DWS Government Money Market Series “Institutional Shares”, 0.12% (e) (Cost $290,364)		290,364		290,364
TOTAL INVESTMENTS — 103.2% (Cost $24,391,026)			$	21,753,797
Other assets and liabilities, net — (3.2%)				(676,743	)
NET ASSETS — 100.0%			$	21,077,054

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2020 is as follows:

	Value ($) at 5/31/2019		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2020		Value ($) at 5/31/2020
COMMON STOCKS — 0.3%
Germany — 0.3%
Deutsche Bank AG*(b)
		86,260		3,127		(27,547	)		(33,816	)		51,227		—		—		9,480		79,251
SECURITIES LENDING COLLATERAL — 3.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (e)(f)
		1,747,284		—		(1,079,311	)(g)		—			—		7,938		—		667,973		667,973
CASH EQUIVALENTS — 1.4%
DWS Government Money Market Series “Institutional Shares”, 0.12% (e)
		720,256		7,638,894		(8,068,786	)		—			—		9,036		—		290,364		290,364
		2,553,800		7,642,021		(9,175,644	)		(33,816	)		51,227		16,974		–		967,817		1,037,588

See Notes to Financial Statements. 78

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2020

* 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 May 31, 2020 amounted to $625,994, which is 3.0% of net assets.

(b) Affiliated issuer. This security is owned in proportion with its representation in the index.

(c) Investment was valued using significant unobservable inputs.

(d) Securities listed in country of domicile and traded on an exchange within Eurozone.

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

(f) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $30,530.

(g) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2020.

REIT: Real Estate Investment Trust

RSP: Risparmio (Convertible Savings Shares)

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.

At May 31, 2020, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value	Expiration Date		Unrealized Appreciation
EURO STOXX 50 Futures	EUR	7	$	218,394	$236,685		6/19/2020	$	18,291

As of May 31, 2020, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
Citigroup Global Markets	6/3/2020	EUR	999,000		USD	1,094,744	$	–	$	(14,265	)
Citigroup Global Markets	6/3/2020	EUR	2,057,000		USD	2,254,235		–		(29,279	)
Citigroup Global Markets	6/3/2020	EUR	150,000		USD	163,647		–		(2,871	)
JP Morgan & Chase Co.	6/3/2020	EUR	8,187,330		USD	8,972,290		–		(116,619	)
RBC Capital Markets	6/3/2020	EUR	6,954,000		USD	7,620,784		–		(98,982	)
Citigroup Global Markets	6/3/2020	USD	3,566,274		EUR	3,206,000		–		(7,233	)
JP Morgan & Chase Co.	6/3/2020	USD	9,107,177		EUR	8,187,330		–		(18,267	)
RBC Capital Markets	6/3/2020	USD	7,735,435		EUR	6,954,000		–		(15,669	)
Citigroup Global Markets	7/3/2020	EUR	762,000		USD	848,132		1,695		–
Citigroup Global Markets	7/3/2020	EUR	3,206,000		USD	3,568,384		7,127		–
JP Morgan & Chase Co.	7/3/2020	EUR	8,187,330		USD	9,112,482		17,914		–
RBC Capital Markets	7/3/2020	EUR	6,954,000		USD	7,739,941		15,368		–
Total unrealized appreciation (depreciation)							$	42,104	$	(303,185	)

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

Currency Abbreviations

EUR Euro

USD U.S. Dollar

See Notes to Financial Statements. 79

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2020

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 May 31, 2020 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 (h)	$	20,449,728	$	—		$	770	$	20,450,498
Preferred Stocks		344,883		—			—		344,883
Rights		—		—			0		0
Warrants		79		—			—		79
Short-Term Investments (h)		958,337		—			—		958,337
Derivatives (i)
Forward Foreign Currency Contracts		—		42,104			—		42,104
Futures Contracts		18,291		—			—		18,291
TOTAL	$	21,771,318	$	42,104		$	770	$	21,814,192
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (i)
Forward Foreign Currency Contracts	$	—	$	(303,185	)	$	—	$	(303,185	)
TOTAL	$	—	$	(303,185	)	$	—	$	(303,185	)

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

(i) Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

See Notes to Financial Statements. 80

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF

May 31, 2020

	Number of Shares		Value
COMMON STOCKS — 91.4%
Communication Services — 5.8%
Deutsche Telekom AG*		43,424	$	683,275
Scout24 AG, 144A		1,397		106,613
Telefonica Deutschland Holding AG		13,521		41,515
United Internet AG		1,317		53,917
(Cost $1,038,506)				885,320
Consumer Discretionary — 12.4%
adidas AG*		2,480		652,994
Bayerische Motoren Werke AG		4,308		251,538
Continental AG*		1,431		140,486
Daimler AG*		11,144		412,924
Delivery Hero SE, 144A*		1,667		159,472
Puma SE*		1,079		76,871
Volkswagen AG*		425		67,180
Zalando SE, 144A*		1,976		133,450
(Cost $2,607,356)				1,894,915
Consumer Staples — 1.7%
Beiersdorf AG		1,313		137,383
Henkel AG & Co. KGaA*		1,351		108,052
METRO AG		2,394		22,312
(Cost $319,068)				267,747
Financials — 14.4%
Allianz SE		5,432		981,771
Commerzbank AG*		12,991		50,487
Deutsche Bank AG*(a)		25,568		213,743
Deutsche Boerse AG		2,474		406,172
Hannover Rueck SE		786		126,163
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		1,880		426,979
(Cost $2,773,514)				2,205,315
Health Care — 12.0%
Bayer AG		12,798		862,614
Carl Zeiss Meditec AG*		517		52,856
Fresenius Medical Care AG & Co. KGaA*		2,777		233,045
Fresenius SE & Co. KGaA*		5,444		261,063
Merck KGaA		1,683		192,706
QIAGEN NV*		3,019		131,737
Siemens Healthineers AG, 144A		1,954		100,785
(Cost $2,880,664)				1,834,806
Industrials — 12.8%
Brenntag AG		2,010		105,781
Deutsche Lufthansa AG*		3,148		31,946
Deutsche Post AG*		12,884		400,167
Fraport AG Frankfurt Airport Services Worldwide*		545		26,994
GEA Group AG		1,999		59,447
HOCHTIEF AG		322		28,273
KION Group AG*		854		47,589
Knorr-Bremse AG		629		66,457
MTU Aero Engines AG*		691		111,145
Siemens AG		9,964		1,089,795
(Cost $2,191,006)				1,967,594

	Number of Shares		Value
Information Technology — 15.4%
Infineon Technologies AG		16,293	$	341,031
Nemetschek SE*		749		58,948
SAP SE		13,604		1,713,978
TeamViewer AG*		1,692		85,937
Wirecard AG		1,529		160,493
(Cost $1,827,944)				2,360,387
Materials — 7.6%
BASF SE*		11,950		645,281
Covestro AG, 144A*		2,256		83,367
Evonik Industries AG		2,723		66,952
HeidelbergCement AG*		1,930		95,615
LANXESS AG*		1,078		55,620
Symrise AG*		1,675		182,959
thyssenkrupp AG*		5,162		34,724
(Cost $1,941,108)				1,164,518
Real Estate — 5.1%
Aroundtown SA		15,007		82,327
Deutsche Wohnen SE		4,454		198,854
LEG Immobilien AG*		897		111,600
Vonovia SE*		6,716		386,025
(Cost $663,292)				778,806
Utilities — 4.2%
E.ON SE		29,252		308,671
RWE AG*		7,608		251,584
Uniper SE		2,623		81,818
(Cost $729,405)				642,073
TOTAL COMMON STOCKS (Cost $16,971,863)				14,001,481
PREFERRED STOCKS — 6.0%
Consumer Discretionary — 3.3%
Bayerische Motoren Werke AG		746		34,267
Porsche Automobil Holding SE		1,992		108,151
Volkswagen AG*		2,415		355,202
(Cost $878,369)				497,620
Consumer Staples — 1.4%
Henkel AG & Co. KGaA* (Cost $273,880)		2,322		206,924
Health Care — 1.1%
Sartorius AG* (Cost $69,381)		463		171,352
Materials — 0.2%
FUCHS PETROLUB SE (Cost $38,109)		886		35,229
TOTAL PREFERRED STOCKS (Cost $1,259,739)				911,125
EXCHANGE-TRADED FUNDS — 0.9%
iShares Currency Hedged MSCI Germany ETF (b) (Cost $133,125)		5,183		134,538

See Notes to Financial Statements. 81

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
SECURITIES LENDING COLLATERAL — 0.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (c)(d) (Cost $111,300)		111,300	$	111,300
CASH EQUIVALENTS — 1.5%
DWS Government Money Market Series “Institutional Shares”, 0.12% (c) (Cost $229,525)		229,525		229,525
TOTAL INVESTMENTS — 100.5% (Cost $18,705,552)			$	15,387,969
Other assets and liabilities, net — (0.5%)				(74,043	)
NET ASSETS — 100.0%			$	15,313,926

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2020 is as follows:

	Value ($) at 5/31/2019		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2020		Value ($) at 5/31/2020
COMMON STOCKS — 1.4%
Financials — 1.4%
Deutsche Bank AG*(a)
		264,960		25,417			(135,498	)		(271,350	)		330,214		—		—		25,568		213,743
SECURITIES LENDING COLLATERAL — 0.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (c)(d)
		—		111,300(e	)		—			—			—		93		—		111,300		111,300
CASH EQUIVALENTS —1.5%
DWS Government Money Market Series “Institutional Shares”, 0.12% (c)
		266,383		4,818,677			(4,855,535	)		—			—		5,035		—		229,525		229,525
		531,343		4,955,394			(4,991,033	)		(271,350	)		330,214		5,128		—		366,393		554,568

* Non-income producing security.

(a) Affiliated issuer. This security is owned in proportion with its representation in the index.

(b) All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at May 31, 2020 amounted to $109,022, which is 0.7% of net assets.

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

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

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2020.

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.

At May 31, 2020, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
DAX Mini Futures	EUR	3	$	179,893	$	193,190	6/19/2020	$	13,297

See Notes to Financial Statements. 82

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF (Continued)

May 31, 2020

As of May 31, 2020, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Citigroup Global Markets	6/3/2020	EUR	5,765,367	USD	6,317,920	$	—	$	(82,323	)
JP Morgan & Chase Co.	6/3/2020	EUR	2,461,000	USD	2,696,948		—		(35,054	)
JP Morgan & Chase Co.	6/3/2020	EUR	1,643,000	USD	1,800,552		—		(23,373	)
RBC Capital Markets	6/3/2020	EUR	3,086,919	USD	3,382,908		—		(43,939	)
RBC Capital Markets	6/3/2020	EUR	96,000	USD	104,714		—		(1,857	)
Citigroup Global Markets	6/3/2020	USD	6,413,250	EUR	5,765,367		—		(13,007	)
JP Morgan & Chase Co.	6/3/2020	USD	4,565,084	EUR	4,104,000		—		(9,157	)
RBC Capital Markets	6/3/2020	USD	3,540,590	EUR	3,182,919		—		(7,171	)
Citigroup Global Markets	7/3/2020	EUR	5,765,367	USD	6,417,044		12,816		—
JP Morgan & Chase Co.	7/3/2020	EUR	4,104,000	USD	4,567,744		8,980		—
RBC Capital Markets	7/3/2020	EUR	704,000	USD	783,568		1,558		—
RBC Capital Markets	7/3/2020	EUR	3,182,919	USD	3,542,653		7,034		—
Total unrealized appreciation (depreciation)						$	30,388	$	(215,881	)

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

Currency Abbreviations

EUR Euro

USD U.S. Dollar

Fair Value Measurements

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

The following is a summary of the inputs used as of May 31, 2020 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 (f)	$	14,001,481	$	—		$	—	$	14,001,481
Preferred Stocks (f)		911,125		—			—		911,125
Exchange-Traded Funds		134,538		—			—		134,538
Short-Term Investments (f)		340,825		—			—		340,825
Derivatives (g)
Forward Foreign Currency Contracts		—		30,388			—		30,388
Futures Contracts		13,297		—			—		13,297
TOTAL	$	15,401,266	$	30,388		$	—	$	15,431,654
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (g)
Forward Foreign Currency Contracts	$	—	$	(215,881	)	$	—	$	(215,881	)
TOTAL	$	—	$	(215,881	)	$	—	$	(215,881	)

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

(g) Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

See Notes to Financial Statements. 83

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF

May 31, 2020

	Number of Shares		Value
COMMON STOCKS — 96.8%
Communication Services — 8.8%
CyberAgent, Inc.		6,500	$	327,275
Dentsu Group, Inc.		14,336		383,507
Hakuhodo DY Holdings, Inc.		15,680		194,682
Kakaku.com, Inc.		8,036		194,184
KDDI Corp.		106,115		3,085,694
Konami Holdings Corp.		5,964		209,316
LINE Corp.*		3,747		187,272
Nexon Co. Ltd.		31,164		649,027
Nintendo Co. Ltd.		7,221		2,915,317
Nippon Telegraph & Telephone Corp.		82,752		1,875,339
NTT DOCOMO, Inc.		75,205		2,058,209
Softbank Corp.		122,600		1,552,892
SoftBank Group Corp.		100,686		4,511,241
Square Enix Holdings Co. Ltd. (a)		5,900		286,124
Toho Co. Ltd.		7,098		260,634
Z Holdings Corp.		172,528		703,902
(Cost $19,554,125)				19,394,615
Consumer Discretionary — 17.1%
ABC-Mart, Inc.		2,011		122,139
Aisin Seiki Co. Ltd.		10,423		328,120
Bandai Namco Holdings, Inc.		12,707		706,488
Benesse Holdings, Inc.		4,588		124,097
Bridgestone Corp.		35,107		1,164,428
Casio Computer Co. Ltd.		12,292		216,217
Denso Corp.		27,810		1,065,261
Fast Retailing Co. Ltd.		3,789		2,126,646
Hikari Tsushin, Inc.		1,352		295,987
Honda Motor Co. Ltd.		105,045		2,711,718
Iida Group Holdings Co. Ltd.		9,066		134,504
Isetan Mitsukoshi Holdings Ltd.		20,875		139,560
Isuzu Motors Ltd.		35,295		330,384
JTEKT Corp.		11,784		94,954
Koito Manufacturing Co. Ltd.		6,672		282,421
Marui Group Co. Ltd.		11,602		209,029
Mazda Motor Corp.		36,504		233,217
McDonald’s Holdings Co. Japan Ltd.		4,519		240,103
Mercari, Inc.*		5,400		160,731
Mitsubishi Motors Corp.		40,238		113,425
NGK Spark Plug Co. Ltd.		10,190		164,125
Nikon Corp.		19,859		182,302
Nissan Motor Co. Ltd.		145,447		540,681
Nitori Holdings Co. Ltd.		5,147		932,326
Oriental Land Co. Ltd.		12,825		1,856,946
Pan Pacific International Holdings Corp.		26,600		535,478
Panasonic Corp.		143,544		1,281,774
Rakuten, Inc.		54,938		497,190
Rinnai Corp.		2,255		189,650
Ryohin Keikaku Co. Ltd.		15,800		238,659
Sega Sammy Holdings, Inc.		11,188		145,653
Sekisui Chemical Co. Ltd.		23,852		332,860
Sekisui House Ltd.		39,452		750,848
Sharp Corp.		13,055		141,269
Shimamura Co. Ltd.		1,470		103,321
Shimano, Inc.		4,784		878,771
Sony Corp.		81,793		5,213,455

	Number of Shares		Value
Consumer Discretionary (Continued)
Stanley Electric Co. Ltd.		7,746	$	188,110
Subaru Corp.		39,917		880,361
Sumitomo Electric Industries Ltd.		48,913		568,977
Sumitomo Rubber Industries Ltd.		11,030		112,095
Suzuki Motor Corp.		23,689		822,838
Toyoda Gosei Co. Ltd.		4,163		88,900
Toyota Industries Corp.		9,099		464,885
Toyota Motor Corp.		136,573		8,554,412
USS Co. Ltd.		14,218		247,591
Yamada Denki Co. Ltd.		45,747		222,277
Yamaha Corp.		8,507		413,340
Yamaha Motor Co. Ltd.		18,424		265,653
Yokohama Rubber Co. Ltd.		7,646		115,351
ZOZO, Inc.		6,834		125,724
(Cost $41,837,742)				37,855,251
Consumer Staples — 8.2%
Aeon Co. Ltd.		42,102		930,503
Ajinomoto Co., Inc.		29,901		509,325
Asahi Group Holdings Ltd.		24,797		933,063
Calbee, Inc.		5,608		161,982
Coca-Cola Bottlers Japan Holdings, Inc.		7,700		152,793
Cosmos Pharmaceutical Corp.		1,200		172,136
FamilyMart Co. Ltd.		15,836		296,471
Ito En Ltd.		3,300		189,105
Japan Tobacco, Inc.		76,789		1,521,967
Kao Corp.		30,984		2,484,294
Kikkoman Corp.(a)		9,048		454,728
Kirin Holdings Co. Ltd.		53,089		1,086,689
Kobayashi Pharmaceutical Co. Ltd.		3,200		284,853
Kobe Bussan Co. Ltd.		3,900		201,790
Kose Corp.		2,088		261,182
Lawson, Inc.		3,269		180,660
Lion Corp.		14,788		338,008
MEIJI Holdings Co. Ltd.		7,393		555,957
NH Foods Ltd.		5,311		196,001
Nisshin Seifun Group, Inc.		12,475		194,219
Nissin Foods Holdings Co. Ltd.		4,170		347,999
Pigeon Corp.		7,400		288,191
Pola Orbis Holdings, Inc.		5,479		106,486
Seven & i Holdings Co. Ltd.		48,502		1,658,184
Shiseido Co. Ltd.		25,707		1,566,090
Sundrug Co. Ltd.		4,657		156,752
Suntory Beverage & Food Ltd.		9,036		368,662
Toyo Suisan Kaisha Ltd.		5,712		298,192
Tsuruha Holdings, Inc.		2,397		353,843
Unicharm Corp.		25,874		962,073
Welcia Holdings Co. Ltd.		3,000		251,750
Yakult Honsha Co. Ltd.		7,638		467,438
Yamazaki Baking Co. Ltd.		7,806		139,769
(Cost $19,900,330)				18,071,155
Energy — 0.7%
Idemitsu Kosan Co. Ltd.		12,160		269,483
Inpex Corp.		65,944		459,153
JXTG Holdings, Inc.		199,737		767,315
(Cost $2,508,327)				1,495,951

See Notes to Financial Statements. 84

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Financials — 9.0%
Acom Co. Ltd.		26,674	$	108,581
Aozora Bank Ltd.		7,292		135,366
Bank of Kyoto Ltd.		3,304		118,563
Chiba Bank Ltd.		34,060		161,702
Concordia Financial Group Ltd.		69,638		227,294
Dai-ichi Life Holdings, Inc.		69,419		903,100
Daiwa Securities Group, Inc.		93,144		385,808
Fukuoka Financial Group, Inc.		11,148		181,209
Japan Exchange Group, Inc.		32,332		694,638
Japan Post Bank Co. Ltd. (a)		26,625		219,725
Japan Post Holdings Co. Ltd.		101,270		736,296
Japan Post Insurance Co. Ltd.		14,700		186,468
Mebuki Financial Group, Inc.		57,362		129,782
Mitsubishi UFJ Financial Group, Inc.		785,942		3,237,196
Mitsubishi UFJ Lease & Finance Co. Ltd.		27,216		132,742
Mizuho Financial Group, Inc.		1,546,072		1,928,200
MS&AD Insurance Group Holdings, Inc.		28,989		850,760
Nomura Holdings, Inc.		202,577		869,515
ORIX Corp.		84,827		1,124,000
Resona Holdings, Inc.		135,176		486,080
SBI Holdings, Inc.		15,299		327,557
Seven Bank Ltd.		37,504		106,762
Shinsei Bank Ltd.		10,447		133,197
Shizuoka Bank Ltd.		26,582		169,088
Sompo Holdings, Inc.		21,575		766,613
Sony Financial Holdings, Inc.		9,482		228,247
Sumitomo Mitsui Financial Group, Inc.		83,872		2,425,674
Sumitomo Mitsui Trust Holdings, Inc.		21,662		636,934
T&D Holdings, Inc.		35,349		318,926
Tokio Marine Holdings, Inc.		40,971		1,773,403
Tokyo Century Corp.		2,800		121,637
(Cost $27,940,168)				19,825,063
Health Care — 11.7%
Alfresa Holdings Corp.		12,690		255,695
Asahi Intecc Co. Ltd.		13,000		397,793
Astellas Pharma, Inc.		119,735		2,125,575
Chugai Pharmaceutical Co. Ltd.		14,445		2,128,342
Daiichi Sankyo Co. Ltd.		36,461		3,409,608
Eisai Co. Ltd.		16,312		1,276,282
Hisamitsu Pharmaceutical Co., Inc.		3,406		171,492
Hoya Corp.		24,286		2,276,707
Kyowa Kirin Co. Ltd.		17,260		467,650
M3, Inc.		28,384		1,142,256
Medipal Holdings Corp.		11,382		225,540
Nippon Shinyaku Co. Ltd.		3,000		258,148
Olympus Corp.		74,876		1,299,369
Ono Pharmaceutical Co. Ltd.		23,683		675,716
Otsuka Holdings Co. Ltd.		25,100		1,132,055
PeptiDream, Inc.*		6,000		268,997
Santen Pharmaceutical Co. Ltd.		23,674		436,842
Shionogi & Co. Ltd.		17,308		1,020,874
Sumitomo Dainippon Pharma Co. Ltd.		11,548		163,082
Suzuken Co. Ltd.		4,232		153,631
Sysmex Corp.		10,844		865,750
Taisho Pharmaceutical Holdings Co. Ltd.		2,046		129,766

	Number of Shares		Value
Health Care (Continued)
Takeda Pharmaceutical Co. Ltd.		101,223	$	3,933,660
Terumo Corp.		41,402		1,623,909
(Cost $20,879,380)				25,838,739
Industrials — 19.7%
AGC, Inc.		12,562		355,270
Amada Co. Ltd.		21,134		188,324
ANA Holdings, Inc.*(a)		7,518		181,179
Central Japan Railway Co.		9,326		1,594,184
Dai Nippon Printing Co. Ltd.		15,743		357,500
Daifuku Co. Ltd.		6,500		505,077
Daikin Industries Ltd.		16,048		2,358,578
East Japan Railway Co.		19,085		1,495,371
FANUC Corp.		12,489		2,225,195
Fuji Electric Co. Ltd.		7,906		211,056
Hankyu Hanshin Holdings, Inc.		14,940		551,358
Hino Motors Ltd.		17,460		118,024
Hitachi Construction Machinery Co. Ltd.		6,920		181,590
Hoshizaki Corp.		3,354		270,572
ITOCHU Corp.		86,388		1,850,399
Japan Airlines Co. Ltd.		6,554		128,655
Japan Airport Terminal Co. Ltd.		3,135		137,789
JGC Holdings Corp.		13,683		147,050
Kajima Corp.		27,976		316,998
Kamigumi Co. Ltd.		5,742		112,077
Kawasaki Heavy Industries Ltd.		8,593		135,933
Keihan Holdings Co. Ltd.		6,104		289,791
Keikyu Corp.		14,181		236,821
Keio Corp.		6,636		393,810
Keisei Electric Railway Co. Ltd.		7,984		261,704
Kintetsu Group Holdings Co. Ltd.		11,010		540,061
Komatsu Ltd.		56,837		1,148,914
Kubota Corp.		67,763		910,774
Kurita Water Industries Ltd.		6,242		172,886
Kyushu Railway Co. (a)		10,200		288,942
LIXIL Group Corp.		17,716		247,066
Makita Corp.		14,044		475,317
Marubeni Corp.		106,087		514,770
MINEBEA MITSUMI, Inc.		23,924		419,494
MISUMI Group, Inc.		18,220		483,524
Mitsubishi Corp.		86,291		2,012,350
Mitsubishi Electric Corp.		118,026		1,552,412
Mitsubishi Heavy Industries Ltd.		20,602		532,506
Mitsui & Co. Ltd.		106,871		1,620,729
Miura Co. Ltd.		5,500		234,596
MonotaRO Co. Ltd.		8,000		290,417
Nabtesco Corp.		7,372		228,655
Nagoya Railroad Co. Ltd.		11,801		355,633
NGK Insulators Ltd.		16,064		235,199
Nidec Corp.		28,690		1,761,650
Nihon M&A Center, Inc.		9,500		381,427
Nippon Express Co. Ltd.		4,639		238,306
Nippon Yusen KK		9,612		138,416
NSK Ltd.		22,098		161,465
Obayashi Corp.		42,508		392,976
Odakyu Electric Railway Co. Ltd.		18,877		470,678
Park24 Co. Ltd.		7,168		138,980

See Notes to Financial Statements. 85

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Industrials (Continued)
Persol Holdings Co. Ltd.		12,100	$	159,882
Recruit Holdings Co. Ltd.		81,791		2,813,711
Secom Co. Ltd.		13,472		1,166,004
Seibu Holdings, Inc.		14,530		189,700
SG Holdings Co. Ltd.		10,200		332,449
Shimizu Corp.		35,468		299,938
SMC Corp.		3,658		1,844,179
Sohgo Security Services Co. Ltd.		4,522		222,232
Sumitomo Corp.		75,273		905,970
Sumitomo Heavy Industries Ltd.		7,158		163,278
Taisei Corp.		12,652		438,764
THK Co. Ltd.		7,276		188,908
Tobu Railway Co. Ltd.		12,090		428,242
Tokyu Corp.		32,222		510,317
Toppan Printing Co. Ltd.		17,639		301,439
Toshiba Corp.		24,523		669,440
TOTO Ltd.		9,038		357,849
Toyota Tsusho Corp.		13,431		339,994
West Japan Railway Co.		10,379		668,964
Yamato Holdings Co. Ltd.		20,417		451,334
Yaskawa Electric Corp.		15,482		555,569
(Cost $47,511,197)				43,560,611
Information Technology — 11.8%
Advantest Corp.		12,900		636,358
Brother Industries Ltd.		14,722		276,980
Canon, Inc.		64,497		1,327,079
Disco Corp.		1,800		401,576
FUJIFILM Holdings Corp.		22,957		1,060,307
Fujitsu Ltd.		12,640		1,300,978
GMO Payment Gateway, Inc.		2,700		303,686
Hamamatsu Photonics KK		8,788		397,658
Hirose Electric Co. Ltd.		2,266		270,420
Hitachi Ltd.		62,234		1,993,773
Itochu Techno-Solutions Corp.		6,000		202,513
Keyence Corp.		11,686		4,805,731
Kyocera Corp.		20,508		1,108,834
Lasertec Corp.		4,800		393,899
Murata Manufacturing Co. Ltd.		36,945		2,060,589
NEC Corp.		15,593		699,079
Nomura Research Institute Ltd.		20,722		547,232
NTT Data Corp.		40,240		464,545
Obic Co. Ltd.		4,462		772,870
Omron Corp.		12,017		795,599
Oracle Corp.		2,472		288,356
Otsuka Corp.		6,660		321,128
Renesas Electronics Corp.*		49,400		256,058
Ricoh Co. Ltd.		42,934		316,894
Rohm Co. Ltd.		5,512		370,550
SCSK Corp.		3,300		161,259
Seiko Epson Corp.		17,824		200,643
Shimadzu Corp.		14,236		384,792
SUMCO Corp.		17,100		261,784
TDK Corp.		8,328		778,397
TIS, Inc.		14,100		300,317
Tokyo Electron Ltd.		9,614		1,916,649
Trend Micro, Inc.		8,572		470,548
Yokogawa Electric Corp.		14,608		210,224
(Cost $24,475,170)				26,057,305

	Number of Shares		Value
Materials — 4.6%
Air Water, Inc.		12,404	$	180,001
Asahi Kasei Corp.		82,184		647,748
Daicel Corp.		15,746		133,157
Hitachi Metals Ltd.		12,846		147,941
JFE Holdings, Inc.		32,019		235,143
JSR Corp.		13,151		257,545
Kansai Paint Co. Ltd.		11,406		236,063
Kuraray Co. Ltd.		21,121		221,698
Maruichi Steel Tube Ltd.		3,532		90,359
Mitsubishi Chemical Holdings Corp.		81,696		480,502
Mitsubishi Gas Chemical Co., Inc.		9,876		146,888
Mitsubishi Materials Corp.		7,072		160,857
Mitsui Chemicals, Inc.		12,181		253,006
Nippon Paint Holdings Co. Ltd.		9,463		658,975
Nippon Steel Corp.		51,237		471,583
Nissan Chemical Corp.		8,002		352,817
Nitto Denko Corp.		10,118		546,970
Oji Holdings Corp.		52,584		263,785
Shin-Etsu Chemical Co. Ltd.		22,831		2,671,679
Showa Denko KK		8,200		195,790
Sumitomo Chemical Co. Ltd.		93,756		290,366
Sumitomo Metal Mining Co. Ltd.		15,005		417,544
Taiheiyo Cement Corp.		7,778		183,695
Taiyo Nippon Sanso Corp.		9,680		162,642
Teijin Ltd.		11,759		192,340
Toray Industries, Inc.		90,042		437,415
Tosoh Corp.		15,900		220,856
(Cost $13,684,100)				10,257,365
Real Estate — 3.6%
Aeon Mall Co. Ltd.		6,422		90,216
Daito Trust Construction Co. Ltd.		4,151		438,213
Daiwa House Industry Co. Ltd.		36,517		905,603
Daiwa House REIT Investment Corp. REIT		123		303,836
GLP J REIT		227		302,470
Hulic Co. Ltd. (a)		19,410		196,179
Japan Prime Realty Investment Corp. REIT		51		155,584
Japan Real Estate Investment Corp. REIT		84		457,991
Japan Retail Fund Investment Corp. REIT		171		225,474
Mitsubishi Estate Co. Ltd.		76,624		1,217,088
Mitsui Fudosan Co. Ltd.		59,682		1,147,486
Nippon Building Fund, Inc. REIT		84		526,533
Nippon Prologis REIT, Inc. REIT (a)		134		377,727
Nomura Real Estate Holdings, Inc.		8,028		148,434
Nomura Real Estate Master Fund, Inc. REIT		268		329,269
Orix JREIT, Inc. REIT		159		229,702
Sumitomo Realty & Development Co. Ltd.		20,050		554,863
Tokyu Fudosan Holdings Corp.		38,327		194,043
United Urban Investment Corp. REIT		194		205,432
(Cost $10,053,122)				8,006,143
Utilities — 1.6%
Chubu Electric Power Co., Inc.		41,234		554,783
Chugoku Electric Power Co., Inc.		18,768		257,561

See Notes to Financial Statements. 86

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Utilities (Continued)
Electric Power Development Co. Ltd.		9,066	$	170,904
Kansai Electric Power Co., Inc.		45,107		449,000
Kyushu Electric Power Co., Inc.		23,790		197,652
Osaka Gas Co. Ltd.		24,489		488,894
Toho Gas Co. Ltd.		4,928		242,642
Tohoku Electric Power Co., Inc.		27,921		288,932
Tokyo Electric Power Co. Holdings, Inc.*		93,484		314,662
Tokyo Gas Co. Ltd.		23,865		568,825
(Cost $4,367,642)				3,533,855
TOTAL COMMON STOCKS (Cost $232,711,303)				213,896,053
SECURITIES LENDING COLLATERAL — 0.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (b)(c) (Cost $1,079,236)		1,079,236		1,079,236

	Number of Shares		Value
CASH EQUIVALENTS — 2.2%
DWS ESG Liquidity Fund “Capital Shares”, 0.47% (b)		117,533	$	117,580
DWS Government Money Market Series “Institutional Shares”, 0.12% (b)		4,794,642		4,794,642
TOTAL CASH EQUIVALENTS (Cost $4,912,173)				4,912,222
TOTAL INVESTMENTS — 99.5% (Cost $238,702,712)			$	219,887,511
Other assets and liabilities, net — 0.5%				1,042,792
NET ASSETS — 100.0%			$	220,930,303

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2020 is as follows:

	Value ($) at 5/31/2019		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2020		Value ($) at 5/31/2020
SECURITIES LENDING COLLATERAL — 0.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (b)(c)
		10,080		1,069,156	(d)		—			—		—		25,590		—		1,079,236		1,079,236
CASH EQUIVALENTS — 2.2%
DWS ESG Liquidity Fund “Capital Shares”, 0.47% (b)
		115,456		2,075			—			—		49		2,110		—		117,533		117,580
DWS Government Money Market Series “Institutional Shares”, 0.12% (b)
		1,732,723		125,866,567			(122,804,648	)		—		—		100,193		—		4,794,642		4,794,642
		1,858,259		126,937,798			(122,804,648	)		—		49		127,893		—		5,991,411		5,991,458

* 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 May 31, 2020 amounted to $1,399,960, which is 0.6% of net assets.

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

(c) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $409,390.

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2020.

REIT: Real Estate Investment Trust

At May 31, 2020, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Appreciation
Nikkei 225 Futures	JPY		3	$	536,881	$	606,704		6/11/2020	$	69,823
TOPIX Index Futures	JPY		43		5,629,886		6,216,051		6/11/2020		586,165
Total unrealized appreciation										$	655,988

See Notes to Financial Statements. 87

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

May 31, 2020

As of May 31, 2020, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Citigroup Global Markets	6/3/2020	JPY	8,342,200,100	USD	78,035,594	$	678,590	$	—
JP Morgan & Chase Co.	6/3/2020	JPY	7,878,056,100	USD	73,695,222		642,213		—
RBC Capital Markets	6/3/2020	JPY	7,487,436,800	USD	70,040,194		609,387		—
RBC Capital Markets	6/3/2020	JPY	174,812,000	USD	1,635,275		14,247		—
Citigroup Global Markets	6/3/2020	USD	676,806	JPY	72,269,000		—		(6,657	)
Citigroup Global Markets	6/3/2020	USD	21,589,737	JPY	2,322,949,900		—		(49,083	)
Citigroup Global Markets	6/3/2020	USD	55,200,598	JPY	5,946,981,200		—		(54,396	)
JP Morgan & Chase Co.	6/3/2020	USD	73,124,389	JPY	7,878,056,100		—		(71,380	)
RBC Capital Markets	6/3/2020	USD	71,122,249	JPY	7,662,248,800		—		(70,415	)
Citigroup Global Markets	7/3/2020	JPY	5,946,981,200	USD	55,224,434		53,730		—
JP Morgan & Chase Co.	7/3/2020	JPY	7,878,056,100	USD	73,155,625		70,158		—
RBC Capital Markets	7/3/2020	JPY	7,662,248,800	USD	71,150,978		67,575		—
RBC Capital Markets	7/3/2020	JPY	2,143,262,000	USD	19,902,404		19,161		—
Total unrealized appreciation (depreciation)						$	2,155,061	$	(251,931	)

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

Currency Abbreviations

JPY Japanese Yen

USD U.S. Dollar

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 May 31, 2020 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 (e)	$	213,896,053	$	—		$	—	$	213,896,053
Short-Term Investments (e)		5,991,458		—			—		5,991,458
Derivatives (f)
Forward Foreign Currency Contracts		—		2,155,061			—		2,155,061
Futures Contracts		655,988		—			—		655,988
TOTAL	$	220,543,499	$	2,155,061		$	—	$	222,698,560
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (f)
Forward Foreign Currency Contracts	$	—	$	(251,931	)	$	—	$	(251,931	)
TOTAL	$	—	$	(251,931	)	$	—	$	(251,931	)

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

(f) Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

See Notes to Financial Statements. 88

This Page is Intentionally Left Blank

89

DBX ETF Trust

Statements of Assets and Liabilities

May 31, 2020

	Xtrackers MSCI All World ex US Hedged Equity ETF			Xtrackers MSCI Emerging Markets Hedged Equity ETF			Xtrackers MSCI Europe Hedged Equity ETF			Xtrackers MSCI Eurozone Hedged Equity ETF
Assets
Investment in non-affiliated securities at value	$	95,715,843		$	88,440,641		$	476,498,991		$	20,716,209
Investment in affiliated securities at value		82,252			—			993,168			79,251
Investment in DWS ESG Liquidity Fund*		—			—			639,380			—
Investment in DWS Government Money Market Series*		1,949,518			1,075,539			8,725,094			290,364
Investment in DWS Government & Agency Securities Portfolio**		1,267,996			404,374			7,981,610			667,973
Cash		—			75			—			—
Foreign currency at value		525,580			227,607			3,295,424			90,101
Receivable for return of collateral pledged for forward foreign currency contracts		—			20,000			280,000			—
Unrealized appreciation on forward foreign currency contracts		700,894			793,566			3,166,635			42,104
Deposit with broker for futures contracts		299,956			127,200			1,210,982			42,312
Foreign tax receivable		338			—			—			—
Receivables:
Investment securities sold		2,724,809			2,570,659			5,548,852			329,988
Variation margin on futures contracts		21,850			6,483			635,119			36,673
Dividends		264,326			147,298			613,728			14,287
Interest		292			181			1,488			38
Securities lending income		1,987			813			11,198			393
Foreign tax reclaim		86,241			349			1,911,800			17,216
Total assets	$	103,641,882		$	93,814,785		$	511,513,469		$	22,326,909
Liabilities
Payable upon return of securities loaned	$	1,267,996		$	404,374		$	7,981,610		$	667,973
Payable upon return of deposit for forward foreign currency contracts		40,000			290,000			129,768			—
Unrealized depreciation on forward foreign currency contracts		906,289			924,969			5,185,789			303,185
Payables:
Investment securities purchased		2,725,494			2,758,873			11,021,764			271,064
Investment advisory fees		32,325			48,505			178,562			7,633
Total liabilities		4,972,104			4,426,721			24,497,493			1,249,855
Net Assets, at value	$	98,669,778		$	89,388,064		$	487,015,976		$	21,077,054
Net Assets Consist of
Paid-in capital	$	103,830,624		$	106,094,020		$	683,837,321		$	25,254,631
Distributable earnings (loss)		(5,160,846	)		(16,705,956	)		(196,821,345	)		(4,177,577	)
Net Assets, at value	$	98,669,778		$	89,388,064		$	487,015,976		$	21,077,054
Number of Common Shares outstanding		3,850,001			4,250,800			18,100,001			750,001
Net Asset Value	$	25.63		$	21.03		$	26.91		$	28.10
Investment in non-affiliated securities at cost	$	99,053,686		$	83,281,249		$	585,483,280		$	23,174,515
Investment in affiliated securities at cost	$	140,075		$	—		$	3,703,086		$	258,174
Value of securities loaned	$	1,481,130		$	1,029,929		$	7,754,778		$	625,994
Investment in DWS ESG Liquidity Fund at cost*	$	—		$	—		$	639,124		$	—
Investment in DWS Government Money Market Series at cost*	$	1,949,518		$	1,075,539		$	8,725,094		$	290,364
Investment in DWS Government & Agency Securities Portfolio at cost**	$	1,267,996		$	404,374		$	7,981,610		$	667,973
Non-cash collateral for securities on loan	$	341,623		$	679,558		$	276,240		$	30,530
Foreign currency at cost	$	517,127		$	226,250		$	3,193,067		$	88,513
*Includescollateral held for forward foreign currency contracts	$	40,000		$	290,000		$	129,768		$	—

** Represents collateral on securities loaned.

See Notes to Financial Statements. 90

DBX ETF Trust

Statements of Assets and Liabilities (Continued)

May 31, 2020

	Xtrackers MSCI Germany Hedged Equity ETF			Xtrackers MSCI Japan Hedged Equity ETF
Assets
Investment in non-affiliated securities at value	$	14,833,401		$	213,896,053
Investment in affiliated securities at value		213,743			—
Investment in DWS ESG Liquidity Fund*		—			117,580
Investment in DWS Government Money Market Series*		229,525			4,794,642
Investment in DWS Government & Agency Securities Portfolio**		111,300			1,079,236
Foreign currency at value		156,458			746,859
Unrealized appreciation on forward foreign currency contracts		30,388			2,155,061
Deposit with broker for futures contracts		44,741			243,390
Receivables:
Investment securities sold		432,146			3,792,458
Variation margin on futures contracts		27,557			—
Dividends		18,611			1,988,254
Interest		28			436
Securities lending income		31			540
Total assets	$	16,097,929		$	228,814,509
Liabilities
Payable upon return of securities loaned	$	111,300		$	1,079,236
Payable upon return of deposit for forward foreign currency contracts		—			1,567,638
Unrealized depreciation on forward foreign currency contracts		215,881			251,931
Payables:
Investment securities purchased		451,329			4,791,101
Investment advisory fees		5,493			86,441
Variation margin on futures contracts		—			107,859
Total liabilities		784,003			7,884,206
Net Assets, at value	$	15,313,926		$	220,930,303
Net Assets Consist of
Paid-in capital	$	25,516,066		$	403,893,755
Distributable earnings (loss)		(10,202,140	)		(182,963,452	)
Net Assets, at value	$	15,313,926		$	220,930,303
Number of Common Shares outstanding		600,800			5,550,800
Net Asset Value	$	25.49		$	39.80
Investment in non-affiliated securities at cost	$	17,508,113		$	232,711,303
Investment in affiliated securities at cost	$	856,614		$	—
Value of securities loaned	$	109,022		$	1,399,960
Investment in DWS ESG Liquidity Fund at cost*	$	—		$	117,531
Investment in DWS Government Money Market Series at cost*	$	229,525		$	4,794,642
Investment in DWS Government & Agency Securities Portfolio at cost**	$	111,300		$	1,079,236
Non-cash collateral for securities on loan	$	—		$	409,390
Foreign currency at cost	$	153,072		$	767,729
*Includescollateral held for forward foreign currency contracts	$	—		$	1,567,638
**   Represents collateral on securities loaned.

See Notes to Financial Statements. 91

DBX ETF Trust

Statements of Operations

For the Year Ended May 31, 2020

	Xtrackers MSCI All World ex US Hedged Equity ETF			Xtrackers MSCI Emerging Markets Hedged Equity ETF			Xtrackers MSCI Europe Hedged Equity ETF			Xtrackers MSCI Eurozone Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	2,488,383		$	2,770,465		$	16,617,570		$	414,755
Income distributions from affiliated funds		32,975			26,672			210,624			9,036
Affiliated securities lending income		16,441			11,609			155,304			7,938
Unaffiliated non-cash dividend income		191,788			708,109			—			—
Unaffiliated securities lending income, net of borrower rebates		6,793			9,963			—			6,951
Total investment income		2,736,380			3,526,818			16,983,498			438,680
Expenses
Investment advisory fees		405,330			700,413			3,391,052			111,228
Other expenses		9,750			9,180			91,609			3,890
Total expenses		415,080			709,593			3,482,661			115,118
Less fees waived (see note 3):
Waiver		(1,748	)		(1,450	)		(9,832	)		(415	)
Net expenses		413,332			708,143			3,472,829			114,703
Net investment income (loss)		2,323,048			2,818,675			13,510,669			323,977
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments**		(3,973,806	)		(2,388,452	)		(24,543,839	)		(441,070	)
Investments in affiliates		—			—			(147,586	)		—
In-kind redemptions		176,951			875,506			44,215,272			1,104,938
In-kind redemptions in affiliates		36			—			(963,484	)		(33,816	)
Futures contracts		(446,166	)		(611,394	)		(311,692	)		(26,632	)
Foreign currency transactions		(736	)		(86,871	)		(65,306	)		1,175
Forward foreign currency contracts		3,313,847			4,836,767			27,526,271			1,217,837
Payments by Affiliates (see note 8)		—			6,700			—			—
Net realized gain (loss)		(929,874	)		2,632,256			45,709,636			1,822,432
Net change in unrealized appreciation (depreciation) on:
Investments***		(2,657,504	)		(7,274,385	)		(33,084,722	)		(1,807,214	)
Investments in affiliates		13,669			—			1,405,477			51,227
Futures contracts		480,606			167,520			690,703			32,165
Foreign currency translations		6,409			(5,127	)		192,572			1,520
Forward foreign currency contracts		(478,442	)		(869,547	)		(9,604,939	)		(442,022	)
Net change in unrealized appreciation (depreciation)		(2,635,262	)		(7,981,539	)		(40,400,909	)		(2,164,324	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(3,565,136	)		(5,349,283	)		5,308,727			(341,892	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(1,242,088	)	$	(2,530,608	)	$	18,819,396		$	(17,915	)
*   Unaffiliated foreign tax withheld	$	285,852		$	350,561		$	1,575,472		$	79,180
**   Net of foreign taxes	$	368		$	—		$	—		$	—
***  Net of change in deferred foreign taxes	$	(338	)	$	(97,449	)	$	—		$	—

See Notes to Financial Statements. 92

DBX ETF Trust

Statements of Operations (Continued)

For the Year Ended May 31, 2020

	Xtrackers MSCI Germany Hedged Equity ETF			Xtrackers MSCI Japan Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	241,422		$	6,636,083
Income distributions from affiliated funds		5,035			102,303
Affiliated securities lending income		93			25,590
Unaffiliated securities lending income, net of borrower rebates		34			12,586
Total investment income		246,584			6,776,562
Expenses
Investment advisory fees		82,172			1,422,226
Other expenses		650			30,964
Total expenses		82,822			1,453,190
Less fees waived (see note 3):
Waiver		(237	)		(5,051	)
Net expenses		82,585			1,448,139
Net investment income (loss)		163,999			5,328,423
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(760,477	)		(2,930,839	)
Investments in affiliates		(100,005	)		—
In-kind redemptions		270,391			(1,677,613	)
In-kind redemptions in affiliates		(171,345	)		—
Futures contracts		25,897			(404,655	)
Foreign currency transactions		3,708			346,498
Forward foreign currency contracts		957,873			(9,958,336	)
Payments by Affiliates (see note 8)		—			16,074
Net realized gain (loss)		226,042			(14,608,871	)
Net change in unrealized appreciation (depreciation) on:
Investments		267,533			24,848,405
Investments in affiliates		330,214			49
Futures contracts		23,421			1,177,175
Foreign currency translations		(629	)		(262,578	)
Forward foreign currency contracts		(317,173	)		14,218,630
Net change in unrealized appreciation (depreciation)		303,366			39,981,681
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		529,408			25,372,810
Net Increase (Decrease) in Net Assets Resulting from Operations	$	693,407		$	30,701,233
*   Unaffiliated foreign tax withheld	$	40,948		$	737,870

See Notes to Financial Statements. 93

DBX ETF Trust

Statements of Changes in Net Assets

	Xtrackers MSCI All World ex US Hedged Equity ETF						Xtrackers MSCI Emerging Markets Hedged Equity ETF
	Year Ended May 31, 2020			Year Ended May 31, 2019			Year Ended May 31, 2020			Year Ended May 31, 2019
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	2,323,048		$	2,954,717		$	2,818,675		$	3,039,387
Net realized gain (loss)		(929,874	)		9,965,487			2,632,256			12,289,264
Net change in net unrealized appreciation (depreciation)		(2,635,262	)		(15,964,037	)		(7,981,539	)		(25,515,305	)
Net increase (decrease) in net assets resulting from operations		(1,242,088	)		(3,043,833	)		(2,530,608	)		(10,186,654	)
Distributions to Shareholders		(3,108,889	)		(2,871,618	)		(3,043,154	)		(3,308,776	)
Fund Shares Transactions
Proceeds from shares sold		5,902,631			13,773,648			7,124,993			2,222,874
Value of shares redeemed		(1,340,557	)		(36,854,026	)		(24,500,575	)		(71,261,537	)
Net increase (decrease) in net assets resulting from fund share transactions		4,562,074			(23,080,378	)		(17,375,582	)		(69,038,663	)
Total net increase (decrease) in Net Assets		211,097			(28,995,829	)		(22,949,344	)		(82,534,093	)
Net Assets
Beginning of year		98,458,681			127,454,510			112,337,408			194,871,501
End of year	$	98,669,778		$	98,458,681		$	89,388,064		$	112,337,408
Changes in Shares Outstanding
Shares outstanding, beginning of year		3,700,001			4,600,001			5,150,800			8,150,800
Shares sold		200,000			500,000			300,000			100,000
Shares redeemed		(50,000	)		(1,400,000	)		(1,200,000	)		(3,100,000	)
Shares outstanding, end of year		3,850,001			3,700,001			4,250,800			5,150,800

See Notes to Financial Statements. 94

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers MSCI Europe Hedged Equity ETF						Xtrackers MSCI Eurozone Hedged Equity ETF
	Year Ended May 31, 2020			Year Ended May 31, 2019			Year Ended May 31, 2020			Year Ended May 31, 2019
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	13,510,669		$	28,225,910		$	323,977		$	901,991
Net realized gain (loss)		45,709,636			118,798,682			1,822,432			4,606,762
Net change in net unrealized appreciation (depreciation)		(40,400,909	)		(138,127,594	)		(2,164,324	)		(6,378,806	)
Net increase (decrease) in net assets resulting from operations		18,819,396			8,896,998			(17,915	)		(870,053	)
Distributions to Shareholders		(25,632,832	)		(41,023,718	)		(871,374	)		(915,112	)
Fund Shares Transactions
Proceeds from shares sold		93,076,067			113,864,798			—			—
Value of shares redeemed		(448,670,118	)		(775,486,486	)		(9,320,761	)		(8,639,289	)
Net increase (decrease) in net assets resulting from fund share transactions		(355,594,051	)		(661,621,688	)		(9,320,761	)		(8,639,289	)
Total net increase (decrease) in Net Assets		(362,407,487	)		(693,748,408	)		(10,210,050	)		(10,424,454	)
Net Assets
Beginning of year		849,423,463			1,543,171,871			31,287,104			41,711,558
End of year	$	487,015,976		$	849,423,463		$	21,077,054		$	31,287,104
Changes in Shares Outstanding
Shares outstanding, beginning of year		30,000,001			53,750,001			1,050,001			1,350,001
Shares sold		3,100,000			4,000,000			—			—
Shares redeemed		(15,000,000	)		(27,750,000	)		(300,000	)		(300,000	)
Shares outstanding, end of year		18,100,001			30,000,001			750,001			1,050,001

See Notes to Financial Statements. 95

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers MSCI Germany Hedged Equity ETF						Xtrackers MSCI Japan Hedged Equity ETF
	Year Ended May 31, 2020			Year Ended May 31, 2019			Year Ended May 31, 2020			Year Ended May 31, 2019
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	163,999		$	557,637		$	5,328,423		$	12,926,499
Net realized gain (loss)		226,042			2,745,810			(14,608,871	)		57,226,949
Net change in net unrealized appreciation (depreciation)		303,366			(5,431,377	)		39,981,681			(142,660,983	)
Net increase (decrease) in net assets resulting from operations		693,407			(2,127,930	)		30,701,233			(72,507,535	)
Distributions to Shareholders		(538,046	)		(859,921	)		(11,391,476	)		(35,027,849	)
Fund Shares Transactions
Proceeds from shares sold		—			—			14,116,878			89,826,392
Value of shares redeemed		(8,052,872	)		(10,125,607	)		(226,135,390	)		(721,905,897	)
Net increase (decrease) in net assets resulting from fund share transactions		(8,052,872	)		(10,125,607	)		(212,018,512	)		(632,079,505	)
Total net increase (decrease) in Net Assets		(7,897,511	)		(13,113,458	)		(192,708,755	)		(739,614,889	)
Net Assets
Beginning of year		23,211,437			36,324,895			413,639,058			1,153,253,947
End of year	$	15,313,926		$	23,211,437		$	220,930,303		$	413,639,058
Changes in Shares Outstanding
Shares outstanding, beginning of year		900,800			1,300,800			10,900,800			26,850,800
Shares sold		—			—			400,000			2,200,000
Shares redeemed		(300,000	)		(400,000	)		(5,750,000	)		(18,150,000	)
Shares outstanding, end of year		600,800			900,800			5,550,800			10,900,800

See Notes to Financial Statements. 96

DBX ETF Trust

Financial Highlights

Xtrackers MSCI All World ex US Hedged Equity ETF Selected Per Share Data	Years Ended May 31,
	2020			2019			2018			2017			2016
Net Asset Value, beginning of year	$	26.61		$	27.71		$	26.20		$	22.62		$	26.87
Income (loss) from investment operations:
Net investment income (loss)(a)		0.62			0.73			0.67			0.64			0.64
Net realized and unrealized gain (loss)		(0.76	)		(1.12	)		1.51			3.42			(3.57	)
Total from investment operations		(0.14	)		(0.39	)		2.18			4.06			(2.93	)
Less distributions from:
Net investment income		(0.84	)		(0.71	)		(0.67	)		(0.48	)		(0.86	)
Net realized gains		—			—			—			—			(0.46	)
Total distributions		(0.84	)		(0.71	)		(0.67	)		(0.48	)		(1.32	)
Net Asset Value, end of year	$	25.63		$	26.61		$	27.71		$	26.20		$	22.62
Total Return (%)		(0.78	)(b)		(1.30	)(b)		8.43			18.30			(11.17	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		99			98			127			105			68
Ratio of expenses before fee waiver (%)		0.41			0.41			0.40			0.40			0.40
Ratio of expenses after fee waiver (%)		0.41			0.41			0.40			0.40			0.40
Ratio of net investment income (loss) (%)		2.29			2.74			2.46			2.67			2.76
Portfolio turnover rate (%)(c)		10			13			11			15			24
Xtrackers MSCI Emerging Markets Hedged Equity ETF Selected Per Share Data	Years Ended May 31,
	2020			2019			2018			2017			2016
Net Asset Value, beginning of year	$	21.81		$	23.91		$	21.47		$	18.62		$	22.43
Income (loss) from investment operations:
Net investment income (loss)(a)		0.58			0.52			0.41			0.35			0.43
Net realized and unrealized gain (loss)		(0.74	)		(2.02	)		2.39			2.81			(3.60	)
Total from investment operations		(0.16	)		(1.50	)		2.80			3.16			(3.17	)
Less distributions from:
Net investment income		(0.62	)		(0.60	)		(0.36	)		(0.31	)		(0.64	)
Total distributions		(0.62	)		(0.60	)		(0.36	)		(0.31	)		(0.64	)
Net Asset Value, end of year	$	21.03		$	21.81		$	23.91		$	21.47		$	18.62
Total Return (%)		(1.01	)(b)		(6.18	)(b)		13.09			17.19			(14.32	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		89			112			195			188			130
Ratio of expenses before fee waiver (%)		0.66			0.66			0.65			0.65			0.65
Ratio of expenses after fee waiver (%)		0.66			0.66			0.65			0.65			0.65
Ratio of net investment income (loss) (%)		2.62			2.29			1.74			1.74			2.20
Portfolio turnover rate (%)(c)		20			13			15			43			32

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

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

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

See Notes to Financial Statements. 97

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI Europe Hedged Equity ETF Selected Per Share Data	Years Ended May 31,
	2020			2019			2018			2017			2016
Net Asset Value, beginning of year	$	28.31		$	28.71		$	28.29		$	25.65		$	29.47
Income (loss) from investment operations:
Net investment income (loss)(a)		0.52			0.75			0.68			0.76			0.79
Net realized and unrealized gain (loss)		(1.06	)(b)		(0.26	)		0.39			4.40			(3.19	)
Total from investment operations		(0.54	)		0.49			1.07			5.16			(2.40	)
Less distributions from:
Net investment income		(0.86	)		(0.89	)		(0.65	)		(0.85	)		(1.28	)
Net realized gains		—			—			—			(1.67	)		(0.14	)
Total distributions		(0.86	)		(0.89	)		(0.65	)		(2.52	)		(1.42	)
Net Asset Value, end of year	$	26.91		$	28.31		$	28.71		$	28.29		$	25.65
Total Return (%)		(2.16	)(c)		1.88	(c)		3.82			21.77			(8.46	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		487			849			1,543			2,747			3,310
Ratio of expenses before fee waiver (%)		0.46			0.47			0.45			0.45			0.45
Ratio of expenses after fee waiver (%)		0.46			0.47			0.45			0.45			0.45
Ratio of net investment income (loss) (%)		1.79			2.67			2.41			2.95			3.08
Portfolio turnover rate (%)(d)		13			7			11			17			18
Xtrackers MSCI Eurozone Hedged Equity ETF Selected Per Share Data	Years Ended May 31,
	2020			2019			2018			2017			2016
Net Asset Value, beginning of year	$	29.80		$	30.90		$	30.29		$	25.64		$	29.30
Income (loss) from investment operations:
Net investment income (loss)(a)		0.40			0.71			0.62			0.73			0.78
Net realized and unrealized gain (loss)		(1.15	)		(1.13	)		0.63			4.84			(3.15	)
Total from investment operations		(0.75	)		(0.42	)		1.25			5.57			(2.37	)
Less distributions from:
Net investment income		(0.95	)		(0.68	)		(0.64	)		(0.92	)		(1.29	)
Total distributions		(0.95	)		(0.68	)		(0.64	)		(0.92	)		(1.29	)
Net Asset Value, end of year	$	28.10		$	29.80		$	30.90		$	30.29		$	25.64
Total Return (%)		(2.80	)(c)		(1.34	)(c)		4.19			22.56			(8.45	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		21			31			42			65			83
Ratio of expenses before fee waiver (%)		0.47			0.47			0.45			0.45			0.45
Ratio of expenses after fee waiver (%)		0.46			0.47			0.45			0.45			0.45
Ratio of net investment income (loss) (%)		1.31			2.42			2.05			2.76			3.11
Portfolio turnover rate (%)(d)		11			5			14			16			22

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

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

(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.

See Notes to Financial Statements. 98

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI Germany Hedged Equity ETF Selected Per Share Data	Years Ended May 31,
	2020			2019			2018			2017			2016
Net Asset Value, beginning of year	$	25.77		$	27.93		$	27.87		$	23.40		$	27.34
Income (loss) from investment operations:
Net investment income (loss)(a)		0.24			0.53			0.57			0.40			0.33
Net realized and unrealized gain (loss)		0.08			(2.02	)		(0.09	)		4.78			(2.93	)
Total from investment operations		0.32			(1.49	)		0.48			5.18			(2.60	)
Less distributions from:
Net investment income		(0.60	)		(0.67	)		(0.42	)		(0.71	)		(1.34	)
Total distributions		(0.60	)		(0.67	)		(0.42	)		(0.71	)		(1.34	)
Net Asset Value, end of year	$	25.49		$	25.77		$	27.93		$	27.87		$	23.40
Total Return (%)		1.15	(b)		(5.48	)(b)		1.73			22.93			(9.99	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		15			23			36			66			110
Ratio of expenses before fee waiver (%)		0.45			0.46			0.45			0.45			0.45
Ratio of expenses after fee waiver (%)		0.45			0.46			0.45			0.45			0.45
Ratio of net investment income (loss) (%)		0.90			2.03			2.04			1.63			1.37
Portfolio turnover rate (%)(c)		14			11			17			12			16
Xtrackers MSCI Japan Hedged Equity ETF Selected Per Share Data	Years Ended May 31,
	2020			2019			2018			2017			2016
Net Asset Value, beginning of year	$	37.95		$	42.95		$	38.65		$	34.32		$	44.54
Income (loss) from investment operations:
Net investment income (loss)(a)		0.67			0.64			0.52			0.53			0.48
Net realized and unrealized gain (loss)		2.27			(4.24	)		4.69			4.22			(8.44	)
Total from investment operations		2.94			(3.60	)		5.21			4.75			(7.96	)
Less distributions from:
Net investment income		(1.09	)		(1.40	)		(0.91	)		(0.42	)		(1.39	)
Net realized gains		—			—			—			—			(0.87	)
Total distributions		(1.09	)		(1.40	)		(0.91	)		(0.42	)		(2.26	)
Net Asset Value, end of year	$	39.80		$	37.95		$	42.95		$	38.65		$	34.32
Total Return (%)		7.88	(b)		(8.59	)(b)		13.74			14.08			(18.65	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		221			414			1,153			1,780			1,026
Ratio of expenses before fee waiver (%)		0.46			0.47			0.46			0.45			0.45
Ratio of expenses after fee waiver (%)		0.46			0.47			0.46			0.45			0.45
Ratio of net investment income (loss) (%)		1.69			1.55			1.24			1.50			1.29
Portfolio turnover rate (%)(c)		12			15			12			22			15

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

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

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

See Notes to Financial Statements. 99

DBX ETF Trust

Notes to Financial Statements

1. Organization

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

As of May 31, 2020, the Trust consists of thirty-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 MSCI All World ex US Hedged Equity ETF

Xtrackers MSCI Emerging Markets Hedged Equity ETF

Xtrackers MSCI Europe Hedged Equity ETF

Xtrackers MSCI Eurozone Hedged Equity ETF

Xtrackers MSCI Germany Hedged Equity ETF

Xtrackers MSCI Japan Hedged Equity ETF

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

Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

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

Fund	Underlying Index
Xtrackers MSCI All World ex US Hedged Equity ETF	MSCI ACWI ex USA US Dollar Hedged Index
Xtrackers MSCI Emerging Markets Hedged Equity ETF	MSCI EM US Dollar Hedged Index
Xtrackers MSCI Europe Hedged Equity ETF	MSCI Europe US Dollar Hedged Index
Xtrackers MSCI Eurozone Hedged Equity ETF	MSCI EMU IMI US Dollar Hedged Index
Xtrackers MSCI Germany Hedged Equity ETF	MSCI Germany US Dollar Hedged Index
Xtrackers MSCI Japan Hedged Equity ETF	MSCI Japan US Dollar Hedged Index

The MSCI ACWI ex USA US Dollar Hedged Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States), while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies.

The MSCI EM US Dollar Hedged Index is designed to provide exposure to equity securities in the global emerging markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected emerging market currencies.

The MSCI Europe US Dollar Hedged Index is designed to provide exposure to equity securities in developed stock markets in Europe, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies.

The MSCI EMU IMI US Dollar Hedged Index is designed to provide exposure to equity securities from countries in the European Monetary Union, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro.

The MSCI Germany US Dollar Hedged Index is designed to provide exposure to German equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the euro.

The MSCI Japan US Dollar Hedged Index is designed to provide exposure to Japanese equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and Japanese yen.

100

DBX ETF Trust

Notes to Financial Statements (Continued)

The MSCI Hedged Underlying Indices are rebalanced monthly on the last trading day of the month, when the index will take into account the effect of rolling into new 1-month forward contracts based on the newly determined weights of currency to be sold for the next month’s index calculation. The currency weights are determined as of the close of two business days before the first calendar day of the following month and remain constant intra month. This means that no changes in the weights are made during the month to account for changes in the indexes due to price movement of securities, corporate events, additions, deletions or any other changes. The daily calculation of MSCI Hedged Indices marks to market the one-month forward contracts on a daily basis by using an equal and offsetting forward position.

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

Each Fund, except Xtrackers MSCI Germany Hedged Equity ETF, is diversified. Xtrackers MSCI Germany Hedged Equity ETF is non-diversified and is not limited by the 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. In addition, each Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.

Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.

2. Significant Accounting Policies

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.

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

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

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

Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.

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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 Board 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.

Tax Information and Dividends and Distributions to Shareholders    It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

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 year ended May 31, 2020, the Funds did not incur any interest or penalties.

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As of May 31, 2020, the components of accumulated earnings (losses) on a tax basis were as follows:

	Undistributed Ordinary Income		Capital and Other Gains (Losses)			Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Losses)
Xtrackers MSCI All World ex US Hedged Equity ETF	$	786,956	$	(1,496,679	)	$	(4,451,123	)	$	(5,160,846	)
Xtrackers MSCI Emerging Markets Hedged Equity ETF		266,652		(18,391,003	)		1,418,395			(16,705,956	)
Xtrackers MSCI Europe Hedged Equity ETF		6,218,883		(83,522,829	)		(119,517,399	)		(196,821,345	)
Xtrackers MSCI Eurozone Hedged Equity ETF		169,543		(1,307,560	)		(3,039,560	)		(4,177,577	)
Xtrackers MSCI Germany Hedged Equity ETF		167,617		(6,819,082	)		(3,550,675	)		(10,202,140	)
Xtrackers MSCI Japan Hedged Equity ETF		5,905,764		(167,638,146	)		(21,231,070	)		(182,963,452	)

The tax character of dividends and distributions declared for the years ended May 31, 2020 and May 31, 2019 were as follows:

	Year Ended May 31, 2020
	Ordinary Income*
Xtrackers MSCI All World ex US Hedged Equity ETF	$	3,108,889
Xtrackers MSCI Emerging Markets Hedged Equity ETF		3,043,154
Xtrackers MSCI Europe Hedged Equity ETF		25,632,832
Xtrackers MSCI Eurozone Hedged Equity ETF		871,374
Xtrackers MSCI Germany Hedged Equity ETF		538,046
Xtrackers MSCI Japan Hedged Equity ETF		11,391,476
	Year Ended May 31, 2019
	Ordinary Income*
Xtrackers MSCI All World ex US Hedged Equity ETF	$	2,871,618
Xtrackers MSCI Emerging Markets Hedged Equity ETF		3,308,776
Xtrackers MSCI Europe Hedged Equity ETF		41,023,718
Xtrackers MSCI Eurozone Hedged Equity ETF		915,112
Xtrackers MSCI Germany Hedged Equity ETF		859,921
Xtrackers MSCI Japan Hedged Equity ETF		35,027,849

* For tax purposes short-term capital gain distributions are considered ordinary income distributions.

At May 31, 2020, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

	Short-Term		Long-Term		Total Amount
Xtrackers MSCI All World ex US Hedged Equity ETF	$	—	$	1,496,679	$	1,496,679
Xtrackers MSCI Emerging Markets Hedged Equity ETF		10,392,893		7,998,110		18,391,003
Xtrackers MSCI Europe Hedged Equity ETF		—		83,522,829		83,522,829
Xtrackers MSCI Eurozone Hedged Equity ETF		—		1,307,560		1,307,560
Xtrackers MSCI Germany Hedged Equity ETF		1,391,384		5,427,698		6,819,082
Xtrackers MSCI Japan Hedged Equity ETF		72,266,077		95,372,069		167,638,146

For the fiscal year ended May 31, 2020, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to recognition of certain foreign currency gains (losses) as ordinary income (loss), Passive Foreign Investment Companies (“PFICs”), redemptions-in-kind, partnership investments, and accrued foreign capital gain taxes.

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	Distributable earnings (loss)			Paid-In Capital
Xtrackers MSCI All World ex US Hedged Equity ETF	$	(162,283	)	$	162,283
Xtrackers MSCI Emerging Markets Hedged Equity ETF		(467,153	)		467,153
Xtrackers MSCI Europe Hedged Equity ETF		(24,978,807	)		24,978,807
Xtrackers MSCI Eurozone Hedged Equity ETF		(920,775	)		920,775
Xtrackers MSCI Germany Hedged Equity ETF		122,003			(122,003	)
Xtrackers MSCI Japan Hedged Equity ETF		5,249,127			(5,249,127	)

As of May 31, 2020, 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 MSCI All World ex US Hedged Equity ETF	$	103,515,665	$	(4,460,717	)	$	13,611,891	$	(18,072,608	)
Xtrackers MSCI Emerging Markets Hedged Equity ETF		88,614,155		1,424,075			19,587,544		(18,163,469	)
Xtrackers MSCI Europe Hedged Equity ETF		614,442,701		(119,640,065	)		37,237,135		(156,877,200	)
Xtrackers MSCI Eurozone Hedged Equity ETF		24,795,245		(3,041,448	)		2,922,037		(5,963,485	)
Xtrackers MSCI Germany Hedged Equity ETF		18,942,505		(3,554,536	)		1,598,746		(5,153,282	)
Xtrackers MSCI Japan Hedged Equity ETF		241,764,331		(21,220,832	)		21,699,733		(42,920,565	)

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 May 31, 2020, 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    The Funds may lend securities to certain financial institutions under the terms of their 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 cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities 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 year ended May 31, 2020, the Funds invested the cash collateral into a joint trading account in DWS Government &

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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 (0.12% annualized effective rate as of May 31, 2020) 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 May 31, 2020, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

Remaining Contractual Maturity of the Agreements, as of November 30, 2019
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers MSCI All World ex US Hedged Equity ETF
Common Stocks	$	1,267,996	$	266	$	1,559	$	339,798	$	1,609,619
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	1,609,619
Xtrackers MSCI Emerging Markets Hedged Equity ETF
Common Stocks	$	404,374	$	1,092	$	7,819	$	670,647	$	1,083,932
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	1,083,932
Xtrackers MSCI Europe Hedged Equity ETF
Common Stocks	$	7,981,610	$	—	$	—	$	276,240	$	8,257,850
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	8,257,850
Xtrackers MSCI Eurozone Hedged Equity ETF
Common Stocks	$	667,973	$	—	$	—	$	30,530	$	698,503
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	698,503
Xtrackers MSCI Germany Hedged Equity ETF
Common Stocks	$	111,300	$	—	$	—	$	—	$	111,300
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	111,300
Xtrackers MSCI Japan Hedged Equity ETF
Common Stocks	$	1,079,236	$	—	$	—	$	409,390	$	1,488,626
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	1,488,626

Derivatives

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

A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the year ended May 31, 2020, The Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF and Xtrackers MSCI Eurozone Hedged Equity ETF invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. Similarly, the Xtrackers MSCI Germany Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF each invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against the euro and the Japanese yen, respectively.

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The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency contracts. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the Fund has in that particular currency contract.

A summary of the open forward currency contracts as of May 31, 2020 is included in a table following the Funds’ Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the respective Fund had to the value of non U.S currencies during the year ended May 31, 2020.

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 year ended May 31, 2020, Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF, Xtrackers MSCI Germany Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF utilized futures in order to simulate investments in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

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

A summary of the open futures contracts as of May 31, 2020 is included in a table following the Funds’ Schedule of Investments.

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The following tables summarize the value of the Funds’ derivative instruments held as of May 31, 2020 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

		Asset Derivatives			Liability Derivatives
Xtrackers MSCI All World ex US Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	417,310	Unrealized depreciation on futures contracts*	$	—
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	700,894	Unrealized depreciation on forward foreign currency contracts	$	906,289
		Total	$	1,118,204	Total	$	906,289
Xtrackers MSCI Emerging Markets Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	129,395	Unrealized depreciation on futures contracts*	$	—
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	793,566	Unrealized depreciation on forward foreign currency contracts		924,969
		Total	$	922,961	Total	$	924,969
Xtrackers MSCI Europe Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	650,910	Unrealized depreciation on futures contracts*	$	—
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		3,166,635	Unrealized depreciation on forward foreign currency contracts		5,185,789
		Total	$	3,817,545	Total	$	5,185,789
Xtrackers MSCI Eurozone Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	18,291	Unrealized depreciation on futures contracts*	$	—
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		42,104	Unrealized depreciation on forward foreign currency contracts		303,185
		Total	$	60,395	Total	$	303,185
Xtrackers MSCI Germany Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	13,297	Unrealized depreciation on futures contracts*	$	—
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		30,388	Unrealized depreciation on forward foreign currency contracts		215,881
		Total	$	43,685	Total	$	215,881
Xtrackers MSCI Japan Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	655,988	Unrealized depreciation on futures contracts*	$	—
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		2,155,061	Unrealized depreciation on forward foreign currency contracts		251,931
		Total	$	2,811,049		$	251,931

* 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.

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Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the year ended May 31, 2020 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			Forward Foreign Currency Contracts—Foreign Exchange Contracts			Total
Xtrackers MSCI All World ex US Hedged Equity ETF	$	(446,166	)	$	3,313,847		$	2,867,681
Xtrackers MSCI Emerging Markets Hedged Equity ETF		(611,394	)		4,836,767			4,225,373
Xtrackers MSCI Europe Hedged Equity ETF		(311,692	)		27,526,271			27,214,579
Xtrackers MSCI Eurozone Hedged Equity ETF		(26,632	)		1,217,837			1,191,205
Xtrackers MSCI Germany Hedged Equity ETF		25,897			957,873			983,770
Xtrackers MSCI Japan Hedged Equity ETF		(404,655	)		(9,958,336	)		(10,362,991	)
Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts—Equity Contracts			Forward Foreign Currency Contracts—Foreign Exchange Contracts			Total
Xtrackers MSCI All World ex US Hedged Equity ETF	$	480,606		$	(478,442	)	$	2,164
Xtrackers MSCI Emerging Markets Hedged Equity ETF		167,520			(869,547	)		(702,027	)
Xtrackers MSCI Europe Hedged Equity ETF		690,703			(9,604,939	)		(8,914,236	)
Xtrackers MSCI Eurozone Hedged Equity ETF		32,165			(442,022	)		(409,857	)
Xtrackers MSCI Germany Hedged Equity ETF		23,421			(317,173	)		(293,752	)
Xtrackers MSCI Japan Hedged Equity ETF		1,177,175			14,218,630			15,395,805

For the year ended May 31, 2020 the average monthly volume of derivatives was as follows:

	Futures Contracts (Contract Value)		Forward Foreign Currency Contracts (Contract Value)
Xtrackers MSCI All World ex US Hedged Equity ETF	$	2,719,275	$	(98,568,880	)
Xtrackers MSCI Emerging Markets Hedged Equity ETF		2,478,411		(96,464,638	)
Xtrackers MSCI Europe Hedged Equity ETF		17,246,615		(728,555,552	)
Xtrackers MSCI Eurozone Hedged Equity ETF		599,456		(24,250,207	)
Xtrackers MSCI Germany Hedged Equity ETF		344,400		(18,025,795	)
Xtrackers MSCI Japan Hedged Equity ETF		7,893,430		(310,907,472	)

As of May 31, 2020, the Funds have transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Funds may have collateral agreements with certain counterparties to mitigate risk. Interest expense from collateral received, if any, is included in Other expenses on the Statements of Operations. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to

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netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:

Fund	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Received (a)		Net Amount of Derivatives Assets		Gross Amounts of Liabilities Presented in the Statements of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Pledged (a)			Net Amount of Derivatives Liabilities
Xtrackers MSCI All World ex US Hedged Equity ETF
Citigroup Global Markets	$	155,898	$	(155,898	)	$	—	$	—	$	220,291	$	(155,898	)	$	—		$	64,393
JP Morgan & Chase Co.		313,836		(313,836	)		—		—		355,799		(313,836	)		—			41,963
RBC Capital Markets		231,160		(231,160	)		—		—		330,199		(231,160	)		—			99,039
	$	700,894	$	(700,894	)	$	—	$	—	$	906,289	$	(700,894	)	$	—		$	205,395
Xtrackers MSCI Emerging Markets Hedged Equity ETF
Citigroup Global Markets	$	114,403	$	(114,403	)	$	—	$	—	$	255,501	$	(114,403	)	$	—		$	141,098
JP Morgan & Chase Co.		321,036		(321,036	)		—		—		440,669		(321,036	)		(20,000	)		99,633
RBC Capital Markets		358,127		(228,799	)		129,328		—		228,799		(228,799	)		—			—
	$	793,566	$	(664,238	)	$	129,328	$	—	$	924,969	$	(664,238	)	$	(20,000	)	$	240,731
Xtrackers MSCI Europe Hedged Equity ETF
Citigroup Global Markets	$	553,026	$	(553,026	)	$	—	$	—	$	770,366	$	(553,026	)	$	—		$	217,340
JP Morgan & Chase Co.		1,667,533		(1,667,533	)		—		—		2,498,551		(1,667,533	)		—			831,018
RBC Capital Markets		946,076		(946,076	)		—		—		1,916,872		(946,076	)		(280,000	)		690,796
	$	3,166,635	$	(3,166,635	)	$	—	$	—	$	5,185,789	$	(3,166,635	)	$	(280,000	)	$	1,739,154
Xtrackers MSCI Eurozone Hedged Equity ETF
Citigroup Global Markets	$	8,822	$	(8,822	)	$	—	$	—	$	53,648	$	(8,822	)	$	—		$	44,826
JP Morgan & Chase Co.		17,914		(17,914	)		—		—		134,886		(17,914	)		—			116,972
RBC Capital Markets		15,368		(15,368	)		—		—		114,651		(15,368	)		—			99,283
	$	42,104	$	(42,104	)	$	—	$	—	$	303,185	$	(42,104	)	$	—		$	261,081
Xtrackers MSCI Germany Hedged Equity ETF
Citigroup Global Markets	$	12,816	$	(12,816	)	$	—	$	—	$	95,330	$	(12,816	)	$	—		$	82,514
JP Morgan & Chase Co.		8,980		(8,980	)		—		—		67,584		(8,980	)		—			58,604
RBC Capital Markets		8,592		(8,592	)		—		—		52,967		(8,592	)		—			44,375
	$	30,388	$	(30,388	)	$	—	$	—	$	215,881	$	(30,388	)	$	—		$	185,493
Xtrackers MSCI Japan Hedged Equity ETF
Citigroup Global Markets	$	732,320	$	(110,136	)	$	622,184	$	—	$	110,136	$	(110,136	)	$	—		$	—
JP Morgan & Chase Co.		712,371		(71,380	)		560,000		80,991		71,380		(71,380	)		—			—
RBC Capital Markets		710,370		(70,415	)		360,000		279,955		70,415		(70,415	)		—			—
	$	2,155,061	$	(251,931	)	$	1,542,184	$	360,946	$	251,931	$	(251,931	)	$	—		$	—

(a) The actual collateral received or pledged may be more than amount shown.

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 management fee

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Notes to Financial Statements (Continued)

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.

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

	Unitary Management Fee
Xtrackers MSCI All World ex US Hedged Equity ETF		0.40	%
Xtrackers MSCI Emerging Markets Hedged Equity ETF		0.65	%
Xtrackers MSCI Europe Hedged Equity ETF		0.45	%
Xtrackers MSCI Eurozone Hedged Equity ETF		0.45	%
Xtrackers MSCI Germany Hedged Equity ETF		0.45	%
Xtrackers MSCI Japan Hedged Equity ETF		0.45	%

The Advisor for the funds below has contractually agreed to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated cash management vehicles. For the year ended May 31, 2020, the Advisor waived expenses of the Funds as follows:

	Expenses Waived
Xtrackers MSCI All World ex US Hedged Equity ETF	$	1,748
Xtrackers MSCI Emerging Markets Hedged Equity ETF		1,450
Xtrackers MSCI Europe Hedged Equity ETF		9,832
Xtrackers MSCI Eurozone Hedged Equity ETF		415
Xtrackers MSCI Germany Hedged Equity ETF		237
Xtrackers MSCI Japan Hedged Equity ETF		5,051

Out of the unitary management 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, Lending 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).

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Notes to Financial Statements (Continued)

4. Investment Portfolio Transactions

For the year ended May 31, 2020, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

	Purchases		Sales
Xtrackers MSCI All World ex US Hedged Equity ETF	$	12,071,651	$	9,424,282
Xtrackers MSCI Emerging Markets Hedged Equity ETF		21,005,160		26,642,170
Xtrackers MSCI Europe Hedged Equity ETF		91,266,364		99,594,140
Xtrackers MSCI Eurozone Hedged Equity ETF		3,212,660		2,748,184
Xtrackers MSCI Germany Hedged Equity ETF		2,671,223		2,523,806
Xtrackers MSCI Japan Hedged Equity ETF		36,407,497		42,759,703

For the year ended May 31, 2020, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

	Purchases		Sales
Xtrackers MSCI All World ex US Hedged Equity ETF	$	4,440,603	$	1,013,018
Xtrackers MSCI Emerging Markets Hedged Equity ETF		2,066,159		9,902,283
Xtrackers MSCI Europe Hedged Equity ETF		91,689,776		434,468,060
Xtrackers MSCI Eurozone Hedged Equity ETF		—		9,123,240
Xtrackers MSCI Germany Hedged Equity ETF		—		7,809,529
Xtrackers MSCI Japan Hedged Equity ETF		13,760,970		221,538,530

5. Fund Share Transactions

As of May 31, 2020, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

6. Investing in Emerging Markets

The securities of issuers located in emerging markets tend to be more volatile and less liquid than securities of issuers located in more mature economies, and emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The securities of issuers located or doing substantial business in emerging markets are often subject to rapid and large changes in price.

7. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amount listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at May 31, 2020.

	Pro-rata Share
Xtrackers MSCI All World ex US Hedged Equity ETF	$	9,450,000
Xtrackers MSCI Emerging Markets Hedged Equity ETF		14,700,000

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Notes to Financial Statements (Continued)

8. Payments by Affiliates

During the year ended May 31, 2020, the Advisor agreed to reimburse Xtrackers MSCI Emerging Markets Hedged Equity ETF $6,700 for a loss due to a trade executed incorrectly. The amount of the loss was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.

During the year ended May 31, 2020, the Advisor agreed to reimburse Xtrackers MSCI Japan Hedged Equity ETF $16,074 for a loss due to a trade executed incorrectly. The amount of the loss was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.

9. Other

A novel strain of coronavirus (COVID-19) outbreak was declared a pandemic by the World Health Organization on March 11, 2020. The situation is evolving with various cities and countries around the world responding in different ways to address the pandemic. There are direct and indirect economic effects developing for various industries and individual companies throughout the world. The recent pandemic spread of the novel coronavirus and related geopolitical events could lead to increased financial market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on a Fund and its investments. A prolonged disruption may result in a Fund and its service providers experiencing operational difficulties in implementing their business continuity plans. Management will continue to monitor the impact COVID-19 has on the Funds and reflect the consequences as appropriate in each Fund’s accounting and financial reporting.

10. Subsequent Event

On June 17, 2020, Deutsche Bank AG (“DB”), an affiliate of DWS Group, resolved with the Commodity Futures Trading Commission (“CFTC”) charges stemming from alleged violations of various swap data reporting requirements and corresponding supervision and other failures. The matter, which was resolved by the issuance of a federal court order (“Consent Order”), involved unintentional conduct that resulted from a system outage that prevented DB from reporting data in accordance with applicable CFTC requirements for a period of five days in April 2016.

The matter giving rise to the Consent Order did not arise out of any investment advisory, fund management activities or distribution activities of DBX Advisors LLC or their advisory affiliates (the “DWS Service Providers”). DWS Group, of which the DWS Service Providers are wholly-owned subsidiaries (except for Harvest Global Management Limited which is partially owned by DWS Group), is a separate publicly traded company but continues to be an affiliate of DB due to, among other things, DB’s 79.49% ownership interest in DWS Group. Under the provisions of the Investment Company Act of 1940, as a result of the Consent Order, the DWS Service Providers would not be eligible to continue to provide investment advisory services to the Funds absent an order from the Securities and Exchange Commission (the “SEC”). DB and the DWS Service Providers are seeking temporary and permanent orders from the SEC to permit the DWS Service Providers to continue to provide investment advisory services to the Funds and other registered investment companies notwithstanding the Consent Order. While there can be no assurance that the requested exemptive orders will be granted, the SEC has granted this type of relief in the past. Consistent with their fiduciary and other relationships with the Funds, and in accordance with the desire of the Board of the Funds, the DWS Service Providers continue to provide investment advisory services to the Funds. Subject to the receipt of the temporary and permanent exemptive orders, the DWS Service Providers have informed the Funds that they do not believe the Consent Order will have any material impact on the Funds or the ability of the DWS Service Providers to provide services for the Funds.

112

DBX ETF Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders of Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF, Xtrackers MSCI Germany Hedged Equity ETF, Xtrackers MSCI Japan Hedged Equity ETF, and the Board of Trustees of DBX ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF, Xtrackers MSCI Germany Hedged Equity ETF, and Xtrackers MSCI Japan Hedged Equity ETF (collectively referred to as the “Funds”), (six of the funds constituting DBX ETF Trust, “the Trust”)), including the schedules of investments, as of May 31, 2020, and the related statements of operations for the year then ended, the changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (six of the funds constituting the DBX ETF Trust) at May 31, 2020, and the results of their operations for the year then ended, changes in net assets for each of the two years in the period then ended and financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of the internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2020, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

New York, New York

July 27, 2020

113

DBX ETF Trust

Liquidity Risk Management (Unaudited)

All Funds

In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), your Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DBX Advisors LLC (“Advisors”) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). Advisors has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of Advisors that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on calculations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM), Xtrackers MSCI Europe Hedged Equity ETF (DBEU),

Xtrackers MSCI Germany Hedged Equity ETF (DBGR) and Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) only

In February 2020, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2018 through November 30, 2019 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported on a material change made to the Program in May 2019 to address Securities and Exchange Commission guidance relating to extended foreign market holidays.

Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW) and Xtrackers MSCI Japan Hedged Equity ETF (DBJP) only

In February 2020, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2018 through November 30, 2019 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did experience a temporary breach of the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). The breach was caused by the temporary reclassification of Japanese securities as illiquid due to an extended Japanese holiday market closure. The temporary reclassification of Japanese securities caused the Fund to exceed the 15% limit on illiquid investments for a two day period. Because the holiday closure was anticipated in advance, no actions were needed to rebalance the Fund’s portfolio. Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported on a material change made to the Program in May 2019 to address Securities and Exchange Commission guidance relating to extended foreign market holidays.

114

DBX ETF Trust

Board Members and Officers (Unaudited)

Identification and Background

The Board has responsibility for the overall management and operations of the funds, including general supervision of the duties performed by the Advisor and other service providers. Each Board Member serves until his or her successor is duly elected or appointed and qualified. Each officer serves until he or she resigns, is removed, dies, retires or becomes disqualified.

The Trust currently has three Board Members. The three Independent Board Members have no affiliation or business connection with the Advisor or any of its affiliated persons and do not own any stock or other securities issued by the Advisor.

The Independent Board Members of the Trust, their term of office and length of time served, their principal business occupations during the past five years, the number of portfolios in the fund complex (defined below) overseen by each Independent Board Member, and other directorships, if any, held by the Board Members are shown below. The fund complex includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor. As of the date of this shareholder report, the fund complex consists of the funds in the Trust, as well as the registered funds advised by affiliates of the Advisor.

Shareholder Communications to the Board.    Shareholders may send communications to the Trust’s Board by addressing the communications directly to the Board (or individual Board Members) and/or otherwise clearly indicating in the salutation that the communication is for the Board (or individual Board Members). The shareholder may send the communication to either the Trust’s office or directly to such Board members c/o 875 Third Avenue, New York, NY 10022. Other shareholder communications received by the Trust not directly addressed and sent to the Board will be reviewed and generally responded to by management. Such communications will be forwarded to the Board at management’s discretion based on the matters contained therein.

Independent Board Members

Name, Year of Birth, Position with the Trust and Length of Time Served(1)	Business Experience and Directorships During the Past 5 Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Board Member
Stephen R. Byers (1953) Chairman since 2016, and Board Member since 2011 (formerly, Lead Independent Board Member, 2015-2016)	Independent Director (2011- present); Independent Consultant (2014-present); Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer, the Dreyfus Corporation (2002-2006).	34	The Arbitrage Funds, Sierra Income Corporation, Mutual Fund Directors Forum
George O. Elston (1964)  Board Member since 2011, Chairman of the Audit Committee since 2015	Chief Financial Officer, Enzyvant (2018-present); Chief Executive Officer, 2X Oncology, Inc. (2017-2018); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013).	34	—
J. David Officer (1948) Board Member since 2011, Chairman of the Nominating Committee since 2015	Independent Director (2010-present); Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009).	34	(Chairman of) Ilex Management Ltd; Old Westbury Funds

115

DBX ETF Trust

Board Members and Officers(Unaudited)(Continued)

Officers⁽²⁾

Name, Year of Birth, Position with the Trust and Length of Time Served(4)	Business Experience and  Directorships During the Past 5 Years
Freddi Klassen(5) (1975) President and Chief Executive Officer, 2016-present	Director(3) in DWS and Chief Operating Officer in the Americas for the Traditional Asset Classes Department (2014–present); Manager and Chief Operating Officer of DWS Investment Management Americas, Inc. (2018–present) and the Advisor (2016–present); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013).
Luke Oliver(5) (1980) Chief Operating Officer, 2019-present	Managing Director(3) in DWS (2017-present); Director(3) in DWS (2009-2017); Head of Passive Americas Asset Management Platform (2019-present); Manager, Chief Executive Officer and Chief Investment Officer of the Advisor (2019-present); Head of ETF Capital Markets, Americas (2012-2018); Lead Portfolio Manager of PowerShares DB ETFs (2009-2012).
Diane Kenneally(6) (1966) Treasurer, Chief Financial Officer and Controller, 2019-present	Director(3) in DWS; Chief Financial Officer and Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2018-present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present); formerly: Assistant Treasurer for the DWS funds (2007-2018).
Frank Gecsedi(5) (1967) Chief Compliance Officer, 2010-present	Director(3) in DWS Compliance Department (2016-present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Advisor (2010-present); Chief Compliance Officer of DWS Distributors, Inc. (2019-present); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012).
Bryan Richards(5) (1978) Vice President, 2016-present	Managing Director(3) in DWS (2018-present); Director(3) in DWS (2014-2018); Portfolio Manager in the Passive Asset Management Department at DWS (2011-present); Primary Portfolio Manager for the PowerShares DB Commodity ETFs (2011-2015).
John Millette(6) (1962) Secretary, 2020-present	Director(3) in DWS US Retail Legal (2003-present); Vice President and Secretary of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (1999-present); Chief Legal Officer, DWS Investment Management Americas, Inc. (2015-present); Director and Vice President of DWS Trust Company (2016-present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011-present); formerly: Secretary of Deutsche Investment Management Americas Inc. (2015-2017); Assistant Secretary of DBX ETF Trust (2019-2020); Assistant Secretary (July 14, 2006-December 31, 2010) and Secretary (January 31, 2006-July 13, 2006), The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc.
Caroline Pearson(6) (1962) Assistant Secretary, 2020-present	Managing Director(3) in DWS US Retail Legal; Chief Legal Officer of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2010-present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012-present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002-2017); and Secretary, Deutsche AM Service Company (2010-2017).

116

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Board Members and Officers (Unaudited)(Continued)

Officers⁽²⁾

Name, Year of Birth, Position with the Trust and Length of Time Served(4)	Business Experience and  Directorships During the Past 5 Years
Paul Antosca(6) (1957) Assistant Treasurer, 2019-present	Director(3) in DWS; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2007-present).
Jeffrey Berry(6) (1959) Assistant Treasurer, 2019-present	Director(3) in DWS.
Sheila Cadogan(6) (1966) Assistant Treasurer, 2019-present	Director(3) in DWS; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2017-present); Director and Vice President, DWS Trust Company (2018-present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present).
Christina A. Morse(7) (1964) Assistant Secretary, 2017-present	Vice President at BNY Mellon-Asset Servicing (2014-present); Vice President and Counsel at Lord Abbett & Co. LLC (2013-2014).
Michelle Goveia-Pine(5) (1970) Interim Anti-Money Laundering Compliance Officer, since July 9, 2020	Director(3) in DWS; Interim AML Officer, DWS Trust Company (since July 28, 2020); and Interim AML Officer of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (since July 10, 2020); Interim AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since July 24, 2020).

⁽¹⁾ The length of time served is represented by the year in which the Board Member joined the Board.

⁽²⁾ As a result of their respective positions held with the Advisor and its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Funds.

⁽³⁾ Executive title, not a board directorship.

⁽⁴⁾ The length of time served is represented by the year in which the officer was first elected to the Trust in such capacity.

⁽⁵⁾ Address: 875 Third Avenue, New York, New York 10022.

⁽⁶⁾ Address: One International Place, Boston, Massachusetts 02110.

⁽⁷⁾ Address: BNY Mellon Asset Servicing, Atlantic Terminal Office Tower, 2 Hanson Place, Brooklyn, NY 11217.

The Funds’ Statement of Additional Information (“SAI”) includes additional information about the Funds’ Board Members. The SAI is available by calling 855-329-3837, or on the Company’s website at www.Xtrackers.com.

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DBX ETF Trust

Board Considerations in Approval of Investment Advisory and

Sub-Advisory Contracts (Unaudited)

Xtrackers MSCI All World ex-US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF, Xtrackers MSCI Germany Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 26-27, 2020 (the “Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers MSCI All World ex-US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF, Xtrackers MSCI Germany Hedged Equity ETF, and Xtrackers MSCI Japan Hedged Equity ETF (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) each Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees also took into consideration the discussions they had with management during the Meeting and among themselves during their Executive Sessions held on February 26 and February 27, 2020. The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of each Fund’s investment performance, tracking error and related financial information, presentations given by DBX, as well as its periodic reports on brokerage commissions, portfolio execution and other services provided to the Funds.

In reaching its decision to continue in effect the Investment Advisory Agreement for another annual period, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the financial resources of DBX and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Advisor from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Advisor.

The Board reached a determination, with the assistance of Independent Trustee Counsel and Dechert LLP (“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 its 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 provided and the risks incurred by the Advisor under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Advisor continuously during the prior year, in addition to the information the Advisor had provided in response to the Board’s requests prior to the Meeting. 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 Advisor, including portfolio management.

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DBX ETF Trust

Board Considerations in Approval of Investment Advisory and

Sub-Advisory Contracts (Unaudited) (Continued)

The Board considered that the Advisor provides, 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 Advisor pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Advisor 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 the Funds’ portfolios directly, the Advisor provides 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.

The Board considered the information regarding each Fund’s tracking error compared to its underlying index that had been provided by the Advisor and by Broadridge. The Board took note of the detailed information provided by the Advisor throughout the year with respect to each Fund’s tracking error and the sources thereof. The Trustees noted that tracking error for each Fund during the year was in an expected range.

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

Advisor’s Financial Resources.    In connection with the assessment of the ability of the Advisor to perform its duties under the Investment Advisory Agreement, the Board considered the Advisor’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Advisor 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 and total expenses to those of the other ETFs in its Peer Group. The Board noted that due to the special characteristics of certain Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Groups and the information in the Broadridge reports accordingly may or may not provide meaningful direct comparisons to the Funds. The Board also noted that the advisory fees and total expenses (after waivers/reimbursements) for the Funds were below or equal to the average and/or median of the ETFs in each Fund’s respective Peer Group compiled by Broadridge.

The Board accordingly noted that each Fund’s fee is competitive with the fees of applicable peer ETFs.

The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Advisor pays all of the Funds’ costs (subject to certain specified exceptions). The Board considered that each Fund’s fee had been priced to scale when it was established. The Board also considered that each Fund’s portfolio is managed on a day-to-day basis by the Advisor and that the Advisor also provides 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 provided.

Costs of Services and Profitability.    The Board considered the expenses of the Advisor in developing and rendering services provided to the Funds and the information provided by the Advisor to the Board regarding the Funds’ profitability. The Board considered that the Advisor had provided extensive information about the Advisor’s profitability and the Advisor’s methodology in determining profitability. While the Advisor had provided information about the Advisor’s expenses relating to marketing the Funds, the Board considered the Advisor’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds

119

DBX ETF Trust

Board Considerations in Approval of Investment Advisory and

Sub-Advisory Contracts (Unaudited) (Continued)

were profitable as of this time, the Advisor’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Advisor would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.

Economies of Scale.    The Board considered that certain Funds had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was very competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets.

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.

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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 Funds are required to file their complete schedule of portfolio holdings with the SEC for their 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 each Fund traded on NYSE Arca or Cboe, as applicable, 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.

Tax Information

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its year ended May 31, 2020.

	Qualified Dividend Income*
Xtrackers MSCI All World ex US Hedged Equity ETF		91%
Xtrackers MSCI Emerging Markets Hedged Equity ETF		80%
Xtrackers MSCI Europe Hedged Equity ETF		94%
Xtrackers MSCI Eurozone Hedged Equity ETF		100%
Xtrackers MSCI Germany Hedged Equity ETF		100%
Xtrackers MSCI Japan Hedged Equity ETF		100%

* The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.

Each Fund intends to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:

	Gross Foreign Income		Foreign Taxes Paid
Xtrackers MSCI All World ex US Hedged Equity ETF		$ 2,974,871		$241,878
Xtrackers MSCI Emerging Markets Hedged Equity ETF		3,836,528		335,732
Xtrackers MSCI Europe Hedged Equity ETF		18,292,917		1,179,004
Xtrackers MSCI Eurozone Hedged Equity ETF		498,896		64,286
Xtrackers MSCI Germany Hedged Equity ETF		282,815		40,948
Xtrackers MSCI Japan Hedged Equity ETF		7,410,230		619,755

121

DBX ETF Trust

Privacy Policy Notice (Unaudited)

DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax advisor, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.

California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.

Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.Xtrackers.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.

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

War, terrorism, economic uncertainty, trade disputes, public health crises (including the recent pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Funds and their investments.

In June 2016, citizens of the United Kingdom approved a referendum to leave the European Union and in March 2017, the United Kingdom initiated the formal process of withdrawing from the EU and the withdrawal is expected to take effect on January 31, 2020. Significant uncertainty exists regarding any adverse economic and political effects the United Kingdom’s withdrawal may have on the United Kingdom, other EU countries and the global economy.

Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. 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 Funds or securities referred to herein are not sponsored, endorsed, issued, sold or promoted by MSCI, and MSCI bears no liability with respect to any such Funds or securities or any index on which such Funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX Advisors LLC and any related funds.

Copyright © 2020 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Investment 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	Investment sub-advisor Harvest Global Investments Limited 31/F, One Exchange Square 8 Connaught Place Central, Hong Kong	Administrator, custodian, fund accounting agent, lending 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 5 Times Square New York, NY 10036	Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036

R-35361-7 (7/20) DBX004442 (7/21)

May 31, 2020

Annual Report

DBX ETF Trust

Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)

DBX ETF Trust

Table of Contents

	Page
Shareholder Letter		1
Management’s Discussion of Fund Performance		3
Performance Summary		4
Fees and Expenses		6
Schedule of Investments		7
Statement of Assets and Liabilities		22
Statement of Operations		23
Statements of Changes in Net Assets		24
Financial Highlights		25
Notes to Financial Statements		26
Report of Independent Registered Public Accounting Firm		35
Liquidity Risk Management		36
Board Members and Officers		37
Board Considerations in Approval of Investment Advisory Contract		40
Additional Information		43
Privacy Policy Notice		44

To our Shareholders: (Unaudited)

Dear shareholders,

We are pleased to provide this annual report for the period ended May 31, 2020.

Economies worldwide experienced subdued growth owing to weak manufacturing activity and global trade over the majority of the reporting period. While optimism around the US-China trade deal and accommodative monetary policies drove equity markets to record highs, the unprecedented emergence of the coronavirus contagion rapidly eroded gains. The pandemic heightened concerns of a slowdown as governments initiated stringent containment measures, causing large parts of the global economy to shut down. As expected, global growth contracted sharply in Q120 for developed and emerging economies alike. The US economy performed strongly over most of the reporting period, driven by the Federal Reserve’s (Fed) dovish stance, low unemployment rates and the “phase one” trade deal signed between the US and China. However, growth faltered as COVID-19 precautions impacted manufacturing and services sectors, dwindled consumption expenditure and led to a spike in unemployment claims. The Federal Reserve Board and the US government worked in tandem to sustain the economy. The Fed announced emergency rate cuts of 100bps, bringing interest rates to near zero, while the US government announced its CARES¹ Act, amassing $2.7 tn in relief funds.

In contrast, the European Union experienced weak growth and inflation rates owing to Brexit² concerns and geopolitical tensions, while mass quarantine measures worsened the slump in economic activity. Mass protests against pension reforms hurt household spending in France, while trade tensions weighed on domestic and external demand, hurting the export-reliant German economy. Currently, France and Germany are in technical recession³ owing to two consecutive quarters of contraction. The UK also slowed due to weak manufacturing activity, uncertainty surrounding Brexit and internal political instability. A slowdown in manufacturing and consumption and fixed investment were further exacerbated by the impact of the coronavirus. The European Central Bank (ECB) relaunched its targeted longer-term refinancing operation programme and cut deposit rates considering the bloc’s weakness. The shift in the economic landscape due to the pandemic drove the ECB to initiate a €1.35 tn Pandemic Emergency Purchase Programme.

Across the Pacific, the Japanese economy shrank for the second consecutive quarter as an increase in the consumption tax coupled with lockdown measures considerably hurt domestic and global demand. The Bank of Japan injected liquidity to support its weakening economy and improve market sentiment, while continuing to keep interest rates in the negative territory. The Australian economy was still combatting the aftermath of the bushfires when the pandemic hit, stunting retail sales, composite Purchasing Manager’s Indices and business confidence. The Reserve Bank of Australia maintained its dovish stance and kept interest rates unchanged, helping the economy remain relatively resilient amid the global slowdown.

Overall, markets remain vigilant as most economies have begun easing lockdown restrictions, allowing private consumption expenditure and business spending to gradually improve. While the near-term outlook remains challenging, the commitment by central banks and governments to fiscal and monetary stimulus may be pivotal in smoothening the path to recovery.

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. Coronavirus Aid, Relief, and Economic Security (CARES) Act

^2. Brexit is a combination of the words “Britain” and “Exit” and describes the exit of the United Kingdom from the European Union.

^3. A “technical recession” is when you have 2 negative quarters of GDP, but it is due mainly to slowing growth or an isolated event rather than a major underlying cause. Technical recessions are usually short in duration and mild in severity. 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

Management’s Discussion of Fund Performance (Unaudited)

Xtrackers MSCI EAFE Hedged Equity ETF

The Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE US Dollar Hedged Index (the DBEF Index). The DBEF Index is designed to provide exposure to equity securities in developed international stock markets while at the same time mitigating exposure to fluctuation between the value of the U.S. dollar and select non-U.S. currencies. For the 12-month period ended May 31, 2020, DBEF returned -0.56%, compared to the DBEF Index return of -0.38%.

Financials, Energy and Real Estate were the major negative contributors, while Health Care, Information Technology and Utilities sectors contributed positively to performance. From a geographical perspective, United Kingdom, Australia and France were the major negative contributors, while Japan, Switzerland and Denmark contributed positively to performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed positively to performance.

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

Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 4-5 of this report for additional performance information, including performance data based on market value. The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.

3

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)

The Xtrackers MSCI EAFE Hedged 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 MSCI EAFE US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track developed market performance while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. The MSCI EAFE Index includes large and mid capitalization securities across developed markets in Europe, Australasia and the Far East. It is not possible to invest directly into an index.

Performance as of May 31, 2020

Average Annual Total Return
	Net Asset Value	Market Value	MSCI EAFE US Dollar Hedged Index	MSCI EAFE Index
One Year	-0.56%	0.03%	-0.38%	-2.81%
Five Year	2.45%	2.48%	2.75%	0.79%
Since Inception1	6.65%	6.68%	7.02%	3.07%
Cumulative Total Returns
	Net Asset Value	Market Value	MSCI EAFE US Dollar Hedged Index	MSCI EAFE Index
One Year	-0.56%	0.03%	-0.38%	-2.81%
Five Year	12.87%	13.01%	14.55%	4.02%
Since Inception1	78.22%	78.82%	83.96%	31.23%

¹ Total returns are calculated based on the commencement of operations, June 9, 2011 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2019, was 0.35%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

4

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) (Continued)

Growth of an Assumed $10,000 Investment

¹ Based on Net Asset Value from commencement of operations, June 9, 2011.

Sector Diversification* as of May 31, 2020

Financials	15.5%
Health Care	14.9%
Industrials	14.5%
Consumer Staples	12.3%
Consumer Discretionary	11.4%
Information Technology	8.1%
Materials	7.1%
Communication Services	5.4%
Utilities	4.0%
Energy	3.5%
Real Estate	3.3%
Total	100.0%

Ten Largest Equity Holdings
as of May 31, 2020 (12.7% of Net Assets)

Description	% of Net Assets
Nestle SA (Switzerland)		2.5%
Roche Holding AG (Switzerland)		1.9%
Novartis AG (Switzerland)		1.4%
AstraZeneca PLC (United Kingdom)		1.1%
ASML Holding NV (Netherlands)		1.1%
Toyota Motor Corp. (Japan)		1.0%
SAP SE (Germany)		1.0%
Royal Dutch Shell PLC (Netherlands)		0.9%
LVMH Moet Hennessy Louis Vuitton SE (France)		0.9%
Novo Nordisk A/S (Denmark)		0.9%

Country Diversification* as of May 31, 2020

Japan	26.2%
United Kingdom	13.4%
Switzerland	10.7%
France	10.4%
Germany	8.9%
Australia	6.6%
Netherlands	4.5%
Hong Kong	3.1%
Sweden	2.9%
Spain	2.4%
Denmark	2.4%
Italy	2.0%
Other	6.5%
Total	100.0%

* As a percent of total investments excluding 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.

5

DBX ETF Trust

Fees and Expenses (Unaudited)

As a shareholder of the Fund, 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 management fees and other Fund expenses. In the most resent six-month period the Fund limited these expenses; had it 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 Fund 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 six-month period and held for the entire period (December 1, 2019 to May 31, 2020).

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 Fund’s 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 December 1, 2019		Ending Account Value May 31, 2020		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers MSCI EAFE Hedged Equity ETF
Actual	$	1,000.00	$	893.90		0.36	%	$	1.70
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.20		0.36	%	$	1.82

(1) Expenses are equal to the 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.

6

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF

May 31, 2020

	Number of Shares		Value
COMMON STOCKS — 97.0%
Australia — 6.5%
Afterpay Ltd.*		61,676	$	1,949,032
AGL Energy Ltd.		191,515		2,139,487
AMP Ltd.*		1,122,186		1,219,229
Ampol Ltd.		75,624		1,365,530
APA Group (a)		347,344		2,687,972
Aristocrat Leisure Ltd.		169,659		2,908,577
ASX Ltd.		56,182		3,302,175
Aurizon Holdings Ltd.		577,329		1,827,889
AusNet Services		547,812		640,828
Australia & New Zealand Banking Group Ltd.		835,252		9,960,029
BHP Group Ltd.		869,308		20,071,707
BHP Group PLC		626,146		12,227,275
BlueScope Steel Ltd.		157,462		1,157,668
Brambles Ltd.		457,978		3,553,287
CIMIC Group Ltd.		26,377		438,485
Coca-Cola Amatil Ltd.		156,616		914,477
Cochlear Ltd.		19,036		2,448,997
Coles Group Ltd.		396,084		4,055,190
Commonwealth Bank of Australia		521,334		22,152,818
Computershare Ltd.		144,543		1,262,121
Crown Resorts Ltd.		100,730		643,888
CSL Ltd.		133,512		24,581,488
Dexus REIT		321,750		1,930,162
Evolution Mining Ltd.		455,354		1,851,449
Fortescue Metals Group Ltd.		489,573		4,535,916
Goodman Group REIT		483,028		4,948,561
GPT Group REIT		585,972		1,558,413
Insurance Australia Group Ltd.		681,008		2,773,487
Lendlease Group (a)		196,294		1,691,758
Macquarie Group Ltd.		99,965		7,327,485
Magellan Financial Group Ltd.		37,889		1,473,624
Medibank Pvt Ltd.		817,757		1,553,466
Mirvac Group REIT		1,171,756		1,835,430
National Australia Bank Ltd.		941,268		11,174,033
Newcrest Mining Ltd.		240,194		4,895,898
Northern Star Resources Ltd.		213,142		2,102,633
Oil Search Ltd.		586,607		1,360,690
Orica Ltd.		131,526		1,506,148
Origin Energy Ltd.		504,188		1,979,432
Qantas Airways Ltd.		213,750		568,476
QBE Insurance Group Ltd.		432,150		2,543,478
Ramsay Health Care Ltd.		52,357		2,444,644
REA Group Ltd.		16,467		1,102,767
Santos Ltd.		528,467		1,888,058
Scentre Group REIT		1,541,872		2,291,849
SEEK Ltd.		97,789		1,312,099
Sonic Healthcare Ltd.		136,273		2,558,759
South32 Ltd.		1,480,067		1,884,289
Stockland REIT		707,991		1,684,724
Suncorp Group Ltd.		368,423		2,266,633
Sydney Airport (a)		334,252		1,303,355
Tabcorp Holdings Ltd.		571,084		1,225,712
Telstra Corp. Ltd.		1,208,027		2,608,882
TPG Telecom Ltd.		106,571		603,797
Transurban Group (a)		806,907		7,685,789

	Number of Shares		Value
Australia (Continued)
Treasury Wine Estates Ltd.		215,097	$	1,384,982
Vicinity Centres REIT		948,324		1,017,690
Washington H Soul Pattinson & Co. Ltd.		35,539		448,661
Wesfarmers Ltd.		336,676		9,059,488
Westpac Banking Corp.		1,059,730		12,163,572
WiseTech Global Ltd. (b)		42,513		577,792
Woodside Petroleum Ltd.		279,799		4,227,956
Woolworths Group Ltd.		374,493		8,821,511
(Cost $319,721,647)				247,681,697
Austria — 0.2%
ANDRITZ AG*		20,311		760,710
Erste Group Bank AG*		86,501		1,897,845
OMV AG*		40,538		1,337,377
Raiffeisen Bank International AG		46,068		845,819
Verbund AG*		19,471		865,416
voestalpine AG		35,160		684,380
(Cost $8,359,894)				6,391,547
Belgium — 0.9%
Ageas SA/NV*		55,539		1,890,839
Anheuser-Busch InBev SA/NV		226,253		10,525,790
Colruyt SA		15,743		950,319
Elia Group SA/NV		7,618		892,992
Galapagos NV*		12,472		2,538,398
Groupe Bruxelles Lambert SA		23,203		1,873,013
KBC Group NV		74,148		3,874,238
Proximus SADP		49,954		1,042,210
Sofina SA		4,539		1,239,476
Solvay SA		21,327		1,621,199
Telenet Group Holding NV		14,267		583,755
UCB SA		37,540		3,750,416
Umicore SA		58,274		2,577,133
(Cost $52,382,134)				33,359,778
Chile — 0.0%
Antofagasta PLC
(Cost $1,269,915)		113,098		1,224,122
China — 0.1%
BeiGene Ltd., ADR*(b)		11,224		1,858,021
Yangzijiang Shipbuilding Holdings Ltd.		729,900		485,636
(Cost $2,379,886)				2,343,657
Denmark — 2.3%
A.P. Moller — Maersk A/S, Class A		952		868,335
A.P. Moller — Maersk A/S, Class B		1,926		1,878,633
Ambu A/S, Class B		47,212		1,574,167
Carlsberg A/S, Class B		31,758		4,098,417
Chr Hansen Holding A/S		31,324		3,028,308
Coloplast A/S, Class B		35,281		5,910,683
Danske Bank A/S*		192,008		2,372,668
Demant A/S*		33,245		937,176
DSV PANALPINA A/S		62,583		6,598,328
Genmab A/S*		19,328		5,929,232
GN Store Nord A/S		34,620		1,864,747
H Lundbeck A/S		20,688		792,996

See Notes to Financial Statements. 7

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Denmark (Continued)
Novo Nordisk A/S, Class B		520,431	$	33,809,822
Novozymes A/S, Class B		62,615		3,416,474
Orsted A/S, 144A		56,174		6,581,789
Pandora A/S (b)		30,512		1,516,251
Tryg A/S		35,293		987,026
Vestas Wind Systems A/S		56,109		5,713,548
(Cost $73,500,118)				87,878,600
Finland — 1.2%
Elisa OYJ		42,239		2,643,513
Fortum OYJ		131,882		2,520,933
Kone OYJ, Class B		100,931		6,753,681
Metso OYJ		30,850		998,928
Neste OYJ (b)		125,625		5,064,827
Nokia OYJ		1,674,855		6,628,883
Nordea Bank Abp*		962,047		6,497,675
Orion OYJ, Class B		29,039		1,550,492
Sampo OYJ, Class A*(b)		131,631		4,693,279
Stora Enso OYJ, Class R*		167,234		2,046,661
UPM-Kymmene OYJ		160,869		4,637,533
Wartsila OYJ Abp		131,774		1,027,441
(Cost $52,046,784)				45,063,846
France — 10.1%
Accor SA*		55,024		1,548,363
Aeroports de Paris		8,358		868,866
Air Liquide SA		140,459		19,037,413
Airbus SE*		173,294		10,907,100
Alstom SA		56,611		2,377,906
Amundi SA, 144A*		18,013		1,338,688
Arkema SA		20,479		1,781,336
Atos SE*		29,178		2,196,625
AXA SA*		572,815		10,415,281
BioMerieux		12,306		1,763,542
BNP Paribas SA*		334,000		11,958,762
Bollore SA		250,464		713,419
Bouygues SA*		63,907		1,953,687
Bureau Veritas SA*		82,301		1,670,943
Capgemini SE		47,192		4,824,704
Carrefour SA		185,111		2,805,864
Casino Guichard Perrachon SA*		12,269		461,419
Cie de Saint-Gobain		146,090		4,714,202
Cie Generale des Etablissements Michelin SCA*		51,561		5,200,400
CNP Assurances*		54,660		573,686
Covivio REIT (b)		15,510		906,469
Credit Agricole SA*		342,621		2,975,675
Danone SA*		180,391		12,326,965
Dassault Aviation SA*		700		595,986
Dassault Systemes SE		38,864		6,568,217
Edenred		70,364		2,935,283
Eiffage SA*		23,273		2,118,405
Electricite de France SA		184,169		1,626,500
Engie SA*		542,336		6,402,486
EssilorLuxottica SA*		84,254		10,825,656
Eurazeo SE*		10,106		491,356
Faurecia SE*		22,549		867,558

	Number of Shares		Value
France (Continued)
Gecina SA REIT		14,351	$	1,843,140
Getlink SE*		132,219		1,905,071
Hermes International		9,362		7,771,356
ICADE REIT		9,208		657,744
Iliad SA		4,162		731,813
Ingenico Group SA		17,546		2,419,037
Ipsen SA*		10,394		815,727
JCDecaux SA*		25,272		513,093
Kering SA		22,503		11,730,356
Klepierre SA REIT		59,003		1,116,057
La Francaise des Jeux SAEM, 144A*		21,682		738,169
Legrand SA		78,814		5,362,984
L’Oreal SA*		74,570		21,679,154
LVMH Moet Hennessy Louis Vuitton SE		81,821		34,059,538
Natixis SA*		284,162		628,660
Orange SA		592,392		7,131,509
Orpea		15,223		1,784,460
Pernod Ricard SA		62,156		9,666,381
Peugeot SA*		173,690		2,468,864
Publicis Groupe SA		62,561		1,772,258
Remy Cointreau SA (b)		6,443		763,839
Renault SA		61,053		1,369,331
Safran SA*		94,535		9,010,029
Sanofi (b)		331,789		32,237,519
Sartorius Stedim Biotech*		7,940		2,148,804
Schneider Electric SE		164,165		16,262,332
SCOR SE*		45,575		1,122,098
SEB SA		7,007		959,820
Societe Generale SA*		244,325		3,588,691
Sodexo SA		25,922		1,742,022
Suez SA (b)		104,649		1,186,051
Teleperformance*		17,470		4,132,559
Thales SA		31,634		2,415,233
TOTAL SA		726,058		27,100,438
Ubisoft Entertainment SA*		28,199		2,180,519
Unibail-Rodamco-Westfield REIT		27,459		1,453,938
Unibail-Rodamco-Westfield CDI		300,032		827,943
Valeo SA*		72,764		1,789,093
Veolia Environnement SA		158,794		3,469,862
Vinci SA		152,754		14,080,648
Vivendi SA		246,050		5,580,003
Wendel SE*		7,562		693,361
Worldline SA, 144A*		40,325		3,004,478
(Cost $423,746,772)				387,666,744
Germany — 8.1%
adidas AG*		55,679		14,660,501
Allianz SE		122,857		22,204,978
BASF SE*		270,491		14,606,082
Bayer AG		288,857		19,469,615
Bayerische Motoren Werke AG		98,299		5,739,546
Beiersdorf AG		29,931		3,131,781
Brenntag AG		44,855		2,360,606
Carl Zeiss Meditec AG*		11,461		1,171,723
Commerzbank AG*		289,936		1,126,774
Continental AG*		32,668		3,207,111

See Notes to Financial Statements. 8

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Germany (Continued)
Covestro AG, 144A*		50,962	$	1,883,228
Daimler AG*		249,544		9,246,474
Delivery Hero SE, 144A*		37,849		3,620,792
Deutsche Bank AG*(c)		583,010		4,873,841
Deutsche Boerse AG		56,411		9,261,358
Deutsche Lufthansa AG*(b)		69,282		703,079
Deutsche Post AG*		294,096		9,134,389
Deutsche Telekom AG*		989,685		15,572,658
Deutsche Wohnen SE		100,975		4,508,153
E.ON SE		666,651		7,034,594
Evonik Industries AG		59,795		1,470,217
Fraport AG Frankfurt Airport Services Worldwide*(b)		11,922		590,502
Fresenius Medical Care AG & Co. KGaA*		63,281		5,310,529
Fresenius SE & Co. KGaA*		123,627		5,928,431
GEA Group AG		45,548		1,354,518
Hannover Rueck SE		17,906		2,874,151
HeidelbergCement AG*		42,786		2,119,685
Henkel AG & Co. KGaA*		31,039		2,482,472
HOCHTIEF AG		7,219		633,864
Infineon Technologies AG		371,419		7,774,212
KION Group AG*		18,086		1,007,834
Knorr-Bremse AG		15,731		1,662,052
LANXESS AG*		22,329		1,152,068
LEG Immobilien AG*		20,323		2,528,475
Merck KGaA		37,838		4,332,515
METRO AG		49,125		457,844
MTU Aero Engines AG*		15,497		2,492,635
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		42,857		9,733,524
Nemetschek SE*		15,870		1,249,010
Puma SE*		24,477		1,743,816
RWE AG*		170,900		5,651,390
SAP SE		307,057		38,686,333
Scout24 AG, 144A		29,563		2,256,129
Siemens AG		224,371		24,540,189
Siemens Healthineers AG, 144A		44,539		2,297,254
Symrise AG*		38,201		4,172,655
TeamViewer AG*		37,441		1,901,642
Telefonica Deutschland Holding AG		295,853		908,387
thyssenkrupp AG*(b)		115,819		779,103
Uniper SE		58,210		1,815,711
United Internet AG		30,653		1,254,893
Volkswagen AG*(b)		9,640		1,523,806
Vonovia SE*		152,970		8,792,472
Wirecard AG (b)		34,852		3,658,288
Zalando SE, 144A*		41,291		2,788,607
(Cost $373,206,287)				311,442,496
Hong Kong — 3.0%
AIA Group Ltd.		3,537,005		28,678,419
ASM Pacific Technology Ltd.		96,626		878,815
Bank of East Asia Ltd.		353,134		636,885
BOC Hong Kong Holdings Ltd.		1,079,519		3,008,142
Budweiser Brewing Co. APAC Ltd., 144A		454,035		1,271,052

	Number of Shares		Value
Hong Kong (Continued)
CK Asset Holdings Ltd.		767,676	$	4,174,359
CK Hutchison Holdings Ltd.		801,625		4,901,893
CK Infrastructure Holdings Ltd.		201,605		1,006,529
CLP Holdings Ltd.		474,831		4,652,443
Dairy Farm International Holdings Ltd.		105,800		446,476
Galaxy Entertainment Group Ltd.		644,687		4,349,755
Hang Lung Properties Ltd.		614,687		1,292,575
Hang Seng Bank Ltd.		221,327		3,366,375
Henderson Land Development Co. Ltd.		434,957		1,551,514
HK Electric Investments & HK Electric Investments Ltd. (a)		862,963		855,003
HKT Trust & HKT Ltd. (a)		1,151,613		1,637,202
Hong Kong & China Gas Co. Ltd.		3,015,847		5,073,424
Hong Kong Exchanges & Clearing Ltd.		348,205		12,137,650
Hongkong Land Holdings Ltd.		348,100		1,308,856
Jardine Matheson Holdings Ltd.		65,457		2,628,099
Jardine Strategic Holdings Ltd.		67,087		1,338,386
Kerry Properties Ltd.		190,754		450,338
Link REIT		618,890		4,626,805
Melco Resorts & Entertainment Ltd., ADR		67,593		1,083,516
MTR Corp. Ltd.		481,363		2,306,990
New World Development Co. Ltd.		1,822,926		1,836,683
NWS Holdings Ltd.		442,124		346,786
PCCW Ltd.		1,111,666		609,505
Power Assets Holdings Ltd.		432,018		2,404,899
Sino Land Co. Ltd.		897,792		1,045,870
SJM Holdings Ltd.		582,007		646,466
Sun Hung Kai Properties Ltd.		384,496		4,414,648
Swire Pacific Ltd., Class A		151,976		788,162
Swire Properties Ltd.		350,881		781,295
Techtronic Industries Co. Ltd.		395,371		3,402,083
WH Group Ltd., 144A		2,785,000		2,400,026
Wharf Real Estate Investment Co. Ltd. (b)		312,254		1,200,435
Wheelock & Co. Ltd.		217,863		1,471,345
(Cost $124,604,471)				115,009,704
Ireland — 1.0%
AerCap Holdings NV*		36,163		1,165,895
CRH PLC		235,189		7,649,399
DCC PLC		29,215		2,428,943
Experian PLC		269,754		9,371,409
Flutter Entertainment PLC (b)		41,098		5,260,084
James Hardie Industries PLC CDI		131,457		2,273,808
Kerry Group PLC, Class A		46,138		5,700,286
Kingspan Group PLC		43,909		2,707,574
Smurfit Kappa Group PLC		70,827		2,300,466
(Cost $32,907,903)				38,857,864
Isle of Man — 0.1%
GVC Holdings PLC
(Cost $2,214,788)		172,810		1,691,998
Israel — 0.6%
Azrieli Group Ltd.		12,176		637,667
Bank Hapoalim BM		338,505		2,073,542
Bank Leumi Le-Israel BM		446,171		2,355,691

See Notes to Financial Statements. 9

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Israel (Continued)
Check Point Software Technologies Ltd.*		33,890	$	3,716,716
CyberArk Software Ltd.*		10,364		1,075,576
Elbit Systems Ltd.		7,182		998,096
ICL Group Ltd.		202,099		698,124
Israel Discount Bank Ltd., Class A		349,930		1,107,140
Mizrahi Tefahot Bank Ltd.		41,316		807,377
Nice Ltd.*		18,449		3,328,333
Teva Pharmaceutical Industries Ltd., ADR*		324,277		4,063,191
Wix.com Ltd.*		14,424		3,206,888
(Cost $28,851,238)				24,068,341
Italy — 1.9%
Assicurazioni Generali SpA		326,285		4,521,977
Atlantia SpA*		145,334		2,354,583
Davide Campari-Milano SpA		172,454		1,397,458
DiaSorin SpA*		7,059		1,477,057
Enel SpA		2,415,058		18,500,450
Eni SpA		755,372		6,811,144
Ferrari NV		35,812		6,038,500
FinecoBank Banca Fineco SpA*		184,373		2,149,988
Infrastrutture Wireless Italiane SpA, 144A		53,046		539,669
Intesa Sanpaolo SpA*		4,419,328		7,615,573
Leonardo SpA*		119,386		742,137
Mediobanca Banca di Credito Finanziario SpA		184,412		1,194,668
Moncler SpA*		53,622		1,991,048
Nexi SpA, 144A*		105,167		1,724,260
Pirelli & C SpA, 144A*		126,531		566,037
Poste Italiane SpA, 144A		157,636		1,381,323
Prysmian SpA		71,660		1,522,912
Recordati SpA		32,335		1,468,761
Snam SpA		590,384		2,742,009
Telecom Italia SpA*		2,711,741		999,376
Telecom Italia SpA-RSP		1,899,705		731,321
Terna Rete Elettrica Nazionale SpA		417,780		2,815,004
UniCredit SpA*		604,240		5,141,869
(Cost $94,083,112)				74,427,124
Japan — 25.6%
ABC-Mart, Inc.		11,100		674,162
Acom Co. Ltd.		118,300		481,559
Advantest Corp.		57,900		2,856,210
Aeon Co. Ltd.		190,400		4,208,062
Aeon Mall Co. Ltd.		30,000		421,438
AGC, Inc.		49,700		1,405,582
Air Water, Inc.		49,800		722,676
Aisin Seiki Co. Ltd.		47,754		1,503,313
Ajinomoto Co., Inc.		132,947		2,264,580
Alfresa Holdings Corp.		56,600		1,140,450
Amada Co. Ltd.		93,700		834,955
ANA Holdings, Inc.*(b)		33,400		804,920
Aozora Bank Ltd.		29,800		553,198
Asahi Group Holdings Ltd.		103,965		3,912,003
Asahi Intecc Co. Ltd.		55,800		1,707,451

	Number of Shares		Value
Japan (Continued)
Asahi Kasei Corp.		372,300	$	2,934,350
Astellas Pharma, Inc.		549,332		9,751,923
Bandai Namco Holdings, Inc.		59,200		3,291,420
Bank of Kyoto Ltd.		16,800		602,865
Benesse Holdings, Inc.		21,200		573,419
Bridgestone Corp.		157,676		5,229,793
Brother Industries Ltd.		64,200		1,207,861
Calbee, Inc.		29,700		857,856
Canon, Inc.		296,486		6,100,444
Casio Computer Co. Ltd.		52,300		919,960
Central Japan Railway Co.		42,354		7,239,983
Chiba Bank Ltd.		152,200		722,578
Chubu Electric Power Co., Inc.		188,500		2,536,172
Chugai Pharmaceutical Co. Ltd.		66,500		9,798,183
Chugoku Electric Power Co., Inc.		83,400		1,144,531
Coca-Cola Bottlers Japan Holdings, Inc.		33,354		661,853
Concordia Financial Group Ltd.		306,115		999,142
Cosmos Pharmaceutical Corp.		5,900		846,335
CyberAgent, Inc.		30,400		1,530,641
Dai Nippon Printing Co. Ltd.		75,200		1,707,680
Daicel Corp.		74,200		627,478
Daifuku Co. Ltd.		29,921		2,324,985
Dai-ichi Life Holdings, Inc.		320,338		4,167,409
Daiichi Sankyo Co. Ltd.		167,931		15,703,873
Daikin Industries Ltd.		73,388		10,785,848
Daito Trust Construction Co. Ltd.		19,613		2,070,509
Daiwa House Industry Co. Ltd.		167,636		4,157,286
Daiwa House REIT Investment Corp. REIT		573		1,415,431
Daiwa Securities Group, Inc.		447,987		1,855,587
Denso Corp.		125,853		4,820,796
Dentsu Group, Inc.		64,200		1,717,437
Disco Corp.		9,100		2,030,191
East Japan Railway Co.		87,353		6,844,386
Eisai Co. Ltd.		74,552		5,833,092
Electric Power Development Co. Ltd.		37,632		709,406
FamilyMart Co. Ltd.		75,768		1,418,476
FANUC Corp.		57,417		10,230,123
Fast Retailing Co. Ltd.		17,017		9,551,106
Fuji Electric Co. Ltd.		35,100		937,020
FUJIFILM Holdings Corp.		106,454		4,916,754
Fujitsu Ltd.		58,302		6,000,762
Fukuoka Financial Group, Inc.		46,000		747,721
GLP J REIT		1,072		1,428,406
GMO Payment Gateway, Inc.		12,500		1,405,953
Hakuhodo DY Holdings, Inc.		73,659		914,548
Hamamatsu Photonics KK		38,700		1,751,180
Hankyu Hanshin Holdings, Inc.		66,840		2,466,718
Hikari Tsushin, Inc.		6,300		1,379,229
Hino Motors Ltd.		90,800		613,781
Hirose Electric Co. Ltd.		9,666		1,153,521
Hisamitsu Pharmaceutical Co., Inc.		14,600		735,111
Hitachi Construction Machinery Co. Ltd.		31,200		818,731
Hitachi Ltd.		285,101		9,133,701
Hitachi Metals Ltd.		63,700		733,603

See Notes to Financial Statements. 10

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Japan (Continued)
Honda Motor Co. Ltd.		483,499	$	12,481,443
Hoshizaki Corp.		15,100		1,218,137
Hoya Corp.		111,974		10,497,076
Hulic Co. Ltd. (b)		94,000		950,067
Idemitsu Kosan Co. Ltd.		58,184		1,289,441
Iida Group Holdings Co. Ltd.		38,100		565,256
Inpex Corp.		303,617		2,114,016
Isetan Mitsukoshi Holdings Ltd.		94,000		628,439
Isuzu Motors Ltd.		157,300		1,472,431
Ito En Ltd.		15,800		905,411
ITOCHU Corp.		400,454		8,577,577
Itochu Techno-Solutions Corp.		30,400		1,026,065
Japan Airlines Co. Ltd.		30,373		596,223
Japan Airport Terminal Co. Ltd.		14,400		632,908
Japan Exchange Group, Inc.		151,878		3,263,029
Japan Post Bank Co. Ltd.		117,658		970,983
Japan Post Holdings Co. Ltd.		463,013		3,366,392
Japan Post Insurance Co. Ltd.		65,300		828,322
Japan Prime Realty Investment Corp. REIT		263		802,327
Japan Real Estate Investment Corp. REIT		358		1,951,912
Japan Retail Fund Investment Corp. REIT		811		1,069,351
Japan Tobacco, Inc.		348,541		6,908,122
JFE Holdings, Inc.		144,085		1,058,142
JGC Holdings Corp.		71,500		768,404
JSR Corp.		56,900		1,114,310
JTEKT Corp.		59,100		476,220
JXTG Holdings, Inc.		921,228		3,539,012
Kajima Corp.		120,700		1,367,661
Kakaku.com, Inc.		36,900		891,663
Kamigumi Co. Ltd.		30,000		585,563
Kansai Electric Power Co., Inc.		207,767		2,068,134
Kansai Paint Co. Ltd.		51,800		1,072,072
Kao Corp.		144,004		11,546,225
Kawasaki Heavy Industries Ltd.		39,000		616,941
KDDI Corp.		487,433		14,173,952
Keihan Holdings Co. Ltd.		30,500		1,448,004
Keikyu Corp.		63,450		1,059,608
Keio Corp.		29,760		1,766,090
Keisei Electric Railway Co. Ltd.		34,128		1,118,665
Keyence Corp.		53,970		22,194,534
Kikkoman Corp.		42,682		2,145,083
Kintetsu Group Holdings Co. Ltd.		50,640		2,483,987
Kirin Holdings Co. Ltd.		244,023		4,994,954
Kobayashi Pharmaceutical Co. Ltd.		15,100		1,344,151
Kobe Bussan Co. Ltd.		16,500		853,725
Koito Manufacturing Co. Ltd.		30,400		1,286,810
Komatsu Ltd.		250,273		5,059,068
Konami Holdings Corp.		29,666		1,041,178
Kose Corp.		11,000		1,375,956
Kubota Corp.		307,781		4,136,757
Kuraray Co. Ltd.		93,400		980,377
Kurita Water Industries Ltd.		30,400		841,994
Kyocera Corp.		94,600		5,114,865
Kyowa Kirin Co. Ltd.		71,000		1,923,705

	Number of Shares		Value
Japan (Continued)
Kyushu Electric Power Co., Inc.		110,400	$	917,227
Kyushu Railway Co. (b)		46,276		1,310,892
Lasertec Corp.		22,200		1,821,781
Lawson, Inc.		17,500		967,129
LINE Corp.*		20,547		1,026,921
Lion Corp.		68,400		1,563,410
LIXIL Group Corp.		83,600		1,165,881
M3, Inc.		131,042		5,273,516
Makita Corp.		66,300		2,243,915
Marubeni Corp.		464,900		2,255,850
Marui Group Co. Ltd.		57,796		1,041,287
Maruichi Steel Tube Ltd.		16,800		429,795
Mazda Motor Corp.		165,200		1,055,430
McDonald’s Holdings Co. Japan Ltd.		19,622		1,042,552
Mebuki Financial Group, Inc.		275,350		622,981
Medipal Holdings Corp.		52,600		1,042,294
MEIJI Holdings Co. Ltd.		33,290		2,503,425
Mercari, Inc.*		22,800		678,641
MINEBEA MITSUMI, Inc.		107,320		1,881,794
MISUMI Group, Inc.		85,700		2,274,314
Mitsubishi Chemical Holdings Corp.		377,400		2,219,712
Mitsubishi Corp.		401,725		9,368,430
Mitsubishi Electric Corp.		541,179		7,118,201
Mitsubishi Estate Co. Ltd.		350,351		5,564,943
Mitsubishi Gas Chemical Co., Inc.		45,200		672,269
Mitsubishi Heavy Industries Ltd.		94,099		2,432,203
Mitsubishi Materials Corp.		30,000		682,368
Mitsubishi Motors Corp.		218,100		614,793
Mitsubishi UFJ Financial Group, Inc.		3,599,852		14,827,338
Mitsubishi UFJ Lease & Finance Co. Ltd.		114,300		557,483
Mitsui & Co. Ltd.		491,160		7,448,581
Mitsui Chemicals, Inc.		55,300		1,148,611
Mitsui Fudosan Co. Ltd.		259,326		4,985,975
Miura Co. Ltd.		25,800		1,100,468
Mizuho Financial Group, Inc.		7,163,480		8,934,008
MonotaRO Co. Ltd.		32,200		1,168,928
MS&AD Insurance Group Holdings, Inc.		128,921		3,783,532
Murata Manufacturing Co. Ltd.		170,077		9,485,958
Nabtesco Corp.		29,725		921,973
Nagoya Railroad Co. Ltd.		51,040		1,538,133
NEC Corp.		74,359		3,333,727
Nexon Co. Ltd.		146,345		3,047,808
NGK Insulators Ltd.		78,100		1,143,492
NGK Spark Plug Co. Ltd.		46,900		755,392
NH Foods Ltd.		27,896		1,029,497
Nidec Corp.		133,146		8,175,556
Nihon M&A Center, Inc.		44,000		1,766,609
Nikon Corp.		93,700		860,151
Nintendo Co. Ltd.		32,971		13,311,302
Nippon Building Fund, Inc. REIT		367		2,300,450
Nippon Express Co. Ltd.		24,400		1,253,429
Nippon Paint Holdings Co. Ltd.		43,042		2,997,315
Nippon Prologis REIT, Inc. REIT (b)		562		1,584,200
Nippon Shinyaku Co. Ltd.		13,500		1,161,667
Nippon Steel Corp.		239,509		2,204,429

See Notes to Financial Statements. 11

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Japan (Continued)
Nippon Telegraph & Telephone Corp.		382,202	$	8,661,521
Nippon Yusen KK		45,000		648,013
Nissan Chemical Corp.		36,449		1,607,075
Nissan Motor Co. Ltd.		689,042		2,561,426
Nisshin Seifun Group, Inc.		61,000		949,687
Nissin Foods Holdings Co. Ltd.		18,700		1,560,573
Nitori Holdings Co. Ltd.		24,101		4,365,645
Nitto Denko Corp.		46,724		2,525,856
Nomura Holdings, Inc.		922,654		3,960,281
Nomura Real Estate Holdings, Inc.		36,536		675,532
Nomura Real Estate Master Fund, Inc. REIT		1,216		1,493,996
Nomura Research Institute Ltd.		100,243		2,647,244
NSK Ltd.		104,600		764,289
NTT Data Corp.		177,234		2,046,051
NTT DOCOMO, Inc.		346,689		9,488,178
Obayashi Corp.		189,200		1,749,107
Obic Co. Ltd.		20,600		3,568,158
Odakyu Electric Railway Co. Ltd.		88,050		2,195,433
Oji Holdings Corp.		268,968		1,349,267
Olympus Corp.		340,616		5,910,917
Omron Corp.		52,492		3,475,292
Ono Pharmaceutical Co. Ltd.		109,406		3,121,538
Oracle Corp. (b)		12,800		1,493,106
Oriental Land Co. Ltd.		59,300		8,586,114
ORIX Corp.		396,846		5,258,407
Orix JREIT, Inc. REIT		776		1,121,061
Osaka Gas Co. Ltd.		104,000		2,076,239
Otsuka Corp.		29,900		1,441,699
Otsuka Holdings Co. Ltd.		115,667		5,216,786
Pan Pacific International Holdings Corp.		129,472		2,606,368
Panasonic Corp.		656,085		5,858,499
Park24 Co. Ltd.		33,800		655,346
PeptiDream, Inc.*		30,400		1,362,919
Persol Holdings Co. Ltd.		51,000		673,884
Pigeon Corp.		30,700		1,195,605
Pola Orbis Holdings, Inc.		28,100		546,132
Rakuten, Inc.		251,686		2,277,765
Recruit Holdings Co. Ltd.		375,053		12,902,282
Renesas Electronics Corp.*		226,000		1,171,440
Resona Holdings, Inc.		606,125		2,179,566
Ricoh Co. Ltd.		200,600		1,480,621
Rinnai Corp.		11,300		950,355
Rohm Co. Ltd.		25,600		1,720,988
Ryohin Keikaku Co. Ltd.		70,800		1,069,435
Santen Pharmaceutical Co. Ltd.		101,351		1,870,170
SBI Holdings, Inc.		67,625		1,447,875
SCSK Corp.		15,300		747,656
Secom Co. Ltd.		62,300		5,392,074
Sega Sammy Holdings, Inc.		47,200		614,482
Seibu Holdings, Inc.		58,500		763,763
Seiko Epson Corp.		83,859		943,992
Sekisui Chemical Co. Ltd.		106,200		1,482,044
Sekisui House Ltd.		184,451		3,510,461
Seven & i Holdings Co. Ltd.		220,676		7,544,461
Seven Bank Ltd.		174,700		497,315

	Number of Shares		Value
Japan (Continued)
SG Holdings Co. Ltd.		41,600	$	1,355,872
Sharp Corp.		61,273		663,040
Shimadzu Corp.		65,000		1,756,920
Shimamura Co. Ltd.		8,500		597,431
Shimano, Inc.		22,294		4,095,175
Shimizu Corp.		176,100		1,489,204
Shin-Etsu Chemical Co. Ltd.		104,604		12,240,739
Shinsei Bank Ltd.		54,700		697,413
Shionogi & Co. Ltd.		78,995		4,659,346
Shiseido Co. Ltd.		118,557		7,222,583
Shizuoka Bank Ltd.		144,700		920,434
Showa Denko KK		39,500		943,136
SMC Corp.		17,182		8,662,296
Softbank Corp.		563,900		7,142,542
SoftBank Group Corp.		461,628		20,683,263
Sohgo Security Services Co. Ltd.		21,100		1,036,951
Sompo Holdings, Inc.		99,135		3,522,512
Sony Corp.		374,316		23,858,762
Sony Financial Holdings, Inc.		42,600		1,025,449
Square Enix Holdings Co. Ltd. (b)		29,400		1,425,768
Stanley Electric Co. Ltd.		37,500		910,682
Subaru Corp.		178,534		3,937,532
SUMCO Corp.		74,300		1,137,459
Sumitomo Chemical Co. Ltd.		420,522		1,302,372
Sumitomo Corp.		347,476		4,182,149
Sumitomo Dainippon Pharma Co. Ltd.		46,400		655,266
Sumitomo Electric Industries Ltd.		214,300		2,492,831
Sumitomo Heavy Industries Ltd.		30,400		693,440
Sumitomo Metal Mining Co. Ltd.		69,500		1,933,975
Sumitomo Mitsui Financial Group, Inc.		387,515		11,207,374
Sumitomo Mitsui Trust Holdings, Inc.		94,081		2,766,293
Sumitomo Realty & Development Co. Ltd.		91,303		2,526,717
Sumitomo Rubber Industries Ltd.		40,100		407,526
Sundrug Co. Ltd.		21,100		710,214
Suntory Beverage & Food Ltd.		40,800		1,664,611
Suzuken Co. Ltd.		19,810		719,145
Suzuki Motor Corp.		105,726		3,672,396
Sysmex Corp.		49,407		3,944,497
T&D Holdings, Inc.		159,300		1,437,238
Taiheiyo Cement Corp.		30,000		708,517
Taisei Corp.		59,515		2,063,945
Taisho Pharmaceutical Holdings Co. Ltd.		9,434		598,345
Taiyo Nippon Sanso Corp.		34,000		571,264
Takeda Pharmaceutical Co. Ltd.		460,611		17,899,956
TDK Corp.		37,924		3,544,661
Teijin Ltd.		47,304		773,742
Terumo Corp.		190,644		7,477,622
THK Co. Ltd.		35,128		912,035
TIS, Inc.		65,900		1,403,610
Tobu Railway Co. Ltd.		56,579		2,004,096
Toho Co. Ltd.		29,800		1,094,237
Toho Gas Co. Ltd.		22,828		1,123,990
Tohoku Electric Power Co., Inc.		120,813		1,250,195
Tokio Marine Holdings, Inc.		189,750		8,213,204
Tokyo Century Corp.		12,700		551,713

See Notes to Financial Statements. 12

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Japan (Continued)
Tokyo Electric Power Co. Holdings, Inc.*		443,600	$	1,493,132
Tokyo Electron Ltd.		43,764		8,724,799
Tokyo Gas Co. Ltd.		108,980		2,597,553
Tokyu Corp.		149,910		2,374,206
Tokyu Fudosan Holdings Corp.		177,900		900,676
Toppan Printing Co. Ltd.		85,889		1,467,786
Toray Industries, Inc.		412,443		2,003,606
Toshiba Corp.		114,516		3,126,108
Tosoh Corp.		78,640		1,092,334
TOTO Ltd.		39,115		1,548,714
Toyo Suisan Kaisha Ltd.		27,800		1,451,287
Toyoda Gosei Co. Ltd.		19,200		410,011
Toyota Industries Corp.		42,400		2,166,294
Toyota Motor Corp.		624,864		39,139,101
Toyota Tsusho Corp.		63,111		1,597,599
Trend Micro, Inc.		36,976		2,029,746
Tsuruha Holdings, Inc.		11,900		1,756,669
Unicharm Corp.		119,600		4,447,086
United Urban Investment Corp. REIT		877		928,679
USS Co. Ltd.		58,800		1,023,936
Welcia Holdings Co. Ltd.		14,100		1,183,226
West Japan Railway Co.		47,106		3,036,152
Yakult Honsha Co. Ltd.		31,979		1,957,081
Yamada Denki Co. Ltd.		182,300		885,764
Yamaha Corp.		42,181		2,049,501
Yamaha Motor Co. Ltd.		85,974		1,239,646
Yamato Holdings Co. Ltd.		94,071		2,079,515
Yamazaki Baking Co. Ltd.		35,300		632,058
Yaskawa Electric Corp.		73,620		2,641,842
Yokogawa Electric Corp.		66,944		963,393
Yokohama Rubber Co. Ltd.		30,004		452,654
Z Holdings Corp.		793,600		3,237,832
ZOZO, Inc.		30,397		559,207
(Cost $953,202,214)				980,401,277
Jordan — 0.0%
Hikma Pharmaceuticals PLC
(Cost $1,201,022)		37,637		1,195,045
Luxembourg — 0.2%
ArcelorMittal SA*		194,596		1,858,778
Aroundtown SA		362,240		1,987,201
Eurofins Scientific SE		3,641		2,456,541
SES SA		104,660		773,048
Tenaris SA		135,210		839,303
(Cost $15,393,739)				7,914,871
Macau — 0.1%
Sands China Ltd.		720,411		2,802,089
Wynn Macau Ltd.		466,119		787,739
(Cost $4,555,306)				3,589,828
Netherlands — 4.4%
ABN AMRO Bank NV, 144A		109,942		879,917
Adyen NV, 144A*		5,277		6,929,702
Aegon NV		531,322		1,418,455
Akzo Nobel NV		60,066		4,907,375

	Number of Shares		Value
Netherlands (Continued)
Altice Europe NV*		191,028	$	763,383
ASML Holding NV		125,295		40,744,589
EXOR NV		32,196		1,731,921
Heineken Holding NV		32,515		2,674,513
Heineken NV		77,415		7,087,882
ING Groep NV		1,157,020		7,456,939
Just Eat Takeaway.com NV, 144A*		34,161		3,699,517
Koninklijke Ahold Delhaize NV		322,386		8,162,894
Koninklijke DSM NV		50,271		6,420,175
Koninklijke KPN NV		1,014,268		2,481,458
Koninklijke Philips NV*		263,172		11,916,153
Koninklijke Vopak NV		20,874		1,142,571
NN Group NV		89,719		2,765,687
Prosus NV*		144,726		11,984,725
QIAGEN NV*		69,382		3,027,559
Randstad NV		35,506		1,487,069
Royal Dutch Shell PLC, Class A		1,214,867		18,892,556
Royal Dutch Shell PLC, Class B		1,092,269		16,538,166
Wolters Kluwer NV		81,071		6,450,691
(Cost $184,074,462)				169,563,897
New Zealand — 0.3%
a2 Milk Co. Ltd.*		218,507		2,577,127
Auckland International Airport Ltd.		360,829		1,455,900
Fisher & Paykel Healthcare Corp. Ltd.		174,871		3,254,365
Mercury NZ Ltd.		196,797		568,052
Meridian Energy Ltd.		365,283		1,077,060
Ryman Healthcare Ltd.		138,356		1,039,203
Spark New Zealand Ltd.		526,088		1,443,436
(Cost $8,290,905)				11,415,143
Norway — 0.5%
DNB ASA*		278,780		3,791,345
Equinor ASA		301,193		4,373,468
Gjensidige Forsikring ASA*		59,390		1,077,124
Mowi ASA		128,858		2,426,506
Norsk Hydro ASA*		392,537		996,612
Orkla ASA		234,387		2,105,945
Schibsted ASA, Class B*		26,431		633,534
Telenor ASA		214,159		3,247,387
Yara International ASA		52,951		1,811,743
(Cost $26,278,007)				20,463,664
Portugal — 0.2%
EDP — Energias de Portugal SA		758,625		3,556,239
Galp Energia SGPS SA		148,835		1,770,271
Jeronimo Martins SGPS SA*		78,192		1,334,939
(Cost $6,266,407)				6,661,449
Russia — 0.0%
Evraz PLC
(Cost $1,100,190)		147,174		513,290
Singapore — 1.1%
Ascendas Real Estate Investment Trust REIT		914,052		2,025,044
CapitaLand Commercial Trust REIT		801,180		992,402
CapitaLand Ltd.*		767,400		1,569,781

See Notes to Financial Statements. 13

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Singapore (Continued)
CapitaLand Mall Trust REIT		860,600	$	1,236,564
City Developments Ltd.		136,800		744,615
DBS Group Holdings Ltd.		514,295		7,087,573
Genting Singapore Ltd.		1,746,378		970,347
Jardine Cycle & Carriage Ltd.		29,900		462,637
Keppel Corp. Ltd.		424,400		1,775,343
Mapletree Commercial Trust REIT		638,200		903,454
Mapletree Logistics Trust REIT		783,400		1,136,729
Oversea-Chinese Banking Corp. Ltd.		984,682		5,959,110
Singapore Airlines Ltd.		353,250		955,135
Singapore Exchange Ltd.		255,900		1,499,754
Singapore Technologies Engineering Ltd.		464,000		1,047,678
Singapore Telecommunications Ltd.		2,424,389		4,272,883
Suntec Real Estate Investment Trust REIT		480,700		500,162
United Overseas Bank Ltd.		334,954		4,623,162
UOL Group Ltd.*		151,081		731,451
Venture Corp. Ltd.		90,300		977,909
Wilmar International Ltd.		570,366		1,606,779
(Cost $51,888,375)				41,078,512
Spain — 2.3%
ACS Actividades de Construccion y Servicios SA		75,866		1,932,736
Aena SME SA, 144A*		19,831		2,822,119
Amadeus IT Group SA		126,775		6,605,709
Banco Bilbao Vizcaya Argentaria SA		1,986,755		6,159,677
Banco Santander SA		4,894,024		11,068,950
Bankinter SA		204,886		866,750
CaixaBank SA		1,065,647		1,986,717
Cellnex Telecom SA, 144A*		73,287		4,142,457
Enagas SA		79,318		1,779,429
Endesa SA		92,873		2,201,051
Ferrovial SA*		2,089		56,628
Ferrovial SA		144,926		3,928,572
Grifols SA		88,573		2,764,772
Iberdrola SA		1,709,433		18,383,530
Industria de Diseno Textil SA		320,139		8,902,029
Mapfre SA		316,787		556,661
Naturgy Energy Group SA		88,293		1,636,272
Red Electrica Corp. SA		128,528		2,259,933
Repsol SA		419,986		3,902,141
Siemens Gamesa Renewable Energy SA*		70,791		1,189,332
Telefonica SA		1,395,229		6,568,353
(Cost $146,144,182)				89,713,818
Sweden — 2.8%
Alfa Laval AB*		93,094		1,876,196
Assa Abloy AB, Class B		297,618		6,023,396
Atlas Copco AB, Class A		199,964		7,835,109
Atlas Copco AB, Class B		118,078		4,162,940
Boliden AB		81,216		1,760,066
Electrolux AB, Series B		63,995		1,046,938
Epiroc AB, Class A		195,685		2,171,266
Epiroc AB, Class B		115,792		1,289,097

	Number of Shares		Value
Sweden (Continued)
EQT AB*		65,617	$	1,037,262
Essity AB, Class B*		180,081		5,939,918
Evolution Gaming Group AB, 144A*		36,582		2,157,832
Hennes & Mauritz AB, Class B (b)		238,547		3,598,756
Hexagon AB, Class B*		78,108		4,287,317
Husqvarna AB, Class B		130,942		962,483
ICA Gruppen AB (b)		28,124		1,320,157
Industrivarden AB, Class C*		44,806		995,736
Investment AB Latour, Class B		43,600		781,534
Investor AB, Class B		135,253		7,191,445
Kinnevik AB, Class B		69,801		1,755,665
L E Lundbergforetagen AB, Class B*		22,573		1,119,241
Lundin Energy AB		54,271		1,307,450
Nibe Industrier AB, Class B*		91,836		2,036,999
Sandvik AB*		339,407		5,615,630
Securitas AB, Class B*		104,200		1,380,111
Skandinaviska Enskilda Banken AB, Class A*		479,560		4,159,134
Skanska AB, Class B*		100,997		2,016,178
SKF AB, Class B		112,995		2,072,214
Svenska Cellulosa AB SCA, Class B*		178,427		2,225,000
Svenska Handelsbanken AB, Class A*		461,835		4,369,090
Swedbank AB, Class A*		268,905		3,367,537
Swedish Match AB		50,467		3,500,669
Tele2 AB, Class B		143,092		1,902,821
Telefonaktiebolaget LM Ericsson, Class B		855,931		7,779,415
Telia Co. AB		718,321		2,460,841
Volvo AB, Class B*		438,839		6,205,889
(Cost $113,262,463)				107,711,332
Switzerland — 10.4%
ABB Ltd.		547,160		10,746,363
Adecco Group AG		46,082		2,185,757
Alcon, Inc.*		143,313		9,220,429
Baloise Holding AG		13,708		1,946,884
Banque Cantonale Vaudoise		8,873		861,653
Barry Callebaut AG		919		1,846,026
Chocoladefabriken Lindt & Spruengli AG		31		2,688,085
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		300		2,498,440
Cie Financiere Richemont SA		152,853		8,880,667
Clariant AG*		61,663		1,129,334
Coca-Cola HBC AG*		58,912		1,482,775
Credit Suisse Group AG		703,100		6,409,629
EMS-Chemie Holding AG		2,489		1,838,672
Geberit AG		11,003		5,345,916
Givaudan SA		2,746		9,841,404
Glencore PLC*		2,912,104		5,388,203
Julius Baer Group Ltd.		65,517		2,786,073
Kuehne + Nagel International AG*		16,037		2,307,674
LafargeHolcim Ltd.*		146,307		6,045,166
Logitech International SA		46,689		2,751,437
Lonza Group AG		22,079		10,823,714
Nestle SA		875,273		94,516,379
Novartis AG		631,879		54,548,673

See Notes to Financial Statements. 14

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Switzerland (Continued)
Pargesa Holding SA		13,254	$	999,080
Partners Group Holding AG		5,545		4,579,900
Roche Holding AG		207,029		71,614,211
Schindler Holding AG		5,981		1,383,005
Schindler Holding AG Participation Certificates		12,026		2,789,562
SGS SA		1,795		4,208,489
Sika AG		41,085		7,026,910
Sonova Holding AG		16,723		3,660,004
STMicroelectronics NV		190,332		4,667,134
Straumann Holding AG		3,062		2,476,852
Swatch Group AG — Bearer (b)		8,477		1,691,346
Swatch Group AG — Registered		15,443		599,544
Swiss Life Holding AG		9,313		3,267,006
Swiss Prime Site AG		22,677		2,107,843
Swiss Re AG		87,501		5,924,376
Swisscom AG		7,644		3,972,210
Temenos AG		19,528		2,978,538
UBS Group AG		1,068,957		11,447,554
Vifor Pharma AG		13,343		2,026,837
Zurich Insurance Group AG		44,420		14,294,022
(Cost $380,616,281)				397,803,776
United Arab Emirates — 0.0%
NMC Health PLC (d)
(Cost $1,368,921)		31,933		0
United Kingdom — 13.1%
3i Group PLC		297,923		3,035,465
Admiral Group PLC		60,571		1,745,206
Anglo American PLC		361,720		7,596,997
Ashtead Group PLC		136,264		4,027,088
Associated British Foods PLC		105,784		2,379,015
AstraZeneca PLC		386,227		40,925,802
Auto Trader Group PLC, 144A		287,887		1,984,628
AVEVA Group PLC		18,225		920,123
Aviva PLC		1,161,363		3,552,722
BAE Systems PLC		957,708		5,868,906
Barclays PLC		5,128,472		7,298,919
Barratt Developments PLC		302,333		1,855,706
Berkeley Group Holdings PLC		35,267		1,783,568
BP PLC		5,949,602		22,465,788
British American Tobacco PLC		673,749		26,539,212
British Land Co. PLC REIT		253,775		1,276,529
BT Group PLC		2,494,190		3,580,880
Bunzl PLC		105,176		2,450,421
Burberry Group PLC		118,340		2,185,673
CNH Industrial NV*		300,941		1,821,293
Coca-Cola European Partners PLC		60,535		2,282,170
Compass Group PLC		517,965		7,573,897
Croda International PLC		38,243		2,451,244
Diageo PLC		688,229		23,718,230
Direct Line Insurance Group PLC		405,861		1,326,278
Ferguson PLC		67,260		5,287,992
Fiat Chrysler Automobiles NV*		319,800		2,819,363
GlaxoSmithKline PLC		1,481,372		30,585,510
Halma PLC		111,032		3,195,004
Hargreaves Lansdown PLC		97,437		2,206,338

	Number of Shares		Value
United Kingdom (Continued)
HSBC Holdings PLC		5,971,233	$	27,292,944
Imperial Brands PLC		275,067		4,981,818
Informa PLC		445,626		2,500,784
InterContinental Hotels Group PLC		49,342		2,358,887
Intertek Group PLC		46,115		3,135,781
ITV PLC		1,063,268		1,054,186
J Sainsbury PLC		504,407		1,208,510
JD Sports Fashion PLC		120,563		980,327
Johnson Matthey PLC		56,204		1,466,675
Kingfisher PLC		602,850		1,445,858
Land Securities Group PLC REIT		203,853		1,525,154
Legal & General Group PLC		1,796,190		4,403,318
Lloyds Banking Group PLC		20,798,426		7,672,431
London Stock Exchange Group PLC		93,294		9,252,020
M&G PLC		771,995		1,334,780
Melrose Industries PLC		1,417,044		2,015,183
Mondi PLC		149,689		2,787,780
National Grid PLC		1,033,536		11,819,630
Next PLC		38,780		2,329,532
Ocado Group PLC*		134,782		3,647,049
Pearson PLC		232,223		1,329,011
Persimmon PLC		94,626		2,679,673
Prudential PLC		772,037		9,982,793
Reckitt Benckiser Group PLC		210,644		18,792,913
RELX PLC		575,657		13,319,403
Rentokil Initial PLC		553,640		3,396,850
Rio Tinto Ltd.		109,323		6,805,988
Rio Tinto PLC		330,844		17,622,601
Rolls-Royce Holdings PLC*		520,651		1,746,400
Royal Bank of Scotland Group PLC		1,436,436		1,957,609
RSA Insurance Group PLC		295,247		1,437,737
Sage Group PLC		308,508		2,632,763
Schroders PLC		36,912		1,347,077
Segro PLC REIT		323,151		3,350,775
Severn Trent PLC		70,502		2,125,380
Smith & Nephew PLC		259,804		5,268,491
Smiths Group PLC		117,637		1,898,107
Spirax-Sarco Engineering PLC		21,894		2,668,760
SSE PLC		311,020		4,768,725
St James’s Place PLC		151,713		1,721,516
Standard Chartered PLC		806,699		3,670,273
Standard Life Aberdeen PLC		708,920		2,261,460
Taylor Wimpey PLC		973,896		1,727,167
Tesco PLC		2,867,484		8,084,892
Unilever NV		431,039		22,244,303
Unilever PLC		344,132		18,411,144
United Utilities Group PLC		202,472		2,294,487
Vodafone Group PLC		7,948,505		13,057,790
Whitbread PLC (b)		40,107		1,252,174
Wm Morrison Supermarkets PLC		713,872		1,646,008
WPP PLC		374,717		2,830,337
(Cost $678,722,114)				500,285,221
TOTAL COMMON STOCKS (Cost $4,161,639,537)				3,715,418,641

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
PREFERRED STOCKS — 0.5%
Germany — 0.5%
Bayerische Motoren Werke AG		16,878	$	775,272
FUCHS PETROLUB SE		24,034		955,640
Henkel AG & Co. KGaA*		53,702		4,785,645
Porsche Automobil Holding SE		45,473		2,468,846
Sartorius AG*		10,235		3,787,879
Volkswagen AG*		54,857		8,068,460
(Cost $28,571,949)				20,841,742
TOTAL PREFERRED STOCKS (Cost $28,571,949)				20,841,742
RIGHTS — 0.0%
Italy — 0.0%
Davide Campari-Milano SpA*, expires 6/21/20 (d) (Cost $0)		174,893		0
United Kingdom — 0.0%
Whitbread PLC*, expires 6/12/20 (Cost $558,376)		20,337		251,665
TOTAL RIGHTS (Cost $558,376)				251,665

	Number of Shares		Value
SECURITIES LENDING COLLATERAL — 1.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (e)(f) (Cost $56,545,490)		56,545,490	$	56,545,490
CASH EQUIVALENTS — 1.5%
DWS ESG Liquidity Fund “Capital Shares”, 0.47% (e)		36,305,055		36,319,577
DWS Government Money Market Series “Institutional Shares”, 0.12% (e)		21,017,231		21,017,231
TOTAL CASH EQUIVALENTS (Cost $57,322,286)				57,336,808
TOTAL INVESTMENTS — 100.5% (Cost $4,304,637,638)			$	3,850,394,346
Other assets and liabilities, net — (0.5%)				(19,875,899	)
NET ASSETS — 100.0%			$	3,830,518,447

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2020 is as follows:

	Value ($) at 5/31/2019		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2020		Value ($) at 5/31/2020
COMMON STOCKS — 0.1%
Germany — 0.1%
Deutsche Bank AG (c)
		4,581,152		202,486		(764,197	)		(1,848,046	)		2,702,446		—		—		583,010		4,873,841
SECURITIES LENDING COLLATERAL — 1.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (e)(f)
		98,060,983		—		(41,515,493	) (g)		—			—		675,461		—		56,545,490		56,545,490
CASH EQUIVALENTS — 1.5%
DWS ESG Liquidity Fund “Capital Shares”, 0.47% (e)
		50,653,027		652,028		(15,003,000	)		3,000			14,522		666,333		—		36,305,055		36,319,577
DWS Government Money Market Series “Institutional Shares”, 0.12% (e)
		36,831,101		1,788,637,750		(1,804,451,620	)		—			—		1,268,186		—		21,017,231		21,017,231
		190,126,263		1,789,492,264		(1,861,734,310	)		(1,845,046	)		2,716,968		2,609,980		—		114,450,786		118,756,139

* Non-income producing security.

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

(b) All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at May 31, 2020 amounted to $57,986,585, which is 1.5% of net assets.

(c) Affiliated issuer. This security is owned in proportion with its representation in the index.

(d) Investment was valued using significant unobservable inputs.

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

(f) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $4,936,218.

(g) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended May 31, 2020.

See Notes to Financial Statements. 16

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2020

ADR: American Depositary Receipt

CDI: Chess Depositary Interest

REIT: Real Estate Investment Trust

RSP: Risparmio (Convertible Savings Shares)

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.

At May 31, 2020, open futures contracts purchased were as follows:

Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
AMSTERDAM Index Futures		EUR		26	$	3,005,213	$	3,071,652	6/19/2020	$	66,439
CAC40 10 EURO Futures		EUR		185		9,186,457		9,623,138	6/19/2020		436,681
DAX Index Futures		EUR		23		5,934,183		7,405,632	6/19/2020		1,471,449
FTSE/MIB Index Futures		EUR		15		1,284,552		1,513,304	6/19/2020		228,752
FTSE 100 Index Futures		GBP		169		11,243,310		12,649,182	6/19/2020		1,405,872
HANG SENG Index Futures		HKD		27		3,916,335		3,965,445	6/29/2020		49,110
IBEX 35 Index Futures		EUR		24		1,775,873		1,881,829	6/19/2020		105,956
MSCI EAFE Futures		USD		82		6,390,580		7,074,960	6/19/2020		684,380
MSCI SING IX ETS		SGD		39		791,352		795,017	6/29/2020		3,665
OMXS30 Index Futures		SEK		163		2,699,836		2,816,265	6/18/2020		116,429
SPI 200 Futures		AUD		57		4,767,710		5,460,594	6/18/2020		692,884
SWISS MKT IX Futures		CHF		85		7,616,678		8,684,706	6/19/2020		1,068,028
TOPIX Index Futures		JPY		178		22,753,607		25,731,559	6/11/2020		2,977,952
Total unrealized appreciation										$	9,307,597

As of May 31, 2020, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Citigroup Global Markets	6/3/2020	AUD	116,981,842	USD	76,593,861	$	—	$	(1,380,635	)
JP Morgan & Chase Co.	6/3/2020	AUD	171,004,500	USD	111,964,341		—		(2,019,073	)
RBC Capital Markets	6/3/2020	AUD	48,037,600	USD	31,452,859		—		(566,706	)
RBC Capital Markets	6/3/2020	AUD	18,813,000	USD	12,317,435		—		(222,410	)
Citigroup Global Markets	6/3/2020	CHF	115,387,400	USD	119,641,865		—		(338,636	)
Citigroup Global Markets	6/3/2020	CHF	33,019,000	USD	34,237,229		—		(96,122	)
JP Morgan & Chase Co.	6/3/2020	CHF	1,247,000	USD	1,292,288		—		(4,350	)
JP Morgan & Chase Co.	6/3/2020	CHF	107,683,100	USD	111,651,878		—		(317,647	)
RBC Capital Markets	6/3/2020	CHF	132,027,700	USD	136,897,131		—		(386,053	)
Citigroup Global Markets	6/3/2020	DKK	64,732,000	USD	9,509,231		—		(131,067	)
Citigroup Global Markets	6/3/2020	DKK	142,082,100	USD	20,871,866		—		(287,896	)
JP Morgan & Chase Co.	6/3/2020	DKK	169,927,100	USD	24,962,500		—		(344,116	)
RBC Capital Markets	6/3/2020	DKK	196,836,400	USD	28,914,851		—		(399,268	)
Citigroup Global Markets	6/3/2020	EUR	368,556,600	USD	403,879,065		—		(5,262,556	)
JP Morgan & Chase Co.	6/3/2020	EUR	369,326,300	USD	404,735,459		—		(5,260,620	)
RBC Capital Markets	6/3/2020	EUR	9,865,000	USD	10,760,495		—		(190,827	)
RBC Capital Markets	6/3/2020	EUR	197,368,600	USD	216,293,288		—		(2,809,310	)
RBC Capital Markets	6/3/2020	EUR	104,066,000	USD	114,042,703		—		(1,482,922	)
Citigroup Global Markets	6/3/2020	GBP	45,570,000	USD	57,483,866		1,204,068		—
Citigroup Global Markets	6/3/2020	GBP	2,108,000	USD	2,619,038		15,619		—
Citigroup Global Markets	6/3/2020	GBP	91,996,500	USD	116,049,261		2,431,872		—
JP Morgan & Chase Co.	6/3/2020	GBP	141,880,200	USD	178,969,812		3,745,125		—
RBC Capital Markets	6/3/2020	GBP	175,982,400	USD	222,025,555		4,684,017		—
Citigroup Global Markets	6/3/2020	HKD	112,122,000	USD	14,456,344		—		(7,214	)
JP Morgan & Chase Co.	6/3/2020	HKD	238,786,000	USD	30,787,504		—		(15,506	)
RBC Capital Markets	6/3/2020	HKD	659,557,400	USD	85,041,086		—		(40,758	)
Citigroup Global Markets	6/3/2020	ILS	8,966,300	USD	2,585,289		31,758		—
JP Morgan & Chase Co.	6/3/2020	ILS	11,086,900	USD	3,196,639		39,177		—
RBC Capital Markets	6/3/2020	ILS	21,503,700	USD	6,199,176		75,091		—
Citigroup Global Markets	6/3/2020	JPY	2,922,456,000	USD	27,337,813		237,955		—

See Notes to Financial Statements. 17

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2020

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Citigroup Global Markets	6/3/2020	JPY	33,038,175,800	USD	309,049,609	$	2,687,464	$	—
JP Morgan & Chase Co.	6/3/2020	JPY	31,981,548,600	USD	299,171,179		2,607,110		—
JP Morgan & Chase Co.	6/3/2020	JPY	228,215,000	USD	2,136,844		20,612		—
RBC Capital Markets	6/3/2020	JPY	34,921,841,600	USD	326,671,546		2,842,217		—
Citigroup Global Markets	6/3/2020	NOK	27,831,400	USD	2,723,655		—		(139,508	)
JP Morgan & Chase Co.	6/3/2020	NOK	18,040,000	USD	1,765,480		—		(90,390	)
JP Morgan & Chase Co.	6/3/2020	NOK	6,681,200	USD	653,869		—		(33,462	)
RBC Capital Markets	6/3/2020	NOK	158,785,500	USD	15,539,327		—		(795,777	)
Citigroup Global Markets	6/3/2020	NZD	7,776,900	USD	4,797,103		—		(30,347	)
JP Morgan & Chase Co.	6/3/2020	NZD	2,300,400	USD	1,418,891		—		(9,064	)
JP Morgan & Chase Co.	6/3/2020	NZD	3,540,000	USD	2,183,447		—		(13,980	)
RBC Capital Markets	6/3/2020	NZD	6,064,800	USD	3,740,932		—		(23,745	)
Citigroup Global Markets	6/3/2020	SEK	126,728,000	USD	12,977,978		—		(471,842	)
Citigroup Global Markets	6/3/2020	SEK	258,435,900	USD	26,465,530		—		(962,635	)
JP Morgan & Chase Co.	6/3/2020	SEK	329,618,200	USD	33,755,099		—		(1,227,743	)
RBC Capital Markets	6/3/2020	SEK	311,544,200	USD	31,904,168		—		(1,160,455	)
Citigroup Global Markets	6/3/2020	SGD	9,652,000	USD	6,857,062		25,180		—
Citigroup Global Markets	6/3/2020	SGD	5,953,000	USD	4,228,980		15,326		—
JP Morgan & Chase Co.	6/3/2020	SGD	30,293,400	USD	21,521,313		79,030		—
RBC Capital Markets	6/3/2020	SGD	16,739,200	USD	11,891,888		43,543		—
Citigroup Global Markets	6/3/2020	USD	77,652,547	AUD	116,981,842		321,949		—
JP Morgan & Chase Co.	6/3/2020	USD	3,222,677	AUD	4,846,000		7,434		—
JP Morgan & Chase Co.	6/3/2020	USD	108,151,474	AUD	162,927,800		448,399		—
JP Morgan & Chase Co.	6/3/2020	USD	2,072,559	AUD	3,230,700		80,871		—
RBC Capital Markets	6/3/2020	USD	44,376,030	AUD	66,850,600		183,380		—
Citigroup Global Markets	6/3/2020	USD	3,647,911	CHF	3,545,000		38,201		—
Citigroup Global Markets	6/3/2020	USD	5,509,964	CHF	5,317,600		19,308		—
Citigroup Global Markets	6/3/2020	USD	145,256,748	CHF	139,543,800		—		(158,279	)
JP Morgan & Chase Co.	6/3/2020	USD	113,386,177	CHF	108,930,100		—		(120,014	)
RBC Capital Markets	6/3/2020	USD	137,428,646	CHF	132,027,700		—		(145,462	)
Citigroup Global Markets	6/3/2020	USD	28,916,661	DKK	193,758,400		—		(60,937	)
Citigroup Global Markets	6/3/2020	USD	1,153,662	DKK	7,833,400		12,938		—
Citigroup Global Markets	6/3/2020	USD	757,965	DKK	5,222,300		19,773		—
JP Morgan & Chase Co.	6/3/2020	USD	25,359,604	DKK	169,927,100		—		(52,988	)
RBC Capital Markets	6/3/2020	USD	29,375,498	DKK	196,836,400		—		(61,379	)
Citigroup Global Markets	6/3/2020	USD	15,740,736	EUR	14,328,700		165,824		—
Citigroup Global Markets	6/3/2020	USD	394,034,260	EUR	354,227,900		—		(799,200	)
JP Morgan & Chase Co.	6/3/2020	USD	400,194,386	EUR	359,773,800		—		(802,718	)
JP Morgan & Chase Co.	6/3/2020	USD	10,336,063	EUR	9,552,500		268,347		—
RBC Capital Markets	6/3/2020	USD	346,280,959	EUR	311,299,600		—		(701,412	)
Citigroup Global Markets	6/3/2020	USD	172,680,003	GBP	139,674,500		—		(179,397	)
JP Morgan & Chase Co.	6/3/2020	USD	175,407,059	GBP	141,880,200		—		(182,372	)
RBC Capital Markets	6/3/2020	USD	7,703,518	GBP	6,248,600		13,620		—
RBC Capital Markets	6/3/2020	USD	5,048,516	GBP	4,165,700		96,201		—
RBC Capital Markets	6/3/2020	USD	204,693,498	GBP	165,568,100		—		(213,813	)
Citigroup Global Markets	6/3/2020	USD	14,465,460	HKD	112,122,000		—		(1,903	)
JP Morgan & Chase Co.	6/3/2020	USD	30,808,366	HKD	238,786,000		—		(5,356	)
RBC Capital Markets	6/3/2020	USD	1,186,950	HKD	9,200,000		—		(165	)
RBC Capital Markets	6/3/2020	USD	82,125,842	HKD	636,557,400		—		(10,961	)
RBC Capital Markets	6/3/2020	USD	1,780,065	HKD	13,800,000		113		—
Citigroup Global Markets	6/3/2020	USD	2,559,358	ILS	8,966,300		—		(5,826	)
JP Morgan & Chase Co.	6/3/2020	USD	3,164,711	ILS	11,086,900		—		(7,249	)
RBC Capital Markets	6/3/2020	USD	163,171	ILS	572,800		—		(42	)
RBC Capital Markets	6/3/2020	USD	5,974,559	ILS	20,930,900		—		(13,603	)
Citigroup Global Markets	6/3/2020	USD	13,100,813	JPY	1,407,936,500		—		(45,054	)
Citigroup Global Markets	6/3/2020	USD	312,009,867	JPY	33,614,071,000		—		(307,461	)
Citigroup Global Markets	6/3/2020	USD	8,754,934	JPY	938,624,300		—		(51,095	)
JP Morgan & Chase Co.	6/3/2020	USD	298,972,141	JPY	32,209,763,600		—		(291,841	)

See Notes to Financial Statements. 18

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2020

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets	6/3/2020	USD	324,150,256	JPY	34,921,841,600	$	—	$	(320,927	)
Citigroup Global Markets	6/3/2020	USD	2,863,295	NOK	27,831,400		—		(132	)
JP Morgan & Chase Co.	6/3/2020	USD	2,543,294	NOK	24,721,200		—		(94	)
RBC Capital Markets	6/3/2020	USD	16,036,039	NOK	155,872,700		—		(590	)
RBC Capital Markets	6/3/2020	USD	294,633	NOK	2,912,800		5,022		—
Citigroup Global Markets	6/3/2020	USD	168,220	NZD	271,300		187		—
Citigroup Global Markets	6/3/2020	USD	4,647,843	NZD	7,505,600		11,200		—
JP Morgan & Chase Co.	6/3/2020	USD	3,616,668	NZD	5,840,400		8,715		—
RBC Capital Markets	6/3/2020	USD	3,755,627	NZD	6,064,800		9,050		—
Citigroup Global Markets	6/3/2020	USD	947,453	SEK	9,344,400		44,281		—
Citigroup Global Markets	6/3/2020	USD	38,415,006	SEK	361,802,900		—		(16,357	)
Citigroup Global Markets	6/3/2020	USD	1,456,381	SEK	14,016,600		31,220		—
JP Morgan & Chase Co.	6/3/2020	USD	34,997,740	SEK	329,618,200		—		(14,898	)
RBC Capital Markets	6/3/2020	USD	33,078,778	SEK	311,544,200		—		(14,155	)
Citigroup Global Markets	6/3/2020	USD	11,040,807	SGD	15,605,000		4,728		—
JP Morgan & Chase Co.	6/3/2020	USD	20,424,296	SGD	28,867,700		8,848		—
JP Morgan & Chase Co.	6/3/2020	USD	399,606	SGD	570,300		4,064		—
JP Morgan & Chase Co.	6/3/2020	USD	603,763	SGD	855,400		1,706		—
RBC Capital Markets	6/3/2020	USD	11,843,215	SGD	16,739,200		5,130		—
Citigroup Global Markets	7/3/2020	AUD	116,981,842	USD	77,653,366		—		(323,248	)
JP Morgan & Chase Co.	7/3/2020	AUD	162,927,800	USD	108,151,474		—		(451,349	)
JP Morgan & Chase Co.	7/3/2020	AUD	34,470,000	USD	22,880,566		—		(96,111	)
RBC Capital Markets	7/3/2020	AUD	66,850,600	USD	44,376,164		—		(184,457	)
Citigroup Global Markets	7/3/2020	CHF	139,543,800	USD	145,376,600		153,855		—
JP Morgan & Chase Co.	7/3/2020	CHF	4,336,000	USD	4,517,057		4,597		—
JP Morgan & Chase Co.	7/3/2020	CHF	108,930,100	USD	113,478,311		115,136		—
RBC Capital Markets	7/3/2020	CHF	132,027,700	USD	137,541,032		140,266		—
Citigroup Global Markets	7/3/2020	DKK	193,758,400	USD	28,933,415		59,517		—
JP Morgan & Chase Co.	7/3/2020	DKK	54,176,000	USD	8,090,020		16,707		—
JP Morgan & Chase Co.	7/3/2020	DKK	169,927,100	USD	25,374,418		51,863		—
RBC Capital Markets	7/3/2020	DKK	196,836,400	USD	29,392,605		60,023		—
Citigroup Global Markets	7/3/2020	EUR	354,227,900	USD	394,267,342		787,447		—
JP Morgan & Chase Co.	7/3/2020	EUR	359,773,800	USD	400,427,520		787,184		—
RBC Capital Markets	7/3/2020	EUR	59,329,000	USD	66,034,542		131,295		—
RBC Capital Markets	7/3/2020	EUR	311,299,600	USD	346,482,681		687,971		—
Citigroup Global Markets	7/3/2020	GBP	139,674,500	USD	172,700,955		176,186		—
JP Morgan & Chase Co.	7/3/2020	GBP	141,880,200	USD	175,427,773		178,542		—
RBC Capital Markets	7/3/2020	GBP	165,568,100	USD	204,715,022		206,696		—
Citigroup Global Markets	7/3/2020	HKD	112,122,000	USD	14,454,944		1,578		—
JP Morgan & Chase Co.	7/3/2020	HKD	238,786,000	USD	30,779,725		—		(1,579	)
RBC Capital Markets	7/3/2020	HKD	636,557,400	USD	82,062,318		5,300		—
Citigroup Global Markets	7/3/2020	ILS	8,966,300	USD	2,560,536		5,719		—
JP Morgan & Chase Co.	7/3/2020	ILS	11,086,900	USD	3,165,930		6,879		—
RBC Capital Markets	7/3/2020	ILS	20,930,900	USD	5,976,842		12,886		—
Citigroup Global Markets	7/3/2020	JPY	6,835,780,000	USD	63,478,170		61,996		—
Citigroup Global Markets	7/3/2020	JPY	33,614,071,000	USD	312,144,594		303,698		—
JP Morgan & Chase Co.	7/3/2020	JPY	32,209,763,600	USD	299,099,849		286,844		—
RBC Capital Markets	7/3/2020	JPY	34,921,841,600	USD	324,281,192		307,985		—
Citigroup Global Markets	7/3/2020	NOK	27,831,400	USD	2,863,990		128		—
JP Morgan & Chase Co.	7/3/2020	NOK	24,721,200	USD	2,543,921		99		—
RBC Capital Markets	7/3/2020	NOK	155,872,700	USD	16,039,360		—		(4	)
Citigroup Global Markets	7/3/2020	NZD	7,505,600	USD	4,647,182		—		(11,232	)
JP Morgan & Chase Co.	7/3/2020	NZD	5,840,400	USD	3,616,200		—		(8,693	)
RBC Capital Markets	7/3/2020	NZD	6,064,800	USD	3,755,118		—		(9,052	)
Citigroup Global Markets	7/3/2020	SEK	159,783,000	USD	16,969,522		6,703		—
Citigroup Global Markets	7/3/2020	SEK	361,802,900	USD	38,425,491		15,917		—
JP Morgan & Chase Co.	7/3/2020	SEK	329,618,200	USD	35,006,906		14,111		—
RBC Capital Markets	7/3/2020	SEK	311,544,200	USD	33,087,561		13,530		—

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2020

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Citigroup Global Markets	7/3/2020	SGD	15,605,000	USD	11,041,526	$	—	$	(4,995	)
JP Morgan & Chase Co.	7/3/2020	SGD	28,867,700	USD	20,424,987		—		(9,979	)
RBC Capital Markets	7/3/2020	SGD	16,739,200	USD	11,843,818		—		(5,584	)
RBC Capital Markets	7/3/2020	USD	3,104,831	GBP	2,511,000		—		(3,265	)
RBC Capital Markets	7/3/2020	USD	16,781,345	HKD	130,152,000		—		(3,777	)
JP Morgan & Chase Co.	7/3/2020	USD	2,568,733	SGD	3,630,000		884		—
Total unrealized appreciation (depreciation)						$	27,197,215	$	(32,221,645	)

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

Currency Abbreviations

AUD Australian Dollar

CHF Swiss Franc

DKK Danish Krone

EUR Euro

GBP Pound Sterling

HKD Hong Kong Dollar

ILS Israeli Shekel

JPY Japanese Yen

NOK Norwegian Krone

NZD New Zealand Dollar

SEK Swedish Krona

SGD Singapore Dollar

USD U.S. Dollar

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 May 31, 2020 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 (h)	$	3,715,418,641	$	—		$	0	$	3,715,418,641
Preferred Stocks		20,841,742		—			—		20,841,742
Rights (h)		251,665		—			0		251,665
Short-Term Investments (h)		113,882,298		—			—		113,882,298
Derivatives (i)
Forward Foreign Currency Contracts		—		27,197,215			—		27,197,215
Futures Contracts		9,307,597		—			—		9,307,597
TOTAL	$	3,859,701,943	$	27,197,215		$	0	$	3,886,899,158
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (i)
Forward Foreign Currency Contracts	$	—	$	(32,221,645	)	$	—	$	(32,221,645	)
TOTAL	$	—	$	(32,221,645	)	$	—	$	(32,221,645	)

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

(i) Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

During the year ended May 31, 2020, the amount of transfers from Level 1 to Level 3 was $900,397. The investment was transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity.

See Notes to Financial Statements. 20

This Page is Intentionally Left Blank

21

DBX ETF Trust

Statement of Assets and Liabilities

May 31, 2020

	Xtrackers MSCI EAFE Hedged Equity ETF
Assets
Investment in non-affiliated securities at value	$	3,731,638,207
Investment in affiliated securities at value		4,873,841
Investment in DWS ESG Liquidity Fund*		36,319,577
Investment in DWS Government Money Market Series*		21,017,231
Investment in DWS Government & Agency Securities Portfolio**		56,545,490
Foreign currency at value		12,123,433
Unrealized appreciation on forward foreign currency contracts		27,197,215
Deposit with broker for futures contracts		8,897,891
Receivables:
Investment securities sold		66,745,571
Dividends		13,479,127
Interest		5,621
Securities lending income		73,651
Foreign tax reclaim		9,432,627
Total assets	$	3,988,349,482
Liabilities
Payable upon return of securities loaned		56,545,490
Payable upon return of deposit for forward foreign currency contracts		2,592,430
Unrealized depreciation on forward foreign currency contracts		32,221,645
Payables:
Investment securities purchased		64,600,912
Investment advisory fees		1,108,538
Variation margin on futures contracts		762,020
Total liabilities		157,831,035
Net Assets, at value	$	3,830,518,447
Net Assets Consist of
Paid-in capital	$	4,390,185,903
Distributable earnings (loss)		(559,667,456	)
Net Assets, at value	$	3,830,518,447
Number of Common Shares outstanding		128,750,800
Net Asset Value	$	29.75
Investment in non-affiliated securities at cost	$	4,171,543,029
Investment in affiliated securities at cost	$	19,226,833
Value of securities loaned	$	57,986,585
Investment in DWS ESG Liquidity Fund at cost*	$	36,305,055
Investment in DWS Government Money Market Series at cost*	$	21,017,231
Investment in DWS Government & Agency Securities Portfolio at cost**	$	56,545,490
Non-cash collateral for securities on loan	$	4,936,218
Foreign currency at cost	$	12,149,214
*   Includes collateral held for forward foreign currency contracts	$	2,592,430

** Represents collateral on securities loaned.

See Notes to Financial Statements. 22

DBX ETF Trust

Statement of Operations

For the Year Ended May 31, 2020

	Xtrackers MSCI EAFE Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	113,888,396
Income distributions from affiliated funds		1,934,519
Affiliated securities lending income		675,461
Unaffiliated securities lending income, net of borrower rebates		172,167
Total investment income		116,670,543
Expenses
Investment advisory fees		16,592,952
Other expenses		423,805
Total expenses		17,016,757
Less fees waived (see note 3):
Waiver		(80,946	)
Net expenses		16,935,811
Net investment income (loss)		99,734,732
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(114,732,245	)
Investments in affiliates		3,000
In-kind redemptions		(63,229,478	)
In-kind redemptions in affiliates		(1,848,046	)
Futures contracts		(16,347,344	)
Foreign currency transactions		813,572
Forward foreign currency contracts		141,389,405
Payments by Affilliates (see note 6)		122,770
Net realized gain (loss)		(53,828,366	)
Net change in unrealized appreciation (depreciation) on:
Investments		(146,175,349	)
Investments in affiliates		2,716,968
Futures contracts		10,392,316
Foreign currency translations		227,651
Forward foreign currency contracts		(10,386,211	)
Net change in unrealized appreciation (depreciation)		(143,224,625	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(197,052,991	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(97,318,259	)
*   Unaffiliated foreign tax withheld	$	10,163,603

See Notes to Financial Statements. 23

DBX ETF Trust

Statements of Changes in Net Assets

	Xtrackers MSCI EAFE Hedged Equity ETF
	Year Ended May 31, 2020			Year Ended May 31, 2019
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	99,734,732		$	158,783,318
Net realized gain (loss)		(53,828,366	)		406,716,574
Net change in net unrealized appreciation (depreciation)		(143,224,625	)		(611,668,057	)
Net increase (decrease) in net assets resulting from operations		(97,318,259	)		(46,168,165	)
Distributions to Shareholders		(157,107,983	)		(162,803,052	)
Fund Shares Transactions
Proceeds from shares sold		78,850,231			—
Value of shares redeemed		(708,987,904	)		(1,216,365,527	)
Net increase (decrease) in net assets resulting from fund share transactions		(630,137,673	)		(1,216,365,527	)
Total net increase (decrease) in Net Assets		(884,563,915	)		(1,425,336,744	)
Net Assets
Beginning of period		4,715,082,362			6,140,419,106
End of period	$	3,830,518,447		$	4,715,082,362
Changes in Shares Outstanding
Shares outstanding, beginning of period		152,750,800			192,750,800
Shares sold		2,400,000			—
Shares redeemed		(26,400,000	)		(40,000,000	)
Shares outstanding, end of period		128,750,800			152,750,800

See Notes to Financial Statements. 24

DBX ETF Trust

Financial Highlights

Xtrackers MSCI EAFE Hedged Equity ETF Selected Per Share Data	Years Ended May 31,
	2020			2019			2018			2017			2016
Net Asset Value, beginning of year	$	30.87		$	31.86		$	30.68		$	26.48		$	30.75
Income (loss) from investment operations:
Net investment income (loss)(a)		0.66			0.91			0.80			0.74			0.76
Net realized and unrealized gain (loss)		(0.76	)		(1.00	)		1.33			4.18			(4.03	)
Total from investment operations		(0.10	)		(0.09	)		2.13			4.92			(3.27	)
Less distributions from:
Net investment income		(1.02	)		(0.90	)		(0.95	)		(0.72	)		(0.88	)
Net realized gains		—			—			—			—			(0.12	)
Total distributions		(1.02	)		(0.90	)		(0.95	)		(0.72	)		(1.00	)
Net Asset Value, end of year	$	29.75		$	30.87		$	31.86		$	30.68		$	26.48
Total Return (%)		(0.56	)(b)		(0.14	)(b)		7.05			19.17			(10.90	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		3,831			4,715			6,140			8,638			11,984
Ratio of expenses before fee waiver (%)		0.36			0.36			0.35			0.35			0.35
Ratio of expenses after fee waiver (%)		0.36			0.36			0.35			0.35			0.35
Ratio of net investment income (loss) (%)		2.10			2.93			2.57			2.72			2.82
Portfolio turnover rate (%)(c)		9			5			10			14			15

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

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

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

See Notes to Financial Statements. 25

DBX ETF Trust

Notes to Financial Statements

1. Organization

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

As of May 31, 2020, the Trust consists of thirty-four investment series of exchange-traded funds (“ETFs”) in operation and trading. These financial statements report on Xtrackers MSCI EAFE Hedged Equity ETF (the “Fund”), a diversified series of the Trust. The 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.

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 Fund and has overall responsibility for the general management and administration of the Fund, subject to the supervision of the Fund’s Board of Trustees (“Board”).

The Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, the Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 200,000 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 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 the Fund is to track the performance, before fees and expenses, of the MSCI EAFE US Dollar Hedged Index (the “Underlying Index”).

MSCI is the creator of the MSCI EAFE US Dollar Hedged Index. The MSCI EAFE US Dollar Hedged Index is designed to provide exposure to equity securities in developed international stock markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies.

The Underlying Index is rebalanced monthly on the last trading day of the month, when the index will take into account the effect of rolling into new 1-month forward contracts based on the newly determined weights of currency to be sold for the next month’s index calculation. The currency weights are determined as of the close of two business days before the first calendar day of following month and remain constant intra month. This means that no changes in the weights are made during the month to account for changes in the indexes due to price movement of securities, corporate events, additions, deletions or any other changes. The daily calculation of the Underlying Index marks to market the one-month forward contracts on a daily basis by using an equal and offsetting forward position.

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

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 Fund. 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 Fund 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.

26

DBX ETF Trust

Notes to Financial Statements (Continued)

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

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.

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

Investments in open-ended 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.

Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.

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 Board and are generally categorized as Level 3. In accordance with the Fund’s 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 the 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.

Tax Information and Dividends and Distributions to Shareholders    It is the Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). The 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 Fund to pay out dividends from its net investment income, if any, to investors semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are

27

DBX ETF Trust

Notes to Financial Statements (Continued)

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

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s 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 Fund’s financial statements.

The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statement of Operations. For the year ended May 31, 2020, the Fund did not incur any interest or penalties.

As of May 31, 2020, the components of accumulated earnings (losses) on a tax basis were as follows:

Undistributed Ordinary Income*		Capital and Other Gains (Losses)			Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Losses)
$	43,631,421	$	(120,826,668	)	$	(482,472,209	)	$	(559,667,456	)

The tax character of dividends and distributions declared for the years ended May 31, 2020 and May 31, 2019 were as follows:

	Ordinary Income*
2020	$	157,107,983
2019		162,803,052

* for tax purposes short-term capital gain distributions are considered ordinary income distributions

At May 31, 2020, for Federal income tax purposes, the Fund had 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
$	949,614	$	119,877,054	$	120,826,668

For the fiscal year ended May 31, 2020, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to recognition of certain foreign currency gain (losses) as ordinary income (loss), passive foreign investment companies (“PFICs”), redemptions-in-kind and partnership investments.

Distributable earnings (loss)		Paid-In Capital
$	78,817,621	$	(78,817,621	)

As of May 31, 2020, 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)
$	4,336,737,752	$	(482,694,717	)	$	534,603,420	$	(1,017,298,137	)

28

DBX ETF Trust

Notes to Financial Statements (Continued)

Foreign Taxes    The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in their Statement 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. Receivables and payables related to foreign taxes as of May 31, 2020, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.

Foreign Currency Translations    The books and records of the Fund is 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    The Fund may lend securities to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities 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 year ended May 31, 2020, the Fund 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 (0.12% annualized effective rate as of May 31, 2020) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its 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 Fund is not able to recover securities lent, the Fund 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 Fund is 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 May 31, 2020, the Fund 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 May 31, 2020
	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	56,545,490	$	4,237	$	24,555	$	4,907,426	$	61,481,708
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	61,481,708

29

DBX ETF Trust

Notes to Financial Statements (Continued)

Derivatives

Forward Foreign Currency Contracts    The Fund may enter into forward foreign currency contracts (“forward currency contracts”) designed to offset the Fund’s exposure to non-U.S. currencies. In addition, the Fund may enter into forward currency contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to shareholders.

A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the year ended May 31, 2020, the Fund invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies.

The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency contracts. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the Fund has in that particular currency contract.

A summary of the open forward currency contracts as of May 31, 2020 is included in a table following the Fund’s Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the Fund had to the value of non U.S currencies during the year ended May 31, 2020.

Futures Contracts    The 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. The Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. The Fund will not use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the year ended May 31, 2020, the Fund utilized futures in order to simulate investment in the Fund’s Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

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

A summary of the open futures contracts as of May 31, 2020 is included in a table following the Fund’s Schedule of Investments.

30

DBX ETF Trust

Notes to Financial Statements (Continued)

The following table summarizes the value of the Fund’s derivative instruments held as of May 31, 2020 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

	Asset Derivatives			Liability Derivatives
Equity contracts	Unrealized appreciation on futures contracts*	$	9,307,597	Unrealized depreciation on futures contracts*	$	—
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		27,197,215	Unrealized depreciation on forward foreign currency contracts		32,221,645
	Total	$	36,504,812	Total	$	32,221,645

* Includes cumulative appreciation or cumulative depreciation of 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 Fund’s earnings during the year ended May 31, 2020 and the related location in the accompanying Statement of Operations is summarized in the following table by primary underlying risk exposure:

Net Realized Gain (Loss) from:
	Futures Contracts — Equity Contracts			Forward Foreign Currency Contracts — Foreign Exchange Contracts			Total
	$	(16,347,344	)	$	141,389,405		$	125,042,061
Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts — Equity Contracts			Forward Foreign Currency Contracts — Foreign Exchange Contracts			Total
	$	10,392,316		$	(10,386,211	)	$	6,105

For the year ended May 31, 2020 the average monthly volume of derivatives was as follows:

Futures Contracts (Contract Value)		Forward Foreign Currency Contracts (Contract Value)
$	135,493,976	$	(4,581,808,136	)

As of May 31, 2020, the Fund has transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Fund may have collateral agreements with certain counterparties to mitigate risk. Interest expense from collateral received, if any, is included in Other expenses on the Statement of Operations. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives

31

DBX ETF Trust

Notes to Financial Statements (Continued)

assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:

	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Received(a)		Net Amount of Derivatives Assets		Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Pledged(a)		Net Amount of Derivatives Liabilities
Citigroup Global Markets	$	8,891,595	$	(8,891,595	)	$	—	$	—	$	11,073,574	$	(8,891,595	)	$	—	$	2,181,979
JP Morgan & Chase Co.		8,782,284		(8,782,284	)		—		—		11,381,192		(8,782,284	)		—		2,598,908
RBC Capital Markets		9,523,336		(9,523,336	)		—		—		9,766,879		(9,523,336	)		—		243,543
	$	27,197,215	$	(27,197,215	)	$	—	$	—	$	32,221,645	$	(27,197,215	)		—	$	5,024,430

(a) The actual collateral received or pledged may be more than amount shown.

Affiliated Cash Management Vehicles    The Fund 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 Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. To the extent that the affiliated money market funds pay an investment management fee to DIMA, the Advisor will waive an amount of the unitary management fee payable to the Advisor by the Fund equal to the amount of the unitary management fee payable on the Fund’s 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 Fund, subject to the supervision of the Fund’s Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Fund, 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 Fund to operate.

For its investment advisory services to the Fund, the Advisor is entitled to receive a unitary management fee from the Fund based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to 0.35%.

The Advisor for the Fund has contractually agreed to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated cash management vehicles. For the period from June 1, 2019 through May 31, 2020, the Advisor waived $80,946 of expenses to the Fund.

Out of the unitary management fee, the Advisor pays substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. The 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, Lending Agent and Transfer Agent for the Fund.

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

32

DBX ETF Trust

Notes to Financial Statements (Continued)

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 Fund’s Independent Trustees).

4. Investment Portfolio Transactions

For the year ended May 31, 2020, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

Purchases		Sales
$	448,254,321	$	429,543,824

For the year ended May 31, 2020, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

Purchases		Sales
$	74,307,482	$	662,267,375

5. Fund Share Transactions

As of May 31, 2020, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by the Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares for the Fund are disclosed in detail in the Statement 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 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. Payments by Affiliates

During the year ended May 31, 2020, the Advisor agreed to reimburse Xtrackers MSCI EAFE Hedged Equity ETF $122,770 for a loss due to a trade executed incorrectly. The amount of the loss was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.

7. Other

A novel strain of coronavirus (COVID-19) outbreak was declared a pandemic by the World Health Organization on March 11, 2020. The situation is evolving with various cities and countries around the world responding in different ways to address the pandemic. There are direct and indirect economic effects developing for various industries and individual companies throughout the world. The recent pandemic spread of the novel coronavirus and related geopolitical events could lead to increased financial market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Fund and its investments. A prolonged disruption may result in the Fund and its service providers experiencing operational difficulties in implementing their business continuity plans. Management will continue to monitor the impact COVID-19 has on the Fund and reflect the consequences as appropriate in the Fund’s accounting and financial reporting.

8. Subsequent Event

On June 17, 2020, Deutsche Bank AG (“DB”), an affiliate of DWS Group, resolved with the Commodity Futures Trading Commission (“CFTC”) charges stemming from alleged violations of various swap data reporting requirements and corresponding supervision and other failures. The matter, which was resolved by the issuance of a federal court order (“Consent Order”), involved unintentional conduct that resulted from a system outage that prevented DB from reporting data in accordance with applicable CFTC requirements for a period of five days in April 2016.

The matter giving rise to the Consent Order did not arise out of any investment advisory, fund management activities or distribution activities of DBX Advisors LLC or their advisory affiliates (the “DWS Service Providers”).

33

DBX ETF Trust

Notes to Financial Statements (Continued)

DWS Group, of which the DWS Service Providers are wholly-owned subsidiaries (except for Harvest Global Management Limited which is partially owned by DWS Group), is a separate publicly traded company but continues to be an affiliate of DB due to, among other things, DB’s 79.49% ownership interest in DWS Group. Under the provisions of the Investment Company Act of 1940, as a result of the Consent Order, the DWS Service Providers would not be eligible to continue to provide investment advisory services to the Fund absent an order from the Securities and Exchange Commission (the “SEC”). DB and the DWS Service Providers are seeking temporary and permanent orders from the SEC to permit the DWS Service Providers to continue to provide investment advisory services to the Fund and other registered investment companies notwithstanding the Consent Order. While there can be no assurance that the requested exemptive orders will be granted, the SEC has granted this type of relief in the past. Consistent with their fiduciary and other relationships with the Fund, and in accordance with the desire of the Board of the Fund, the DWS Service Providers continue to provide investment advisory services to the Fund. Subject to the receipt of the temporary and permanent exemptive orders, the DWS Service Providers have informed the Fund that they do not believe the Consent Order will have any material impact on the Fund or the ability of the DWS Service Providers to provide services for the Fund.

34

DBX ETF Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of Xtrackers MSCI EAFE Hedged Equity ETF

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Xtrackers MSCI EAFE Hedged Equity ETF (the “Fund”), (one of the funds constituting DBX ETF Trust (the “Trust”)), including the schedule of investments, as of May 31, 2020, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting DBX ETF Trust) at May 31, 2020, and the results of its operations for the year then ended, changes in net assets for each of the two years in the period then ended and financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of the internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2020, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

New York, New York

July 27, 2020

35

DBX ETF Trust

Liquidity Risk Management (Unaudited)

In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), your Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DBX Advisors LLC (“Advisors”) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). Advisors has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of Advisors that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on calculations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.

In February 2020, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2018 through November 30, 2019 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did experience a temporary breach of the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). The breach was caused by the temporary reclassification of Japanese securities as illiquid due to an extended Japanese holiday market closure. The temporary reclassification of Japanese securities caused the Fund to exceed the 15% limit on illiquid investments for a two day period. Because the holiday closure was anticipated in advance, no actions were needed to rebalance the Fund’s portfolio. Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported on a material change made to the Program in May 2019 to address Securities and Exchange Commission guidance relating to extended foreign market holidays.

36

DBX ETF Trust

Board Members and Officers (Unaudited)

Identification and Background

The Board has responsibility for the overall management and operations of the funds, including general supervision of the duties performed by the Advisor and other service providers. Each Board Member serves until his or her successor is duly elected or appointed and qualified. Each officer serves until he or she resigns, is removed, dies, retires or becomes disqualified.

The Trust currently has three Board Members. The three Independent Board Members have no affiliation or business connection with the Advisor or any of its affiliated persons and do not own any stock or other securities issued by the Advisor.

The Independent Board Members of the Trust, their term of office and length of time served, their principal business occupations during the past five years, the number of portfolios in the fund complex (defined below) overseen by each Independent Board Member, and other directorships, if any, held by the Board Members are shown below. The fund complex includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor. As of the date of this shareholder report, the fund complex consists of the funds in the Trust, as well as the registered funds advised by affiliates of the Advisor.

Shareholder Communications to the Board.    Shareholders may send communications to the Trust’s Board by addressing the communications directly to the Board (or individual Board Members) and/or otherwise clearly indicating in the salutation that the communication is for the Board (or individual Board Members). The shareholder may send the communication to either the Trust’s office or directly to such Board members c/o 875 Third Avenue, New York, NY 10022. Other shareholder communications received by the Trust not directly addressed and sent to the Board will be reviewed and generally responded to by management. Such communications will be forwarded to the Board at management’s discretion based on the matters contained therein.

Independent Board Members
Name, Year of Birth, Position with the Trust and Length of Time Served(1)	Business Experience and Directorships During the Past 5 Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Board Member
Stephen R. Byers (1953) Chairman since 2016, and Board Member since 2011 (formerly, Lead Independent Board Member, 2015-2016)	Independent Director (2011- present); Independent Consultant (2014-present); Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer, the Dreyfus Corporation (2002-2006).	34	The Arbitrage Funds, Sierra Income Corporation, Mutual Fund Directors Forum
George O. Elston (1964) Board Member since 2011, Chairman of the Audit Committee since 2015	Chief Financial Officer, Enzyvant (2018-present); Chief Executive Officer, 2X Oncology, Inc. (2017-2018); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013).	34	—
J. David Officer (1948) Board Member since 2011, Chairman of the Nominating Committee since 2015	Independent Director (2010-present); Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009).	34	(Chairman of) Ilex Management Ltd; Old Westbury Funds

37

DBX ETF Trust

Board Members and Officers (Unaudited) (Continued)

Officers(2)
Name, Year of Birth, Position with the Trust and Length of Time Served(4)	Business Experience and Directorships During the Past 5 Years
Freddi Klassen(5) (1975) President and Chief Executive Officer, 2016-present	Director(3) in DWS and Chief Operating Officer in the Americas for the Traditional Asset Classes Department (2014-present); Manager and Chief Operating Officer of DWS Investment Management Americas, Inc. (2018-present) and the Advisor (2016-present); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013).
Luke Oliver(5) (1980) Chief Operating Officer, 2019-present	Managing Director(3) in DWS (2017-present); Director(3) in DWS (2009-2017); Head of Passive Americas Asset Management Platform (2019-present); Manager, Chief Executive Officer and Chief Investment Officer of the Advisor (2019-present); Head of ETF Capital Markets, Americas (2012-2018); Lead Portfolio Manager of PowerShares DB ETFs (2009-2012).
Diane Kenneally(6) (1966) Treasurer, Chief Financial Officer and Controller, 2019-present	Director(3) in DWS; Chief Financial Officer and Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2018-present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present); formerly: Assistant Treasurer for the DWS funds (2007-2018).
Frank Gecsedi(5) (1967) Chief Compliance Officer, 2010-present	Director(3) in DWS Compliance Department (2016-present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Advisor (2010-present); Chief Compliance Officer of DWS Distributors, Inc. (2019-present); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012).
Bryan Richards(5) (1978) Vice President, 2016-present	Managing Director(3) in DWS (2018-present); Director(3) in DWS (2014-2018); Portfolio Manager in the Passive Asset Management Department at DWS (2011-present); Primary Portfolio Manager for the PowerShares DB Commodity ETFs (2011-2015).
John Millette(6) (1962) Secretary, 2020-present	Director(3) in DWS US Retail Legal (2003-present); Vice President and Secretary of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (1999-present); Chief Legal Officer, DWS Investment Management Americas, Inc. (2015-present); Director and Vice President of DWS Trust Company (2016-present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011-present); formerly: Secretary of Deutsche Investment Management Americas Inc. (2015-2017); Assistant Secretary of DBX ETF Trust (2019-2020); Assistant Secretary (July 14, 2006-December 31, 2010) and Secretary (January 31, 2006-July 13, 2006), The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc.

38

DBX ETF Trust

Board Members and Officers (Unaudited) (Continued)

Name, Year of Birth, Position with the Trust and Length of Time Served(4)	Business Experience and Directorships During the Past 5 Years
Caroline Pearson(6) (1962) Assistant Secretary, 2020-present	Managing Director(3) in DWS US Retail Legal; Chief Legal Officer of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2010-present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012-present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002-2017); and Secretary, Deutsche AM Service Company (2010-2017).
Paul Antosca(6) (1957) Assistant Treasurer, 2019-present	Director(3) in DWS; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2007-present).
Jeffrey Berry(6) (1959) Assistant Treasurer, 2019-present	Director(3) in DWS.
Sheila Cadogan(6) (1966) Assistant Treasurer, 2019-present	Director(3) in DWS; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2017-present); Director and Vice President, DWS Trust Company (2018-present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present).
Christina A. Morse(7) (1964) Assistant Secretary, 2017-present	Vice President at BNY Mellon-Asset Servicing (2014-present); Vice President and Counsel at Lord Abbett & Co. LLC (2013-2014).
Michelle Goveia-Pine(5) (1970) Interim Anti-Money Laundering Compliance Officer, since July 9, 2020	Director(3) in DWS; Interim AML Officer, DWS Trust Company (since July 28, 2020); and Interim AML Officer of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (since July 10, 2020); Interim AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since July 24, 2020).

(1) The length of time served is represented by the year in which the Board Member joined the Board.

(2) As a result of their respective positions held with the Advisor and its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Funds.

(3) Executive title, not a board directorship.

(4) The length of time served is represented by the year in which the officer was first elected to the Trust in such capacity.

(5) Address: 875 Third Avenue, New York, New York 10022.

(6) Address: One International Place, Boston, Massachusetts 02110.

(7) Address: BNY Mellon Asset Servicing, Atlantic Terminal Office Tower, 2 Hanson Place, Brooklyn, NY 11217.

The Funds’ Statement of Additional Information (“SAI”) includes additional information about the Funds’ Board Members. The SAI is available by calling 855-329-3837, or on the Company’s website at www.Xtrackers.com.

39

DBX ETF Trust

Board Considerations in Approval of Investment Advisory Contract (Unaudited)

Xtrackers MSCI EAFE Hedged Equity ETF

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 26-27, 2020 (the “Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers MSCI EAFE Hedged Equity ETF (the “Fund”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for the Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (the “Peer Group”) and (b) the Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees also took into consideration the discussions they had with management during the Meeting and among themselves during their Executive Sessions held on February 26 and February 27, 2020. The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of the Fund’s investment performance, tracking error and related financial information, presentations given by DBX, as well as its periodic reports on brokerage commissions, portfolio execution and other services provided to the Fund.

In reaching its decision to continue in effect the Investment Advisory Agreement for another annual period, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Fund and its shareholders; (2) the financial resources of DBX and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Advisor from its relationship with the Fund; (5) the extent to which economies of scale have been realized, and if the Fund’s shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Advisor.

The Board reached a determination, with the assistance of Independent Trustee Counsel and Dechert LLP (“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 its 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 provided and the risks incurred by the Advisor under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Advisor continuously during the prior year, in addition to the information the Advisor had provided in response to the Board’s requests prior to the Meeting. 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 Advisor, including portfolio management.

The Board considered that the Advisor provides, 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 Advisor pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Advisor arranges for the provision of transfer

40

DBX ETF Trust

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

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 portfolios directly, the Advisor provides 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.

The Board considered the information regarding the Fund’s tracking error compared to its underlying index that had been provided by the Advisor and by Broadridge. The Board took note of the detailed information provided by the Advisor throughout the year with respect to the Fund’s tracking error and the sources thereof. The Trustees noted that tracking error for the Fund during the year was in an expected range.

Based on its review, the Board concluded that the nature, extent, and quality of services provided by the Advisor under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees paid to the Advisor, taking special consideration of the fact that the 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 Advisor, including the training, qualifications and experience of investment personnel in managing the Fund. The Board also considered the expertise of the Advisor in supervising third party service providers to the Fund, such as the administrator and the custodian, noting the Advisor’s extensive work with these service providers (including onsite due diligence sessions) to conduct such supervision. The Board further considered the compliance program of the Advisor, which supports the Fund’s compliance program.

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

Reasonableness of Advisory Fee.    The Board compared the Fund’s advisory fee and total expenses to those of the other ETFs in its Peer Group. The Board noted that due to the special characteristics of certain Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Groups and the information in the Broadridge reports accordingly may or may not provide meaningful direct comparisons to the Fund. The Board also noted that the advisory fees and total expenses (after waivers/reimbursements) for the Fund were below or equal to the average and/or median of the ETFs in the Fund’s respective Peer Group compiled by Broadridge.

The Board accordingly noted that the Fund’s fee is competitive with the fees of applicable peer ETFs.

The Board considered that the fee for the Fund is a unitary fee pursuant to which the Advisor pays all of the Fund’s costs (subject to certain specified exceptions). The Board considered that the Fund’s fee had been priced to scale when it was established. The Board also considered that the Fund’s portfolio is managed on a day-to-day basis by the Advisor and that the Advisor also provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Fund. Based on its review, the Board concluded that the advisory fee for the Fund is reasonable in light of the services provided.

Costs of Services and Profitability.    The Board considered the expenses of the Advisor in developing and rendering services provided to the Fund and the information provided by the Advisor to the Board regarding the Fund’s profitability. The Board considered that the Advisor had provided extensive information about the Advisor’s profitability and the Advisor’s methodology in determining profitability. While the Advisor had provided information about the Advisor’s expenses relating to marketing the Fund, the Board considered the Advisor’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Advisor’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Advisor would benefit in other ways from its relationships with the Fund and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Fund.

41

DBX ETF Trust

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

Economies of Scale.    The Board considered that the Fund had attracted a substantial amount of assets, but determined that the Fund was not experiencing economies of scale beyond what was reflected in the Fund’s unitary fee, which the Board noted was very competitive. The Board determined to revisit this matter after the Fund had attracted more assets.

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.

42

DBX ETF Trust

Additional Information (Unaudited)

Proxy Voting Policies and Procedures

The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the 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 Fund’s 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 the 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.

Tax Information

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its fiscal year ended May 31, 2020.

Qualified Dividend
Income*

92%

* The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.

The Fund intends to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:

Gross Foreign Income	Foreign Taxes Paid
$124,257,233	$7,947,747

43

DBX ETF Trust

Privacy Policy Notice (Unaudited)

DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax advisor, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.

California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.

Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.Xtrackers.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.

44

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

War, terrorism, economic uncertainty, trade disputes, public health crises (including the recent pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Funds and their investments.

Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. 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 Funds or securities referred to herein are not sponsored, endorsed, issued, sold or promoted by MSCI, and MSCI bears no liability with respect to any such Funds or securities or any index on which such Funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX Advisors LLC and any related funds.

Copyright © 2020 DWS Group. All rights reserved. Xtrackers^TM is a trademark of DWS Investment 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, lending 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 5 Times Square New York, NY 10036	Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036

R-38753-6 (7/20) DBX004443 (7/21)

May 31, 2020

Annual Report

DBX ETF Trust

Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (ESCR)

(Formerly known as Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (IGIH))

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (ESEB)

(Formerly known as Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (EMIH))

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (ESHY)

(Formerly known as Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (HYIH))

Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU)

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (HDAW)

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF)

DBX ETF Trust

Table of Contents

	Page
Shareholder Letter		1
Management’s Discussion of Fund Performance		3
Performance Summary
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF		6
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		8
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		10
Xtrackers Municipal Infrastructure Revenue Bond ETF		12
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		14
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		16
Fees and Expenses		18
Schedule of Investments
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF		19
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		28
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		31
Xtrackers Municipal Infrastructure Revenue Bond ETF		39
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		45
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		51
Statements of Assets and Liabilities		54
Statements of Operations		56
Statements of Changes in Net Assets		58
Financial Highlights		61
Notes to Financial Statements		64
Report of Independent Registered Public Accounting Firm		76
Liquidity Risk Management		78
Board Members and Officers		79
Board Considerations in Approval of Investment Advisory Contract		82
Additional Information		85
Privacy Policy Notice		86

To our Shareholders: (Unaudited)

Dear Shareholders,

We are pleased to provide this annual report for our six ETFs tracking the fixed income market for the period ended May 31, 2020.

The global economy contracted during the reporting period in the aftermath of trade conflicts, volatile energy prices and COVID-19 related disruptions. The unprecedented emergence of the pandemic this year has dealt a major blow to manufacturing, services, consumer sentiment and social governance. The U.S. economy experienced its steepest rate of contraction since the 2008 financial crisis, with the pandemic taking a heavy toll on the manufacturing and services sectors. The decline in the U.S. economy also led to a spike in unemployment claims, affecting consumer spending, which accounts for two-thirds of economic activity. As the pandemic hit economic activity, from retailers to auto exporters, the European economy also shrank, with Germany, France and Italy entering into a technical recession¹. Many emerging markets entered the year in a weakened state, followed by capital outflows and an energy price decline. Furthermore, China’s economy experienced its first contraction on record as the outbreak paralyzed production, exacerbated by commodity price slumps and financial market turbulence overseas.

Policymakers acknowledged the need to avert a deeper slump, deploying an array of programs, as small and medium-size businesses bore most of the brunt of the economic impact. Central banks have moved aggressively, with nearly all developed economies now with policy rates at or near zero. Beyond the conventional interest rate cuts, the central banks have also expanded their balance sheets by trillions of dollars and injected unlimited liquidity into their respective banking sectors. The Federal Reserve Board (FRB) kept its current interest rate target at 0-0.25% and pledged to maintain it until a recovery is firmly in place. To insulate the economy against the fallout from the pandemic, the FRB is also prepared to use its full range of tools to support the flow of credit to households and businesses. In addition, all U.S. government-bond maturities yielded less than 1% for the first time in history, while risk premiums on euro high-yield bonds doubled virtually overnight. The European Central Bank followed suit by maintaining a dovish tilt and unveiled a string of measures to stem an economic meltdown. The measures include increasing the Pandemic Emergency Purchase Programme envelope, lowering the interest rate on emergency loans for banks and offering a new series of non-targeted pandemic emergency longer-term refinancing operations to provide extra liquidity to banks.

Fiscal and monetary policy in several other countries also shifted into crisis mode, with a range of unprecedented responses to mitigate the near-term economic crisis. The People’s Bank of China has rolled out a slew of measures to backstop the economy, including cutting key policy rates and reducing the amount of reserves banks must hold. Other emerging-market central banks have followed suit, taking advantage of the current low inflation levels. As widely expected, the Bank of Japan left its short-term interest rate unchanged and pledged to guide 10-year government bond yields to around 0%. The Bank of England also reduced interest rates sharply, to its lowest levels on record.

As different regions adopted measures to contain or at least slow the spread of the virus, they experienced dire economic consequences. However, with the pandemic starting to recede in many countries, economic data is poised to improve. Moreover, policy support remains in place, with central banks ready to act if needed, while the major economies continue to increase their fiscal response. Given the economic backdrop of an uncertain environment, hedging interest-rate exposure would play a significant role in managing investments in fixed income markets.

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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 A “technical recession” is when you have 2 negative quarters of GDP, but it is due mainly to slowing growth or an isolated event rather than a major underlying cause. Technical recessions are usually short in duration and mild in severity. 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

Management’s Discussion of Fund Performance (Unaudited)

Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF

Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (ESCR), seeks to track the performance, before fees and expenses, of the Bloomberg Barclays MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index (the ESCR Index). The ESCR index measures the investment grade, fixed-rate, taxable corporate bond market, including USD denominated securities publicly issued by US and non-US industrial, utility and financial issuers, while implementing ESG considerations. The Fund’s performance reflects the result of the current strategy and the strategy in place prior to May 12, 2020, when Xtrackers Investment Grade Bond – Interest Rate Hedged ETF’s name changed to Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF and the fund’s ticker symbol changed to ESCR. At that time, the Underlying Index replaced the Solactive USD Investment Grade Bond — Interest Rate Hedged Index which provides exposure to a basket of liquid USD-denominated Investment Grade corporate bonds while mitigating any rising Treasury interest rate risk. For the 12-month period ended May 31, 2020, ESCR returned -1.16%, compared to the ESCR¹ Index return of -3.46%.

Most of the sectors contributed positively to performance with the greatest positive contribution coming from Financial Institutions, Consumer Non-Cyclical, Communication Services and Technology. The Fund entered into futures contracts during the period to seek to mitigate the potential negative impact of rising Treasury interest rates on the performance of the Fund’s long bond investments. The interest rate hedging strategy contributed positively to performance relative to the ESCR Index.

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (ESEB), seeks to track the performance, before fees and expenses, of the J.P. Morgan ESG EMBI Global Diversified Sovereign Index (the ESEB Index). The index is an unmanaged, market-capitalization weighted, total-return index tracking the traded market for U.S.-dollar-denominated Brady bonds, Eurobonds, traded loans, and local market debt instruments issued by sovereign and quasi-sovereign entities, while implementing ESG considerations. The Fund’s performance reflects the result of the current strategy and the strategy in place prior to May 12, 2020, when The Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF’s name changed to Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF and the fund’s ticker symbol changed to ESEB. At that time, the Underlying Index replaced the Solactive Emerging Markets Bond — Interest Rate Hedged Index which provides exposure to USD-denominated government debt issued by emerging market countries, while mitigating any rising Treasury interest rate risk. For the 12-month period ended May 31, 2020, ESEB returned -6.79%, compared to the ESEB¹ Index return of -10.62%.

From a geographical perspective, Ecuador and Sri Lanka were the major negative contributors, while Chile contributed positively to performance. The Fund entered into futures contracts during the period to seek to mitigate the potential negative impact of rising Treasury interest rates on the performance of the Fund’s long bond investments. The interest rate hedging strategy contributed positively to performance relative to the ESEB Index.

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (ESHY), seeks to track the performance, before fees and expenses, of the J.P. Morgan ESG DM Corporate High Yield USD Index (the ESHY Index). The ESHY Index provides exposure to a USD denominated high yield corporate bond index of developed market issuers while implementing ESG considerations. The Fund’s performance reflects the result of the current strategy and the strategy in place prior to May 12, 2020, when The Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF’s name changed to J.P. Morgan ESG USD High Yield Corporate Bond ETF and the fund’s ticker symbol changed to ESHY. At that time, the Underlying Index replaced the Solactive USD High Yield Corporate Bond — Interest Rate Hedged Index, which provides exposure to a basket of liquid USD-denominated high-yield corporate bonds while mitigating any rising Treasury interest rate risk. For the 12-month period ended May 31, 2020, ESHY returned -4.58%, compared to the ESHY¹ Index return of -7.07%.

Energy, Consumer Cyclical and Transportation were the primary negative contributors to performance, while Consumer Non-Cyclical, Technology and Communications sectors contributed positively to performance. The Fund entered into futures contracts during the period to seek to mitigate the potential negative impact of rising

3

DBX ETF Trust

Management’s Discussion of Fund Performance (Unaudited) (Continued)

Treasury interest rates on the performance of the Fund’s long bond investments. The interest rate hedging strategy contributed positively to performance relative to the ESHY Index.

Xtrackers Municipal Infrastructure Revenue Bond ETF

The Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Municipal Infrastructure Revenue Bond Index (the RVNU Index). The RVNU Index is designed to track returns of the segment of the U.S. long-term tax-exempt bond market that consists of infrastructure revenue bonds. For the 12-month period ended May 31, 2020, RVNU returned 2.77%, compared to the RVNU Index return of 2.90%.

Majority of the sectors contributed positively to performance during the review period with the greatest positive contributions coming from the Utility and Transportation sector bonds, while Corporate Municipalities, partially offset performance.

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

The Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (HDAW) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA High Dividend Yield Index (the HDAW Index). The HDAW Index is designed to give investors exposure to equity securities across developed and emerging market countries (excluding the United States), with higher dividend income and quality characteristics than average dividend yields of equities in its parent index (excluding REITs), where such higher dividend income and quality characteristics are both sustainable and persistent. For the 12-month period ended May 31, 2020, HDAW returned -8.19%, compared to the HDAW Index return of -8.11%.

Majority of sectors contributed negatively to performance during the period with the greatest negative contributions coming from Financials, Energy and Materials. Health Care, Utilities and Info Tech sectors contributed positively to performance. From a geographical perspective, Canada, Hong Kong and South Africa were the major negative contributors, while Switzerland, Taiwan and United Kingdom contributed positively to performance.

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

The Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE High Dividend Yield Index (the HDEF Index). The HDEF Index is designed to give investors exposure to equity securities in developed international stock markets, with higher dividend income and quality characteristics than average dividend yields of equities in its parent index (excluding REITs), where such higher dividend income and quality characteristics are both sustainable and persistent. For the 12-month period ended May 31, 2020, HDEF returned -5.58%, compared to the HDEF Index return of -5.57%.

From a geographical perspective, Hong Kong, France and Germany were the major negative contributors, while Switzerland, Spain and Finland contributed positively to performance.

(1) Index performance reflects the prior Underlying Index performance through May 11, 2020 and the current Underlying Index performance from May 12, 2020 through May 31, 2020.

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Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 6-17 of this report for additional performance information, including performance data based on market value. The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.

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This Page is Intentionally Left Blank

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DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (ESCR)

The Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG 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 Bloomberg Barclays MSCI US Corpo-rate Sustainability SRI Sector/Credit/Maturity Neutral Index (the “Underlying Index”). The Underlying Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the Bloomberg Barclays US Corporate Index (an investment grade corporate bond universe), resulting in a broad investment grade fixed income market exposure with ESG aspects. On May 12, 2020 the Xtrackers Investment Grade Bond — Interest Rate Hedged ETF name changed to Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF and the Fund’s ticker symbol changed to ESCR. At that time, the Underlying Index replaced the Solactive Investment Grade Bond — Interest Rate Hedged Index which is designed to track the performance of a basket of U.S. dollar denominated investment grade liquid corporate bonds and is comprised of (a) long positions in U.S. dollar-denominated investment-grade corporate bonds and (b) short positions in U.S. Treasury notes or bonds (“Treasury Securities”) of, in aggregate, approximate equivalent duration to the investment-grade corporate bonds. It is not possible to invest directly into an index.

Performance as of May 31, 2020

Average Annual Total Return
	Net Asset Value	Market Value	Bloomberg Barclays MSCI US Corporate Sustainability SRI Sector/Credit/ Maturity Neutral Index2	Bloomberg Barclays US Aggregate Bond Index	Solactive Investment Grade Bond Index (Long only component)
One Year	-1.16%	-1.44%	-3.46%	9.42%	12.96%
Five Year	1.56%	1.53%	0.48%	3.94%	5.85%
Since Inception1	1.29%	1.33%	0.29%	3.80%	5.41%
Cumulative Total Returns
	Net Asset Value	Market Value	Bloomberg Barclays MSCI US Corporate Sustainability SRI Sector/Credit/ Maturity Neutral Index2	Bloomberg Barclays US Aggregate Bond Index	Solactive Investment Grade Bond Index (Long only component)
One Year	-1.16%	-1.44%	-3.46%	9.42%	12.96%
Five Year	8.07%	7.88%	2.43%	21.34%	32.89%
Since Inception1	6.96%	7.20%	1.54%	21.60%	31.83%

¹ Total returns are calculated based on the commencement of operations, March 3, 2015 (“Inception”).

² On May 12, 2020, the Fund changed its Underlying Index from Solactive Investment Grade Bond—Interest Rate Hedged Index to the Bloomberg Barclays MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index. Returns reflect performance for the Solactive Investment Grade Bond—Interest Rate Hedged Index through May 11, 2020.

Prior to May 12, 2020, the Fund was known as Xtrackers Investment Grade Bond—Interest Rate Hedged ETF and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated May 12, 2020, was 0.15%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

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DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (ESCR) (Continued)

Growth of an Assumed $10,000 Investment

¹ Based on Net Asset Value from commencement of operations, March 3, 2015.

Sector Diversification * as of May 31, 2020

Financial	32.6%
Consumer, Non-cyclical	19.5%
Technology	10.9%
Utilities	7.8%
Communications	7.6%
Industrial	7.4%
Energy	6.8%
Consumer, Cyclical	4.4%
Basic Materials	3.0%
Total	100.0%

Modified duration as of May 31, 2020: 8.4 years

Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.

Quality* as of May 31, 2020

Description	% of Market Value
AAA		2.7%
AA		8.2%
A		45.5%
BBB		43.6%
Total		100.0%

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

Country Diversification* as of May 31, 2020

United States	87.6%
Canada	4.4%
Japan	2.5%
United Kingdom	1.8%
Australia	1.0%
Netherlands	0.9%
Ireland	0.7%
Guernsey	0.5%
France	0.4%
Cayman Islands	0.1%
Luxembourg	0.1%
Total	100.0%

* As a percent of total investments excluding 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 19.

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DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (ESEB)

The Xtrackers J.P. Morgan ESG Emerging Markets Sovereign 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 J.P. Morgan ESG EMBI Global Diversified Sovereign Index (the “Underlying Index”). The Underlying Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the J.P. Morgan EMBI Global Diversified Sovereign Index, resulting in a broad emerging markets sovereign debt market exposure with ESG aspects. On May 12, 2020 the Xtrackers Emerging Markets Bond—Interest Rate Hedged ETF name changed to Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF and the Fund’s ticker symbol changed to ESEB. At that time, the Underlying Index replaced the Solactive Emerging Markets Bond—Interest Rate Hedged Index which is designed to track the performance of a basket of U.S. dollar denominated emerging markets bonds and is comprised of (a) long positions in U.S. dollar-denominated government debt issued by emerging market countries, and (b) short positions in U.S. Treasury notes or bonds of, in aggregate, approximate equivalent duration to the emerging markets sovereign debt. It is not possible to invest directly into an index.

Performance as of May 31, 2020

Average Annual Total Return
	Net Asset Value	Market Value	J.P. Morgan ESG EMBI Global Diversified Sovereign Index2	J.P. Morgan EMBI Global Diversified Sovereign Index	Solactive Emerging Markets Bond Index (Long only component)
One Year	-6.79%	-6.36%	-10.62%	-0.36%	2.77%
Five Year	1.74%	1.79%	0.28%	4.07%	5.05%
Since Inception1	1.83%	1.98%	0.41%	4.07%	5.00%
Cumulative Total Returns
	Net Asset Value	Market Value	J.P. Morgan ESG EMBI Global Diversified Sovereign Index2	J.P. Morgan EMBI Global Diversified Sovereign Index	Solactive Emerging Markets Bond Index (Long only component)
One Year	-6.79%	-6.36%	-10.62%	-0.36%	2.77%
Five Year	9.00%	9.30%	1.41%	22.10%	27,92%
Since Inception1	9.99%	10.82%	2.20%	23.29%	29.19%

¹ Total returns are calculated based on the commencement of operations, March 3, 2015 (“Inception”).

² On May 12, 2020, the Fund changed its Underlying Index from Solactive Emerging Markets Bond—Interest Rate Hedged Index to the J.P. Morgan ESG EMBI Global Diversified Sovereign Index. Returns reflect performance for the Solactive Emerging Markets Bond—Interest Rate Hedged Index through May 11, 2020.

Prior to May 12, 2020, the Fund was known as Xtrackers Emerging Markets Bond—Interest Rate Hedged ETF and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated May 12, 2020, was 0.35%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

8

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (ESEB) (Continued)

Growth of an Assumed $10,000 Investment

¹ Based on Net Asset Value from commencement of operations, March 3, 2015.

Quality* as of May 31, 2020

Description	% of Market Value
AA		6.4%
A		11.5%
BBB		40.3%
BB		17.3%
B		21.3%
C		3.2%
Total		100.0%

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

Country Diversification * as of May 31, 2020

Uruguay	5.5%
Panama	5.4%
Qatar	4.6%
Colombia	4.0%
Philippines	3.9%
Oman	3.6%
Indonesia	3.6%
Saudi Arabia	3.4%
Peru	3.3%
Brazil	3.3%
Russia	3.1%
Turkey	3.0%
United Arab Emirates	3.0%
Egypt	2.9%
Mexico	2.8%
Poland	2.6%
Dominican Republic	2.6%
Romania	2.6%
Hungary	2.6%
South Africa	2.4%
Ukraine	2.1%
Other	29.7%
Total	100.0%

Modified duration as of May 31, 2020: 7.7 years

Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.

* 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 28.

9

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (ESHY)

The Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond 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 J.P. Morgan ESG DM Corporate High Yield USD Index (the “Underlying Index”). The Underlying Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the J.P. Morgan DM High Yield USD Index (a USD denominated high yield corporate bond index of developed market issuers), resulting in a broad high yield fixed income market expo-sure with ESG aspects. On May 12, 2020 the Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF name changed to Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF and the Fund’s ticker symbol changed to ESHY. At that time, the Underlying Index replaced the Solactive High Yield Corporate Bond—Interest Rate Hedged Index which is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds and is comprised of (a) long positions in U.S. dollar-denominated high yield corporate bonds and (b) short positions in U.S. Treasury notes or bonds (“Treasury Securities”) of, in aggregate, approximate equivalent duration to the high yield bonds. It is not possible to invest directly into an index.

Performance as of May 31, 2020

Average Annual Total Return
	Net Asset Value	Market Value	J.P. Morgan ESG DM Corporate High Yield USD Index2	Baseline JESG DM Corporate HY USD Index	Solactive High Yield Corporate Bond Index (Long only component)
One Year	-4.58%	-3.76%	-7.07%	1.49%	1.07%
Five Year	1.47%	1.53%	0.74%	4.40%	3.88%
Since Inception1	1.24%	1.44%	0.62%	4.36%	3.80%
Cumulative Total Returns
	Net Asset Value	Market Value	J.P. Morgan ESG DM Corporate High Yield USD Index2	Baseline JESG DM Corporate HY USD Index	Solactive High Yield Corporate Bond Index (Long only component)
One Year	-4.58%	-3.76%	-7.07%	1.49%	1.07%
Five Year	7.59%	7.87%	3.78%	24.04%	20.98%
Since Inception1	6.66%	7.81%	3.32%	25.12%	21.62%

¹ Total returns are calculated based on the commencement of operations, March 3, 2015 (“Inception”).

² On May 12, 2020, the Fund changed its Underlying Index from Solactive High Yield Corporate Bond—Interest Rate Hedged Index to the J.P. Morgan ESG DM Corporate High Yield USD Index. Returns reflect performance for the Solactive High Yield Corporate Bond—Interest Rate Hedged Index through May 11, 2020.

Prior to May 12, 2020, the Fund was known as Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated May 12, 2020, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

10

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (ESHY) (Continued)

Growth of an Assumed $10,000 Investment

¹ Based on Net Asset Value from commencement of operations, March 3, 2015.

Sector Diversification * as of May 31, 2020

Consumer, Non-cyclical	18.0%
Communications	17.2%
Energy	15.6%
Consumer, Cyclical	15.4%
Industrial	11.0%
Financial	10.7%
Basic Materials	5.8%
Technology	4.7%
Utilities	1.4%
Diversified	0.2%
Total	100.0%

Modified duration as of May 31, 2020: 4.7 years

Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.

Quality* as of May 31, 2020

Description	% of Market Value
BBB		1.2%
BB		52.6%
B		35.0%
CCC		11.0%
C		0.2%
Total		100.0%

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

Country Diversification* as of May 31, 2020

United States	85.7%
Canada	6.2%
Netherlands	2.5%
Luxembourg	2.2%
France	1.2%
Australia	0.8%
Cayman Islands	0.6%
United Kingdom	0.3%
Puerto Rico	0.3%
Malta	0.2%
Total	100.0%

* As a percentage of total investments excluding 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 31.

11

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU)

The Xtrackers Municipal Infrastructure Revenue Bond 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 Municipal Infrastructure Revenue Bond Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the U.S. long-term tax exempt bond market, consisting of infrastructure revenue bonds. It is not possible to invest directly into an index.

Performance as of May 31, 2020

Average Annual Total Return
	Net Asset Value	Market Value	Solactive Municipal Infrastructure Revenue Bond Index	S&P Municipal Bond Revenue Index
One Year	2.77%	2.62%	2.90%	3.14%
Five Year	4.50%	4.47%	4.88%	4.02%
Since Inception1	4.41%	4.42%	4.67%	3.90%
Cumulative Total Returns
	Net Asset Value	Market Value	Solactive Municipal Infrastructure Revenue Bond Index	S&P Municipal Bond Revenue Index
One Year	2.77%	2.62%	2.90%	3.14%
Five Year	24.60%	24.41%	26.90%	21.61%
Since Inception1	35.20%	35.33%	37.66%	30.63%

¹ Total returns are calculated based on the commencement of operations, June 4, 2013 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2019, as supplemented April 15, 2020, was 0.15%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

12

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU) (Continued)

Growth of an Assumed $10,000 Investment

¹ Based on Net Asset Value from commencement of operations, June 4, 2013.

Sector Diversification* as of May 31, 2020

Transportation	36.8%
Airport	29.3%
Water	16.9%
Power	7.1%
General	6.1%
Development	2.4%
Utilities	1.4%
Total	100.0%

Modified duration as of May 31, 2020: 6.6 years Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.

Quality* as of May 31, 2020

Description	% of Market Value
AAA		6.4%
AA		49.6%
A		42.7%
BBB		1.3%
Total		100%

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

* 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 39.

13

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (HDAW)

The Xtrackers MSCI All World ex US High Dividend Yield 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 MSCI ACWI ex USA High Dividend Yield Index (the “Underlying Index”). The Underlying Index is designed to reflect the performance of equities (excluding real estate investment trusts (“REITs”)) in developed and emerging stock markets (excluding the United States) in its parent index, the MSCI ACWI ex US Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. It is not possible to invest directly into an index.

Performance as of May 31, 2020

Average Annual Total Return
	Net Asset Value	Market Value	MSCI ACWI ex USA High Dividend Yield Index	MSCI ACWI ex US Index
One Year	-8.19%	-8.07%	-8.11%	-3.43%
Since Inception1	-0.22%	-0.17%	-0.04%	1.71%
Cumulative Total Returns
	Net Asset Value	Market Value	MSCI ACWI ex USA High Dividend Yield Index	MSCI ACWI ex US Index
One Year	-8.19%	-8.07%	-8.11%	-3.43%
Since Inception1	-1.06%	-0.79%	-0.18%	8.51%

¹ Total returns are calculated based on the commencement of operations, August 12, 2015 (“Inception”).

Prior to February 13, 2018, the Fund was known as Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2019, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

14

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (HDAW) (Continued)

Growth of an Assumed $10,000 Investment

¹ Based on Net Asset Value from commencement of operations, August 12, 2015.

Sector Diversification* as of May 31, 2020

Financials	27.4%
Energy	10.9%
Materials	10.4%
Health Care	8.9%
Communication Services	8.3%
Utilities	7.6%
Industrials	7.2%
Consumer Discretionary	6.3%
Consumer Staples	5.6%
Real Estate	4.6%
Information Technology	2.8%
Total	100.0%

Ten Largest Equity Holdings
as of May 31, 2020 (26.8% of Net Assets)

Description	% of Net Assets
Sanofi (France)		3.4%
GlaxoSmithKline PLC (United Kingdom)		3.2%
TOTAL SA (France)		2.9%
Royal Bank of Canada (Canada)		2.9%
British American Tobacco PLC (United Kingdom)		2.8%
Siemens AG (Germany)		2.6%
Allianz SE (Germany)		2.4%
China Construction Bank Corp. (China)		2.4%
BHP Group Ltd. (Australia)		2.1%
Bayer AG (Germany)		2.1%

Country Diversification* as of May 31, 2020

United Kingdom	13.3%
Japan	12.2%
Canada	9.0%
China	7.6%
Germany	7.5%
Hong Kong	7.1%
France	6.6%
Australia	4.8%
Spain	4.4%
Russia	3.5%
Taiwan	3.2%
Switzerland	3.0%
Saudi Arabia	2.5%
Other	15.3%
Total	100.0%

* As a percent of total investments excluding 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 45.

15

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF)

The Xtrackers MSCI EAFE High Dividend Yield 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 MSCI EAFE High Dividend Yield Index (the “Underlying Index”). The Underlying Index is designed to reflect the performance of equities (excluding real estate investment trusts (“REITs”)) in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. It is not possible to invest directly into an index.

Performance as of May 31, 2020

Average Annual Total Return
	Net Asset Value	Market Value	MSCI EAFE High Dividend Yield Index	MSCI EAFE Index
One Year	-5.58%	-5.29%	-5.57%	-2.81%
Since Inception1	0.11%	0.22%	0.30%	1.14%
Cumulative Total Returns
	Net Asset Value	Market Value	MSCI EAFE High Dividend Yield Index	MSCI EAFE Index
One Year	-5.58%	-5.29%	-5.57%	-2.81%
Since Inception1	0.51%	1.05%	1.43%	5.61%

¹ Total returns are calculated based on the commencement of operations, August 12, 2015 (“Inception”).

Prior to February 13, 2018, the Fund was known as Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2019, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

16

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) (Continued)

Growth of an Assumed $10,000 Investment

¹ Based on Net Asset Value from commencement of operations, August 12, 2015.

Sector Diversification* as of May 31, 2020

Financials	20.5%
Utilities	12.1%
Industrials	10.4%
Materials	10.0%
Health Care	9.9%
Consumer Staples	8.5%
Consumer Discretionary	8.4%
Communication Services	8.0%
Energy	5.6%
Real Estate	5.0%
Information Technology	1.6%
Total	100.0%

Ten Largest Equity Holdings
as of May 31, 2020 (40.4% of Net Assets)

Description	% of Net Assets
British American Tobacco PLC (United Kingdom)		5.0%
TOTAL SA (France)		5.0%
Sanofi (France)		4.9%
GlaxoSmithKline PLC (United Kingdom)		4.9%
Siemens AG (Germany)		4.7%
Allianz SE (Germany)		4.2%
Iberdrola SA (Spain)		3.5%
Rio Tinto PLC (United Kingdom)		3.3%
Zurich Insurance Group AG (Switzerland)		2.7%
National Grid PLC (United Kingdom)		2.2%

Country Diversification* as of May 31, 2020

United Kingdom	23.9%
Japan	21.3%
France	10.8%
Germany	9.8%
Hong Kong	7.5%
Spain	6.9%
Switzerland	5.3%
Australia	4.7%
Singapore	2.2%
Other	7.6%
Total	100.0%

* As a percent of total investments excluding 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 51.

17

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 management fees and other Fund expenses. In the most recent six-month period the Funds, except for Xtrackers Municipal Infrastructure Revenue Bond 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 six month period and held for the entire period (December 1, 2019 to May 31, 2020).

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 December 1, 2019		Ending Account Value May 31, 2020		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF
Actual	$	1,000.00	$	945.40		0.23	%	$	1.12
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.85		0.23	%	$	1.16
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF
Actual	$	1,000.00	$	896.30		0.43	%	$	2.04
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.85		0.43	%	$	2.17
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF
Actual	$	1,000.00	$	918.60		0.20	%	$	0.96
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.00		0.20	%	$	1.01
Xtrackers Municipal Infrastructure Revenue Bond ETF
Actual	$	1,000.00	$	999.00		0.15	%	$	0.75
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.25		0.15	%	$	0.76
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF
Actual	$	1,000.00	$	837.90		0.20	%	$	0.92
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.00		0.20	%	$	1.01
Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Actual	$	1,000.00	$	847.00		0.20	%	$	0.92
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.00		0.20	%	$	1.01

(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.

18

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF

May 31, 2020

	Principal Amount		Value
CORPORATE BONDS — 99.0%
Basic Materials — 3.0%
Chemicals — 2.2%
Dow Chemical Co. 7.375%, 11/1/29	$	20,000	$	27,861
DuPont de Nemours, Inc. 2.169%, 5/1/23		20,000		20,430
4.205%, 11/15/23		15,000		16,286
5.419%, 11/15/48		15,000		19,900
Ecolab, Inc. 2.70%, 11/1/26		25,000		27,401
LYB International Finance III LLC 3.375%, 5/1/30		30,000		31,123
LyondellBasell Industries NV 4.625%, 2/26/55		10,000		10,782
Nutrien Ltd. 3.15%, 10/1/22		20,000		20,605
5.00%, 4/1/49		15,000		18,496
Sherwin-Williams Co. 2.95%, 8/15/29		5,000		5,326
4.50%, 6/1/47		20,000		23,586
(Cost $212,108)				221,796
Forest Products & Paper — 0.2%
International Paper Co. 3.00%, 2/15/27		5,000		5,326
4.80%, 6/15/44		10,000		11,466
(Cost $16,190)				16,792
Iron/Steel — 0.3%
Nucor Corp. 3.95%, 5/1/28		20,000		22,262
Steel Dynamics, Inc. 2.80%, 12/15/24		10,000		10,122
(Cost $31,341)				32,384
Mining — 0.3%
Newmont Corp. 2.25%, 10/1/30		20,000		19,918
4.875%, 3/15/42		5,000		6,080
(Cost $24,648)				25,998
Communications — 7.5%
Internet — 0.7%
Alphabet, Inc. 3.375%, 2/25/24		10,000		11,132
1.998%, 8/15/26		25,000		27,082
eBay, Inc. 2.875%, 8/1/21		15,000		15,330
4.00%, 7/15/42		15,000		15,664
(Cost $66,810)				69,208
Media — 1.9%
Discovery Communications LLC 3.45%, 3/15/25		40,000		41,830
4.875%, 4/1/43		10,000		10,600
5.20%, 9/20/47		10,000		11,138

	Principal Amount		Value
Media (Continued)
TWDC Enterprises 18 Corp.
MTN, 2.95%, 6/15/27 (a)	$	15,000	$	16,406
Walt Disney Co. 1.75%, 8/30/24		25,000		25,770
3.70%, 3/23/27		40,000		45,466
2.75%, 9/1/49		10,000		9,748
4.70%, 3/23/50		15,000		19,578
3.60%, 1/13/51		5,000		5,571
3.80%, 5/13/60		5,000		5,733
(Cost $184,484)				191,840
Telecommunications — 4.9%
Cisco Systems, Inc. 2.20%, 9/20/23		5,000		5,322
5.50%, 1/15/40		10,000		14,518
Corning, Inc. 5.35%, 11/15/48		15,000		18,871
4.375%, 11/15/57		5,000		5,560
Deutsche Telekom International Finance BV 8.75%, 6/15/30		10,000		15,139
Orange SA 5.50%, 2/6/44		6,000		8,836
Rogers Communications, Inc. 4.10%, 10/1/23		10,000		11,133
4.50%, 3/15/43		10,000		11,822
4.30%, 2/15/48		5,000		6,164
Telefonica Europe BV 8.25%, 9/15/30		30,000		45,166
TELUS Corp. 3.70%, 9/15/27		30,000		32,954
Verizon Communications, Inc. 3.125%, 3/16/22		25,000		26,255
3.376%, 2/15/25		25,000		27,713
4.016%, 12/3/29		35,000		41,208
4.40%, 11/1/34		25,000		30,794
4.272%, 1/15/36		20,000		24,335
4.812%, 3/15/39		20,000		25,715
5.012%, 4/15/49		5,000		6,959
5.012%, 8/21/54		5,000		7,177
4.672%, 3/15/55		40,000		54,977
Vodafone Group PLC 4.375%, 5/30/28		15,000		17,565
4.375%, 2/19/43		20,000		22,707
5.25%, 5/30/48		10,000		13,030
4.25%, 9/17/50		5,000		5,769
(Cost $432,386)				479,689
Consumer, Cyclical — 4.4%
Apparel — 0.3%
NIKE, Inc. 2.375%, 11/1/26		10,000		10,942
3.625%, 5/1/43		15,000		16,147
(Cost $25,412)				27,089
Auto Manufacturers — 1.1%
American Honda Finance Corp.
MTN, 2.15%, 9/10/24		40,000		40,849

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (Continued)

May 31, 2020

	Principal Amount		Value
Auto Manufacturers (Continued)
Toyota Motor Credit Corp.
MTN, 2.90%, 3/30/23	$	25,000	$	26,322
GMTN, 3.45%, 9/20/23		10,000		10,806
3.65%, 1/8/29		25,000		28,301
(Cost $104,364)				106,278
Retail — 2.9%
Home Depot, Inc. 3.00%, 4/1/26		20,000		22,368
2.70%, 4/15/30		50,000		54,726
3.90%, 6/15/47		5,000		6,064
4.50%, 12/6/48		5,000		6,638
3.50%, 9/15/56		10,000		11,438
Lowe’s Cos., Inc. 3.65%, 4/5/29		30,000		33,766
4.375%, 9/15/45		14,000		16,501
4.55%, 4/5/49		10,000		12,481
Starbucks Corp. 4.00%, 11/15/28		25,000		28,406
4.50%, 11/15/48		5,000		5,841
3.50%, 11/15/50		5,000		5,129
Target Corp. 2.50%, 4/15/26		30,000		32,800
4.00%, 7/1/42		6,000		7,546
TJX Cos., Inc. 2.25%, 9/15/26		8,000		8,466
Walgreens Boots Alliance, Inc. 3.80%, 11/18/24		20,000		21,611
4.80%, 11/18/44		6,000		6,453
4.65%, 6/1/46		10,000		10,417
(Cost $273,232)				290,651
Toys/Games/Hobbies — 0.1%
Hasbro, Inc. 3.90%, 11/19/29
(Cost $6,083)		6,000		6,037
Consumer, Non-cyclical — 19.3%
Agriculture — 0.2%
Archer-Daniels-Midland Co. 4.50%, 3/15/49
(Cost $19,018)		15,000		19,709
Beverages — 2.4%
Coca-Cola Co. 1.75%, 9/6/24		10,000		10,554
2.875%, 10/27/25		5,000		5,572
3.45%, 3/25/30		40,000		46,499
4.20%, 3/25/50		10,000		12,986
Keurig Dr Pepper, Inc. 2.55%, 9/15/26		50,000		52,985
4.597%, 5/25/28		10,000		11,940
PepsiCo, Inc. 2.75%, 3/5/22		30,000		31,346
2.75%, 3/19/30		30,000		33,157
4.45%, 4/14/46		6,000		7,927
4.00%, 5/2/47		10,000		12,271

	Principal Amount		Value
Beverages (Continued)
3.625%, 3/19/50	$	10,000	$	12,084
(Cost $227,264)				237,321
Biotechnology — 1.8%
Amgen, Inc. 3.625%, 5/22/24		30,000		32,639
3.125%, 5/1/25		10,000		10,935
4.40%, 5/1/45		25,000		31,282
4.663%, 6/15/51		14,000		18,291
Biogen, Inc. 4.05%, 9/15/25		10,000		11,480
5.20%, 9/15/45		15,000		20,047
Gilead Sciences, Inc. 2.95%, 3/1/27		15,000		16,564
4.00%, 9/1/36		15,000		18,432
4.75%, 3/1/46		5,000		6,720
4.15%, 3/1/47		10,000		12,662
(Cost $161,408)				179,052
Commercial Services — 0.5%
IHS Markit Ltd. 4.75%, 8/1/28		10,000		11,519
Moody’s Corp. 5.25%, 7/15/44		10,000		13,271
PayPal Holdings, Inc. 2.85%, 10/1/29		5,000		5,417
3.25%, 6/1/50		10,000		10,769
RELX Capital, Inc. 4.00%, 3/18/29		5,000		5,603
S&P Global, Inc. 4.50%, 5/15/48		5,000		6,471
(Cost $52,726)				53,050
Cosmetics/Personal Care — 0.9%
Colgate-Palmolive Co.
MTN, 4.00%, 8/15/45		5,000		6,428
Estee Lauder Cos., Inc. 2.00%, 12/1/24		30,000		31,613
Procter & Gamble Co. 2.30%, 2/6/22		15,000		15,595
2.85%, 8/11/27		11,000		12,441
3.60%, 3/25/50		15,000		18,893
(Cost $81,188)				84,970
Food — 1.6%
Campbell Soup Co. 4.15%, 3/15/28		5,000		5,740
Conagra Brands, Inc. 4.30%, 5/1/24		30,000		33,125
5.40%, 11/1/48		5,000		6,665
General Mills, Inc. 3.20%, 2/10/27		10,000		11,192
4.70%, 4/17/48		10,000		13,235
Kroger Co. 4.50%, 1/15/29		30,000		36,083
4.45%, 2/1/47		5,000		6,046

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (Continued)

May 31, 2020

	Principal Amount		Value
Food (Continued)
McCormick & Co., Inc. 3.40%, 8/15/27	$	5,000	$	5,481
Sysco Corp. 3.75%, 10/1/25		5,000		5,248
3.25%, 7/15/27		25,000		25,447
6.60%, 4/1/50		10,000		13,011
(Cost $149,866)				161,273
Healthcare-Products — 0.6%
Abbott Laboratories 3.40%, 11/30/23		10,000		10,964
4.75%, 4/15/43		15,000		19,949
4.90%, 11/30/46		6,000		8,477
Medtronic, Inc. 3.50%, 3/15/25		5,000		5,671
4.625%, 3/15/45		6,000		8,103
(Cost $48,524)				53,164
Healthcare-Services — 1.0%
Aetna, Inc. 3.875%, 8/15/47		5,000		5,508
HCA, Inc. 4.75%, 5/1/23		15,000		16,240
4.125%, 6/15/29		5,000		5,439
5.50%, 6/15/47		7,000		8,411
5.25%, 6/15/49		10,000		11,815
Humana, Inc. 3.125%, 8/15/29		30,000		32,352
Laboratory Corp. of America Holdings 3.60%, 2/1/25		10,000		10,997
Quest Diagnostics, Inc. 2.80%, 6/30/31		5,000		5,189
(Cost $90,032)				95,951
Household Products/Wares — 0.3%
Clorox Co. 3.50%, 12/15/24		15,000		16,564
Kimberly-Clark Corp. 2.875%, 2/7/50		15,000		16,104
(Cost $31,664)				32,668
Pharmaceuticals — 10.0%
AbbVie, Inc. 3.80%, 3/15/25, 144A		20,000		22,093
3.60%, 5/14/25		70,000		77,200
4.25%, 11/14/28		50,000		58,318
4.70%, 5/14/45		25,000		29,968
4.25%, 11/21/49, 144A		25,000		28,973
AstraZeneca PLC 4.00%, 1/17/29		5,000		5,928
6.45%, 9/15/37		10,000		15,023
4.375%, 11/16/45		10,000		13,060
Becton Dickinson and Co. 3.125%, 11/8/21		35,000		36,080
4.669%, 6/6/47		10,000		12,473
Bristol-Myers Squibb Co. 2.60%, 5/16/22, 144A		30,000		31,230
3.40%, 7/26/29, 144A		40,000		45,942

	Principal Amount		Value
Pharmaceuticals (Continued)
4.25%, 10/26/49, 144A	$	25,000	$	33,028
Cardinal Health, Inc. 3.41%, 6/15/27		30,000		33,375
Cigna Corp. 3.75%, 7/15/23		10,000		10,875
4.375%, 10/15/28		45,000		52,929
4.80%, 7/15/46, 144A		15,000		18,799
4.90%, 12/15/48		12,000		15,789
CVS Health Corp. 4.10%, 3/25/25		40,000		44,713
3.875%, 7/20/25		45,000		50,074
4.30%, 3/25/28		5,000		5,723
3.25%, 8/15/29		35,000		37,846
4.78%, 3/25/38		10,000		12,238
5.125%, 7/20/45		25,000		31,828
5.05%, 3/25/48		20,000		25,736
Eli Lilly and Co. 2.35%, 5/15/22		10,000		10,255
3.95%, 3/15/49		5,000		6,340
2.25%, 5/15/50		10,000		9,465
GlaxoSmithKline Capital PLC 3.375%, 6/1/29		15,000		17,302
GlaxoSmithKline Capital, Inc. 2.80%, 3/18/23		10,000		10,624
Johnson & Johnson 2.05%, 3/1/23		20,000		20,845
2.625%, 1/15/25		10,000		10,932
5.95%, 8/15/37		10,000		15,228
3.70%, 3/1/46		15,000		18,654
3.50%, 1/15/48		5,000		6,095
Merck & Co., Inc. 2.80%, 5/18/23		25,000		26,746
4.15%, 5/18/43		5,000		6,433
3.70%, 2/10/45		10,000		12,206
4.00%, 3/7/49		5,000		6,447
Sanofi 3.625%, 6/19/28		5,000		5,926
Shire Acquisitions Investments Ireland DAC 2.875%, 9/23/23		30,000		31,684
3.20%, 9/23/26		15,000		16,596
Zoetis, Inc. 4.70%, 2/1/43		5,000		6,428
4.45%, 8/20/48		5,000		6,292
(Cost $934,702)				993,739
Energy — 6.7%
Oil & Gas — 4.3%
BP Capital Markets America, Inc. 2.75%, 5/10/23		15,000		15,775
3.017%, 1/16/27		35,000		37,720
4.234%, 11/6/28		5,000		5,786
3.00%, 2/24/50		10,000		9,833
BP Capital Markets PLC 3.279%, 9/19/27		10,000		10,871
Chevron Corp. 2.954%, 5/16/26		15,000		16,633

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (Continued)

May 31, 2020

	Principal Amount		Value
Oil & Gas (Continued)
2.236%, 5/11/30	$	5,000	$	5,260
ConocoPhillips Co. 4.30%, 11/15/44		7,000		8,361
5.95%, 3/15/46		15,000		21,542
Devon Energy Corp. 5.85%, 12/15/25		25,000		26,957
Exxon Mobil Corp. 2.019%, 8/16/24		40,000		41,860
2.709%, 3/6/25		15,000		16,242
2.44%, 8/16/29		3,000		3,169
2.61%, 10/15/30		40,000		42,509
3.567%, 3/6/45		5,000		5,542
3.095%, 8/16/49		5,000		5,215
4.327%, 3/19/50		10,000		12,542
Hess Corp. 3.50%, 7/15/24		30,000		29,212
Marathon Oil Corp. 4.40%, 7/15/27		5,000		4,632
Noble Energy, Inc. 5.05%, 11/15/44		5,000		4,326
4.95%, 8/15/47		5,000		4,326
Ovintiv, Inc. 6.50%, 2/1/38		10,000		7,654
Phillips 66 4.30%, 4/1/22		15,000		15,918
5.875%, 5/1/42		10,000		13,750
4.875%, 11/15/44		7,000		8,739
Suncor Energy, Inc. 4.00%, 11/15/47		10,000		10,291
Total Capital International SA 3.70%, 1/15/24		10,000		11,004
3.455%, 2/19/29		10,000		11,161
Valero Energy Corp. 3.40%, 9/15/26		15,000		15,973
(Cost $401,397)				422,803
Oil & Gas Services — 0.6%
Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor, Inc. 4.08%, 12/15/47		8,000		8,069
Halliburton Co. 3.80%, 11/15/25		1,000		1,059
2.92%, 3/1/30		50,000		46,651
National Oilwell Varco, Inc. 3.95%, 12/1/42		2,000		1,546
Schlumberger Investment SA 3.65%, 12/1/23		5,000		5,298
(Cost $56,264)				62,623
Pipelines — 1.8%
Cheniere Corpus Christi Holdings LLC 5.125%, 6/30/27		10,000		10,855
Enbridge, Inc. 4.00%, 10/1/23		10,000		10,788
3.70%, 7/15/27		40,000		42,824
ONEOK, Inc. 2.75%, 9/1/24		20,000		19,826

	Principal Amount		Value
Pipelines (Continued)
4.35%, 3/15/29	$	25,000	$	25,356
5.20%, 7/15/48		5,000		5,056
TransCanada Pipelines Ltd. 4.10%, 4/15/30		25,000		28,662
7.625%, 1/15/39		13,000		19,724
4.875%, 5/15/48		15,000		18,675
(Cost $167,406)				181,766
Financial — 32.3%
Banks — 21.7%
Bank of New York Mellon Corp.
MTN, 2.20%, 8/16/23		5,000		5,214
MTN, 3.95%, 11/18/25		75,000		86,517
MTN, 3.30%, 8/23/29		10,000		11,057
Bank of Nova Scotia 3.40%, 2/11/24		30,000		32,295
4.50%, 12/16/25		15,000		16,795
Canadian Imperial Bank of Commerce 2.606%, 7/22/23		25,000		25,738
Citigroup, Inc. 4.50%, 1/14/22		50,000		52,853
3.875%, 10/25/23		5,000		5,429
3.875%, 3/26/25		10,000		10,781
3.30%, 4/27/25		10,000		10,911
4.40%, 6/10/25		10,000		11,044
4.45%, 9/29/27		65,000		72,460
4.125%, 7/25/28		20,000		21,970
2.666%, 1/29/31		60,000		60,926
4.75%, 5/18/46		10,000		12,048
4.65%, 7/23/48		40,000		49,763
Cooperatieve Rabobank UA 5.25%, 5/24/41		10,000		13,974
Credit Suisse Group Funding Guernsey Ltd. 3.80%, 9/15/22		35,000		36,970
4.55%, 4/17/26		15,000		17,033
Deutsche Bank AG 3.70%, 5/30/24 (b)		10,000		10,139
Discover Bank 3.45%, 7/27/26		15,000		15,417
Goldman Sachs Group, Inc. 2.876%, 10/31/22		25,000		25,553
3.625%, 1/22/23		55,000		58,810
4.00%, 3/3/24		15,000		16,414
MTN, 3.85%, 7/8/24		10,000		10,890
3.50%, 1/23/25		10,000		10,745
3.50%, 11/16/26		65,000		70,150
3.80%, 3/15/30		30,000		33,345
6.25%, 2/1/41		20,000		28,801
MTN, 4.80%, 7/8/44		5,000		6,207
5.15%, 5/22/45		5,000		6,194
4.75%, 10/21/45		30,000		37,324
HSBC Holdings PLC 6.10%, 1/14/42		20,000		27,976
HSBC USA, Inc. 3.50%, 6/23/24		170,000		184,366

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (Continued)

May 31, 2020

	Principal Amount		Value
Banks (Continued)
ING Groep NV 3.95%, 3/29/27	$	10,000	$	11,131
KeyCorp
MTN, 4.10%, 4/30/28		5,000		5,604
M&T Bank Corp. 3.55%, 7/26/23		50,000		54,080
Mitsubishi UFJ Financial Group, Inc. 3.407%, 3/7/24		15,000		15,983
3.287%, 7/25/27		20,000		21,690
4.05%, 9/11/28		75,000		86,580
3.741%, 3/7/29		5,000		5,599
Morgan Stanley 2.75%, 5/19/22		50,000		51,918
Series F, 3.875%, 4/29/24		15,000		16,443
GMTN, 3.70%, 10/23/24		15,000		16,510
MTN, 2.72%, 7/22/25		25,000		26,209
MTN, 3.125%, 7/27/26		5,000		5,444
GMTN, 4.35%, 9/8/26		10,000		11,300
GMTN, 2.699%, 1/22/31		75,000		77,598
4.30%, 1/27/45		5,000		6,093
4.375%, 1/22/47		15,000		18,777
GMTN, 5.597%, 3/24/51		25,000		36,120
PNC Financial Services Group, Inc. 3.90%, 4/29/24		20,000		21,827
2.20%, 11/1/24		55,000		57,724
3.45%, 4/23/29		5,000		5,643
Royal Bank of Canada
GMTN, 2.25%, 11/1/24		30,000		31,534
Santander Holdings USA, Inc. 4.40%, 7/13/27		10,000		10,544
Santander UK PLC 4.00%, 3/13/24		10,000		10,942
State Street Corp. 3.10%, 5/15/23		10,000		10,659
3.152%, 3/30/31, 144A		30,000		33,354
Sumitomo Mitsui Financial Group, Inc. 3.784%, 3/9/26		5,000		5,619
2.632%, 7/14/26		30,000		31,681
3.364%, 7/12/27		75,000		80,717
Toronto-Dominion Bank
MTN, 1.90%, 12/1/22		50,000		51,627
GMTN, 3.50%, 7/19/23		10,000		10,932
Truist Bank 3.00%, 2/2/23		25,000		26,247
3.20%, 4/1/24		5,000		5,396
Truist Financial Corp.
MTN, 3.05%, 6/20/22		75,000		78,279
MTN, 3.70%, 6/5/25		15,000		16,781
Westpac Banking Corp. 2.50%, 6/28/22		75,000		77,871
3.35%, 3/8/27		15,000		16,793
(Cost $2,065,691)				2,147,358
Diversified Financial Services — 3.6%
Ally Financial, Inc. 4.125%, 2/13/22		25,000		25,611
4.625%, 3/30/25		50,000		51,630

	Principal Amount		Value
Diversified Financial Services (Continued)
American Express Co. 3.40%, 2/27/23	$	25,000	$	26,664
American Express Credit Corp.
MTN, 3.30%, 5/3/27		5,000		5,559
BlackRock, Inc. 3.20%, 3/15/27		30,000		34,164
Brookfield Finance, Inc. 4.70%, 9/20/47		5,000		5,141
CME Group, Inc. 5.30%, 9/15/43		5,000		7,419
GE Capital International Funding Co. Unlimited Co. 4.418%, 11/15/35		25,000		25,035
Intercontinental Exchange, Inc. 4.00%, 10/15/23		50,000		55,353
Mastercard, Inc. 2.00%, 3/3/25		20,000		21,164
2.95%, 11/21/26		10,000		11,073
3.80%, 11/21/46		15,000		18,743
Visa, Inc. 2.80%, 12/14/22		10,000		10,568
3.15%, 12/14/25		5,000		5,626
2.75%, 9/15/27		20,000		22,159
4.15%, 12/14/35		15,000		19,402
3.65%, 9/15/47		10,000		12,437
(Cost $341,951)				357,748
Insurance — 2.9%
Aflac, Inc. 3.60%, 4/1/30		5,000		5,775
Allstate Corp. 4.20%, 12/15/46		20,000		24,814
Chubb INA Holdings, Inc. 3.35%, 5/3/26		40,000		44,663
4.35%, 11/3/45		5,000		6,440
Equitable Holdings, Inc. 4.35%, 4/20/28		10,000		10,749
Lincoln National Corp. 3.35%, 3/9/25		40,000		42,609
Manulife Financial Corp. 4.15%, 3/4/26		10,000		11,424
Marsh & McLennan Cos., Inc. 4.375%, 3/15/29		10,000		11,851
Progressive Corp. 2.45%, 1/15/27		25,000		25,934
4.125%, 4/15/47		3,000		3,820
Prudential Financial, Inc.
MTN, 2.10%, 3/10/30		25,000		25,080
MTN, 4.60%, 5/15/44		10,000		11,650
3.905%, 12/7/47		25,000		26,699
Travelers Cos., Inc. 3.75%, 5/15/46		30,000		35,241
(Cost $274,408)				286,749
Real Estate Investment Trusts — 4.1%
Alexandria Real Estate Equities, Inc. 3.375%, 8/15/31		25,000		27,149
American Tower Corp. 3.50%, 1/31/23		25,000		26,654

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (Continued)

May 31, 2020

	Principal Amount		Value
Real Estate Investment Trusts (Continued)
3.80%, 8/15/29	$	7,000	$	7,865
2.90%, 1/15/30		20,000		21,097
AvalonBay Communities, Inc.
GMTN, 4.20%, 12/15/23		30,000		32,293
Boston Properties LP 3.85%, 2/1/23		20,000		21,262
3.40%, 6/21/29		10,000		10,534
Crown Castle International Corp. 3.65%, 9/1/27		30,000		33,261
3.80%, 2/15/28		6,000		6,700
Duke Realty LP 3.75%, 12/1/24		20,000		21,371
Equinix, Inc. 2.625%, 11/18/24		25,000		26,445
ERP Operating LP 4.50%, 7/1/44		20,000		25,041
Healthpeak Properties, Inc. 3.00%, 1/15/30		20,000		19,464
Kimco Realty Corp. 3.40%, 11/1/22		20,000		20,666
4.25%, 4/1/45		15,000		13,389
Prologis LP 4.375%, 2/1/29		20,000		23,609
Ventas Realty LP 4.40%, 1/15/29		25,000		25,534
Welltower, Inc. 3.625%, 3/15/24		15,000		15,384
Weyerhaeuser Co. 4.00%, 4/15/30		30,000		32,758
(Cost $401,436)				410,476
Industrial — 7.3%
Building Materials — 0.8%
Carrier Global Corp. 1.923%, 2/15/23, 144A		35,000		35,417
3.577%, 4/5/50, 144A		10,000		8,918
Johnson Controls International PLC 4.50%, 2/15/47		15,000		17,249
Owens Corning 4.30%, 7/15/47		15,000		14,334
(Cost $74,207)				75,918
Electronics — 0.5%
Agilent Technologies, Inc. 3.20%, 10/1/22		10,000		10,438
Fortive Corp. 3.15%, 6/15/26		10,000		10,565
Roper Technologies, Inc. 3.80%, 12/15/26		30,000		33,632
(Cost $52,653)				54,635
Environmental Control — 0.3%
Waste Management, Inc. 3.45%, 6/15/29		18,000		19,985
4.10%, 3/1/45		5,000		6,002
(Cost $24,795)				25,987

	Principal Amount		Value
Hand/Machine Tools — 0.3%
Stanley Black & Decker, Inc. 2.90%, 11/1/22
(Cost $25,989)	$	25,000	$	26,144
Machinery-Construction & Mining — 0.5%
Caterpillar, Inc. 2.60%, 6/26/22		30,000		31,070
3.803%, 8/15/42		5,000		5,948
3.25%, 9/19/49		15,000		16,693
(Cost $51,229)				53,711
Machinery-Diversified — 0.7%
Deere & Co. 2.60%, 6/8/22		20,000		20,752
3.10%, 4/15/30		10,000		11,350
3.90%, 6/9/42		10,000		12,296
John Deere Capital Corp.
MTN, 3.45%, 3/13/25		10,000		11,203
Otis Worldwide Corp., 144A 3.362%, 2/15/50		15,000		15,202
(Cost $68,103)				70,803
Miscellaneous Manufacturing — 1.3%
3M Co.
MTN, 2.25%, 3/15/23		20,000		21,029
MTN, 3.25%, 2/14/24		15,000		16,320
MTN, 4.00%, 9/14/48		15,000		18,704
Eaton Corp. 4.15%, 11/2/42		15,000		17,791
Illinois Tool Works, Inc. 3.50%, 3/1/24		10,000		10,968
Ingersoll-Rand Global Holding Co. Ltd. 4.25%, 6/15/23		20,000		21,542
4.30%, 2/21/48		10,000		11,118
Parker-Hannifin Corp. 3.25%, 6/14/29		10,000		10,792
(Cost $124,679)				128,264
Transportation — 2.9%
Canadian Pacific Railway Co. 2.90%, 2/1/25		10,000		10,736
CSX Corp. 4.25%, 3/15/29		12,000		14,227
2.40%, 2/15/30		30,000		31,179
3.80%, 11/1/46		25,000		28,035
Norfolk Southern Corp. 4.05%, 8/15/52		35,000		40,725
Union Pacific Corp. 2.95%, 3/1/22		25,000		26,059
3.70%, 3/1/29		10,000		11,441
2.40%, 2/5/30		35,000		36,666
3.799%, 10/1/51		5,000		5,847
3.839%, 3/20/60		25,000		29,041
United Parcel Service, Inc. 4.45%, 4/1/30		35,000		43,322
3.75%, 11/15/47		10,000		11,476
(Cost $273,072)				288,754

See Notes to Financial Statements. 24

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (Continued)

May 31, 2020

	Principal Amount		Value
Technology — 10.8%
Computers — 3.9%
Apple, Inc. 2.40%, 5/3/23	$	45,000	$	47,669
3.00%, 2/9/24		35,000		37,993
3.20%, 5/13/25		17,000		19,119
3.20%, 5/11/27		25,000		28,253
4.45%, 5/6/44		15,000		19,784
3.85%, 8/4/46		20,000		24,769
3.75%, 11/13/47		15,000		18,220
2.95%, 9/11/49		10,000		10,915
Dell International LLC / EMC Corp. 5.45%, 6/15/23, 144A		30,000		32,243
6.02%, 6/15/26, 144A		25,000		28,383
5.30%, 10/1/29, 144A		35,000		38,084
Hewlett Packard Enterprise Co. 4.40%, 10/15/22		25,000		26,779
4.90%, 10/15/25		10,000		11,232
6.35%, 10/15/45		15,000		17,854
International Business Machines Corp. 4.00%, 6/20/42		15,000		17,565
Seagate HDD Cayman 4.875%, 6/1/27		10,000		10,676
(Cost $363,959)				389,538
Semiconductors — 2.1%
Analog Devices, Inc. 3.90%, 12/15/25		5,000		5,592
Applied Materials, Inc. 4.35%, 4/1/47		3,000		3,902
Intel Corp. 2.35%, 5/11/22		25,000		26,016
3.70%, 7/29/25		20,000		22,777
3.15%, 5/11/27		25,000		28,027
4.10%, 5/11/47		15,000		18,846
4.95%, 3/25/60		15,000		21,885
Lam Research Corp. 4.875%, 3/15/49		2,000		2,725
2.875%, 6/15/50		5,000		5,100
Micron Technology, Inc. 4.64%, 2/6/24		25,000		27,486
NVIDIA Corp. 2.85%, 4/1/30		20,000		21,966
3.70%, 4/1/60		10,000		11,906
Texas Instruments, Inc. 4.15%, 5/15/48		5,000		6,597
(Cost $191,528)				202,825
Software — 4.8%
Fiserv, Inc. 4.20%, 10/1/28		40,000		46,444
3.50%, 7/1/29		10,000		11,063
Microsoft Corp. 2.65%, 11/3/22		40,000		42,169
2.40%, 8/8/26		20,000		22,003
3.30%, 2/6/27		20,000		23,004
3.50%, 2/12/35		10,000		12,178

	Principal Amount		Value
Software (Continued)
3.75%, 2/12/45	$	10,000	$	12,537
4.45%, 11/3/45		30,000		41,322
3.70%, 8/8/46		10,000		12,503
4.25%, 2/6/47		15,000		20,405
3.95%, 8/8/56		5,000		6,569
Oracle Corp. 1.90%, 9/15/21		30,000		30,532
3.40%, 7/8/24		10,000		10,991
2.50%, 4/1/25		40,000		42,615
2.95%, 5/15/25		10,000		10,893
2.95%, 4/1/30		30,000		33,034
4.30%, 7/8/34		25,000		30,752
4.00%, 7/15/46		10,000		11,633
4.00%, 11/15/47		10,000		11,781
3.85%, 4/1/60		25,000		28,782
salesforce.com, Inc. 3.70%, 4/11/28		5,000		5,778
VMware, Inc. 4.70%, 5/15/30		10,000		10,967
(Cost $441,514)				477,955
Utilities — 7.7%
Electric — 6.6%
CMS Energy Corp. 3.00%, 5/15/26		30,000		32,061
Consolidated Edison Co. of New York, Inc.
Series 20A, 3.35%, 4/1/30		50,000		55,663
Series 20B, 3.95%, 4/1/50		45,000		53,030
4.625%, 12/1/54		5,000		6,309
Consumers Energy Co. 3.50%, 8/1/51		30,000		35,665
Emera US Finance LP 3.55%, 6/15/26		10,000		10,893
Eversource Energy
Series N, 3.80%, 12/1/23		50,000		54,721
3.45%, 1/15/50		25,000		26,100
FirstEnergy Corp.
Series C, 4.85%, 7/15/47		7,000		8,859
Series C, 3.40%, 3/1/50		25,000		26,343
Interstate Power and Light Co. 3.25%, 12/1/24		30,000		32,538
Northern States Power Co. 3.60%, 9/15/47		45,000		52,449
Public Service Co. of Colorado 3.70%, 6/15/28		60,000		68,735
Public Service Electric and Gas Co.
MTN, 2.25%, 9/15/26		50,000		52,916
MTN, 3.80%, 3/1/46		25,000		29,540
Public Service Enterprise Group, Inc. 2.65%, 11/15/22		25,000		26,023
San Diego Gas & Electric Co.
Series RRR, 3.75%, 6/1/47		20,000		22,247
Sempra Energy 3.25%, 6/15/27		10,000		10,696
4.00%, 2/1/48		5,000		5,626

See Notes to Financial Statements. 25

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (Continued)

May 31, 2020

	Principal Amount		Value
Electric (Continued)
WEC Energy Group, Inc. 3.55%, 6/15/25	$	30,000	$	32,829
Wisconsin Power and Light Co. 3.00%, 7/1/29		15,000		16,324
(Cost $639,448)				659,567
Gas — 1.1%
Atmos Energy Corp. 3.375%, 9/15/49		30,000		33,534
NiSource, Inc. 3.49%, 5/15/27		15,000		16,762
4.375%, 5/15/47		15,000		17,927
Southern California Gas Co.
Series VV, 4.30%, 1/15/49		30,000		37,482
(Cost $98,531)				105,705
TOTAL CORPORATE BONDS
(Cost $9,311,710)				9,807,988

	Number of Shares		Value
SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (c)(d) (Cost $10,080)		10,080	$	10,080
CASH EQUIVALENTS — 0.8%
DWS Government Money Market Series “Institutional Shares”, 0.12% (c) (Cost $83,235)		83,235		83,235
TOTAL INVESTMENTS — 99.9% (Cost $9,405,025)			$	9,901,303
Other assets and liabilities, net — 0.1%				7,438
NET ASSETS — 100.0%			$	9,908,741

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2020 is as follows:

	Value ($) at 5/31/2019		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2020		Value ($) at 5/31/2020
CORPORATE BONDS — 0.1%
Financial — 0.1%
Deutsche Bank AG, 3.70%, 5/30/24 (b)
		19,488		—		(10,332	)		537		446		621		—		10,000		10,139
SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (c)(d)
		34,230		—		(24,150	) (e)		—		—		378		—		10,080		10,080
CASH EQUIVALENTS — 0.8%
DWS Government Money Market Series “Institutional Shares”, 0.12%(c)
		—		7,548,318		(7,465,083)			—		—		1,089		—		83,235		83,235
		53,718		7,548,318		(7,499,565	)		537		446		2,088		—		103,315		103,454

(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 May 31, 2020 amounted to $9,844, which is 0.1% of net assets.

(b) Affiliated issuer. This security is owned in proportion with its representation in the index.

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

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

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2020.

GMTN: Global Medium Term Note

MTN: Medium Term Note

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. 26

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (Continued)

May 31, 2020

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 May 31, 2020 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
Corporate Bonds (f)	$	—	$	9,807,988	$	—	$	9,807,988
Short-Term Investments (f)		93,315		—		—		93,315
TOTAL	$	93,315	$	9,807,988	$	—	$	9,901,303

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

See Notes to Financial Statements. 27

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF

May 31, 2020

	Principal Amount		Value
SOVEREIGN BONDS — 98.2%
Argentina — 1.9%
Argentine Republic Government International Bond 7.50%, 4/22/26* (a)
(Cost $217,000)	$	700,000	$	271,040
Bahrain — 1.5%
Bahrain Government International Bond 7.375%, 5/14/30, 144A
(Cost $204,465)		200,000		213,040
Brazil — 3.2%
Brazilian Government International Bond 4.625%, 1/13/28		200,000		210,537
8.25%, 1/20/34		50,000		63,735
7.125%, 1/20/37		55,000		64,655
5.625%, 1/7/41		125,000		127,969
(Cost $451,835)				466,896
Chile — 1.5%
Chile Government International Bond 3.24%, 2/6/28
(Cost $197,243)		200,000		218,471
Colombia — 3.9%
Colombia Government International Bond 3.875%, 4/25/27		200,000		212,414
6.125%, 1/18/41		100,000		125,500
5.00%, 6/15/45		200,000		227,661
(Cost $526,813)				565,575
Costa Rica — 1.1%
Costa Rica Government International Bond 7.158%, 3/12/45, REGS
(Cost $156,024)		200,000		158,502
Croatia — 1.5%
Croatia Government International Bond 5.50%, 4/4/23, 144A
(Cost $212,951)		200,000		219,607
Dominican Republic — 2.6%
Dominican Republic International Bond 7.45%, 4/30/44, REGS
(Cost $376,405)		375,000		370,687
Ecuador — 1.2%
Ecuador Government International Bond 8.875%, 10/23/27, 144A* (a)		275,000		102,094
7.775%, 1/23/28, REGS* (a)		200,000		72,000
(Cost $348,487)				174,094
Egypt — 2.8%
Egypt Government International Bond 7.600%, 3/1/29, 144A		200,000		203,279
7.600%, 3/1/29, REGS		200,000		203,280
(Cost $403,078)				406,559
El Salvador — 0.9%
El Salvador Government International Bond 7.65%, 6/15/35, 144A		30,000		24,504

	Principal Amount		Value
El Salvador (Continued)
7.65%, 6/15/35, REGS	$	135,000	$	110,269
(Cost $144,261)				134,773
Ghana — 1.5%
Ghana Government International Bond 8.125%, 3/26/32, REGS
(Cost $208,842)		250,000		221,050
Guatemala — 1.5%
Guatemala Government Bond 4.90%, 6/1/30, REGS
(Cost $209,957)		200,000		211,212
Hungary — 2.5%
Hungary Government International Bond 5.375%, 2/21/23		100,000		109,200
5.375%, 3/25/24		76,000		86,061
7.625%, 3/29/41		100,000		169,204
(Cost $346,756)				364,465
Indonesia — 3.5%
Indonesia Government International Bond 3.85%, 10/15/30		250,000		276,941
8.50%, 10/12/35, 144A		150,000		231,133
(Cost $507,797)				508,074
Jamaica — 1.5%
Jamaica Government International Bond 7.875%, 7/28/45
(Cost $215,788)		200,000		223,002
Kazakhstan — 1.6%
Kazakhstan Government International Bond 5.125%, 7/21/25, 144A
(Cost $212,931)		200,000		232,750
Kenya — 1.3%
Kenya Government International Bond 6.875%, 6/24/24, REGS
(Cost $192,086)		200,000		193,158
Kuwait — 1.5%
Kuwait International Government Bond 3.50%, 3/20/27, REGS
(Cost $220,057)		200,000		221,102
Lebanon — 0.0%
Lebanon Government International Bond 6.85%, 5/25/29* (a)
(Cost $22,895)		25,000		4,250
Malaysia — 1.9%
Malaysia Sovereign Sukuk Bhd 3.043%, 4/22/25, 144A
(Cost $266,439)		250,000		267,550
Mexico — 2.7%
Mexico Government International Bond 4.50%, 4/22/29		200,000		216,577
Series A, MTN, 6.75%, 9/27/34		10,000		12,861
6.05%, 1/11/40		26,000		31,641
MTN, 4.75%, 3/8/44		90,000		94,347

See Notes to Financial Statements. 28

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (Continued)

May 31, 2020

	Principal Amount		Value
Mexico (Continued)
5.55%, 1/21/45	$	25,000	$	29,156
GMTN, 5.75%, 10/12/2110		10,000		10,868
(Cost $379,959)				395,450
Mongolia — 1.3%
Mongolia Government International Bond 5.125%, 12/5/22, REGS
(Cost $178,884)		200,000		191,006
Oman — 3.6%
Oman Government International Bond 3.625%, 6/15/21, REGS		200,000		195,360
5.625%, 1/17/28, REGS		200,000		167,515
6.75%, 1/17/48, REGS		200,000		151,701
(Cost $512,883)				514,576
Pakistan — 1.3%
Pakistan Government International Bond 6.875%, 12/5/27, REGS
(Cost $180,098)		200,000		187,408
Panama — 5.3%
Panama Bonos del Tesoro
Series A, 5.625%, 7/25/22		70,000		74,446
Panama Government International Bond 4.00%, 9/22/24		200,000		215,802
6.70%, 1/26/36		125,000		174,444
4.50%, 4/1/56		250,000		296,628
(Cost $731,183)				761,320
Paraguay — 1.5%
Paraguay Government International Bond 5.00%, 4/15/26, REGS
(Cost $215,874)		200,000		217,314
Peru — 3.2%
Peruvian Government International Bond 4.125%, 8/25/27		220,000		250,760
6.55%, 3/14/37		40,000		60,622
5.625%, 11/18/50		100,000		155,880
(Cost $448,183)				467,262
Philippines — 3.9%
Philippine Government International Bond 9.50%, 2/2/30		200,000		325,499
3.70%, 2/2/42		200,000		230,327
(Cost $544,551)				555,826
Poland — 2.6%
Republic of Poland Government International Bond 3.00%, 3/17/23		250,000		263,475
3.25%, 4/6/26		100,000		110,921
(Cost $366,073)				374,396
Qatar — 4.6%
Qatar Government International Bond 9.75%, 6/15/30, 144A		220,000		360,989
6.40%, 1/20/40, 144A		100,000		148,098
6.40%, 1/20/40, REGS		100,000		148,099
(Cost $621,622)				657,186

	Principal Amount		Value
Romania — 2.6%
Romanian Government International Bond 6.75%, 2/7/22, REGS	$	200,000	$	214,070
4.375%, 8/22/23, 144A		10,000		10,506
6.125%, 1/22/44, 144A		70,000		88,144
5.125%, 6/15/48, 144A		50,000		56,847
(Cost $362,387)				369,567
Russia — 3.1%
Russian Foreign Bond — Eurobond 12.75%, 6/24/28, 144A		120,000		209,476
4.375%, 3/21/29, 144A		200,000		231,467
(Cost $411,906)				440,943
Saudi Arabia — 3.4%
Saudi Government International Bond 3.25%, 10/26/26, REGS		250,000		264,602
4.50%, 10/26/46, REGS		200,000		223,883
(Cost $473,067)				488,485
Senegal — 1.4%
Senegal Government International Bond 6.25%, 7/30/24, REGS
(Cost $201,028)		200,000		200,363
Slovak Republic — 1.5%
Slovakia Government International Bond 4.375%, 5/21/22, REGS
(Cost $211,755)		200,000		212,148
South Africa — 2.4%
Republic of South Africa Government International Bond 4.30%, 10/12/28		200,000		180,200
5.65%, 9/27/47		200,000		163,500
(Cost $370,392)				343,700
Sri Lanka — 1.6%
Sri Lanka Government International Bond 7.85%, 3/14/29, 144A		200,000		111,995
7.55%, 3/28/30, REGS		200,000		111,995
(Cost $310,178)				223,990
Turkey — 2.9%
Turkey Government International Bond 7.375%, 2/5/25		55,000		57,002
4.875%, 10/9/26		200,000		181,600
11.875%, 1/15/30		140,000		185,135
(Cost $444,470)				423,737
Ukraine — 2.1%
Ukraine Government International Bond 7.75%, 9/1/25, 144A		100,000		100,981
7.75%, 9/1/26, 144A		100,000		100,106
7.75%, 9/1/27, REGS		100,000		99,205
(Cost $305,023)				300,292
United Arab Emirates — 2.9%
Abu Dhabi Government International Bond 3.125%, 10/11/27, REGS		200,000		215,625

See Notes to Financial Statements. 29

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (Continued)

May 31, 2020

	Principal Amount		Value
United Arab Emirates (Continued)
2.50%, 9/30/29, REGS	$	200,000	$	206,246
(Cost $419,182)				421,871
Uruguay — 5.4%
Uruguay Government International Bond 4.375%, 10/27/27		75,000		84,174
4.375%, 1/23/31		100,000		114,282
7.625%, 3/21/36		30,000		44,342
5.10%, 6/18/50		390,000		479,429
4.975%, 4/20/55		50,000		61,028
(Cost $735,984)				783,255
TOTAL SOVEREIGN BONDS (Cost $14,066,792)				14,175,952

	Number of Shares		Value
CASH EQUIVALENTS — 0.9%
DWS Government Money Market Series “Institutional Shares”, 0.12% (b)
(Cost $127,325)		127,325	$	127,325
TOTAL INVESTMENTS — 99.1% (Cost $14,194,117)			$	14,303,277
Other assets and liabilities, net — 0.9%				134,284
NET ASSETS — 100.0%			$	14,437,561

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2020 is as follows:

	Value ($) at 5/31/2019		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2020		Value ($) at 5/31/2020
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (b)(c)
		—		0	(d)		—			—		—		86		—		—		—
CASH EQUIVALENTS — 0.9%
DWS Government Money Market Series “Institutional Shares”, 0.12% (b)
		—		13,577,596			(13,450,271	)		—		—		2,066		—		127,325		127,325
		—		13,577,596			(13,450,271	)		—		—		2,152		—		127,325		127,325

* Non-income producing security.

(a) Defaulted security or security for which income has been deemed uncollectible.

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

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

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended May 31, 2020.

GMTN: Global Medium Term Note

MTN: Medium Term Note

REGS: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

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.

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 May 31, 2020 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
Sovereign Bonds (e)	$	—	$	14,175,952	$	—	$	14,175,952
Short-Term Investments		127,325		—		—		127,325
TOTAL	$	127,325	$	14,175,952	$	—	$	14,303,277

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

See Notes to Financial Statements. 30

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF

May 31, 2020

	Principal Amount		Value
CORPORATE BONDS — 98.2%
Basic Materials — 5.7%
Chemicals — 2.8%
CF Industries, Inc.
5.375%, 3/15/44	$	50,000	$	53,538
Ingevity Corp., 144A
4.50%, 2/1/26		50,000		48,553
Kraton Polymers LLC / Kraton Polymers Capital Corp., 144A
7.00%, 4/15/25		50,000		50,176
NOVA Chemicals Corp., 144A
4.875%, 6/1/24		75,000		69,195
OCI NV, 144A
6.625%, 4/15/23		200,000		205,000
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 144A
5.375%, 9/1/25		50,000		47,906
Valvoline, Inc., 144A
4.25%, 2/15/30		50,000		49,992
(Cost $509,585)				524,360
Forest Products & Paper — 0.3%
Mercer International, Inc.
7.375%, 1/15/25
(Cost $48,328)		50,000		49,182
Iron/Steel — 0.2%
Cleveland-Cliffs, Inc.
5.875%, 6/1/27
(Cost $32,387)		50,000		34,866
Mining — 2.4%
Compass Minerals International, Inc., 144A
6.75%, 12/1/27		100,000		105,378
FMG Resources August 2006 Pty Ltd., 144A
5.125%, 5/15/24		100,000		103,510
Freeport-McMoRan, Inc.
5.40%, 11/14/34		100,000		99,291
Hudbay Minerals, Inc., 144A
7.25%, 1/15/23		50,000		47,468
New Gold, Inc., 144A
6.25%, 11/15/22		50,000		50,320
Novelis Corp., 144A
5.875%, 9/30/26		50,000		51,355
(Cost $441,351)				457,322
Communications — 16.9%
Advertising — 0.6%
Lamar Media Corp.
5.75%, 2/1/26		50,000		52,178
Outfront Media Capital LLC / Outfront Media Capital Corp., 144A
5.00%, 8/15/27		50,000		48,789
(Cost $99,932)				100,967
Internet — 0.6%
NortonLifeLock, Inc., 144A
5.00%, 4/15/25
(Cost $101,845)		100,000		102,500

	Principal Amount		Value
Media — 7.5%
CCO Holdings LLC / CCO Holdings Capital Corp.
5.875%, 4/1/24, 144A	$	100,000	$	103,385
4.75%, 3/1/30, 144A		100,000		104,731
Clear Channel Worldwide Holdings, Inc.
9.25%, 2/15/24		100,000		92,047
CSC Holdings LLC, 144A
5.75%, 1/15/30		200,000		210,313
DISH DBS Corp.
5.00%, 3/15/23		150,000		149,861
Houghton Mifflin Harcourt Publishers, Inc., 144A
9.00%, 2/15/25		50,000		44,734
iHeartCommunications, Inc., 144A
4.75%, 1/15/28		50,000		48,090
Nexstar Broadcasting, Inc., 144A
5.625%, 7/15/27		50,000		51,366
Quebecor Media, Inc.
5.75%, 1/15/23		100,000		105,585
Sinclair Television Group, Inc., 144A
5.625%, 8/1/24		50,000		49,630
Sirius XM Radio, Inc., 144A
4.625%, 7/15/24		100,000		102,651
TEGNA, Inc., 144A
4.625%, 3/15/28		100,000		95,235
Univision Communications, Inc., 144A
5.125%, 2/15/25		50,000		47,957
UPC Holding BV, 144A
5.50%, 1/15/28		200,000		193,537
(Cost $1,367,793)				1,399,122
Telecommunications — 8.2%
Altice France SA, 144A
7.375%, 5/1/26		200,000		210,963
CenturyLink, Inc.
Series W, 6.75%, 12/1/23		150,000		163,235
CommScope, Inc.
6.00%, 3/1/26, 144A		50,000		52,695
8.25%, 3/1/27, 144A		100,000		104,481
Connect Finco SARL / Connect US Finco LLC, 144A
6.75%, 10/1/26		50,000		48,578
Level 3 Financing, Inc.
5.375%, 5/1/25		150,000		154,487
Sprint Capital Corp.
8.75%, 3/15/32		100,000		144,451
Sprint Communications, Inc.
6.00%, 11/15/22		100,000		106,473
Sprint Corp.
7.625%, 2/15/25		100,000		117,043
Telecom Italia Capital SA
7.721%, 6/4/38		50,000		60,853
T-Mobile USA, Inc.
6.375%, 3/1/25		200,000		206,783
ViaSat, Inc., 144A
5.625%, 9/15/25		50,000		48,870

See Notes to Financial Statements. 31

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)

May 31, 2020

	Principal Amount		Value
Telecommunications (Continued)
Vodafone Group PLC
7.00%, 4/4/79	$	50,000	$	58,021
Zayo Group Holdings, Inc., 144A
6.125%, 3/1/28		50,000		49,492
(Cost $1,499,317)				1,526,425
Consumer, Cyclical — 15.1%
Apparel — 0.5%
Hanesbrands, Inc., 144A
4.625%, 5/15/24
(Cost $100,146)		100,000		102,011
Auto Manufacturers — 2.1%
Ford Motor Co.
7.45%, 7/16/31		150,000		149,437
Ford Motor Credit Co. LLC
2.979%, 8/3/22		200,000		192,000
Tesla, Inc., 144A
5.30%, 8/15/25		50,000		50,156
(Cost $368,504)				391,593
Auto Parts & Equipment — 2.2%
American Axle & Manufacturing, Inc.
6.25%, 4/1/25		100,000		94,510
Cooper-Standard Automotive, Inc., 144A
5.625%, 11/15/26		50,000		32,178
Dana Financing Luxembourg SARL, 144A
5.75%, 4/15/25		50,000		49,682
Goodyear Tire & Rubber Co.
5.00%, 5/31/26		50,000		46,362
Panther BF Aggregator 2 LP / Panther Finance Co., Inc., 144A
8.50%, 5/15/27		50,000		49,116
ZF North America Capital, Inc., 144A
4.75%, 4/29/25		150,000		146,813
(Cost $398,242)				418,661
Distribution/Wholesale — 1.3%
American Builders & Contractors Supply Co., Inc., 144A
4.00%, 1/15/28		50,000		50,366
Anixter, Inc.
5.125%, 10/1/21		50,000		51,306
HD Supply, Inc., 144A
5.375%, 10/15/26		50,000		51,645
Performance Food Group, Inc., 144A
5.50%, 10/15/27		50,000		49,164
Wolverine Escrow LLC, 144A
9.00%, 11/15/26		50,000		33,350
(Cost $232,678)				235,831
Entertainment — 1.7%
Caesars Resort Collection LLC / CRC Finco, Inc., 144A
5.25%, 10/15/25		50,000		44,656
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op
5.375%, 4/15/27		50,000		47,652

	Principal Amount		Value
Entertainment (Continued)
Cinemark USA, Inc.
4.875%, 6/1/23	$	50,000	$	43,656
Scientific Games International, Inc., 144A
8.25%, 3/15/26		100,000		92,016
Speedway Motorsports LLC / Speedway Funding II, Inc., 144A
4.875%, 11/1/27		50,000		42,156
Stars Group Holdings BV / Stars Group US Co.-Borrower LLC, 144A
7.00%, 7/15/26		50,000		53,116
(Cost $301,503)				323,252
Home Builders — 1.9%
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp., 144A
6.25%, 9/15/27		50,000		47,741
KB Home
7.625%, 5/15/23		50,000		54,755
Lennar Corp.
4.50%, 4/30/24		100,000		104,760
Taylor Morrison Communities, Inc., 144A
5.75%, 1/15/28		100,000		98,856
Toll Brothers Finance Corp.
4.875%, 3/15/27		50,000		52,803
(Cost $344,711)				358,915
Leisure Time — 0.2%
NCL Corp. Ltd., 144A
3.625%, 12/15/24
(Cost $29,508)		50,000		30,156
Lodging — 1.6%
Hilton Domestic Operating Co., Inc., 144A
5.75%, 5/1/28		150,000		155,625
Station Casinos LLC, 144A
4.50%, 2/15/28		100,000		88,437
Wyndham Destinations, Inc.
5.75%, 4/1/27		50,000		45,385
(Cost $276,704)				289,447
Retail — 3.6%
1011778 BC ULC / New Red Finance, Inc., 144A
5.00%, 10/15/25		50,000		50,665
Beacon Roofing Supply, Inc., 144A
4.875%, 11/1/25		50,000		47,365
Bed Bath & Beyond, Inc.
5.165%, 8/1/44		50,000		25,688
Gap, Inc., 144A
8.875%, 5/15/27		50,000		52,625
Golden Nugget, Inc., 144A
6.75%, 10/15/24		50,000		40,531
L Brands, Inc.
6.875%, 11/1/35		50,000		41,611
Macy’s Retail Holdings, Inc.
3.625%, 6/1/24		100,000		69,500
Penske Automotive Group, Inc.
5.75%, 10/1/22		50,000		50,281

See Notes to Financial Statements. 32

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)

May 31, 2020

	Principal Amount		Value
Retail (Continued)
PetSmart, Inc., 144A
7.125%, 3/15/23	$	100,000	$	97,312
QVC, Inc.
4.45%, 2/15/25		50,000		47,875
Staples, Inc., 144A
7.50%, 4/15/26		100,000		87,589
Yum! Brands, Inc., 144A
4.75%, 1/15/30		50,000		52,053
(Cost $641,773)				663,095
Consumer, Non-cyclical — 17.7%
Agriculture — 0.5%
Cooke Omega Investments, Inc. / Alpha VesselCo Holdings, Inc., 144A
8.50%, 12/15/22		50,000		49,926
Darling Ingredients, Inc., 144A
5.25%, 4/15/27		50,000		52,145
(Cost $101,385)				102,071
Commercial Services — 5.2%
Allied Universal Holdco LLC / Allied Universal Finance Corp., 144A
9.75%, 7/15/27		100,000		106,540
AMN Healthcare, Inc., 144A
5.125%, 10/1/24		50,000		50,307
APX Group, Inc.
7.625%, 9/1/23 (a)		50,000		45,682
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144A
5.25%, 3/15/25		50,000		40,250
Emeco Pty Ltd.
Series B, 9.25%, 3/31/22		50,000		47,750
Jaguar Holding Co. II / PPD Development LP, 144A
6.375%, 8/1/23		50,000		51,531
Nielsen Finance LLC / Nielsen Finance Co., 144A
5.00%, 4/15/22		100,000		100,068
Prime Security Services Borrower LLC / Prime Finance, Inc., 144A
5.25%, 4/15/24		150,000		156,766
Refinitiv US Holdings, Inc., 144A
8.25%, 11/15/26		100,000		109,606
RR Donnelley & Sons Co., 144A
8.50%, 4/15/29		50,000		51,500
United Rentals North America, Inc.
5.875%, 9/15/26		100,000		105,066
4.875%, 1/15/28		100,000		103,262
(Cost $935,724)				968,328
Cosmetics/Personal Care — 0.2%
Coty, Inc., 144A
6.50%, 4/15/26
(Cost $44,161)		50,000		41,533
Food — 4.0%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
6.625%, 6/15/24		100,000		103,712

	Principal Amount		Value
Food (Continued)
B&G Foods, Inc.
5.25%, 4/1/25	$	50,000	$	51,505
Chobani LLC / Chobani Finance Corp., Inc., 144A
7.50%, 4/15/25		50,000		49,906
Ingles Markets, Inc.
5.75%, 6/15/23		50,000		50,469
Kraft Heinz Foods Co.
4.00%, 6/15/23		150,000		159,258
7.125%, 8/1/39, 144A		100,000		123,052
5.20%, 7/15/45		100,000		102,993
Post Holdings, Inc., 144A
4.625%, 4/15/30		50,000		49,469
US Foods, Inc., 144A
5.875%, 6/15/24		50,000		48,505
(Cost $728,522)				738,869
Healthcare-Products — 1.3%
Avantor, Inc., 144A
9.00%, 10/1/25		100,000		108,260
Hill-Rom Holdings, Inc., 144A
4.375%, 9/15/27		50,000		51,491
Immucor, Inc., 144A
11.125%, 2/15/22		50,000		38,676
Teleflex, Inc.
4.625%, 11/15/27		50,000		52,259
(Cost $258,011)				250,686
Healthcare-Services — 5.6%
AHP Health Partners, Inc., 144A
9.75%, 7/15/26		50,000		51,678
Catalent Pharma Solutions, Inc., 144A
5.00%, 7/15/27		50,000		51,366
Centene Corp., 144A
5.25%, 4/1/25		250,000		258,515
CHS/Community Health Systems, Inc., 144A
8.625%, 1/15/24		150,000		151,217
DaVita, Inc.
5.125%, 7/15/24		50,000		51,051
HCA, Inc.
7.69%, 6/15/25		100,000		114,739
7.50%, 11/6/33		50,000		58,678
One Call Corp., 144A
10.00%, 10/1/24		50,000		43,375
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A
9.75%, 12/1/26		50,000		54,283
Surgery Center Holdings, Inc., 144A
6.75%, 7/1/25		50,000		45,932
Tenet Healthcare Corp., 144A
4.875%, 1/1/26		100,000		102,928
US Renal Care, Inc., 144A
10.625%, 7/15/27		50,000		52,178
(Cost $1,025,567)				1,035,940

See Notes to Financial Statements. 33

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)

May 31, 2020

	Principal Amount		Value
Household Products/Wares — 0.3%
ACCO Brands Corp., 144A
5.25%, 12/15/24
(Cost $49,930)	$	50,000	$	50,432
Pharmaceuticals — 0.6%
Bausch Health Cos., Inc., 144A
7.00%, 1/15/28
(Cost $102,831)		100,000		105,295
Diversified — 0.2%
Holding Companies-Diversified — 0.2%
VistaJet Malta Finance PLC / XO Management Holding, Inc., 144A
10.50%, 6/1/24
(Cost $40,137)		50,000		40,005
Energy — 15.3%
Coal — 0.2%
SunCoke Energy Partners LP / SunCoke Energy Partners Finance Corp., 144A
7.50%, 6/15/25
(Cost $36,703)		50,000		38,000
Oil & Gas — 8.6%
Antero Resources Corp.
5.125%, 12/1/22		50,000		35,111
Apache Corp.
5.10%, 9/1/40		150,000		120,605
Baytex Energy Corp., 144A
8.75%, 4/1/27		50,000		25,406
Cenovus Energy, Inc.
6.75%, 11/15/39		100,000		89,613
Continental Resources, Inc.
4.50%, 4/15/23		100,000		93,030
CVR Energy, Inc., 144A
5.25%, 2/15/25		50,000		45,156
EQT Corp.
6.125%, 2/1/25		100,000		102,519
Gulfport Energy Corp.
6.375%, 5/15/25		50,000		25,182
Hilcorp Energy I LP / Hilcorp Finance Co., 144A
5.75%, 10/1/25(a)		50,000		44,317
Laredo Petroleum, Inc.
9.50%, 1/15/25		50,000		35,078
MEG Energy Corp., 144A
7.125%, 2/1/27		100,000		91,374
Murphy Oil Corp.
5.75%, 8/15/25		50,000		46,943
Nabors Industries Ltd., 144A
7.25%, 1/15/26		50,000		28,656
Occidental Petroleum Corp.
1.842%, 8/15/22		100,000		87,536
2.90%, 8/15/24		150,000		120,000
6.45%, 9/15/36		150,000		107,250
Parsley Energy LLC / Parsley Finance Corp., 144A
5.625%, 10/15/27		50,000		49,116

	Principal Amount		Value
Oil & Gas (Continued)
PBF Holding Co. LLC / PBF Finance Corp., 144A
6.00%, 2/15/28	$	50,000	$	42,156
Precision Drilling Corp., 144A
7.125%, 1/15/26		50,000		25,178
QEP Resources, Inc.
5.375%, 10/1/22		50,000		28,661
Range Resources Corp., 144A
9.25%, 2/1/26		100,000		93,766
Seven Generations Energy Ltd.
6.875%, 6/30/23, 144A		50,000		48,240
5.375%, 9/30/25, 144A		50,000		41,531
Southwestern Energy Co.
6.20%, 1/23/25(a)		50,000		45,066
Transocean Guardian Ltd., 144A
5.875%, 1/15/24		83,500		77,655
WPX Energy, Inc.
4.50%, 1/15/30		50,000		45,922
(Cost $1,497,712)				1,595,067
Oil & Gas Services — 1.1%
Archrock Partners LP / Archrock Partners Finance Corp., 144A
6.25%, 4/1/28		50,000		47,594
Oceaneering International, Inc.
4.65%, 11/15/24		50,000		38,784
USA Compression Partners LP / USA Compression Finance Corp.
6.875%, 4/1/26		50,000		48,242
Weatherford International Ltd., 144A
11.00%, 12/1/24		100,000		67,187
(Cost $193,878)				201,807
Pipelines — 5.4%
Antero Midstream Partners LP / Antero Midstream Finance Corp., 144A
5.75%, 1/15/28		50,000		39,248
Buckeye Partners LP, 144A
4.50%, 3/1/28		100,000		97,062
Cheniere Energy Partners LP
5.25%, 10/1/25		100,000		101,689
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.
6.25%, 4/1/23		50,000		47,755
DCP Midstream Operating LP
5.375%, 7/15/25		100,000		97,018
EnLink Midstream Partners LP
5.60%, 4/1/44		100,000		60,794
EQM Midstream Partners LP
4.75%, 7/15/23		100,000		99,115
Genesis Energy LP / Genesis Energy Finance Corp.
7.75%, 2/1/28		50,000		46,823
Holly Energy Partners LP / Holly Energy Finance Corp., 144A
5.00%, 2/1/28		50,000		49,367

See Notes to Financial Statements. 34

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)

May 31, 2020

	Principal Amount		Value
Pipelines (Continued)
NuStar Logistics LP
5.625%, 4/28/27	$	50,000	$	47,491
Ruby Pipeline LLC, 144A
7.00%, 4/1/22		34,091		31,921
Targa Resources Partners LP / Targa Resources Partners Finance Corp.
6.75%, 3/15/24		50,000		51,000
6.50%, 7/15/27		100,000		104,680
Western Midstream Operating LP
4.05%, 2/1/30		100,000		90,220
5.45%, 4/1/44		50,000		40,750
(Cost $939,777)				1,004,933
Financial — 10.5%
Banks — 1.1%
CIT Group, Inc.
5.00%, 8/1/23		100,000		100,490
Freedom Mortgage Corp., 144A
8.25%, 4/15/25		50,000		46,406
Popular, Inc.
6.125%, 9/14/23		50,000		50,557
(Cost $189,038)				197,453
Diversified Financial Services — 3.4%
Ally Financial, Inc.
5.75%, 11/20/25		50,000		52,156
Fairstone Financial, Inc., 144A
7.875%, 7/15/24		50,000		49,995
Global Aircraft Leasing Co. Ltd., 144A
6.50%, 9/15/24		50,000		27,360
LPL Holdings, Inc., 144A
5.75%, 9/15/25		50,000		52,138
Nationstar Mortgage Holdings, Inc., 144A
9.125%, 7/15/26		50,000		51,328
Navient Corp.
5.50%, 1/25/23		150,000		143,344
NFP Corp., 144A
6.875%, 7/15/25		50,000		48,281
Quicken Loans LLC, 144A
5.75%, 5/1/25		50,000		51,130
Springleaf Finance Corp.
6.875%, 3/15/25		150,000		148,547
(Cost $609,043)				624,279
Insurance — 1.3%
Acrisure LLC / Acrisure Finance, Inc., 144A
7.00%, 11/15/25		50,000		47,594
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144A
6.75%, 10/15/27		50,000		51,113
AssuredPartners, Inc., 144A
7.00%, 8/15/25		50,000		49,156
Genworth Holdings, Inc.
7.625%, 9/24/21		50,000		46,340
HUB International Ltd., 144A
7.00%, 5/1/26		50,000		51,511
(Cost $238,940)				245,714

	Principal Amount		Value
Real Estate — 0.3%
Realogy Group LLC / Realogy Co.-Issuer Corp., 144A
5.25%, 12/1/21
(Cost $45,483)	$	50,000	$	47,891
Real Estate Investment Trusts — 3.9%
ESH Hospitality, Inc., 144A
5.25%, 5/1/25		100,000		97,510
HAT Holdings I LLC / HAT Holdings II LLC, 144A
5.25%, 7/15/24		50,000		50,755
Iron Mountain, Inc., 144A
4.875%, 9/15/27		100,000		100,790
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc.
5.75%, 2/1/27		100,000		105,046
MPT Operating Partnership LP / MPT Finance Corp.
5.00%, 10/15/27		100,000		103,690
SBA Communications Corp.
4.875%, 9/1/24		50,000		51,703
Service Properties Trust
4.95%, 10/1/29		25,000		20,051
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A
7.875%, 2/15/25		100,000		101,938
VICI Properties LP / VICI Note Co., Inc., 144A
4.25%, 12/1/26		100,000		99,300
(Cost $710,052)				730,783
Venture Capital — 0.5%
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
6.25%, 2/1/22
(Cost $100,533)		100,000		100,723
Industrial — 10.8%
Aerospace/Defense — 1.9%
Bombardier, Inc., 144A
6.00%, 10/15/22		150,000		97,219
Signature Aviation US Holdings, Inc., 144A
5.375%, 5/1/26		50,000		48,093
Spirit AeroSystems, Inc., 144A
7.50%, 4/15/25		50,000		49,969
TransDigm, Inc.
6.25%, 3/15/26, 144A		100,000		102,484
7.50%, 3/15/27		50,000		49,322
(Cost $333,294)				347,087
Building Materials — 0.8%
Builders FirstSource, Inc., 144A
5.00%, 3/1/30		50,000		46,367
Standard Industries, Inc., 144A
6.00%, 10/15/25		50,000		51,656
Summit Materials LLC / Summit Materials Finance Corp.
6.125%, 7/15/23		50,000		50,078
(Cost $146,081)				148,101

See Notes to Financial Statements. 35

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)

May 31, 2020

	Principal Amount		Value
Electrical Components & Equipment — 1.1%
Energizer Holdings, Inc., 144A
6.375%, 7/15/26	$	100,000	$	105,731
EnerSys, 144A
5.00%, 4/30/23		50,000		49,995
WESCO Distribution, Inc.
5.375%, 12/15/21		50,000		49,864
(Cost $203,057)				205,590
Electronics — 0.8%
Sensata Technologies BV, 144A
5.625%, 11/1/24		100,000		104,980
TTM Technologies, Inc., 144A
5.625%, 10/1/25		50,000		50,583
(Cost $152,264)				155,563
Engineering & Construction — 0.5%
Brand Industrial Services, Inc., 144A
8.50%, 7/15/25		50,000		44,281
frontdoor, Inc., 144A
6.75%, 8/15/26		50,000		53,678
(Cost $91,854)				97,959
Environmental Control — 0.5%
Advanced Disposal Services, Inc., 144A
5.625%, 11/15/24		50,000		51,870
Covanta Holding Corp.
6.00%, 1/1/27		50,000		49,428
(Cost $100,573)				101,298
Machinery-Diversified — 0.5%
SPX FLOW, Inc., 144A
5.625%, 8/15/24		50,000		50,683
Titan Acquisition Ltd. / Titan Co-Borrower LLC, 144A
7.75%, 4/15/26		50,000		46,770
(Cost $97,234)				97,453
Miscellaneous Manufacturing — 0.3%
FXI Holdings, Inc., 144A
12.25%, 11/15/26
(Cost $42,979)		50,000		45,867
Packaging & Containers — 3.6%
ARD Finance SA, 144A
6.50%, 6/30/27		200,000		198,037
Ball Corp.
4.875%, 3/15/26		100,000		110,293
Berry Global, Inc., 144A
5.625%, 7/15/27		100,000		105,315
Cascades, Inc./Cascades USA, Inc., 144A
5.125%, 1/15/26		50,000		51,406
Crown Americas LLC / Crown Americas Capital Corp. IV
4.50%, 1/15/23		100,000		103,562
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 144A
7.00%, 7/15/24		100,000		100,766
(Cost $655,869)				669,379

	Principal Amount		Value
Transportation — 0.5%
Kenan Advantage Group, Inc., 144A
7.875%, 7/31/23 (a)	$	50,000	$	41,682
XPO Logistics, Inc., 144A
6.50%, 6/15/22		50,000		50,174
(Cost $91,974)				91,856
Trucking & Leasing — 0.3%
Fortress Transportation and Infrastructure Investors LLC, 144A
6.75%, 3/15/22
(Cost $45,574)		50,000		46,390
Technology — 4.6%
Computers — 2.1%
Banff Merger Sub, Inc., 144A
9.75%, 9/1/26		50,000		50,343
Booz Allen Hamilton, Inc., 144A
5.125%, 5/1/25		50,000		50,757
Dell International LLC / EMC Corp., 144A
7.125%, 6/15/24		50,000		51,984
NCR Corp., 144A
6.125%, 9/1/29		50,000		49,884
Presidio Holdings, Inc., 144A
8.25%, 2/1/28		50,000		49,531
Vericast Corp., 144A
8.375%, 8/15/22		50,000		38,113
Western Digital Corp.
4.75%, 2/15/26		100,000		105,485
(Cost $386,387)				396,097
Office/Business Equipment — 0.8%
CDW LLC / CDW Finance Corp.
5.00%, 9/1/25		50,000		51,823
Pitney Bowes, Inc.
4.625%, 3/15/24		50,000		34,130
Xerox Corp.
6.75%, 12/15/39		50,000		51,277
(Cost $137,493)				137,230
Semiconductors — 0.6%
Advanced Micro Devices, Inc.
7.50%, 8/15/22		50,000		56,238
Amkor Technology, Inc., 144A
6.625%, 9/15/27		50,000		52,991
(Cost $107,894)				109,229
Software — 1.1%
CDK Global, Inc.
5.875%, 6/15/26		50,000		52,741
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 144A
5.75%, 3/1/25		50,000		50,084
Open Text Corp., 144A
5.875%, 6/1/26		100,000		103,481
(Cost $207,014)				206,306

See Notes to Financial Statements. 36

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)

May 31, 2020

	Principal Amount		Value
Utilities — 1.4%
Electric — 1.4%
Calpine Corp.
5.75%, 1/15/25	$	50,000	$	51,281
Clearway Energy Operating LLC, 144A
4.75%, 3/15/28		100,000		103,406
NextEra Energy Operating Partners LP, 144A
4.50%, 9/15/27		100,000		106,291
(Cost $256,454)				260,978
TOTAL CORPORATE BONDS (Cost $17,697,729)				18,243,897

	Number of Shares		Value
SECURITIES LENDING COLLATERAL — 0.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (b)(c) (Cost $102,098)		102,098	$	102,098
CASH EQUIVALENTS — 0.7%
DWS Government Money Market Series “Institutional Shares”, 0.12% (b) (Cost $121,095)		121,095		121,095
TOTAL INVESTMENTS — 99.4% (Cost $17,920,922)			$	18,467,090
Other assets and liabilities, net — 0.6%				105,006
NET ASSETS — 100.0%			$	18,572,096

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2020 is as follows:

	Value ($) at 5/31/2019		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2020		Value ($) at 5/31/2020
EXCHANGE-TRADED FUNDS — 0.0%
Xtrackers High Beta High Yield Bond ETF (e)
		460,768		471,530		(910,254	)		(26,301	)		4,257		24,881		—		—		—
Xtrackers USD High Yield Corporate Bond ETF (e)
		6,043,035		4,180,531		(9,513,996	)		(793,443	)		83,873		486,290		—		—		—
SECURITIES LENDING COLLATERAL — 0.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (b)(c)
		582,275		—		(480,177	) (d)		—			—		16,133		—		102,098		102,098
CASH EQUIVALENTS — 0.7%
DWS Government Money Market Series “Institutional Shares”, 0.12% (b)
		1,893		9,947,715		(9,828,513	)		—			—		869		—		121,095		121,095
		7,087,971		14,599,776		(20,732,940	)		(819,744	)		88,130		528,173		—		223,193		223,193

(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 May 31, 2020 amounted to $98,615, which is 0.5% of net assets.

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

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

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2020.

(e) Affiliated fund advised by DBX Advisors LLC.

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. 37

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)

May 31, 2020

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 May 31, 2020 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
Corporate Bonds(f)	$	—	$	18,243,897	$	—	$	18,243,897
Short-Term Investments(f)		223,193		—		—		223,193
TOTAL	$	223,193	$	18,243,897		—	$	18,467,090

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

See Notes to Financial Statements. 38

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF

May 31, 2020

	Principal Amount		Value
MUNICIPAL BONDS — 98.3%
Alabama — 0.5%
Alabama Federal Aid Highway Finance Authority, Government FD/ Grant Revenue, Series A, 5.00%, 6/1/37	$	200,000	$	246,918
Lower Alabama Gas District, Natural Gas Revenue, Series A, 5.00%, 9/1/31		160,000		200,181
(Cost $426,856)				447,099
Arizona — 2.6%
City of Mesa AZ Utility System Revenue, Multiple Utility Revenue, Series A, 5.00%, 7/1/43		500,000		632,440
Salt River Project Agricultural Improvement & Power District, Electric, Power & Light Revenue, Series A, 5.00%, 1/1/33		35,000		44,715
Series A, 5.00%, 1/1/38		450,000		550,287
Series A, 5.00%, 1/1/39		500,000		623,790
Series A, 5.00%, 1/1/47		500,000		643,110
(Cost $2,378,512)				2,494,342
California — 19.6%
Alameda Corridor Transportation Authority, Transit Revenue, Series B, 5.00%, 10/1/35		165,000		179,041
Bay Area Toll Authority, Highway Revenue Tolls, 3.25%, 4/1/36		260,000		280,537
4.00%, 4/1/38		25,000		28,009
Series 7, 4.00%, 4/1/42		35,000		38,772
Sub-Series S-H, 5.00%, 4/1/44		405,000		490,196
Sub-Series S-8, 3.00%, 4/1/54		300,000		309,027
Series F-1, 5.00%, 4/1/56		100,000		117,143
Sub-Series S-8, 5.00%, 4/1/56		900,000		1,082,412
City of Long Beach CA Harbor Revenue, Private Airport & Marina Revenue, Series A, 5.00%, 5/15/49		125,000		154,002
City of Los Angeles Department of Airports, Private Airport & Marina Revenue, Sub-Series A, AMT, 5.00%, 5/15/42		790,000		886,965
Series D, AMT, 5.00%, 5/15/43		125,000		146,452
Series A, AMT, 4.00%, 5/15/44		1,225,000		1,308,398
Series C, AMT, 5.00%, 5/15/44		200,000		229,086
Series F, AMT, 3.00%, 5/15/49		330,000		305,184
Series F, AMT, 4.00%, 5/15/49		500,000		530,980
Series D, 5.00%, 5/15/49		100,000		115,491
City of San Francisco CA Public Utilities Commission Water Revenue, Water Revenue, Series D, 5.00%, 11/1/32		150,000		190,938
East Bay Municipal Utility District Water System Revenue, Water Revenue, Series A, 5.00%, 6/1/45		100,000		120,971

	Principal Amount		Value
California (Continued)
Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue, Series A, 5.00%, 7/1/44	$	175,000	$	217,000
Los Angeles County Sanitation Districts Financing Authority, Sewer Revenue, Series A, 4.00%, 10/1/42		100,000		111,202
Los Angeles Department of Water & Power Power System Revenue, Electric, Power & Light Revenue, Series A, 5.00%, 7/1/45		500,000		628,120
Los Angeles Department of Water & Power, Electric, Power & Light Revenue, Series D, 5.00%, 7/1/32		25,000		33,277
Series A, 5.00%, 7/1/42		500,000		606,340
Series A, 5.00%, 7/1/46		750,000		887,550
Series D, 5.00%, 7/1/49		100,000		126,498
Los Angeles Department of Water, Water Revenue, Series A, 5.00%, Issued 4/21/16, 7/1/41		500,000		596,415
Series A, 5.00%, Issued 5/11/17, 7/1/41		200,000		243,502
Norman Y Mineta San Jose International Airport SJC, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 3/1/41		500,000		568,775
San Diego County Regional Transportation Commission, Sales Tax Revenue,
Series A, 5.00%, 4/1/41		280,000		334,376
San Francisco City & County Airport Commission-San Francisco International Airport, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 5/1/37		1,000,000		1,188,130
Series A, AMT, 5.00%, 5/1/44		150,000		175,085
Series E, AMT, 5.00%, 5/1/45		1,225,000		1,427,309
Series B, AMT, 5.00%, 5/1/46		500,000		559,035
Series C, 5.00%, 5/1/46		600,000		692,748
Series A, AMT, 5.00%, 5/1/47		200,000		225,798
Series B, 5.00%, 5/1/47		25,000		29,282
Series D, AMT, 5.25%, 5/1/48		870,000		1,014,211
Series A, 4.00%, 5/1/49		1,300,000		1,395,953
Series A, AMT, 5.00%, 5/1/49		200,000		232,134
Series F, 5.00%, 5/1/50		900,000		1,086,426
Southern California Public Power Authority, Natural Gas Revenue, Series A, 5.00%, 11/1/33		150,000		190,004
(Cost $18,798,605)				19,082,774
Colorado — 2.8%
City & County of Denver Co. Airport System Revenue, Private Airport & Marina Revenue, Sub-Series A, AMT, 5.00%, 12/1/36		150,000		198,762
Series A, AMT, 5.00%, 12/1/38		320,000		376,739
Series A, AMT, 4.00%, 12/1/43		650,000		697,613
Series A, AMT, 5.00%, 12/1/43		325,000		378,300
Series A, AMT, 5.00%, 12/1/48		700,000		809,956

See Notes to Financial Statements. 39

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2020

	Principal Amount		Value
Colorado (Continued)
Colorado Bridge Enterprise, Miscellaneous Revenue, AMT, 4.00%, 6/30/51	$	250,000	$	272,922
(Cost $2,597,925)				2,734,292
District of Columbia — 5.7%
District of Columbia Water & Sewer Authority, Water Revenue, Series A, 5.00%, 10/1/39		245,000		294,855
Series B, 5.00%, 10/1/49		250,000		309,320
District of Columbia, Income Tax Revenue, Series A, 5.00%, 3/1/44		500,000		642,350
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Highway Revenue Tolls, Series B, 4.00%, 10/1/44		1,000,000		1,022,190
Series B, 3.00%, 10/1/50		700,000		702,884
Series B, 4.00%, 10/1/53		1,750,000		1,768,970
Metropolitan Washington Airports Authority, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 10/1/35		455,000		524,770
Washington Metropolitan Area Transit Authority, Transit Revenue, Series B, 5.00%, 7/1/42		250,000		292,732
(Cost $5,785,775)				5,558,071
Florida — 8.3%
Central Florida Expressway Authority, Highway Revenue Tolls, 5.00%, 7/1/38		105,000		122,312
City of Cape Coral FL Water & Sewer Revenue, Water Revenue, 5.00%, 10/1/39		150,000		185,340
City of Gainesville FL Utilities System Revenue, Multiple Utility Revenue, Series A, 5.00%, 10/1/47		100,000		126,570
County of Broward FL Airport System Revenue, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 10/1/44		100,000		106,559
Series A, AMT, 4.00%, 10/1/49		150,000		158,929
County of Broward FL Port Facilities Revenue, Private Airport & Marina Revenue, Series B, AMT, 4.00%, 9/1/44		500,000		528,100
County of Miami-Dade FL Aviation Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 10/1/38		500,000		555,825
Series B, AMT, 5.00%, 10/1/40		395,000		450,695
5.00%, 10/1/41		425,000		482,260
Series A, AMT, 4.00%, 10/1/44		100,000		106,144
Series A, AMT, 5.00%, 10/1/44		100,000		116,331
Series A, AMT, 5.00%, 10/1/49		350,000		404,901
County of Miami-Dade FL Transit System, Sales Tax Revenue, 4.00%, 7/1/38		90,000		97,047

	Principal Amount		Value
Florida (Continued)
County of Miami-Dade FL Water & Sewer System Revenue, Water Revenue, Series A, 4.00%, 10/1/44	$	165,000	$	187,013
Series B, 4.00%, 10/1/44		150,000		174,977
4.00%, 10/1/48		400,000		458,188
Series B, 3.00%, 10/1/49		150,000		161,321
Series B, 4.00%, 10/1/49		575,000		665,292
Greater Orlando Aviation Authority, Private Airport & Marina Revenue, Sub-Series A, AMT, 5.00%, 10/1/47		100,000		114,403
Series A, AMT, 4.00%, 10/1/49		500,000		538,105
Sub-Series A, 5.00%, 10/1/52		500,000		569,620
Series A, AMT, 3.25%, 10/1/54		250,000		246,987
Hillsborough County Aviation Authority, Private Airport & Marina Revenue, Series F, 5.00%, 10/1/48		50,000		56,933
Putnam County Development Authority, Electric, Power & Light Revenue, Series A, 5.00%, 3/15/42		250,000		303,103
Tampa-Hillsborough County Expressway Authority, Highway Revenue Tolls, Series B, 4.00%, 7/1/42		1,000,000		1,109,600
(Cost $7,900,349)				8,026,555
Georgia — 1.0%
City of Atlanta GA Department of Aviation, Private Airport & Marina Revenue, Series B, 4.00%, 7/1/49		200,000		216,442
City of Atlanta GA Water & Wastewater, Water Revenue, Series B, 5.00%, 11/1/47		250,000		306,202
Development Authority of Burke County, Electric, Power & Light Revenue, Series D, 4.125%, 11/1/45		290,000		294,234
Main Street Natural Gas, Inc., Natural Gas Revenue, Series A, 5.00%, 5/15/43		30,000		33,635
Municipal Electric Authority of Georgia, Electric, Power & Light Revenue, Series A, 5.00%, 7/1/60		100,000		103,736
(Cost $937,035)				954,249
Guam — 0.1%
Guam Government Waterworks Authority, Water Revenue, 5.00%, 1/1/46 (Cost $131,278)		125,000		133,674
Hawaii — 1.1%
City & County Honolulu HI Wastewater System, Sewer Revenue, Series A, 5.00%, 7/1/40		500,000		587,645
State of Hawaii Airports System Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 7/1/43		400,000		464,124
(Cost $1,001,940)				1,051,769

See Notes to Financial Statements. 40

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2020

	Principal Amount		Value
Illinois — 6.5%
Chicago Midway International Airport, Private Airport & Marina Revenue, Series B, 5.00%, 1/1/41	$	500,000	$	550,630
Chicago O’Hare International Airport, Private Airport & Marina Revenue, Series D, AMT, 5.00%, 1/1/42		800,000		886,856
Series A, AMT, 4.00%, 1/1/43		40,000		41,902
Series B, 4.00%, 1/1/44		75,000		79,300
Series D, 5.00%, 1/1/47		500,000		558,260
Series B, 5.00%, 1/1/48		800,000		917,904
Series D, 5.00%, 1/1/52		140,000		155,798
Series D, AMT, 5.00%, 1/1/52		375,000		411,694
Series A, AMT, 4.375%, 1/1/53		25,000		26,682
Illinois Municipal Electric Agency, Electric, Power & Light Revenue, Series A, 4.00%, 2/1/34		45,000		49,491
Illinois State Toll Highway Authority, Highway Revenue Tolls, Series A, 5.00%, 12/1/31		10,000		11,887
Series C, 5.00%, 1/1/36		50,000		57,258
Series A, 5.00%, 1/1/40		1,090,000		1,258,481
Series A, 5.00%, 1/1/42		500,000		589,250
Series A, 4.00%, 1/1/44		300,000		330,726
Series A, 5.00%, 1/1/44		300,000		361,416
(Cost $6,144,144)				6,287,535
Indiana — 0.4%
Indiana Finance Authority, Sewer Revenue, Series A, 5.00%, 10/1/41		100,000		118,919
Indiana Municipal Power Agency, Electric, Power & Light Revenue, 5.00%, 1/1/42		200,000		235,326
(Cost $340,802)				354,245
Kentucky — 0.3%
Kentucky Economic Development Finance Authority, Lease Revenue, Series A, 4.00%, 12/1/41		255,000		270,305
Kentucky Municipal Power Agency, Electric, Power & Light Revenue, Series A, 4.00%, 9/1/39		45,000		48,274
Louisville & Jefferson County Metropolitan Sewer District, Sewer Revenue, Series A, 3.00%, 5/15/46		10,000		10,311
(Cost $333,285)				328,890
Louisiana — 1.3%
East Baton Rouge Sewerage Commission, Sewer Revenue, Series A, 4.00%, 2/1/45		30,000		35,142
Jefferson Sales Tax District, Sales Tax Revenue, Series B, 4.00%, 12/1/42		400,000		461,216
Louisiana Local Government Environmental Facilities & Community Development Authority, Industrial Revenue, 3.50%, 11/1/32		450,000		447,300

	Principal Amount		Value
Louisiana (Continued)
New Orleans Aviation Board, Private Airport & Marina Revenue, Series B, AMT, 5.00%, 1/1/48	$	250,000	$	281,948
(Cost $1,223,853)				1,225,606
Maryland — 0.2%
State of Maryland Department of Transportation, Fuel Sales Tax Revenue, 3.50%, 10/1/33 (Cost $186,629)		190,000		211,476
Massachusetts — 0.5%
Massachusetts Port Authority, Private Airport & Marina Revenue, Series C, 5.00%, 7/1/44 (Cost $476,857)		400,000		465,736
Michigan — 0.8%
Great Lakes Water Authority Sewage Disposal System Revenue, Water Revenue, Series C, 5.00%, 7/1/36		430,000		516,163
Great Lakes Water Authority Water Supply System Revenue, Water Revenue, Series A, 5.00%, 7/1/46		125,000		143,241
Lansing Board of Water & Light, Electric, Power & Light Revenue, Series A, 5.00%, 7/1/44		35,000		44,224
Series A, 5.00%, 7/1/48		90,000		113,219
(Cost $766,009)				816,847
Missouri — 0.6%
Metropolitan St Louis Sewer District, Sewer Revenue, Series A, 5.00%, 5/1/47		245,000		297,430
Missouri Joint Municipal Electric Utility Commission, Electric, Power & Light Revenue Series A, 5.00%, 12/1/40		235,000		279,023
(Cost $563,755)				576,453
Nevada — 0.8%
Las Vegas Convention & Visitors Authority, Hotel Occupancy Tax, Series B, 5.00%, 7/1/43		500,000		551,575
Series B, 4.00%, 7/1/49		250,000		251,185
(Cost $800,080)				802,760
New Jersey — 2.4%
New Jersey Turnpike Authority, Highway Revenue Tolls, Series A, 5.00%, 1/1/31		10,000		12,046
Series B, 5.00%, 1/1/31		20,000		24,627
Series A, 5.00%, 1/1/33		10,000		11,900
Series B, 5.00%, 1/1/34		130,000		157,254
Series G, 3.25%, 1/1/38		395,000		408,750
Series E, 5.00%, 1/1/45		850,000		948,336
Series A, 5.00%, 1/1/48		650,000		768,963
(Cost $2,239,413)				2,331,876

See Notes to Financial Statements. 41

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2020

	Principal Amount		Value
New York — 20.7%
Long Island Power Authority, Electric, Power & Light Revenue, 5.00%, 9/1/42	$	185,000	$	220,773
Metropolitan Transportation Authority, Fuel Sales Tax Revenue, Series A, 5.25%, 11/15/32		600,000		698,202
Metropolitan Transportation Authority, Transit Revenue, Series D, 5.00%, 11/15/33		100,000		107,528
Series C-1, 4.00%, 11/15/37		155,000		155,312
Series B, 5.00%, 11/15/37		1,000,000		1,049,160
Sub-Series D-1, 5.00%, 11/15/39		20,000		20,653
Series D, 4.00%, 11/15/42		300,000		300,012
Series - A-1 - Group 1, 4.00%, 11/15/44		500,000		534,810
Series A, Sub-Series A-2, 5.00%, 11/15/44		100,000		113,652
Sub-Series D-1, 5.25%, 11/15/44		50,000		52,384
Series C-1, 4.75%, 11/15/45		1,000,000		1,062,750
Sub-Series A-1, 5.00%, 11/15/45		200,000		208,826
Series D, 4.00%, 11/15/46		500,000		497,435
Series C-1, 5.00%, 11/15/50		500,000		540,285
New York City Transitional Finance Authority Future Tax Secured Revenue, Income Tax Revenue, Sub-Series E-1, 5.00%, 2/1/34		300,000		357,405
Sub-Series E-1, 5.00%, 2/1/35		180,000		213,905
Series A, Sub-Series E-1, 5.00%, 2/1/36		200,000		240,066
Sub-Series E-1, 5.00%, 2/1/38		300,000		354,186
Sub-Series A-1, 5.00%, 5/1/40		500,000		591,885
Sub-Series A-1, 4.00%, 5/1/42		15,000		16,438
New York City Water & Sewer System, Water Revenue, Series CC-1, 4.00%, 6/15/37		95,000		108,990
Sub-Series CC-1, 5.00%, 6/15/38		715,000		866,659
Series GG, 5.00%, 6/15/39		650,000		764,549
Series HH, 5.00%, 6/15/39		150,000		176,434
Series AA, 4.00%, 6/15/40		1,100,000		1,300,420
Sub-Series EE-2, 5.00%, 6/15/40		35,000		44,833
Sub-Series CC-1, 4.00%, 6/15/46		50,000		55,421
Series CC, 5.00%, 6/15/46		500,000		583,340
Sub-Series CC-1, 5.00%, 6/15/46		300,000		355,389
Series DD, 5.00%, 6/15/47		1,200,000		1,437,216
Series CC, 5.00%, 6/15/48		965,000		1,165,151
Series DD-1, 5.00%, 6/15/48		300,000		366,345
Series BB-1, 4.00%, 6/15/49		200,000		232,310
Series CC-1, 4.00%, 6/15/49		100,000		116,155
Series DD-1, 5.00%, 6/15/49		400,000		493,352
Sub-Series DD-1, 4.00%, 6/15/50		250,000		291,895
New York Convention Center Development Corp., Hotel Occupancy Tax, Series A, 5.00%, 11/15/46		25,000		26,951
New York Liberty Development Corp., Industrial Revenue, Class 3, 2.80%, 9/15/69		500,000		489,330
New York State Environmental Facilities Corp., Water Revenue, Sub-Series E, 5.00%, 6/15/42		100,000		121,260

	Principal Amount		Value
New York (Continued)
New York Transportation Development Corp., Industrial Revenue, AMT, 5.00%, 1/1/30	$	485,000	$	492,047
AMT, 5.00%, 1/1/34		500,000		503,130
Port Authority of New York & New Jersey, Private Airport & Marina Revenue, 5.00%, 11/1/31		700,000		895,167
5.00%, 10/15/35		65,000		75,892
5.00%, 10/15/41		1,150,000		1,334,380
Triborough Bridge & Tunnel Authority, Highway Revenue Tolls, Series A, 4.00%, 11/15/54		450,000		506,889
(Cost $19,878,835)				20,139,172
Ohio — 0.1%
Northeast Ohio Regional Sewer District, Sewer Revenue, 3.00%, 11/15/40		100,000		107,775
Ohio Water Development Authority Water Pollution Control Loan Fund, Water Revenue, Series A, 5.00%, 12/1/29		10,000		12,833
Series A, 5.00%, 6/1/30		10,000		12,799
(Cost $126,825)				133,407
Oklahoma — 0.8%
Oklahoma Turnpike Authority, Highway Revenue Tolls,
Series C, 4.00%, 1/1/42		350,000		396,434
Series A, 5.00%, 1/1/43		280,000		338,120
(Cost $692,911)				734,554
Oregon — 1.1%
Port of Portland OR Airport Revenue, Private Airport & Marina Revenue, Series 24B, AMT, 5.00%, 7/1/47 (Cost $1,089,291)		1,000,000		1,116,880
Pennsylvania — 3.9%
City of Philadelphia PA Airport Revenue, Private Airport & Marina Revenue, Series B, AMT, 5.00%, 7/1/47		300,000		336,033
City of Philadelphia PA Water & Wastewater, Water Revenue, Series A, 5.00%, 10/1/48		35,000		42,665
Delaware River Joint Toll Bridge Commission, Highway Revenue Tolls, 5.00%, 7/1/42		40,000		48,938
Pennsylvania Turnpike Commission, Fran. Tax & Bus. LIC Fees, Series A, 5.25%, 12/1/44		300,000		371,466
Series A, 5.00%, 12/1/48		250,000		303,530
Pennsylvania Turnpike Commission, Highway Revenue Tolls, Sub-Series B-1, 5.00%, 6/1/42		100,000		114,018
Series A-2, 5.00%, 12/1/43		250,000		298,080
Sub-Series A, 5.00%, 12/1/44		500,000		588,645
Series A-1, 5.00%, 12/1/46		900,000		1,022,508
Series A-1, 5.00%, 12/1/47		500,000		571,590
Sub-Series A, 4.00%, 12/1/49		100,000		110,145
(Cost $3,723,239)				3,807,618

See Notes to Financial Statements. 42

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2020

	Principal Amount		Value
Puerto Rico — 0.7%
Puerto Rico Highway & Transportation Authority, Fuel Sales Tax Revenue, Series CC, 5.25%, 7/1/36	$	425,000	$	453,148
Series N, 5.25%, 7/1/36		175,000		186,578
Puerto Rico Highway & Transportation Authority, Highway Revenue Tolls, Series L, 5.25%, 7/1/35		50,000		49,260
Series L, 5.25%, 7/1/41		25,000		26,349
(Cost $725,992)				715,335
South Carolina — 0.6%
South Carolina Ports Authority, Private Airport & Marina Revenue, Series A, 3.00%, 7/1/49		100,000		100,867
South Carolina Public Service Authority, Nuclear Revenue, Series A, 5.00%, 12/1/55		365,000		391,711
Series E, 5.25%, 12/1/55		50,000		54,614
(Cost $539,439)				547,192
Tennessee — 1.4%
Metropolitan Nashville Airport Authority, Private Airport & Marina Revenue,
Series B, AMT, 4.00%, 7/1/54		550,000		584,408
Series A, 5.00%, 7/1/54		525,000		624,986
Series B, AMT, 5.00%, 7/1/54		100,000		117,129
(Cost $1,381,778)				1,326,523
Texas — 6.9%
Central Texas Regional Mobility Authority, Highway Revenue Tolls, Series A, 5.00%, 1/1/45		100,000		107,986
City of Houston TX Combined Utility System, Water Revenue, Series B, 5.00%, 11/15/36		500,000		611,520
Series D, 5.00%, 11/15/39		85,000		98,360
City of San Antonio TX Electric & Gas Systems, Electric, Power & Light Revenue, 5.00%, 2/1/47		150,000		184,118
County of Harris TX, Highway Revenue Tolls, Series A, 5.00%, 8/15/47		200,000		239,142
Dallas Area Rapid Transit, Sales Tax Revenue, Series A, 5.00%, 12/1/46		855,000		996,357
Harris County Toll Road Authority, Highway Revenue Tolls, Series A, 4.00%, 8/15/48		555,000		630,635
North Texas Tollway Authority, Highway Revenue Tolls, Series A, 5.00%, 1/1/38		500,000		566,920
Series A, 5.00%, 1/1/43		125,000		149,145
Series A, 5.00%, 1/1/48		1,500,000		1,775,010
Series B, 5.00%, 1/1/48		390,000		443,598
San Antonio Water System, Water Revenue, Series B, 5.00%, 5/15/39		155,000		182,443

	Principal Amount		Value
Texas (Continued)
Texas Water Development Board, Water Revenue, Series A, 5.00%, 10/15/45	$	600,000	$	720,660
(Cost $6,412,367)				6,705,894
Utah — 1.3%
Salt Lake City Corp Airport, Private Airport & Marina Revenue,
Series A, AMT, 5.00%, 7/1/43		400,000		456,968
Series A, AMT, 5.00%, 7/1/47		450,000		504,662
Series A, AMT, 5.25%, 7/1/48		225,000		259,443
(Cost $1,198,500)				1,221,073
Virginia — 1.6%
Chesapeake Bay Bridge & Tunnel District, Highway Revenue Tolls, 5.00%, 7/1/41		190,000		225,042
Virginia Small Business Financing Authority, Highway Revenue Tolls, 5.00%, 12/31/52		550,000		575,652
AMT, 5.00%, 12/31/56		750,000		782,647
(Cost $1,609,838)				1,583,341
Washington — 3.3%
Central Puget Sound Regional Transit Authority, Sales Tax Revenue, Series S-1, 5.00%, 11/1/35		120,000		142,139
Series S-1, 5.00%, 11/1/45		400,000		466,084
Series 1, 5.00%, 11/1/50		190,000		220,539
Energy Northwest, Nuclear Revenue, Series A, 5.00%, 7/1/38		300,000		388,554
Port of Seattle WA, Private Airport & Marina Revenue, Series C, AMT, 5.25%, 5/1/42		190,000		218,568
AMT, 5.00%, 4/1/44		1,500,000		1,731,405
(Cost $3,081,638)				3,167,289
Wisconsin — 0.4%
Wisconsin Department of Transportation, Miscellaneous Revenue, Series 2, 5.00%, 7/1/30		45,000		57,536
Wisconsin Health & Educational Facilities Authority, Electric, Power & Light Revenue, 5.00%, 4/1/44		245,000		301,389
(Cost $330,547)				358,925
TOTAL MUNICIPAL BONDS (Cost $93,824,302)				95,441,452
TOTAL INVESTMENTS — 98.3% (Cost $93,824,302)			$	95,441,452
Other assets and liabilities, net — 1.7%				1,695,857
NET ASSETS — 100.0%			$	97,137,309

AMT: Alternative Minimum Tax

See Notes to Financial Statements. 43

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2020

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 May 31, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Municipal Bonds (a)	$	—	$	95,441,452	$	—	$	95,441,452
TOTAL	$	—	$	95,441,452	$	—	$	95,441,452

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

See Notes to Financial Statements. 44

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

May 31, 2020

	Number of Shares		Value
COMMON STOCKS — 98.0%
Australia — 4.8%
AGL Energy Ltd.		3,918	$	43,589
Aurizon Holdings Ltd.		12,553		39,580
BHP Group Ltd.		18,227		419,112
Coca-Cola Amatil Ltd.		3,115		18,114
Crown Resorts Ltd.		2,329		14,826
Fortescue Metals Group Ltd.		10,472		96,623
Insurance Australia Group Ltd.		14,299		57,994
Medibank Pvt Ltd.		17,465		33,041
Qantas Airways Ltd.		4,379		11,598
Treasury Wine Estates Ltd.		4,443		28,490
Wesfarmers Ltd.		7,011		187,878
(Cost $1,043,002)				950,845
Belgium — 0.1%
Proximus SADP (Cost $27,136)		945		19,757
Brazil — 0.3%
BB Seguridade Participacoes SA		4,278		19,912
Cielo SA		7,460		5,618
Engie Brasil Energia SA		1,157		9,035
Hypera SA		2,344		13,906
Porto Seguro SA		587		5,112
(Cost $65,732)				53,583
Canada — 8.9%
BCE, Inc.		942		39,004
Canadian Imperial Bank of Commerce		2,756		176,043
Canadian Tire Corp. Ltd., Class A		358		30,464
Great-West Lifeco, Inc.		1,766		28,645
iA Financial Corp., Inc.		660		20,996
IGM Financial, Inc.		519		12,278
Inter Pipeline Ltd.		2,599		23,711
Keyera Corp.		1,345		21,233
Magna International, Inc.		1,789		75,148
Manulife Financial Corp.		12,044		149,003
Pembina Pipeline Corp. (a)		3,390		84,370
Power Corp. of Canada		3,498		56,714
Royal Bank of Canada		8,817		569,833
Shaw Communications, Inc., Class B		2,912		48,941
Sun Life Financial, Inc. (a)		3,636		124,243
TC Energy Corp.		5,809		260,779
TELUS Corp.		2,684		46,332
(Cost $2,145,805)				1,767,737
Chile — 0.2%
Cia Cervecerias Unidas SA		937		6,735
Enel Americas SA		208,233		30,128
Enel Chile SA		166,595		12,412
(Cost $57,756)				49,275
China — 7.5%
Beijing Capital International Airport Co. Ltd., Class H		9,155		5,705
China Construction Bank Corp., Class H		595,238		467,682
China Fortune Land Development Co. Ltd., Class A		1,700		5,140

	Number of Shares		Value
China (Continued)
China Medical System Holdings Ltd.		8,000	$	9,114
China Pacific Insurance Group Co. Ltd., Class H		17,000		46,717
China Petroleum & Chemical Corp., Class A		8,900		5,143
China Petroleum & Chemical Corp., Class H		149,944		69,449
China Shenhua Energy Co. Ltd., Class A		1,500		3,430
China Shenhua Energy Co. Ltd., Class H		21,842		39,902
China Telecom Corp. Ltd., Class H		80,751		26,775
China Vanke Co. Ltd., Class A		4,100		14,708
China Vanke Co. Ltd., Class H		8,696		28,216
China Yangtze Power Co. Ltd., Class A		9,300		22,574
CIFI Holdings Group Co. Ltd.		17,004		12,219
CNOOC Ltd.		111,480		124,122
Country Garden Holdings Co. Ltd.		47,004		58,096
CRRC Corp. Ltd., Class H		26,000		12,143
Daqin Railway Co. Ltd., Class A		5,300		5,045
Dongfeng Motor Group Co. Ltd., Class H		19,354		12,135
Fuyao Glass Industry Group Co. Ltd., Class A (b)		800		2,193
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		2,863		6,279
Gemdale Corp., Class A		1,900		3,381
Guangzhou Automobile Group Co. Ltd., Class H		19,631		16,133
Hengan International Group Co. Ltd.		3,937		32,152
Huaxin Cement Co. Ltd., Class A		600		2,081
Huayu Automotive Systems Co. Ltd., Class A		900		2,406
Industrial & Commercial Bank of China Ltd., Class H		376,138		242,638
Jiangsu Expressway Co. Ltd., Class H		7,491		8,824
Logan Property Holdings Co. Ltd.		9,288		13,828
PICC Property & Casualty Co. Ltd., Class H		42,000		36,359
Postal Savings Bank of China Co. Ltd., Class H, 144A		61,258		38,963
RiseSun Real Estate Development Co. Ltd., Class A		2,000		2,175
SAIC Motor Corp. Ltd., Class A		2,700		6,754
Seazen Holdings Co. Ltd., Class A (b)		900		3,932
Shanghai International Port Group Co. Ltd., Class A		4,800		2,713
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		8,740		6,170
Shenergy Co. Ltd., Class A		3,400		2,553
Shenzhen Expressway Co. Ltd., Class H (b)		4,000		4,046
Shenzhen Overseas Chinese Town Co. Ltd., Class A (b)		3,000		2,445
Sinopec Shanghai Petrochemical Co. Ltd., Class H		23,938		5,899
Sinotruk Hong Kong Ltd.		4,463		10,837
Wanhua Chemical Group Co. Ltd., Class A		1,563		10,140
Want Want China Holdings Ltd.		30,000		21,559
Weichai Power Co. Ltd., Class A		2,100		3,822
Weichai Power Co. Ltd., Class H		11,818		20,462
Youngor Group Co. Ltd., Class A		2,900		2,514

See Notes to Financial Statements. 45

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
China (Continued)
Yuzhou Properties Co. Ltd.		12,281	$	5,023
Zhejiang Expressway Co. Ltd., Class H		10,049		7,066
(Cost $1,781,007)				1,491,662
Colombia — 0.1%
Ecopetrol SA (Cost $24,875)		29,732		15,935
Cyprus — 0.1%
Polymetal International PLC (Cost $16,496)		1,449		28,994
Denmark — 0.2%
Pandora A/S (Cost $30,777)		618		30,777
Egypt — 0.0%
Eastern Co. SAE (Cost $7,675)		8,172		6,415
Finland — 1.0%
Elisa OYJ		880		55,189
Fortum OYJ		2,731		52,311
UPM-Kymmene OYJ		3,300		95,330
(Cost $216,762)				202,830
France — 6.6%
Faurecia SE*		468		18,043
Sanofi		6,992		680,770
Sodexo SA		547		36,836
TOTAL SA		15,300		572,263
(Cost $1,547,294)				1,307,912
Germany — 7.5%
Allianz SE		2,583		467,815
Bayer AG		6,086		411,060
Hannover Rueck SE		373		59,995
HOCHTIEF AG		155		13,638
METRO AG		1,101		10,283
Siemens AG		4,732		518,627
(Cost $1,645,976)				1,481,418
Greece — 0.1%
Motor Oil Hellas Corinth Refineries SA		424		7,075
OPAP SA		1,051		9,820
(Cost $22,229)				16,895
Hong Kong — 7.1%
Beijing Enterprises Holdings Ltd.		3,000		9,967
BOC Hong Kong Holdings Ltd.		23,104		64,385
Bosideng International Holdings Ltd.		18,000		4,621
China Everbright International Ltd.		23,477		12,055
China Merchants Port Holdings Co. Ltd.		9,050		11,010
China Mobile Ltd.		38,247		266,954
China Overseas Land & Investment Ltd.		24,000		73,074
China Resources Cement Holdings Ltd.		14,245		17,882
China Resources Land Ltd.		20,000		78,829
China State Construction International Holdings Ltd.		13,012		8,024
CK Asset Holdings Ltd.		16,000		87,008
CK Hutchison Holdings Ltd.		16,500		100,903

	Number of Shares		Value
Hong Kong (Continued)
CK Infrastructure Holdings Ltd.		4,108	$	20,511
CLP Holdings Ltd.		10,244		100,378
Guangdong Investment Ltd.		18,790		36,993
Hang Lung Properties Ltd.		12,595		26,487
Hang Seng Bank Ltd.		4,773		72,602
Henderson Land Development Co. Ltd.		8,653		30,868
HKT Trust & HKT Ltd. (c)		23,602		33,556
Jardine Matheson Holdings Ltd.		1,400		56,210
Kerry Properties Ltd.		4,101		9,682
Kingboard Holdings Ltd.		4,653		11,226
Kingboard Laminates Holdings Ltd.		6,279		5,468
Lee & Man Paper Manufacturing Ltd.		8,064		4,338
New World Development Co. Ltd.		37,517		37,803
Power Assets Holdings Ltd.		8,833		49,174
Shimao Property Holdings Ltd.		7,613		31,627
Sino Land Co. Ltd.		19,850		23,126
Sun Hung Kai Properties Ltd.		7,975		91,572
Wharf Real Estate Investment Co. Ltd.		6,759		25,986
(Cost $1,664,925)				1,402,319
India — 0.5%
Bajaj Auto Ltd.		519		18,604
Bharat Petroleum Corp. Ltd.		4,035		18,292
Bharti Infratel Ltd.		1,734		5,273
GAIL India Ltd.		9,566		11,683
Hero MotoCorp Ltd.		606		18,920
Hindustan Petroleum Corp. Ltd.		3,965		10,202
Indian Oil Corp. Ltd.		13,302		14,636
(Cost $123,475)				97,610
Indonesia — 1.0%
PT Adaro Energy Tbk		112,376		8,461
PT Bank Mandiri Persero Tbk		114,500		35,032
PT Bank Rakyat Indonesia Persero Tbk		340,900		68,834
PT Gudang Garam Tbk		2,985		9,960
PT Telekomunikasi Indonesia Persero Tbk		305,127		65,787
PT United Tractors Tbk		11,585		12,449
(Cost $227,632)				200,523
Israel — 0.2%
Bank Leumi Le-Israel BM (Cost $47,236)		8,923		47,221
Italy — 1.1%
Assicurazioni Generali SpA		6,816		94,658
Snam SpA		12,581		58,553
Terna Rete Elettrica Nazionale SpA		8,628		58,256
(Cost $229,478)				211,467
Japan — 12.2%
Amada Co. Ltd.		2,000		17,840
Asahi Kasei Corp.		7,700		60,751
Bridgestone Corp.		3,300		109,566
Canon, Inc.		6,170		127,083
Dai-ichi Life Holdings, Inc.		6,700		87,252
Daito Trust Construction Co. Ltd.		400		42,270
Daiwa House Industry Co. Ltd.		3,500		86,887
Isuzu Motors Ltd.		3,300		30,922
ITOCHU Corp.		8,300		177,964

See Notes to Financial Statements. 46

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Japan (Continued)
Japan Tobacco, Inc.		7,409	$	146,997
Komatsu Ltd.		5,400		109,268
Kuraray Co. Ltd.		1,900		19,964
Marubeni Corp.		10,200		49,544
Mitsubishi Chemical Holdings Corp.		8,000		47,101
Mitsubishi Gas Chemical Co., Inc.		1,000		14,888
MS&AD Insurance Group Holdings, Inc.		2,778		81,611
NGK Spark Plug Co. Ltd.		1,000		16,123
Nikon Corp.		1,900		17,460
Nippon Telegraph & Telephone Corp.		8,000		181,482
NSK Ltd.		2,500		18,286
NTT DOCOMO, Inc.		7,200		197,251
Pola Orbis Holdings, Inc.		600		11,673
Seiko Epson Corp.		1,700		19,156
Sekisui House Ltd.		3,875		73,824
Softbank Corp.		11,800		149,615
Sompo Holdings, Inc.		2,100		74,694
Subaru Corp.		3,848		84,954
Sumitomo Chemical Co. Ltd.		9,400		29,142
Sumitomo Electric Industries Ltd.		4,600		53,564
Sumitomo Heavy Industries Ltd.		700		15,984
T&D Holdings, Inc.		3,200		28,901
Tokio Marine Holdings, Inc.		3,900		168,981
Tosoh Corp.		1,600		22,247
Yamaha Motor Co. Ltd.		1,800		25,980
Yokohama Rubber Co. Ltd.		700		10,571
(Cost $2,619,591)				2,409,796
Luxembourg — 0.2%
Aroundtown SA (Cost $38,986)		7,092		38,986
Malaysia — 0.7%
HAP Seng Consolidated Bhd		5,182		8,928
Maxis Bhd		14,400		17,489
MISC Bhd		8,100		15,464
Petronas Gas Bhd		4,900		21,415
Public Bank Bhd		17,800		60,022
Sime Darby Bhd		15,600		7,499
(Cost $132,160)				130,817
Mexico — 0.4%
Coca-Cola Femsa SAB de CV		3,057		13,371
Grupo Aeroportuario del Pacifico SAB de CV, Class B		2,473		16,359
Grupo Mexico SAB de CV, Series B		19,215		41,226
Kimberly-Clark de Mexico SAB de CV, Class A		9,163		14,252
(Cost $86,713)				85,208
Netherlands — 0.3%
NN Group NV (Cost $55,200)		1,787		55,200
New Zealand — 0.2%
Spark New Zealand Ltd. (Cost $29,292)		11,599		31,747

	Number of Shares		Value
Norway — 0.7%
Equinor ASA		6,180	$	89,742
Mowi ASA		2,704		50,922
(Cost $183,647)				140,664
Peru — 0.4%
Credicorp Ltd.		419		57,747
Southern Copper Corp. (a)		528		19,166
(Cost $75,882)				76,913
Philippines — 0.1%
Aboitiz Power Corp.		9,400		5,163
Globe Telecom, Inc.		227		10,287
International Container Terminal Services, Inc.		5,760		9,979
(Cost $23,222)				25,429
Poland — 0.3%
Polski Koncern Naftowy ORLEN SA		1,844		30,744
Powszechna Kasa Oszczednosci Bank Polski SA		5,385		29,990
(Cost $60,752)				60,734
Portugal — 0.6%
EDP — Energias de Portugal SA		15,690		73,703
Galp Energia SGPS SA		3,257		38,820
(Cost $113,747)				112,523
Qatar — 0.4%
Barwa Real Estate Co.		11,072		8,819
Industries Qatar QSC		11,143		24,085
Masraf Al Rayan QSC		22,561		24,290
Qatar Electricity & Water Co. QSC		3,560		14,588
Qatar Fuel QSC		2,991		13,144
(Cost $86,057)				84,926
Russia — 3.5%
Alrosa PJSC		15,374		14,364
Gazprom PJSC		73,145		207,037
Inter RAO UES PJSC		233,773		16,361
LUKOIL PJSC		2,563		190,208
Magnitogorsk Iron & Steel Works PJSC		12,862		7,363
MMC Norilsk Nickel PJSC		391		122,379
Mobile TeleSystems PJSC, ADR		2,728		24,252
Novolipetsk Steel PJSC		8,295		16,177
PhosAgro PJSC, GDR		820		11,316
Severstal PAO		1,438		19,025
Tatneft PJSC		8,776		66,092
(Cost $650,923)				694,574
Saudi Arabia — 2.5%
Advanced Petrochemical Co.		782		10,083
Al Rajhi Bank		7,520		112,475
Arab National Bank		3,939		20,714
Bank AlBilad		2,256		13,041
Bank Al-Jazira		2,466		7,364
Banque Saudi Fransi		3,714		29,406
Jarir Marketing Co.		361		13,047
National Commercial Bank		9,024		89,820

See Notes to Financial Statements. 47

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Saudi Arabia (Continued)
Riyad Bank		7,825	$	34,153
Samba Financial Group		6,016		37,721
Saudi British Bank		4,691		28,589
Saudi Telecom Co.		3,683		98,017
(Cost $581,857)				494,430
Singapore — 1.2%
Oversea-Chinese Banking Corp. Ltd.		20,400		123,405
Singapore Exchange Ltd.		5,241		30,703
Singapore Telecommunications Ltd.		50,446		88,871
(Cost $321,928)				242,979
South Africa — 1.5%
Absa Group Ltd.		4,381		20,178
Exxaro Resources Ltd.		1,655		11,634
FirstRand Ltd.		20,763		47,263
Kumba Iron Ore Ltd.		445		11,973
Mr Price Group Ltd.		1,455		10,729
Old Mutual Ltd.		29,262		18,640
Pick n Pay Stores Ltd.		2,084		6,299
Remgro Ltd.		3,129		24,664
RMB Holdings Ltd.		5,071		15,234
Sanlam Ltd.		11,538		37,023
SPAR Group Ltd.		1,188		11,806
Standard Bank Group Ltd.		7,975		45,965
Vodacom Group Ltd.		4,017		28,762
(Cost $572,452)				290,170
South Korea — 0.6%
Cheil Worldwide, Inc.		416		5,576
Doosan Bobcat, Inc.		306		5,856
KT&G Corp.		724		49,048
Samsung Fire & Marine Insurance Co. Ltd.		191		28,146
SK Telecom Co. Ltd.		125		21,801
(Cost $144,898)				110,427
Spain — 4.4%
ACS Actividades de Construccion y Servicios SA		1,583		40,411
Enagas SA		1,540		34,620
Endesa SA		1,951		46,334
Iberdrola SA		35,926		387,155
Industria de Diseno Textil SA		6,751		188,112
Mapfre SA		7,457		13,131
Naturgy Energy Group SA		1,880		34,913
Red Electrica Corp. SA		2,668		47,009
Repsol SA		8,653		80,563
(Cost $833,064)				872,248
Sweden — 0.1%
Lundin Energy AB (Cost $27,669)		1,148		27,669
Switzerland — 2.9%
Adecco Group AG		962		45,682
Baloise Holding AG		284		40,381
Swiss Life Holding AG		198		69,538
Swiss Prime Site AG		481		44,761
Swisscom AG		160		83,239

	Number of Shares		Value
Switzerland (Continued)
Zurich Insurance Group AG		926	$	298,321
(Cost $588,930)				581,922
Taiwan — 3.2%
Asia Cement Corp.		13,000		18,856
Catcher Technology Co. Ltd.		4,473		32,477
Chicony Electronics Co. Ltd.		3,000		8,593
Compal Electronics, Inc.		24,837		15,800
CTBC Financial Holding Co. Ltd.		107,904		71,696
Eclat Textile Co. Ltd.		1,000		10,291
Far EasTone Telecommunications Co. Ltd.		9,570		20,622
Feng TAY Enterprise Co. Ltd.		2,000		12,057
First Financial Holding Co. Ltd.		61,330		46,674
Formosa Chemicals & Fibre Corp.		21,266		50,996
Formosa Petrochemical Corp.		7,298		21,317
Formosa Plastics Corp.		23,011		63,611
Formosa Taffeta Co. Ltd.		6,050		6,891
Foxconn Technology Co. Ltd.		5,934		10,652
Globalwafers Co. Ltd.		1,486		17,891
Lite-On Technology Corp.		12,802		20,509
Micro-Star International Co. Ltd.		4,394		14,781
Nien Made Enterprise Co. Ltd.		1,245		10,657
Novatek Microelectronics Corp.		4,037		27,563
Phison Electronics Corp.		971		8,893
Pou Chen Corp.		15,194		14,954
Powertech Technology, Inc.		3,695		11,937
Shanghai Commercial & Savings Bank Ltd.		20,000		28,510
Standard Foods Corp.		3,041		6,431
Taiwan Cement Corp.		28,449		40,317
Vanguard International Semiconductor Corp.		5,419		13,265
Walsin Technology Corp.		2,156		13,428
Zhen Ding Technology Holding Ltd.		3,808		15,156
(Cost $647,759)				634,825
Thailand — 0.6%
Bangkok Commercial Asset Management PCL, NVDR		11,000		8,161
Land & Houses PCL, NVDR		54,000		12,392
PTT PCL, NVDR		70,400		78,567
Siam Commercial Bank PCL, NVDR		5,600		13,027
(Cost $170,200)				112,147
Turkey — 0.0%
Ford Otomotiv Sanayi AS		589		5,341
TAV Havalimanlari Holding AS		1,531		4,556
(Cost $15,172)				9,897
United Arab Emirates — 0.4%
Aldar Properties PJSC		23,808		11,213
Dubai Islamic Bank PJSC		10,699		10,340
Emirates NBD Bank PJSC		7,670		18,042
Emirates Telecommunications Group Co. PJSC		10,900		46,411
(Cost $90,417)				86,006

See Notes to Financial Statements. 48

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
United Kingdom — 13.3%
3i Group PLC		6,003	$	61,227
Admiral Group PLC		1,182		34,092
Anglo American PLC		7,591		159,597
Barratt Developments PLC		6,306		38,747
British American Tobacco PLC		14,191		559,577
GlaxoSmithKline PLC		31,079		642,355
Imperial Brands PLC		5,858		106,208
Johnson Matthey PLC		1,190		31,086
Legal & General Group PLC		36,953		90,685
M&G PLC		16,066		27,807
National Grid PLC		21,694		248,356
Rio Tinto Ltd.		2,266		140,490
Rio Tinto PLC		6,978		372,078
Schroders PLC		775		28,313
Severn Trent PLC		1,464		44,181
Standard Life Aberdeen PLC		14,452		46,150
(Cost $2,811,158)				2,630,949
TOTAL COMMON STOCKS (Cost $21,886,944)				19,424,361
PREFERRED STOCKS — 1.5%
Brazil — 0.4%
Itausa — Investimentos Itau SA		28,473		46,449
Telefonica Brasil SA		2,727		23,670
(Cost $102,954)				70,119
Chile — 0.1%
Embotelladora Andina SA, Class B		2,478		5,912

	Number of Shares		Value
Chile (Continued)
Sociedad Quimica y Minera de Chile SA, Class B		760	$	18,546
(Cost $28,255)				24,458
South Korea — 1.0%
Hyundai Motor Co.		172		7,819
Hyundai Motor Co. — 2nd Preferred		208		10,111
Samsung Electronics Co. Ltd.		5,100		176,458
(Cost $180,790)				194,388
TOTAL PREFERRED STOCKS (Cost $311,999)				288,965
SECURITIES LENDING COLLATERAL — 1.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (d)(e) (Cost $237,415)		237,415		237,415
CASH EQUIVALENTS — 0.6%
DWS Government Money Market Series “Institutional Shares”, 0.12% (d) (Cost $128,203)		128,203		128,203
TOTAL INVESTMENTS — 101.3% (Cost $22,564,561)			$	20,078,944
Other assets and liabilities, net — (1.3%)				(250,973	)
NET ASSETS — 100.0%			$	19,827,971

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2020 is as follows:

	Value ($) at 5/31/2019		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2020		Value ($) at 5/31/2020
EXCHANGE-TRADED FUNDS — 0.0%
Xtrackers MSCI EAFE High Dividend Yield Equity ETF (g)
		—		265,988		(256,106	)		(9,882	)		—		272		—		—		—
SECURITIES LENDING COLLATERAL — 1.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (d)(e)
		372,442		—		(135,027	)(f)		—			—		4,465		—		237,415		237,415
CASH EQUIVALENTS — 0.6%
DWS Government Money Market Series “Institutional Shares”, 0.12% (d)
		7,618		3,171,354		(3,050,769	)		—			—		797		—		128,203		128,203
		380,060		3,437,342		(3,441,902	)		(9,882	)		—		5,534		—		365,618		365,618

* 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 May 31, 2020 amounted to $240,724, which is 1.2% of net assets.

(b) Company declared its annual dividend during the 12-month period ended May, 31 2020, the scheduled payment date was subsequent to May, 31 2020.

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

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

See Notes to Financial Statements. 49

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)

May 31, 2020

(e) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $21,022.

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2020.

(g) Affiliated fund advised by DBX Advisors LLC.

ADR: American Depositary Receipt

GDR: Global Depositary Receipt

NVDR: Non Voting Depositary Receipt

PJSC: Public Joint Stock Company

QSC: Qatari Shareholders Company

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.

At May 31, 2020, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
MSCI EAFE Futures	USD	1	$	67,330	$	86,280	6/19/2020	$	18,950
MINI S&P/TSX 60 Futures	CAD	1		28,809		33,125	6/18/2020		4,316
Total unrealized appreciation								$	23,266

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

Currency Abbreviations

CAD Canadian Dollar

USD U.S. Dollar

Fair Value Measurements

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

The following is a summary of the inputs used as of May 31, 2020 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 (h)	$	19,424,361	$	—	$	—	$	19,424,361
Preferred Stocks (h)		288,965		—		—		288,965
Short-Term Investments (h)		365,618		—		—		365,618
Derivatives (i)
Futures Contracts		23,266		—		—		23,266
TOTAL	$	20,102,210	$	—	$	—	$	20,102,210

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

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

See Notes to Financial Statements. 50

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

May 31, 2020

	Number of Shares		Value
COMMON STOCKS — 98.7%
Australia — 4.6%
Aurizon Holdings Ltd.		446,485	$	1,407,790
Coca-Cola Amatil Ltd.		115,920		674,062
Computershare Ltd.		105,303		915,692
Crown Resorts Ltd.		84,669		538,989
Fortescue Metals Group Ltd. (a)		385,830		3,559,985
Insurance Australia Group Ltd.		528,631		2,144,031
Medibank Pvt Ltd.		631,066		1,193,870
Qantas Airways Ltd.		154,589		409,439
Treasury Wine Estates Ltd.		162,302		1,040,731
Wesfarmers Ltd.		259,390		6,951,033
(Cost $18,692,548)				18,835,622
Belgium — 0.2%
Proximus SADP (Cost $957,664)		34,631		724,018
Denmark — 0.3%
Pandora A/S (Cost $1,128,436)		22,659		1,128,436
Finland — 1.8%
Elisa OYJ		32,393		2,031,505
Fortum OYJ		101,039		1,935,370
UPM-Kymmene OYJ		121,390		3,506,684
(Cost $7,580,789)				7,473,559
France — 10.7%
Faurecia SE*		16,548		637,993
Publicis Groupe SA		49,304		1,399,602
Sanofi		206,014		20,058,360
Sodexo SA		19,735		1,328,989
TOTAL SA		542,218		20,280,468
(Cost $48,402,774)				43,705,412
Germany — 9.6%
Allianz SE		95,047		17,214,242
Hannover Rueck SE		13,521		2,174,798
HOCHTIEF AG		6,763		595,056
METRO AG		38,013		355,015
Siemens AG		174,126		19,084,196
(Cost $42,629,183)				39,423,307
Hong Kong — 7.5%
BOC Hong Kong Holdings Ltd.		846,842		2,359,926
CK Asset Holdings Ltd.		582,266		3,166,367
CK Hutchison Holdings Ltd.		607,228		3,713,406
CK Infrastructure Holdings Ltd.		151,409		755,971
CLP Holdings Ltd.		370,029		3,625,816
Hang Lung Properties Ltd.		463,307		974,313
Hang Seng Bank Ltd.		175,313		2,666,676
Henderson Land Development Co. Ltd.		328,857		1,173,126
HKT Trust & HKT Ltd. (b)		865,832		1,230,998
Jardine Matheson Holdings Ltd.		49,200		1,975,380
Kerry Properties Ltd.		177,590		419,287
New World Development Co. Ltd.		1,407,483		1,418,197
Power Assets Holdings Ltd.		317,500		1,767,530
Sino Land Co. Ltd.		719,042		837,692
Sun Hung Kai Properties Ltd.		298,181		3,423,830

	Number of Shares		Value
Hong Kong (Continued)
Wharf Real Estate Investment Co. Ltd. (a)		242,515	$	932,389
(Cost $35,563,367)				30,440,904
Israel — 0.4%
Bank Leumi Le-Israel BM (Cost $1,725,982)		326,042		1,725,415
Italy — 1.9%
Assicurazioni Generali SpA		251,782		3,496,673
Snam SpA		465,416		2,166,081
Terna Rete Elettrica Nazionale SpA		321,431		2,170,292
(Cost $8,152,600)				7,833,046
Japan — 21.0%
Amada Co. Ltd.		71,400		636,891
Asahi Kasei Corp.		281,200		2,218,592
Bridgestone Corp.		119,900		3,980,900
Canon, Inc.		231,034		4,758,569
Dai-ichi Life Holdings, Inc.		246,500		3,210,094
Daito Trust Construction Co. Ltd.		15,100		1,595,707
Daiwa House Industry Co. Ltd.		127,400		3,162,680
Isuzu Motors Ltd.		123,700		1,159,095
ITOCHU Corp.		303,900		6,516,072
Japan Tobacco, Inc.		277,600		5,507,681
Komatsu Ltd.		203,000		4,107,671
Kuraray Co. Ltd.		69,900		734,458
Mitsubishi Chemical Holdings Corp.		301,400		1,774,521
Mitsubishi Gas Chemical Co., Inc.		37,600		559,803
MS&AD Insurance Group Holdings, Inc.		99,700		2,928,951
NGK Spark Plug Co. Ltd.		33,000		532,056
Nikon Corp.		66,500		611,083
Nippon Telegraph & Telephone Corp.		292,300		6,630,911
NTT DOCOMO, Inc.		267,200		7,320,191
Pola Orbis Holdings, Inc.		20,200		392,994
Seiko Epson Corp.		62,300		702,021
Sekisui House Ltd.		146,624		2,793,389
Softbank Corp.		435,600		5,523,085
Sompo Holdings, Inc.		75,800		2,696,112
Subaru Corp.		142,200		3,139,395
Sumitomo Chemical Co. Ltd.		347,500		1,077,319
Sumitomo Electric Industries Ltd.		165,100		1,922,476
Sumitomo Heavy Industries Ltd.		23,500		536,594
T&D Holdings, Inc.		118,800		1,072,933
Tokio Marine Holdings, Inc.		144,900		6,278,305
Tosoh Corp.		56,900		791,165
Yamaha Motor Co. Ltd.		67,100		968,492
(Cost $88,994,351)				85,840,206
Luxembourg — 0.3%
Aroundtown SA (Cost $1,428,408)		259,841		1,428,408
Netherlands — 0.5%
NN Group NV (Cost $2,054,184)		66,500		2,054,184
New Zealand — 0.3%
Spark New Zealand Ltd. (Cost $1,122,049)		427,532		1,170,191

See Notes to Financial Statements. 51

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Norway — 0.5%
Mowi ASA (Cost $2,229,519)		100,003	$	1,883,258
Portugal — 1.0%
EDP — Energias de Portugal SA		583,485		2,740,896
Galp Energia SGPS SA		114,657		1,366,578
(Cost $4,061,622)				4,107,474
Singapore — 2.2%
Oversea-Chinese Banking Corp. Ltd.		753,900		4,560,524
Singapore Exchange Ltd.		184,150		1,078,790
Singapore Telecommunications Ltd.		1,855,998		3,269,729
(Cost $11,104,599)				8,909,043
Spain — 6.8%
ACS Actividades de Construccion y Servicios SA		58,188		1,485,449
Enagas SA		56,899		1,279,124
Endesa SA		72,293		1,716,864
Iberdrola SA		1,325,846		14,287,919
Industria de Diseno Textil SA		247,154		6,886,795
Mapfre SA		247,485		435,784
Red Electrica Corp. SA		98,599		1,737,279
(Cost $26,015,150)				27,829,214
Sweden — 0.2%
Lundin Energy AB (Cost $1,003,578)		41,639		1,003,578
Switzerland — 5.2%
Adecco Group AG		34,749		1,650,098
Baloise Holding AG		10,382		1,476,196
Swiss Life Holding AG		7,246		2,544,811
Swiss Prime Site AG		17,319		1,611,657
Swisscom AG		5,908		3,073,611
Zurich Insurance Group AG		34,178		11,010,816
(Cost $21,075,299)				21,367,189
United Kingdom — 23.7%
3i Group PLC		215,533		2,198,324

	Number of Shares		Value
United Kingdom (Continued)
Admiral Group PLC		43,650	$	1,258,992
Anglo American PLC		280,781		5,903,286
Barratt Developments PLC		231,345		1,421,479
British American Tobacco PLC		522,009		20,583,752
GlaxoSmithKline PLC		962,540		19,894,227
Imperial Brands PLC		214,572		3,890,264
Johnson Matthey PLC		42,876		1,120,051
Legal & General Group PLC		1,363,174		3,345,305
M&G PLC		583,127		1,009,288
National Grid PLC		800,030		9,158,856
Rio Tinto Ltd.		84,604		5,245,358
Rio Tinto PLC		255,734		13,636,154
Schroders PLC		28,519		1,041,875
Severn Trent PLC		54,331		1,639,606
SSE PLC		234,606		3,600,889
Standard Life Aberdeen PLC		531,572		1,697,503
(Cost $98,418,603)				96,645,209
TOTAL COMMON STOCKS (Cost $422,340,705)				403,527,673
SECURITIES LENDING COLLATERAL — 1.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (c)(d) (Cost $5,636,041)		5,636,041		5,636,041
CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 0.12% (c) (Cost $802,916)		802,916		802,916
TOTAL INVESTMENTS — 100.3% (Cost $428,779,662)			$	409,966,630
Other assets and liabilities, net — (0.3%)				(1,295,113	)
NET ASSETS — 100.0%			$	408,671,517

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2020 is as follows:

	Value ($) at 5/31/2019		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2020		Value ($) at 5/31/2020
SECURITIES LENDING COLLATERAL — 1.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (c)(d)
		9,051,557		—		(3,415,516	)(e)		—		—		41,229		—		5,636,041		5,636,041
CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 0.12% (c)
		—		25,722,314		(24,919,398	)		—		—		6,140		—		802,916		802,916
		9,051,557		25,722,314		(28,334,914	)		—		—		47,369		—		6,438,957		6,438,957

* 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 May 31, 2020 amounted to $6,642,922, which is 1.6% of net assets.

See Notes to Financial Statements. 52

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

May 31, 2020

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

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

(d) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $1,486,770.

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2020.

At May 31, 2020, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
EURO STOXX 50 Futures	EUR	11	$	353,244	$	372,704	6/19/2020	$	19,460
FTSE 100 Index Futures	GBP	5		352,043		374,630	6/19/2020		22,587
MSCI EAFE Futures	USD	47		3,708,360		4,055,160	6/19/2020		346,800
Total unrealized appreciation								$	388,847

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

Currency Abbreviations

EUR Euro

GBP Pound Sterling

USD U.S. Dollar

Fair Value Measurements

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

The following is a summary of the inputs used as of May 31, 2020 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 (f)	$	403,527,673	$	—	$	—	$	403,527,673
Short-Term Investments (f)		6,438,957		—		—		6,438,957
Derivatives (g)
Futures Contracts		388,847		—		—		388,847
TOTAL	$	410,355,477	$	—	$	—	$	410,355,477

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

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

See Notes to Financial Statements. 53

DBX ETF Trust

Statements of Assets and Liabilities

May 31, 2020

	Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF			Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF			Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF			Xtrackers Municipal Infrastructure Revenue Bond ETF
Assets
Investment in non-affiliated securities at value	$	9,797,849		$	14,175,952		$	18,243,897		$	95,441,452
Investment in affiliated securities at value		10,139			—			—			—
Investment in DWS Government Money Market Series		83,235			127,325			121,095			—
Investment in DWS Government & Agency Securities Portfolio*		10,080			—			102,098			—
Cash		—			175,583			44,074			561,302
Receivables:
Investment securities sold		82,712			222,638			298,774			—
Interest		79,740			207,153			316,826			1,146,418
Securities lending income		3			—			20			—
Total assets	$	10,063,758		$	14,908,651		$	19,126,784		$	97,149,172
Liabilities
Payable upon return of securities loaned	$	10,080		$	—		$	102,098		$	—
Payables:
Investment securities purchased		143,848			467,815			450,148			—
Investment advisory fees		1,089			3,275			2,442			11,863
Total liabilities		155,017			471,090			554,688			11,863
Net Assets, at value	$	9,908,741		$	14,437,561		$	18,572,096		$	97,137,309
Net Assets Consist of
Paid-in capital	$	10,701,174		$	15,538,678		$	20,165,027		$	95,327,868
Distributable earnings (loss)		(792,433	)		(1,101,117	)		(1,592,931	)		1,809,441
Net Assets, at value	$	9,908,741		$	14,437,561		$	18,572,096		$	97,137,309
Number of Common Shares outstanding		450,001			700,001			950,001			3,500,001
Net Asset Value	$	22.02		$	20.63		$	19.55		$	27.75
Investment in non-affiliated securities at cost	$	9,301,851		$	14,066,792		$	17,697,729		$	93,824,302
Investment in affiliated securities at cost	$	9,859		$	—		$	—		$	—
Value of securities loaned	$	9,844		$	—		$	98,615		$	—
Investment in DWS Government Money Market Series at cost	$	83,235		$	127,325		$	121,095		$	—
Investment in DWS Government & Agency Securities Portfolio at cost*	$	10,080		$	—		$	102,098		$	—

* Represents collateral on securities loaned.

See Notes to Financial Statements. 54

DBX ETF Trust

Statements of Assets and Liabilities (Continued)

May 31, 2020

	Xtrackers MSCI All World ex US High Dividend Yield Equity ETF			Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Assets
Investment in non-affiliated securities at value	$	19,713,326		$	403,527,673
Investment in DWS Government Money Market Series		128,203			802,916
Investment in DWS Government & Agency Securities Portfolio*		237,415			5,636,041
Foreign currency at value		87,779			3,294,135
Deposit with broker for futures contracts		13,111			521,366
Foreign tax receivable		258			—
Receivables:
Investment securities sold		4,441,677			142,212,641
Variation margin on futures contracts		5,037			—
Dividends		64,556			1,262,578
Interest		4			64
Securities lending income		366			13,591
Foreign tax reclaim		21,299			310,127
Total assets	$	24,713,031		$	557,581,132
Liabilities
Payable upon return of securities loaned		237,415			5,636,041
Payables:
Investment securities purchased		4,644,393			143,132,343
Investment advisory fees		3,252			66,642
Variation margin on futures contracts		—			74,589
Total liabilities		4,885,060			148,909,615
Net Assets, at value	$	19,827,971		$	408,671,517
Net Assets Consist of
Paid-in capital	$	25,836,406		$	478,772,859
Distributable earnings (loss)		(6,008,435	)		(70,101,342	)
Net Assets, at value	$	19,827,971		$	408,671,517
Number of Common Shares outstanding		950,001			20,550,001
Net Asset Value	$	20.87		$	19.89
Investment in non-affiliated securities at cost	$	22,198,943		$	422,340,705
Value of securities loaned	$	240,724		$	6,642,922
Investment in DWS Government Money Market Series at cost	$	128,203		$	802,916
Investment in DWS Government & Agency Securities Portfolio at cost*	$	237,415		$	5,636,041
Non-cash collateral for securities on loan	$	21,022		$	1,486,770
Foreign currency at cost	$	87,273		$	3,227,038

* Represents collateral on securities loaned.

See Notes to Financial Statements. 55

DBX ETF Trust

Statements of Operations

For the Year Ended May 31, 2020

	Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF			Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF			Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF			Xtrackers Municipal Infrastructure Revenue Bond ETF
Investment Income
Unaffiliated interest income*	$	220,450		$	436,139		$	62,905		$	2,227,315
Affiliated interest income		621			—			—			—
Income distributions from affiliated funds		1,089			2,066			512,040			—
Affiliated securities lending income		378			86			16,133			—
Total investment income		222,538			438,291			591,078			2,227,315
Expenses
Investment advisory fees		15,743			45,239			31,614			116,392
Other expenses		25			25			32			57
Total expenses		15,768			45,264			31,646			116,449
Less fees waived (see note 3):
Waiver		(59	)		(125	)		(13,469	)		—
Net expenses		15,709			45,139			18,177			116,449
Net investment income (loss)		206,829			393,152			572,901			2,110,866
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		152,893			51,312			(4,574	)		181,910
Investments in affiliates		—			—			(819,744	)		—
In-kind redemptions		202,479			325,963			—			317,345
In-kind redemptions in affiliates		537			—			—			—
Futures contracts		(735,542	)		(653,425	)		(592,026	)		—
Net realized gain (loss)		(379,633	)		(276,150	)		(1,416,344	)		499,255
Net change in unrealized appreciation (depreciation) on:
Investments		390,487			96,645			546,168			(806,061	)
Investments in affiliates		446			—			88,130			—
Futures contracts		51,126			45,942			26,025			—
Net change in unrealized appreciation (depreciation)		442,059			142,587			660,323			(806,061	)
Net realized and unrealized gain (loss) on investments and futures		62,426			(133,563	)		(756,021	)		(306,806	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	269,255		$	259,589		$	(183,120	)	$	1,804,060
*   Unaffiliated foreign tax withheld	$	25		$	—		$	—		$	—

See Notes to Financial Statements. 56

DBX ETF Trust

Statements of Operations (Continued)

For the Year Ended May 31, 2020

	Xtrackers MSCI All World ex US High Dividend Yield Equity ETF			Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Investment Income
Unaffiliated dividend income*	$	1,091,531		$	14,375,099
Affiliated dividend income		797			—
Income distributions from affiliated funds		272			6,140
Affiliated securities lending income		4,465			41,229
Unaffiliated securities lending income, net of borrower rebates		—			28,279
Total investment income		1,097,065			14,450,747
Expenses
Investment advisory fees		52,946			711,447
Other expenses		57			171
Total expenses		53,003			711,618
Less fees waived (see note 3):
Waiver		(35	)		(358	)
Net expenses		52,968			711,260
Net investment income (loss)		1,044,097			13,739,487
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments**		(2,679,644	)		(52,408,992	)
Investments in affiliates		(9,882	)		—
In-kind redemptions		631,838			8,916,402
Futures contracts		(21,788	)		(538,447	)
Foreign currency transactions		(9,417	)		(134,136	)
Net realized gain (loss)		(2,088,893	)		(44,165,173	)
Net change in unrealized appreciation (depreciation) on:
Investments***		(605,954	)		1,557,824
Futures contracts		22,896			405,043
Foreign currency translations		1,537			90,364
Net change in unrealized appreciation (depreciation)		(581,521	)		2,053,231
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(2,670,414	)		(42,111,942	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(1,626,317	)	$	(28,372,455	)
*   Unaffiliated foreign tax withheld	$	121,014		$	1,095,662
**   Net of foreign taxes	$	282		$	—
***  Net of change in deferred foreign taxes	$	(772	)	$	—

See Notes to Financial Statements. 57

DBX ETF Trust

Statements of Changes in Net Assets

	Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF						Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF
	Year Ended May 31,						Year Ended May 31,
	2020			2019			2020			2019
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	206,829		$	318,263		$	393,152		$	344,329
Net realized gain (loss)		(379,633	)		(495,969	)		(276,150	)		(417,236	)
Net change in net unrealized appreciation (depreciation)		442,059			387,134			142,587			303,992
Net increase (decrease) in net assets resulting from operations		269,255			209,428			259,589			231,085
Distributions to Shareholders		(213,862	)		(517,208	)		(384,666	)		(692,585	)
Fund Shares Transactions
Proceeds from shares sold		5,325,572			—			19,649,326			—
Value of shares redeemed		(2,383,293	)		(2,319,160	)		(12,017,544	)		(1,134,129	)
Net increase (decrease) in net assets resulting from fund share transactions		2,942,279			(2,319,160	)		7,631,782			(1,134,129	)
Total net increase (decrease) in Net Assets		2,997,672			(2,626,940	)		7,506,705			(1,595,629	)
Net Assets
Beginning of year		6,911,069			9,538,009			6,930,856			8,526,485
End of year	$	9,908,741		$	6,911,069		$	14,437,561		$	6,930,856
Changes in Shares Outstanding
Shares outstanding, beginning of year		300,001			400,001			300,001			350,001
Shares sold		250,000			—			900,000			—
Shares redeemed		(100,000	)		(100,000	)		(500,000	)		(50,000	)
Shares outstanding, end of year		450,001			300,001			700,001			300,001

See Notes to Financial Statements. 58

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF						Xtrackers Municipal Infrastructure Revenue Bond ETF
	Year Ended May 31,						Year Ended May 31,
	2020			2019			2020			2019
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	572,901		$	358,227		$	2,110,866		$	1,678,179
Net realized gain (loss)		(1,416,344	)		(231,945	)		499,255			(150,370	)
Net change in net unrealized appreciation (depreciation)		660,323			(64,162	)		(806,061	)		2,904,660
Net increase (decrease) in net assets resulting from operations		(183,120	)		62,120			1,804,060			4,432,469
Distributions to Shareholders		(514,773	)		(371,816	)		(1,935,086	)		(1,651,620	)
Fund Shares Transactions
Proceeds from shares sold		12,754,870			4,533,388			33,722,192			8,070,798
Value of shares redeemed		—			(1,110,970	)		(4,325,592	)		(1,322,758	)
Net increase (decrease) in net assets resulting from fund share transactions		12,754,870			3,422,418			29,396,600			6,748,040
Total net increase (decrease) in Net Assets		12,056,977			3,112,722			29,265,574			9,528,889
Net Assets
Beginning of year		6,515,119			3,402,397			67,871,735			58,342,846
End of year	$	18,572,096		$	6,515,119		$	97,137,309		$	67,871,735
Changes in Shares Outstanding
Shares outstanding, beginning of year		300,001			150,001			2,450,001			2,200,001
Shares sold		650,000			200,000			1,200,000			300,000
Shares redeemed		—			(50,000	)		(150,000	)		(50,000	)
Shares outstanding, end of year		950,001			300,001			3,500,001			2,450,001

See Notes to Financial Statements. 59

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers MSCI All World ex US High Dividend Yield Equity ETF						Xtrackers MSCI EAFE High Dividend Yield Equity ETF
	Year Ended May 31,						Year Ended May 31,
	2020			2019			2020			2019
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,044,097		$	1,343,868		$	13,739,487		$	12,328,103
Net realized gain (loss)		(2,088,893	)		(395,647	)		(44,165,173	)		(4,217,333	)
Net change in net unrealized appreciation (depreciation)		(581,521	)		(1,493,585	)		2,053,231			(20,084,730	)
Net increase (decrease) in net assets resulting from operations		(1,626,317	)		(545,364	)		(28,372,455	)		(11,973,960	)
Distributions to Shareholders		(1,173,193	)		(1,185,503	)		(13,640,273	)		(7,131,535	)
Fund Shares Transactions
Proceeds from shares sold		9,841,629			16,381,277			266,608,659			280,085,371
Value of shares redeemed		(10,905,892	)		(17,651,055	)		(60,156,321	)		(40,438,708	)
Net increase (decrease) in net assets resulting from fund share transactions		(1,064,263	)		(1,269,778	)		206,452,338			239,646,663
Total net increase (decrease) in Net Assets		(3,863,773	)		(3,000,645	)		164,439,610			220,541,168
Net Assets
Beginning of year		23,691,744			26,692,389			244,231,907			23,690,739
End of year	$	19,827,971		$	23,691,744		$	408,671,517		$	244,231,907
Changes in Shares Outstanding
Shares outstanding, beginning of year		1,000,001			1,050,001			11,100,001			1,000,001
Shares sold		400,000			650,000			12,200,000			11,850,000
Shares redeemed		(450,000	)		(700,000	)		(2,750,000	)		(1,750,000	)
Shares outstanding, end of year		950,001			1,000,001			20,550,001			11,100,001

See Notes to Financial Statements. 60

DBX ETF Trust

Financial Highlights

Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF Selected Per Share Data	Years Ended May 31,
	2020			2019			2018			2017			2016
Net Asset Value, beginning of year	$	23.04		$	23.84		$	24.09		$	23.79		$	24.63
Income (loss) from investment operations:
Net investment income (loss)(a)		0.73			0.83			0.78			0.73			0.71
Net realized and unrealized gain (loss)		(0.98	)(b)		(0.32	)		(0.28	)		0.39			(0.73	)
Total from investment operations		(0.25	)		0.51			0.50			1.12			(0.02	)
Less distributions from:
Net investment income		(0.77	)		(0.83	)		(0.75	)		(0.82	)		(0.82	)
Net realized gains		—			(0.48	)		—			—			—
Total distributions		(0.77	)		(1.31	)		(0.75	)		(0.82	)		(0.82	)
Net Asset Value, end of year	$	22.02		$	23.04		$	23.84		$	24.09		$	23.79
Total Return (%)		(1.16	)(c)		2.28	(c)		2.05			4.79			(0.04	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		10			7			10			6			5
Ratio of expenses before fee waiver (%)		0.24			0.25			0.25			0.25			0.25
Ratio of expenses after fee waiver (%)		0.24			0.25			0.25			0.25			0.25
Ratio of net investment income (loss) (%)		3.18			3.53			3.22			3.04			3.00
Portfolio turnover rate (%)(d)		57			25			33			26			14
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF Selected Per Share Data	Years Ended May 31,
	2020			2019			2018			2017			2016
Net Asset Value, beginning of year	$	23.10		$	24.36		$	24.91		$	23.96		$	25.03
Income (loss) from investment operations:
Net investment income (loss)(a)		0.89			1.05			0.99			1.07			1.07
Net realized and unrealized gain (loss)		(2.37	)		(0.29	)		(0.48	)		1.18			(0.80	)
Total from investment operations		(1.48	)		0.76			0.51			2.25			0.27
Less distributions from:
Net investment income		(0.99	)		(1.04	)		(1.02	)		(1.30	)		(1.26	)
Net realized gains		—			(0.98	)		(0.04	)		—			(0.08	)
Total distributions		(0.99	)		(2.02	)		(1.06	)		(1.30	)		(1.34	)
Net Asset Value, end of year	$	20.63		$	23.10		$	24.36		$	24.91		$	23.96
Total Return (%)		(6.79	)(c)		3.31	(c)		2.03			9.61			1.22
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		14			7			9			6			6
Ratio of expenses before fee waiver (%)		0.44			0.45			0.45			0.47			0.50
Ratio of expenses after fee waiver (%)		0.44			0.45			0.45			0.47			0.50
Ratio of net investment income (loss) (%)		3.85			4.37			3.94			4.35			4.45
Portfolio turnover rate (%)(d)		26			31			48			35			15

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

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

(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.

See Notes to Financial Statements. 61

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF Selected Per Share Data	Years Ended May 31,
	2020			2019			2018			2017			2016
Net Asset Value, beginning of year	$	21.72		$	22.68		$	23.42		$	22.23		$	24.57
Income (loss) from investment operations:
Net investment income (loss)(a)		1.26			1.32			1.27			1.17			1.08
Net realized and unrealized gain (loss)		(2.19	)		(0.82	)		(0.53	)		1.30			(2.10	)
Total from investment operations		(0.93	)		0.50			0.74			2.47			(1.02	)
Less distributions from:
Net investment income		(1.24	)		(1.46	)		(1.48	)		(1.28	)		(1.32	)
Total distributions		(1.24	)		(1.46	)		(1.48	)		(1.28	)		(1.32	)
Net Asset Value, end of year	$	19.55		$	21.72		$	22.68		$	23.42		$	22.23
Total Return (%)		(4.58	)(b)		2.18	(b)		3.24	(b)		11.40			(4.06	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		19			7			3			11			9
Ratio of expenses before fee waiver (%)		0.33	(c)		0.35	(c)		0.35	(c)		0.39			0.45
Ratio of expenses after fee waiver (%)		0.19	(c)		0.14	(c)		0.33	(c)		0.39			0.45
Ratio of net investment income (loss) (%)		6.06			5.91			5.47			5.08			4.81
Portfolio turnover rate (%)(d)		113			19			50			33			35
Xtrackers Municipal Infrastructure Revenue Bond ETF Selected Per Share Data	Years Ended May 31,
	2020			2019			2018			2017			2016
Net Asset Value, beginning of year	$	27.70		$	26.52		$	26.71		$	27.17		$	25.49
Income (loss) from investment operations:
Net investment income (loss)(a)		0.76			0.75			0.70			0.66			0.80
Net realized and unrealized gain (loss)		(0.00	)(e)		1.18			(0.20	)		(0.46	)		1.67
Total from investment operations		0.76			1.93			0.50			0.20			2.47
Less distributions from:
Net investment income		(0.71	)		(0.75	)		(0.69	)		(0.66	)		(0.79	)
Total distributions		(0.71	)		(0.75	)		(0.69	)		(0.66	)		(0.79	)
Net Asset Value, end of year	$	27.75		$	27.70		$	26.52		$	26.71		$	27.17
Total Return (%)		2.77			7.45	(b)		1.87			0.77			9.89
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		97			68			58			60			37
Ratio of expenses before fee waiver (%)		0.15			0.25			0.30			0.30			0.30
Ratio of expenses after fee waiver (%)		0.15			0.22			0.30			0.30			0.30
Ratio of net investment income (loss) (%)		2.72			2.85			2.61			2.50			3.07
Portfolio turnover rate (%)(d)		12			25			28			0			13

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

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

(c) The Fund invested in other ETFs and indirectly bore its proportionate shares of fees and expenses incurred by the Underlying Funds in which the Fund had invested. This ratio does not included these indirect fees and expenses.

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

(e) Less than 0.005.

See Notes to Financial Statements. 62

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF Selected Per Share Data	Years Ended May 31,												Period Ended 5/31/2016(a)
	2020			2019			2018			2017
Net Asset Value, beginning of period	$	23.69		$	25.42		$	26.14		$	22.96		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.94			1.21			1.35			1.02			0.70
Net realized and unrealized gain (loss)		(2.78	)		(1.92	)		(1.20	)		3.07			(2.38	)
Total from investment operations		(1.84	)		(0.71	)		0.15			4.09			(1.68	)
Less distributions from:
Net investment income		(0.98	)		(1.02	)		(0.87	)		(0.60	)		(0.36	)
Net realized gains		—			—			—			(0.31	)		—
Total distributions		(0.98	)		(1.02	)		(0.87	)		(0.91	)		(0.36	)
Net Asset Value, end of period	$	20.87		$	23.69		$	25.42		$	26.14		$	22.96
Total Return (%)		(8.19	)(c)		(2.82	)(c)		0.54			18.17			(6.67	)**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		20			24			27			4			3
Ratio of expenses before fee waiver (%)		0.20			0.20			0.32			0.45			0.45	*
Ratio of expenses after fee waiver (%)		0.20			0.20			0.32			0.45			0.45	*
Ratio of net investment income (loss) (%)		3.94			4.96			5.29			4.17			3.83	*
Portfolio turnover rate (%)(d)		40			30			76			36			33	**
Xtrackers MSCI EAFE High Dividend Yield Equity ETF Selected Per Share Data	Years Ended May 31,												Period Ended 5/31/2016(a)
	2020			2019			2018			2017
Net Asset Value, beginning of period	$	22.00		$	23.69		$	24.99		$	23.16		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.85			1.36			1.50			1.06			0.88
Net realized and unrealized gain (loss)		(2.00	)		(2.25	)		(1.99	)		3.03			(2.17	)
Total from investment operations		(1.15	)		(0.89	)		(0.49	)		4.09			(1.29	)
Less distributions from:
Net investment income		(0.96	)		(0.80	)		(0.81	)		(0.95	)		(0.38	)
Net realized gains		—			—			—			(1.31	)		(0.17	)
Total distributions		(0.96	)		(0.80	)		(0.81	)		(2.26	)		(0.55	)
Net Asset Value, end of period	$	19.89		$	22.00		$	23.69		$	24.99		$	23.16
Total Return (%)		(5.58	)(c)		(3.76	)(c)		(2.02	)		18.93	(e)		(5.08	)**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		409			244			24			5			5
Ratio of expenses before fee waiver (%)		0.20			0.20			0.33			0.45			0.45	*
Ratio of expenses after fee waiver (%)		0.20			0.20			0.33			0.45			0.45	*
Ratio of net investment income (loss) (%)		3.86			6.06			6.28			4.48			4.86	*
Portfolio turnover rate (%)(d)		57			20			56			41			33	**

(a) For the period August 12, 2015 (commencement of operations) through May 31, 2016.

(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) The Fund’s total return includes a reimbursement by the Advisor for a realized loss on a trade executed incorrectly, which otherwise would have reduced total return by 0.32%.

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 63

DBX ETF Trust

Notes to Financial Statements

1. Organization

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

As of May 31, 2020, the Trust consists of thirty-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 Bloomberg Barclays US Investment Grade Corporate ESG ETF^*

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF^**

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF^***

Xtrackers Municipal Infrastructure Revenue Bond ETF

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

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 Bloomberg Barclays US Investment Grade Corporate ESG ETF, Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF and Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF offer shares that are listed and traded on the Cboe Bats BZX Exchange. Inc. (“Cboe”). Xtrackers Municipal Infrastructure Revenue Bond ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF offer shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value, (“NAV”) only in large specified lots consisting of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

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

Fund	Underlying Index
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF*	Bloomberg Barclays MSCI US Corpo-rate Sustainability SRI Sector/Credit/Maturity Neutral Index*
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF**	J.P. Morgan ESG EMBI Global Diversified Sovereign Index**
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF***	J.P. Morgan ESG DM Corporate High Yield USD Index***
Xtrackers Municipal Infrastructure Revenue Bond ETF	Solactive Municipal Infrastructure Revenue Bond Index
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	MSCI ACWI ex USA High Dividend Yield Index
Xtrackers MSCI EAFE High Dividend Yield Equity ETF	MSCI EAFE High Dividend Yield Index

* On May 12, 2020, the Fund changed its name from Xtrackers Investment Grade Bond — Interest Rate Hedged ETF to Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF and its Underlying Index from Solactive Investment Grade Bond — Interest Rate Hedged Index to the Bloomberg Barclays MSCI US Corpo-rate Sustainability SRI Sector/Credit/Maturity Neutral Index.

** On May 12, 2020, the Fund changed its name from Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF to Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF and its Underlying Index from Solactive Emerging Markets Bond — Interest Rate Hedged Index to the J.P. Morgan ESG EMBI Global Diversified Sovereign Index.

*** On May 12, 2020, the Fund changed its name from Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF to Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF and its Underlying Index from Solactive High Yield Corporate Bond — Interest Rate Hedged Index to the J.P. Morgan ESG DM Corporate High Yield USD Index.

64

DBX ETF Trust

Notes to Financial Statements (Continued)

The Bloomberg Barclays MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the Bloomberg Barclays US Corporate Index (an investment grade corporate bond universe), resulting in a broad investment grade fixed income market exposure with ESG aspects. Under normal circumstances, the Bloomberg Barclays MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index is reconstituted and rebalanced on a monthly basis.

The J.P. Morgan ESG EMBI Global Diversified Sovereign Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the J.P. Morgan EMBI Global Diversified Sovereign Index, resulting in a broad emerging markets sovereign debt market exposure with ESG aspects. The J.P. Morgan ESG DM Corporate High Yield USD Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the J.P. Morgan DM High Yield USD Index (a USD denominated high yield corporate bond index of developed market issuers), resulting in a broad high yield fixed income market exposure with ESG aspects. Under normal circumstances, the J.P. Morgan Indices are reconstituted and rebalanced on a monthly basis.

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

The MSCI ACWI ex USA High Dividend Yield Index is designed to track the performance of equity securities (excluding real estate investment trusts (“REITs”)) in developed and emerging stock markets (excluding the United States) in its parent index, the MSCI ACWI ex US Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. The MSCI EAFE High Dividend Yield Index is designed to reflect the performance of equities (excluding REITs) in developed markets in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. The MSCI High Dividend Yield Indices are rebalanced semi-annually in May and November.

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

Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF, Xtrackers Municipal Infrastructure Revenue Bond ETF and Xtrackers MSCI All World ex US High Dividend Yield Equity ETF are diversified series of the Trust. Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF, Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF are non-diversified and are not limited by the 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. In addition, each Fund, with the exception of Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF, Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF, Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF and Xtrackers Municipal Infrastructure Revenue Bond ETF, may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.

65

DBX ETF Trust

Notes to Financial Statements (Continued)

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

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

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

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

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

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

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

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

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board 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

66

DBX ETF Trust

Notes to Financial Statements (Continued)

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. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes.

Accounting Standard Update    In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update 2017-08, Receivables-Nonrefundable fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities which amends the amortization period for certain purchased callable debt securities. Under the new guidance, premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. Effective June 1, 2019 the Funds adopted ASU 2017-08 with no material impact to the Funds.

Tax Information and Dividends and Distributions to Shareholders    It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF, Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF, Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF and Xtrackers Municipal Infrastructure Revenue Bond ETF to pay out dividends from its net investment income monthly and Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF to pay out dividends from net investment income quarterly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

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 year ended May 31, 2020, the Funds did not incur any interest or penalties.

67

DBX ETF Trust

Notes to Financial Statements (Continued)

As of May 31, 2020, the components of accumulated earnings (losses) on a tax basis were as follows:

	Undistributed Ordinary Income*		Capital and Other Gains (Losses)			Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Losses)
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF	$	16,561	$	(1,303,211	)	$	494,217		$	(792,433	)
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		44,922		(1,228,250	)		82,211			(1,101,117	)
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		62,965		(2,199,846	)		543,950			(1,592,931	)
Xtrackers Municipal Infrastructure Revenue Bond ETF		333,944		(141,653	)		1,617,150			1,809,441
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		260,731		(3,620,446	)		(2,648,720	)		(6,008,435	)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		5,534,934		(48,648,842	)		(26,987,434	)		(70,101,342	)

The tax character of dividends and distributions declared for the years ended May 31, 2020 and May 31, 2019 were as follows:

	Year Ended May 31, 2020
	Ordinary Income*		Tax-Exempt
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF	$	213,862	$	—
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		384,666		—
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		514,773		—
Xtrackers Municipal Infrastructure Revenue Bond ETF		—		1,935,086
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		1,173,193		—
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		13,640,273		—

	Year Ended May 31, 2019
	Ordinary Income*		Tax-Exempt		Long Term Capital Gains
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF	$	378,453	$	—	$	138,755
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		479,978		—		212,607
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		371,816		—		—
Xtrackers Municipal Infrastructure Revenue Bond ETF		—		1,651,620		—
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		1,185,503		—		—
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		7,131,535		—		—

* For tax purposes short-term capital gain distributions are considered ordinary income distributions.

At May 31, 2020, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

	Short-Term		Long-Term		Total Amount
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF	$	534,428	$	768,783	$	1,303,211
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		454,690		773,560		1,228,250
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		722,743		1,477,103		2,199,846
Xtrackers Municipal Infrastructure Revenue Bond ETF		118,771		22,882		141,653
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		1,036,232		2,584,214		3,620,446
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		18,487,982		30,160,860		48,648,842

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For the fiscal year ended May 31, 2020, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to the recognition of certain foreign currency gain (losses) as ordinary income (loss), redemptions-in-kind and passive foreign investment companies (“PFICs”).

	Distributable earnings (loss)			Paid-In Capital
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF	$	(201,252	)	$	201,252
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		(301,750	)		301,750
Xtrackers Municipal Infrastructure Revenue Bond ETF		(317,345	)		317,345
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		(333,372	)		333,372
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		(8,495,772	)		8,495,772

As of May 31, 2020, 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 Bloomberg Barclays US Investment Grade Corporate ESG ETF	$	9,407,086	$	494,217		$	497,447	$	(3,230	)
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		14,221,066		82,211			469,057		(386,846	)
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		17,923,140		543,950			592,906		(48,956	)
Xtrackers Municipal Infrastructure Revenue Bond ETF		93,824,302		1,617,150			2,721,835		(1,104,685	)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		22,733,654		(2,650,394	)		587,223		(3,237,617	)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		437,036,347		(27,069,717	)		7,157,930		(34,227,647	)

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 May 31, 2020, 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    The Funds, except the Xtrackers Municipal Infrastructure Revenue Bond ETF, may lend securities to certain financial institutions under the terms of their 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

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any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities 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 year ended May 31, 2020, 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 (0.12% annualized effective rate as of May 31, 2020) 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 May 31, 2020, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

Remaining Contractual Maturity of the Agreements, as of May 31, 2020
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF
Corporate Bonds	$	10,080	$	—	$	—	$	—	$	10,080
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	10,080
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF
Corporate Bonds	$	102,098	$	—	$	—	$	—	$	102,098
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	102,098
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF
Common Stocks	$	237,415	$	—	$	106	$	20,916	$	258,437
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	258,437
Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Common Stocks	$	5,636,041	$	—	$	—	$	1,486,770	$	7,122,811
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	7,122,811

As of May 31, 2020, Xtrackers J.P. Morgan ESG Emerging Markets Sovereign 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 year ended May 31, 2020, Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF, Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF, Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF entered into short U.S. Treasury futures contracts to seek to mitigate the potential negative impact of rising Treasury interest rates on the performance of each Fund’s long bond investments and Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF utilized futures in

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order to simulate investment in the Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

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

A summary of the open futures contracts as of May 31, 2020 is included in a table following the Funds’ Schedule of Investments.

The following tables summarize the value of the Funds’ derivative instruments held as of May 31, 2020 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

		Asset Derivatives			Liability Derivatives
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	23,266	Unrealized depreciation on futures contracts*	$	—
Xtrackers MSCI EAFE High Dividend Yield Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	388,847	Unrealized depreciation on futures contracts*	$	—

* 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 year ended May 31, 2020 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 — Interest Rate Contracts			Futures Contracts — Equity Contracts			Total
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF	$	(735,542	)	$	—		$	(735,542	)
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		(653,425	)		—			(653,425	)
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		(592,026	)		—			(592,026	)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		—			(21,788	)		(21,788	)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		—			(538,447	)		(538,447	)

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Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts — Interest Rate Contracts		Futures Contracts — Equity Contracts		Total
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF	$	51,126	$	—	$	51,126
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		45,942		—		45,942
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		26,025		—		26,025
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		—		22,896		22,896
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		—		405,043		405,043

For the year ended May 31, 2020 the average monthly volume of derivatives was as follows:

	Futures Contracts (Contract Value)
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF	$	(5,758,602	)
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		(8,384,434	)
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		(8,081,784	)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		167,351
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		2,225,296

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 management 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.

For its investment advisory services to the Funds below, for the period from June 1, 2019 through May 11, 2020, the Advisor was entitled to receive a unitary management fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:

	Unitary Management Fee
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF		0.25	%
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		0.45	%
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		0.35	%

For the period from June 1, 2019 through May 11, 2020, the Advisor for the Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF had contractually agreed to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in the Underlying Funds. For the period from June 1, 2019 through May 11, 2020, the Advisor waived $13,414 of expenses to the Fund.

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Effective May 12, 2020, the Board of Trustees approved a reduction in the unitary management fee to the Funds below, at an annual rate equal to:

	Unitary Management Fee
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF		0.15	%
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		0.35	%
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		0.20	%

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

	Unitary Management Fee
Xtrackers Municipal Infrastructure Revenue Bond ETF		0.15	%
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		0.20	%
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		0.20	%

The Advisor for the Funds below has contractually agreed to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the year ended May 31, 2020, the Advisor waived expenses of the Funds as follows:

	Expenses Waived
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF	$	59
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		125
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		55
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		35
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		358

Out of the unitary management 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 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, Lending Agent and Transfer Agent for each Fund.

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

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

4. Investment Portfolio Transactions

For the year ended May 31, 2020, 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 Bloomberg Barclays US Investment Grade Corporate ESG ETF	$	8,362,644	$	3,728,460
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		20,817,925		2,472,656
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		18,624,688		10,865,783
Xtrackers Municipal Infrastructure Revenue Bond ETF		23,821,199		9,281,498
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		10,508,708		12,905,722
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		208,800,330		201,148,865

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For the year ended May 31, 2020, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

	Purchases		Sales
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF	$	—	$	2,307,186
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		—		11,348,045
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		4,166,886		—
Xtrackers Municipal Infrastructure Revenue Bond ETF		19,625,430		4,294,950
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		7,827,181		6,576,765
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		253,034,268		58,484,915

5. Fund Share Transactions

As of May 31, 2020, 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 May 31, 2020, 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 Bloomberg Barclays US Investment Grade Corporate ESG ETF		52	%
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		64	%
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		50	%

7. Investing in Emerging Markets

The securities of issuers located in emerging markets tend to be more volatile and less liquid than securities of issuers located in more mature economies, and emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The securities of issuers located or doing substantial business in emerging markets are often subject to rapid and large changes in price.

8. Investing in High-Yield Debt Securities

High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer’s continuing ability to meet principal and interest payments. A fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in NAV of a fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for a fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.

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9. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF, Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amount listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at May 31, 2020.

	Pro-rata Share
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF	$	525,000
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		525,000
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		525,000

10. Other

A novel strain of coronavirus (COVID-19) outbreak was declared a pandemic by the World Health Organization on March 11, 2020. The situation is evolving with various cities and countries around the world responding in different ways to address the pandemic. There are direct and indirect economic effects developing for various industries and individual companies throughout the world. The recent pandemic spread of the novel coronavirus and related geopolitical events could lead to increased financial market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on a Fund and its investments. A prolonged disruption may result in a Fund and its service providers experiencing operational difficulties in implementing their business continuity plans. Management will continue to monitor the impact COVID-19 has on the Funds and reflect the consequences as appropriate in each Fund’s accounting and financial reporting.

11. Subsequent Event

On June 17, 2020, Deutsche Bank AG (“DB”), an affiliate of DWS Group, resolved with the Commodity Futures Trading Commission (“CFTC”) charges stemming from alleged violations of various swap data reporting requirements and corresponding supervision and other failures. The matter, which was resolved by the issuance of a federal court order (“Consent Order”), involved unintentional conduct that resulted from a system outage that prevented DB from reporting data in accordance with applicable CFTC requirements for a period of five days in April 2016.

The matter giving rise to the Consent Order did not arise out of any investment advisory, fund management activities or distribution activities of DBX Advisors LLC or their advisory affiliates (the “DWS Service Providers”). DWS Group, of which the DWS Service Providers are wholly-owned subsidiaries (except for Harvest Global Management Limited which is partially owned by DWS Group), is a separate publicly traded company but continues to be an affiliate of DB due to, among other things, DB’s 79.49% ownership interest in DWS Group. Under the provisions of the Investment Company Act of 1940, as a result of the Consent Order, the DWS Service Providers would not be eligible to continue to provide investment advisory services to the Funds absent an order from the Securities and Exchange Commission (the “SEC”). DB and the DWS Service Providers are seeking temporary and permanent orders from the SEC to permit the DWS Service Providers to continue to provide investment advisory services to the Funds and other registered investment companies notwithstanding the Consent Order. While there can be no assurance that the requested exemptive orders will be granted, the SEC has granted this type of relief in the past. Consistent with their fiduciary and other relationships with the Funds, and in accordance with the desire of the Board of the Funds, the DWS Service Providers continue to provide investment advisory services to the Funds. Subject to the receipt of the temporary and permanent exemptive orders, the DWS Service Providers have informed the Funds that they do not believe the Consent Order will have any material impact on the Funds or the ability of the DWS Service Providers to provide services for the Funds.

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DBX ETF Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders of Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (formerly, Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF), Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (formerly, Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF), Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (formerly, Xtrackers Investment Grade Bond — Interest Rate Hedged ETF), Xtrackers Municipal Infrastructure Revenue Bond ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF, and Xtrackers MSCI EAFE High Dividend Yield Equity ETF, and the Board of Trustees of DBX ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (formerly, Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF), Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (formerly, Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF), Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (formerly, Xtrackers Investment Grade Bond — Interest Rate Hedged ETF), Xtrackers Municipal Infrastructure Revenue Bond ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF, and Xtrackers MSCI EAFE High Dividend Yield Equity ETF, (collectively referred to as the “Funds”), (six of the funds constituting DBX ETF Trust), including the schedules of investments, as of May 31, 2020, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (six of the funds constituting DBX ETF Trust) at May 31, 2020, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Individual fund constituting the DBX ETF Trust	Statement of operations	Statements of changes in net assets	Financial highlights
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (formerly, Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF) Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (formerly, Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF) Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (formerly, Xtrackers Investment Grade Bond — Interest Rate Hedged ETF) Xtrackers Municipal Infrastructure Revenue Bond ETF	For the year ended May 31, 2020	For each of the two years in the period ended May 31, 2020	For each of the five years in the period ended May 31, 2020

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Report of Independent Registered Public Accounting Firm (Continued)

Individual fund constituting the DBX ETF Trust	Statement of operations	Statements of changes in net assets	Financial highlights
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF Xtrackers MSCI EAFE High Dividend Yield Equity ETF	For the year ended May 31, 2020	For each of the two years in the period ended May 31, 2020	For each of the four years in the period ended May 31, 2020 and the period from August 12, 2015 (commencement of operations) to May 31, 2016

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of the internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2020, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

New York, New York

July 27, 2020

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DBX ETF Trust

Liquidity Risk Management (Unaudited)

All Funds

In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), your Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DBX Advisors LLC (“Advisors”) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). Advisors has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of Advisors that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on calculations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.

In February 2020, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2018 through November 30, 2019 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported on a material change made to the Program in May 2019 to address Securities and Exchange Commission guidance relating to extended foreign market holidays.

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Board Members and Officers (Unaudited)

Identification and Background

The Board has responsibility for the overall management and operations of the funds, including general supervision of the duties performed by the Advisor and other service providers. Each Board Member serves until his or her successor is duly elected or appointed and qualified. Each officer serves until he or she resigns, is removed, dies, retires or becomes disqualified.

The Trust currently has three Board Members. The three Independent Board Members have no affiliation or business connection with the Advisor or any of its affiliated persons and do not own any stock or other securities issued by the Advisor.

The Independent Board Members of the Trust, their term of office and length of time served, their principal business occupations during the past five years, the number of portfolios in the fund complex (defined below) overseen by each Independent Board Member, and other directorships, if any, held by the Board Members are shown below. The fund complex includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor. As of the date of this shareholder report, the fund complex consists of the funds in the Trust, as well as the registered funds advised by affiliates of the Advisor.

Shareholder Communications to the Board.    Shareholders may send communications to the Trust’s Board by addressing the communications directly to the Board (or individual Board Members) and/or otherwise clearly indicating in the salutation that the communication is for the Board (or individual Board Members). The shareholder may send the communication to either the Trust’s office or directly to such Board members c/o 875 Third Avenue, New York, NY 10022. Other shareholder communications received by the Trust not directly addressed and sent to the Board will be reviewed and generally responded to by management. Such communications will be forwarded to the Board at management’s discretion based on the matters contained therein.

Independent Board Members

Name, Year of Birth, Position with the Trust and Length of Time Served(1)	Business Experience and Directorships During the Past 5 Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Board Member
Stephen R. Byers (1953) Chairman since 2016, and Board Member since 2011 (formerly, Lead Independent Board Member, 2015-2016)	Independent Director (2011- present); Independent Consultant (2014-present); Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer, the Dreyfus Corporation (2002-2006).	34	The Arbitrage Funds, Sierra Income Corporation, Mutual Fund Directors Forum
George O. Elston (1964) Board Member since 2011, Chairman of the Audit Committee since 2015	Chief Financial Officer, Enzyvant (2018-present); Chief Executive Officer, 2X Oncology, Inc. (2017-2018); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013).	34	-
J. David Officer (1948) Board Member since 2011, Chairman of the Nominating Committee since 2015	Independent Director (2010-present); Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009).	34	(Chairman of) Ilex Management Ltd; Old Westbury Funds

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Board Members and Officers (Unaudited)(Continued)

Officers⁽²⁾

Name, Year of Birth, Position with the Trust and Length of Time Served(4)	Business Experience and Directorships During the Past 5 Years
Freddi Klassen(5) (1975) President and Chief Executive Officer, 2016-present	Director(3) in DWS and Chief Operating Officer in the Americas for the Traditional Asset Classes Department (2014–present); Manager and Chief Operating Officer of DWS Investment Management Americas, Inc. (2018–present) and the Advisor (2016–present); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013).
Luke Oliver(5) (1980) Chief Operating Officer, 2019-present	Managing Director(3) in DWS (2017-present); Director(3) in DWS (2009-2017); Head of Passive Americas Asset Management Platform (2019-present); Manager, Chief Executive Officer and Chief Investment Officer of the Advisor (2019-present); Head of ETF Capital Markets, Americas (2012-2018); Lead Portfolio Manager of PowerShares DB ETFs (2009-2012).
Diane Kenneally(6) (1966) Treasurer, Chief Financial Officer and Controller, 2019-present	Director(3) in DWS; Chief Financial Officer and Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2018-present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present); formerly: Assistant Treasurer for the DWS funds (2007-2018).
Frank Gecsedi(5) (1967) Chief Compliance Officer, 2010-present	Director(3) in DWS Compliance Department (2016-present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Advisor (2010-present); Chief Compliance Officer of DWS Distributors, Inc. (2019-present); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012).
Bryan Richards(5) (1978) Vice President, 2016-present	Managing Director(3) in DWS (2018-present); Director(3) in DWS (2014-2018); Portfolio Manager in the Passive Asset Management Department at DWS (2011-present); Primary Portfolio Manager for the PowerShares DB Commodity ETFs (2011-2015).
John Millette(6) (1962) Secretary, 2020-present	Director(3) in DWS US Retail Legal (2003-present); Vice President and Secretary of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (1999-present); Chief Legal Officer, DWS Investment Management Americas, Inc. (2015-present); Director and Vice President of DWS Trust Company (2016-present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011-present); formerly: Secretary of Deutsche Investment Management Americas Inc. (2015-2017); Assistant Secretary of DBX ETF Trust (2019-2020); Assistant Secretary (July 14, 2006-December 31, 2010) and Secretary (January 31, 2006-July 13, 2006), The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc.

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Board Members and Officers (Unaudited) (Continued)

Name, Year of Birth, Position with the Trust and Length of Time Served(4)	Business Experience and Directorships During the Past 5 Years
Caroline Pearson(6) (1962) Assistant Secretary, 2020-present	Managing Director(3) in DWS US Retail Legal; Chief Legal Officer of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2010-present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012-present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002-2017); and Secretary, Deutsche AM Service Company (2010-2017).
Paul Antosca(6) (1957) Assistant Treasurer, 2019-present	Director(3) in DWS; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2007-present).
Jeffrey Berry(6) (1959) Assistant Treasurer, 2019-present	Director(3) in DWS.
Sheila Cadogan(6) (1966) Assistant Treasurer, 2019-present	Director(3) in DWS; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2017-present); Director and Vice President, DWS Trust Company (2018-present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present).
Christina A. Morse(7) (1964) Assistant Secretary, 2017-present	Vice President at BNY Mellon-Asset Servicing (2014-present); Vice President and Counsel at Lord Abbett & Co. LLC (2013-2014).
Michelle Goveia-Pine(5) (1970) Interim Anti-Money Laundering Compliance Officer, since July 9, 2020	Director(3) in DWS; Interim AML Officer, DWS Trust Company (since July 28, 2020); and Interim AML Officer of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (since July 10, 2020); Interim AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since July 24, 2020).

⁽¹⁾ The length of time served is represented by the year in which the Board Member joined the Board.

⁽²⁾ As a result of their respective positions held with the Advisor and its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Funds.

⁽³⁾ Executive title, not a board directorship.

⁽⁴⁾ The length of time served is represented by the year in which the officer was first elected to the Trust in such capacity.

⁽⁵⁾ Address: 875 Third Avenue, New York, New York 10022.

⁽⁶⁾ Address: One International Place, Boston, Massachusetts 02110.

⁽⁷⁾ Address: BNY Mellon Asset Servicing, Atlantic Terminal Office Tower, 2 Hanson Place, Brooklyn, NY 11217.

The Funds’ Statement of Additional Information (“SAI”) includes additional information about the Funds’ Board Members. The SAI is available by calling 855-329-3837, or on the Company’s website at www.Xtrackers.com.

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DBX ETF Trust

Board Considerations in Approval of Investment Advisory

Contract (Unaudited)

Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF, Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF, Xtrackers J.P Morgan ESG USD High Yield Corporate Bond ETF, Xtrackers Municipal Infrastructure Revenue Bond ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 26-27, 2020 (the “Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (now known as Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF), Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (now known as Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF), Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (now known as Xtrackers J.P Morgan ESG USD High Yield Corporate Bond ETF), Xtrackers Municipal Infrastructure Revenue Bond ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) each Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees also took into consideration the discussions they had with management during the Meeting and among themselves during their Executive Sessions held on February 26 and February 27, 2020. The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of each Fund’s investment performance, tracking error and related financial information, presentations given by DBX, as well as its periodic reports on brokerage commissions, portfolio execution and other services provided to the Funds.

In reaching its decision to continue in effect the Investment Advisory Agreement for another annual period, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the financial resources of DBX and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Advisor from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Advisor.

The Board reached a determination, with the assistance of Independent Trustee Counsel and Dechert LLP (“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 its 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 provided and the risks incurred by the Advisor under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Advisor continuously during the prior year, in addition to the information the Advisor had provided in response to the Board’s requests prior to the Meeting. 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

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DBX ETF Trust

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Contract (Unaudited) (Continued)

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 Advisor, including portfolio management.

The Board considered that the Advisor provides, 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 Advisor pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Advisor 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 the Funds’ portfolios directly, the Advisor provides 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.

The Board considered the information regarding each Fund’s tracking error compared to its underlying index that had been provided by the Advisor and by Broadridge. The Board took note of the detailed information provided by the Advisor throughout the year with respect to each Fund’s tracking error and the sources thereof. The Trustees noted that tracking error for each Fund during the year was in an expected range.

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

Advisor’s Financial Resources.    In connection with the assessment of the ability of the Advisor to perform its duties under the Investment Advisory Agreement, the Board considered the Advisor’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Advisor 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 and total expenses to those of the other ETFs in its Peer Group. The Board noted that due to the special characteristics of certain Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Groups and the information in the Broadridge reports accordingly may or may not provide meaningful direct comparisons to the Funds. The Board also noted that the advisory fees and total expenses (after waivers/reimbursements) for the Funds were below or equal to the average and/or median of the ETFs in each Fund’s respective Peer Group compiled by Broadridge.

The Board accordingly noted that each Fund’s fee is competitive with the fees of applicable peer ETFs.

The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Advisor pays all of the Funds’ costs (subject to certain specified exceptions). The Board considered that each Fund’s fee had been priced to scale when it was established. The Board also considered that each Fund’s portfolio is managed on a day-to-day basis by the Advisor and that the Advisor also provides 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 provided.

Costs of Services and Profitability.    The Board considered the expenses of the Advisor in developing and rendering services provided to the Funds and the information provided by the Advisor to the Board regarding the Funds’ profitability. The Board considered that the Advisor had provided extensive information about the

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Board Considerations in Approval of Investment Advisory

Contract (Unaudited) (Continued)

Advisor’s profitability and the Advisor’s methodology in determining profitability. While the Advisor had provided information about the Advisor’s expenses relating to marketing the Funds, the Board considered the Advisor’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Advisor’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Advisor would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.

Economies of Scale.    The Board considered that certain Funds had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was very competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets.

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.

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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 Funds are required to file their complete schedule of portfolio holdings with the SEC for their 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 each Fund traded on NYSE Arca or Cboe, as applicable, 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.

Tax Information

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its year ended May 31, 2020.

	Qualified Dividend Income*
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		75%
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		80%

* The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.

Each Fund intends to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:

	Gross Foreign Income		Foreign Taxes Paid
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		$1,212,797		$98,496
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		15,473,089		719,430

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DBX ETF Trust

Privacy Policy Notice (Unaudited)

DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax advisor, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.

California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.

Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.Xtrackers.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.

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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 possible loss of principal. Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. In certain situations, it may be difficult or impossible to sell an investment at an acceptable price. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. 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. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. The market for municipal bonds may be less liquid than for taxable bonds and there may be less information available on the financial condition of issuers of municipal securities than for public corporations. Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. With respect to ESHY, ESCR and ESEB, investing in securities that meet ESG criteria may result in the fund forgoing otherwise attractive opportunities, which may result in underperformance when compared to funds that do not consider ESG factors. The Funds’ use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. ESEB and HDEF are currently non-diversified and can take larger positions in fewer issues, increasing its potential risk. Stocks may decline in value. Dividends are not guaranteed. If the dividend-paying stocks held by the Fund reduce or stop paying dividends, the Fund’s ability to generate income may be adversely affected. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. Please read the prospectus for more information.

War, terrorism, economic uncertainty, trade disputes, public health crises (including the recent pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Funds and their investments.

Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. or CBOE BZX Exchange, Inc., as applicable. 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.

ESHY and ESEB are not sponsored, endorsed, or promoted by JP Morgan Chase & Co. (“JP Morgan”) and JP Morgan bears no liability with respect to any index on which such fund is based. The accuracy, completeness or relevance of the information which has been obtained from external sources cannot be guaranteed, although it has been obtained from sources reasonably believed to be reliable. Subject to any applicable law, JP Morgan shall not assume any liability in this respect. The index described herein is a proprietary J.P. Morgan index. The prospectus contains a detailed description of the limited relationship that JP Morgan has with DBX Advisors, LLC. Index provider website: www.jpmorgan.com/country/US/en/jpmorgan/investbk/solutioins/research/indices/composition.

BLOOMBERG^® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS^® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays is affiliated with, and neither approves, endorses, reviews or recommends the Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF. Neither Bloomberg nor Barclays guarantees the timeliness, accurateness or completeness of any data or information relating to the Bloomberg Barclays MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index, and neither shall be liable in any way to the DBX Advisors LLC, investors in the Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF or other third parties in respect of the use or accuracy of the Bloomberg Barclays MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index or any data included therein.

RVNU is not sponsored, endorsed, sold or promoted in any other manner by Solactive AG (the “Licensor”) nor does the trade mark or the Index Price at any time or in any other respect.

The Funds or securities referred to herein are not sponsored, endorsed, issued, sold or promoted by MSCI, and MSCI bears no liability with respect to any such Funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX Advisors LLC and any related funds.

Copyright © 2020 DWS Group. All rights reserved. Xtrackers^TM is a trademark of DWS Investment 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, lending 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 5 Times Square New York, NY 10036	Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036

R-35362-7 (7/20) DBX004444 (7/21)

May 31, 2020

Annual Report

DBX ETF Trust

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

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

Xtrackers MSCI All China Equity ETF (CN)

Xtrackers MSCI China A Inclusion Equity ETF (ASHX)

DBX ETF Trust

Table of Contents

	Page
Shareholder Letter		1
Management’s Discussion of Fund Performance		3
Performance Summary
Xtrackers Harvest CSI 300 China A-Shares ETF		6
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		8
Xtrackers MSCI All China Equity ETF		10
Xtrackers MSCI China A Inclusion Equity ETF		12
Fees and Expenses		14
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF		15
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		20
Xtrackers MSCI All China Equity ETF		28
Xtrackers MSCI China A Inclusion Equity ETF		33
Statements of Assets and Liabilities		42
Statements of Operations		43
Statements of Changes in Net Assets		44
Financial Highlights		46
Notes to Financial Statements		48
Report of Independent Registered Public Accounting Firm		58
Liquidity Risk Management		60
Board Members and Officers		61
Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts		64
Additional Information		70
Privacy Policy Notice		71

To our Shareholders: (Unaudited)

Dear Shareholders,

We are pleased to provide this annual report for our flagship ETFs tracking China’s equity market for the period ended May 31, 2020.

During 2019-20, most economies across the globe experienced contractions following trade deficits, volatile energy prices and coronavirus-related disruptions. Economies focused their efforts through the initial phase of the review period on ensuring favorable employment rates, achieving target inflation levels, improving corporate earnings and driving expansion. However, as the coronavirus pandemic and its entailing shutdowns became more obvious, economies displayed concurrent absence in GDP¹ growth. Almost all major economies endured commercial and social lockdowns, leading to a near collapse of small businesses and substantial fall in industrial and employment activities.

The Chinese economy saw its maiden contraction in decades in Q1 2020 owing to the government’s decision to cease all non-essential economic production and activity to tackle the coronavirus pandemic. China has been trying to find ways to grow exports amid the US embargo, but the pandemic threw a spanner in the efforts of the Communist Party regime. Also, the Chinese government failed to set a growth target for 2020 due to the high level of uncertainty caused by the global impact of the pandemic.

With businesses being shut in all major industrial provinces, key sectors suffered negative results. The automotive sector, which was battling growth saturation in 2019, was the most affected with sales falling to less than a tenth of its regular mid-quarter numbers in February. Labor-intensive heavyweights sectors such as manufacturing, industrials, and construction which demonstrated promising growth momentum in 2019 were the biggest affected; while agriculture was the only sector that reported growth. The nationwide lockdown restrictions saw retail sales and services diving to record lows. However, the services sector rebounded the sharpest in April after the restrictions were eased.

On the monetary policy front, the regime steadily reduced its benchmark rate over the last six months to rejuvenate economic activity in the post lockdown period of April-May, which showed underrated improvement. As a supplement to the cause, two stimuli packages were announced in the last six months by the Chinese Central Bank and the government, amounting to a combined total of over USD 600bn. These fiscal measures along with increased public spending are oriented to set the deficit back to 2016-17 levels.

Despite being the first victim of the pandemic, China has shown resilience with fresh reported cases being among the lowest in all major countries. Lockdown restrictions were reduced considerably by the end of March to spur normal business and social climate. The number of new cases have stayed within the single-digit range for a majority of the April-May period; although local experts and health officials are not ruling out the chances of a second wave of infections.

Though China seemingly came out of the coronavirus halt in May 2020, its growth prospects are seen in a conservative light as subdued retail sales for the month did not match robust production figures. This is also resonated in the capacity utilization being capped at two-third levels to dilate margins. With most of China’s international trading partners reeling under the pandemic, a lopsided external supply-demand scenario is estimated in the coming quarter. Economists are expecting a credible but protracted W-shaped recovery given the fear of resurgence of fresh cases expected locally and the lack of external support for the global trade major.

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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

Management’s Discussion of Fund Performance (Unaudited)

Xtrackers Harvest CSI 300 China A-Shares ETF

The Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 300 Index (the ASHR Index). The ASHR Index is designed to reflect price fluctuations and performance of the China A-share market and is composed of the 300 largest and most liquid stocks in the China A-share market. ASHR is sub-advised by Harvest Global Investments. The continued strategic partnership between DWS and Harvest Global Investments provides investors with unique access to the expansive Chinese economy and stock market. For the 12-month period ended May 31, 2020, ASHR shares returned 4.50%, compared with the ASHR Index’s 4.88%.

Consumer Staples, Information Technology and Health Care were the major positive contributors, while Financials, Energy and Industrials sectors detracted most from the performance.

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

The Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 500 Index (the ASHS Index). The ASHS Index tracks 500 small-cap companies listed on the Shanghai and Shenzhen Stock Exchanges. ASHS is sub-advised by Harvest Global Investments. The continued strategic partnership between DWS and Harvest Global Investments provides investors with unique access to the expansive Chinese economy and stock market. For the 12-month period ended May 31, 2020, ASHS returned 7.02%, compared with the ASHS Index’s 7.47%.

Information Technology, Health Care and Consumer Staples were the major positive contributors, while Materials, Real Estate and Industrials sectors detracted most from the performance.

Xtrackers MSCI All China Equity ETF

The Xtrackers MSCI All China Equity ETF (CN) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI China All Shares Index (the CN Index). The CN Index captures large and midcap representations across China A-shares, B-shares, H-shares, Red-chips, and P-chips. The index aims to reflect the opportunity set of China share classes listed in Hong Kong, Shanghai, and Shenzhen. It is based on the concept of the integrated MSCI China equity universe, with China A-shares included. The Fund, using a passive or indexing approach, attempts to approximate the performance of the index. CN expects to gain exposure to the China A-share components of the index by investing in the Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, affiliated Funds sub-advised by Harvest Global Investments Limited; and Xtrackers MSCI China A Inclusion Equity ETF, an affiliated Fund advised by DBX Advisors LLC. For the 12-month period ended May 31, 2020, CN returned 9.35%, compared with the CN Index’s 10.70%.

Consumer Discretionary, Communication Services and Health Care were the major positive contributors, while Financials, Energy and Real Estate sectors detracted most from the performance.

Xtrackers MSCI China A Inclusion Equity ETF

The Xtrackers MSCI China A Inclusion Equity ETF (ASHX) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI China A Inclusion Index (the ASHX Index). The ASHX Index is designed to track the progressive partial inclusion of A shares in the MSCI Emerging Markets Index over time. The index is designed for global investors accessing the A share market using the Stock Connect framework and is calculated using China A Stock Connect listings based on the offshore RMB exchange rate (CNH). For the 12-month period ended May 31, 2020, ASHX returned 8.49%, compared with the ASHX Index’s 9.12%.

Consumer Staples, Health Care and Information Technology were the major positive contributors, while Financials, Energy and Real Estate sectors detracted most from the performance.

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

Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance

3

DBX ETF Trust

Management’s Discussion of Fund Performance (Unaudited)(Continued)

data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 6-13 of this report for additional performance information, including performance data based on market value. The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.

4

This Page is Intentionally Left Blank

5

DBX ETF Trust

Performance Summary (Unaudited)

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

The Xtrackers Harvest CSI 300 China A-Shares 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 CSI 300 Index (the “Underlying Index”). The Underlying Index is designed to reflect the price fluctuation and performance of the China A-Share market and is composed of the 300 largest and most liquid stocks in the China A-Share market. The MSCI ACWI ex USA Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States). It is not possible to invest directly into an index.

Performance as of May 31, 2020

Average Annual Total Return
	Net Asset Value	Market Value	CSI 300 Index	MSCI ACWI ex USA Index
One Year	4.50%	5.02%	4.88%	-3.43%
Five Year	-5.94%	-6.00%	-5.34%	0.79%
Since Inception1	6.09%	6.03%	6.99%	1.36%
Cumulative Total Returns
	Net Asset Value	Market Value	CSI 300 Index	MSCI ACWI ex USA Index
One Year	4.50%	5.02%	4.88%	-3.43%
Five Year	-26.39%	-26.62%	-24.00%	4.01%
Since Inception1	47.44%	46.98%	55.89%	9.27%

¹ Total returns are calculated based on the commencement of operations, November 6, 2013 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2019 was 0.65%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

6

DBX ETF Trust

Performance Summary (Unaudited)

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

Growth of an Assumed $10,000 Investment

¹ Based on Net Asset Value from commencement of operations, November 6, 2013.

Sector Diversification* as of May 31, 2020

Financials	30.5%
Consumer Staples	14.2%
Industrials	11.1%
Information Technology	10.4%
Consumer Discretionary	9.2%
Health Care	8.6%
Materials	6.0%
Real Estate	3.9%
Utilities	2.3%
Communication Services	2.1%
Energy	1.7%
Total	100.0%

Ten Largest Equity Holdings
as of May 31, 2020 (27.2% of Net Assets)

Description	% of Net Assets
Ping An Insurance Group Co. of China Ltd.		5.9%
Kweichow Moutai Co. Ltd.		5.3%
China Merchants Bank Co. Ltd.		2.7%
Jiangsu Hengrui Medicine Co. Ltd.		2.2%
Wuliangye Yibin Co. Ltd.		2.2%
Midea Group Co. Ltd.		2.2%
Gree Electric Appliances, Inc. of Zhuhai		2.1%
Industrial Bank Co. Ltd.		1.8%
CITIC Securities Co. Ltd.		1.5%
Inner Mongolia Yili Industrial Group Co. Ltd.		1.3%

* As a percentage of total investments.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 15.

7

DBX ETF Trust

Performance Summary (Unaudited)

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

The Xtrackers Harvest CSI 500 China A-Shares Small Cap 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 CSI 500 Index (the “Underlying Index”). The Underlying Index is designed to reflect the price fluctuation and performance of small-cap companies in the China A-Share market and is composed of the 500 smallest and most liquid stocks in the China A-Share market. The MSCI ACWI ex USA Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States). It is not possible to invest directly into an index.

Performance as of May 31, 2020

Average Annual Total Return
	Net Asset Value	Market Value	CSI 500 Index	MSCI ACWI ex USA Index
One Year	7.02%	6.72%	7.47%	-3.43%
Five Year	-14.41%	-14.52%	-13.27%	0.79%
Since Inception1	3.19%	3.09%	4.91%	0.72%
Cumulative Total Returns
	Net Asset Value	Market Value	CSI 500 Index	MSCI ACWI ex USA Index
One Year	7.02%	6.72%	7.47%	-3.43%
Five Year	-54.07%	-54.37%	-50.93%	4.01%
Since Inception1	20.88%	20.15%	33.55%	4.45%

¹ Total returns are calculated based on the commencement of operations, May 21, 2014 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2019, was 0.65%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

8

DBX ETF Trust

Performance Summary (Unaudited)

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

Growth of an Assumed $10,000 Investment

¹ Based on Net Asset Value from commencement of operations, May 21, 2014.

Sector Diversification* as of May 31, 2020

Information Technology	21.8%
Industrials	17.0%
Materials	16.2%
Health Care	11.9%
Consumer Discretionary	8.3%
Consumer Staples	6.3%
Communication Services	5.6%
Financials	4.5%
Real Estate	3.6%
Energy	2.4%
Utilities	2.4%
Total	100.0%

Ten Largest Equity Holdings
as of May 31, 2020 (7.0% of Net Assets)

Description	% of Net Assets
NAURA Technology Group Co. Ltd.		0.8%
Wingtech Technology Co. Ltd.		0.7%
JCET Group Co. Ltd.		0.7%
NanJi E-Commerce Co. Ltd.		0.7%
Eve Energy Co. Ltd.		0.7%
Winning Health Technology Group Co. Ltd.		0.7%
Asymchem Laboratories Tianjin Co. Ltd.		0.7%
Tianjin Zhonghuan Semiconductor Co. Ltd.		0.7%
Unigroup Guoxin Microelectronics Co. Ltd.		0.7%
WUS Printed Circuit Kunshan Co. Ltd.		0.6%

* As a percentage of total investments.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 20.

9

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI All China Equity ETF (CN)

The Xtrackers MSCI All China 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 MSCI China All Shares Index (the “Underlying Index”). The Underlying Index is designed to capture large- and mid-capitalization representation across all China securities listed in Hong Kong, Shanghai and Shenzhen. The Underlying Index includes A-Shares, H-Shares, B-Shares, Red chips and P chips share classes, as well as securities of Chinese companies listed outside of China (e.g. American depository receipts). The Fund expects to gain exposure to the China A-share components of the Index by investing in Xtrackers MSCI China A Inclusion Equity ETF, an affiliated fund advised by DBX Advisors LLC., and Xtrackers Harvest CSI 300 China A-shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, affiliated funds subadvised by Harvest Global Investments Limited. It is not possible to invest directly into an index.

Performance as of May 31, 2020

Average Annual Total Return
	Net Asset Value	Market Value	MSCI China All Shares Index
One Year	9.35%	9.90%	10.70%
Five Year	-0.68%	-0.64%	-1.96%
Since Inception1	10.14%	10.16%	9.12%
Cumulative Total Returns
	Net Asset Value	Market Value	MSCI China All Shares Index
One Year	9.35%	9.90%	10.70%
Five Year	-3.36%	-3.14%	-9.42%
Since Inception1	80.00%	80.35%	70.17%

¹ Total returns are calculated based on the commencement of operations, April 30, 2014 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2019, was 0.73%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report. This expense ratio includes net expenses of the affiliated funds in which CN invests.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

10

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI All China Equity ETF (CN) (Continued)

Growth of an Assumed $10,000 Investment

¹ Based on Net Asset Value from commencement of operations, April 30, 2014.

Sector Diversification * as of May 31, 2020

Consumer Discretionary	23.1%
Financials	18.0%
Communication Services	15.4%
Information Technology	8.0%
Industrials	7.8%
Consumer Staples	7.4%
Health Care	7.0%
Real Estate	4.4%
Materials	4.2%
Utilities	2.4%
Energy	2.3%
	100.0%

Ten Largest Equity and ETF Holdings
as of May 31, 2020 (71.2% of Net Assets)

Description	% of Net Assets
Xtrackers MSCI China A Inclusion Equity ETF		34.4%
Alibaba Group Holding Ltd.		12.0%
Tencent Holdings Ltd.		9.4%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		5.4%
China Construction Bank Corp.		2.3%
Meituan Dianping		2.1%
Ping An Insurance Group Co. of China Ltd.		1.8%
China Mobile Ltd.		1.3%
JD.com, Inc.		1.3%
Industrial & Commercial Bank of China Ltd.		1.2%

* As a percentage of total investments excluding securities lending collateral and cash equivalents. Sector percentages include the sector allocations of the Fund’s investment in Xtrackers MSCI China A Inclusion Equity ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 28.

11

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI China A Inclusion Equity ETF (ASHX)

The Xtrackers MSCI China A Inclusion 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 MSCI China A Inclusion Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of China A-Shares that are accessible through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program. China A-Shares are equity securities issued by companies incorporated in mainland China and are denominated in renminbi. The MSCI ACWI ex USA Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States). It is not possible to invest directly into an index.

Performance as of May 31, 2020

Average Annual Total Return
	Net Asset Value	Market Value	MSCI China A Inclusion Index2	MSCI ACWI ex USA Index
One Year	8.49%	8.11%	9.12%	-3.43%
Since Inception1	0.70%	0.63%	-0.23%	2.78%
Cumulative Total Returns
	Net Asset Value	Market Value	MSCI China A Inclusion Index2	MSCI ACWI ex USA Index
One Year	8.49%	8.11%	9.12%	-3.43%
Since Inception1	3.27%	2.96%	-1.07%	13.52%

¹ Total returns are calculated based on the commencement of operations, October 20, 2015 (“Inception”).

² On June 4, 2018, the Fund changed its Underlying Index from CSI 300 USD Hedged Index to the Underlying Index. Returns reflect performance for the CSI 300 USD Hedged Index through June 4, 2018. Past performance may have been different if the Fund’s current investment strategy had been in effect.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2019, was 0.60%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report. This expense ratio includes net expenses of the affiliated funds in which ASHX invests.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

12

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI China A Inclusion Equity ETF (ASHX) (Continued)

Growth of an Assumed $10,000 Investment

¹ Based on Net Asset Value from commencement of operations, October 20, 2015.

Sector Diversification * as of May 31, 2020

Financials	22.9%
Consumer Staples	16.3%
Information Technology	13.9%
Industrials	12.3%
Health Care	11.2%
Materials	6.9%
Consumer Discretionary	5.6%
Real Estate	3.8%
Communication Services	2.7%
Utilities	2.6%
Energy	1.8%
Total	100.0%

Ten Largest Equity Holdings
as of May 31, 2020 (19.4% of Net Assets)

Description	% of Net Assets
Kweichow Moutai Co. Ltd.		5.7%
Ping An Insurance Group Co. of China Ltd.		2.6%
China Merchants Bank Co. Ltd.		2.3%
Wuliangye Yibin Co. Ltd.		1.9%
Jiangsu Hengrui Medicine Co. Ltd.		1.4%
China Yangtze Power Co. Ltd.		1.3%
Industrial Bank Co. Ltd.		1.1%
Contemporary Amperex Technology Co. Ltd.		1.1%
Foshan Haitian Flavouring & Food Co. Ltd.		1.0%
Shanghai Pudong Development Bank Co. Ltd.		1.0%

* 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 33.

13

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 management fees and other fund expenses. In addition to the ongoing expenses which each Fund bears directly, the Xtrackers MSCI All China Equity ETF shareholders indirectly bear the expenses of Xtrackers MSCI China A Inclusion Equity ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (the “Underlying Funds”) in which the Xtrackers MSCI All China Equity ETF invests. These expenses are not included in Xtrackers MSCI All China Equity ETF’s annualized expense ratios used to calculate the expense estimate in the tables. In the most recent six-month period Xtrackers MSCI China A Inclusion Equity ETF and Xtrackers MSCI All China Equity 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 six-month period and held for the entire period (December 1, 2019 to May 31, 2020).

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 December 1, 2019		Ending Account Value May 31, 2020		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers Harvest CSI 300 China A-Shares ETF
Actual	$	1,000.00	$	993.20		0.65	%	$	3.24
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.75		0.65	%	$	3.29
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF
Actual	$	1,000.00	$	1,087.80		0.65	%	$	3.39
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.75		0.65	%	$	3.29
Xtrackers MSCI All China Equity ETF (2)
Actual	$	1,000.00	$	1,021.60		0.26	%	$	1.31
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.70		0.26	%	$	1.32
Xtrackers MSCI China A Inclusion Equity ETF
Actual	$	1,000.00	$	1,026.90		0.60	%	$	3.04
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.00		0.60	%	$	3.03

(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) The Fund invests in other ETFs and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

14

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF

May 31, 2020

	Number of Shares		Value
COMMON STOCKS — 99.7%
Communication Services — 2.1%
China Film Co. Ltd., Class A		494,449	$	914,434
China Satellite Communications Co. Ltd., Class A*		271,700		709,184
China United Network Communications Ltd., Class A		6,461,663		4,490,378
Focus Media Information Technology Co. Ltd., Class A		7,139,104		4,941,145
Giant Network Group Co. Ltd., Class A		419,235		977,977
Mango Excellent Media Co. Ltd., Class A*		368,883		2,739,186
Oriental Pearl Group Co. Ltd., Class A		1,441,306		2,019,357
Perfect World Co. Ltd., Class A		348,502		2,145,957
Wanda Film Holding Co. Ltd., Class A*		584,819		1,323,278
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		721,358		3,436,265
Zhejiang Century Huatong Group Co. Ltd., Class A		1,634,960		3,069,509
(Cost $22,880,646)				26,766,670
Consumer Discretionary — 9.2%
BAIC BluePark New Energy Technology Co. Ltd., Class A*		986,681		808,704
BYD Co. Ltd., Class A		616,979		4,962,664
China Grand Automotive Services Group Co. Ltd., Class A		2,279,893		996,611
China International Travel Service Corp. Ltd., Class A		676,973		9,601,465
China Shipbuilding Industry Group Power Co. Ltd., Class A*		449,445		987,999
Chongqing Changan Automobile Co. Ltd., Class A		1,353,347		1,869,575
Fuyao Glass Industry Group Co. Ltd., Class A*		983,190		2,705,428
Great Wall Motor Co. Ltd., Class A*		834,411		934,079
Gree Electric Appliances, Inc. of Zhuhai, Class A		3,327,303		26,544,022
Guangzhou Automobile Group Co. Ltd., Class A		637,539		826,238
Haier Smart Home Co. Ltd., Class A		2,570,223		5,959,718
Hangzhou Robam Appliances Co. Ltd., Class A*		328,988		1,568,552
HLA Corp. Ltd., Class A*		890,996		760,239
Huayu Automotive Systems Co. Ltd., Class A		1,072,567		2,877,730
Midea Group Co. Ltd., Class A*		3,368,263		27,852,367
Offcn Education Technology Co. Ltd., Class A		473,166		1,949,026
Oppein Home Group, Inc., Class A		83,376		1,414,161
SAIC Motor Corp. Ltd., Class A		2,433,338		6,109,383
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		1,079,983		1,251,352
Shenzhen Overseas Chinese Town Co. Ltd., Class A*		2,850,323		2,332,189
Songcheng Performance Development Co. Ltd., Class A		1,100,785		2,819,264

	Number of Shares		Value
Consumer Discretionary (Continued)
Suning.com Co. Ltd., Class A		2,568,307	$	3,155,757
TCL Technology Group Corp., Class A		9,384,343		6,863,274
Zhejiang Supor Co. Ltd., Class A		113,894		1,080,306
(Cost $88,925,878)				116,230,103
Consumer Staples — 14.2%
Anhui Gujing Distillery Co. Ltd., Class A		77,467		1,625,435
Foshan Haitian Flavouring & Food Co. Ltd., Class A		674,078		10,851,433
Guangdong Haid Group Co. Ltd., Class A		540,595		3,665,847
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A		355,075		1,111,374
Henan Shuanghui Investment & Development Co. Ltd., Class A*		690,488		3,827,096
Inner Mongolia Yili Industrial Group Co. Ltd., Class A*		4,233,405		16,874,426
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		420,034		6,209,191
Kweichow Moutai Co. Ltd., Class A		348,463		66,719,842
Luzhou Laojiao Co. Ltd., Class A		507,863		6,069,494
Muyuan Foodstuff Co. Ltd., Class A		601,445		10,127,941
New Hope Liuhe Co. Ltd., Class A		1,437,370		5,642,787
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		177,761		3,190,630
Tongwei Co. Ltd., Class A		1,789,771		3,435,381
Wens Foodstuffs Group Co. Ltd., Class A		2,562,591		9,489,283
Wuliangye Yibin Co. Ltd., Class A		1,345,760		27,942,981
Yonghui Superstores Co. Ltd., Class A		2,670,565		3,487,193
(Cost $93,537,451)				180,270,334
Energy — 1.7%
China Coal Energy Co. Ltd., Class A		1,256,510		667,210
China Oilfield Services Ltd., Class A		427,214		750,585
China Petroleum & Chemical Corp., Class A		9,266,391		5,374,869
China Shenhua Energy Co. Ltd., Class A		2,296,357		5,269,995
CNOOC Energy Technology & Services Ltd., Class A*		1,418,900		451,268
Offshore Oil Engineering Co. Ltd., Class A		1,552,679		996,332
PetroChina Co. Ltd., Class A		6,747,441		4,017,769
Shaanxi Coal Industry Co. Ltd., Class A		2,759,403		2,771,987
Shanxi Meijin Energy Co. Ltd., Class A*		859,200		753,573
Yanzhou Coal Mining Co. Ltd., Class A		589,832		698,300
(Cost $25,706,606)				21,751,888
Financials — 30.4%
Agricultural Bank of China Ltd., Class A		26,560,200		12,652,233
Anxin Trust Co. Ltd., Class A*(a)		2,223,453		778,798
Avic Capital Co. Ltd., Class A		3,741,414		1,986,698
Bank of Beijing Co. Ltd., Class A		10,250,743		7,008,613

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

	Number of Shares		Value
Financials (Continued)
Bank of Changsha Co. Ltd., Class A		687,877	$	748,839
Bank of Chengdu Co. Ltd., Class A		1,271,842		1,420,196
Bank of China Ltd., Class A		14,619,100		7,066,374
Bank of Communications Co. Ltd., Class A		19,005,275		13,606,674
Bank of Guiyang Co. Ltd., Class A		1,791,529		1,942,771
Bank of Hangzhou Co. Ltd., Class A		1,643,721		2,095,687
Bank of Jiangsu Co. Ltd., Class A		6,399,574		5,307,985
Bank of Nanjing Co. Ltd., Class A		4,115,378		4,555,056
Bank of Ningbo Co. Ltd., Class A		2,083,009		7,474,079
Bank of Shanghai Co. Ltd., Class A		4,917,186		5,580,313
Bank of Xi’an Co. Ltd., Class A		325,000		228,583
Caitong Securities Co. Ltd., Class A		1,722,476		2,398,814
Changjiang Securities Co. Ltd., Class A		2,672,086		2,339,847
China CITIC Bank Corp. Ltd., Class A		2,113,136		1,486,237
China Construction Bank Corp., Class A		4,653,628		4,153,250
China Everbright Bank Co. Ltd., Class A		11,015,404		5,880,068
China Galaxy Securities Co. Ltd., Class A		867,371		1,190,935
China Great Wall Securities Co. Ltd., Class A		231,000		378,988
China Life Insurance Co. Ltd., Class A		1,155,189		4,143,334
China Merchants Bank Co. Ltd., Class A		7,157,799		33,916,421
China Merchants Securities Co. Ltd., Class A		1,991,699		4,632,215
China Minsheng Banking Corp. Ltd., Class A		17,203,948		13,715,047
China Pacific Insurance Group Co. Ltd., Class A		2,179,594		8,635,986
Chinalin Securities Co. Ltd., Class A		187,900		358,033
CITIC Securities Co. Ltd., Class A		5,911,249		18,444,054
CSC Financial Co. Ltd., Class A		314,909		1,410,979
Dongxing Securities Co. Ltd., Class A		967,663		1,420,831
East Money Information Co. Ltd., Class A		4,467,514		8,919,442
Everbright Securities Co. Ltd., Class A		1,369,244		2,096,805
Founder Securities Co. Ltd., Class A		2,848,586		2,761,800
GF Securities Co. Ltd., Class A		2,052,501		3,790,144
Guosen Securities Co. Ltd., Class A		1,718,969		2,572,150
Guotai Junan Securities Co. Ltd., Class A		3,135,692		6,884,293
Guoyuan Securities Co. Ltd., Class A		1,402,562		1,562,234
Haitong Securities Co. Ltd., Class A		5,615,079		9,086,461
Hithink RoyalFlush Information Network Co. Ltd., Class A		142,619		2,143,846
Hongta Securities Co. Ltd., Class A*		275,500		752,299
Huatai Securities Co. Ltd., Class A		3,044,557		7,370,972
Huaxia Bank Co. Ltd., Class A		4,207,316		3,754,927
Hubei Biocause Pharmaceutical Co. Ltd., Class A		1,351,420		925,884
Industrial & Commercial Bank of China Ltd., Class A		14,921,884		10,704,109
Industrial Bank Co. Ltd., Class A		10,078,213		22,733,502
Industrial Securities Co. Ltd., Class A		3,244,109		2,586,215

	Number of Shares		Value
Financials (Continued)
Minmetals Capital Co. Ltd., Class A		321,960	$	299,521
New China Life Insurance Co. Ltd., Class A		578,428		3,545,556
Orient Securities Co. Ltd., Class A		2,465,387		3,167,462
People’s Insurance Co. Group of China Ltd., Class A		733,743		638,399
Ping An Bank Co. Ltd., Class A		6,730,716		12,259,183
Ping An Insurance Group Co. of China Ltd., Class A		7,514,478		74,445,179
Qingdao Rural Commercial Bank Corp., Class A		404,629		241,504
SDIC Capital Co. Ltd., Class A		1,155,063		1,929,029
Shanghai Pudong Development Bank Co. Ltd., Class A		8,148,883		12,067,852
Shenwan Hongyuan Group Co. Ltd., Class A*		6,243,415		3,778,878
Sinolink Securities Co. Ltd., Class A		1,678,875		2,314,570
SooChow Securities Co. Ltd., Class A		2,173,065		2,292,580
Southwest Securities Co. Ltd., Class A		1,958,332		1,201,759
Tianfeng Securities Co. Ltd., Class A		466,980		357,884
Western Securities Co. Ltd., Class A		1,216,594		1,356,799
Zheshang Securities Co. Ltd., Class A		919,779		1,269,336
(Cost $360,274,420)				386,768,512
Health Care — 8.6%
Aier Eye Hospital Group Co. Ltd., Class A		1,117,008		6,128,524
Beijing Tongrentang Co. Ltd., Class A		383,998		1,348,240
Changchun High & New Technology Industry Group, Inc., Class A*		97,057		9,056,451
Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A		180,682		900,441
Chongqing Zhifei Biological Products Co. Ltd., Class A		331,209		3,888,687
Dong-E-E-Jiao Co. Ltd., Class A		323,701		1,620,444
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		396,513		1,674,394
Hangzhou Tigermed Consulting Co. Ltd., Class A		356,526		4,238,381
Huadong Medicine Co. Ltd., Class A		604,297		1,917,678
Hualan Biological Engineering, Inc., Class A		764,344		4,409,935
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		226,037		695,454
Jiangsu Hengrui Medicine Co. Ltd., Class A		2,574,524		28,387,595
Jointown Pharmaceutical Group Co. Ltd., Class A		398,814		1,005,772
Lepu Medical Technology Beijing Co. Ltd., Class A		736,682		3,605,251
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A		1,916,817		3,155,553
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		697,250		3,003,935
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		772,667		1,926,945
Shanghai RAAS Blood Products Co. Ltd., Class A*		1,370,601		1,576,562

See Notes to Financial Statements. 16

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

	Number of Shares		Value
Health Care (Continued)
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		295,147	$	824,143
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		605,352		1,738,677
Tasly Pharmaceutical Group Co. Ltd., Class A		613,158		1,267,990
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		960,644		2,131,938
Walvax Biotechnology Co. Ltd., Class A		856,652		5,028,927
WuXi AppTec Co. Ltd., Class A		510,797		7,621,753
Yunnan Baiyao Group Co. Ltd., Class A		353,576		4,368,273
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		210,136		4,319,631
Zhejiang NHU Co. Ltd., Class A		864,405		3,064,042
(Cost $70,121,340)				108,905,616
Industrials — 11.1%
AECC Aviation Power Co. Ltd., Class A*		604,084		2,035,492
Air China Ltd., Class A		2,082,330		1,887,604
AVIC Aircraft Co. Ltd., Class A		970,372		2,338,426
AVIC Shenyang Aircraft Co. Ltd., Class A*		296,827		1,397,332
AVICOPTER PLC, Class A		207,308		1,206,534
Beijing New Building Materials PLC, Class A		589,826		1,914,727
Beijing Originwater Technology Co. Ltd., Class A		1,321,936		1,470,577
Bohai Leasing Co. Ltd., Class A*		1,281,194		552,869
China Avionics Systems Co. Ltd., Class A		361,392		670,889
China Communications Construction Co. Ltd., Class A		1,645,809		1,768,609
China Eastern Airlines Corp. Ltd., Class A*		3,121,665		1,819,435
China Gezhouba Group Co. Ltd., Class A		1,925,712		1,605,333
China National Chemical Engineering Co. Ltd., Class A		1,725,604		1,344,228
China Railway Construction Corp. Ltd., Class A		3,200,480		3,878,718
China Railway Group Ltd., Class A		5,673,557		4,173,224
China Shipbuilding Industry Co. Ltd., Class A		6,340,194		3,606,497
China Southern Airlines Co. Ltd., Class A		2,983,326		2,114,989
China Spacesat Co. Ltd., Class A*		412,951		1,863,572
China State Construction Engineering Corp. Ltd., Class A		14,535,694		10,182,694
COSCO SHIPPING Holdings Co. Ltd., Class A*		2,673,087		1,183,470
CRRC Corp. Ltd., Class A		6,762,035		5,532,828
Daqin Railway Co. Ltd., Class A		4,132,328		3,948,536
Fangda Carbon New Material Co. Ltd., Class A*		1,138,211		1,499,020

	Number of Shares		Value
Industrials (Continued)
Guangzhou Baiyun International Airport Co. Ltd., Class A		703,744	$	1,612,090
Hainan Airlines Holding Co. Ltd., Class A*		8,005,000		1,816,909
Han’s Laser Technology Industry Group Co. Ltd., Class A*		591,943		2,522,876
Jiangsu Zhongtian Technology Co. Ltd., Class A		1,704,943		2,770,925
Metallurgical Corp. of China Ltd., Class A		4,963,200		1,738,436
NARI Technology Co. Ltd., Class A		1,608,699		4,171,940
Ningbo Zhoushan Port Co. Ltd., Class A*		2,751,097		1,310,515
Power Construction Corp. of China Ltd., Class A		5,301,471		2,532,839
Qingdao Port International Co. Ltd., Class A		310,780		248,626
Sany Heavy Industry Co. Ltd., Class A		4,071,372		10,455,870
SF Holding Co. Ltd., Class A		610,620		3,899,440
Shanghai Construction Group Co. Ltd., Class A		3,097,311		1,340,912
Shanghai Electric Group Co. Ltd., Class A		2,512,659		1,534,889
Shanghai International Airport Co. Ltd., Class A		668,087		6,775,924
Shanghai International Port Group Co. Ltd., Class A		3,217,288		1,825,584
Shanghai M&G Stationery, Inc., Class A		255,365		1,993,918
Shenzhen Inovance Technology Co. Ltd., Class A		701,688		3,375,007
Siasun Robot & Automation Co. Ltd., Class A*		761,611		1,381,847
Spring Airlines Co. Ltd., Class A*		236,402		1,187,401
STO Express Co. Ltd., Class A*		221,200		562,495
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A		1,110,724		1,232,503
TBEA Co. Ltd., Class A		2,562,612		2,466,588
Weichai Power Co. Ltd., Class A		3,303,689		6,035,783
XCMG Construction Machinery Co. Ltd., Class A		3,259,037		2,680,305
Xiamen C & D, Inc., Class A		985,024		1,204,809
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		1,930,387		2,563,951
YTO Express Group Co. Ltd., Class A		660,314		1,219,335
Yunda Holding Co. Ltd., Class A		461,286		2,156,669
Zhejiang Chint Electrics Co. Ltd., Class A		746,596		2,660,045
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A*		958,913		3,002,712
Zhengzhou Yutong Bus Co. Ltd., Class A		913,921		1,549,355
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		3,603,333		3,215,887
(Cost $130,044,528)				141,041,988

See Notes to Financial Statements. 17

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

	Number of Shares		Value
Information Technology — 10.3%
360 Security Technology, Inc., Class A		282,882	$	705,476
Aisino Corp., Class A		785,952		1,756,360
Avary Holding Shenzhen Co. Ltd., Class A		169,200		995,887
AVIC Jonhon Optronic Technology Co. Ltd., Class A		370,012		1,812,877
Beijing Shiji Information Technology Co. Ltd., Class A		228,019		948,502
BOE Technology Group Co. Ltd., Class A*		16,427,291		8,538,798
Chaozhou Three-Circle Group Co. Ltd., Class A		711,096		1,981,618
Dawning Information Industry Co. Ltd., Class A		610,193		3,182,003
Fiberhome Telecommunication Technologies Co. Ltd., Class A		490,362		1,920,240
Foxconn Industrial Internet Co. Ltd., Class A		1,249,194		2,347,014
Gigadevice Semiconductor Beijing, Inc., Class A		187,023		5,067,409
Glodon Co. Ltd., Class A		470,463		3,779,550
GoerTek, Inc., Class A		1,565,419		4,658,457
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A*		46,014		587,629
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		2,574,298		9,907,735
Hengtong Optic-electric Co. Ltd., Class A		918,840		2,113,829
Hundsun Technologies, Inc., Class A*		444,684		6,561,121
Iflytek Co. Ltd., Class A		1,073,417		4,805,031
Lens Technology Co. Ltd., Class A		891,372		2,035,652
LONGi Green Energy Technology Co. Ltd., Class A		1,832,242		8,319,913
Luxshare Precision Industry Co. Ltd., Class A		2,213,005		13,797,466
OFILM Group Co. Ltd., Class A*		1,322,113		2,626,647
Sanan Optoelectronics Co. Ltd., Class A		1,703,352		5,550,997
Shengyi Technology Co. Ltd., Class A		795,925		2,988,573
Shennan Circuits Co. Ltd., Class A		94,118		1,991,162
Shenzhen Goodix Technology Co. Ltd., Class A		95,363		2,892,642
Shenzhen Sunway Communication Co. Ltd., Class A*		520,329		2,843,878
Tsinghua Tongfang Co. Ltd., Class A*		1,621,151		1,580,846
Tunghsu Optoelectronic Technology Co. Ltd., Class A		3,034,245		1,177,572
Unisplendour Corp. Ltd., Class A*		570,103		3,056,812
Wangsu Science & Technology Co. Ltd., Class A*		1,370,875		1,496,209
Will Semiconductor Ltd., Class A		120,936		3,110,555
Yonyou Network Technology Co. Ltd., Class A		1,133,892		5,544,394
Zhejiang Dahua Technology Co. Ltd., Class A		1,257,219		2,621,023
ZTE Corp., Class A*		1,607,227		8,117,820
(Cost $86,260,796)				131,421,697

	Number of Shares		Value
Materials — 6.0%
Aluminum Corp. of China Ltd., Class A*		4,550,217	$	1,785,036
Angang Steel Co. Ltd., Class A		1,653,358		569,848
Anhui Conch Cement Co. Ltd., Class A		1,375,869		10,949,199
Baiyin Nonferrous Group Co. Ltd., Class A*		1,028,700		384,819
Baoshan Iron & Steel Co. Ltd., Class A*		6,186,147		4,238,245
BBMG Corp., Class A		2,302,029		1,015,964
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A*		638,345		3,447,758
Bluestar Adisseo Co., Class A		213,263		337,937
China Jushi Co. Ltd., Class A		1,433,567		1,773,518
China Molybdenum Co. Ltd., Class A		4,919,285		2,357,138
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		1,520,870		2,162,793
Ganfeng Lithium Co. Ltd., Class A		529,086		3,669,344
Hengli Petrochemical Co. Ltd., Class A		1,441,858		2,812,022
Hengyi Petrochemical Co. Ltd., Class A		1,033,208		1,324,543
Hesteel Co. Ltd., Class A		2,940,610		828,115
Hoshine Silicon Industry Co. Ltd., Class A		100,379		347,374
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		15,813,107		2,437,063
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		2,349,273		816,285
Jiangxi Copper Co. Ltd., Class A		701,190		1,252,573
Lomon Billions Group Co. Ltd., Class A		694,488		1,519,857
Ningxia Baofeng Energy Group Co. Ltd., Class A		559,800		698,039
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*		2,976,800		809,111
Rongsheng Petro Chemical Co. Ltd., Class A		1,312,478		2,134,918
Shandong Gold Mining Co. Ltd., Class A		701,908		3,648,472
Shandong Nanshan Aluminum Co. Ltd., Class A		4,986,120		1,418,128
Tianqi Lithium Corp., Class A		591,197		1,647,494
Tongling Nonferrous Metals Group Co. Ltd., Class A*		4,371,020		1,157,448
Transfar Zhilian Co. Ltd., Class A		883,895		704,644
Wanhua Chemical Group Co. Ltd., Class A		1,073,801		6,992,731
YanAn Bicon Pharmaceutical Listed Co., Class A*		401,876		387,380
Zhejiang Huayou Cobalt Co. Ltd., Class A		475,896		2,164,966
Zhejiang Longsheng Group Co. Ltd., Class A		1,817,000		3,100,696
Zhongjin Gold Corp. Ltd., Class A		1,287,739		1,674,298
Zijin Mining Group Co. Ltd., Class A		9,534,591		5,049,528
(Cost $65,093,297)				75,617,284

See Notes to Financial Statements. 18

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

	Number of Shares		Value
Real Estate — 3.9%
China Fortune Land Development Co. Ltd., Class A		834,455	$	2,532,318
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		2,205,570		4,953,490
China Vanke Co. Ltd., Class A		4,052,787		14,592,974
Gemdale Corp., Class A		1,552,497		2,773,307
Greenland Holdings Corp. Ltd., Class A		2,537,735		1,902,203
Jiangsu Zhongnan Construction Group Co. Ltd., Class A		1,273,658		1,404,380
Jinke Properties Group Co. Ltd., Class A		1,474,600		1,590,823
Poly Developments and Holdings Group Co. Ltd., Class A		4,965,894		9,990,996
Red Star Macalline Group Corp. Ltd., Class A		279,060		400,755
RiseSun Real Estate Development Co. Ltd., Class A		1,202,770		1,312,735
Seazen Holdings Co. Ltd., Class A*		605,612		2,655,802
Shanghai Lingang Holdings Corp. Ltd., Class A*		274,728		780,599
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		612,093		975,925
Xinhu Zhongbao Co. Ltd., Class A		2,982,466		1,249,406
Yango Group Co. Ltd., Class A*		1,127,610		1,025,323
Youngor Group Co. Ltd., Class A		1,927,352		1,676,909
(Cost $45,478,078)				49,817,945

	Number of Shares		Value
Utilities — 2.2%
China National Nuclear Power Co. Ltd., Class A		4,330,601	$	2,445,176
China Yangtze Power Co. Ltd., Class A		6,108,591		14,883,242
GD Power Development Co. Ltd., Class A		8,194,400		2,089,515
Huadian Power International Corp. Ltd., Class A		2,276,800		1,164,326
Huaneng Lancang River Hydropower, Inc., Class A		1,265,400		636,472
Huaneng Power International, Inc., Class A		3,037,242		1,842,571
SDIC Power Holdings Co. Ltd., Class A		2,363,057		2,499,643
Sichuan Chuantou Energy Co. Ltd., Class A		1,225,136		1,524,243
Zhejiang Zheneng Electric Power Co. Ltd., Class A		2,842,988		1,382,170
(Cost $29,519,161)				28,467,358
TOTAL COMMON STOCKS (Cost $1,017,842,201)				1,267,059,395
TOTAL INVESTMENTS — 99.7% (Cost $1,017,842,201)			$	1,267,059,395
Other assets and liabilities, net — 0.3%				3,703,423
NET ASSETS — 100.0%			$	1,270,762,818

* Non-income producing security.

(a) Investment was valued using significant unobservable inputs.

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 May 31, 2020 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 (b)	$	1,266,280,597	$	—	$	778,798	$	1,267,059,395
TOTAL	$	1,266,280,597	$	—	$	778,798	$	1,267,059,395

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

During the year ended May 31, 2020, the amount of transfers from Level 1 to Level 3 was $1,409,810. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity.

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

May 31, 2020

	Number of Shares		Value
COMMON STOCKS — 99.7%
Communication Services — 5.6%
Beijing Enlight Media Co. Ltd., Class A		42,600	$	69,533
Beijing Gehua CATV Network Co. Ltd., Class A (a)		47,300		68,258
Beijing Kunlun Tech Co. Ltd., Class A*		33,900		105,488
Bluefocus Intelligent Communications Group Co. Ltd., Class A		97,600		98,456
Changjiang Publishing & Media Co. Ltd., Class A		29,212		21,856
China South Publishing & Media Group Co. Ltd., Class A		35,100		52,374
Chinese Universe Publishing and Media Group Co. Ltd., Class A		33,189		52,731
Dr Peng Telecom & Media Group Co. Ltd., Class A*		69,800		66,402
G-bits Network Technology Xiamen Co. Ltd., Class A		2,073		117,338
Guizhou Broadcasting & TV Information Network Co. Ltd., Class A		15,400		16,830
Hangzhou Shunwang Technology Co. Ltd., Class A*		20,600		54,519
Huayi Brothers Media Corp., Class A*		95,074		53,681
Jiangsu Broadcasting Cable Information Network Corp. Ltd., Class A*		121,900		62,167
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A		37,300		35,014
Leo Group Co. Ltd., Class A*		226,995		130,394
NanJi E-Commerce Co. Ltd., Class A*		84,150		222,240
Ourpalm Co. Ltd., Class A*		135,000		115,567
People.cn Co. Ltd., Class A		27,300		73,438
Shandong Publishing & Media Co. Ltd., Class A		30,509		27,485
Wasu Media Holding Co. Ltd., Class A		27,800		43,000
Xinhuanet Co. Ltd., Class A		10,150		31,613
Youzu Interactive Co. Ltd., Class A*		25,900		69,490
Zhejiang Daily Digital Culture Group Co. Ltd., Class A		38,500		50,003
Zhejiang Huace Film & TV Co. Ltd., Class A		51,800		49,569
(Cost $1,495,917)				1,687,446
Consumer Discretionary — 8.3%
Anhui Jianghuai Automobile Group Corp. Ltd., Class A*		64,200		81,493
Anhui Xinhua Media Co. Ltd., Class A		29,400		20,596
Anhui Zhongding Sealing Parts Co. Ltd., Class A*		36,000		38,686
Beiqi Foton Motor Co. Ltd., Class A*		225,000		55,797
Besttone Holdings Co. Ltd., Class A		15,600		35,910
BTG Hotels Group Co. Ltd., Class A		24,145		56,088
CCOOP Group Co. Ltd., Class A*		88,100		48,633
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A*		6,800		103,771
Chengdu Fusen Noble-House Industrial Co. Ltd., Class A		11,170		17,967
China CYTS Tours Holding Co. Ltd., Class A		28,200		39,628

	Number of Shares		Value
Consumer Discretionary (Continued)
Chongqing Department Store Co. Ltd., Class A		11,895	$	51,997
Chongqing Sokon Industry Group Co. Ltd., Class A		14,000		15,751
Chow Tai Seng Jewellery Co. Ltd., Class A		10,600		30,222
Dashang Co. Ltd., Class A*		7,400		25,474
DongFeng Automobile Co. Ltd., Class A		38,900		21,909
Eastern Pioneer Driving School Co. Ltd., Class A		11,700		27,211
Ecovacs Robotics Co. Ltd., Class A		8,033		31,142
Global Top E-Commerce Co. Ltd., Class A		38,350		27,188
Hang Zhou Great Star Industrial Co. Ltd., Class A		26,253		39,283
Hangzhou Lianluo Interactive Information Technology Co. Ltd., Class A*		74,300		17,697
Hisense Visual Technology Co. Ltd., Class A		38,800		74,420
Huizhou Desay Sv Automotive Co. Ltd., Class A		7,800		57,067
Jason Furniture Hangzhou Co. Ltd., Class A		8,814		57,917
Joyoung Co. Ltd., Class A		14,800		67,163
KingClean Electric Co. Ltd., Class A		3,700		12,032
Kuang-Chi Technologies Co. Ltd., Class A*		20,700		21,549
Liaoning Cheng Da Co. Ltd., Class A*		59,958		137,431
Loncin Motor Co. Ltd., Class A*		49,950		24,145
Ningbo Huaxiang Electronic Co. Ltd., Class A		24,600		52,492
Ningbo Joyson Electronic Corp., Class A*		38,420		106,097
Ningbo Peacebird Fashion Co. Ltd., Class A*		3,100		6,472
Ningbo Tuopu Group Co. Ltd., Class A		20,907		70,067
Rainbow Department Store Co. Ltd., Class A		23,200		30,977
Shandong Linglong Tyre Co. Ltd., Class A		23,100		61,460
Shanghai Jinjiang International Hotels Co. Ltd., Class A		15,800		60,344
Shenzhen Fenda Technology Co. Ltd., Class A*		39,759		16,656
Shenzhen Tellus Holding Co. Ltd., Class A		5,430		13,428
Shijiazhuang Changshan BeiMing Technology Co. Ltd., Class A*		47,150		60,775
Sichuan Changhong Electric Co. Ltd., Class A		180,700		66,331
Sinomach Automobile Co. Ltd., Class A		21,050		13,950
Sou Yu Te Group Co. Ltd., Class A*		75,824		28,471
Suofeiya Home Collection Co. Ltd., Class A		31,418		113,787
Visual China Group Co. Ltd., Class A		16,900		48,539
Wangfujing Group Co. Ltd., Class A		18,630		62,748
Wanxiang Qianchao Co. Ltd., Class A		66,900		44,522
Weifu High-Technology Group Co. Ltd., Class A		28,600		78,819
Wuchan Zhongda Group Co. Ltd., Class A*		123,900		77,248

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

	Number of Shares		Value
Consumer Discretionary (Continued)
Wuhan Department Store Group Co. Ltd., Class A*		22,809	$	40,170
Xiamen Intretech, Inc., Class A		6,800		45,559
Xinhua Winshare Publishing and Media Co. Ltd., Class A		7,300		10,769
Zhejiang Orient Financial Holdings Group Co. Ltd., Class A		53,994		47,583
Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A		64,200		58,196
Zhejiang Yasha Decoration Co. Ltd., Class A		39,200		53,109
Zotye Automobile Co. Ltd., Class A*		59,500		16,089
(Cost $2,540,238)				2,522,825
Consumer Staples — 6.3%
Angel Yeast Co. Ltd., Class A		24,175		143,205
Anhui Yingjia Distillery Co. Ltd., Class A		12,000		33,894
Beijing Dabeinong Technology Group Co. Ltd., Class A		122,862		142,185
Beijing Yanjing Brewery Co. Ltd., Class A		69,100		61,767
Bright Dairy & Food Co. Ltd., Class A*		29,600		65,442
Chongqing Brewery Co. Ltd., Class A		11,800		102,006
Chongqing Fuling Zhacai Group Co. Ltd., Class A		27,238		138,071
COFCO Tunhe Sugar Co. Ltd., Class A*		52,100		56,644
DaShenLin Pharmaceutical Group Co. Ltd., Class A*		7,990		90,865
Guangdong Marubi Biotechnology Co. Ltd., Class A*		2,100		25,445
Hebei Chengde Lolo Co., Class A		31,615		32,380
Heilongjiang Agriculture Co. Ltd., Class A		34,600		72,473
Hunan Dakang International Food & Agriculture Co. Ltd., Class A*		133,920		46,157
Juewei Food Co. Ltd., Class A		14,900		144,357
Laobaixing Pharmacy Chain JSC, Class A		5,610		66,455
New Hope Dairy Co. Ltd., Class A		4,700		12,182
Opple Lighting Co. Ltd., Class A		7,690		28,250
Shanghai Bailian Group Co. Ltd., Class A		39,100		53,521
Shanghai Flyco Electrical Appliance Co. Ltd., Class A*		2,400		14,694
Shanghai Jahwa United Co. Ltd., Class A		16,764		90,614
Shanghai Maling Aquarius Co. Ltd., Class A		31,700		40,772
Shenzhen Agricultural Products Group Co. Ltd., Class A		33,200		35,026
Sichuan Swellfun Co. Ltd., Class A		9,599		67,768
Sichuan Teway Food Group Co. Ltd., Class A		3,190		21,578
Toly Bread Co. Ltd., Class A*		9,635		67,807
Yantai Changyu Pioneer Wine Co. Ltd., Class A		6,700		27,176
Yifeng Pharmacy Chain Co. Ltd., Class A		10,360		114,392
Yuan Longping High-tech Agriculture Co. Ltd., Class A		45,154		103,120
(Cost $1,415,868)				1,898,246

	Number of Shares		Value
Energy — 2.4%
China Merchants Energy Shipping Co. Ltd., Class A		98,700	$	81,864
China Petroleum Engineering Corp.		82,100		26,341
COFCO Capital Holdings Co. Ltd., Class A*		9,100		10,761
COSCO SHIPPING Energy Transportation Co. Ltd., Class A		67,200		61,104
Datong Coal Industry Co. Ltd., Class A*		40,500		21,959
Geo-Jade Petroleum Corp., Class A*		77,540		20,750
Guanghui Energy Co. Ltd., Class A		198,800		72,975
Guizhou Gas Group Corp. Ltd., Class A		11,200		15,582
Huolinhe Opencut Coal Industry Corp. Ltd. of Inner Mongolia, Class A		28,000		31,659
Jizhong Energy Resources Co. Ltd., Class A*		51,400		21,461
Nanjing Tanker Corp., Class A*		97,800		33,297
Oriental Energy Co. Ltd., Class A*		56,100		71,604
Shandong Xinchao Energy Corp. Ltd., Class A*		199,000		45,167
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		58,100		45,178
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A		77,000		51,568
Yang Quan Coal Industry Group Co. Ltd., Class A		58,500		37,211
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		23,441		83,682
(Cost $836,940)				732,163
Financials — 4.5%
Bank of Qingdao Co. Ltd., Class A		27,000		18,612
Bank of Zhengzhou Co. Ltd., Class A		86,200		46,134
First Capital Securities Co. Ltd., Class A		102,400		97,989
Guangdong Golden Dragon Development, Inc., Class A*		21,874		37,665
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A		27,085		44,285
Huaan Securities Co. Ltd., Class A		88,643		88,178
Huaxi Securities Co. Ltd., Class A		64,300		89,458
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		133,855		136,529
Jiangsu Financial Leasing Co. Ltd., Class A		43,700		32,756
Jiangsu Jiangyin Rural Commercial Bank Co. Ltd., Class A*		106,380		60,065
Jiangsu Zhangjiagang Rural Commercial Bank Co. Ltd., Class A		44,200		32,574
Jiangsu Zijin Rural Commercial Bank Co. Ltd., Class A		19,600		10,682
Kunwu Jiuding Investment Holdings Co. Ltd., Class A		6,300		22,685
Northeast Securities Co. Ltd., Class A		68,749		77,057
Pacific Securities Co. Ltd., Class A*		332,500		145,812
Polaris Bay Group Co. Ltd., Class A*		34,400		53,787
Sealand Securities Co. Ltd., Class A		187,570		109,849
Shaanxi International Trust Co. Ltd., Class A		96,890		46,426

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

	Number of Shares		Value
Financials (Continued)
Shanghai AJ Group Co. Ltd., Class A		47,205	$	50,925
Shanxi Securities Co. Ltd., Class A		82,700		80,296
Wuxi Rural Commercial Bank Co. Ltd., Class A*		63,000		44,310
Xishui Strong Year Co. Ltd. Inner Mongolia, Class A		31,700		35,842
(Cost $1,467,005)				1,361,916
Health Care — 11.9%
Anhui Anke Biotechnology Group Co. Ltd., Class A		40,040		83,082
Asymchem Laboratories Tianjin Co. Ltd., Class A		6,804		207,386
Beijing SL Pharmaceutical Co. Ltd., Class A		29,800		46,971
Beijing Tiantan Biological Products Corp. Ltd., Class A		25,630		138,250
Blue Sail Medical Co. Ltd., Class A		18,400		61,639
China Animal Husbandry Industry Co. Ltd., Class A		24,968		50,129
China National Accord Medicines Corp. Ltd., Class A		7,273		41,085
China National Medicines Corp. Ltd., Class A*		14,733		64,300
China Resources Double Crane Pharmaceutical Co. Ltd., Class A		25,149		43,339
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		19,218		72,888
Da An Gene Co. Ltd. of Sun Yat-Sen University, Class A		27,638		84,028
Dezhan Healthcare Co. Ltd., Class A*		43,700		31,899
Dian Diagnostics Group Co. Ltd., Class A		18,440		64,589
Guangdong Zhongsheng Pharmaceutical Co. Ltd., Class A		31,400		52,132
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		9,000		88,418
Guizhou Bailing Group Pharmaceutical Co. Ltd., Class A		21,000		24,274
Guizhou Xinbang Pharmaceutical Co. Ltd., Class A*		56,950		35,347
Haisco Pharmaceutical Group Co. Ltd., Class A*		7,600		24,117
Harbin Gloria Pharmaceuticals Co. Ltd., Class A		54,050		24,157
Harbin Pharmaceutical Group Co. Ltd., Class A*		73,520		35,537
Humanwell Healthcare Group Co. Ltd., Class A*		46,400		154,072
Hybio Pharmaceutical Co. Ltd., Class A*		22,600		18,460
Jafron Biomedical Co. Ltd., Class A		19,570		172,738
Jiangsu Kanion Pharmaceutical Co. Ltd., Class A		20,448		37,932
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		29,685		129,430
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A		45,200		96,068
Jilin Zixin Pharmaceutical Industrial Co. Ltd., Class A*		37,600		21,019

	Number of Shares		Value
Health Care (Continued)
Jinyu Bio-Technology Co. Ltd., Class A		55,004	$	184,029
Joincare Pharmaceutical Group Industry Co. Ltd., Class A*		46,956		83,748
Livzon Pharmaceutical Group, Inc., Class A		18,162		101,352
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		10,600		92,850
Realcan Pharmaceutical Group Co. Ltd., Class A		58,530		43,626
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		27,600		89,828
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A		18,600		55,299
Shenzhen Neptunus Bioengineering Co. Ltd., Class A		80,850		43,045
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		23,300		89,251
Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A*		102,600		73,168
Tianjin ZhongXin Pharmaceutical Group Corp. Ltd., Class A		14,162		31,072
Tonghua Golden-Horse Pharmaceutical Industry Co. Ltd., Class A*		28,200		19,478
Topchoice Medical Corp., Class A*		9,400		186,856
Vcanbio Cell & Gene Engineering Corp. Ltd., Class A*		16,300		46,428
Winning Health Technology Group Co. Ltd., Class A		64,319		210,058
Yifan Pharmaceutical Co. Ltd., Class A		36,400		100,467
Zhejiang Conba Pharmaceutical Co. Ltd., Class A		90,740		67,380
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A*		32,000		120,065
Zhejiang Medicine Co. Ltd., Class A		33,000		74,577
(Cost $2,847,286)				3,615,863
Industrials — 16.9%
AECC Aero-Engine Control Co. Ltd., Class A		27,700		51,345
Avic Aviation High-Technology Co. Ltd., Class A		27,600		61,755
AVIC Electromechanical Systems Co. Ltd., Class A*		88,200		99,106
Avic Heavy Machinery Co. Ltd., Class A*		27,800		37,080
Beijing SPC Environment Protection Tech Co. Ltd., Class A		32,100		24,601
Beijing Watertek Information Technology Co. Ltd., Class A*		51,477		44,571
Centre Testing International Group Co. Ltd., Class A		64,900		164,581
China Aerospace Times Electronics Co. Ltd., Class A*		106,600		96,631
China Aluminum International Engineering Corp. Ltd., Class A		14,800		8,522
China Baoan Group Co. Ltd., Class A		126,280		122,079
China CAMC Engineering Co. Ltd., Class A*		24,182		24,699

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

	Number of Shares		Value
Industrials (Continued)
China CSSC Holdings Ltd., Class A*		41,300	$	104,386
China First Heavy Industries, Class A*		134,100		51,480
China High Speed Railway Technology Co. Ltd., Class A		95,296		39,921
China International Marine Containers Group Co. Ltd., Class A		51,820		51,040
China Meheco Co. Ltd., Class A		25,987		48,897
China Merchants Port Group Co. Ltd., Class A		5,400		10,463
China Nuclear Engineering & Construction Corp. Ltd., Class A		38,000		32,583
China Railway Hi-tech Industry Co. Ltd., Class A		54,000		70,286
China Railway Tielong Container Logistics Co. Ltd., Class A		44,900		34,348
China XD Electric Co. Ltd., Class A		99,800		70,752
Chongqing Construction Engineering Group Corp. Ltd., Class A		17,800		9,128
CITIC Heavy Industries Co. Ltd., Class A		84,400		40,560
CMST Development Co. Ltd., Class A		42,600		26,023
COSCO SHIPPING Development Co. Ltd., Class A		193,900		50,259
COSCO SHIPPING Specialized Carriers Co. Ltd., Class A*		52,300		21,690
Dalian Port PDA Co. Ltd., Class A		150,920		35,734
Deppon Logistics Co. Ltd., Class A		14,400		27,236
Dongfang Electric Corp. Ltd., Class A		53,900		66,153
Dongjiang Environmental Co. Ltd., Class A		20,000		27,069
East Group Co. Ltd., Class A		45,000		29,569
Eternal Asia Supply Chain Management Ltd., Class A		72,600		45,467
Eve Energy Co. Ltd., Class A*		23,700		215,601
Far East Smarter Energy Co. Ltd., Class A*		54,000		30,339
Fujian Longking Co. Ltd., Class A		36,200		44,531
Guangshen Railway Co. Ltd., Class A		165,300		50,256
Guangxi Liugong Machinery Co. Ltd., Class A*		50,430		45,219
Guangzhou Port Co. Ltd., Class A		91,000		38,504
Guosheng Financial Holding, Inc., Class A*		46,787		56,440
Guoxuan High-Tech Co. Ltd., Class A		38,555		161,513
Hefei Meiya Optoelectronic Technology, Inc., Class A		13,200		82,206
Henan Pinggao Electric Co. Ltd., Class A		39,900		42,262
Henan Senyuan Electric Co. Ltd., Class A		27,600		20,146
Hongfa Technology Co. Ltd., Class A		21,780		103,232
Huaihe Energy Group Co. Ltd., Class A*		75,600		26,268
Hunan Corun New Energy Co. Ltd., Class A*		56,347		30,315
Infore Environment Technology Group Co. Ltd., Class A		46,400		53,112
Inner Mongolia First Machinery Group Co. Ltd., Class A		41,100		56,777
Jiangsu Hengli Hydraulic Co. Ltd., Class A		12,800		131,955
Jiangxi Hongdu Aviation Industry Co. Ltd., Class A		20,600		40,233

	Number of Shares		Value
Industrials (Continued)
Jiangxi Special Electric Motor Co. Ltd., Class A*		57,900	$	11,114
Jihua Group Corp. Ltd., Class A		107,100		49,368
Juneyao Airlines Co. Ltd., Class A		28,940		37,020
Keda Clean Energy Co. Ltd., Class A*		61,700		34,751
Ming Yang Smart Energy Group Ltd., Class A		13,600		22,866
Minmetals Development Co. Ltd., Class A*		20,500		17,520
Nanyang Topsec Technologies Group, Inc., Class A*		28,180		101,982
North Industries Group Red Arrow Co. Ltd., Class A		33,547		42,583
North Navigation Control Technology Co. Ltd., Class A*		51,100		55,128
Orient Group, Inc., Class A*		145,190		78,723
Qingdao TGOOD Electric Co. Ltd., Class A		29,481		80,545
Qinhuangdao Port Co. Ltd., Class A		69,500		25,804
Rizhao Port Co. Ltd., Class A		90,300		31,502
Saurer Intelligent Technology Co. Ltd., Class A		46,300		32,305
Shandong Hi-speed Co. Ltd., Class A		32,900		25,122
Shanghai Environment Group Co. Ltd., Class A*		22,440		37,571
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A		15,949		33,518
Shanghai Tunnel Engineering Co. Ltd., Class A		92,100		80,778
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class A		18,500		35,380
Shenzhen Airport Co. Ltd., Class A		49,900		55,790
Shenzhen Colibri Technologies Co. Ltd., Class A*		1,900		6,242
Shenzhen Grandland Group Co. Ltd., Class A		37,600		17,437
Shenzhen Tagen Group Co. Ltd., Class A		63,909		52,739
Shenzhen Techand Ecology & Environment Co. Ltd., Class A		69,050		24,380
Shouhang High-Tech Energy Co. Ltd., Class A*		99,355		35,636
Sichuan Road & Bridge Co. Ltd., Class A		106,000		58,513
Sieyuan Electric Co. Ltd., Class A		29,280		72,242
Sinochem International Corp., Class A		66,260		46,046
Sinoma International Engineering Co., Class A		51,150		40,347
Sinotrans Ltd., Class A		77,100		35,539
Sungrow Power Supply Co. Ltd., Class A		49,500		78,021
Sunwoda Electronic Co. Ltd., Class A		53,000		105,667
Suzhou Anjie Technology Co. Ltd., Class A		16,550		44,103
Taihai Manoir Nuclear Equipment Co. Ltd., Class A		25,000		14,186
TangShan Port Group Co. Ltd., Class A*		144,574		44,765
Tian Di Science & Technology Co. Ltd., Class A		80,700		32,789
Tianjin Capital Environmental Protection Group Co. Ltd., Class A		20,900		19,678

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

	Number of Shares		Value
Industrials (Continued)
Tianjin Port Co. Ltd., Class A		49,420	$	37,390
Tus Environmental Science And Technology Development Co. Ltd., Class A		34,800		35,641
Wolong Electric Group Co. Ltd., Class A		38,139		62,359
Xiamen ITG Group Corp. Ltd., Class A		63,048		54,679
Xinjiang Communications Construction Group Co. Ltd., Class A		3,100		6,254
Xinjiang Machinery Research Institute Co. Ltd., Class A		57,800		32,555
Xuji Electric Co. Ltd., Class A		30,000		53,633
Yingkou Port Liability Co. Ltd., Class A		95,100		28,380
Zhefu Holding Group Co. Ltd., Class A		77,500		39,524
Zhejiang Dingli Machinery Co. Ltd., Class A*		6,900		89,558
Zhejiang Kaishan Compressor Co. Ltd., Class A*		16,400		24,540
Zhejiang Wanliyang Co. Ltd., Class A		26,100		31,375
Zhejiang Weiming Environment Protection Co. Ltd., Class A*		9,397		38,115
Zhejiang Weixing New Building Materials Co. Ltd., Class A		30,680		51,409
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A		51,100		36,657
Zhongshan Broad Ocean Motor Co. Ltd., Class A*		68,900		33,014
(Cost $5,515,659)				5,129,706
Information Technology — 21.8%
Accelink Technologies Co. Ltd., Class A		19,900		76,255
Addsino Co. Ltd., Class A*		54,900		112,070
Anhui Tatfook Technology Co. Ltd., Class A*		18,340		34,303
Beijing Dahao Technology Corp. Ltd., Class A		9,146		9,214
Beijing Jetsen Technology Co. Ltd., Class A*		100,400		60,065
Beijing Lanxum Technology Co. Ltd., Class A*		34,320		85,782
Beijing Orient National Communication Science & Technology Co. Ltd., Class A		41,119		81,173
Beijing Sinnet Technology Co. Ltd., Class A		52,748		184,019
Beijing Teamsun Technology Co. Ltd., Class A*		54,060		105,204
Beijing Ultrapower Software Co. Ltd., Class A*		95,400		75,786
Beijing Zhong Ke San Huan High-Tech Co. Ltd., Class A		41,600		60,207
Bluedon Information Security Technology Co. Ltd., Class A		36,300		18,106
China Greatwall Technology Group Co. Ltd., Class A		85,819		165,086
China National Software & Service Co. Ltd., Class A*		14,500		159,313
China TransInfo Technology Co. Ltd., Class A*		36,400		113,013
CPT Technology Group Co. Ltd., Class A*		67,300		13,201

	Number of Shares		Value
Information Technology (Continued)
DHC Software Co. Ltd., Class A		90,900	$	137,418
Eastern Communications Co. Ltd., Class A		23,000		48,272
Flat Glass Group Co. Ltd., Class A		7,600		13,864
GCI Science & Technology Co. Ltd., Class A		16,400		29,663
GRG Banking Equipment Co. Ltd., Class A		58,600		92,940
Guangdong Ellington Electronics Technology Co. Ltd., Class A		19,400		26,501
Guangdong Fenghua Advanced Technology Holding Co. Ltd., Class A*		34,900		119,358
Guangzhou Haige Communications Group, Inc. Co., Class A		90,100		150,978
Guomai Technologies, Inc., Class A		24,800		29,292
Hangzhou First Applied Material Co. Ltd., Class A		10,766		56,912
Hangzhou Silan Microelectronics Co. Ltd., Class A		37,980		75,562
Hengdian Group DMEGC Magnetics Co. Ltd., Class A		40,400		60,961
Hexing Electrical Co. Ltd., Class A		9,870		20,203
HNA Technology Co. Ltd., Class A*		88,100		36,043
Holitech Technology Co. Ltd., Class A		90,900		61,895
Huagong Tech Co. Ltd., Class A		39,159		106,601
Hubei Kaile Science & Technology Co. Ltd., Class A		38,900		73,740
Hytera Communications Corp. Ltd., Class A		45,300		40,303
IRICO Display Devices Co. Ltd., Class A*		35,100		19,228
JCET Group Co. Ltd., Class A*		54,800		222,887
Jiangsu Zongyi Co. Ltd., Class A*		38,400		28,353
Leyard Optoelectronic Co. Ltd., Class A		86,600		69,038
MLS Co. Ltd., Class A*		18,300		34,870
Nanjing Huadong Electronics Information & Technology Co. Ltd., Class A*		132,200		27,042
NAURA Technology Group Co. Ltd., Class A		12,000		255,553
Neusoft Corp., Class A*		42,800		63,923
Newland Digital Technology Co. Ltd., Class A		35,940		80,315
Ninestar Corp., Class A		25,835		99,540
PCI-Suntek Technology Co. Ltd., Class A*		65,000		83,328
Shanghai 2345 Network Holding Group Co. Ltd., Class A		225,148		89,903
Shanghai Baosight Software Co. Ltd., Class A		16,550		131,218
Shanghai Belling Co. Ltd., Class A*		27,100		67,166
Shenzhen Aisidi Co. Ltd., Class A		24,200		24,277
Shenzhen Everwin Precision Technology Co. Ltd., Class A		26,780		66,412
Shenzhen Kaifa Technology Co. Ltd., Class A		36,200		114,167
Shenzhen Kingdom Sci-Tech Co. Ltd., Class A*		29,800		67,262
Shenzhen Kinwong Electronic Co. Ltd., Class A		12,320		55,132
Shenzhen Suntak Circuit Technology Co. Ltd., Class A*		17,200		42,750

See Notes to Financial Statements. 24

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

	Number of Shares		Value
Information Technology (Continued)
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		54,950	$	179,613
Suzhou Victory Precision Manufacture Co. Ltd., Class A*		117,300		25,309
Taiji Computer Corp. Ltd., Class A		12,100		67,184
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		11,400		45,648
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		81,800		201,135
Tianma Microelectronics Co. Ltd., Class A		49,800		94,543
Tongding Interconnection Information Co. Ltd., Class A		36,800		25,986
Unigroup Guoxin Microelectronics Co. Ltd., Class A*		20,800		200,788
Universal Scientific Industrial Shanghai Co. Ltd., Class A*		32,000		77,697
Venustech Group, Inc., Class A		30,648		168,366
Visionox Technology, Inc., Class A*		40,300		72,554
Westone Information Industry, Inc., Class A		28,704		83,006
Wingtech Technology Co. Ltd., Class A*		16,500		226,042
Wonders Information Co. Ltd., Class A		45,894		132,330
Wuhan Guide Infrared Co. Ltd., Class A*		18,550		119,552
Wuhu Token Science Co. Ltd., Class A*		118,800		150,467
WUS Printed Circuit Kunshan Co. Ltd., Class A		58,840		193,153
Xiamen Faratronic Co. Ltd., Class A		6,600		49,490
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., Class A		3,800		15,828
Zhejiang Crystal-Optech Co. Ltd., Class A		59,162		120,273
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		31,600		94,745
Zhongji Innolight Co. Ltd., Class A		10,492		83,775
(Cost $4,915,691)				6,603,151
Materials — 16.1%
ADAMA Ltd., Class A		22,400		28,873
Befar Group Co. Ltd., Class A*		52,833		32,718
Beijing Sanju Environmental Protection and New Material Co. Ltd., Class A		57,500		29,566
Beijing Shougang Co. Ltd., Class A*		77,800		32,700
Bengang Steel Plates Co. Ltd., Class A		67,800		31,157
Chengzhi Co. Ltd., Class A		11,809		18,497
China Hainan Rubber Industry Group Co. Ltd., Class A		83,800		65,866
China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd., Class A		67,000		44,213
China West Construction Group Co. Ltd., Class A		24,900		34,503
Chongqing Iron & Steel Co. Ltd., Class A*		286,000		51,691
COFCO Biotechnology Co. Ltd., Class A		53,785		51,468
CSG Holding Co. Ltd., Class A		68,461		43,643
Do-Fluoride Chemicals Co. Ltd., Class A		33,600		49,429
Elion Clean Energy Co. Ltd., Class A		66,800		31,446
Fangda Special Steel Technology Co. Ltd., Class A*		52,746		37,689

	Number of Shares		Value
Materials (Continued)
Gansu Jiu Steel Group Hongxing Iron & Steel Co. Ltd., Class A*		152,800	$	32,112
GEM Co. Ltd., Class A*		202,852		123,915
Grace Fabric Technology Co. Ltd., Class A		4,800		7,626
Guangdong HEC Technology Holding Co. Ltd., Class A*		73,105		64,937
Guangdong Tapai Group Co. Ltd., Class A		34,900		59,606
Guangzhou Tinci Materials Technology Co. Ltd., Class A		13,520		52,982
Hainan Mining Co. Ltd., Class A*		18,800		14,461
Hangzhou Iron & Steel Co., Class A		49,110		67,568
Hongda Xingye Co. Ltd., Class A		75,478		39,550
Huafon Microfibre Shanghai Technology Co. Ltd.		41,550		50,006
Huaibei Mining Holdings Co. Ltd., Class A*		20,900		26,090
Huapont Life Sciences Co. Ltd., Class A		77,550		55,304
Huaxin Cement Co. Ltd., Class A		33,372		116,189
Hubei Xingfa Chemicals Group Co. Ltd., Class A		25,520		32,108
Hunan Gold Corp. Ltd., Class A		40,800		45,159
Hunan Valin Steel Co. Ltd., Class A		90,020		47,927
Inner Mongolia Xingye Mining Co. Ltd., Class A*		36,200		31,445
Jiangsu Eastern Shenghong Co. Ltd., Class A		58,900		43,655
Jiangsu Shagang Co. Ltd., Class A*		86,400		163,540
Jiangsu Yangnong Chemical Co. Ltd., Class A		9,200		114,074
Jilin Yatai Group Co. Ltd., Class A*		159,100		62,860
Jinduicheng Molybdenum Co. Ltd., Class A		46,800		39,735
Kingenta Ecological Engineering Group Co. Ltd., Class A*		79,800		26,162
Kingfa Sci & Tech Co. Ltd., Class A		88,100		156,143
Lianhe Chemical Technology Co. Ltd., Class A		36,459		85,918
Liuzhou Iron & Steel Co. Ltd., Class A		25,400		15,516
Luxi Chemical Group Co. Ltd., Class A		49,900		49,429
Maanshan Iron & Steel Co. Ltd., Class A		146,000		53,593
Nanjing Iron & Steel Co. Ltd., Class A		129,800		49,284
Ningbo Shanshan Co. Ltd., Class A		38,180		61,356
ORG Technology Co. Ltd., Class A		69,350		38,768
Red Avenue New Materials Group Co. Ltd., Class A		5,400		13,005
Rising Nonferrous Metals Share Co. Ltd., Class A*		7,700		36,486
Sansteel Minguang Co. Ltd. Fujian, Class A*		60,050		56,790
SGIS Songshan Co. Ltd., Class A		59,000		30,420
Shandong Chenming Paper Holdings Ltd., Class A		64,950		43,771
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		55,861		138,450
Shandong Iron and Steel Co. Ltd., Class A*		320,630		55,704

See Notes to Financial Statements. 25

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

	Number of Shares		Value
Materials (Continued)
Shandong Sinocera Functional Material Co. Ltd., Class A		32,900	$	108,369
Shandong Sun Paper Industry JSC Ltd., Class A*		75,600		90,032
Shanghai Huayi Group Co. Ltd., Class A		27,700		20,065
Shanghai Putailai New Energy Technology Co. Ltd., Class A		6,300		76,792
Shanxi Taigang Stainless Steel Co. Ltd., Class A		111,000		51,165
Shanying International Holding Co. Ltd., Class A*		157,100		64,051
Shenghe Resources Holding Co. Ltd., Class A		51,790		57,033
Shenzhen Jinjia Group Co. Ltd., Class A		42,500		51,804
Shenzhen YUTO Packaging Technology Co. Ltd., Class A*		12,740		46,427
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A		121,600		60,481
Sichuan Hebang Biotechnology Co. Ltd., Class A*		258,580		47,459
Tangshan Jidong Cement Co. Ltd., Class A		46,081		112,080
Tangshan Sanyou Chemical Industries Co. Ltd., Class A		60,100		36,124
Tibet Summit Resources Co. Ltd., Class A		13,520		15,874
Tongkun Group Co. Ltd., Class A*		53,800		92,262
Western Mining Co. Ltd., Class A		93,500		72,574
Xiamen Tungsten Co. Ltd., Class A		41,020		71,437
Xinfengming Group Co. Ltd., Class A		7,916		10,703
Xinjiang Tianshan Cement Co. Ltd., Class A*		30,700		53,250
Xinjiang Zhongtai Chemical Co. Ltd., Class A*		84,000		52,371
Xinxing Ductile Iron Pipes Co. Ltd., Class A		136,550		63,134
Xinyu Iron & Steel Co. Ltd., Class A		77,800		44,473
Yintai Gold Co. Ltd., Class A		48,520		108,699
Yunnan Aluminium Co. Ltd., Class A*		76,200		43,025
Yunnan Chihong Zinc & Germanium Co. Ltd., Class A*		124,000		60,458
Yunnan Copper Co. Ltd., Class A*		41,400		54,698
Yunnan Energy New Material Co. Ltd.		19,580		162,676
Yunnan Tin Co. Ltd., Class A*		49,130		56,995
Zhejiang Hailiang Co. Ltd., Class A		28,600		35,062
Zhejiang Huafeng Spandex Co. Ltd., Class A		67,800		50,726
Zhejiang Jiahua Energy Chemical Industry Co. Ltd., Class A		49,300		57,468
Zhejiang Jinke Culture Industry Co. Ltd., Class A		68,791		22,168
Zhejiang Juhua Co. Ltd., Class A*		66,590		61,296
Zhejiang Runtu Co. Ltd., Class A		34,000		42,396
Zhejiang Sanmei Chemical Industry Co. Ltd., Class A*		3,000		12,849
Zibo Qixiang Tengda Chemical Co. Ltd., Class A		43,115		35,338
(Cost $5,117,753)				4,886,917

	Number of Shares		Value
Real Estate — 3.6%
Beijing Capital Development Co. Ltd., Class A		62,700	$	53,762
Beijing Urban Construction Investment & Development Co. Ltd., Class A		55,200		47,332
China Sports Industry Group Co. Ltd., Class A*		33,001		38,468
Chongqing Dima Industry Co. Ltd., Class A		70,900		27,417
Cinda Real Estate Co. Ltd., Class A		41,800		22,547
Financial Street Holdings Co. Ltd., Class A		58,000		53,714
Grandjoy Holdings Group Co. Ltd., Class A*		62,400		42,839
Greattown Holdings Ltd., Class A		78,264		68,533
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A*		60,500		35,431
HNA Infrastructure Investment Group Co. Ltd., Class A*		76,200		62,989
Huafa Industrial Co. Ltd. Zhuhai, Class A		82,440		76,232
Nanjing Gaoke Co. Ltd., Class A		42,520		55,284
Shanghai Industrial Development Co. Ltd., Class A		44,590		32,112
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class A		16,200		33,047
Shanghai Shimao Co. Ltd., Class A		73,600		44,237
Shanghai SMI Holding Co. Ltd., Class A		62,000		46,560
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		38,000		83,108
Shenzhen Huaqiang Industry Co. Ltd., Class A		15,340		25,683
Shenzhen World Union Group, Inc., Class A		60,110		22,486
Shenzhen Zhenye Group Co. Ltd., Class A		46,200		31,135
Sichuan Languang Development Co. Ltd., Class A*		72,965		52,341
Suning Universal Co. Ltd., Class A		73,900		31,062
Tahoe Group Co. Ltd., Class A		48,700		28,043
Tianjin Guangyu Development Co. Ltd., Class A		27,700		25,109
Zhejiang China Commodities City Group Co. Ltd., Class A		132,500		64,046
(Cost $1,314,162)				1,103,517
Utilities — 2.3%
An Hui Wenergy Co. Ltd., Class A*		55,500		30,015
Beijing Capital Co. Ltd., Class A		110,700		46,529
CECEP Wind-Power Corp., Class A		81,100		24,316
Chengdu Xingrong Environment Co. Ltd., Class A*		87,400		57,186
Chongqing Gas Group Corp. Ltd., Class A		9,300		9,434
Guangdong Baolihua New Energy Stock Co. Ltd., Class A		84,700		57,317
Guangzhou Development Group, Inc., Class A		26,800		20,839
Hubei Energy Group Co. Ltd., Class A		95,700		47,464
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A		141,500		50,554
Jointo Energy Investment Co. Ltd. Hebei, Class A		34,900		23,568

See Notes to Financial Statements. 26

DBX ETF Trust

Schedule of Investments

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

May 31, 2020

	Number of Shares		Value
Utilities (Continued)
Luenmei Quantum Co. Ltd., Class A*		33,750	$	71,260
Shanghai Electric Power Co. Ltd., Class A		64,000		65,727
Shenergy Co. Ltd., Class A		119,549		90,112
Shenzhen Energy Group Co. Ltd., Class A		58,450		45,041
Shenzhen Gas Corp. Ltd., Class A		27,900		27,011
Zhongshan Public Utilities Group Co. Ltd., Class A		42,960		45,624
(Cost $804,652)				711,997
TOTAL COMMON STOCKS (Cost $28,271,171)				30,253,747
TOTAL INVESTMENTS — 99.7% (Cost $28,271,171)			$	30,253,747
Other assets and liabilities, net — 0.3%				93,051
NET ASSETS — 100.0%			$	30,346,798

* Non-income producing security.

(a) Investment was valued using significant unobservable inputs.

JSC: Joint Stock Company

Fair Value Measurements

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

The following is a summary of the inputs used as of May 31, 2020 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 (b)	$	30,185,489	$	—	$	68,258	$	30,253,747
TOTAL	$	30,185,489	$	—	$	68,258	$	30,253,747

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

During the year ended May 31, 2020, the amount of transfers from Level 1 to Level 3 was $150,187 and from Level 3 to Level 1 was $539,000. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity. The investments were transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs.

See Notes to Financial Statements. 27

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF

May 31, 2020

	Number of Shares		Value
COMMON STOCKS — 59.9%
Communication Services — 14.1%
58.com, Inc., ADR*		601	$	28,854
Alibaba Pictures Group Ltd.*		71,109		8,624
Autohome, Inc., ADR (a)		362		27,849
Baidu, Inc., ADR*		1,673		178,258
Bilibili, Inc., ADR*		592		19,199
China Literature Ltd., 144A*		1,612		9,119
China Mobile Ltd.		37,004		258,278
China Telecom Corp. Ltd., Class H		74,325		24,644
China Tower Corp. Ltd., Class H, 144A		268,134		53,966
China Unicom Hong Kong Ltd.*		38,980		22,580
HUYA, Inc., ADR*(a)		389		6,037
iQIYI, Inc., ADR*(a)		1,349		22,380
JOYY, Inc., ADR*		349		21,306
Momo, Inc., ADR		995		19,303
NetEase, Inc., ADR		433		165,796
SINA Corp.*		383		11,992
Tencent Holdings Ltd.		34,733		1,839,043
Tencent Music Entertainment Group, ADR*		2,222		28,708
Weibo Corp., ADR*(a)		366		11,262
(Cost $2,845,810)				2,757,198
Consumer Discretionary — 20.6%
Alibaba Group Holding Ltd., ADR*		11,369		2,357,817
ANTA Sports Products Ltd.		6,703		59,757
BAIC Motor Corp. Ltd., Class H, 144A		12,034		4,844
Baozun, Inc., ADR*		268		7,099
Bosideng International Holdings Ltd.		24,873		6,386
Brilliance China Automotive Holdings Ltd.		18,488		16,172
BYD Co. Ltd., Class H (a)		3,391		19,031
China East Education Holdings Ltd., 144A		3,532		6,936
China Education Group Holdings Ltd.		2,725		4,711
China Yuhua Education Corp. Ltd., 144A		8,000		7,803
Dongfeng Motor Group Co. Ltd., Class H		15,927		9,986
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		3,887		8,525
Geely Automobile Holdings Ltd.		31,457		43,020
GOME Retail Holdings Ltd.*(a)		41,776		5,174
Great Wall Motor Co. Ltd., Class H*		21,370		13,537
GSX Techedu, Inc., ADR*		471		14,771
Guangzhou Automobile Group Co. Ltd., Class H		17,749		14,587
Haidilao International Holding Ltd., 144A*		4,172		20,158
Haier Electronics Group Co. Ltd.		7,746		21,586
Huazhu Group Ltd., ADR (a)		810		27,394
JD.com, Inc., ADR*		4,541		246,713
Li Ning Co. Ltd.		12,841		43,074
Luckin Coffee, Inc., ADR*		586		1,266
Meituan Dianping, Class B*		21,568		408,209
New Oriental Education & Technology Group, Inc., ADR*		870		104,365
NIO, Inc., ADR*(a)		4,427		17,619
Pinduoduo, Inc., ADR*(a)		1,570		104,986
Shenzhou International Group Holdings Ltd.		4,723		56,151
TAL Education Group, ADR*		2,338		132,003

	Number of Shares		Value
Consumer Discretionary (Continued)
Tongcheng-Elong Holdings Ltd.*		5,200	$	9,325
Topsports International Holdings Ltd., 144A		8,152		11,569
Trip.com Group Ltd., ADR*		2,892		76,840
Vipshop Holdings Ltd., ADR*		2,696		46,749
Yum China Holdings, Inc.		2,177		100,882
Zhongsheng Group Holdings Ltd.		3,689		18,942
(Cost $3,640,990)				4,047,987
Consumer Staples — 1.5%
Anhui Gujing Distillery Co. Ltd., Class B		700		7,830
China Feihe Ltd., 144A*		5,000		9,031
China Mengniu Dairy Co. Ltd.*		17,268		61,711
China Resources Beer Holdings Co. Ltd.		7,557		40,022
Dali Foods Group Co. Ltd., 144A		15,460		9,813
Hengan International Group Co. Ltd.		4,276		34,921
Sun Art Retail Group Ltd.		15,817		24,202
Tingyi Cayman Islands Holding Corp.		13,038		22,406
Tsingtao Brewery Co. Ltd., Class H		2,779		19,235
Uni-President China Holdings Ltd.		9,340		9,664
Vinda International Holdings Ltd.		2,000		6,077
Want Want China Holdings Ltd.		33,037		23,741
Yihai International Holding Ltd.*		2,926		26,142
(Cost $239,302)				294,795
Energy — 1.5%
China Oilfield Services Ltd., Class H		9,971		8,670
China Petroleum & Chemical Corp., Class H		146,972		68,072
China Shenhua Energy Co. Ltd., Class H		21,598		39,457
CNOOC Ltd.		107,845		120,075
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		8,870		4,383
PetroChina Co. Ltd., Class H		132,994		45,641
Yanzhou Coal Mining Co. Ltd., Class H		9,010		6,882
(Cost $441,841)				293,180
Financials — 9.9%
Agricultural Bank of China Ltd., Class H		167,559		67,663
Bank of China Ltd., Class H*		481,419		175,773
Bank of Communications Co. Ltd., Class H		50,063		30,357
China Cinda Asset Management Co. Ltd., Class H		62,560		11,542
China CITIC Bank Corp. Ltd., Class H		54,871		23,857
China Construction Bank Corp., Class H		583,391		458,373
China Ding Yi Feng Holdings Ltd.*		107,872		57,200
China Everbright Bank Co. Ltd., Class H		21,555		8,732
China Everbright Ltd.		5,245		7,349
China Galaxy Securities Co. Ltd., Class H*		23,273		11,170
China Huarong Asset Management Co. Ltd., Class H, 144A		75,692		7,715
China International Capital Corp. Ltd., Class H, 144A*		7,918		12,810
China Life Insurance Co. Ltd., Class H		45,007		84,312
China Merchants Bank Co. Ltd., Class H		23,885		111,860
China Minsheng Banking Corp. Ltd., Class H		35,085		24,398

See Notes to Financial Statements. 28

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Financials (Continued)
China Pacific Insurance Group Co. Ltd., Class H		16,757	$	46,049
China Reinsurance Group Corp., Class H		50,176		5,243
China Taiping Insurance Holdings Co. Ltd.		9,450		14,021
Chongqing Rural Commercial Bank Co. Ltd., Class H		9,796		3,754
CITIC Securities Co. Ltd., Class H		12,966		23,252
Far East Horizon Ltd.		14,133		12,490
GF Securities Co. Ltd., Class H		7,223		7,352
Guotai Junan Securities Co. Ltd., Class H, 144A		4,970		6,527
Haitong Securities Co. Ltd., Class H		16,115		12,183
Huatai Securities Co. Ltd., Class H, 144A		7,683		12,033
Industrial & Commercial Bank of China Ltd., Class H		368,361		237,622
New China Life Insurance Co. Ltd., Class H		4,993		15,525
Noah Holdings Ltd., ADR*(a)		224		5,943
People’s Insurance Co. Group of China Ltd., Class H		55,231		16,603
PICC Property & Casualty Co. Ltd., Class H		39,744		34,406
Ping An Insurance Group Co. of China Ltd., Class H		35,831		353,641
Postal Savings Bank of China Co. Ltd., Class H, 144A		51,773		32,930
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*		1,249		4,407
(Cost $2,492,906)				1,937,092
Health Care — 2.5%
3SBio, Inc., 144A*		8,017		9,516
AK Medical Holdings Ltd., 144A		2,000		6,102
Alibaba Health Information Technology Ltd.*		22,036		51,629
CanSino Biologics, Inc., Class H, 144A*		400		9,361
China Medical System Holdings Ltd.		7,370		8,396
China Resources Pharmaceutical Group Ltd., 144A		7,953		4,330
China Traditional Chinese Medicine Holdings Co. Ltd.		10,096		4,272
CSPC Pharmaceutical Group Ltd.*		27,980		54,798
Genscript Biotech Corp.*		5,008		10,984
Hansoh Pharmaceutical Group Co. Ltd., 144A*		1,986		8,622
Hutchison China MediTech Ltd., ADR*		433		9,444
Innovent Biologics, Inc., 144A*		5,961		32,531
Luye Pharma Group Ltd., 144A		9,737		4,862
Ping An Healthcare and Technology Co. Ltd., 144A*		2,130		28,057
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		11,799		20,642
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		3,489		11,073
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		4,359		6,895
Sino Biopharmaceutical Ltd.		43,605		68,634
Sinopharm Group Co. Ltd., Class H		7,890		19,402

	Number of Shares		Value
Health Care (Continued)
SSY Group Ltd.		11,629	$	7,126
WuXi AppTec Co. Ltd., Class H, 144A		1,511		15,985
Wuxi Biologics Cayman, Inc., 144A*		5,383		84,589
Zai Lab Ltd., ADR*		237		17,633
(Cost $378,426)				494,883
Industrials — 2.6%
51job, Inc., ADR*(a)		162		10,447
Air China Ltd., Class H		13,882		8,310
A-Living Services Co. Ltd., Class H, 144A		2,720		14,563
AviChina Industry & Technology Co. Ltd., Class H		18,583		8,463
Beijing Capital International Airport Co. Ltd., Class H		13,449		8,381
BEST, Inc., ADR*		1,281		6,636
BOC Aviation Ltd., 144A		1,299		7,139
China Communications Construction Co. Ltd., Class H		26,122		16,615
China Communications Services Corp. Ltd., Class H		17,851		11,815
China Conch Venture Holdings Ltd.		10,023		45,001
China Eastern Airlines Corp. Ltd., Class H*		12,628		4,268
China Everbright International Ltd.		24,967		12,820
China Lesso Group Holdings Ltd.		7,072		8,540
China Merchants Port Holdings Co. Ltd.		9,815		11,941
China Railway Construction Corp. Ltd., Class H		11,018		9,851
China Railway Group Ltd., Class H		21,282		11,614
China Southern Airlines Co. Ltd., Class H		7,645		3,136
China State Construction International Holdings Ltd.		15,126		9,328
CITIC Ltd.		33,471		31,783
COSCO SHIPPING Holdings Co. Ltd., Class H*		12,962		3,278
COSCO SHIPPING Ports Ltd.		11,964		5,973
Country Garden Services Holdings Co. Ltd.*		7,470		34,984
CRRC Corp. Ltd., Class H		25,907		12,099
Fosun International Ltd.		17,285		22,189
Greentown Service Group Co. Ltd.		8,749		11,671
Haitian International Holdings Ltd.		4,766		10,060
Jiangsu Expressway Co. Ltd., Class H		8,947		10,539
Shanghai Electric Group Co. Ltd., Class H		22,473		6,205
Shanghai Industrial Holdings Ltd.		3,737		5,814
Shenzhen Expressway Co. Ltd., Class H*		4,350		4,400
Shenzhen International Holdings Ltd.		6,283		10,489
Sinopec Engineering Group Co. Ltd., Class H		11,721		4,915
Sinotruk Hong Kong Ltd.		4,274		10,378
Weichai Power Co. Ltd., Class H		12,890		22,318
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		3,763		3,389
Zhejiang Expressway Co. Ltd., Class H		11,339		7,973
Zhuzhou CRRC Times Electric Co. Ltd., Class H		3,780		9,778

See Notes to Financial Statements. 29

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Industrials (Continued)
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		8,812	$	7,219
ZTO Express Cayman, Inc., ADR		2,282		74,439
(Cost $585,435)				518,761
Information Technology — 2.0%
AAC Technologies Holdings, Inc.		4,542		23,322
BYD Electronic International Co. Ltd.		3,485		6,672
China Railway Signal & Communication Corp. Ltd., Class H, 144A*		12,476		5,505
GDS Holdings Ltd., ADR*(a)		391		22,287
Hua Hong Semiconductor Ltd., 144A*		2,658		4,945
Kingboard Holdings Ltd.		4,781		11,535
Kingboard Laminates Holdings Ltd.		6,797		5,919
Kingdee International Software Group Co. Ltd.*		14,554		25,537
Kingsoft Corp. Ltd.*		4,738		15,414
Legend Holdings Corp., Class H, 144A		3,171		3,838
Lenovo Group Ltd.		46,005		24,988
Semiconductor Manufacturing International Corp.*		19,512		42,392
Sunny Optical Technology Group Co. Ltd.		4,528		59,820
TravelSky Technology Ltd., Class H		5,018		10,074
Xiaomi Corp., Class B, 144A*		63,361		98,258
Xinyi Solar Holdings Ltd.		25,916		18,824
ZTE Corp., Class H*		4,494		11,364
(Cost $337,323)				390,694
Materials — 0.9%
Aluminum Corp. of China Ltd., Class H*		29,982		5,531
Anhui Conch Cement Co. Ltd., Class H		7,658		57,354
China Hongqiao Group Ltd.		12,075		5,312
China Molybdenum Co. Ltd., Class H		14,224		4,368
China National Building Material Co. Ltd., Class H		24,167		27,126
China Resources Cement Holdings Ltd.		16,801		21,091
Jiangxi Copper Co. Ltd., Class H		7,290		6,678
Lee & Man Paper Manufacturing Ltd.		8,333		4,483
Nine Dragons Paper Holdings Ltd.		10,384		9,083
Sinopec Shanghai Petrochemical Co. Ltd., Class H		15,061		3,711
Zhaojin Mining Industry Co. Ltd., Class H		8,269		10,114
Zijin Mining Group Co. Ltd., Class H*		38,906		15,560
(Cost $158,405)				170,411
Real Estate — 2.9%
Agile Group Holdings Ltd.		8,778		9,026
China Aoyuan Group Ltd.*		6,687		7,092
China Evergrande Group		10,589		22,186
China Jinmao Holdings Group Ltd.		32,066		22,174
China Overseas Land & Investment Ltd.		22,337		68,011
China Overseas Property Holdings Ltd.		5,000		5,657
China Resources Land Ltd.		18,568		73,185
China Vanke Co. Ltd., Class H		8,542		27,717
CIFI Holdings Group Co. Ltd.		20,067		14,421
Country Garden Holdings Co. Ltd.		48,342		59,749

	Number of Shares		Value
Real Estate (Continued)
Guangzhou R&F Properties Co. Ltd., Class H		6,033	$	7,449
Kaisa Group Holdings Ltd.*		17,992		6,569
KWG Group Holdings Ltd.*		8,637		12,057
Logan Property Holdings Co. Ltd.		9,085		13,526
Longfor Group Holdings Ltd., 144A		11,296		51,153
Poly Property Development Co. Ltd., Class H*		600		6,773
Seazen Group Ltd.*		13,345		12,345
Shenzhen Investment Ltd.		22,299		6,876
Shimao Property Holdings Ltd.		7,406		30,767
Shui On Land Ltd.		29,761		4,915
Sino-Ocean Group Holding Ltd.		25,441		5,875
SOHO China Ltd.*		16,028		5,397
Sunac China Holdings Ltd.		15,169		63,506
Wharf Holdings Ltd. (a)		4,272		7,617
Yuexiu Property Co. Ltd.		49,742		8,920
Yuzhou Properties Co. Ltd.		15,688		6,416
Zhenro Properties Group Ltd.*		9,784		6,223
(Cost $588,885)				565,602
Utilities — 1.4%
Beijing Enterprises Holdings Ltd.		3,605		11,976
Beijing Enterprises Water Group Ltd.*		36,515		13,803
CGN Power Co. Ltd., Class H, 144A		49,300		11,322
China Gas Holdings Ltd.		15,046		52,606
China Longyuan Power Group Corp. Ltd., Class H*		23,265		11,316
China Power International Development Ltd.		32,624		7,155
China Resources Gas Group Ltd.		5,685		30,989
China Resources Power Holdings Co. Ltd.		12,897		14,942
ENN Energy Holdings Ltd.		4,994		58,245
Guangdong Investment Ltd.		18,192		35,816
Huaneng Power International, Inc., Class H		25,977		9,652
Kunlun Energy Co. Ltd.		23,129		14,174
(Cost $288,096)				271,996
TOTAL COMMON STOCKS (Cost $11,997,419)				11,742,599
RIGHTS — 0.0%
Financials — 0.0%
Zhengqi Financial Holding Corp.*(b) (Cost $0)		2,516		0
EXCHANGE-TRADED FUNDS — 39.8%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (a)(c)		38,609		1,059,284
Xtrackers MSCI China A Inclusion Equity ETF (c)		338,438		6,733,326
TOTAL EXCHANGE-TRADED FUNDS (Cost $8,454,354)				7,792,610

See Notes to Financial Statements. 30

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
SECURITIES LENDING COLLATERAL — 9.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (d)(e) (Cost $1,797,929)		1,797,929	$	1,797,929
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 0.12% (d) (Cost $11,737)		11,737		11,737
TOTAL INVESTMENTS — 108.9% (Cost $22,261,439)			$	21,344,875
Other assets and liabilities, net — (8.9%)				(1,750,937	)
NET ASSETS — 100.0%			$	19,593,938

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2020 is as follows:

	Value ($) at 5/31/2019		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2020		Value ($) at 5/31/2020
EXCHANGE-TRADED FUNDS — 39.8%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (a)(c)
		12,298,745		619,797		(11,848,321	)		(1,771,873	)		1,760,936		11,898		—		38,609		1,059,284
Xtrackers MSCI China A Inclusion Equity ETF (c)
		78,137,782		3,921,059		(76,853,887	)		(6,137,347	)		7,665,719		240,354		—		338,438		6,733,326
SECURITIES LENDING COLLATERAL — 9.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (d)(e)
		2,132,624		—		(334,695	) (f)		—			—		25,805		—		1,797,929		1,797,929
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 0.12% (d)
		—		6,336,401		(6,324,664	)		—			—		5,091		—		11,737		11,737
		92,569,151		10,877,257		(95,361,567	)		(7,909,220	)		9,426,655		283,148		—		2,186,713		9,602,276

* 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 May 31, 2020 amounted to $2,077,347, which is 10.6% of net assets.

(b) Investment was valued using significant unobservable inputs.

(c) Affiliated fund advised by DBX Advisors LLC.

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

(e) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $320,830.

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2020.

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.

At May 31, 2020, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value	Expiration Date		Unrealized Appreciation
MSCI China Free Index Futures	USD	1	$	37,575	$42,895		6/19/2020	$	5,320

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

See Notes to Financial Statements. 31

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF (Continued)

May 31, 2020

Currency Abbreviations

USD U.S. Dollar

Fair Value Measurements

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

The following is a summary of the inputs used as of May 31, 2020 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 (g)	$	11,742,599	$	—	$	—	$	11,742,599
Rights		—		—		0		0
Exchange-Traded Funds		7,792,610		—		—		7,792,610
Short-Term Investments (g)		1,809,666		—		—		1,809,666
Derivatives (h)
Futures Contracts		5,320		—		—		5,320
TOTAL	$	21,350,195	$	—	$	0	$	21,350,195

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

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

During the year ended May 31, 2020, the amount of transfers from Level 3 to Level 1 was $317,540. The investments was transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs.

See Notes to Financial Statements. 32

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF

May 31, 2020

	Number of Shares		Value
COMMON STOCKS — 99.9%
Communication Services — 2.7%
Beijing Enlight Media Co. Ltd., Class A		10,300	$	16,749
Beijing Kunlun Tech Co. Ltd., Class A*		3,700		11,471
China Film Co. Ltd., Class A		5,500		10,134
China South Publishing & Media Group Co. Ltd., Class A		6,100		9,068
China United Network Communications Ltd., Class A		86,600		59,956
Chinese Universe Publishing and Media Group Co. Ltd., Class A		4,800		7,598
Focus Media Information Technology Co. Ltd., Class A		48,623		33,527
G-bits Network Technology Xiamen Co. Ltd., Class A		200		11,278
Giant Network Group Co. Ltd., Class A		4,800		11,155
Leo Group Co. Ltd., Class A*		21,400		12,247
Mango Excellent Media Co. Ltd., Class A*		6,200		45,867
NanJi E-Commerce Co. Ltd., Class A*		8,400		22,102
Oriental Pearl Group Co. Ltd., Class A		11,597		16,187
Perfect World Co. Ltd., Class A		4,500		27,606
Wanda Film Holding Co. Ltd., Class A*		6,900		15,554
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		7,100		33,695
Youzu Interactive Co. Ltd., Class A*		3,200		8,554
Zhejiang Century Huatong Group Co. Ltd., Class A		13,600		25,438
(Cost $336,596)				378,186
Consumer Discretionary — 5.6%
BAIC BluePark New Energy Technology Co. Ltd., Class A*		11,200		9,145
BTG Hotels Group Co. Ltd., Class A		3,500		8,100
BYD Co. Ltd., Class A		6,098		48,866
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A*		900		13,683
China Grand Automotive Services Group Co. Ltd., Class A		28,891		12,582
China International Travel Service Corp. Ltd., Class A		6,543		92,452
Chongqing Changan Automobile Co. Ltd., Class A		13,900		19,130
Fuyao Glass Industry Group Co. Ltd., Class A*		7,009		19,214
Gree Electric Appliances, Inc. of Zhuhai, Class A		10,100		80,273
Haier Smart Home Co. Ltd., Class A		20,800		48,050
Hangzhou Robam Appliances Co. Ltd., Class A*		3,300		15,675
HLA Corp. Ltd., Class A*		10,400		8,841
Huayu Automotive Systems Co. Ltd., Class A		10,400		27,799
Joyoung Co. Ltd., Class A		2,400		10,851
Liaoning Cheng Da Co. Ltd., Class A*		5,200		11,875
NavInfo Co. Ltd., Class A		6,900		14,264
Ningbo Joyson Electronic Corp., Class A*		4,000		11,005
Ningbo Tuopu Group Co. Ltd., Class A		3,400		11,352

	Number of Shares		Value
Consumer Discretionary (Continued)
Offcn Education Technology Co. Ltd., Class A		5,500	$	22,571
Oppein Home Group, Inc., Class A		900		15,208
SAIC Motor Corp. Ltd., Class A		25,927		64,852
Shandong Linglong Tyre Co. Ltd., Class A		4,300		11,398
Shanghai Jinjiang International Hotels Co. Ltd., Class A		2,600		9,893
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		10,400		12,005
Shenzhen Overseas Chinese Town Co. Ltd., Class A*		29,200		23,803
Songcheng Performance Development Co. Ltd., Class A		9,343		23,839
Suning.com Co. Ltd., Class A		30,964		37,904
Suofeiya Home Collection Co. Ltd., Class A		2,900		10,464
TCL Technology Group Corp., Class A		44,600		32,497
Weifu High-Technology Group Co. Ltd., Class A		2,500		6,864
Wuchan Zhongda Group Co. Ltd., Class A*		19,400		12,050
Xiamen Intretech, Inc., Class A		1,400		9,345
Zhejiang Semir Garment Co. Ltd., Class A		6,400		6,164
Zhejiang Supor Co. Ltd., Class A		1,900		17,955
Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A		7,000		6,322
(Cost $768,179)				786,291
Consumer Staples — 16.3%
Angel Yeast Co. Ltd., Class A		2,900		17,114
Anhui Gujing Distillery Co. Ltd., Class A		1,300		27,175
Anhui Kouzi Distillery Co. Ltd., Class A*		2,100		13,879
Beijing Dabeinong Technology Group Co. Ltd., Class A		14,000		16,141
Beijing Shunxin Agriculture Co. Ltd., Class A*		2,600		19,888
Beijing Yanjing Brewery Co. Ltd., Class A		10,400		9,262
By-health Co. Ltd., Class A		5,200		13,588
C&S Paper Co. Ltd., Class A		4,000		11,301
Chacha Food Co. Ltd., Class A*		1,600		13,067
Chongqing Brewery Co. Ltd., Class A		1,700		14,641
Chongqing Fuling Zhacai Group Co. Ltd., Class A		2,700		13,635
Foshan Haitian Flavouring & Food Co. Ltd., Class A		9,131		146,444
Fujian Sunner Development Co. Ltd., Class A		4,100		14,851
Guangdong Haid Group Co. Ltd., Class A		5,300		35,806
Heilongjiang Agriculture Co. Ltd., Class A		5,900		12,312
Henan Shuanghui Investment & Development Co. Ltd., Class A*		9,300		51,354
Inner Mongolia Yili Industrial Group Co. Ltd., Class A*		20,513		81,460
Jiangsu King’s Luck Brewery JSC Ltd., Class A*		4,500		23,027
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		5,024		73,990

See Notes to Financial Statements. 33

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Consumer Staples (Continued)
Jiangxi Zhengbang Technology Co. Ltd., Class A		8,700	$	18,811
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		2,800		21,496
Juewei Food Co. Ltd., Class A		2,000		19,304
Kweichow Moutai Co. Ltd., Class A		4,200		801,167
Laobaixing Pharmacy Chain JSC, Class A		900		10,622
Luzhou Laojiao Co. Ltd., Class A		5,006		59,604
Muyuan Foodstuff Co. Ltd., Class A		7,410		124,314
New Hope Liuhe Co. Ltd., Class A		14,172		55,428
Proya Cosmetics Co. Ltd., Class A		600		13,414
Shanghai Jahwa United Co. Ltd., Class A		2,200		11,847
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		2,910		52,036
Sichuan Swellfun Co. Ltd., Class A		1,700		11,957
Toly Bread Co. Ltd., Class A*		1,900		13,321
Tongwei Co. Ltd., Class A		13,000		24,860
Tsingtao Brewery Co. Ltd., Class A		2,300		20,319
Wens Foodstuffs Group Co. Ltd., Class A		17,787		65,619
Wuliangye Yibin Co. Ltd., Class A		13,054		270,037
Yifeng Pharmacy Chain Co. Ltd., Class A		1,820		20,021
Yonghui Superstores Co. Ltd., Class A		32,066		41,715
Yuan Longping High-tech Agriculture Co. Ltd., Class A		4,800		10,921
(Cost $1,495,248)				2,275,748
Energy — 1.9%
China Merchants Energy Shipping Co. Ltd., Class A		24,200		19,997
China Petroleum & Chemical Corp., Class A		85,850		49,610
China Shenhua Energy Co. Ltd., Class A		17,400		39,783
COSCO SHIPPING Energy Transportation Co. Ltd., Class A		11,500		10,418
Guanghui Energy Co. Ltd., Class A		19,800		7,241
Offshore Oil Engineering Co. Ltd., Class A		13,100		8,375
PetroChina Co. Ltd., Class A		69,035		40,954
Shaanxi Coal Industry Co. Ltd., Class A		29,699		29,723
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		10,600		8,212
Shanxi Meijin Energy Co. Ltd., Class A*		14,600		12,757
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A		11,000		7,339
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		3,400		12,092
Yanzhou Coal Mining Co. Ltd., Class A		8,800		10,379
(Cost $343,399)				256,880
Financials — 22.8%
Agricultural Bank of China Ltd., Class A		250,817		119,033
Anxin Trust Co. Ltd., Class A*(a)		18,600		6,491
Avic Capital Co. Ltd., Class A		31,110		16,458
Bank of Beijing Co. Ltd., Class A		71,614		48,781
Bank of Chengdu Co. Ltd., Class A		12,750		14,184
Bank of China Ltd., Class A		120,212		57,889
Bank of Communications Co. Ltd., Class A		131,838		94,036
Bank of Guiyang Co. Ltd., Class A		11,480		12,403

	Number of Shares		Value
Financials (Continued)
Bank of Hangzhou Co. Ltd., Class A		20,940	$	26,598
Bank of Jiangsu Co. Ltd., Class A		37,961		31,368
Bank of Nanjing Co. Ltd., Class A		34,500		38,043
Bank of Ningbo Co. Ltd., Class A		20,050		71,673
Bank of Shanghai Co. Ltd., Class A		48,635		54,988
Caitong Securities Co. Ltd., Class A		12,700		17,621
Changjiang Securities Co. Ltd., Class A		16,900		14,743
China CITIC Bank Corp. Ltd., Class A		19,900		13,944
China Construction Bank Corp., Class A		32,100		28,541
China Everbright Bank Co. Ltd., Class A		133,231		70,854
China Galaxy Securities Co. Ltd., Class A		13,300		18,193
China Great Wall Securities Co. Ltd., Class A		6,400		10,461
China Life Insurance Co. Ltd., Class A		9,314		33,282
China Merchants Bank Co. Ltd., Class A		69,343		327,347
China Merchants Securities Co. Ltd., Class A		19,332		44,794
China Minsheng Banking Corp. Ltd., Class A		118,971		94,490
China Pacific Insurance Group Co. Ltd., Class A		21,077		83,199
CITIC Securities Co. Ltd., Class A		32,955		102,441
CSC Financial Co. Ltd., Class A		9,300		41,514
Dongxing Securities Co. Ltd., Class A		9,800		14,336
East Money Information Co. Ltd., Class A		27,600		54,898
Everbright Securities Co. Ltd., Class A		13,837		21,110
First Capital Securities Co. Ltd., Class A		10,900		10,392
Founder Securities Co. Ltd., Class A		27,100		26,176
GF Securities Co. Ltd., Class A		19,200		35,322
Guosen Securities Co. Ltd., Class A		14,600		21,765
Guotai Junan Securities Co. Ltd., Class A		25,651		56,106
Guoyuan Securities Co. Ltd., Class A		11,800		13,094
Haitong Securities Co. Ltd., Class A		26,714		43,068
Hithink RoyalFlush Information Network Co. Ltd., Class A		1,800		26,957
Huaan Securities Co. Ltd., Class A		12,900		12,784
Huatai Securities Co. Ltd., Class A		24,480		59,046
Huaxi Securities Co. Ltd., Class A		7,700		10,673
Huaxia Bank Co. Ltd., Class A		42,198		37,520
Hubei Biocause Pharmaceutical Co. Ltd., Class A		17,500		11,945
Industrial & Commercial Bank of China Ltd., Class A		181,333		129,592
Industrial Bank Co. Ltd., Class A		69,685		156,602
Industrial Securities Co. Ltd., Class A		23,800		18,903
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		9,200		9,349
Nanjing Securities Co. Ltd., Class A		11,500		22,072
New China Life Insurance Co. Ltd., Class A		6,864		41,917
Northeast Securities Co. Ltd., Class A		9,100		10,162
Orient Securities Co. Ltd., Class A		19,351		24,769
Pacific Securities Co. Ltd., Class A*		23,200		10,136
People’s Insurance Co. Group of China Ltd., Class A		20,300		17,596
Ping An Bank Co. Ltd., Class A		65,066		118,067
Ping An Insurance Group Co. of China Ltd., Class A		36,409		359,353

See Notes to Financial Statements. 34

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Financials (Continued)
Qingdao Rural Commercial Bank Corp., Class A		17,000	$	10,109
SDIC Capital Co. Ltd., Class A		12,600		20,964
Sealand Securities Co. Ltd., Class A		18,460		10,771
Shanghai Pudong Development Bank Co. Ltd., Class A		98,327		145,071
Shanxi Securities Co. Ltd., Class A		10,100		9,770
Shenwan Hongyuan Group Co. Ltd., Class A*		73,695		44,438
Sinolink Securities Co. Ltd., Class A		10,700		14,696
SooChow Securities Co. Ltd., Class A		13,010		13,674
Southwest Securities Co. Ltd., Class A		20,700		12,655
Tianfeng Securities Co. Ltd., Class A		22,000		16,797
Western Securities Co. Ltd., Class A		12,400		13,777
Zheshang Securities Co. Ltd., Class A		8,500		11,687
(Cost $3,084,306)				3,191,488
Health Care — 11.2%
Aier Eye Hospital Group Co. Ltd., Class A		13,615		74,421
Apeloa Pharmaceutical Co. Ltd., Class A		3,500		8,833
Asymchem Laboratories Tianjin Co. Ltd., Class A		800		24,293
Autobio Diagnostics Co. Ltd., Class A*		1,000		20,379
Beijing Tiantan Biological Products Corp. Ltd., Class A		3,700		19,884
Beijing Tongrentang Co. Ltd., Class A		4,600		16,091
Betta Pharmaceuticals Co. Ltd., Class A		1,400		20,540
BGI Genomics Co. Ltd., Class A		1,400		23,563
Changchun High & New Technology Industry Group, Inc., Class A*		700		65,074
Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A		2,500		12,412
China National Accord Medicines Corp. Ltd., Class A		1,200		6,754
China National Medicines Corp. Ltd., Class A*		2,400		10,435
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		3,375		12,752
Chongqing Zhifei Biological Products Co. Ltd., Class A		5,300		61,994
Da An Gene Co. Ltd. of Sun Yat-Sen University, Class A		2,600		7,875
Dong-E-E-Jiao Co. Ltd., Class A		2,300		11,471
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		4,500		18,932
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		1,500		14,681
Guangzhou Wondfo Biotech Co. Ltd., Class A		1,100		13,527
Hangzhou Tigermed Consulting Co. Ltd., Class A		2,450		29,017
Huadong Medicine Co. Ltd., Class A		5,960		18,843
Hualan Biological Engineering, Inc., Class A		5,840		33,568
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		2,800		8,583
Jafron Biomedical Co. Ltd., Class A		2,650		23,303

	Number of Shares		Value
Health Care (Continued)
Jiangsu Hengrui Medicine Co. Ltd., Class A		17,814	$	195,690
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		3,100		13,466
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A		3,200		6,776
Jinyu Bio-Technology Co. Ltd., Class A		3,900		13,000
Joincare Pharmaceutical Group Industry Co. Ltd., Class A*		6,700		11,905
Jointown Pharmaceutical Group Co. Ltd., Class A		6,700		16,834
Lepu Medical Technology Beijing Co. Ltd., Class A		5,900		28,766
Livzon Pharmaceutical Group, Inc., Class A		2,100		11,675
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A		13,432		22,030
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		2,100		18,326
Ovctek China, Inc., Class A		2,100		15,975
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		4,038		13,093
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		6,500		27,899
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		7,000		17,392
Shanghai RAAS Blood Products Co. Ltd., Class A*		17,200		19,711
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A		3,500		10,367
Shenzhen Kangtai Biological Products Co. Ltd., Class A		2,200		44,834
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		3,400		132,313
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		2,900		8,067
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		3,900		14,883
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		5,100		14,593
Tasly Pharmaceutical Group Co. Ltd., Class A		5,320		10,961
Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A*		9,700		6,892
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		7,300		16,140
Topchoice Medical Corp., Class A*		1,100		21,784
Walvax Biotechnology Co. Ltd., Class A		5,100		29,828
Winning Health Technology Group Co. Ltd., Class A		5,700		18,546
WuXi AppTec Co. Ltd., Class A		5,000		74,328
Yifan Pharmaceutical Co. Ltd., Class A		4,200		11,549
Yunnan Baiyao Group Co. Ltd., Class A		4,170		51,326
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		1,996		40,877
Zhejiang Conba Pharmaceutical Co. Ltd., Class A		9,800		7,250

See Notes to Financial Statements. 35

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Health Care (Continued)
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A*		4,700	$	17,569
Zhejiang NHU Co. Ltd., Class A		7,600		26,839
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		1,900		15,268
(Cost $1,205,998)				1,563,977
Industrials — 12.3%
AECC Aero-Engine Control Co. Ltd., Class A		3,700		6,833
AECC Aviation Power Co. Ltd., Class A*		7,400		24,842
Air China Ltd., Class A		20,200		18,243
AVIC Aircraft Co. Ltd., Class A		9,100		21,847
AVIC Electromechanical Systems Co. Ltd., Class A*		11,600		12,986
AVIC Shenyang Aircraft Co. Ltd., Class A*		3,700		17,353
AVICOPTER PLC, Class A		2,000		11,597
Beijing New Building Materials PLC, Class A		5,900		19,081
Beijing Originwater Technology Co. Ltd., Class A		10,300		11,415
Bohai Leasing Co. Ltd., Class A*		20,700		8,899
Centre Testing International Group Co. Ltd., Class A		2,800		7,074
China Aerospace Times Electronics Co. Ltd., Class A*		9,700		8,760
China Avionics Systems Co. Ltd., Class A		4,500		8,323
China Communications Construction Co. Ltd., Class A		15,200		16,273
China Eastern Airlines Corp. Ltd., Class A*		33,200		19,278
China Gezhouba Group Co. Ltd., Class A		16,300		13,537
China Meheco Co. Ltd., Class A		3,700		6,936
China National Chemical Engineering Co. Ltd., Class A		17,300		13,426
China Railway Construction Corp. Ltd., Class A		38,494		46,477
China Railway Group Ltd., Class A		65,900		48,292
China Railway Hi-tech Industry Co. Ltd., Class A		6,600		8,558
China Shipbuilding Industry Co. Ltd., Class A		78,100		44,260
China Southern Airlines Co. Ltd., Class A		30,500		21,542
China Spacesat Co. Ltd., Class A*		4,200		18,883
China State Construction Engineering Corp. Ltd., Class A		141,811		98,972
Contemporary Amperex Technology Co. Ltd., Class A		7,400		150,320
COSCO SHIPPING Development Co. Ltd., Class A		18,800		4,855
COSCO SHIPPING Holdings Co. Ltd., Class A*		28,400		12,527
CRRC Corp. Ltd., Class A		80,144		65,331
Daqin Railway Co. Ltd., Class A		49,913		47,515
Dongfang Electric Corp. Ltd., Class A		9,800		11,983
Eve Energy Co. Ltd., Class A*		3,400		30,815
Fangda Carbon New Material Co. Ltd., Class A*		9,481		12,440

	Number of Shares		Value
Industrials (Continued)
Guangzhou Baiyun International Airport Co. Ltd., Class A		7,300	$	16,660
Guocheng Mining Co. Ltd., Class A*		4,000		10,284
Guoxuan High-Tech Co. Ltd., Class A		3,400		14,190
Hainan Airlines Holding Co. Ltd., Class A*		49,800		11,261
Hefei Meiya Optoelectronic Technology, Inc., Class A		2,300		14,270
Hongfa Technology Co. Ltd., Class A		2,500		11,805
Inner Mongolia First Machinery Group Co. Ltd., Class A		5,400		7,432
Jiangsu Hengli Hydraulic Co. Ltd., Class A		3,100		31,839
Jiangsu Zhongtian Technology Co. Ltd., Class A		10,000		16,192
Juneyao Airlines Co. Ltd., Class A		5,900		7,519
Metallurgical Corp. of China Ltd., Class A		54,214		18,918
Nanyang Topsec Technologies Group, Inc., Class A*		3,500		12,619
NARI Technology Co. Ltd., Class A		15,400		39,789
Ningbo Zhoushan Port Co. Ltd., Class A*		28,000		13,288
Power Construction Corp. of China Ltd., Class A		51,300		24,418
Sany Heavy Industry Co. Ltd., Class A		28,150		72,023
SF Holding Co. Ltd., Class A		9,800		62,349
Shanghai Construction Group Co. Ltd., Class A		30,500		13,155
Shanghai Electric Group Co. Ltd., Class A		28,300		17,223
Shanghai International Airport Co. Ltd., Class A		3,195		32,284
Shanghai International Port Group Co. Ltd., Class A		30,400		17,185
Shanghai M&G Stationery, Inc., Class A		3,100		24,115
Shanghai Tunnel Engineering Co. Ltd., Class A		11,600		10,136
Shenzhen Airport Co. Ltd., Class A		7,300		8,131
Shenzhen Inovance Technology Co. Ltd., Class A		6,100		29,230
Siasun Robot & Automation Co. Ltd., Class A*		5,000		9,038
Sinotrans Ltd., Class A		15,100		6,934
Spring Airlines Co. Ltd., Class A*		3,398		17,004
STO Express Co. Ltd., Class A*		5,200		13,174
Sunwoda Electronic Co. Ltd., Class A		5,300		10,527
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A		9,500		10,502
TBEA Co. Ltd., Class A		13,881		13,311
Weichai Power Co. Ltd., Class A		20,400		37,131
XCMG Construction Machinery Co. Ltd., Class A		25,449		20,852
Xiamen C & D, Inc., Class A		10,000		12,186
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		12,343		16,333
Yunda Holding Co. Ltd., Class A		6,200		28,879
Zhejiang Chint Electrics Co. Ltd., Class A		7,617		27,037
Zhejiang Dingli Machinery Co. Ltd., Class A*		1,200		15,517
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A*		9,600		29,949

See Notes to Financial Statements. 36

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Industrials (Continued)
Zhejiang Weixing New Building Materials Co. Ltd., Class A		5,300	$	8,848
Zhengzhou Yutong Bus Co. Ltd., Class A		7,500		12,667
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		23,150		20,584
(Cost $1,656,196)				1,716,261
Information Technology — 13.9%
360 Security Technology, Inc., Class A		7,300		18,137
Accelink Technologies Co. Ltd., Class A		2,100		8,017
Addsino Co. Ltd., Class A*		4,900		9,965
Aisino Corp., Class A		6,596		14,685
AVIC Jonhon Optronic Technology Co. Ltd., Class A		3,700		18,061
Beijing E-Hualu Information Technology Co. Ltd., Class A		1,700		11,167
Beijing Shiji Information Technology Co. Ltd., Class A		3,200		13,261
Beijing Sinnet Technology Co. Ltd., Class A		5,200		18,073
Beijing Thunisoft Corp. Ltd., Class A		2,300		8,559
BOE Technology Group Co. Ltd., Class A*		112,802		58,415
Chaozhou Three-Circle Group Co. Ltd., Class A		6,258		17,374
China Greatwall Technology Group Co. Ltd., Class A		10,500		20,123
China National Software & Service Co. Ltd., Class A*		1,700		18,608
China TransInfo Technology Co. Ltd., Class A*		4,900		15,156
Dawning Information Industry Co. Ltd., Class A		4,340		22,548
DHC Software Co. Ltd., Class A		11,200		16,868
Fiberhome Telecommunication Technologies Co. Ltd., Class A		3,800		14,825
Foxconn Industrial Internet Co. Ltd., Class A		19,800		37,062
Fujian Star-net Communication Co. Ltd., Class A		1,800		8,128
GCL System Integration Technology Co. Ltd., Class A*		19,100		6,798
Gigadevice Semiconductor Beijing, Inc., Class A		1,480		39,951
Glodon Co. Ltd., Class A		3,900		31,214
GoerTek, Inc., Class A		10,977		32,544
GRG Banking Equipment Co. Ltd., Class A		8,100		12,799
Guangzhou Haige Communications Group, Inc. Co., Class A		8,200		13,689
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A*		2,100		26,718
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		31,300		120,015
Hangzhou Silan Microelectronics Co. Ltd., Class A		5,100		10,109
Hengtong Optic-electric Co. Ltd., Class A		6,800		15,585
Holitech Technology Co. Ltd., Class A		10,900		7,394
Huagong Tech Co. Ltd., Class A		2,800		7,594

	Number of Shares		Value
Information Technology (Continued)
Hubei Kaile Science & Technology Co. Ltd., Class A		3,200	$	6,043
Hundsun Technologies, Inc., Class A*		2,680		39,395
Iflytek Co. Ltd., Class A		7,534		33,599
Inspur Electronic Information Industry Co. Ltd., Class A		5,088		27,364
Lens Technology Co. Ltd., Class A		9,700		22,069
Leyard Optoelectronic Co. Ltd., Class A		10,300		8,181
Lingyi iTech Guangdong Co., Class A*		20,000		25,181
LONGi Green Energy Technology Co. Ltd., Class A		12,610		57,046
Luxshare Precision Industry Co. Ltd., Class A		17,911		111,253
NAURA Technology Group Co. Ltd., Class A		1,700		36,068
Newland Digital Technology Co. Ltd., Class A		3,700		8,237
Ninestar Corp., Class A		3,400		13,051
OFILM Group Co. Ltd., Class A*		9,800		19,397
Sanan Optoelectronics Co. Ltd., Class A		13,979		45,386
Sangfor Technologies, Inc., Class A		900		23,621
SG Micro Corp., Class A		500		15,266
Shanghai 2345 Network Holding Group Co. Ltd., Class A		21,746		8,651
Shanghai Baosight Software Co. Ltd., Class A		2,900		22,907
Shengyi Technology Co. Ltd., Class A		7,600		28,430
Shennan Circuits Co. Ltd., Class A		1,580		33,302
Shenzhen Goodix Technology Co. Ltd., Class A		1,500		45,330
Shenzhen Kaifa Technology Co. Ltd., Class A		4,800		15,082
Shenzhen Kingdom Sci-Tech Co. Ltd., Class A*		3,300		7,421
Shenzhen Sunway Communication Co. Ltd., Class A*		3,400		18,513
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		5,800		18,888
Thunder Software Technology Co. Ltd., Class A		1,300		10,510
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		2,300		9,175
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		9,800		24,007
Tianma Microelectronics Co. Ltd., Class A		7,100		13,429
Tianshui Huatian Technology Co. Ltd., Class A*		8,900		16,050
TongFu Microelectronics Co. Ltd., Class A*		3,700		12,111
Tunghsu Optoelectronic Technology Co. Ltd., Class A		20,800		8,042
Unigroup Guoxin Microelectronics Co. Ltd., Class A*		2,100		20,196
Unisplendour Corp. Ltd., Class A*		6,720		35,897
Universal Scientific Industrial Shanghai Co. Ltd., Class A*		4,900		11,853
Venustech Group, Inc., Class A		3,100		16,966

See Notes to Financial Statements. 37

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Information Technology (Continued)
Visionox Technology, Inc., Class A*		5,100	$	9,148
Wangsu Science & Technology Co. Ltd., Class A*		8,600		9,351
Westone Information Industry, Inc., Class A		2,900		8,355
Will Semiconductor Ltd., Class A		1,900		48,687
Wingtech Technology Co. Ltd., Class A*		3,100		42,310
Wonders Information Co. Ltd., Class A		3,800		10,916
Wuhan Guide Infrared Co. Ltd., Class A*		3,300		21,189
Wuhu Token Science Co. Ltd., Class A*		7,400		9,338
WUS Printed Circuit Kunshan Co. Ltd., Class A		6,200		20,277
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		3,200		18,760
Wuxi Taiji Industry Co. Ltd., Class A*		6,500		9,908
Yealink Network Technology Corp. Ltd., Class A		1,800		22,612
Yonyou Network Technology Co. Ltd., Class A		10,926		53,225
Zhejiang Dahua Technology Co. Ltd., Class A		10,800		22,432
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		4,100		12,247
Zhongji Innolight Co. Ltd., Class A		2,300		18,296
ZTE Corp., Class A*		13,000		65,416
(Cost $1,604,556)				1,943,826
Materials — 6.9%
Aluminum Corp. of China Ltd., Class A*		46,508		18,177
Angang Steel Co. Ltd., Class A		15,290		5,250
Anhui Conch Cement Co. Ltd., Class A		13,464		106,747
Baoshan Iron & Steel Co. Ltd., Class A*		61,457		41,948
BBMG Corp., Class A		29,600		13,015
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A*		5,200		27,981
China Jushi Co. Ltd., Class A		11,900		14,667
China Molybdenum Co. Ltd., Class A		58,100		27,735
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		13,093		18,550
Ganfeng Lithium Co. Ltd., Class A		3,500		24,183
GEM Co. Ltd., Class A*		14,800		9,007
Guangdong HEC Technology Holding Co. Ltd., Class A*		10,500		9,292
Guangdong Hongda Blasting Co. Ltd., Class A		2,300		10,723
Hengli Petrochemical Co. Ltd., Class A		19,520		37,927
Hengyi Petrochemical Co. Ltd., Class A		13,260		16,935
Hesteel Co. Ltd., Class A		39,200		10,998
Huaxin Cement Co. Ltd., Class A		4,800		16,649
Hunan Valin Steel Co. Ltd., Class A		18,500		9,813
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		146,200		22,448
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		29,995		10,383
Jiangsu Shagang Co. Ltd., Class A*		7,300		13,766
Jiangsu Yangnong Chemical Co. Ltd., Class A		900		11,118

	Number of Shares		Value
Materials (Continued)
Jiangxi Copper Co. Ltd., Class A		7,344	$	13,070
Jinduicheng Molybdenum Co. Ltd., Class A		10,200		8,628
Lomon Billions Group Co. Ltd., Class A		5,200		11,337
Maanshan Iron & Steel Co. Ltd., Class A		21,600		7,899
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*		30,200		8,178
Rongsheng Petro Chemical Co. Ltd., Class A		17,752		28,768
Sansteel Minguang Co. Ltd. Fujian, Class A*		8,100		7,632
Shandong Gold Mining Co. Ltd., Class A		8,967		46,436
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		5,500		13,581
Shandong Nanshan Aluminum Co. Ltd., Class A		42,600		12,071
Shandong Sinocera Functional Material Co. Ltd., Class A		3,500		11,486
Shandong Sun Paper Industry JSC Ltd., Class A*		9,000		10,678
Shanghai Putailai New Energy Technology Co. Ltd., Class A		1,400		17,001
Shanxi Taigang Stainless Steel Co. Ltd., Class A		19,100		8,771
Sinopec Shanghai Petrochemical Co. Ltd., Class A		19,670		9,774
Tangshan Jidong Cement Co. Ltd., Class A		4,600		11,147
Tianqi Lithium Corp., Class A		5,190		14,409
Tongkun Group Co. Ltd., Class A*		6,600		11,276
Tongling Nonferrous Metals Group Co. Ltd., Class A*		26,500		6,991
Transfar Zhilian Co. Ltd., Class A		11,590		9,205
Wanhua Chemical Group Co. Ltd., Class A		10,500		68,122
Weihai Guangwei Composites Co. Ltd., Class A		1,800		14,824
Xiamen Tungsten Co. Ltd., Class A		4,800		8,328
Yintai Gold Co. Ltd., Class A		6,700		14,954
Yunnan Energy New Material Co. Ltd.		2,600		21,521
Zhejiang Huayou Cobalt Co. Ltd., Class A		3,732		16,914
Zhejiang Juhua Co. Ltd., Class A*		9,600		8,804
Zhejiang Longsheng Group Co. Ltd., Class A		11,700		19,891
Zhongjin Gold Corp. Ltd., Class A		12,200		15,803
Zijin Mining Group Co. Ltd., Class A		64,697		34,136
(Cost $949,162)				968,947
Real Estate — 3.8%
Beijing Capital Development Co. Ltd., Class A		8,800		7,517
China Enterprise Co. Ltd., Class A		14,100		8,050
China Fortune Land Development Co. Ltd., Class A		10,540		31,866
China Merchants Property Operation & Service Co. Ltd., Class A		3,400		16,895
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		22,115		49,483
China Vanke Co. Ltd., Class A		32,696		117,290

See Notes to Financial Statements. 38

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Real Estate (Continued)
Financial Street Holdings Co. Ltd., Class A		10,300	$	9,503
Gemdale Corp., Class A		15,022		26,734
Grandjoy Holdings Group Co. Ltd., Class A*		8,400		5,745
Greenland Holdings Corp. Ltd., Class A		28,873		21,562
Jiangsu Zhongnan Construction Group Co. Ltd., Class A		12,700		13,951
Jinke Properties Group Co. Ltd., Class A		16,600		17,842
Oceanwide Holdings Co. Ltd., Class A		12,600		5,962
Poly Developments and Holdings Group Co. Ltd., Class A		40,173		80,523
RiseSun Real Estate Development Co. Ltd., Class A		15,600		16,963
Seazen Holdings Co. Ltd., Class A*		7,513		32,824
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		5,600		12,202
Sichuan Languang Development Co. Ltd., Class A*		7,400		5,289
Xinhu Zhongbao Co. Ltd., Class A		31,000		12,938
Yango Group Co. Ltd., Class A*		13,900		12,592
Youngor Group Co. Ltd., Class A		14,600		12,655
Zhongtian Financial Group Co. Ltd., Class A		22,400		9,661
(Cost $537,735)				528,047
Utilities — 2.5%
Chengdu Xingrong Environment Co. Ltd., Class A*		12,200		7,952
China National Nuclear Power Co. Ltd., Class A		45,884		25,811
China Yangtze Power Co. Ltd., Class A		74,000		179,624
GD Power Development Co. Ltd., Class A		69,800		17,732
Huadian Power International Corp. Ltd., Class A		22,400		11,412
Huaneng Power International, Inc., Class A		25,900		15,654

	Number of Shares		Value
Utilities (Continued)
Hubei Energy Group Co. Ltd., Class A		16,500	$	8,153
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A		19,300		6,869
Luenmei Quantum Co. Ltd., Class A*		4,800		10,097
SDIC Power Holdings Co. Ltd., Class A		22,595		23,812
Shanghai Electric Power Co. Ltd., Class A		8,100		8,287
Shenergy Co. Ltd., Class A		17,400		13,067
Shenzhen Energy Group Co. Ltd., Class A		11,000		8,445
Sichuan Chuantou Energy Co. Ltd., Class A		14,400		17,849
(Cost $383,977)				354,764
TOTAL COMMON STOCKS (Cost $12,365,352)				13,964,415
EXCHANGE-TRADED FUNDS — 0.0%
Xtrackers Harvest CSI 300 China A-Shares ETF (b)(c) (Cost $2,201)		100		2,723
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (d)(e) (Cost $2,613)		2,613		2,613
CASH EQUIVALENTS — 2.4%
DWS Government Money Market Series “Institutional Shares”, 0.12% (d) (Cost $339,973)		339,973		339,973
TOTAL INVESTMENTS — 102.3% (Cost $12,710,139)			$	14,309,724
Other assets and liabilities, net — (2.3%)				(323,031	)
NET ASSETS — 100.0%			$	13,986,693

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2020 is as follows:

	Value ($) at 5/31/2019		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2020		Value ($) at 5/31/2020
EXCHANGE-TRADED FUNDS — 0.0%
Xtrackers Harvest CSI 300 China A-Shares ETF (b)(c)
		6,530		—		(4,249	)		949		(507	)		29		—		100		2,723
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (d)(e)
		6,352		—		(3,739	) (f)		—		—			60		—		2,613		2,613
CASH EQUIVALENTS — 2.4%
DWS Government Money Market Series “Institutional Shares”, 0.12% (d)
		501,496		70,575,578		(70,737,101	)		—		—			18,631		—		339,973		339,973
		514,378		70,575,578		(70,745,089	)		949		(507	)		18,720		—		342,686		345,309

* Non-income producing security.

(a) Investment was valued using significant unobservable inputs.

See Notes to Financial Statements. 39

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

May 31, 2020

(b) All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at May 31, 2020 amounted to $2,587, which is 0.0% of net assets.

(c) Affiliated fund advised by DBX Advisors LLC.

(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 year ended May 31, 2020.

JSC: Joint Stock Company

Fair Value Measurements

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

The following is a summary of the inputs used as of May 31, 2020 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 (g)	$	13,957,924	$	—	$	6,491	$	13,964,415
Exchange-Traded Funds		2,723		—		—		2,723
Short-Term Investments (g)		342,586		—		—		342,586
TOTAL	$	14,303,233	$	—	$	6,491	$	14,309,724

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

During the year ended May 31, 2020, the amount of transfers from Level 1 to Level 3 was $115,655. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity.

See Notes to Financial Statements. 40

This Page is Intentionally Left Blank

41

DBX ETF Trust

Statements of Assets and Liabilities

May 31, 2020

	Xtrackers Harvest CSI 300 China A-Shares ETF			Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF			Xtrackers MSCI All China Equity ETF			Xtrackers MSCI China A Inclusion Equity ETF
Assets
Investment in non-affiliated securities at value	$	1,267,059,395		$	30,253,747		$	11,742,599		$	13,964,415
Investment in affiliated securities at value		—			—			7,792,610			2,723
Investment in DWS Government Money Market Series		—			—			11,737			339,973
Investment in DWS Government & Agency Securities Portfolio*		—			—			1,797,929			2,613
Cash		59,395,110			—			—			—
Foreign currency at value		5,726,020	†		115,299	†		11,940			380,576
Deposit with broker for futures contracts		—			—			5,455			—
Receivables:
Investment securities sold		—			—			13,369,903			—
Capital shares		225,928			—			6,468			—
Dividends		—			—			53,608			—
Interest		—			—			3			29
Securities lending income		—			—			3,613			14
Total assets	$	1,332,406,453		$	30,369,046		$	34,795,865		$	14,690,343
Liabilities
Due to custodian	$	—		$	5,450		$	—		$	—
Payable upon return of securities loaned		—			—			1,797,929			2,613
Payables:
Investment securities purchased		—			—			524,808			693,669
Capital shares		60,893,844			—			12,872,148			—
Investment advisory fees		749,791			16,798			7,042			7,368
Total liabilities		61,643,635			22,248			15,201,927			703,650
Net Assets, at value	$	1,270,762,818		$	30,346,798		$	19,593,938		$	13,986,693
Net Assets Consist of
Paid-in capital	$	1,300,083,193		$	51,075,337		$	31,907,654		$	16,684,738
Distributable earnings (loss)		(29,320,375	)		(20,728,539	)		(12,313,716	)		(2,698,045	)
Net Assets, at value	$	1,270,762,818		$	30,346,798		$	19,593,938		$	13,986,693
Number of Common Shares outstanding		46,750,001			1,100,001			600,001			700,001
Net Asset Value	$	27.18		$	27.59		$	32.66		$	19.98
Investment in non-affiliated securities at cost	$	1,017,842,201		$	28,271,171		$	11,997,419		$	12,365,352
Investment in affiliated securities at cost	$	—		$	—		$	8,454,354		$	2,201
Value of securities loaned	$	—		$	—		$	2,077,347		$	2,587
Investment in DWS Government Money Market Series at cost	$	—		$	—		$	11,737		$	339,973
Investment in DWS Government & Agency Securities Portfolio at cost*	$	—		$	—		$	1,797,929		$	2,613
Non-cash collateral for securities on loan	$	—		$	—		$	320,830		$	—
Foreign currency at cost	$	5,717,350		$	115,420		$	11,940		$	380,576

* Represents collateral on securities loaned.

† Included in foreign currency at value is $15,779 and $4,655 respectively which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited.

See Notes to Financial Statements. 42

DBX ETF Trust

Statements of Operations

For the Year Ended May 31, 2020

	Xtrackers Harvest CSI 300 China A-Shares ETF			Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF			Xtrackers MSCI All China Equity ETF			Xtrackers MSCI China A Inclusion Equity ETF
Investment Income
Unaffiliated interest income	$	10,619		$	1,135		$	—		$	—
Unaffiliated dividend income*		28,737,308			583,783			814,380			468,891
Income distributions from affiliated funds		—			—			257,343			18,660
Affiliated securities lending income		—			—			25,805			60
Unaffiliated securities lending income, net of borrower rebates		—			—			33,052			17
Total investment income		28,747,927			584,918			1,130,580			487,628
Expenses
Investment advisory fees		10,992,752			296,668			223,673			111,453
Other expenses		57			57			57			57
Total expenses		10,992,809			296,725			223,730			111,510
Less fees waived (see note 3):
Waiver		—			—			(107,959	)		(460	)
Net expenses		10,992,809			296,725			115,771			111,050
Net investment income (loss)		17,755,118			288,193			1,014,809			376,578
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(117,608,181	)		(9,197,086	)		(5,725,169	)		(1,855,621	)
Investments in affiliates		—			—			(56,225	)		949
In-kind redemptions		—			—			(3,899,441	)		—
In-kind redemptions in affiliates		—			—			(7,852,995	)		—
Futures contracts		—			—			19,137			52,245
Foreign currency transactions		(928,018	)		(166,327	)		6,242			(50,284	)
Net realized gain (loss)		(118,536,199	)		(9,363,413	)		(17,508,451	)		(1,852,711	)
Net change in unrealized appreciation (depreciation) on:
Investments		105,396,115			11,855,159			13,595,921			3,633,953
Investments in affiliates		—			—			9,426,655			(507	)
Futures contracts		—			—			5,770			675
Foreign currency translations		(65,497	)		10,119			(1,137	)		(1,227	)
Net change in unrealized appreciation (depreciation)		105,330,618			11,865,278			23,027,209			3,632,894
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(13,205,581	)		2,501,865			5,518,758			1,780,183
Net Increase (Decrease) in Net Assets Resulting from Operations	$	4,549,537		$	2,790,058		$	6,533,567		$	2,156,761
*   Unaffiliated foreign tax withheld	$	3,207,337		$	66,628		$	53,763		$	52,201

See Notes to Financial Statements. 43

DBX ETF Trust

Statements of Changes in Net Assets

	Xtrackers Harvest CSI 300 China A-Shares ETF						Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF
	Year Ended May 31,						Year Ended May 31,
	2020			2019			2020			2019
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	17,755,118		$	10,665,149		$	288,193		$	251,842
Net realized gain (loss)		(118,536,199	)		(135,091,369	)		(9,363,413	)		(1,349,407	)
Net change in net unrealized appreciation (depreciation)		105,330,618			60,377,165			11,865,278			(9,572,739	)
Net increase (decrease) in net assets resulting from operations		4,549,537			(64,049,055	)		2,790,058			(10,670,304	)
Distributions to Shareholders		(16,323,622	)		(14,203,859	)		(267,342	)		—
Fund Shares Transactions
Proceeds from shares sold		1,688,068,201			1,692,910,139			5,744,566			60,173,256
Value of shares redeemed		(1,854,188,349	)		(851,830,790	)		(51,817,790	)		—
Net increase (decrease) in net assets resulting from fund share transactions		(166,120,148	)		841,079,349			(46,073,224	)		60,173,256
Total net increase (decrease) in Net Assets		(177,894,233	)		762,826,435			(43,550,508	)		49,502,952
Net Assets
Beginning of year		1,448,657,051			685,830,616			73,897,306			24,394,354
End of year	$	1,270,762,818		$	1,448,657,051		$	30,346,798		$	73,897,306
Changes in Shares Outstanding
Shares outstanding, beginning of year		55,150,001			23,200,001			2,850,001			750,001
Shares sold		58,350,000			64,000,000			200,000			2,100,000
Shares redeemed		(66,750,000	)		(32,050,000	)		(1,950,000	)		—
Shares outstanding, end of year		46,750,001			55,150,001			1,100,001			2,850,001

See Notes to Financial Statements. 44

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers MSCI All China Equity ETF						Xtrackers MSCI China A Inclusion Equity ETF
	Year Ended May 31,						Year Ended May 31,
	2020			2019			2020			2019
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,014,809		$	1,069,662		$	376,578		$	252,019
Net realized gain (loss)		(17,508,451	)		(948,491	)		(1,852,711	)		(1,747,339	)
Net change in net unrealized appreciation (depreciation)		23,027,209			(23,805,345	)		3,632,894			(2,385,759	)
Net increase (decrease) in net assets resulting from operations		6,533,567			(23,684,174	)		2,156,761			(3,881,079	)
Distributions to Shareholders		(1,586,476	)		(682,986	)		(280,238	)		(119,154	)
Fund Shares Transactions
Proceeds from shares sold		8,845,595			387,568,698			—			137,463,454
Value of shares redeemed		(221,424,743	)		(171,870,648	)		(70,409,971	)		(53,023,564	)
Net increase (decrease) in net assets resulting from fund share transactions		(212,579,148	)		215,698,050			(70,409,971	)		84,439,890
Total net increase (decrease) in Net Assets		(207,632,057	)		191,330,890			(68,533,448	)		80,439,657
Net Assets
Beginning of year		227,225,995			35,895,105			82,520,141			2,080,484
End of year	$	19,593,938		$	227,225,995		$	13,986,693		$	82,520,141
Changes in Shares Outstanding
Shares outstanding, beginning of year		7,300,001			950,001			4,400,001			100,001
Shares sold		250,000			11,250,000			—			6,900,000
Shares redeemed		(6,950,000	)		(4,900,000	)		(3,700,000	)		(2,600,000	)
Shares outstanding, end of year		600,001			7,300,001			700,001			4,400,001

See Notes to Financial Statements. 45

DBX ETF Trust

Financial Highlights

Xtrackers Harvest CSI 300 China A-Shares ETF Selected Per Share Data	Years Ended May 31,
	2020			2019			2018			2017			2016
Net Asset Value, beginning of year	$	26.27		$	29.56		$	25.84		$	23.74		$	49.93
Income (loss) from investment operations:
Net investment income (loss)(a)		0.29			0.22			0.25			0.30			0.43
Net realized and unrealized gain (loss)		0.91	(b)		(3.22	)		3.73			1.97			(18.19	)
Total from investment operations		1.20			(3.00	)		3.98			2.27			(17.76	)
Less distributions from:
Net investment income		(0.29	)		—			(0.26	)		(0.17	)		(0.33	)
Net realized gains		—			(0.29	)		—			—			(8.10	)
Total distributions		(0.29	)		(0.29	)		(0.26	)		(0.17	)		(8.43	)
Net Asset Value, end of year	$	27.18		$	26.27		$	29.56		$	25.84		$	23.74
Total Return (%)		4.50			(10.02	)		15.38			9.62			(38.10	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		1,271			1,449			686			367			326
Ratio of expenses (%)		0.65			0.65			0.66			0.67			0.80
Ratio of net investment income (loss) (%)		1.05			0.87			0.82			1.24			1.27
Portfolio turnover rate (%)(c)		115			81			65			68			159
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF Selected Per Share Data	Years Ended May 31,
	2020			2019			2018			2017			2016
Net Asset Value, beginning of year	$	25.93		$	32.53		$	31.36		$	33.00		$	65.42
Income (loss) from investment operations:
Net investment income (loss)(a)		0.17			0.20			0.04			(0.03	)		(0.05	)
Net realized and unrealized gain (loss)		1.65			(6.80	)		1.13			(1.61	)		(28.91	)
Total from investment operations		1.82			(6.60	)		1.17			(1.64	)		(28.96	)
Less distributions from:
Net investment income		(0.16	)		—			—			—			(0.17	)
Net realized gains		—			—			—			—			(3.29	)
Total distributions		(0.16	)		—			—			—			(3.46	)
Net Asset Value, end of year	$	27.59		$	25.93		$	32.53		$	31.36		$	33.00
Total Return (%)		7.02			(20.29	)		3.73			(4.97	)		(45.37	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		30			74			24			20			21
Ratio of expenses (%)		0.65			0.65			0.65			0.67			0.80
Ratio of net investment income (loss) (%)		0.63			0.74			0.10			(0.09	)		(0.11	)
Portfolio turnover rate (%)(c)		48			16			29			51			215

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

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

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

See Notes to Financial Statements. 46

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI All China Equity ETF Selected Per Share Data	Years Ended May 31,
	2020			2019			2018			2017			2016
Net Asset Value, beginning of year	$	31.13		$	37.78		$	30.54		$	28.36		$	46.01
Income (loss) from investment operations:
Net investment income (loss)(a)		0.76			0.36			0.79			0.91			2.15
Net realized and unrealized gain (loss)		2.21			(6.42	)		6.75			4.26			(15.46	)
Total from investment operations		2.97			(6.06	)		7.54			5.17			(13.31	)
Less distributions from:
Net investment income		(1.44	)		(0.59	)		(0.30	)		(2.99	)		(4.34	)
Total distributions		(1.44	)		(0.59	)		(0.30	)		(2.99	)		(4.34	)
Net Asset Value, end of year	$	32.66		$	31.13		$	37.78		$	30.54		$	28.36
Total Return (%)(b)		9.35			(15.89	)		24.71			20.03			(29.80	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		20			227			36			5			7
Ratio of expenses before fee waiver (%)(c)		0.50			0.50			0.60			0.60			0.60
Ratio of expenses after fee waiver (%)(c)		0.26			0.28			0.36			0.35			0.26
Ratio of net investment income (loss) (%)		2.27			1.07			2.10			3.10			6.46
Portfolio turnover rate (%)(d)		14			102			3			7			36
Xtrackers MSCI China A Inclusion Equity ETF Selected Per Share Data	Years Ended May 31,												Period Ended 5/31/2016(e)
	2020			2019			2018			2017
Net Asset Value, beginning of period	$	18.75		$	20.80		$	19.53		$	21.86		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(a)		0.41			0.15			0.52			0.29			0.40
Net realized and unrealized gain (loss)		1.19			(2.03	)		1.30			1.05			(2.80	)
Total from investment operations		1.60			(1.88	)		1.82			1.34			(2.40	)
Less distributions from:
Net investment income		(0.37	)		(0.17	)		(0.55	)		(2.82	)		(0.74	)
Net realized gains		—			—			—			(0.85	)		—
Total distributions		(0.37	)		(0.17	)		(0.55	)		(3.67	)		(0.74	)
Net Asset Value, end of period	$	19.98		$	18.75		$	20.80		$	19.53		$	21.86
Total Return (%)(b)		8.49			(8.91	)		9.12			6.42	(f)		(10.01	)**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		14			83			2			3			2
Ratio of expenses before fee waiver (%)(c)		0.60			0.60			0.70			0.72			1.25	***
Ratio of expenses after fee waiver (%)(c)		0.60			0.60			0.05			0.05			0.45	***
Ratio of net investment income (loss) (%)		2.03			0.75			2.38			1.41			2.92	*
Portfolio turnover rate (%)(d)		27			180			3			6			4	**

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

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

(c) The Fund invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not included these indirect fees and expenses.

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

(e) For the period October 20, 2015 (commencement of operations) through May 31, 2016.

(f) The Fund’s total return includes a reimbursement by the Advisor for a realized loss on a trade executed incorrectly, which otherwise would have reduced total return by 0.41%.

* Annualized.

** Not Annualized.

*** Annualized. Includes excise tax expense that is not annualized.

See Notes to Financial Statements. 47

DBX ETF Trust

Notes to Financial Statements

1. Organization

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

As of May 31, 2020, the Trust consists of thirty-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 Harvest CSI 300 China A-Shares ETF

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

Xtrackers MSCI All China Equity ETF

Xtrackers MSCI China A Inclusion Equity ETF

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

Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

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

Fund	Underlying Index
Xtrackers Harvest CSI 300 China A-Shares ETF	CSI 300 Index
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF	CSI 500 Index
Xtrackers MSCI All China Equity ETF	MSCI China All Shares Index
Xtrackers MSCI China A Inclusion Equity ETF	MSCI China A Inclusion Index

CSI 300 Index is calculated and maintained by China Securities Index Co., Ltd. It is a modified free-float market capitalization weighted index composed of the 300 largest and most liquid stocks in the China A-Share market. Constituent stocks for the Underlying Index must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange. The composition of the Underlying Index is reviewed every six-months.

CSI 500 Index is calculated and maintained by China Securities Index Co., Ltd. It is a modified free-float market capitalization weighted index composed of the 500 smallest and most liquid stocks in the China A-Share market. Constituent stocks for the Underlying Index must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange. The composition of the Underlying Index is reviewed every six-months.

MSCI is the creator of the MSCI China All Shares Index and the MSCI China A Inclusion Equity Index. The MSCI China All Share Index is a rules-based, free-float adjusted market capitalization index comprised of equity securities that are listed in Hong Kong, Shanghai and Shenzhen. The Underlying Index is intended to give investors a means of tracking the overall performance of equity securities that are a representative sample of the entire Chinese investment universe. The Underlying Index is comprised of A-Shares, B-Shares, H-Shares, Red chips and P chips share classes as well as securities of Chinese companies listed outside of China (e.g. American depository receipts). The Underlying Index is rebalanced on a quarterly basis.

The MSCI China A Inclusion Index is designed to track the equity market performance of China A-Shares that are accessible through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program (together “Stock Connect”). “A-Shares” are equity securities issued by companies incorporated in mainland China and are denominated in renminbi. Certain eligible A-Shares are traded on the Shanghai or Shenzhen Stock Exchanges. The Underlying Index is designed to track the inclusion of A-Shares in the MSCI Emerging Markets Index over time and is constructed by MSCI, Inc. by applying eligibility criteria for the MSCI Global Investable Market Indexes, and then excluding mid- and small-capitalization A-Shares (as determined by

48

DBX ETF Trust

Notes to Financial Statements (Continued)

MSCI), A-Shares suspended for trading for more than 50 days in the past 12 months and A-Shares that are not accessible through Stock Connect. The Underlying Index is weighted by each issuer’s free float-adjusted market capitalization (i.e., includes only shares that are readily available for trading in the market) available to foreign investors and includes only large-capitalization companies, as determined by MSCI. The Underlying Index is rebalanced on a quarterly basis.

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

Each Fund, except Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF, is diversified. Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF are non-diversified and are not limited by the 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. In addition, each Fund, with the exception of Xtrackers MSCI All China Equity ETF, may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index 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. Each Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.

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

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 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 a 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.

49

DBX ETF Trust

Notes to Financial Statements (Continued)

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 Board 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; length of time of a halt in trading of the security; movement in the security’s proxy index; 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. Distributions of income and capital gains from investments in affiliated funds are recorded on the ex-dividend date. Interest income is recorded on the accrual basis.

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

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

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 year ended May 31, 2020, the Funds did not incur any interest or penalties.

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As of May 31, 2020, the components of accumulated earnings (losses) on a tax basis were as follows:

	Undistributed Ordinary Income*		Capital and Other Gains (Losses)			Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Losses)
Xtrackers Harvest CSI 300 China A-Shares ETF	$	6,350,022	$	(196,250,062	)	$	160,579,665		$	(29,320,375	)
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		152,732		(21,394,241	)		512,970			(20,728,539	)
Xtrackers MSCI All China Equity ETF		65,578		(11,197,492	)		(1,181,802	)		(12,313,716	)
Xtrackers MSCI China A Inclusion Equity ETF		1,953		(4,143,124	)		1,443,126			(2,698,045	)

The tax character of dividends and distributions declared for the years ended May 31, 2020 and May 31, 2019 were as follows:

	Year Ended May 31, 2020
	Ordinary Income*
Xtrackers Harvest CSI 300 China A-Shares ETF	$	16,323,622
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		267,342
Xtrackers MSCI All China Equity ETF		1,586,476
Xtrackers MSCI China A Inclusion Equity ETF		280,238

	Year Ended May 31, 2019
	Ordinary Income*		Long Term Capital Gain
Xtrackers Harvest CSI 300 China A-Shares ETF	$	287	$	14,203,572
Xtrackers MSCI All China Equity ETF		682,986		—
Xtrackers MSCI China A Inclusion Equity ETF		119,154		—

* For tax purposes short-term capital gain distributions are considered ordinary income distributions

At May 31, 2020, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

	Short-Term		Long-Term		Total Amount
Xtrackers Harvest CSI 300 China A-Shares ETF	$	98,419,937	$	97,830,125	$	196,250,062
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		14,804,329		6,589,912		21,394,241
Xtrackers MSCI All China Equity ETF		7,274,409		3,923,083		11,197,492
Xtrackers MSCI China A Inclusion Equity ETF		3,952,636		190,488		4,143,124

For the fiscal year ended May 31, 2020, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to the recognition of certain foreign currency gain (losses) as ordinary income (loss), passive foreign investment companies (“PFICs”), net operating losses and redemptions-in-kind.

	Distributable earnings (loss)		Paid-In Capital
Xtrackers MSCI All China Equity ETF	$	11,993,848	$	(11,993,848	)

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DBX ETF Trust

Notes to Financial Statements (Continued)

As of May 31, 2020, 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 Harvest CSI 300 China A-Shares ETF	$	1,106,488,011	$	160,571,384		$	275,333,053	$	(114,761,669	)
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		29,740,388		513,359			5,429,178		(4,915,819	)
Xtrackers MSCI All China Equity ETF		22,526,399		(1,181,524	)		1,339,731		(2,521,255	)
Xtrackers MSCI China A Inclusion Equity ETF		12,865,367		1,444,357			2,466,060		(1,021,703	)

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 May 31, 2020, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

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

With the approval from the PRC State Council, the PRC State Administration of Taxation, the PRC Ministry of Finance and the China Securities Regulatory Commission jointly issued Caishui [2014] 79 (Circular 79) on November 14, 2014. According to Circular 79, RQFIIs are temporarily exempt from WHT with respect to gains derived from the trading of equity investments (including shares in PRC enterprises) effective from November 17, 2014. With respect to gains derived from equity investments prior to November 17, 2014, RQFIIs are subject to WHT at a rate of 10% on such gains on a gross basis, subject to any lower rate provided by an applicable tax treaty. The above WHT treatment applies to RQFIIs which do not have a permanent establishment (“PE”) in the PRC. The Funds do not have PEs in the PRC, therefore, the Funds are only subject to WHT at 10% with respect to gross realized gains derived from the disposal of land-rich A-Share companies and exempt from WHT with respect to gross realized gains derived from non land-rich A-Share companies prior to November 17, 2014. Land-rich enterprises refer to companies whose value of immovable property in the PRC is greater than 50% of the value of their total assets at any time during the three-year period before the alienation of the PRC companies’ shares. The WHT relating to the realized gains from shares in land-rich companies prior to November 17, 2014 has been paid by the Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, respectively; while realized gains from shares in non land-rich companies prior to November 17, 2014 were granted treaty relief pursuant to the PRC-US Double Taxation Arrangement.

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

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

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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    The Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF may lend securities to certain financial institutions under the terms of their 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 cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities 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 year ended May 31, 2020, 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 (0.12% annualized effective rate as of May 31, 2020) 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 May 31, 2020, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

Remaining Contractual Maturity of the Agreements, as of May 31, 2020
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers MSCI All China Equity ETF
Common Stocks	$	120,429	$	1,096	$	6,190	$	313,544	$	441,259
Exchange-Traded Funds		1,677,500		—		—		—		1,677,500
Total Borrowings	$	1,797,929	$	1,096	$	6,190	$	313,544	$	2,118,759
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	2,118,759
Xtrackers MSCI China A Inclusion Equity ETF
Exchange-Traded Funds	$	2,613	$	—	$	—	$	—	$	2,613
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	2,613

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 year ended May 31, 2020, Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF

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Notes to Financial Statements (Continued)

utilized futures in order to simulate investment in the Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

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

A summary of the open futures contracts as of May 31, 2020 is included in a table following the Funds’ Schedule of Investments.

The following tables summarize the value of the Funds’ derivative instruments held as of May 31, 2020 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

		Asset Derivatives			Liability Derivatives
Xtrackers MSCI All China Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	5,320	Unrealized depreciation on futures contracts*	$	—

* 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 year ended May 31, 2020 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 MSCI All China Equity ETF	$	19,137
Xtrackers MSCI China A Inclusion Equity ETF		52,245
Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts— Equity Contracts
Xtrackers MSCI All China Equity ETF	$	5,770
Xtrackers MSCI China A Inclusion Equity ETF		675

For the year ended May 31, 2020 the average monthly volume of derivatives was as follows:

	Futures Contracts (Contract Value)
Xtrackers MSCI All China Equity ETF	$	481,758
Xtrackers MSCI China A Inclusion Equity ETF		56,194

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DBX ETF Trust

Notes to Financial Statements (Continued)

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 management 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.

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

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

	Unitary Management Fee
Xtrackers Harvest CSI 300 China A-Shares ETF		0.65	%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		0.65	%
Xtrackers MSCI All China Equity ETF		0.50	%
Xtrackers MSCI China A Inclusion Equity ETF		0.60	%

The Advisor for Xtrackers MSCI All China Equity ETF has contractually agreed, until November 14, 2021, to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. In addition, the Advisor has contractually agreed, until September 30, 2020, to waive a portion of its management fees to the extent necessary to prevent the operating expenses of the Fund from exceeding 0.50% of the Fund’s average daily net assets. For the year ended May 31, 2020, the Advisor waived $107,766 of the expenses of the Fund which were attributable to the Fund’s investments in affiliated funds.

The Advisor for Xtrackers MSCI China A Inclusion Equity ETF has contractually agreed to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. For the year ended May 31, 2020, the Advisor waived $28 of the expenses of the Fund.

The Advisor for the Funds below has contractually agreed to waive a portion of its management fees in an amount equal to the acquired funds’ fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the year ended May 31, 2020, the Advisor waived expenses of the Funds as follows:

	Expenses Waived
Xtrackers MSCI All China Equity ETF	$	193
Xtrackers MSCI China A Inclusion Equity ETF		432

Out of the unitary management 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.

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The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending 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 year ended May 31, 2020, 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 Harvest CSI 300 China A-Shares ETF	$	1,877,923,108	$	2,034,187,349
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		21,455,384		67,126,892
Xtrackers MSCI All China Equity ETF		6,837,239		80,412,576
Xtrackers MSCI China A Inclusion Equity ETF		5,554,644		75,332,472

For the year ended May 31, 2020, the cost of in-kind purchases and proceeds from in-kind sale were as follows:

	Purchases		Sales
Xtrackers MSCI All China Equity ETF	$	4,650,053	$	143,542,697

5. Fund Share Transactions

As of May 31, 2020 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 Xtrackers MSCI All China Equity ETF 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. The purchase of Creation Units for Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF and Xtrackers MSCI China A Inclusion Equity ETF are generally issued in exchange for a specific amount of cash totaling the NAV of the Creation Units. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

6. Investing in China

Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others; more frequent (and potentially widespread) trading suspensions and government interventions with respect to Chinese issuers, resulting in lack of liquidity and in price volatility; currency revaluations and other currency exchange rate fluctuations or blockage; the nature and extent of intervention by the Chinese government in the Chinese securities markets (including both direct and indirect market stabilization efforts, which may affect valuations of Chinese issuers), whether such intervention will continue and the impact of such intervention or its discontinuation; the risk of nationalization or expropriation of assets; the risk that the Chinese government may decide not to continue to support economic reform programs; limitations on the use of brokers (or action by the Chinese government that discourages brokers from serving international clients); higher rates of inflation; greater political, economic and social uncertainty; higher market volatility caused by any potential regional territorial conflicts or natural disasters; the risk of increased trade tariffs, embargoes and other trade limitations; restrictions on foreign ownership; custody risks associated with investing through Stock Connect, an RQFII or other programs to access the Chinese securities markets, both interim and permanent market regulations which may affect the ability of certain stockholders to sell Chinese securities when it would otherwise be advisable; and different and less stringent financial reporting standards.

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7. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, Xtrackers MSCI China A Inclusion Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amount listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at May 31, 2020.

	Pro-rata Share
Xtrackers Harvest CSI 300 China A-Shares ETF	$	63,000,000
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		4,200,000
Xtrackers MSCI China A Inclusion Equity ETF		5,250,000

8. Other

A novel strain of coronavirus (COVID-19) outbreak was declared a pandemic by the World Health Organization on March 11, 2020. The situation is evolving with various cities and countries around the world responding in different ways to address the pandemic. There are direct and indirect economic effects developing for various industries and individual companies throughout the world. The recent pandemic spread of the novel coronavirus and related geopolitical events could lead to increased financial market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on a Fund and its investments. A prolonged disruption may result in a Fund and its service providers experiencing operational difficulties in implementing their business continuity plans. Management will continue to monitor the impact COVID-19 has on the Funds and reflect the consequences as appropriate in each Fund’s accounting and financial reporting.

9. Subsequent Event

On June 17, 2020, Deutsche Bank AG (“DB”), an affiliate of DWS Group, resolved with the Commodity Futures Trading Commission (“CFTC”) charges stemming from alleged violations of various swap data reporting requirements and corresponding supervision and other failures. The matter, which was resolved by the issuance of a federal court order (“Consent Order”), involved unintentional conduct that resulted from a system outage that prevented DB from reporting data in accordance with applicable CFTC requirements for a period of five days in April 2016.

The matter giving rise to the Consent Order did not arise out of any investment advisory, fund management activities or distribution activities of DBX Advisors LLC or their advisory affiliates (the “DWS Service Providers”). DWS Group, of which the DWS Service Providers are wholly-owned subsidiaries (except for Harvest Global Management Limited which is partially owned by DWS Group), is a separate publicly traded company but continues to be an affiliate of DB due to, among other things, DB’s 79.49% ownership interest in DWS Group. Under the provisions of the Investment Company Act of 1940, as a result of the Consent Order, the DWS Service Providers would not be eligible to continue to provide investment advisory services to the Funds absent an order from the Securities and Exchange Commission (the “SEC”). DB and the DWS Service Providers are seeking temporary and permanent orders from the SEC to permit the DWS Service Providers to continue to provide investment advisory services to the Funds and other registered investment companies notwithstanding the Consent Order. While there can be no assurance that the requested exemptive orders will be granted, the SEC has granted this type of relief in the past. Consistent with their fiduciary and other relationships with the Funds, and in accordance with the desire of the Board of the Funds, the DWS Service Providers continue to provide investment advisory services to the Funds. Subject to the receipt of the temporary and permanent exemptive orders, the DWS Service Providers have informed the Funds that they do not believe the Consent Order will have any material impact on the Funds or the ability of the DWS Service Providers to provide services for the Funds.

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DBX ETF Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders of Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, Xtrackers MSCI All China Equity ETF, Xtrackers MSCI China A Inclusion Equity ETF, and the Board of Trustees of DBX ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, Xtrackers MSCI All China Equity ETF, and Xtrackers MSCI China A Inclusion Equity ETF (collectively referred to as the “Funds”), (four of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of May 31, 2020, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (four of the funds constituting the DBX ETF Trust) at May 31, 2020, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Individual fund constituting the DBX ETF Trust	Statement of operations	Statements of changes in net assets	Financial highlights
Xtrackers Harvest CSI 300 China A-Shares ETF Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF Xtrackers MSCI All China Equity ETF	For the year ended May 31, 2020	For each of the two years in the period ended May 31, 2020	For each of the five years in the period ended May 31, 2020
Xtrackers MSCI China A Inclusion Equity ETF	For the year ended May 31, 2020	For each of the two years in the period ended May 31, 2020	For each of the four years in the period ended May 31, 2020 and the period from October 20, 2015 (commencement of operations) through May 31, 2016

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of the internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2020, by correspondence

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Report of Independent Registered Public Accounting Firm(Continued)

with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

New York, New York

July 27, 2020

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DBX ETF Trust

Liquidity Risk Management (Unaudited)

All Funds

In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), your Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DBX Advisors LLC (“Advisors”) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). Advisors has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of Advisors that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on calculations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.

Xtrackers MSCI All China Equity ETF (CN) only

In February 2020, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2018 through November 30, 2019 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported on a material change made to the Program in May 2019 to address Securities and Exchange Commission guidance relating to extended foreign market holidays.

Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR), Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) and Xtrackers MSCI China A Inclusion Equity ETF (ASHX) only

In February 2020, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2018 through November 30, 2019 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did experience a temporary breach of the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). The breach was caused by the temporary reclassification of Chinese securities as illiquid due to an extended Chinese holiday market closure. The temporary reclassification of Chinese securities caused the Fund to exceed the 15% limit on illiquid investments for a one day period. Because the holiday closure was anticipated in advance, no actions were needed to rebalance the Fund’s portfolio. Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported on a material change made to the Program in May 2019 to address Securities and Exchange Commission guidance relating to extended foreign market holidays.

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DBX ETF Trust

Board Members and Officers (Unaudited)

Identification and Background

The Board has responsibility for the overall management and operations of the funds, including general supervision of the duties performed by the Advisor and other service providers. Each Board Member serves until his or her successor is duly elected or appointed and qualified. Each officer serves until he or she resigns, is removed, dies, retires or becomes disqualified.

The Trust currently has three Board Members. The three Independent Board Members have no affiliation or business connection with the Advisor or any of its affiliated persons and do not own any stock or other securities issued by the Advisor.

The Independent Board Members of the Trust, their term of office and length of time served, their principal business occupations during the past five years, the number of portfolios in the fund complex (defined below) overseen by each Independent Board Member, and other directorships, if any, held by the Board Members are shown below. The fund complex includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor. As of the date of this shareholder report, the fund complex consists of the funds in the Trust, as well as the registered funds advised by affiliates of the Advisor.

Shareholder Communications to the Board.    Shareholders may send communications to the Trust’s Board by addressing the communications directly to the Board (or individual Board Members) and/or otherwise clearly indicating in the salutation that the communication is for the Board (or individual Board Members). The shareholder may send the communication to either the Trust’s office or directly to such Board members c/o 875 Third Avenue, New York, NY 10022. Other shareholder communications received by the Trust not directly addressed and sent to the Board will be reviewed and generally responded to by management. Such communications will be forwarded to the Board at management’s discretion based on the matters contained therein.

Independent Board Members

Name, Year of Birth, Position with the Trust and Length of Time Served(1)	Business Experience and Directorships During the Past 5 Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Board Member
Stephen R. Byers (1953) Chairman since 2016, and Board Member since 2011 (formerly, Lead Independent Board Member, 2015-2016)	Independent Director (2011-present); Independent Consultant (2014-present); Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer, the Dreyfus Corporation (2002-2006).	34	The Arbitrage Funds, Sierra Income Corporation, Mutual Fund Directors Forum
George O. Elston (1964) Board Member since 2011, Chairman of the Audit Committee since 2015	Chief Financial Officer, Enzyvant (2018-present); Chief Executive Officer, 2X Oncology, Inc. (2017-2018); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013).	34	-
J. David Officer (1948) Board Member since 2011, Chairman of the Nominating Committee since 2015	Independent Director (2010-present); Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009).	34	(Chairman of) Ilex Management Ltd; Old Westbury Funds

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Board Members and Officers(Unaudited) (Continued)

Officers⁽²⁾

Name, Year of Birth, Position with the Trust and Length of Time Served(4)	Business Experience and Directorships During the Past 5 Years
Freddi Klassen(5) (1975) President and Chief Executive Officer, 2016-present	Director(3) in DWS and Chief Operating Officer in the Americas for the Traditional Asset Classes Department (2014-present); Manager and Chief Operating Officer of DWS Investment Management Americas, Inc. (2018-present) and the Advisor (2016-present); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013).
Luke Oliver(5) (1980) Chief Operating Officer, 2019-present	Managing Director(3) in DWS (2017-present); Director(3) in DWS (2009-2017); Head of Passive Americas Asset Management Platform (2019-present); Manager, Chief Executive Officer and Chief Investment Officer of the Advisor (2019-present); Head of ETF Capital Markets, Americas (2012-2018); Lead Portfolio Manager of PowerShares DB ETFs (2009-2012).
Diane Kenneally(6) (1966) Treasurer, Chief Financial Officer and Controller, 2019-present	Director(3) in DWS; Chief Financial Officer and Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2018-present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present); formerly: Assistant Treasurer for the DWS funds (2007-2018).
Frank Gecsedi(5) (1967) Chief Compliance Officer, 2010-present	Director(3) in DWS Compliance Department (2016-present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Advisor (2010-present); Chief Compliance Officer of DWS Distributors, Inc. (2019-present); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012).
Bryan Richards(5) (1978) Vice President, 2016-present	Managing Director(3) in DWS (2018-present); Director(3) in DWS (2014-2018); Portfolio Manager in the Passive Asset Management Department at DWS (2011-present); Primary Portfolio Manager for the PowerShares DB Commodity ETFs (2011-2015).
John Millette(6) (1962) Secretary, 2020-present	Director(3) in DWS US Retail Legal (2003-present); Vice President and Secretary of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (1999-present); Chief Legal Officer, DWS Investment Management Americas, Inc. (2015-present); Director and Vice President of DWS Trust Company (2016-present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011-present); formerly: Secretary of Deutsche Investment Management Americas Inc. (2015-2017); Assistant Secretary of DBX ETF Trust (2019-2020); Assistant Secretary (July 14, 2006-December 31, 2010) and Secretary (January 31, 2006-July 13, 2006), The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc.
Caroline Pearson(6) (1962) Assistant Secretary, 2020-present	Managing Director(3) in DWS US Retail Legal; Chief Legal Officer of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2010-present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012-present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002-2017); and Secretary, Deutsche AM Service Company (2010-2017).
Paul Antosca(6) (1957) Assistant Treasurer, 2019-present	Director(3) in DWS; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2007-present).

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Board Members and Officers (Unaudited) (Continued)

Officers⁽²⁾

Name, Year of Birth, Position with the Trust and Length of Time Served(4)	Business Experience and Directorships During the Past 5 Years
Jeffrey Berry(6) (1959) Assistant Treasurer, 2019-present	Director(3) in DWS.
Sheila Cadogan(6) (1966) Assistant Treasurer, 2019-present	Director(3) in DWS; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2017-present); Director and Vice President, DWS Trust Company (2018-present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present).
Christina A. Morse(7) (1964) Assistant Secretary, 2017-present	Vice President at BNY Mellon-Asset Servicing (2014-present); Vice President and Counsel at Lord Abbett & Co. LLC (2013-2014).
Michelle Goveia-Pine(5) (1970) Interim Anti-Money Laundering Compliance Officer, since July 9, 2020	Director(3) in DWS; Interim AML Officer, DWS Trust Company (since July 28, 2020); and Interim AML Officer of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (since July 10, 2020); Interim AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since July 24, 2020).

⁽¹⁾ The length of time served is represented by the year in which the Board Member joined the Board.

⁽²⁾ As a result of their respective positions held with the Advisor and its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Funds.

⁽³⁾ Executive title, not a board directorship.

⁽⁴⁾ The length of time served is represented by the year in which the officer was first elected to the Trust in such capacity.

⁽⁵⁾ Address: 875 Third Avenue, New York, New York 10022.

⁽⁶⁾ Address: One International Place, Boston, Massachusetts 02110.

⁽⁷⁾ Address: BNY Mellon Asset Servicing, Atlantic Terminal Office Tower, 2 Hanson Place, Brooklyn, NY 11217.

The Funds’ Statement of Additional Information (“SAI”) includes additional information about the Funds’ Board Members. The SAI is available by calling 855-329-3837, or on the Company’s website at www.Xtrackers.com.

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DBX ETF Trust

Board Considerations in Approval of Investment Advisory and

Sub-Advisory Contracts (Unaudited)

Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 26-27, 2020 (the “Meeting”), the Trustees, all of whom are Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement and Investment Sub-Advisory Agreement with respect to Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to continue in effect the Investment Advisory Agreement and the Investment Sub-Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) and Harvest Global Investments Limited (“Harvest” or “Sub-Advisor”) for purposes of reviewing the agreements’ terms and also took into consideration the discussions they had with management during the Meeting and among themselves during their Executive Sessions held on February 26 and February 27, 2020. The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of each Fund’s investment performance and related financial information, presentations given by DBX and Harvest, as well as periodic reports on brokerage commissions, portfolio execution and other services provided to the Funds.

In reaching its decision with respect to the Investment Advisory Agreement, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the financial resources of DBX and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Advisor from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Advisor.

In reaching its decision with respect to the Investment Sub-Advisory Agreement, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the performance of Harvest with respect to its management of the Funds, as well as Harvest’s financial resources and its resulting ability to perform its obligations under the Investment Sub-Advisory Agreement; (3) the total cost of the services provided by Harvest from its relationship with the Funds; (4) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (5) fall out benefits, if any, enjoyed by the Sub-Advisor.

The Board reached a determination, with the assistance of Independent Trustee Counsel and Dechert LLP (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement and the compensation to be received thereunder is in the best interests of each Fund and its 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 provided and the risks incurred by the Advisor under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Advisor continuously during the prior year, in addition to the information the Advisor had provided in response to the Board’s requests prior to the Meeting. 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 Advisor, including portfolio management.

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Board Considerations in Approval of Investment Advisory and

Sub-Advisory Contracts (Unaudited) (Continued)

The Board considered that the Advisor provides, 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 Advisor pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its DWS Group affiliates, except as may otherwise be determined by the Board. The Board also considered that the Advisor arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operation. The Board also considered the role played by the Advisor in working with Harvest to manage the Funds’ portfolios, noting that the Advisor provides 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. The Board considered the information regarding each Fund’s tracking error compared to its underlying index that had been provided by the Advisor and by Broadridge Financial Solutions Inc. (“Broadridge”). The Board took note of the detailed information provided by the Advisor throughout the year with respect to each Fund’s tracking error and the sources thereof. The Trustees noted that tracking error for each Fund during the year was in an expected range.

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

Advisor’s Financial Resources.    In connection with the assessment of the ability of the Advisor to perform its duties under the Investment Advisory Agreement, the Board considered the Advisor’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Advisor 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 and total expenses to those of the other ETFs in its Peer Group. The Board noted that due to the special characteristics of certain Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Groups and the information in the Broadridge reports accordingly may or may not provide meaningful direct comparisons to the Funds. The Board considered that while each Fund’s advisory fees and total expenses after waivers/reimbursements were above the average and median of those Funds’ respective Peer Groups, many of those other ETFs in the Funds’ respective Peer Groups only invested directly in A-Shares through the Stock Connect programs, rather than also utilizing the Renminbi Qualified Foreign Institutional Investor (“RQFII”) program, as the Funds did using the quota allocated to the Sub-Advisor. The Board also noted that the Chinese authorities had announced that the quotas under the RQFII system would be abolished, but that it was unclear when that would occur.

The Board considered that the fee for the Funds is a unitary fee pursuant to which the Advisor pays all of the Funds’ costs (subject to certain specified exceptions). The Board considered that each Fund’s fee had been priced to scale when it was established. The Board also considered that the Funds’ portfolios are managed on a day-to-day basis by the Sub-Advisor, which receives a fee from the Advisor. The Board considered the allocation of responsibilities between the Advisor and Sub-Advisor and noted that the Advisor provides 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 is reasonable in light of the services provided.

Costs of Services and Profitability.    The Board considered the expenses of the Advisor in developing and rendering services to the Funds and the information provided by the Advisor to the Board regarding the Funds’ profitability. The Board considered that the Advisor had provided extensive information about the Advisor’s profitability and the Advisor’s methodology in determining profitability. While the Advisor had provided

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Board Considerations in Approval of Investment Advisory and

Sub-Advisory Contracts (Unaudited) (Continued)

information about the Advisor’s expenses relating to marketing the Funds, the Board considered the Advisor’s profitability without accounting for such expenses. The Board determined that only Xtrackers Harvest CSI 300 China A-Shares ETF was profitable as of this time and the Advisor’s profitability with respect to the Fund was not excessive. The Board also noted that since the fee paid by the Advisor to the Sub-Advisor under the Investment Sub-Advisory Agreement contained breakpoints, the Advisor could experience increased profitability as the Funds’ assets increased. The Board considered whether the Advisor would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.

Economies of Scale.    The Board considered that Xtrackers Harvest CSI 300 China A-Shares ETF had attracted a substantial amount of assets (though it had also experienced outflows during the year), but determined that the Fund was not experiencing economies of scale beyond what was reflected in the Fund’s unitary fee, which the Board noted was very competitive. The Board considered that Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF was not experiencing economies of scale at this time and determined to evaluate the economies of scale on an ongoing basis as a result of asset growth of the Funds.

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.

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

Nature, Extent and Quality of Services.    In considering the nature, extent and quality of services that Harvest provides to the Funds, the Board reviewed in detail the nature, extent and quality of services provided by Harvest under the Investment Sub-Advisory Agreement. In doing so, the Board considered the information it had received from the Sub-Advisor continuously during the prior year, in addition to the information the Sub-Advisor had provided in response to the Board’s requests prior to the Meeting. 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 Board also considered Harvest’s operational capabilities and resources, and its experience in serving as investment sub-Advisor to the Funds. The Board considered the professional experience, qualifications and performance of Harvest’s senior management and key professional personnel, as well as Harvest’s depth and breadth of experience in managing investment portfolios consisting of China A-Shares, and their techniques for implementing such strategies while minimizing index tracking error. The Board particularly considered the value of the access to China A-Shares provided to the Funds by Harvest through Harvest’s RQFII quota granted by the Chinese authorities, noting that it was in the Funds’ best interests to maintain as many means as possible to access China A-Shares. The Board also noted that the Chinese authorities had announced that the quotas under the RQFII system would be abolished, but that it was unclear when that would occur. In addition, the Board considered Harvest’s operational capabilities and resources, and Harvest’s experience in managing index funds covering various asset classes. The Board noted that Harvest manages its index-based portfolios using both full replication and sampling techniques and maintains strict discipline in the implementation of its indexing strategies. To that end, the Board noted that when there are changes to a benchmark index, Harvest closely monitors any such changes to devise strategies to realign its portfolios at the lowest possible cost while tracking the respective benchmark index. The Board also noted Harvest’s processes to minimize the cost of trading.

Based on its review, the Board concluded that the nature, extent, and quality of services provided by Harvest under the Investment Sub-Advisory Agreement are reasonable and appropriate in relation to the fees paid to Harvest, taking special consideration of the fact that the fees paid to Harvest are payable by the Advisor and not the Funds.

Performance of Harvest; Harvest’s Financial Resources.    The Board considered Harvest’s performance in managing the Funds and its ability to minimize tracking error. The Board concluded that, given Harvest’s capabilities and experience in managing the Funds, Harvest had generally been able to keep the Funds’ tracking error within acceptable ranges.

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Board Considerations in Approval of Investment Advisory and

Sub-Advisory Contracts (Unaudited) (Continued)

The Board also considered Harvest’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that Harvest has the financial resources necessary to perform its obligations under the Investment Sub-Advisory Agreement.

Reasonableness of Sub-Advisory Fee.    The Board considered that the fee paid to Harvest in respect of the Funds would be paid by the Advisor and not the Funds. The Board considered that the fee for the Funds was a unitary fee pursuant to which the Advisor would pay all of the Funds’ costs (subject to certain specified exceptions), and thus was not directly affected by the amount of the sub-advisory fee paid to Harvest. Based on its review, the Board concluded that the sub-advisory fee was reasonable in light of the services provided.

Costs of Services and Profitability.    The Board considered that the fees paid by the Advisor to Harvest under the Investment Sub-Advisory Agreement contain breakpoints. The Board further considered that specific information about Harvest’s profitability with respect to its services provided to the Funds was not available because Harvest does not calculate the profitability of its sub-advisory services on a per-Fund level. The Board also considered that the overall fees paid by each Fund remained reasonable.

The Board also considered whether Harvest would benefit in other ways from its relationship with the Funds. The Board discussed Harvest’s practices regarding the selection and compensation of brokers and dealers that execute portfolio transactions for the Funds and the brokers’ and dealers’ provision of brokerage services to Harvest. The Board discussed the potential benefits Harvest might derive from the Funds’ soft dollar arrangements, whereby brokers provide brokerage services to the Funds or Harvest in return for allocating fund brokerage.

Economies of Scale.    The Board considered that Xtrackers Harvest CSI 300 China A-Shares ETF had attracted a substantial amount of assets, but determined that the Fund was not experiencing economies of scale beyond what was reflected in the Fund’s unitary fee, which the Board noted was very competitive. The Board considered that Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF was not experiencing economies of scale at this time and determined to evaluate the economies of scale on an ongoing basis as a result of asset growth of the Funds.

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

Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 26-27, 2020 (the “Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) each Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees also took into consideration the discussions they had with management during the Meeting and among themselves during their Executive Sessions held on February 26 and February 27, 2020. The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of each Fund’s investment performance, tracking error and related financial information, presentations given by DBX, as well as its periodic reports on brokerage commissions, portfolio execution and other services provided to the Funds.

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DBX ETF Trust

Board Considerations in Approval of Investment Advisory and

Sub-Advisory Contracts (Unaudited) (Continued)

In reaching its decision to continue in effect the Investment Advisory Agreement for another annual period, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the financial resources of DBX and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Advisor from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Advisor.

The Board reached a determination, with the assistance of Independent Trustee Counsel and Dechert LLP (“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 its 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 provided and the risks incurred by the Advisor under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Advisor continuously during the prior year, in addition to the information the Advisor had provided in response to the Board’s requests prior to the Meeting. 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 Advisor, including portfolio management.

The Board considered that the Advisor provides, 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 Advisor pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Advisor 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 the Funds’ portfolios directly, the Advisor provides 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.

The Board considered the information regarding each Fund’s tracking error compared to its underlying index that had been provided by the Advisor and by Broadridge. The Board took note of the detailed information provided by the Advisor throughout the year with respect to each Fund’s tracking error and the sources thereof. The Trustees noted that tracking error for each Fund during the year was in an expected range.

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

Advisor’s Financial Resources.    In connection with the assessment of the ability of the Advisor to perform its duties under the Investment Advisory Agreement, the Board considered the Advisor’s financial condition and

68

DBX ETF Trust

Board Considerations in Approval of Investment Advisory and

Sub-Advisory Contracts (Unaudited) (Continued)

whether it has the resources necessary to carry out its functions. The Board concluded that the Advisor 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 and total expenses to those of the other ETFs in its Peer Group. The Board noted that due to the special characteristics of certain Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Groups and the information in the Broadridge reports accordingly may or may not provide meaningful direct comparisons to the Funds. The Board also noted that the advisory fees and total expenses (after waivers/reimbursements) for the Funds were below or equal to the average and/or median of the ETFs in each Fund’s respective Peer Group compiled by Broadridge.

The Board accordingly noted that each Fund’s fee is competitive with the fees of applicable peer ETFs.

The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Advisor pays all of the Funds’ costs (subject to certain specified exceptions). The Board considered that each Fund’s fee had been priced to scale when it was established. The Board also considered that each Fund’s portfolio is managed on a day-to-day basis by the Advisor and that the Advisor also provides 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 provided.

Costs of Services and Profitability.    The Board considered the expenses of the Advisor in developing and rendering services provided to the Funds and the information provided by the Advisor to the Board regarding the Funds’ profitability. The Board considered that the Advisor had provided extensive information about the Advisor’s profitability and the Advisor’s methodology in determining profitability. While the Advisor had provided information about the Advisor’s expenses relating to marketing the Funds, the Board considered the Advisor’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Advisor’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Advisor would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.

Economies of Scale.    The Board considered that certain Funds had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was very competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets.

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.

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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 Funds are required to file their complete schedule of portfolio holdings with the SEC for their 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 each 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.

Tax Information

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its period ended May 31, 2020.

	Qualified Dividend Income*
Xtrackers Harvest CSI 300 China A-Shares ETF		100%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		100%
Xtrackers MSCI All China Equity ETF		78%
Xtrackers MSCI China A Inclusion Equity ETF		100%

* The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.

Each Fund intends to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:

	Gross Foreign Income		Foreign Taxes Paid
Xtrackers Harvest CSI 300 China A-Shares ETF		$31,956,192		$3,198,842
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		651,946		66,443
Xtrackers MSCI China A Inclusion Equity ETF		520,540		51,846

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DBX ETF Trust

Privacy Policy Notice (Unaudited)

DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax advisor, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.

California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.

Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.Xtrackers.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.

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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 possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Special risks associated with investments in Chinese companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards, the nature and extent of intervention by the Chinese government in the Chinese securities markets, and the potential unavailability of A shares. Uncertainties in the Chinese tax rules governing taxation of income and gains from investments in A-shares could result in unexpected tax liabilities for the Funds which may reduce Fund returns. Any reduction or elimination of access to A-shares will have a material adverse effect on the ability of the Funds to achieve its investment objective. CN and ASHX are currently non-diversified and can take larger positions in fewer issues, increasing the Fund’s potential risk. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. Please read the prospectus for more information.

War, terrorism, economic uncertainty, trade disputes, public health crises (including the recent pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Funds and their investments.

Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. 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 CSI Indexes are calculated by China Securities Index Co., Ltd. (CSI). CSI does not make any warranties, express or implied, to its customers or any other party regarding the accuracy or completeness of any data related to the Index. All information is provided for information purposes only. CSI accepts no liability for any errors or any loss arising from the use of information it provides.

The Funds or securities referred to herein are not sponsored, endorsed, issued, sold or promoted by MSCI, and MSCI bears no liability with respect to any such Funds or securities or any index on which such Funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX Advisors LLC and any related funds.

Copyright © 2020 DWS Group. All rights reserved. Xtrackers^TM is a trademark of DWS Investment 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	Investment sub-advisor Harvest Global Investments Limited 31/F, One Exchange Square 8 Connaught Place Central, Hong Kong	Administrator, custodian, fund accounting agent, lending 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 5 Times Square New York, NY 10036	Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036

R-35360-7 (7/20) DBX004441 (7/21)

May 31, 2020

Annual Report

DBX ETF Trust

Xtrackers Eurozone Equity ETF (EURZ)

Xtrackers International Real Estate ETF (HAUZ)

Xtrackers Japan JPX-Nikkei 400 Equity ETF (JPN)

Xtrackers MSCI Latin America Pacific Alliance ETF (PACA)

DBX ETF Trust

Table of Contents

	Page
Shareholder Letter		1
Management’s Discussion of Fund Performance		3
Performance Summary
Xtrackers Eurozone Equity ETF		6
Xtrackers International Real Estate ETF		8
Xtrackers Japan JPX-Nikkei 400 Equity ETF		10
Xtrackers MSCI Latin America Pacific Alliance ETF		12
Fees and Expenses		14
Schedules of Investments
Xtrackers Eurozone Equity ETF		15
Xtrackers International Real Estate ETF		20
Xtrackers Japan JPX-Nikkei 400 Equity ETF		28
Xtrackers MSCI Latin America Pacific Alliance ETF		33
Statements of Assets and Liabilities		36
Statements of Operations		37
Statements of Changes in Net Assets		38
Financial Highlights		40
Notes to Financial Statements		42
Report of Independent Registered Public Accounting Firm		52
Liquidity Risk Management		54
Board Members and Officers		55
Board Considerations in Approval of Investment Advisory Contract		58
Additional Information		61
Privacy Policy Notice		62

To our Shareholders: (Unaudited)

Dear Shareholders,

We are pleased to provide this annual report for 4 of our sector ETFs for the period ended May 31, 2020.

The global economy experienced weak growth during the reporting period owing to the COVID-19 pandemic, trade conflicts and volatile energy prices. As large parts of the global economy were shut down, most countries faced record economic declines, as the ensuing lockdown affected both production and consumption. While the U.S. experienced strong growth for the majority of the reporting period, the economy went through the sharpest quarterly decline in early 2020 since 2008. The Chinese economy contracted for the first time in decades in Q1 2020, as most of the economic activity was ceased to tackle the pandemic. Emerging market currencies came under pressure, as measures taken to contain the pandemic affected the fiscal situation of these countries.

An already weak Eurozone economy contracted in early 2020, as it was among the most infected regions in the world. The contraction was driven by weak business and household activity, due to measures taken by the government to contain the spread. France and Spain were among the hardest hit, leading to a significant contraction in their economies. Germany, too, saw unemployment numbers rising and the composite Purchasing Managers Index (PMI) falling to an all-time low. The European Central Bank (ECB) took drastic steps to keep its economies afloat during the lockdown, easing the requirements for its refinancing operations and announcing a new asset purchase program. The shift in the economic landscape due to the pandemic drove the ECB to initiate a EUR1.35 trillion Pandemic Emergency Purchase Program.

The Japanese economy entered a technical recession¹ after contracting in two consecutive quarters, as an increase in consumption tax, coupled with lockdown measures, considerably hurt domestic and global demand. Exports decreased significantly, as supply chain disruptions from the COVID-19 outbreak took a toll on shipments of Japanese goods. To support businesses and consumers, the government decided to provide a stimulus package worth 20% of GDP². Latin American economies also contracted owing to weak domestic activity, a drop in prices of export commodities, and a significant number of job losses. Most currencies across the region lost strength against the U.S. dollar (USD) amid fears of further economic downturn. To protect the economies from a further fallout due to the COVID-19 pandemic, all the major central banks in the region have cut interest rates by record levels and taken measures to increase liquidity in the financial system.

Global Real Estate markets remained steady throughout 2019 before facing a slowdown due to the COVID-19 pandemic. In Europe, despite low population growth, urbanization helped boost real estate returns. In a world with negative sovereign bond yields, real estate emerged as an attractive asset class, with yield spreads to sovereign bond yields averaging over 3% globally in 2019. Despite rental declines in most sectors during 2020, residential and logistics remained resilient, benefiting from a limited supply pipeline and sustained increase in demand from ecommerce.

The prime focus of policymakers across the world would be to cushion the pandemic’s health and economic consequences. While the near-term outlook remains challenging, economic activity has resumed gradually in most countries, as restrictions imposed under the lockdown are being relaxed. This, coupled with fiscal stimulus packages and accommodative central bank monetary policies, should boost economic 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 A “technical recession” is when you have 2 negative quarters of GDP, but it is due mainly to slowing growth or an isolated event rather than a major underlying cause. Technical recessions are usually short in duration and mild in severity. 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.

² 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

Management’s Discussion of Fund Performance (Unaudited)

Xtrackers Eurozone Equity ETF (EURZ)

Xtrackers Eurozone Equity ETF (EURZ) seeks investment results that correspond generally to the performance, before fees and expenses, of the NASDAQ Eurozone Large Mid Cap Index (the EURZ Index). The EURZ 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”). For the 12-month period ended May 31, 2020, EURZ shares returned -5.29%, compared to the EURZ Index return of -5.12%.

Financials, Industrials, Energy and Consumer Staples were the major negative contributors, while Health Care, Information Technology and Utilities sectors positively contributed the most to performance. From a geographical perspective, France, Spain and Belgium were the major negative contributors, while Netherlands, Finland and Ireland contributed positively to performance.

Xtrackers International Real Estate ETF

Xtrackers International Real Estate ETF (HAUZ), 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 HAUZ Index). The HAUZ 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. For the 12-month period ended May 31, 2020, HAUZ shares returned -14.80%, compared to the HAUZ Index return of -14.99%.

Within Real Estate, most sub-sectors detracted from performance with highest detraction from Retail REIT’s, Diversified Real Estate Activities and Diversified REIT’s, while Industrial REIT’s was a positive contributor. From a geographical perspective, Hong Kong, Japan and Australia were the major Negative contributors, while Sweden, Switzerland and Belgium contributed positively to performance.

Xtrackers Japan JPX-Nikkei 400 Equity ETF Xtrackers

Japan JPX-Nikkei 400 Equity ETF (JPN) seeks investment results that correspond generally to the performance, before fees and expenses, of the JPX-Nikkei 400 Net Total Return Index (the JPN Index). The JPN Index is designed to track the performance of equity securities of issuers who are primarily listed on the JASDAQ Stock Exchange (JASDAQ) or the following sections of the Tokyo Stock Exchange (TSE): the first section (for large companies), the second section (for middle-sized companies), and the “Mothers” (for high growth and emerging stocks). For the 12-month period ended May 31, 2020, JPN shares returned 7.87%, compared to the JPN Index return of 7.77%.

Health Care, Information Technology and Consumer Discretionary were the major positive contributors, while Financials, Real Estate and Energy sectors detracted most from the performance.

Xtrackers MSCI Latin America Pacific Alliance ETF

Xtrackers MSCI Latin America Pacific Alliance ETF (PACA), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Latin America Pacific Alliance Capped Index (the PACA Index). The Underlying Index is designed to provide exposure to equity securities of issuers from Latin American member states of the Pacific Alliance, as well as securities of countries that are headquartered and carry out the majority of operations in these countries. For the 12-month period ended May 31, 2020, PACA shares returned -27.01%, compared to the PACA Index return of -26.77%.

Majority of the sectors contributed negatively to performance during the period with the greatest negative contribution coming from Financials, Consumer Staples and Materials. The Health Care sector was the only positive contributor to performance. Most countries contributed negatively with Mexico, Chile and Colombia being the most significant detractors.

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Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance

3

DBX ETF Trust

Management’s Discussion of Fund Performance (Unaudited) (Continued)

data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 6-13 of this report for additional performance information, including performance data based on market value. The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.

4

This Page is Intentionally Left Blank

5

DBX ETF Trust

Performance 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”). The MSCI ACWI ex USA Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States). It is not possible to invest directly into an index.

Performance as of 5/31/20

Average Annual Total Return
	Net Asset Value	Market Value	NASDAQ Eurozone Large Mid Cap Index	MSCI ACWI ex USA Index
One Year	-5.29%	-5.33%	-5.12%	-3.43%
Since Inception1	-2.62%	-2.60%	-2.51%	2.12%
Cumulative Total Returns
	Net Asset Value	Market Value	NASDAQ Eurozone Large Mid Cap Index	MSCI ACWI ex USA Index
One Year	-5.29%	-5.33%	-5.12%	-3.43%
Since Inception1	-11.94%	-11.85%	-11.47%	10.55%

¹ Total returns are calculated based on the commencement of operations, August 19, 2015 (“Inception”).

Prior to October 27, 2017, the Fund was known as Xtrackers MSCI Southern Europe Hedged Equity ETF (DBSE) and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 01, 2019, was 0.09%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

6

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Eurozone Equity ETF (EURZ) (Continued)

Growth of an Assumed $10,000 Investment

¹ Based on Net Asset Value from commencement of operations, August 19, 2015.

Sector Diversification* as of 5/31/20

Industrials	14.7%
Financials	14.2%
Consumer Discretionary	12.9%
Information Technology	11.7%
Consumer Staples	10.3%
Health Care	9.5%
Utilities	7.4%
Materials	7.1%
Communication Services	5.5%
Energy	4.2%
Real Estate	2.5%
Total	100.0%

Ten Largest Equity Holdings
as of 5/31/20 (23.4% of Net Assets)

Description	% of Net Assets
SAP SE (Germany)		3.3%
ASML Holding NV (Netherlands)		3.0%
LVMH Moet Hennessy Louis Vuitton SE (France)		2.9%
Sanofi (France)		2.7%
TOTAL SA (France)		2.3%
Siemens AG (Germany)		2.1%
Unilever NV (United Kingdom)		1.9%
Allianz SE (Germany)		1.8%
L’Oreal SA (France)		1.8%
Bayer AG (Germany)		1.6%

Country Diversification* as of 5/31/20

France	33.1%
Germany	28.2%
Netherlands	10.8%
Spain	8.1%
Italy	6.1%
Finland	3.8%
Belgium	3.5%
Ireland	2.0%
United Kingdom	2.0%
Other	2.4%
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 15.

7

DBX ETF Trust

Performance 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. The MSCI ACWI ex USA Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States). It is not possible to invest directly into an index.

Performance as of 5/31/20

Average Annual Total Return
	Net Asset Value	Market Value	iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index2	MSCI ACWI ex USA Index
One Year	-14.80%	-14.94%	-14.99%	-3.43%
Five Year	-0.19%	-0.24%	0.39%	0.79%
Since Inception1	2.29%	2.29%	2.85%	1.73%
Cumulative Total Returns
	Net Asset Value	Market Value	iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index2	MSCI ACWI ex USA Index
One Year	-14.80%	-14.94%	-14.99%	-3.43%
Five Year	-0.93%	-1.22%	1.98%	4.01%
Since Inception1	16.26%	16.33%	20.61%	12.11%

¹ Total returns are calculated based on the commencement of operations, October 1, 2013 (“Inception”).

² On February 22, 2019, the Fund changed its Underlying Index from MSCI Asia Pacific ex Japan US Dollar Hedged Index to the iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index. Returns reflect performance for the MSCI Asia Pacific ex Japan US Dollar Hedged Index through February 21, 2019.

Prior to February 22, 2019, the Fund was known as Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (DBAP) and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2019, was 0.12%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

8

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers International Real Estate ETF (HAUZ) (Continued)

Growth of an Assumed $10,000 Investment

¹ Based on Net Asset Value from commencement of operations, October 1, 2013.

Sector Diversification* as of 5/31/20

Real Estate Operations/Development	33.8%
Diversified	18.8%
Real Estate Management/Services	16.5%
Shopping Centers	8.1%
Office Property	6.9%
Warehouse/Industry	6.5%
Apartments	4.0%
Other	5.4%
Total	100.0%

Ten Largest Equity Holdings
as of 5/31/20 (19.8% of Net Assets)

Description	% of Net Assets
Vonovia SE (Germany)		3.3%
Mitsubishi Estate Co. Ltd. (Japan)		2.5%
Mitsui Fudosan Co. Ltd. (Japan)		2.2%
Sun Hung Kai Properties Ltd. (Hong Kong)		2.0%
Goodman Group (Australia)		1.9%
Link (Hong Kong)		1.8%
Deutsche Wohnen SE (Germany)		1.7%
CK Asset Holdings Ltd. (Hong Kong)		1.6%
Sumitomo Realty & Development Co. Ltd. (Japan)		1.5%
China Resources Land Ltd. (Hong Kong)		1.3%

Country Diversification* as of 5/31/20

Japan	22.7%
Hong Kong	14.8%
Australia	8.2%
Germany	7.3%
Singapore	6.8%
United Kingdom	6.2%
Canada	5.3%
Sweden	4.2%
France	3.3%
Philippines	2.4%
Thailand	2.2%
Other	16.6%
Total	100.0%

* As a percent of total investments excluding 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 20.

9

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Japan JPX-Nikkei 400 Equity ETF (JPN)

The Xtrackers Japan JPX-Nikkei 400 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 JPX-Nikkei 400 Net Total Return Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities of issuers who are primarily listed on the JASDAQ Stock Exchange (“JASDAQ”) or the following sections of the Tokyo Stock Exchange (“TSE”): the first section (for large companies), the second section (for middle-sized companies) and the “Mothers” (for high-growth and emerging stocks). The MSCI ACWI ex USA Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States). It is not possible to invest directly into an index.

Performance as of 5/31/20

Average Annual Total Return
	Net Asset Value	Market Value	JPX-Nikkei 400 Net Total Return Index	MSCI ACWI ex USA Index
One Year	7.87%	8.42%	7.77%	-3.43%
Since Inception1	3.20%	3.18%	3.38%	0.66%
Cumulative Total Returns
	Net Asset Value	Market Value	JPX-Nikkei 400 Net Total Return Index	MSCI ACWI ex USA Index
One Year	7.87%	8.42%	7.77%	-3.43%
Since Inception1	16.82%	16.73%	17.88%	3.32%

¹ Total returns are calculated based on the commencement of operations, June 24, 2015 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2019, was 0.09%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

10

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Japan JPX-Nikkei 400 Equity ETF (JPN) (Continued)

Growth of an Assumed $10,000 Investment

¹ Based on Net Asset Value from commencement of operations, June 24, 2015.

Sector Diversification* as of 5/31/20

Industrials	22.6%
Consumer Discretionary	15.1%
Health Care	12.2%
Information Technology	11.7%
Consumer Staples	9.6%
Financials	9.3%
Communication Services	8.8%
Materials	5.4%
Real Estate	3.0%
Utilities	1.4%
Energy	0.9%
Total	100.0%

Ten Largest Equity Holdings
as of 5/31/20 (15.2% of Net Assets)

Description	% of Net Assets
Keyence Corp.		1.8%
Daiichi Sankyo Co. Ltd.		1.7%
Sony Corp.		1.7%
Nintendo Co. Ltd.		1.5%
Takeda Pharmaceutical Co. Ltd.		1.5%
Toyota Motor Corp.		1.5%
Recruit Holdings Co. Ltd.		1.5%
Nippon Telegraph & Telephone Corp.		1.4%
KDDI Corp.		1.3%
SoftBank Group Corp.		1.3%

* As a percent of total investments excluding 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 28.

11

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI Latin America Pacific Alliance ETF (PACA)

The Xtrackers MSCI Latin America Pacific Alliance 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 MSCI Latin America Pacific Alliance Capped Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities of issuers from Latin American member states of the Pacific Alliance, as well as securities of countries that are headquartered and carry out the majority of operations in these countries. The MSCI Emerging Markets Index is designed to represent the performance of large- and mid-cap securities in the emerging market countries that are included in its index. It is not possible to invest directly into an index.

Performance as of 5/31/20

Average Annual Total Return
	Net Asset Value	Market Value	MSCI Latin America Pacific Alliance Capped Index	MSCI Emerging Markets Index
One Year	-27.01%	-27.44%	-26.77%	-4.39%
Since Inception1	-17.90%	-17.97%	-17.61%	1.98%
Cumulative Total Returns
	Net Asset Value	Market Value	MSCI Latin America Pacific Alliance Capped Index	MSCI Emerging Markets Index
One Year	-27.01%	-27.44%	-26.77%	-4.39%
Since Inception1	-26.86%	-27.01%	-26.50%	3.16%

¹ Total returns are calculated based on the commencement of operations, October 30, 2018 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2019, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

12

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI Latin America Pacific Alliance ETF (PACA) (Continued)

Growth of an Assumed $10,000 Investment

¹ Based on Net Asset Value from commencement of operations, October 30, 2018.

Sector Diversification* as of 5/31/20

Financials	25.6%
Consumer Staples	22.6%
Materials	16.7%
Communication Services	12.2%
Utilities	9.0%
Industrials	5.5%
Real Estate	3.6%
Energy	3.0%
Consumer Discretionary	1.3%
Health Care	0.3%
Information Technology	0.2%
Total	100.0%

Ten Largest Equity
as of 5/31/20 (46.6% of Net Assets)

Description	% of Net Assets
America Movil SAB de CV (Mexico)		9.8%
Credicorp Ltd. (Peru)		9.3%
Fomento Economico Mexicano SAB de CV (Mexico)		5.7%
Wal-Mart de Mexico SAB de CV (Mexico)		5.7%
Grupo Financiero Banorte SAB de CV (Mexico)		3.4%
Southern Copper Corp. (Peru)		3.1%
Grupo Mexico SAB de CV (Mexico)		2.9%
Bancolombia SA (Colombia)		2.8%
Enel Americas SA (Chile)		2.2%
Cia de Minas Buenaventura SAA (Peru)		1.7%

Country Diversification* as of 5/31/20

Mexico	49.3%
Peru	21.4%
Chile	16.8%
Colombia	11.7%
Canada	0.8%
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 33.

13

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 management fees and other Fund expenses. In the most recent six-month period Xtrackers International Real Estate ETF, Xtrackers Japan JPX-Nikkei 400 Equity ETF and Xtrackers MSCI Latin America Pacific Alliance 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 six-month period and held for the entire period (December 1, 2019 to May 31, 2020).

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 December 1, 2019		Ending Account Value May 31, 2019		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers Eurozone Equity ETF
Actual	$	1,000.00	$	854.20		0.09	%	$	0.42
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.55		0.09	%	$	0.46
Xtrackers International Real Estate ETF
Actual	$	1,000.00	$	796.60		0.10	%	$	0.45
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.50		0.10	%	$	0.51
Xtrackers Japan JPX-Nikkei 400 Equity ETF
Actual	$	1,000.00	$	954.60		0.09	%	$	0.44
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.55		0.09	%	$	0.46
Xtrackers MSCI Latin America Pacific Alliance ETF
Actual	$	1,000.00	$	745.90		0.45	%	$	1.96
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.75		0.45	%	$	2.28

(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.

14

DBX ETF Trust

Schedule of Investments

Xtrackers Eurozone Equity ETF

May 31, 2020

	Number of Shares		Value
COMMON STOCKS — 97.2%
Austria — 0.7%
ANDRITZ AG*		64	$	2,402
CA Immobilien Anlagen AG*		67		2,258
Erste Group Bank AG*		295		6,486
OMV AG*		145		4,794
Raiffeisen Bank International AG		136		2,502
Telekom Austria AG*		137		987
Verbund AG*		126		5,612
voestalpine AG		124		2,419
(Cost $37,322)				27,460
Belgium — 3.4%
Ackermans & van Haaren NV		24		3,302
Ageas SA/NV*		177		6,038
Anheuser-Busch InBev SA/NV		895		41,724
Cofinimmo SA REIT		24		3,268
Colruyt SA		55		3,327
Elia Group SA/NV		65		7,635
Galapagos NV*		44		8,974
Groupe Bruxelles Lambert SA		78		6,309
KBC Group NV		275		14,399
Proximus SADP		136		2,843
Sofina SA		16		4,378
Solvay SA		72		5,485
Telenet Group Holding NV		48		1,968
UCB SA		128		12,814
Umicore SA		181		8,021
Warehouses De Pauw CVA REIT		130		3,428
(Cost $186,040)				133,913
Finland — 3.8%
Elisa OYJ		147		9,219
Fortum OYJ		428		8,198
Huhtamaki OYJ*		96		3,879
Kesko OYJ, Class B		256		4,328
Kone OYJ, Class B		413		27,693
Metso OYJ		136		4,413
Neste OYJ (a)		422		17,049
Nokia OYJ		5,735		22,746
Orion OYJ, Class B		112		5,992
Sampo OYJ, Class A*(a)		493		17,614
Stora Enso OYJ, Class R*		642		7,873
UPM-Kymmene OYJ		494		14,271
Wartsila OYJ Abp		455		3,555
(Cost $155,119)				146,830
France — 32.8%
Accor SA*		189		5,329
Aeroports de Paris		28		2,917
Air France-KLM*(a)		251		1,134
Air Liquide SA		447		60,711
Airbus SE*		605		38,158
Alstom SA		189		7,955
Alten SA		28		2,249
Amundi SA, 144A*		60		4,468
Arkema SA		68		5,927
Atos SE*		101		7,619
AXA SA*		1,931		35,183

	Number of Shares		Value
France (Continued)
BioMerieux		44	$	6,319
BNP Paribas SA*		1,144		41,045
Bollore SA		905		2,583
Bouygues SA*		215		6,586
Bureau Veritas SA*		275		5,595
Capgemini SE		149		15,265
Carrefour SA		620		9,417
Casino Guichard Perrachon SA*		48		1,809
Cie de Saint-Gobain		509		16,459
Cie Generale des Etablissements Michelin SCA*		171		17,283
CNP Assurances*		163		1,714
Covivio REIT(a)		46		2,694
Credit Agricole SA*		1,240		10,792
Danone SA*		680		46,564
Dassault Systemes SE		141		23,879
Edenred		173		7,232
Eiffage SA*		76		6,932
Elis SA*		167		2,062
Engie SA*		1,822		21,554
EssilorLuxottica SA*		296		38,111
Eurazeo SE*		43		2,095
Faurecia SE*		76		2,930
Gecina SA REIT		49		6,306
Getlink SE*		414		5,978
Hermes International		35		29,114
ICADE REIT		32		2,291
Iliad SA		17		2,995
Ipsen SA*		36		2,831
JCDecaux SA*		72		1,465
Kering SA		75		39,177
Klepierre SA REIT		211		3,999
Legrand SA		263		17,933
L’Oreal SA*		239		69,627
LVMH Moet Hennessy Louis Vuitton SE		267		111,374
Natixis SA*		921		2,042
Orange SA		1,932		23,307
Orpea		49		5,756
Pernod Ricard SA		154		23,999
Peugeot SA*		551		7,848
Publicis Groupe SA		252		7,154
Remy Cointreau SA		20		2,376
Renault SA		207		4,652
Rubis SCA		95		4,533
Safran SA*		315		30,085
Sanofi		1,067		103,888
Sartorius Stedim Biotech*		24		6,509
Schneider Electric SE		546		54,199
SCOR SE*		185		4,564
SEB SA		25		3,432
Societe Generale SA*		744		10,951
Sodexo SA		84		5,657
Suez SA(a)		384		4,361
Teleperformance*		52		12,326
Thales SA		112		8,569
TOTAL SA		2,379		88,981
Ubisoft Entertainment SA*		114		8,833

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of Investments

Xtrackers Eurozone Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
France (Continued)
Unibail-Rodamco-Westfield REIT		136	$	7,216
Valeo SA*		208		5,125
Veolia Environnement SA(a)		550		12,043
Vinci SA		547		50,526
Vivendi SA		869		19,748
Wendel SE*		28		2,573
(Cost $1,524,142)				1,274,913
Germany — 26.1%
1&1 Drillisch AG		48		1,229
adidas AG*		171		45,118
Allianz SE		393		71,177
BASF SE*		852		46,102
Bayer AG		918		62,003
Bayerische Motoren Werke AG		319		18,665
Bechtle AG		26		4,584
Beiersdorf AG		126		13,211
Brenntag AG		144		7,594
Carl Zeiss Meditec AG*		36		3,688
Commerzbank AG*		1,036		4,035
Continental AG*		110		10,821
Covestro AG, 144A*		155		5,740
CTS Eventim AG & Co. KGaA*		52		2,360
Daimler AG*		766		28,442
Delivery Hero SE, 144A*		122		11,695
Deutsche Bank AG*(b)		1,918		16,067
Deutsche Boerse AG		167		27,474
Deutsche Lufthansa AG*		441		4,485
Deutsche Post AG*		911		28,354
Deutsche Telekom AG*		3,241		51,103
Deutsche Wohnen SE		331		14,809
E.ON SE		1,979		20,926
Evonik Industries AG		177		4,361
Evotec SE*		119		3,219
Fielmann AG		24		1,703
Fraport AG Frankfurt Airport Services Worldwide*		36		1,787
Fresenius Medical Care AG & Co. KGaA*		211		17,744
Fresenius SE & Co. KGaA*		387		18,597
FUCHS PETROLUB SE		28		947
GEA Group AG		155		4,619
GRENKE AG*		28		2,256
Hannover Rueck SE		60		9,651
HeidelbergCement AG*		144		7,149
Hella GmbH & Co. KGaA		44		1,718
Henkel AG & Co. KGaA*		100		8,014
HOCHTIEF AG		19		1,672
Infineon Technologies AG		1,173		24,603
KION Group AG*		68		3,797
LANXESS AG*		68		3,516
LEG Immobilien AG*		62		7,730
Merck KGaA		129		14,801
METRO AG		234		2,185
MorphoSys AG*		22		2,855
MTU Aero Engines AG*		47		7,575
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		134		30,497

	Number of Shares		Value
Germany (Continued)
Nemetschek SE*		60	$	4,732
Puma SE*		90		6,425
Rational AG*		3		1,610
Rheinmetall AG		36		2,922
RWE AG*		581		19,253
SAP SE		1,021		128,903
Scout24 AG, 144A		101		7,724
Siemens AG		744		81,542
Sixt SE		8		642
Stroeer SE & Co. KGaA		21		1,522
Symrise AG*		117		12,806
Talanx AG		52		1,830
TeamViewer AG*		87		4,428
Telefonica Deutschland Holding AG		905		2,784
thyssenkrupp AG*		485		3,269
Uniper SE		99		3,094
United Internet AG		88		3,610
Vonovia SE*		461		26,552
Wirecard AG		97		10,203
Zalando SE, 144A*		136		9,204
(Cost $1,124,482)				1,013,733
Greece — 0.1%
Hellenic Telecommunications Organization SA		247		3,478
OPAP SA		166		1,551
(Cost $5,063)				5,029
Ireland — 2.0%
Bank of Ireland Group PLC*		909		1,635
CRH PLC		794		25,878
Kerry Group PLC, Class A		146		18,076
Kingspan Group PLC		156		9,639
Ryanair Holdings PLC, ADR*		197		14,139
Smurfit Kappa Group PLC		203		6,607
(Cost $77,900)				75,974
Italy — 6.1%
A2A SpA		1,575		2,185
ACEA SpA		48		929
Amplifon SpA*		69		1,915
Assicurazioni Generali SpA		1,270		17,637
ASTM SpA*		91		1,873
Atlantia SpA*		508		8,247
Banca Mediolanum SpA		259		1,726
Buzzi Unicem SpA		72		1,432
Buzzi Unicem SpA-RSP		36		415
Davide Campari-Milano SpA		246		1,998
DiaSorin SpA*		11		2,306
Enel SpA		6,647		51,025
Eni SpA		2,508		22,661
FinecoBank Banca Fineco SpA*		588		6,871
Hera SpA		545		2,091
Infrastrutture Wireless Italiane SpA, 144A		235		2,396
Intesa Sanpaolo SpA*		15,415		26,619
Iren SpA		794		1,975
Italgas SpA		477		2,592
Leonardo SpA*		396		2,467

See Notes to Financial Statements. 16

DBX ETF Trust

Schedule of Investments

Xtrackers Eurozone Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Italy (Continued)
Mediobanca Banca di Credito Finanziario SpA		748	$	4,856
Moncler SpA*		191		7,107
Nexi SpA, 144A*		260		4,272
Pirelli & C SpA, 144A*		505		2,264
Poste Italiane SpA, 144A		469		4,118
Prysmian SpA		259		5,516
Recordati SpA		89		4,051
Saipem SpA		519		1,233
Snam SpA		2,037		9,480
Telecom Italia SpA*		10,378		3,833
Telecom Italia SpA-RSP		5,353		2,065
Terna Rete Elettrica Nazionale SpA		1,419		9,581
UniCredit SpA*		2,161		18,427
(Cost $280,266)				236,163
Luxembourg — 0.7%
ArcelorMittal SA*		635		6,078
Aroundtown SA		1,017		5,591
Eurofins Scientific SE		12		8,113
Grand City Properties SA		108		2,448
RTL Group SA*		53		1,796
Tenaris SA		477		2,967
(Cost $37,313)				26,993
Netherlands — 10.7%
Aalberts NV*		72		1,974
ABN AMRO Bank NV, 144A		426		3,417
Adyen NV, 144A*		26		34,214
Aegon NV		1,757		4,700
Akzo Nobel NV		204		16,701
Altice Europe NV*		650		2,603
Argenx SE*		35		7,455
ASM International NV		48		5,582
ASML Holding NV		361		117,637
ASR Nederland NV		124		3,407
Euronext NV, 144A		61		5,625
EXOR NV		112		6,037
Heineken Holding NV		88		7,253
Heineken NV		235		21,560
IMCD NV*		43		4,057
ING Groep NV		3,920		25,317
Just Eat Takeaway.com NV, 144A*		113		12,263
Koninklijke Ahold Delhaize NV		1,043		26,464
Koninklijke DSM NV		171		21,884
Koninklijke KPN NV		3,206		7,860
Koninklijke Philips NV*		856		38,839
Koninklijke Vopak NV		68		3,730
NN Group NV		308		9,514
Randstad NV		117		4,910
Signify NV, 144A*		143		3,059
Wolters Kluwer NV		263		20,970
(Cost $396,985)				417,032
Portugal — 0.5%
EDP—Energias de Portugal SA		2,367		11,119
Galp Energia SGPS SA		457		5,447

	Number of Shares		Value
Portugal (Continued)
Jeronimo Martins SGPS SA*		243	$	4,157
(Cost $20,058)				20,723
Spain — 8.0%
Acciona SA		24		2,397
ACS Actividades de Construccion y Servicios SA		291		7,429
Aena SME SA, 144A*		72		10,267
Amadeus IT Group SA		359		18,745
Banco Bilbao Vizcaya Argentaria SA		6,187		19,222
Banco de Sabadell SA		5,291		1,593
Banco Santander SA		15,771		35,744
Bankia SA		1,100		971
Bankinter SA		627		2,658
CaixaBank SA		3,502		6,542
Cellnex Telecom SA, 144A*		293		16,596
Enagas SA		227		5,103
Endesa SA		316		7,505
Ferrovial SA*		7		190
Ferrovial SA		538		14,614
Grifols SA		290		9,071
Grupo Catalana Occidente SA		44		993
Iberdrola SA		5,540		59,702
Industria de Diseno Textil SA		1,126		31,375
Inmobiliaria Colonial Socimi SA REIT		279		2,523
Mapfre SA		955		1,682
Merlin Properties Socimi SA REIT		360		3,023
Naturgy Energy Group SA		324		6,017
Red Electrica Corp. SA		432		7,612
Repsol SA		1,425		13,267
Siemens Gamesa Renewable Energy SA*		227		3,822
Telefonica SA		4,352		20,530
(Cost $419,785)				309,193
Switzerland (c) — 0.4%
STMicroelectronics NV (Cost $11,958)		642		15,775
United Kingdom (c) — 1.9%
Unilever NV (Cost $84,266)		1,455		75,243
TOTAL COMMON STOCKS (Cost $4,360,699)				3,778,974
PREFERRED STOCKS — 2.0%
Germany — 1.9%
Bayerische Motoren Werke AG		52		2,394
FUCHS PETROLUB SE		68		2,709
Henkel AG & Co. KGaA*		175		15,627
Porsche Automobil Holding SE		155		8,433
Sartorius AG*		36		13,351
Sixt SE		16		875
Volkswagen AG*		205		30,214
(Cost $77,829)				73,603
Spain — 0.1%
Grifols SA, Class B (Cost $5,524)		259		4,961
TOTAL PREFERRED STOCKS (Cost $83,353)				78,564

See Notes to Financial Statements. 17

DBX ETF Trust

Schedule of Investments

Xtrackers Eurozone Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
RIGHTS — 0.0%
Italy — 0.0%
Davide Campari-Milano SpA*, expires 6/21/20(d) (Cost $0)		246	$	0
EXCHANGE-TRADED FUNDS — 0.7%
iShares MSCI Eurozone ETF (Cost $24,575)		740		25,741
SECURITIES LENDING COLLATERAL — 1.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (e)(f) (Cost $55,855)		55,855		55,855

	Number of Shares		Value
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 0.12% (e) (Cost $187)		187	$	187
TOTAL INVESTMENTS — 101.3% (Cost $4,524,669)			$	3,939,321
Other assets and liabilities, net — (1.3%)				(51,577	)
NET ASSETS — 100.0%			$	3,887,744

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2020 is as follows:

	Value ($) at 5/31/2019		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2020		Value ($) at 5/31/2020
COMMON STOCKS — 0.4%
Germany — 0.4%
Deutsche Bank AG
		5,922		11,926		(5,149	)		69		3,299		—		—		1,918		16,067
SECURITIES LENDING COLLATERAL — 1.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (e)(f)
		113,653		—		(57,798	)(g)		—		—		779		—		55,855		55,855
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 0.12% (e)
		56		88,483		(88,352	)		—		—		28		—		187		187
		119,631		100,409		(151,299	)		69		3,299		807		—		57,960		72,109

* 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 May 31, 2020 amounted to $47,148, which is 1.2% of net assets.

(b) Affiliated issuer. This security is owned in proportion with its representation in the index.

(c) Securities listed in country of domicile and traded on an exchange within Eurozone.

(d) Investment was valued using significant unobservable inputs.

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

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

(g) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2020.

ADR: American Depositary Receipt

REIT: Real Estate Investment Trust

RSP: Risparmio (Convertible Savings Shares)

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. 18

DBX ETF Trust

Schedule of Investments

Xtrackers Eurozone Equity ETF (Continued)

May 31, 2020

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 May 31, 2020 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 (h)	$	3,778,974	$	—		—	$	3,778,974
Preferred Stocks (h)		78,564		—		—		78,564
Rights		—		—		0		0
Exchange-Traded Funds		25,741		—		—		25,741
Short-Term Investments (h)		56,042		—		—		56,042
TOTAL	$	3,939,321	$	—	$	0	$	3,939,321

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

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF

May 31, 2020

	Number of Shares		Value
COMMON STOCKS — 99.1%
Australia — 8.2%
Abacus Property Group REIT		93,534	$	160,187
ALE Property Group REIT		31,943		97,961
Arena REIT		89,693		147,059
Aventus Group REIT (a)		110,809		145,639
BWP Trust REIT		130,532		327,526
Centuria Industrial REIT		66,845		130,453
Centuria Office REIT		106,955		140,573
Charter Hall Group REIT		125,064		804,440
Charter Hall Long Wale REIT		113,212		329,158
Charter Hall Retail REIT		98,951		214,786
Charter Hall Social Infrastructure REIT		89,825		149,065
Cromwell Property Group REIT (a)		523,992		278,261
Dexus REIT		288,595		1,724,125
GDI Property Group REIT		145,560		104,836
Goodman Group REIT		436,711		4,455,591
GPT Group REIT		448,356		1,187,499
Growthpoint Properties Australia Ltd. REIT		81,493		173,104
Ingenia Communities Group REIT		73,835		212,711
Mirvac Group REIT		1,035,779		1,615,743
National Storage REIT		213,651		265,206
REA Group Ltd.		13,510		901,009
Scentre Group REIT		1,378,346		2,040,330
Shopping Centres Australasia Property Group REIT		251,066		389,979
Stockland REIT		641,171		1,519,425
US Masters Residential Property Fund REIT		105,375		25,181
Vicinity Centres REIT		955,599		1,021,266
Waypoint REIT (a)		137,418		241,728
(Cost $21,972,355)				18,802,841
Austria — 0.5%
CA Immobilien Anlagen AG*		15,436		520,259
IMMOFINANZ AG*		25,654		480,550
S IMMO AG		11,036		208,690
(Cost $1,402,492)				1,209,499
Belgium — 1.8%
Aedifica SA REIT		6,590		704,451
Ascencio REIT		1,616		83,586
Befimmo SA REIT		5,419		224,838
Care Property Invest NV REIT		5,414		166,817
Cofinimmo SA REIT		6,622		901,597
Intervest Offices & Warehouses NV REIT		6,606		160,558
Montea C.V.A REIT		3,421		320,411
Retail Estates NV REIT*		2,894		190,251
VGP NV		2,221		289,052
Warehouses De Pauw CVA REIT		34,025		897,180
Xior Student Housing NV REIT		4,022		197,522
(Cost $4,083,047)				4,136,263
Brazil — 0.7%
Aliansce Sonae Shopping Centers SA*		31,039		145,619
BR Malls Participacoes SA		233,551		421,855
Cyrela Brazil Realty SA Empreendimentos e Participacoes		86,077		268,639

	Number of Shares		Value
Brazil (Continued)
Ez Tec Empreendimentos e Participacoes SA		39,893	$	239,530
Iguatemi Empresa de Shopping Centers SA		24,364		146,199
Multiplan Empreendimentos Imobiliarios SA		82,196		313,129
(Cost $2,604,555)				1,534,971
Canada — 5.3%
Allied Properties Real Estate Investment Trust REIT		33,060		956,736
Altus Group Ltd.		9,846		306,948
American Hotel Income Properties REIT LP (a)		21,131		38,373
Artis Real Estate Investment Trust REIT		36,714		192,575
Boardwalk Real Estate Investment Trust REIT		9,521		201,138
Canadian Apartment Properties REIT		44,918		1,525,431
Chartwell Retirement Residences		56,615		335,053
Choice Properties Real Estate Investment Trust REIT		61,703		578,103
Colliers International Group, Inc.		10,464		538,341
Cominar Real Estate Investment Trust REIT (a)		45,639		254,908
Crombie Real Estate Investment Trust REIT (a)		24,680		233,908
CT Real Estate Investment Trust REIT		17,112		163,048
Dream Industrial Real Estate Investment Trust REIT (a)		30,576		224,752
Dream Office Real Estate Investment Trust REIT		10,237		145,016
DREAM Unlimited Corp., Class A		18,926		113,649
First Capital Real Estate Investment Trust REIT		52,449		496,714
FirstService Corp.		8,637		799,776
Granite Real Estate Investment Trust REIT		14,470		715,107
H&R Real Estate Investment Trust REIT		76,472		536,665
InterRent Real Estate Investment Trust REIT		32,997		349,259
Killam Apartment Real Estate Investment Trust REIT		27,547		337,213
Minto Apartment Real Estate Investment Trust REIT		8,734		126,378
Morguard Corp.		1,205		108,103
Morguard North American Residential Real Estate Investment Trust REIT		7,634		78,814
Northview Apartment Real Estate Investment Trust REIT (a)		15,811		397,277
NorthWest Healthcare Properties Real Estate Investment Trust REIT (a)		34,903		265,901
RioCan Real Estate Investment Trust REIT (a)		82,614		870,250
SmartCentres Real Estate Investment Trust REIT		34,622		503,474
Summit Industrial Income REIT		34,140		259,594
Tricon Capital Group, Inc.		51,614		301,723

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2020

	Number of Shares		Value
Canada (Continued)
True North Commercial Real Estate Investment Trust REIT		16,756	$	66,190
WPT Industrial Real Estate Investment Trust REIT		15,613		191,884
(Cost $15,290,380)				12,212,301
Chile — 0.2%
Parque Arauco SA		182,488		305,960
Plaza SA		66,142		92,001
(Cost $538,792)				397,961
China — 1.4%
A-Living Services Co. Ltd., Class H, 144A (a)		115,207		616,835
China Vanke Co. Ltd., Class H		385,055		1,249,404
Colour Life Services Group Co. Ltd.*		52,782		23,698
Guangzhou R&F Properties Co. Ltd., Class H		337,850		417,136
Midea Real Estate Holding Ltd., 144A*		58,519		136,955
Powerlong Real Estate Holdings Ltd.		399,206		221,466
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B		91,332		81,103
Shanghai Lingang Holdings Corp. Ltd., Class B*		14,355		16,178
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		292,352		206,400
Shanghai Shibei Hi-Tech Co. Ltd., Class B*		54,765		18,730
Zhenro Properties Group Ltd.*		517,999		329,472
(Cost $3,535,799)				3,317,377
Denmark — 0.0%
Jeudan A/S* (Cost $57,086)		1,805		70,576
Egypt — 0.1%
Arab Co. for Asset Management & Development		41,469		4,848
Emaar Misr for Development SAE*		226,940		32,767
Heliopolis Housing		43,177		12,468
Medinet Nasr Housing		185,249		28,850
Palm Hills Developments SAE*		635,916		42,822
Six of October Development & Investment		27,740		16,494
Talaat Moustafa Group		284,753		90,669
(Cost $335,769)				228,918
Finland — 0.5%
Citycon OYJ (a)		23,094		155,673
Kojamo OYJ		50,963		1,038,538
(Cost $1,049,431)				1,194,211
France — 3.2%
Altarea SCA REIT*		993		146,465
Carmila SA REIT*		17,403		216,038
Covivio REIT (a)		15,434		903,896
Covivio Hotels SACA REIT (a)		18,522		365,703
Gecina SA REIT		12,660		1,629,329
ICADE REIT		8,348		597,548

	Number of Shares		Value
France (Continued)
Klepierre SA REIT (a)		62,533	$	1,185,279
Mercialys SA REIT		17,785		144,120
Nexity SA		11,562		354,192
Unibail-Rodamco-Westfield REIT		36,505		1,936,924
(Cost $12,156,752)				7,479,494
Germany — 7.2%
ADO Properties SA, 144A		7,797		226,192
alstria office REIT-AG REIT*		46,441		676,729
Deutsche EuroShop AG		13,404		195,768
Deutsche Wohnen SE		87,821		3,929,002
Hamborner REIT AG REIT*		20,286		188,983
Instone Real Estate Group AG, 144A*		10,255		222,211
LEG Immobilien AG*		18,282		2,279,258
PATRIZIA AG*		12,477		306,721
TAG Immobilien AG*		39,210		910,687
Vonovia SE*		133,805		7,706,837
(Cost $15,204,378)				16,642,388
Greece — 0.1%
LAMDA Development SA* (Cost $149,444)		21,197		147,366
Guernsey — 0.1%
UK Commercial Property REIT Ltd. REIT (Cost $188,546)		186,850		142,991
Hong Kong — 14.7%
Asia Standard International Group Ltd.		35,571		4,084
C C Land Holdings Ltd.		477,091		105,870
Champion REIT (a)		652,829		295,630
China Jinmao Holdings Group Ltd.		1,586,913		1,097,388
China Motor Bus Co. Ltd.		5,438		66,054
China Oceanwide Holdings Ltd.*		392,859		12,164
China Overseas Grand Oceans Group Ltd.		480,331		255,317
China Overseas Land & Investment Ltd.		986,350		3,003,207
China Overseas Property Holdings Ltd.		346,794		392,386
China Resources Land Ltd.		763,630		3,009,792
China Shandong Hi-Speed Financial Group Ltd.*(a)		2,074,138		73,589
Chinese Estates Holdings Ltd.		158,771		71,284
Chuang’s Consortium International Ltd.		87,348		11,382
CK Asset Holdings Ltd.		694,967		3,779,236
CSI Properties Ltd.		693,200		19,765
Emperor International Holdings Ltd.		150,765		23,536
ESR Cayman Ltd., 144A*(a)		250,438		560,909
Far East Consortium International Ltd.		327,168		95,394
Fullshare Holdings Ltd.*		1,062,252		16,857
Gemdale Properties & Investment Corp. Ltd.		1,383,687		205,295
Hang Lung Group Ltd.		234,317		448,621
Hang Lung Properties Ltd.		502,075		1,055,841
Henderson Land Development Co. Ltd.		344,771		1,229,895
HKR International Ltd.		182,492		73,458
Hong Kong Ferry Holdings Co. Ltd.		74,127		57,286
Hongkong Land Holdings Ltd.		305,987		1,150,511
Hysan Development Co. Ltd.		170,012		460,618
Joy City Property Ltd.		1,094,515		77,665

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2020

	Number of Shares		Value
Hong Kong (Continued)
K Wah International Holdings Ltd.		279,530	$	114,322
Kerry Properties Ltd.		162,873		384,541
Kowloon Development Co. Ltd.		86,700		97,315
Lai Sun Development Co. Ltd.		22,814		23,841
Landing International Development Ltd.*		162,336		4,880
Langham Hospitality Investments and Langham Hospitality Investments Ltd. (b)		114,953		14,979
Link REIT		549,308		4,106,876
New World Development Co. Ltd.		1,493,495		1,504,863
Poly Property Group Co. Ltd.		508,683		162,101
Prosperity REIT		384,074		108,518
Regal Real Estate Investment Trust REIT		103,988		15,026
SEA Holdings Ltd.		70,522		49,132
Shenzhen Investment Ltd.		742,642		228,992
Sino Land Co. Ltd.		864,317		1,006,939
Sun Hung Kai Properties Ltd.		410,554		4,714,141
Suncity Group Holdings Ltd.*		297,288		49,478
Sunlight Real Estate Investment Trust REIT		254,299		119,751
Swire Properties Ltd.		288,372		642,150
TAI Cheung Holdings Ltd.		65,702		41,620
Wang On Properties Ltd. (a)		974,745		115,697
Wharf Real Estate Investment Co. Ltd. (a)		308,507		1,186,106
Wheelock & Co. Ltd.		175,511		1,185,396
YT Realty Group Ltd.		98,436		26,035
Yuexiu Property Co. Ltd.		1,755,634		314,841
(Cost $41,843,050)				33,870,574
India — 0.5%
Brigade Enterprises Ltd.		21,055		27,928
DLF Ltd.		267,352		532,644
Godrej Properties Ltd.*		31,261		284,596
Housing Development & Infrastructure Ltd.*		35,478		751
Indiabulls Real Estate Ltd.*		77,152		43,465
Oberoi Realty Ltd.		28,369		119,980
Omaxe Ltd.		25,197		59,164
Prestige Estates Projects Ltd.		33,815		69,963
Sobha Ltd.		10,631		27,310
Sunteck Realty Ltd.		27,309		56,936
Unitech Ltd.*		643,895		10,218
(Cost $1,777,004)				1,232,955
Indonesia — 0.3%
Ayana Land International PT*		978,237		14,730
PT Alam Sutera Realty Tbk*		3,002,154		21,781
PT Bumi Serpong Damai Tbk*		2,660,161		115,620
PT Ciputra Development Tbk		2,795,958		110,039
PT Jaya Real Property Tbk		900,058		25,751
PT Jaya Sukses Makmur Sentosa Tbk*		426,120		12,425
PT Lippo Cikarang Tbk*		338,102		16,315
PT Lippo Karawaci Tbk*		10,124,623		127,511
PT Pollux Properti Indonesia Tbk*		306,899		164,373
PT PP Properti Tbk*		6,552,605		22,425
PT Puradelta Lestari Tbk		2,438,925		23,371

	Number of Shares		Value
Indonesia (Continued)
PT Sanurhasta Mitra Tbk*		399,745	$	1,368
PT Sitara Propertindo Tbk*(c)		1,396,701		18,929
PT Summarecon Agung Tbk		2,466,313		78,328
(Cost $1,274,039)				752,966
Ireland — 0.1%
Hibernia REIT PLC REIT (Cost $251,720)		180,484		218,429
Israel — 1.4%
AFI Properties Ltd.*		6,401		178,853
Airport City Ltd.*		18,893		247,690
Alony Hetz Properties & Investments Ltd.		36,008		409,990
Alrov Properties and Lodgings Ltd.		1,572		36,794
Amot Investments Ltd.		44,767		235,118
Arad Investment & Industrial Development Ltd. (a)		1,226		93,960
Ashtrom Properties Ltd.		11,465		50,201
Azrieli Group Ltd.		10,048		527,438
Bayside Land Corp.		361		202,737
Big Shopping Centers Ltd.		1,760		124,085
Blue Square Real Estate Ltd. (a)		1,414		70,349
Gazit-Globe Ltd.		23,249		158,869
Israel Canada T.R Ltd.		23,630		33,009
Isras Investment Co. Ltd.		405		69,974
Melisron Ltd.		5,051		193,193
Menivim- The New REIT Ltd. REIT		117,020		54,445
Norstar Holdings, Inc.		3,230		32,269
Property & Building Corp. Ltd.		606		40,597
Reit 1 Ltd. REIT		50,397		218,079
Sella Capital Real Estate Ltd. REIT		52,696		102,582
Summit Real Estate Holdings Ltd.		10,258		116,916
Villar International Ltd.*		1,212		41,860
(Cost $3,814,939)				3,239,008
Italy — 0.0%
Immobiliare Grande Distribuzione SIIQ SpA REIT* (Cost $87,866)		14,630		52,808
Japan — 22.5%
Activia Properties, Inc. REIT (a)		193		656,560
Advance Residence Investment Corp. REIT		369		1,149,111
Aeon Mall Co. Ltd.		26,000		365,619
AEON REIT Investment Corp. REIT		388		410,563
Comforia Residential REIT, Inc. REIT		177		535,592
Daibiru Corp.		16,800		163,735
Daito Trust Construction Co. Ltd.		18,100		1,912,735
Daiwa House REIT Investment Corp. REIT		482		1,191,858
Daiwa Office Investment Corp. REIT (a)		74		432,042
Daiwa Securities Living Investments Corp. REIT		545		500,306
Frontier Real Estate Investment Corp. REIT		147		477,561
Fukuoka REIT Corp. REIT		199		234,031

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2020

	Number of Shares		Value
Japan (Continued)
Global One Real Estate Investment Corp. REIT		225	$	211,770
GLP J REIT		1,023		1,364,506
Goldcrest Co. Ltd.		4,700		68,841
Hankyu Hanshin REIT, Inc. REIT (a)		202		255,184
Heiwa Real Estate Co. Ltd.		7,200		196,816
Heiwa Real Estate REIT, Inc. REIT		216		208,111
Hoshino Resorts REIT, Inc. REIT		45		184,411
Hulic Co. Ltd. (a)		142,900		1,445,779
Hulic Reit, Inc. REIT		310		398,812
Ichigo Office REIT Investment Corp. REIT		404		284,246
Industrial & Infrastructure Fund Investment Corp. REIT		459		752,822
Invesco Office J-Reit, Inc. REIT		2,401		348,778
Invincible Investment Corp. REIT		1,637		414,511
Japan Excellent, Inc. REIT		330		408,307
Japan Hotel REIT Investment Corp. REIT		1,214		505,387
Japan Logistics Fund, Inc. REIT		236		627,596
Japan Prime Realty Investment Corp. REIT		233		711,533
Japan Real Estate Investment Corp. REIT		374		2,041,231
Japan Retail Fund Investment Corp. REIT		689		909,415
Kenedix Office Investment Corp. REIT		118		654,977
Kenedix Residential Next Investment Corp. REIT		186		313,007
Kenedix Retail REIT Corp. REIT		165		306,920
LaSalle Logiport REIT		375		559,359
Leopalace21 Corp.*		60,700		150,996
LIFULL Co. Ltd. (a)		20,200		79,686
MCUBS MidCity Investment Corp. REIT		474		372,653
Mirai Corp. REIT		411		151,261
Mitsubishi Estate Co. Ltd.		367,200		5,838,526
Mitsubishi Estate Logistics REIT Investment Corp. REIT		66		243,208
Mitsui Fudosan Co. Ltd.		258,700		4,979,018
Mitsui Fudosan Logistics Park, Inc. REIT		102		444,034
Mori Hills REIT Investment Corp. REIT		410		553,720
Mori Trust Sogo Reit, Inc. REIT		252		315,541
Nippon Accommodations Fund, Inc. REIT		132		800,074
Nippon Building Fund, Inc. REIT		379		2,378,094
Nippon Prologis REIT, Inc. REIT (a)		543		1,532,204
NIPPON REIT Investment Corp. REIT		130		456,723
Nomura Real Estate Holdings, Inc.		35,200		651,495
Nomura Real Estate Master Fund, Inc. REIT		1,225		1,506,590
Open House Co. Ltd.		19,000		525,196
Orix JREIT, Inc. REIT		750		1,084,606
Premier Investment Corp. REIT		373		422,735
Relo Group, Inc.		32,500		742,400
Sekisui House Reit, Inc. REIT		1,137		708,151
Starts Corp., Inc.		8,100		164,729
Sumitomo Realty & Development Co. Ltd.		123,900		3,432,307
Takara Leben Co. Ltd.		21,500		74,836
TOC Co. Ltd.		11,900		77,319
Tokyo Tatemono Co. Ltd.		55,800		719,415

	Number of Shares		Value
Japan (Continued)
Tokyu Fudosan Holdings Corp.		162,800	$	825,069
Tokyu REIT, Inc. REIT		222		306,619
United Urban Investment Corp. REIT (a)		818		867,087
Unizo Holdings Co. Ltd.*(a)		7,600		421,850
(Cost $57,636,595)				52,028,174
Jersey Island — 0.1%
Atrium European Real Estate Ltd.* (Cost $135,339)		37,963		110,849
Luxembourg — 1.1%
Aroundtown SA		319,273		1,755,119
Grand City Properties SA		26,195		593,833
Shurgard Self Storage SA		7,288		239,151
(Cost $3,285,763)				2,588,103
Malaysia — 0.6%
Axis Real Estate Investment Trust REIT		217,739		103,673
Capitaland Malaysia Mall Trust REIT		158,700		29,203
Eastern & Oriental Bhd		117,000		11,841
Eco World Development Group Bhd*		200,600		22,609
Eco World International Bhd*		344,000		35,607
IGB Bhd		59,000		33,928
IGB Real Estate Investment Trust REIT		387,300		155,900
IOI Properties Group Bhd		349,225		86,754
KLCCP Stapled Group (b)		51,100		90,622
KSL Holdings Bhd*		28,800		4,405
Land & General Bhd		129,400		2,976
LBS Bina Group Bhd		62,300		5,302
Mah Sing Group Bhd		93,900		10,043
Matrix Concepts Holdings Bhd		121,896		47,665
MKH Bhd		19,200		4,990
MRCB-QUILL REIT		77,100		12,769
Paramount Corp. Bhd		85,840		16,586
Pavilion Real Estate Investment Trust REIT		64,800		24,892
Sime Darby Property Bhd		617,446		96,576
SP Setia Bhd Group		421,205		92,525
Sunway Bhd		483,261		148,952
Sunway Real Estate Investment Trust REIT		384,400		141,470
Tropicana Corp. Bhd*		29,561		5,916
UEM Sunrise Bhd*		384,300		42,430
UOA Development Bhd		102,000		42,231
YNH Property Bhd*		95,600		61,131
YTL Hospitality REIT		351,400		84,870
(Cost $1,671,898)				1,415,866
Mexico — 0.8%
CFE Capital S de RL de CV REIT		219,287		208,191
Corp. Inmobiliaria Vesta SAB de CV		156,332		213,979
Fibra Uno Administracion SA de CV REIT		1,022,756		781,518
Macquarie Mexico Real Estate Management SA de CV REIT, 144A		220,174		235,499
PLA Administradora Industrial S de RL de CV REIT		213,464		267,098
Prologis Property Mexico SA de CV REIT		122,105		232,681
(Cost $2,571,761)				1,938,966

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2020

	Number of Shares		Value
New Zealand — 0.6%
Argosy Property Ltd.		236,366	$	168,325
Goodman Property Trust REIT		262,743		357,948
Kiwi Property Group Ltd.		402,664		254,337
Precinct Properties New Zealand Ltd.		281,139		275,941
Property for Industry Ltd. (a)		143,771		215,453
Vital Healthcare Property Trust REIT		103,125		156,777
(Cost $1,576,660)				1,428,781
Norway — 0.4%
Entra ASA, 144A		42,744		578,706
Norwegian Property ASA		32,600		38,569
Olav Thon Eiendomsselskap ASA*		8,582		125,373
Selvaag Bolig ASA		12,267		63,227
(Cost $839,150)				805,875
Philippines — 2.4%
8990 Holdings, Inc.*		324,200		62,893
Altus San Nicolas Corp.*(c)		2,036		209
Ayala Corp.		78,385		1,157,503
Ayala Land, Inc.		2,101,496		1,328,484
Belle Corp.		748,000		19,949
DoubleDragon Properties Corp.*		221,870		70,216
Filinvest Development Corp.*		341,740		55,967
Filinvest Land, Inc.*		1,656,000		29,443
GT Capital Holdings, Inc.*		25,811		197,330
Megaworld Corp.		3,543,600		199,511
Robinsons Land Corp.		309,361		90,327
SM Prime Holdings, Inc.*		3,822,357		2,276,651
Vista Land & Lifescapes, Inc.		1,017,700		65,340
(Cost $6,778,088)				5,553,823
Poland — 0.1%
Atal SA		1,587		12,286
Develia SA		127,902		62,606
Dom Development SA		1,008		21,347
Echo Investment SA		51,843		48,552
Globe Trade Centre SA*		51,242		86,508
MLP Group SA		2,636		39,499
(Cost $318,322)				270,798
Romania — 0.2%
NEPI Rockcastle PLC (Cost $650,128)		87,759		445,528
Russia — 0.2%
PIK Group PJSC* (Cost $429,633)		73,582		399,881
Singapore — 6.8%
AIMS APAC REIT		141,300		126,964
ARA LOGOS Logistics Trust REIT		282,600		102,971
Ascendas India Trust		246,200		247,350
Ascendas Real Estate Investment Trust REIT		789,374		1,748,083
Ascott Residence Trust		460,996		313,115
Bukit Sembawang Estates Ltd.		41,500		114,805
CapitaLand Commercial Trust REIT		724,920		897,559
CapitaLand Ltd.*		665,851		1,361,475
CapitaLand Mall Trust REIT		702,501		1,008,969

	Number of Shares		Value
Singapore (Continued)
CapitaLand Retail China Trust REIT		200,041	$	183,991
CDL Hospitality Trusts (b)		202,100		135,839
Chip Eng Seng Corp. Ltd.*		120,900		44,480
City Developments Ltd.		123,698		673,014
Cromwell European Real Estate Investment Trust REIT		317,600		160,744
ESR REIT		536,285		142,286
Far East Hospitality Trust (b)		242,200		84,823
First Real Estate Investment Trust REIT		141,900		88,851
Frasers Centrepoint Trust REIT		216,100		371,532
Frasers Hospitality Trust (b)		202,000		67,171
Frasers Logistics & Commercial Trust REIT		777,478		610,585
Frasers Property Ltd.		101,000		85,751
GuocoLand Ltd.		80,800		85,179
Ho Bee Land Ltd.		60,500		87,321
Keppel REIT		457,700		346,497
Keppel DC REIT		340,955		619,962
Keppel Pacific Oak US REIT		221,965		163,144
Lippo Malls Indonesia Retail Trust REIT		464,500		44,695
Manulife US Real Estate Investment Trust REIT		381,126		316,335
Mapletree Commercial Trust REIT		603,770		854,351
Mapletree Industrial Trust REIT		406,088		781,491
Mapletree Logistics Trust REIT		692,100		1,003,824
Mapletree North Asia Commercial Trust REIT		516,700		305,253
OUE Commercial Real Estate Investment Trust REIT		626,339		170,610
Parkway Life Real Estate Investment Trust REIT		110,900		272,267
Prime US REIT		132,300		98,563
Soilbuild Business Space REIT		261,136		72,055
SPH REIT		242,300		142,287
Starhill Global REIT		383,800		131,699
Suntec Real Estate Investment Trust REIT		553,000		575,145
United Industrial Corp. Ltd.*		34,200		50,814
UOL Group Ltd.*		121,017		585,649
Wing Tai Holdings Ltd.		137,700		180,236
Yanlord Land Group Ltd.*		159,300		123,978
(Cost $16,651,360)				15,581,713
South Africa — 0.6%
Attacq Ltd. REIT		180,697		49,199
Equites Property Fund Ltd. REIT		123,010		113,664
Fortress REIT Ltd., Class A REIT		266,195		167,603
Fortress REIT Ltd., Class B REIT		275,608		35,800
Growthpoint Properties Ltd. REIT		680,736		481,896
Hyprop Investments Ltd. REIT		57,569		55,677
Redefine Properties Ltd. REIT		1,390,282		151,413
Resilient REIT Ltd. REIT		80,914		170,966
SA Corporate Real Estate Ltd. REIT		546,565		30,693
Vukile Property Fund Ltd. REIT		224,249		78,483
(Cost $3,061,303)				1,335,394

See Notes to Financial Statements. 24

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2020

	Number of Shares		Value
South Korea — 0.1%
Korea Asset In Trust Co. Ltd.		9,300	$	19,937
Korea Real Estate Investment & Trust Co. Ltd.		55,841		83,641
LOTTE Reit Co. Ltd. REIT		21,544		102,636
Shinhan Alpha REIT Co. Ltd. REIT		13,730		78,381
SK D&D Co. Ltd.		1,172		24,558
(Cost $295,407)				309,153
Spain — 0.8%
Aedas Homes SA, 144A*		6,000		98,777
Inmobiliaria Colonial Socimi SA REIT		73,438		664,130
Lar Espana Real Estate Socimi SA REIT		18,742		92,459
Merlin Properties Socimi SA REIT		98,082		823,717
Neinor Homes SA, 144A*		15,456		139,947
(Cost $2,458,586)				1,819,030
Sweden — 4.1%
Atrium Ljungberg AB, Class B		13,208		199,136
Castellum AB		62,161		1,164,568
Catena AB		7,040		275,819
Corem Property Group AB, Class B		41,139		81,899
Dios Fastigheter AB		24,644		166,546
Fabege AB		73,005		883,655
Fastighets AB Balder, Class B*		25,408		1,037,540
FastPartner AB, Class A		14,303		100,685
Heba Fastighets AB, Class B		10,245		90,285
Hufvudstaden AB, Class A		31,337		402,595
JM AB		15,264		298,932
Klovern AB, Class B		133,794		211,665
Kungsleden AB		50,074		363,127
L E Lundbergforetagen AB, Class B*		19,668		975,637
Nyfosa AB*		43,756		285,021
Pandox AB*		26,554		310,697
Platzer Fastigheter Holding AB, Class B		17,276		139,406
Sagax AB, Class B (a)		39,857		518,824
Sagax AB, Class D		27,081		86,260
Samhallsbyggnadsbolaget i Norden AB*		261,929		523,950
Samhallsbyggnadsbolaget i Norden AB, Class D		19,367		55,109
Wallenstam AB, Class B		56,365		649,328
Wihlborgs Fastigheter AB		35,683		573,226
(Cost $9,595,900)				9,393,910
Switzerland — 1.9%
Allreal Holding AG		3,597		697,160
Mobimo Holding AG*		1,818		517,563
PSP Swiss Property AG		10,991		1,248,171
Swiss Prime Site AG		20,106		1,871,007
(Cost $4,489,364)				4,333,901
Taiwan — 1.1%
Cathay No. 1 REIT		391,737		221,930
Cathay No. 2 REIT		174,043		102,194
Cathay Real Estate Development Co. Ltd.		104,754		69,603
Chong Hong Construction Co. Ltd.		54,079		150,575
Farglory Land Development Co. Ltd.		84,928		123,609
Fubon No. 1 REIT		100,358		55,351
Fubon No. 2 REIT		206,796		99,937

	Number of Shares		Value
Taiwan (Continued)
Highwealth Construction Corp.		266,272	$	393,311
Hong Pu Real Estate Development Co. Ltd.		72,132		55,856
Huaku Development Co. Ltd.		65,747		207,807
Huang Hsiang Construction Corp.		61,039		71,051
Hung Sheng Construction Ltd.*		95,408		54,337
KEE TAI Properties Co. Ltd.		141,788		48,168
Kindom Development Co. Ltd.		85,599		84,102
Kuoyang Construction Co. Ltd.		135,143		105,774
O-Bank No1 Real Estate Investment Trust REIT		22,357		6,940
Prince Housing & Development Corp.		334,611		107,544
Radium Life Tech Co. Ltd.		247,672		80,921
Ruentex Development Co. Ltd.*		169,303		257,690
Shin Kong No.1 REIT		337,529		212,466
Shining Building Business Co. Ltd.*		120,952		37,343
Sinyi Realty, Inc.		68,653		61,279
Taiwan Land Development Corp.*		93,531		20,217
(Cost $2,524,392)				2,628,005
Thailand — 2.2%
Amata Corp. PCL, NVDR		262,400		119,610
Ananda Development PCL, NVDR		424,200		18,669
AP Thailand PCL, NVDR		653,700		114,053
Asset World Corp. PCL, NVDR		2,196,200		327,255
Bangkok Land PCL, NVDR		3,742,300		123,528
Central Pattana PCL, NVDR		882,800		1,366,800
CPN Retail Growth Leasehold REIT		428,700		390,830
Frasers Property Thailand Industrial Freehold & Leasehold REIT		560,700		290,838
Frasers Property Thailand PCL, NVDR		80,700		30,189
Golden Ventures Leasehold Real Estate Investment Trust REIT		12,700		6,308
Grand Canal Land PCL, NVDR*		458,300		32,849
IMPACT Growth Real Estate Investment Trust REIT		157,000		87,853
Land & Houses PCL, NVDR		2,293,700		526,376
LH Hotel Leasehold Real Estate Investment Trust, Class F REIT		10,900		4,386
LPN Development PCL, NVDR		383,700		68,755
MBK PCL, NVDR		302,100		144,355
Noble Development PCL, NVDR		59,000		21,886
Origin Property PCL, NVDR		282,800		44,896
Platinum Group PCL, NVDR		485,000		42,081
Principal Capital PCL, NVDR*		464,400		38,834
Property Perfect PCL, NVDR		2,488,330		27,379
Pruksa Holding PCL, NVDR		222,200		83,124
Quality Houses PCL, NVDR		2,263,000		153,665
Sansiri PCL, NVDR		4,441,200		108,901
SC Asset Corp. PCL, NVDR		464,400		29,490
Siam Future Development PCL, NVDR		343,040		52,195
Singha Estate PCL, NVDR		935,600		50,883
Supalai PCL, NVDR		383,800		178,568
U City PCL, NVDR*		777,500		28,841
Univentures PCL, NVDR		161,600		16,968
WHA Corp. PCL, NVDR		2,287,500		228,678

See Notes to Financial Statements. 25

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2020

	Number of Shares		Value
Thailand (Continued)
WHA Premium Growth Freehold & Leasehold Real Estate InvestmentTrust, Class F REIT		403,900	$	218,393
(Cost $5,893,810)				4,977,436
Turkey — 0.1%
AKIS Gayrimenkul Yatirimi AS REIT		44,627		23,159
Alarko Gayrimenkul Yatirim Ortakligi AS REIT*		1,317		2,826
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT*		588,777		126,879
Is Gayrimenkul Yatirim Ortakligi AS REIT*		132,604		32,463
Torunlar Gayrimenkul Yatirim Ortakligi AS REIT*		52,733		19,790
Yeni Gimat Gayrimenkul Ortakligi AS		36,840		64,915
(Cost $261,856)				270,032
United Kingdom — 6.1%
Assura PLC REIT		644,458		629,427
Big Yellow Group PLC REIT		43,416		536,752
British Land Co. PLC REIT		231,706		1,166,744
Capital & Counties Properties PLC REIT		155,218		313,750
Derwent London PLC REIT		27,446		997,586
Empiric Student Property PLC REIT		167,969		129,165
Grainger PLC		168,115		596,503
Great Portland Estates PLC REIT		60,401		486,126
Hammerson PLC REIT		221,382		201,439
Land Securities Group PLC REIT		182,849		1,369,449
LondonMetric Property PLC REIT		223,671		580,148
LXI REIT PLC REIT		128,117		185,001
Primary Health Properties PLC REIT		314,245		598,292
Safestore Holdings PLC REIT		55,852		459,872
Savills PLC		38,922		415,269
Segro PLC REIT		289,765		3,007,754
Shaftesbury PLC REIT		41,005		317,855
St. Modwen Properties PLC		54,072		224,948
Tritax Big Box REIT PLC REIT		456,437		783,239
UNITE Group PLC REIT		79,944		858,380
Workspace Group PLC REIT		34,595		312,861
(Cost $15,990,739)				14,170,560

	Number of Shares		Value
United States — 0.0%
Eagle Hospitality Trust*(c) (Cost $94,982)		173,500	$	23,769
TOTAL COMMON STOCKS (Cost $264,828,480)				228,713,444
PREFERRED STOCKS — 0.0%
Sweden — 0.0%
Klovern AB (Cost $159,904)		4,645		147,463
RIGHTS — 0.0%
Thailand — 0.0%
CPN Retail Growth Leasehold REIT*, expires 12/31/20 (c)		136		0
CPN Retail Growth Leasehold REIT*, expires 12/31/20 (c)		73,128		0
Frasers Property Thailand PCL, NVDR*, expires 7/3/20		11,925		487
TOTAL RIGHTS (Cost $0)				487
WARRANTS — 0.0%
Malaysia — 0.0%
Paramount Corp. Bhd*, expires 7/28/24 (Cost $0)		7,840		234
SECURITIES LENDING COLLATERAL — 3.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (d)(e) (Cost $8,505,313)		8,505,313		8,505,313
CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 0.12% (d) (Cost $643,631)		643,631		643,631
TOTAL INVESTMENTS — 103.1% (Cost $274,137,328)			$	238,010,572
Other assets and liabilities, net — (3.1%)				(7,232,688	)
NET ASSETS — 100.0%			$	230,777,884

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2020 is as follows:

	Value ($) at 5/31/2019		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2020		Value ($) at 5/31/2020
SECURITIES LENDING COLLATERAL — 3.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (d)(e)
		412,237		8,093,076	(f)		—			—		—		14,878		—		8,505,313		8,505,313
CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 0.12% (d)
		76,925		33,517,532			(32,950,826	)		—		—		4,723		—		643,631		643,631
		489,162		41,610,608			(32,950,826	)		—		—		19,601		—		9,148,944		9,148,944

* 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 May 31, 2020 amounted to $11,148,133, which is 4.8% of net assets.

See Notes to Financial Statements. 26

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2020

(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. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $3,910,553.

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2020.

NVDR: Non Voting Depositary Receipt

PJSC: Public Joint Stock Company

REIT: Real Estate Investment Trust

SAE: Societe Anonyme Egyptienne

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

At May 31, 2020, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
MINI TPX Index Futures	JPY	37	$	481,059	$	535,416	6/11/2020	$	54,357
EURO STOXX 50 Futures	EUR	18		562,512		609,880	6/19/2020		47,368
E-Mini S&P 500 Futures	USD	2		295,210		304,200	6/19/2020		8,990
MINI HSI Index Futures	HKD	11		320,981		323,131	6/29/2020		2,150
Total unrealized appreciation								$	112,865

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

Currency Abbreviations

EUR Euro

HKD Hong Kong Dollar

JPY Japanese Yen

USD U.S. Dollar

Fair Value Measurements

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

The following is a summary of the inputs used as of May 31, 2020 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 (g)	$	228,670,537	$	—	$	42,907	$	228,713,444
Preferred Stocks		147,463		—		—		147,463
Rights		—		487		0		487
Warrants		234		—		—		234
Short-Term Investments (g)		9,148,944		—		—		9,148,944
Derivatives (h)
Futures Contracts		112,865		—		—		112,865
TOTAL	$	238,080,043	$	487	$	42,907	$	238,123,437

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

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

During the year ended May 31, 2020, the amount of transfers from Level 1 to Level 3 was $16,698 and from Level 3 to Level 1 was $6,381. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity. The investments were transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs.

See Notes to Financial Statements. 27

DBX ETF Trust

Schedule of Investments

Xtrackers Japan JPX-Nikkei 400 Equity ETF

May 31, 2020

	Number of Shares		Value
COMMON STOCKS — 98.2%
Communication Services — 8.7%
Akatsuki, Inc.		100	$	3,783
Capcom Co. Ltd.		700		24,723
COLOPL, Inc.		500		4,998
CyberAgent, Inc.		800		40,321
Daiichikosho Co. Ltd.		300		10,554
DeNA Co. Ltd.		700		9,616
Dentsu Group, Inc.		1,200		32,134
Dip Corp.		300		7,087
GungHo Online Entertainment, Inc.		440		7,159
Hakuhodo DY Holdings, Inc.		1,900		23,614
Kakaku.com, Inc.		800		19,351
KDDI Corp.		9,800		285,263
Konami Holdings Corp.		500		17,566
Mixi, Inc.		300		4,879
Nexon Co. Ltd.		3,800		79,220
Nintendo Co. Ltd.		830		335,436
Nippon Telegraph & Telephone Corp.		13,400		303,983
Nippon Television Holdings, Inc.		1,100		12,702
NTT DOCOMO, Inc.		9,500		260,261
SoftBank Group Corp.		6,300		282,560
Square Enix Holdings Co. Ltd. (a)		500		24,273
Toho Co. Ltd.		700		25,730
Z Holdings Corp.		17,800		72,697
(Cost $1,818,387)				1,887,910
Consumer Discretionary — 14.8%
ABC-Mart, Inc.		170		10,336
Aisin Seiki Co. Ltd.		1,100		34,664
Bandai Namco Holdings, Inc.		1,400		77,917
Bic Camera, Inc.		800		8,428
Bridgestone Corp.		3,900		129,487
Casio Computer Co. Ltd.		1,000		17,608
Daikyonishikawa Corp.		600		3,386
Denso Corp.		2,900		111,198
Fast Retailing Co. Ltd.		170		95,513
Fujitsu General Ltd.		500		9,769
Goldwin, Inc.		200		12,791
Haseko Corp.		1,700		20,718
Hikari Tsushin, Inc.		150		32,872
Honda Motor Co. Ltd.		10,500		271,332
Iida Group Holdings Co. Ltd.		1,100		16,336
Isuzu Motors Ltd.		3,900		36,544
Izumi Co. Ltd.		300		9,426
J. Front Retailing Co. Ltd.		1,700		14,438
JTEKT Corp.		1,200		9,679
Koito Manufacturing Co. Ltd.		700		29,661
KOMEDA Holdings Co. Ltd.		300		5,193
K’s Holdings Corp.		1,100		14,090
Marui Group Co. Ltd.		1,200		21,642
Mazda Motor Corp.		4,000		25,581
McDonald’s Holdings Co. Japan Ltd.		500		26,593
NGK Spark Plug Co. Ltd.		1,000		16,123
Nifco, Inc.		500		10,944
Nikon Corp.		2,100		19,297
Nitori Holdings Co. Ltd.		600		108,795
Nojima Corp.		300		6,987

	Number of Shares		Value
Consumer Discretionary (Continued)
Oriental Land Co. Ltd.		1,400	$	202,915
PALTAC Corp.		200		9,802
Pan Pacific International Holdings Corp.		2,800		56,424
Panasonic Corp.		15,400		137,654
Pressance Corp.		400		4,801
Rakuten, Inc.		5,800		52,544
Resorttrust, Inc.		700		8,785
Rinnai Corp.		300		25,256
Ryohin Keikaku Co. Ltd.		1,900		28,729
Sekisui Chemical Co. Ltd.		2,700		37,718
Sekisui House Ltd.		4,500		85,731
Seria Co. Ltd.		300		9,621
Shimamura Co. Ltd.		200		14,072
Shimano, Inc.		530		97,455
Skylark Holdings Co. Ltd.		1,300		21,080
Sony Corp.		5,700		363,687
Stanley Electric Co. Ltd.		900		21,879
Starts Corp., Inc.		200		4,067
Subaru Corp.		4,200		92,725
Sumitomo Electric Industries Ltd.		4,900		57,057
Sumitomo Forestry Co. Ltd.		1,000		12,726
Sumitomo Rubber Industries Ltd.		1,100		11,190
Suzuki Motor Corp.		2,700		93,880
T-Gaia Corp.		100		2,126
Tomy Co. Ltd.		600		5,129
Topre Corp.		500		6,010
Toyoda Gosei Co. Ltd.		400		8,551
Toyota Boshoku Corp.		600		8,454
Toyota Industries Corp.		1,100		56,258
Toyota Motor Corp.		5,146		322,655
TPR Co. Ltd.		300		4,091
TS Tech Co. Ltd.		400		11,250
United Arrows Ltd.		200		3,436
USS Co. Ltd.		1,500		26,147
Workman Co. Ltd.		100		8,168
Yamaha Corp.		800		38,910
Yamaha Motor Co. Ltd.		1,800		25,980
Yokohama Rubber Co. Ltd.		700		10,571
Zensho Holdings Co. Ltd.		700		14,912
ZOZO, Inc.		900		16,574
(Cost $3,442,019)				3,226,368
Consumer Staples — 9.5%
Aeon Co. Ltd.		5,200		115,043
Ain Holdings, Inc.		200		12,921
Ajinomoto Co., Inc.		3,000		51,153
Ariake Japan Co. Ltd.		100		6,943
Asahi Group Holdings Ltd.		2,800		105,466
Calbee, Inc.		600		17,348
Cosmos Pharmaceutical Corp.		190		27,283
Create SD Holdings Co. Ltd.		300		9,496
Ezaki Glico Co. Ltd.		400		19,344
FamilyMart Co. Ltd.		900		16,866
Japan Tobacco, Inc.		7,700		152,771
Kao Corp.		3,200		256,838
Kewpie Corp.		800		15,661
Kikkoman Corp.		1,000		50,309

See Notes to Financial Statements. 28

DBX ETF Trust

Schedule of Investments

Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Consumer Staples (Continued)
Kirin Holdings Co. Ltd.		5,700	$	116,794
Kobayashi Pharmaceutical Co. Ltd.		400		35,643
Kobe Bussan Co. Ltd.		400		20,717
Kose Corp.		230		28,799
Kusuri no Aoki Holdings Co. Ltd.		100		8,261
Lawson, Inc.		300		16,596
Lion Corp.		1,800		41,184
Maruha Nichiro Corp.		300		6,491
Matsumotokiyoshi Holdings Co. Ltd.		500		18,726
MEIJI Holdings Co. Ltd.		900		67,750
Morinaga & Co. Ltd.		300		12,879
NH Foods Ltd.		500		18,471
Nichirei Corp.		600		16,903
Nippon Suisan Kaisha Ltd.		2,000		9,263
Nissin Foods Holdings Co. Ltd.		600		50,123
Pigeon Corp.		800		31,188
Pola Orbis Holdings, Inc.		600		11,673
Seven & i Holdings Co. Ltd.		5,200		177,959
Shiseido Co. Ltd.		2,700		164,654
Sugi Holdings Co. Ltd.		300		19,381
Sundrug Co. Ltd.		500		16,847
Suntory Beverage & Food Ltd.		900		36,757
Toyo Suisan Kaisha Ltd.		700		36,580
Tsuruha Holdings, Inc.		310		45,809
Unicharm Corp.		2,600		96,774
Welcia Holdings Co. Ltd.		400		33,601
Yakult Honsha Co. Ltd.		900		55,135
Yaoko Co. Ltd.		100		6,544
(Cost $2,166,214)				2,058,944
Energy — 0.8%
Cosmo Energy Holdings Co. Ltd.		400		6,330
Idemitsu Kosan Co. Ltd.		1,500		33,276
Inpex Corp.		7,200		50,183
Iwatani Corp.		300		10,582
JXTG Holdings, Inc.		20,800		79,987
Modec, Inc.		200		3,015
(Cost $343,376)				183,373
Financials — 9.1%
AEON Financial Service Co. Ltd.		900		10,133
Aozora Bank Ltd.		800		14,866
Chiba Bank Ltd.		4,300		20,435
Concordia Financial Group Ltd.		8,500		27,772
Dai-ichi Life Holdings, Inc.		7,400		96,368
Daiwa Securities Group, Inc.		10,000		41,463
Financial Products Group Co. Ltd.		300		1,693
Fuyo General Lease Co. Ltd.		200		11,473
Japan Exchange Group, Inc.		3,800		81,725
Matsui Securities Co. Ltd.		900		7,076
Mebuki Financial Group, Inc.		6,900		15,627
Mitsubishi UFJ Financial Group, Inc.		67,000		276,246
Mitsubishi UFJ Lease & Finance Co. Ltd.		3,300		16,112
Mizuho Financial Group, Inc.		180,000		224,718
MS&AD Insurance Group Holdings, Inc.		3,600		105,759
Nomura Holdings, Inc.		23,200		99,682
Orient Corp.		3,600		4,277
ORIX Corp.		8,400		111,418

	Number of Shares		Value
Financials (Continued)
Resona Holdings, Inc.		14,200	$	51,114
SBI Holdings, Inc.		1,500		32,148
Seven Bank Ltd.		3,900		11,113
Shinsei Bank Ltd.		1,000		12,763
Sompo Holdings, Inc.		2,500		88,922
Sony Financial Holdings, Inc.		1,100		26,506
Sumitomo Mitsui Financial Group, Inc.		8,800		254,766
Sumitomo Mitsui Trust Holdings, Inc.		2,400		70,640
T&D Holdings, Inc.		3,900		35,223
Tokio Marine Holdings, Inc.		4,700		203,644
Tokyo Century Corp.		300		13,046
Zenkoku Hosho Co. Ltd.		400		15,390
(Cost $2,737,599)				1,982,118
Health Care — 12.0%
Alfresa Holdings Corp.		1,500		30,255
Asahi Intecc Co. Ltd.		1,500		45,946
Astellas Pharma, Inc.		11,600		206,137
Chugai Pharmaceutical Co. Ltd.		1,400		206,488
Daiichi Sankyo Co. Ltd.		3,900		365,076
Eisai Co. Ltd.		1,600		125,315
Hisamitsu Pharmaceutical Co., Inc.		300		15,120
Hoya Corp.		2,700		253,372
Japan Lifeline Co. Ltd.		400		5,391
Kaken Pharmaceutical Co. Ltd.		200		10,990
Kyowa Kirin Co. Ltd.		1,300		35,259
M3, Inc.		2,900		116,824
Medipal Holdings Corp.		1,400		27,770
Nihon Kohden Corp.		600		20,021
Nippon Shinyaku Co. Ltd.		400		34,455
Olympus Corp.		7,300		126,811
Ono Pharmaceutical Co. Ltd.		3,000		85,682
Otsuka Holdings Co. Ltd.		2,600		117,384
PeptiDream, Inc.*		700		31,415
Santen Pharmaceutical Co. Ltd.		2,500		46,178
Sawai Pharmaceutical Co. Ltd.		300		16,541
Shionogi & Co. Ltd.		1,700		100,373
Ship Healthcare Holdings, Inc.		200		8,651
Sumitomo Dainippon Pharma Co. Ltd.		800		11,309
Sysmex Corp.		1,000		79,918
Takeda Pharmaceutical Co. Ltd.		8,500		330,659
Terumo Corp.		3,900		153,126
(Cost $2,112,890)				2,606,466
Industrials — 22.2%
AGC, Inc.		1,400		39,634
Aica Kogyo Co. Ltd.		400		11,918
Amada Co. Ltd.		1,700		15,164
ANA Holdings, Inc.*(a)		2,300		55,485
Benefit One, Inc.		600		13,110
Central Japan Railway Co.		1,130		193,359
COMSYS Holdings Corp.		600		16,708
Daifuku Co. Ltd.		700		54,448
Daikin Industries Ltd.		1,740		255,989
DMG Mori Co. Ltd.		900		10,935
East Japan Railway Co.		2,400		188,240
en-japan, Inc.		300		8,092
FANUC Corp.		1,300		231,861

See Notes to Financial Statements. 29

DBX ETF Trust

Schedule of Investments

Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Industrials (Continued)
Fuji Electric Co. Ltd.		700	$	18,706
Furukawa Electric Co. Ltd.		500		12,215
Hankyu Hanshin Holdings, Inc.		1,700		62,802
Harmonic Drive Systems, Inc.		300		17,320
Hazama Ando Corp.		1,200		7,763
Hino Motors Ltd.		1,700		11,503
Hitachi Construction Machinery Co. Ltd.		500		13,134
Hitachi Transport System Ltd.		200		5,501
IHI Corp.		800		11,502
ITOCHU Corp.		9,300		199,406
Japan Airlines Co. Ltd.		2,100		41,265
Japan Airport Terminal Co. Ltd.		400		17,599
Kajima Corp.		3,400		38,565
Kanamoto Co. Ltd.		300		6,466
Kanematsu Corp.		500		6,205
Kawasaki Heavy Industries Ltd.		900		14,252
Keihan Holdings Co. Ltd.		700		33,267
Keio Corp.		700		41,584
Keisei Electric Railway Co. Ltd.		1,000		32,812
Kintetsu Group Holdings Co. Ltd.		1,300		63,833
Komatsu Ltd.		6,100		123,433
Kubota Corp.		7,100		95,526
Kumagai Gumi Co. Ltd.		300		7,332
Kyowa Exeo Corp.		600		13,778
Kyudenko Corp.		300		8,334
Maeda Corp.		900		7,059
Makita Corp.		1,800		60,983
Marubeni Corp.		13,600		66,059
Meitec Corp.		200		9,653
MINEBEA MITSUMI, Inc.		2,500		43,881
MISUMI Group, Inc.		1,600		42,504
Mitsubishi Corp.		9,300		217,102
Mitsubishi Electric Corp.		13,400		176,432
Mitsubishi Heavy Industries Ltd.		2,200		56,922
Mitsui & Co. Ltd.		11,300		171,543
MonotaRO Co. Ltd.		900		32,705
Nabtesco Corp.		800		24,839
Nagoya Railroad Co. Ltd.		1,300		39,217
NGK Insulators Ltd.		1,600		23,450
Nichias Corp.		500		11,533
Nidec Corp.		3,200		196,690
Nihon M&A Center, Inc.		900		36,172
Nippo Corp.		300		7,449
Nippon Express Co. Ltd.		500		25,711
Nippon Steel Trading Corp.		100		3,462
Nishimatsu Construction Co. Ltd.		400		7,827
Nissin Electric Co. Ltd.		300		3,124
NSK Ltd.		2,600		19,017
Obara Group, Inc.		100		2,970
Obayashi Corp.		4,000		37,017
Odakyu Electric Railway Co. Ltd.		2,100		52,415
OSG Corp.		600		8,504
Outsourcing, Inc.		500		2,938
Park24 Co. Ltd.		700		13,586
Penta-Ocean Construction Co. Ltd.		1,900		9,911
Persol Holdings Co. Ltd.		1,200		15,872
Pilot Corp.		200		6,841

	Number of Shares		Value
Industrials (Continued)
Recruit Holdings Co. Ltd.		9,200	$	316,814
Sankyu, Inc.		400		16,318
Sanwa Holdings Corp.		1,300		11,150
Secom Co. Ltd.		1,400		121,294
Seibu Holdings, Inc.		1,700		22,217
Shimizu Corp.		4,200		35,554
SMC Corp.		420		211,959
SMS Co. Ltd.		400		9,939
Sohgo Security Services Co. Ltd.		500		24,597
Sojitz Corp.		6,800		15,843
Sotetsu Holdings, Inc.		600		17,237
Sumitomo Corp.		8,500		102,409
Sumitomo Heavy Industries Ltd.		800		18,267
Sumitomo Mitsui Construction Co. Ltd.		900		3,784
Taisei Corp.		1,400		48,601
Takeuchi Manufacturing Co. Ltd.		300		4,954
TechnoPro Holdings, Inc.		300		17,961
THK Co. Ltd.		800		20,792
Tobu Railway Co. Ltd.		1,400		49,640
Toda Corp.		1,800		11,094
TOKAI Holdings Corp.		800		7,470
Tokyu Construction Co. Ltd.		500		2,729
Tokyu Corp.		3,500		55,488
TOTO Ltd.		900		35,671
Toyota Tsusho Corp.		1,400		35,476
UT Group Co. Ltd.*		200		3,750
West Japan Railway Co.		1,200		77,423
Yamato Holdings Co. Ltd.		2,200		48,682
Yaskawa Electric Corp.		1,400		50,290
(Cost $5,357,018)				4,829,837
Information Technology — 11.5%
Advantest Corp.		900		44,442
Alps Alpine Co. Ltd.		1,100		13,294
Azbil Corp.		900		22,965
Brother Industries Ltd.		1,600		30,133
Canon, Inc.		7,200		148,297
Daiwabo Holdings Co. Ltd.		100		6,711
Digital Garage, Inc.		300		10,651
Disco Corp.		200		44,665
Elecom Co. Ltd.		200		9,486
Fujitsu Ltd.		1,300		133,940
GMO Payment Gateway, Inc.		300		33,777
Hamamatsu Photonics KK		850		38,502
Hirose Electric Co. Ltd.		165		19,711
Hitachi Ltd.		6,400		205,244
Horiba Ltd.		300		15,789
Itochu Techno-Solutions Corp.		600		20,272
Keyence Corp.		960		395,192
Konica Minolta, Inc.		2,500		9,259
Kyocera Corp.		1,900		102,835
Lasertec Corp.		600		49,288
Murata Manufacturing Co. Ltd.		3,900		217,743
NEC Corp.		1,600		71,806
Nihon Unisys Ltd.		500		15,455
Nomura Research Institute Ltd.		1,900		50,227
NS Solutions Corp.		200		5,480

See Notes to Financial Statements. 30

DBX ETF Trust

Schedule of Investments

Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)

May 31, 2020

	Number of Shares		Value
Information Technology (Continued)
NTT Data Corp.		3,700	$	42,758
Obic Co. Ltd.		500		86,694
Omron Corp.		1,200		79,528
Oracle Corp. (a)		300		35,030
Otsuka Corp.		700		33,787
Renesas Electronics Corp.*		6,300		32,688
SCREEN Holdings Co. Ltd.		300		13,436
SCSK Corp.		300		14,675
Seiko Epson Corp.		1,700		19,156
Shimadzu Corp.		1,600		43,291
SUMCO Corp.		1,600		24,519
Taiyo Yuden Co. Ltd.		600		16,708
TDK Corp.		700		65,494
TIS, Inc.		1,400		29,849
Tokyo Electron Ltd.		865		172,623
Tokyo Seimitsu Co. Ltd.		300		9,704
Toshiba TEC Corp.		200		6,952
Trend Micro, Inc.		500		27,475
Ulvac, Inc.		300		9,008
V Technology Co. Ltd.		100		3,801
Yokogawa Electric Corp.		1,200		17,287
(Cost $2,154,507)				2,499,627
Materials — 5.3%
Air Water, Inc.		1,200		17,432
Asahi Kasei Corp.		8,600		67,852
Daicel Corp.		2,000		16,930
Denka Co. Ltd.		500		12,248
DIC Corp.		700		18,264
Dowa Holdings Co. Ltd.		400		12,846
Hitachi Chemical Co. Ltd.		400		17,135
Hitachi Metals Ltd.		1,200		13,834
JFE Holdings, Inc.		3,800		27,935
JSR Corp.		1,200		23,524
Kansai Paint Co. Ltd.		1,500		31,076
Kuraray Co. Ltd.		2,100		22,065
Mitsubishi Chemical Holdings Corp.		8,500		50,045
Mitsubishi Gas Chemical Co., Inc.		1,000		14,888
Mitsui Chemicals, Inc.		1,200		24,950
Nippon Light Metal Holdings Co. Ltd.		3,300		5,667
Nippon Paint Holdings Co. Ltd.		1,100		76,679
Nippon Steel Corp.		6,000		55,280
Nissan Chemical Corp.		800		35,309
Nitto Denko Corp.		900		48,703
NOF Corp.		400		14,220
Oji Holdings Corp.		5,600		28,121
Shin-Etsu Chemical Co. Ltd.		2,250		263,563
Showa Denko KK		800		19,121
Sumitomo Chemical Co. Ltd.		10,000		31,002
Sumitomo Metal Mining Co. Ltd.		1,700		47,354
Taiheiyo Cement Corp.		800		18,913
Taiyo Nippon Sanso Corp.		1,200		20,183
Teijin Ltd.		1,000		16,374
Tokai Carbon Co. Ltd.		1,300		11,813
Tokuyama Corp.		500		11,955
Toray Industries, Inc.		9,600		46,684
Tosoh Corp.		2,100		29,199

	Number of Shares		Value
Materials (Continued)
Ube Industries Ltd.		700	$	12,508
(Cost $1,408,897)				1,163,672
Real Estate — 2.9%
Aeon Mall Co. Ltd.		700		9,844
Daito Trust Construction Co. Ltd.		500		52,838
Daiwa House Industry Co. Ltd.		4,100		101,782
Hulic Co. Ltd. (a)		2,600		26,305
Ichigo, Inc.		1,700		4,844
Mitsubishi Estate Co. Ltd.		9,300		147,871
Mitsui Fudosan Co. Ltd.		6,600		127,025
Nomura Real Estate Holdings, Inc.		700		12,956
Open House Co. Ltd.		400		11,057
Relo Group, Inc.		700		15,990
Sumitomo Realty & Development Co. Ltd.		3,000		83,107
Tokyo Tatemono Co. Ltd.		1,400		18,050
Tokyu Fudosan Holdings Corp.		3,800		19,258
(Cost $735,637)				630,927
Utilities — 1.4%
Chubu Electric Power Co., Inc.		4,100		55,220
Electric Power Development Co. Ltd.		1,100		20,757
Kansai Electric Power Co., Inc.		5,200		51,814
Kyushu Electric Power Co., Inc.		2,800		23,287
Osaka Gas Co. Ltd.		2,600		51,959
Tohoku Electric Power Co., Inc.		3,400		35,220
Tokyo Gas Co. Ltd.		2,600		62,035
(Cost $367,473)				300,292
TOTAL COMMON STOCKS (Cost $22,644,017)				21,369,534
SECURITIES LENDING COLLATERAL — 0.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (b)(c) (Cost $76,899)		76,899		76,899
CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 0.12% (b) (Cost $56,879)		56,879		56,879
TOTAL INVESTMENTS — 98.9% (Cost $22,777,795)			$	21,503,312
Other assets and liabilities, net — 1.1%				249,504
NET ASSETS — 100.0%			$	21,752,816

See Notes to Financial Statements. 31

DBX ETF Trust

Schedule of Investments

Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)

May 31, 2020

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2020 is as follows:

	Value ($) at 5/31/2019		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2020		Value ($) at 5/31/2020
SECURITIES LENDING COLLATERAL — 0.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (b)(c)
		90,435		—		(13,536	)(d)		—		—		2,756		—		76,899		76,899
CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 0.12% (b)
		2,441		1,162,873		(1,108,435	)		—		—		459		—		56,879		56,879
		92,876		1,162,873		(1,121,971	)		—		—		3,215		—		133,778		133,778

* 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 May 31, 2020 amounted to $111,465, which is 0.5% of net assets.

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

(c) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $40,446.

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2020.

At May 31, 2020, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value	Expiration Date		Unrealized Appreciation
JPX-Nikkei 400 Index Futures	JPY	28	$	329,489	$365,155		6/11/2020	$	35,666

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

Currency Abbreviations

JPY Japanese Yen

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 May 31, 2020 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 (e)	$	21,369,534	$	—	$	—	$	21,369,534
Short-Term Investments (e)		133,778		—		—		133,778
Derivatives (f)
Futures Contracts		35,666		—		—		35,666
TOTAL	$	21,538,978	$	—	$	—	$	21,538,978

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

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

See Notes to Financial Statements. 32

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Latin America Pacific Alliance ETF

May 31, 2020

	Number of Shares		Value
COMMON STOCKS — 94.9%
Canada (e) — 0.7%
Canacol Energy Ltd.		1,451	$	4,031
Pan American Silver Corp.		135		3,955
PetroTal Corp.		4,311		546
Wheaton Precious Metals Corp.		78		3,347
(Cost $9,388)				11,879
Chile — 15.2%
AES Gener SA		23,861		3,259
Aguas Andinas SA, Class A		18,984		5,543
Banco de Chile		334,518		28,255
Banco de Credito e Inversiones SA		363		12,217
Banco Santander Chile		484,610		19,620
CAP SA*		552		3,568
Cencosud SA		10,462		12,148
Cencosud Shopping SA		3,500		5,977
Cia Cervecerias Unidas SA		1,077		7,742
Cia Sud Americana de Vapores SA*		82,387		1,913
Colbun SA		57,612		9,367
Empresa Nacional de Telecomunicaciones SA		1,099		6,961
Empresas CMPC SA		8,261		16,723
Empresas COPEC SA		3,181		19,950
Enel Americas SA		264,772		38,308
Enel Chile SA		202,979		15,123
Engie Energia Chile SA		3,807		4,468
Falabella SA		6,973		16,151
Forus SA		816		872
Grupo Security SA		9,491		1,748
Inversiones Aguas Metropolitanas SA		3,524		2,888
Inversiones La Construccion SA		261		1,686
Itau CorpBanca Chile SA		1,173,030		2,710
Parque Arauco SA		6,562		11,002
Ripley Corp. SA		6,537		1,697
SMU SA		17,422		2,921
SONDA SA		4,143		2,470
Vina Concha y Toro SA		2,688		3,839
(Cost $421,999)				259,126
Colombia — 8.3%
Banco de Bogota SA		238		3,718
Bancolombia SA		2,513		16,920
Bolsa de Valores de Colombia		457		1,258
Celsia SA ESP		4,797		5,271
Cementos Argos SA		4,643		4,377
CEMEX Latam Holdings SA*		1,998		837
Construcciones El Condor SA		1,815		429
Constructora Conconcreto SA*		3,266		301
Corp. Financiera Colombiana SA*		842		5,896
Ecopetrol SA		50,186		26,898
Grupo Argos SA		2,919		6,840
Grupo Aval Acciones y Valores SA		2,411		587
Grupo de Inversiones Suramericana SA		2,483		12,171
Grupo Energia Bogota SA ESP		27,949		16,410
Grupo Nutresa SA		2,097		12,515
Interconexion Electrica SA ESP		4,503		23,770
Mineros SA		1,054		954

	Number of Shares		Value
Colombia (Continued)
Promigas SA ESP		1,220	$	2,267
Tecnoglass, Inc.		170		835
(Cost $192,597)				142,254
Mexico — 49.3%
Alfa SAB de CV, Class A		22,066		11,706
Alpek SAB de CV		3,120		2,187
Alsea SAB de CV*		4,103		3,476
America Movil SAB de CV, Series L		248,904		166,575
Arca Continental SAB de CV		3,257		14,557
Axtel SAB de CV, Series CPO*		5,401		849
Banco del Bajio SA, 144A*		5,350		4,888
Becle SAB de CV*		4,048		7,024
Bolsa Mexicana de Valores SAB de CV		3,290		6,317
Cemex SAB de CV, Series CPO		111,791		26,521
Coca-Cola Femsa SAB de CV		3,879		16,966
Concentradora Fibra Danhos SA de CV REIT		1,709		1,582
Concentradora Hipotecaria SAPI de CV REIT		2,753		1,999
Controladora Vuela Cia de Aviacion SAB de CV, Class A*		5,045		2,494
Corp. Inmobiliaria Vesta SAB de CV		4,187		5,731
Fibra Uno Administracion SA de CV REIT		23,304		17,807
Fomento Economico Mexicano SAB de CV		14,364		97,336
Genomma Lab Internacional SAB de CV, Class B*		5,805		5,302
Gentera SAB de CV		7,084		2,932
Gruma SAB de CV, Class B		1,668		16,588
Grupo Aeroportuario del Centro Norte SAB de CV*		2,540		11,202
Grupo Aeroportuario del Pacifico SAB de CV, Class B		2,817		18,635
Grupo Aeroportuario del Sureste SAB de CV, Class B		1,537		15,874
Grupo Bimbo SAB de CV, Series A		11,901		18,645
Grupo Carso SAB de CV, Series A1		3,124		7,057
Grupo Cementos de Chihuahua SAB de CV		1,265		4,654
Grupo Comercial Chedraui SA de CV		2,658		3,320
Grupo Financiero Banorte SAB de CV, Class O		19,195		58,332
Grupo Financiero Inbursa SAB de CV, Class O*		17,113		11,754
Grupo Herdez SAB de CV		1,766		2,802
Grupo Mexico SAB de CV, Series B		22,950		49,240
Grupo Rotoplas SAB de CV*		1,298		783
Grupo Televisa SAB, Series CPO*		17,751		21,072
Industrias Penoles SAB de CV		1,001		9,538
Infraestructura Energetica Nova SAB de CV		3,809		10,833
Kimberly-Clark de Mexico SAB de CV, Class A		11,330		17,622
La Comer SAB de CV		3,587		4,412
Macquarie Mexico Real Estate Management SA de CV REIT, 144A		5,630		6,022
Megacable Holdings SAB de CV, Series CPO		2,228		6,753
Orbia Advance Corp. SAB de CV		7,621		11,206

See Notes to Financial Statements. 33

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Latin America Pacific Alliance ETF (Continued)

May 31, 2020

	Number of Shares		Value
Mexico (Continued)
PLA Administradora Industrial S de RL de CV REIT		5,877	$	7,354
Prologis Property Mexico SA de CV REIT		3,437		6,550
Promotora y Operadora de Infraestructura SAB de CV*		1,693		12,792
Qualitas Controladora SAB de CV		1,225		4,880
Regional SAB de CV*		1,704		4,742
Telesites SAB de CV*		9,850		6,356
Unifin Financiera SAB de CV*		1,041		757
Wal-Mart de Mexico SAB de CV		38,686		96,760
(Cost $1,096,340)				842,784
Peru — 21.4%
Alicorp SAA*		12,153		27,591
Banco BBVA Peru SA*		7,309		5,680
Banco de Credito del Peru, Class C		3,274		4,202
Casa Grande SAA		388		327
Cementos Pacasmayo SAA		3,337		4,614
Cia de Minas Buenaventura SAA, ADR		3,650		28,653
Corp. Aceros Arequipa SA		2,347		492
Credicorp Ltd.		1,147		158,080
Enel Distribucion Peru SAA		1,749		2,627
Ferreycorp SAA		16,492		6,912
Grana y Montero SAA*		9,560		4,174
Hochschild Mining PLC		4,364		10,801
InRetail Peru Corp., 144A		527		16,184
Intercorp Financial Services, Inc.		582		14,911
Luz del Sur SAA		1,649		12,719
Refineria La Pampilla SAA Relapasa*		18,032		304
Sociedad Minera Cerro Verde SAA*		357		5,566
Southern Copper Corp. (a)		1,440		52,272
Union Andina de Cementos SAA		12,293		5,009
Volcan Cia Minera SAA*		41,334		3,994
(Cost $477,560)				365,112
TOTAL COMMON STOCKS (Cost $2,197,884)				1,621,155

	Number of Shares		Value
PREFERRED STOCKS — 4.9%
Chile — 1.5%
Embotelladora Andina SA, Class B		2,579	$	6,153
Sociedad Quimica y Minera de Chile SA, Class B		840		20,498
(Cost $43,541)				26,651
Colombia — 3.4%
Banco Davivienda SA		1,032		6,810
Bancolombia SA		4,600		30,477
Cementos Argos SA		2,412		1,855
Grupo Argos SA		2,275		4,718
Grupo Aval Acciones y Valores SA		43,259		9,798
Grupo de Inversiones Suramericana SA		1,130		4,614
(Cost $91,012)				58,272
TOTAL PREFERRED STOCKS (Cost $134,553)				84,923
RIGHTS — 0.1%
Canada (e) — 0.1%
Pan American Silver Corp. CVR* (Cost $0)		1,874		1,218
CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 0.12% (b) (Cost $2,630)		2,630		2,630
TOTAL INVESTMENTS — 100.1% (Cost $2,335,067)			$	1,709,926
Other assets and liabilities, net — (0.1%)				(1,534	)
NET ASSETS — 100.0%			$	1,708,392

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2020 is as follows:

	Value ($) at 5/31/2019		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2020		Value ($) at 5/31/2020
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.07% (b)(c)
		1,320		—		(1,320	)(d)		—		—		9		—		—		—
CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 0.12% (b)
		4,441		198,569		(200,380	)		—		—		7		—		2,630		2,630
		5,761		198,569		(201,700	)		—		—		16		—		2,630		2,630

* 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 May 31, 2020 amounted to $43,451, which is 2.5% of net assets.

See Notes to Financial Statements. 34

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Latin America Pacific Alliance ETF (Continued)

May 31, 2020

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

(c) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $44,933.

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2020.

(e) Securities listed in country of domicile.

ADR: American Depositary Receipt

CPO: Ordinary Participation Certificates

CVR: Contingent Value Rights

REIT: Real Estate Investment Trust

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.

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 May 31, 2020 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 (f)	$	1,621,155	$	—	$	—	$	1,621,155
Preferred Stocks (f)		84,923		—		—		84,923
Rights		1,218		—		—		1,218
Short-Term Investments (f)		2,630		—		—		2,630
TOTAL	$	1,709,926	$	—	$	—	$	1,709,926

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

During the year ended May 31, 2020, the amount of transfers from Level 3 to Level 1 was $1,012. The investment was transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs.

See Notes to Financial Statements. 35

DBX ETF Trust

Statements of Assets and Liabilities

May 31, 2020

	Xtrackers Eurozone Equity ETF			Xtrackers International Real Estate ETF			Xtrackers Japan JPX-Nikkei 400 Equity ETF			Xtrackers MSCI Latin America Pacific Alliance ETF
Assets
Investment in non-affiliated securities at value	$	3,867,212		$	228,861,628		$	21,369,534		$	1,707,296
Investment in affiliated securities at value		16,067			—			—			—
Investment in DWS Government Money Market Series		187			643,631			56,879			2,630
Investment in DWS Government & Agency Securities Portfolio*		55,855			8,505,313			76,899			—
Foreign currency at value		479			489,748			132,889			3,803
Deposit with broker for futures contracts		—			191,196			14,019			—
Receivables:
Investment securities sold		—			—			46,063			78,802
Capital shares		—			74,193			—			—
Dividends		2,475			707,429			245,382			2,197
Interest		—			29			4			—
Securities lending income		144			9,283			39			2
Foreign tax reclaim		1,456			52,569			—			—
Total assets	$	3,943,875		$	239,535,019		$	21,941,708		$	1,794,730
Liabilities
Payable upon return of securities loaned		55,855			8,505,313			76,899			—
Payables:
Investment securities purchased		—			214,867			104,630			85,707
Investment advisory fees		276			18,639			1,605			631
Variation margin on futures contracts		—			18,316			5,758			—
Total liabilities		56,131			8,757,135			188,892			86,338
Net Assets, at value	$	3,887,744		$	230,777,884		$	21,752,816		$	1,708,392
Net Assets Consist of
Paid-in capital	$	4,847,856		$	270,279,072		$	24,982,043		$	2,393,666
Distributable earnings (loss)		(960,112	)		(39,501,188	)		(3,229,227	)		(685,274	)
Net Assets, at value	$	3,887,744		$	230,777,884		$	21,752,816		$	1,708,392
Number of Common Shares outstanding		200,001			10,100,001			800,001			100,001
Net Asset Value	$	19.44		$	22.85		$	27.19		$	17.08
Investment in non-affiliated securities at cost	$	4,450,748		$	264,988,384		$	22,644,017		$	2,332,437
Investment in affiliated securities at cost	$	17,879		$	—		$	—		$	—
Value of securities loaned	$	47,148		$	11,148,133		$	111,465		$	43,451
Investment in DWS Government Money Market Series at cost	$	187		$	643,631		$	56,879		$	2,630
Investment in DWS Government & Agency Securities Portfolio at cost*	$	55,855		$	8,505,313		$	76,899		$	—
Non-cash collateral for securities on loan	$	—		$	3,910,553		$	40,446		$	44,933
Foreign currency at cost	$	476		$	481,272		$	131,367		$	3,763

* Represents collateral on securities loaned.

See Notes to Financial Statements. 36

DBX ETF Trust

Statements of Operations

For the Year Ended May 31, 2020

	Xtrackers Eurozone Equity ETF			Xtrackers International Real Estate ETF			Xtrackers Japan JPX-Nikkei 400 Equity ETF			Xtrackers MSCI Latin America Pacific Alliance ETF
Investment Income
Unaffiliated dividend income*	$	71,648		$	4,856,529		$	605,961		$	68,544
Income distributions from affiliated funds		28			4,723			459			7
Affiliated securities lending income		779			14,878			2,756			9
Unaffiliated securities lending income, net of borrower rebates		416			36,608			1,277			46
Total investment income		72,871			4,912,738			610,453			68,606
Expenses
Investment advisory fees		4,079			178,355			24,647			10,211
Other expenses		57			156			57			57
Total expenses		4,136			178,511			24,704			10,268
Less fees waived (see note 3):
Waiver		—			(30,921	)		(22	)		(1	)
Net expenses		4,136			147,590			24,682			10,267
Net investment income (loss)		68,735			4,765,148			585,771			58,339
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(39,904	)		(2,528,322	)		(152,758	)		(80,219	)
Investments in affiliates		(597	)		—			—			—
In-kind redemptions		90,418			(83,514	)		(731,185	)		—
In-kind redemptions in affiliates		666			—			—			—
Futures contracts		—			(90,276	)		(7,336	)		—
Foreign currency transactions		(155	)		(40,878	)		4,171			(576	)
Net realized gain (loss)		50,428			(2,742,990	)		(887,108	)		(80,795	)
Net change in unrealized appreciation (depreciation) on:
Investments**		(415,805	)		(35,140,827	)		1,978,505			(606,942	)
Investments in affiliates		3,299			—			—			—
Futures contracts		—			115,965			59,206			—
Foreign currency translations		213			12,920			(1,129	)		68
Net change in unrealized appreciation (depreciation)		(412,293	)		(35,011,942	)		2,036,582			(606,874	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(361,865	)		(37,754,932	)		1,149,474			(687,669	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(293,130	)	$	(32,989,784	)	$	1,735,245		$	(629,330	)
*   Unaffiliated foreign tax withheld	$	15,306		$	582,432		$	67,337		$	6,831
**   Net of change in deferred foreign taxes	$	—		$	(1,589	)	$	—		$	—

See Notes to Financial Statements. 37

DBX ETF Trust

Statements of Changes in Net Assets

	Xtrackers Eurozone Equity ETF						Xtrackers International Real Estate ETF
	Year Ended May 31, 2020			Year Ended May 31, 2019			Year Ended May 31, 2020			Year Ended May 31, 2019
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	68,735		$	69,345		$	4,765,148		$	345,093
Net realized gain (loss)		50,428			(349,399	)		(2,742,990	)		261,023
Net change in net unrealized appreciation (depreciation)		(412,293	)		(140,920	)		(35,011,942	)		(1,466,969	)
Net increase (decrease) in net assets resulting from operations		(293,130	)		(420,974	)		(32,989,784	)		(860,853	)
Distributions to Shareholders		(78,087	)		(71,498	)		(5,184,811	)		(73,382	)
Fund Shares Transactions
Proceeds from shares sold		3,201,199			3,138,077			210,264,081			57,853,274
Value of shares redeemed		(1,051,853	)		(2,896,381	)		(1,160,117	)		(1,445,829	)
Net increase (decrease) in net assets resulting from fund share transactions		2,149,346			241,696			209,103,964			56,407,445
Total net increase (decrease) in Net Assets		1,778,129			(250,776	)		170,929,369			55,473,210
Net Assets
Beginning of year		2,109,615			2,360,391			59,848,515			4,375,305
End of year	$	3,887,744		$	2,109,615		$	230,777,884		$	59,848,515
Changes in Shares Outstanding
Shares outstanding, beginning of year		100,001			100,001			2,150,001			150,001
Shares sold		150,000			150,000			8,000,000			2,050,000
Shares redeemed		(50,000	)		(150,000	)		(50,000	)		(50,000	)
Shares outstanding, end of year		200,001			100,001			10,100,001			2,150,001

See Notes to Financial Statements. 38

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers Japan JPX-Nikkei 400 Equity ETF						Xtrackers MSCI Latin America Pacific Alliance ETF
	Year Ended May 31, 2020			Year Ended May 31, 2019			Year Ended May 31, 2020			For the Period October 30, 2018(1) to May 31, 2019
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	585,771		$	542,482		$	58,339		$	51,303
Net realized gain (loss)		(887,108	)		(15,892,157	)		(80,795	)		264,039
Net change in net unrealized appreciation (depreciation)		2,036,582			(3,185,044	)		(606,874	)		(18,238	)
Net increase (decrease) in net assets resulting from operations		1,735,245			(18,534,719	)		(629,330	)		297,104
Distributions to Shareholders		(744,817	)		(378,111	)		(156,653	)		(21,262	)
Fund Shares Transactions
Proceeds from shares sold		—			222,178,697			—			4,934,832
Value of shares redeemed		(8,954,339	)		(301,398,584	)		—			(2,716,299	)
Net increase (decrease) in net assets resulting from fund share transactions		(8,954,339	)		(79,219,887	)		—			2,218,533
Total net increase (decrease) in Net Assets		(7,963,911	)		(98,132,717	)		(785,983	)		2,494,375
Net Assets
Beginning of period		29,716,727			127,849,444			2,494,375			—
End of period	$	21,752,816		$	29,716,727		$	1,708,392		$	2,494,375
Changes in Shares Outstanding
Shares outstanding, beginning of period		1,150,001			4,350,001			100,001			—
Shares sold		—			7,800,000			—			200,001
Shares redeemed		(350,000	)		(11,000,000	)		—			(100,000	)
Shares outstanding, end of period		800,001			1,150,001			100,001			100,001

(1) Commencement of Operations.

See Notes to Financial Statements. 39

DBX ETF Trust

Financial Highlights

Xtrackers Eurozone Equity ETF Selected Per Share Data	Years Ended May 31,												Period Ended 5/31/2016(a)
	2020			2019			2018			2017
Net Asset Value, beginning of period	$	21.10		$	23.60		$	23.94		$	20.25		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.32			0.65			0.73			0.74			0.53
Net realized and unrealized gain (loss)		(1.37	)		(2.52	)		(0.68	)		3.74			(4.99	)
Total from investment operations		(1.05	)		(1.87	)		0.05			4.48			(4.46	)
Less distributions from:
Net investment income		(0.61	)		(0.63	)		(0.39	)		(0.79	)		(0.29	)
Total distributions		(0.61	)		(0.63	)		(0.39	)		(0.79	)		(0.29	)
Net Asset Value, end of period	$	19.44		$	21.10		$	23.60		$	23.94		$	20.25
Total Return (%)		(5.29	)		(8.09	)(c)		0.22	(c)		23.01			(17.94	)**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		4			2			2			2			2
Ratio of expenses before fee waiver (%)		0.09			0.10			0.27			0.45			0.45	*
Ratio of expenses after fee waiver (%)		0.09			0.09			0.26			0.45			0.45	*
Ratio of net investment income (loss) (%)		1.52			3.00			3.01			3.62			3.18	*
Portfolio turnover rate (%)(d)		9			14			93			20			20	**
Xtrackers International Real Estate ETF Selected Per Share Data	Years Ended May 31,
	2020			2019			2018			2017			2016
Net Asset Value, beginning of year	$	27.84		$	29.17		$	26.22		$	22.27		$	27.90
Income (loss) from investment operations:
Net investment income (loss)(b)		0.84			1.14			0.68			0.56			0.63
Net realized and unrealized gain (loss)		(4.74	)		(1.98	)		3.01			3.89			(4.19	)
Total from investment operations		(3.90	)		(0.84	)		3.69			4.45			(3.56	)
Less distributions from:
Net investment income		(1.09	)		(0.49	)		(0.74	)		(0.50	)		(1.09	)
Net realized gains		—			—			—			—			(0.98	)
Total distributions		(1.09	)		(0.49	)		(0.74	)		(0.50	)		(2.07	)
Net Asset Value, end of year	$	22.85		$	27.84		$	29.17		$	26.22		$	22.27
Total Return (%)		(14.80	)(c)		(2.78	)(c)		14.20			20.34			(12.98	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		231			60			4			4			4
Ratio of expenses before fee waiver (%)		0.12			0.30			0.60			0.60			0.60
Ratio of expenses after fee waiver (%)		0.10			0.28			0.60			0.60			0.60
Ratio of net investment income (loss) (%)		3.21			4.25			2.40			2.34			2.64
Portfolio turnover rate (%)(d)		12			43			24			14			34

(a) For the period August 19, 2015 (commencement of operations) through May 31, 2016.

(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. 40

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers Japan JPX-Nikkei 400 Equity ETF Selected Per Share Data	Years Ended May 31,												Period Ended 5/31/2016(a)
	2020			2019			2018			2017
Net Asset Value, beginning of period	$	25.84		$	29.39		$	26.24		$	23.19		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(c)		0.58			0.28			0.40			0.35			0.28
Net realized and unrealized gain (loss)		1.47			(3.62	)		3.30	(d)		3.04			(1.97	)
Total from investment operations		2.05			(3.34	)		3.70			3.39			(1.69	)
Less distributions from:
Net investment income		(0.70	)		(0.21	)		(0.55	)		(0.34	)		(0.12	)
Total distributions		(0.70	)		(0.21	)		(0.55	)		(0.34	)		(0.12	)
Net Asset Value, end of period	$	27.19		$	25.84		$	29.39		$	26.24		$	23.19
Total Return (%)		7.87	(e)		(11.35	)(e)(f)		14.21	(e)		14.75			(6.78	)**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		22			30			128			10			19
Ratio of expenses before fee waiver (%)		0.09			0.10			0.21			0.40			0.40	*
Ratio of expenses after fee waiver (%)		0.09			0.09			0.18			0.40			0.40	*
Ratio of net investment income (loss) (%)		2.14			1.00			1.39			1.46			1.31	*
Portfolio turnover rate (%)(g)		12			149			78			22			8	**

Xtrackers MSCI Latin America Pacific Alliance ETF Selected Per Share Data	Year Ended 5/31/2020			Period Ended 5/31/2019(b)
Net Asset Value, beginning of period	$	24.94		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(c)		0.58			0.38
Net realized and unrealized gain (loss)		(6.87	)		(0.33	)(d)
Total from investment operations		(6.29	)		0.05
Less distributions from:
Net investment income		(0.70	)		(0.11	)
Net realized gains		(0.87	)		—
Total distributions		(1.57	)		(0.11	)
Net Asset Value, end of period	$	17.08		$	24.94
Total Return (%)		(27.01	)(e)		0.20	**(e)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		2			2
Ratio of expenses before fee waiver (%)		0.45			0.45	*
Ratio of expenses after fee waiver (%)		0.45			0.45	*
Ratio of net investment income (loss) (%)		2.57			2.53	*
Portfolio turnover rate (%)(g)		18			44	**

(a) For the period June 24, 2015 (commencement of operations) through May 31, 2016.

(b) For the period October 30, 2018 (commencement of operations) through May 31, 2019.

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

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

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

(f) The Fund’s total return includes a reimbursement by the Advisor for a realized loss on a trade executed incorrectly, which otherwise would have reduced total return by 0.22%.

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

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 41

DBX ETF Trust

Notes to Financial Statements

1. Organization

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

As of May 31, 2020, the Trust consists of thirty-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 Eurozone Equity ETF

Xtrackers International Real Estate ETF

Xtrackers Japan JPX-Nikkei 400 Equity ETF

Xtrackers MSCI Latin America Pacific Alliance 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 Eurozone Equity ETF offers shares that are listed and traded on the Cboe BZX Exchange (“Cboe”). Xtrackers International Real Estate ETF, Xtrackers Japan JPX-Nikkei 400 Equity ETF and Xtrackers MSCI Latin America Pacific Alliance ETF offer shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

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

Fund	Underlying Index
Xtrackers Eurozone Equity ETF	NASDAQ Eurozone Large Mid Cap Index
Xtrackers International Real Estate ETF	iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index
Xtrackers Japan JPX-Nikkei 400 Equity ETF	JPX-Nikkei 400 Net Total Return Index
Xtrackers MSCI Latin America Pacific Alliance ETF	MSCI Latin America Pacific Alliance Capped Index

The NASDAQ Eurozone Large Mid Cap 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 of the European Union. The NASDAQ Eurozone Large Mid Cap Index is rebalanced semi-annually in March and September.

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 iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index is rebalanced quarterly.

The JPX-Nikkei Index 400 Net Total Return Index is designed to track the performance of equity securities of issuers that are primarily listed on the JASDAQ Stock Exchange (“JASDAQ”) or the following sections of the Tokyo Stock Exchange (“TSE”): the first section (for large companies), the second section (for middle-sized companies) and the “Mothers” (for high-growth and emerging stocks). The JPX-Nikkei Index 400 Total Return Index is rebalanced annually.

The MSCI Latin America Pacific Alliance Capped Index is designed to provide exposure to equity securities of issuers from Latin American member states of the Pacific Alliance, as well as securities of countries that are headquartered and carry out the majority of operations in these countries. The MSCI Latin America Pacific Alliance Capped Index is rebalanced quarterly.

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

42

DBX ETF Trust

Notes to Financial Statements (Continued)

Each Fund, except Xtrackers International Real Estate ETF and Xtrackers Japan JPX-Nikkei 400 Equity ETF, is non-diversified and is not limited by the 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. In addition, each Fund, with the exception of Xtrackers International Real Estate ETF, may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index 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. Each Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.

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

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 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 Board 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

43

DBX ETF Trust

Notes to Financial Statements (Continued)

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 Xtrackers Eurozone Equity ETF, Xtrackers International Real Estate ETF, Xtrackers Japan JPX-Nikkei 400 Equity ETF and Xtrackers MSCI Latin America Pacific Alliance ETF to pay out dividends from its net investment income semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

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 year ended May 31, 2020, the Funds did not incur any interest or penalties.

As of May 31, 2020, the components of accumulated earnings (losses) on a tax basis were as follows:    

	Undistributed Ordinary Income		Capital and Other Gains (Losses)			Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Losses)
Xtrackers Eurozone Equity ETF	$	39,663	$	(391,239	)	$	(608,536	)	$	(960,112	)
Xtrackers International Real Estate ETF		3,170,939		(920,150	)		(41,751,977	)		(39,501,188	)
Xtrackers Japan JPX-Nikkei 400 Equity ETF		223,133		(1,940,748	)		(1,511,612	)		(3,229,227	)
Xtrackers MSCI Latin America Pacific Alliance ETF		22,832		(78,465	)		(629,641	)		(685,274	)

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DBX ETF Trust

Notes to Financial Statements (Continued)

The tax character of dividends and distributions declared for the years ended May 31, 2020 and May 31, 2019 were as follows:    

	Year Ended May 31, 2020
	Ordinary Income*
Xtrackers Eurozone Equity ETF	$	78,087
Xtrackers International Real Estate ETF		5,184,811
Xtrackers Japan JPX-Nikkei 400 Equity ETF		744,817
Xtrackers MSCI Latin America Pacific Alliance ETF		156,653
	Period Ended May 31, 2019
	Ordinary Income*
Xtrackers Eurozone Equity ETF	$	71,498
Xtrackers International Real Estate ETF		73,382
Xtrackers Japan JPX-Nikkei 400 Equity ETF		378,111
Xtrackers MSCI Latin America Pacific Alliance ETF		21,262

* For tax purposes short-term capital gain distributions are considered ordinary income distributions.

At May 31, 2020, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these 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 Eurozone Equity ETF	$	108,073	$	283,166	$	391,239
Xtrackers International Real Estate ETF		783,108		137,042		920,150
Xtrackers Japan JPX-Nikkei 400 Equity ETF		1,587,277		353,471		1,940,748
Xtrackers MSCI Latin America Pacific Alliance ETF		17,447		61,018		78,465

For the fiscal year ended May 31, 2020, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to recognition of certain foreign currency gains (losses) as ordinary income (loss), return of capital distributions received, non-deductible excise tax paid, distribution re-classes, redemptions-in-kind, and passive foreign investment companies (“PFICs”).    

	Distributable earnings (loss)			Paid-In Capital
Xtrackers Eurozone Equity ETF	$	(83,452	)	$	83,452
Xtrackers International Real Estate ETF		142,223			(142,223	)
Xtrackers Japan JPX-Nikkei 400 Equity ETF		754,700			(754,700	)
Xtrackers MSCI Latin America Pacific Alliance ETF		422			(422	)

As of May 31, 2020, 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 Eurozone Equity ETF	$	4,547,918	$	(608,597	)	$	231,441	$	(840,038	)
Xtrackers International Real Estate ETF		279,831,803		(41,764,724	)		4,764,563		(46,529,287	)
Xtrackers Japan JPX-Nikkei 400 Equity ETF		23,053,365		(1,514,387	)		2,035,819		(3,550,206	)
Xtrackers MSCI Latin America Pacific Alliance ETF		2,339,596		(629,670	)		29,331		(659,001	)

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

45

DBX ETF Trust

Notes to Financial Statements (Continued)

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 May 31, 2020, 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    The Funds may lend securities to certain financial institutions under the terms of their 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 cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities 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 year ended May 31, 2020, 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 (0.12% annualized effective rate as of May 31, 2020) 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 May 31, 2020, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

Remaining Contractual Maturity of the Agreements, as of May 31, 2020
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers Eurozone Equity ETF
Common Stocks	$	55,855	$	—	$	—	$	—	$	55,855
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	55,855
Xtrackers International Real Estate ETF
Common Stocks	$	8,505,313	$	—	$	—	$	3,910,553	$	12,415,866
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	12,415,866

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DBX ETF Trust

Notes to Financial Statements (Continued)

Remaining Contractual Maturity of the Agreements, as of May 31, 2020
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers Japan JPX-Nikkei 400 Equity ETF
Common Stocks	$	76,899	$	—	$	—	$	40,446	$	117,345
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	117,345
Xtrackers MSCI Latin America Pacific Alliance ETF
Common Stocks	$	—	$	—	$	227	$	44,706	$	44,933
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	44,933

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 year ended May 31, 2020, Xtrackers International Real Estate ETF and Xtrackers Japan JPX-Nikkei 400 Equity 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).

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 May 31, 2020 is included in a table following the Funds’ Schedule of Investments.

The following tables summarize the value of the Funds’ derivative instruments held as of May 31, 2020 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*	$	112,865	Unrealized depreciation on futures contracts*	$	—
Xtrackers Japan JPX-Nikkei 400 Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	35,666	Unrealized depreciation on futures contracts*	$	—

* 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.

47

DBX ETF Trust

Notes to Financial Statements (Continued)

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the year ended May 31, 2020 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	$	(90,276	)
Xtrackers Japan JPX-Nikkei 400 Equity ETF		(7,336	)
Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts — Equity Contracts
Xtrackers International Real Estate ETF	$	115,965
Xtrackers Japan JPX-Nikkei 400 Equity ETF		59,206

For the year ended May 31, 2020 the average monthly volume of derivatives was as follows:

	Futures Contracts (Contract Value)
Xtrackers International Real Estate ETF	$	585,081
Xtrackers Japan JPX-Nikkei 400 Equity ETF		226,695

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 management 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.

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

	Unitary Management Fee
Xtrackers Eurozone Equity ETF		0.09	%
Xtrackers International Real Estate ETF		0.12	%
Xtrackers Japan JPX-Nikkei 400 Equity ETF		0.09	%
Xtrackers MSCI Latin America Pacific Alliance ETF		0.45	%

The Advisor for Xtrackers International Real Estate ETF has contractually agreed, until September 30, 2020, to waive a portion of its unitary management fee to the extent necessary to prevent the operating expenses of the Fund 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 year ended May 31, 2020, the Advisor waived $30,675 of the expenses of the Fund.

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DBX ETF Trust

Notes to Financial Statements (Continued)

The Advisor for the Funds below has contractually agreed to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the year ended May 31, 2020, the Advisor waived expenses of the Funds as follows:

	Expenses Waived
Xtrackers International Real Estate ETF	$	246
Xtrackers Japan JPX-Nikkei 400 Equity ETF		22
Xtrackers MSCI Latin America Pacific Alliance ETF		1

Out of the unitary management 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, Lending 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 year ended May 31, 2020, 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 Eurozone Equity ETF	$	388,156	$	398,004
Xtrackers International Real Estate ETF		59,262,355		17,326,669
Xtrackers Japan JPX-Nikkei 400 Equity ETF		3,140,422		3,343,746
Xtrackers MSCI Latin America Pacific Alliance ETF		407,311		503,744

For the year ended May 31, 2020, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

	Purchases		Sales
Xtrackers Eurozone Equity ETF	$	3,200,126	$	1,051,972
Xtrackers International Real Estate ETF		165,927,478		872,294
Xtrackers Japan JPX-Nikkei 400 Equity ETF		—		8,856,650

5. Fund Share Transactions

As of May 31, 2020, 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.

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DBX ETF Trust

Notes to Financial Statements (Continued)

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 May 31, 2020, there was one affiliated shareholder account for the Fund listed below holding a significant percentage of the shares outstanding:

	Approximate Percent of Outstanding Shares Held
Xtrackers MSCI Latin America Pacific Alliance ETF		95	%

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 the Fund’s status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. The Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amount listed below or 33 percent of its net assets as permitted by the Act. The Fund had no outstanding loans at May 31, 2020.

	Pro-rata Share
Xtrackers International Real Estate ETF	$	525,000

8. Other

A novel strain of coronavirus (COVID-19) outbreak was declared a pandemic by the World Health Organization on March 11, 2020. The situation is evolving with various cities and countries around the world responding in different ways to address the pandemic. There are direct and indirect economic effects developing for various industries and individual companies throughout the world. The recent pandemic spread of the novel coronavirus and related geopolitical events could lead to increased financial market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on a Fund and its investments. A prolonged disruption may result in a Fund and its service providers experiencing operational difficulties in implementing their business continuity plans. Management will continue to monitor the impact COVID-19 has on the Funds and reflect the consequences as appropriate in each Fund’s accounting and financial reporting.

9. Fund Liquidation

On June 9, 2020, the Board of Trustees unanimously voted to close and liquidate Xtrackers Latin America Pacific Alliance ETF. After the close of business on June 26, 2020, creation orders were no longer accepted by the Fund and the final day of trading on the exchange was July 6, 2020. Proceeds of the liquidation were sent to shareholders on July 8, 2020.

10. Subsequent Event

On June 17, 2020, Deutsche Bank AG (“DB”), an affiliate of DWS Group, resolved with the Commodity Futures Trading Commission (“CFTC”) charges stemming from alleged violations of various swap data reporting requirements and corresponding supervision and other failures. The matter, which was resolved by the issuance of a federal court order (“Consent Order”), involved unintentional conduct that resulted from a system outage that prevented DB from reporting data in accordance with applicable CFTC requirements for a period of five days in April 2016.

The matter giving rise to the Consent Order did not arise out of any investment advisory, fund management activities or distribution activities of DBX Advisors LLC or their advisory affiliates (the “DWS Service Providers”). DWS Group, of which the DWS Service Providers are wholly-owned subsidiaries (except for Harvest Global Management Limited which is partially owned by DWS Group), is a separate publicly traded company but continues to be an affiliate of DB due to, among other things, DB’s 79.49% ownership interest in DWS Group.

50

DBX ETF Trust

Notes to Financial Statements (Continued)

Under the provisions of the Investment Company Act of 1940, as a result of the Consent Order, the DWS Service Providers would not be eligible to continue to provide investment advisory services to the Funds absent an order from the Securities and Exchange Commission (the “SEC”). DB and the DWS Service Providers are seeking temporary and permanent orders from the SEC to permit the DWS Service Providers to continue to provide investment advisory services to the Funds and other registered investment companies notwithstanding the Consent Order. While there can be no assurance that the requested exemptive orders will be granted, the SEC has granted this type of relief in the past. Consistent with their fiduciary and other relationships with the Funds, and in accordance with the desire of the Board of the Funds, the DWS Service Providers continue to provide investment advisory services to the Funds. Subject to the receipt of the temporary and permanent exemptive orders, the DWS Service Providers have informed the Funds that they do not believe the Consent Order will have any material impact on the Funds or the ability of the DWS Service Providers to provide services for the Funds.

51

DBX ETF Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders of Xtrackers Eurozone Equity ETF, Xtrackers International Real Estate ETF, Xtrackers Japan JPX-Nikkei 400 Equity ETF, Xtrackers MSCI Latin America Pacific Alliance ETF, and the Board of Trustees of DBX ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Xtrackers Eurozone Equity ETF, Xtrackers International Real Estate ETF, Xtrackers Japan JPX-Nikkei 400 Equity ETF, and Xtrackers MSCI Latin America Pacific Alliance ETF (collectively referred to as the “Funds”), (four of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of May 31, 2020, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (four of the funds constituting the DBX ETF Trust) at May 31, 2020, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Individual fund constituting the DBX ETF Trust	Statement of operations	Statements of changes in net assets	Financial highlights
Xtrackers Eurozone Equity ETF	For the year ended May 31, 2020	For each of the two years in the period ended May 31, 2020	For each of the four years in the period ended May 31, 2020 and the period from August 19, 2015 (commencement of operations) through May 31, 2016
Xtrackers International Real Estate ETF	For the year ended May 31, 2020	For each of the two years in the period ended May 31, 2020	For each of the five years in the period ended May 31, 2020
Xtrackers Japan JPX-Nikkei 400 Equity ETF	For the year ended May 31, 2020	For each of the two years in the period ended May 31, 2020	For each of the four years in the period ended May 31, 2020 and the period from June 24, 2015 (commencement of operations) through May 31, 2016
Xtrackers MSCI Latin America Pacific Alliance ETF	For the year ended May 31, 2020	For the year ended May 31, 2020 and the period from October 30, 2018 (commencement of operations) through May 31, 2019

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of the internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

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DBX ETF Trust

Report of Independent Registered Public Accounting Firm (Continued)

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2020, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

New York, New York

July 27, 2020

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DBX ETF Trust

Liquidity Risk Management (Unaudited)

All Funds

In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), your Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DBX Advisors LLC (“Advisors”) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). Advisors has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of Advisors that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on calculations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.

Xtrackers Eurozone Equity ETF (EURZ) and Xtrackers MSCI Latin America Pacific Alliance ETF (PACA) only

In February 2020, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2018 through November 30, 2019 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported on a material change made to the Program in May 2019 to address Securities and Exchange Commission guidance relating to extended foreign market holidays.

Xtrackers International Real Estate ETF (HAUZ) and Xtrackers Japan JPX-Nikkei 400 Equity ETF (JPN) only

In February 2020, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2018 through November 30, 2019 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did experience a temporary breach of the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). The breach was caused by the temporary reclassification of Japanese securities as illiquid due to an extended Japanese holiday market closure. The temporary reclassification of Japanese securities caused the Fund to exceed the 15% limit on illiquid investments for a two day period. Because the holiday closure was anticipated in advance, no actions were needed to rebalance the Fund’s portfolio. Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported on a material change made to the Program in May 2019 to address Securities and Exchange Commission guidance relating to extended foreign market holidays.

54

DBX ETF Trust

Board Members and Officers (Unaudited)

Identification and Background

The Board has responsibility for the overall management and operations of the funds, including general supervision of the duties performed by the Advisor and other service providers. Each Board Member serves until his or her successor is duly elected or appointed and qualified. Each officer serves until he or she resigns, is removed, dies, retires or becomes disqualified.

The Trust currently has three Board Members. The three Independent Board Members have no affiliation or business connection with the Advisor or any of its affiliated persons and do not own any stock or other securities issued by the Advisor.

The Independent Board Members of the Trust, their term of office and length of time served, their principal business occupations during the past five years, the number of portfolios in the fund complex (defined below) overseen by each Independent Board Member, and other directorships, if any, held by the Board Members are shown below. The fund complex includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor. As of the date of this shareholder report, the fund complex consists of the funds in the Trust, as well as the registered funds advised by affiliates of the Advisor.

Shareholder Communications to the Board.    Shareholders may send communications to the Trust’s Board by addressing the communications directly to the Board (or individual Board Members) and/or otherwise clearly indicating in the salutation that the communication is for the Board (or individual Board Members). The shareholder may send the communication to either the Trust’s office or directly to such Board members c/o 875 Third Avenue, New York, NY 10022. Other shareholder communications received by the Trust not directly addressed and sent to the Board will be reviewed and generally responded to by management. Such communications will be forwarded to the Board at management’s discretion based on the matters contained therein.

Independent Board Members
Name, Year of Birth, Position with the Trust and Length of Time Served(1)	Business Experience and Directorships During the Past 5 Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Board Member
Stephen R. Byers (1953) Chairman since 2016, and Board Member since 2011 (formerly, Lead Independent Board Member, 2015-2016)	Independent Director (2011- present); Independent Consultant (2014-present); Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer, the Dreyfus Corporation (2002-2006).	34	The Arbitrage Funds, Sierra Income Corporation, Mutual Fund Directors Forum
George O. Elston (1964) Board Member since 2011, Chairman of the Audit Committee since 2015	Chief Financial Officer, Enzyvant (2018-present); Chief Executive Officer, 2X Oncology, Inc. (2017-2018); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013).	34	—
J. David Officer (1948) Board Member since 2011, Chairman of the Nominating Committee since 2015	Independent Director (2010-present); Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009).	34	(Chairman of) Ilex Management Ltd; Old Westbury Funds

55

DBX ETF Trust

Board Members and Officers (Unaudited) (Continued)

Officers(2)
Name, Year of Birth, Position with the Trust and Length of Time Served(4)	Business Experience and Directorships During the Past 5 Years
Freddi Klassen(5) (1975) President and Chief Executive Officer, 2016-present	Director(3) in DWS and Chief Operating Officer in the Americas for the Traditional Asset Classes Department (2014–present); Manager and Chief Operating Officer of DWS Investment Management Americas, Inc. (2018–present) and the Advisor (2016–present); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013).
Luke Oliver(5) (1980) Chief Operating Officer, 2019-present	Managing Director(3) in DWS (2017-present); Director(3) in DWS (2009-2017); Head of Passive Americas Asset Management Platform (2019-present); Manager, Chief Executive Officer and Chief Investment Officer of the Advisor (2019-present); Head of ETF Capital Markets, Americas (2012-2018); Lead Portfolio Manager of PowerShares DB ETFs (2009-2012).
Diane Kenneally(6) (1966) Treasurer, Chief Financial Officer and Controller, 2019-present	Director(3) in DWS; Chief Financial Officer and Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2018-present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present); formerly: Assistant Treasurer for the DWS funds (2007-2018).
Frank Gecsedi(5) (1967) Chief Compliance Officer, 2010-present	Director(3) in DWS Compliance Department (2016-present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Advisor (2010-present); Chief Compliance Officer of DWS Distributors, Inc. (2019-present); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012).
Bryan Richards(5) (1978) Vice President, 2016-present	Managing Director(3) in DWS (2018-present); Director(3) in DWS (2014-2018); Portfolio Manager in the Passive Asset Management Department at DWS (2011-present); Primary Portfolio Manager for the PowerShares DB Commodity ETFs (2011-2015).
John Millette(6) (1962) Secretary, 2020-present	Director(3) in DWS US Retail Legal (2003-present); Vice President and Secretary of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (1999-present); Chief Legal Officer, DWS Investment Management Americas, Inc. (2015-present); Director and Vice President of DWS Trust Company (2016-present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011-present); formerly: Secretary of Deutsche Investment Management Americas Inc. (2015-2017); Assistant Secretary of DBX ETF Trust (2019-2020); Assistant Secretary (July 14, 2006-December 31, 2010) and Secretary (January 31, 2006-July 13, 2006), The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc.

56

DBX ETF Trust

Board Members and Officers (Unaudited) (Continued)

Name, Year of Birth, Position with the Trust and Length of Time Served(4)	Business Experience and Directorships During the Past 5 Years
Caroline Pearson(6) (1962) Assistant Secretary, 2020-present	Managing Director(3) in DWS US Retail Legal; Chief Legal Officer of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2010-present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012-present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002-2017); and Secretary, Deutsche AM Service Company (2010-2017).
Paul Antosca(6) (1957) Assistant Treasurer, 2019-present	Director(3) in DWS; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2007-present).
Jeffrey Berry(6) (1959) Assistant Treasurer, 2019-present	Director(3) in DWS.
Sheila Cadogan(6) (1966) Assistant Treasurer, 2019-present	Director(3) in DWS; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2017-present); Director and Vice President, DWS Trust Company (2018-present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present).
Christina A. Morse(7) (1964) Assistant Secretary, 2017-present	Vice President at BNY Mellon-Asset Servicing (2014-present); Vice President and Counsel at Lord Abbett & Co. LLC (2013-2014).
Michelle Goveia-Pine(5) (1970) Interim Anti-Money Laundering Compliance Officer, since July 9, 2020	Director(3) in DWS; Interim AML Officer, DWS Trust Company (since July 28, 2020); and Interim AML Officer of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (since July 10, 2020); Interim AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since July 24, 2020).

(1) The length of time served is represented by the year in which the Board Member joined the Board.

(2) As a result of their respective positions held with the Advisor and its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Funds.

(3) Executive title, not a board directorship.

(4) The length of time served is represented by the year in which the officer was first elected to the Trust in such capacity.

(5) Address: 875 Third Avenue, New York, New York 10022.

(6) Address: One International Place, Boston, Massachusetts 02110.

(7) Address: BNY Mellon Asset Servicing, Atlantic Terminal Office Tower, 2 Hanson Place, Brooklyn, NY 11217.

The Funds’ Statement of Additional Information (“SAI”) includes additional information about the Funds’ Board Members. The SAI is available by calling 855-329-3837, or on the Company’s website at www.Xtrackers.com.

57

DBX ETF Trust

Board Approval of Investment Advisory Agreement with DBX Advisors LLC (Unaudited)

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 26-27, 2020 (the “Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers Eurozone Equity ETF, Xtrackers International Real Estate ETF, Xtrackers Japan JPX-Nikkei 400 Equity ETF, and Xtrackers MSCI Latin America Pacific Alliance ETF (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) each Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees also took into consideration the discussions they had with management during the Meeting and among themselves during their Executive Sessions held on February 26 and February 27, 2020. The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of each Fund’s investment performance, tracking error and related financial information, presentations given by DBX, as well as its periodic reports on brokerage commissions, portfolio execution and other services provided to the Funds.

In reaching its decision to continue in effect the Investment Advisory Agreement for another annual period, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the financial resources of DBX and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Advisor from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Advisor.

The Board reached a determination, with the assistance of Independent Trustee Counsel and Dechert LLP (“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 its 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 provided and the risks incurred by the Advisor under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Advisor continuously during the prior year, in addition to the information the Advisor had provided in response to the Board’s requests prior to the Meeting. 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 Advisor, including portfolio management.

The Board considered that the Advisor provides, 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 Advisor pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Advisor arranges for the provision of transfer

58

DBX ETF Trust

Board Approval of Investment Advisory Agreement with DBX Advisors LLC (Unaudited) (Continued)

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 the Funds’ portfolios directly, the Advisor provides 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.

The Board considered the information regarding each Fund’s tracking error compared to its underlying index that had been provided by the Advisor and by Broadridge. The Board took note of the detailed information provided by the Advisor throughout the year with respect to each Fund’s tracking error and the sources thereof. The Trustees noted that tracking error for each Fund during the year was in an expected range.

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

Advisor’s Financial Resources.    In connection with the assessment of the ability of the Advisor to perform its duties under the Investment Advisory Agreement, the Board considered the Advisor’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Advisor 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 and total expenses to those of the other ETFs in its Peer Group. The Board noted that due to the special characteristics of certain Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Groups and the information in the Broadridge reports accordingly may or may not provide meaningful direct comparisons to the Funds. The Board also noted that the advisory fees and total expenses (after waivers/reimbursements) for the Funds were below or equal to the average and/or median of the ETFs in each Fund’s respective Peer Group compiled by Broadridge.

The Board accordingly noted that each Fund’s fee is competitive with the fees of applicable peer ETFs.

The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Advisor pays all of the Funds’ costs (subject to certain specified exceptions). The Board considered that each Fund’s fee had been priced to scale when it was established. The Board also considered that each Fund’s portfolio is managed on a day-to-day basis by the Advisor and that the Advisor also provides 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 provided.

Costs of Services and Profitability.    The Board considered the expenses of the Advisor in developing and rendering services provided to the Funds and the information provided by the Advisor to the Board regarding the Funds’ profitability. The Board considered that the Advisor had provided extensive information about the Advisor’s profitability and the Advisor’s methodology in determining profitability. While the Advisor had provided information about the Advisor’s expenses relating to marketing the Funds, the Board considered the Advisor’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Advisor’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Advisor would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.

59

DBX ETF Trust

Board Approval of Investment Advisory Agreement with DBX Advisors LLC (Unaudited) (Continued)

Economies of Scale.    The Board considered that certain Funds had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was very competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets.

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.

60

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 Funds are required to file their complete schedule of portfolio holdings with the SEC for their 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 each Fund traded on NYSE Arca or Cboe, as applicable, 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.

Tax Information

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its year ended May 31, 2020.

	Qualified Dividend Income*
Xtrackers Eurozone Equity ETF		80%
Xtrackers International Real Estate ETF		49%
Xtrackers Japan JPX-Nikkei 400 Equity ETF		100%
Xtrackers MSCI Latin America Pacific Alliance ETF		46%

* The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.

Each Fund intends to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:

	Gross Foreign Income		Foreign Taxes Paid
Xtrackers Eurozone Equity ETF		$86,117		$10,969
Xtrackers International Real Estate ETF		5,403,340		440,548
Xtrackers Japan JPX-Nikkei 400 Equity ETF		673,317		58,524
Xtrackers MSCI Latin America Pacific Alliance ETF		75,076		6,829

61

DBX ETF Trust

Privacy Policy Notice (Unaudited)

DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax advisor, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.

California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.

Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.Xtrackers.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.

62

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 possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. There are special risks associated with an investments in real estate, including REITS. These risks include credit risk, interest rate fluctuations and the impact of varied economic conditions. Investing in foreign securities, particularly those of emerging markets, present certain risks such as currency fluctuations, political and economical changes, and market risks. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. 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. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. The European financial markets have recently experienced volatility and adverse trends in recent years due to concerns about economic downturns or rising government debt levels in several European countries, including Greece, Ireland, Italy, Portugal and Spain. A default or debt restructuring by any European country would adversely impact holders of that country’s debt, and sellers of credit default swaps linked to that country’s creditworthiness (which may be located in countries other than those listed in the previous sentence). These events have adversely affected the exchange rate of the euro, the common currency of certain EU countries, and may continue to significantly affect every country in Europe, including countries that do not use the euro. Italy, Portugal and Spain currently have high levels of debt and public spending, which may stifle economic growth, contribute to prolonged periods of recession or lower sovereign debt ratings and adversely impact investments in the Funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Each Fund, except HUAZ and JPN, is currently non-diversified and can take larger positions in fewer issues, increasing each Fund’s potential risk. Performance of a Fund may diverge from that of an Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. A fund that focuses its investments in Japan can be impacted by the events and developments in Japan, which can adversely affect performance. An investment in any Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that fund. Please read the prospectus for more information.

War, terrorism, economic uncertainty, trade disputes, public health crises (including the recent pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Funds and their investments.

Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. or Cboe BZX Exchange, Inc., as applicable. 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.

Nasdaq^® and NASDAQ Eurozone Large Mid Cap Index are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by DBX Advisors LLC. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).

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.

The “JPX-Nikkei Index 400” is a copyrightable work calculated through such methodology as independently developed by Nikkei Inc. (hereinafter called “Nikkei”), and Tokyo Stock Exchange, Inc. (hereinafter called “TSE”) and Nikkei and TSE jointly own copyrights and any other intellectual property rights subsisting in the “JPX-Nikkei Index 400” itself and the methodology to calculate the “JPX-Nikkei Index 400.” The ownership of trademarks and any other intellectual property rights with respect to marks representing the “JPX-Nikkei Index 400 belong” to Nikkei, TSE and Japan Exchange Group, Inc. Nikkei and TSE have no obligation to publish the “JPX-Nikkei Index 400” continuously, and Nikkei and TSE shall not be liable for any errors, delays or suspension of the publication of the “JPXNikkei Index 400.” Nikkei and TSE shall have the right to make any changes in the “JPX-Nikkei Index 400” regarding the calculation methods, etc., and to discontinue the publication thereof.

The Funds or securities referred to herein are not sponsored, endorsed, issued, sold or promoted by MSCI, and MSCI bears no liability with respect to any such Funds or securities or any index on which such Funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX Advisors LLC and any related Funds.

Copyright © 2020 DWS Group. All rights reserved. Xtrackers^TM 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, lending 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 5 Times Square New York, NY 10036	Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036

R-38754-6 (7/20) DBX004445 (7/21)

Item 2. Code of Ethics.

(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

Stephen R. Byers, George O. Elston, and J. David Officer are the designated financial experts on the Audit Committee of DBX ETF Trust. With respect to DBX ETF Trust, Stephen Byers, George O. Elston, and J. David Officer are not “interested persons” as such terms are defined by Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $476,065 for 2020 and $553,664 for 2019.

Audit-Related Fees

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 for 2020 and $0 for 2019. These services consisted of security counts related to Rule 17f-2 under the Investment Company Act of 1940.

Tax Fees

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $288,970 for 2020 and $304,417 for 2019.

All Other Fees

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2020 and $0 for 2019.

(e)(1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

In accordance with Rule 2-01(c)(7)(A), the Audit Committee pre-approves all of the audit and permissible non-audit services of the Registrant.

(e)(2) All of the services described in paragraphs (b) through (d) above were approved by the Audit Committee in accordance with paragraph (c) (7) (i) (c) of Rule 2-01 of Regulation S-X.

(f) Not Applicable.

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2020 and $0 for 2019.

(h) The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

The Registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are Stephen R. Byers, George O. Elston, and J. David Officer.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

(b) There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	DBX ETF Trust
By (Signature and Title)	/s/ Freddi Klassen
	Freddi Klassen
	President and Chief Executive Officer

Date August 6, 2020

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

By (Signature and Title)	/s/ Freddi Klassen
	Freddi Klassen
	President and Chief Executive Officer

Date August 6, 2020

By (Signature and Title)	/s/ Diane Kenneally
	Diane Kenneally
	Treasurer and Chief Financial Officer

Date August 6, 2020

EX-99.CODE

EX- 99. CODE ETH

DBX ETF TRUST

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

I. COVERED OFFICERS/PURPOSE OF THE CODE

This code of ethics (the “Code”) applies to the Principal Executive Officer and Principal Financial Officer (the “Covered Officers,” each of whom are set forth in Exhibit A) of the DBX ETF Trust (the “Trust”) on behalf of each of its series (each a “Fund,” together the “Funds”), for the purpose of promoting:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

• full, fair, accurate, timely and understandable disclosure in reports and documents that each Fund files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Funds;

• compliance with applicable laws, rules and regulations;

• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS OF INTEREST

Overview. A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds, and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the “1940 Act”), and the Investment Advisers Act of 1940, as amended (“Investment Advisers Act”). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as “affiliated persons” of the Fund. The compliance programs and procedures of the Funds, and DBX Advisors LLC and/or DBX Strategic Advisors LLC (each, an “Adviser”, and collectively, the Advisers”) are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between each Fund and its Adviser or sub-adviser, of which the Covered Officers may be officers or employees, or officers or employees of affiliates. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for the Adviser or sub-adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Adviser or sub-adviser and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the Adviser or sub-adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds’ Board of members (the “Board”) that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.

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Each Covered Officer must:

• not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Fund whereby the Covered Officer¹ would benefit personally to the detriment of the Fund;

• not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than for the benefit of the Fund; and

• not use material non-public knowledge of portfolio transactions made or contemplated for a Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

¹  Any activity or relationship that would present a conflict for a Covered Officer would also present a conflict for the Covered Officer if a member of a Covered Officer’s family (spouse, minor children and any account over which a Covered Officer is deemed to have beneficial interest) engages in such an activity or has such a relationship.

There are some potential conflict of interest situations that should be discussed with the Funds’ Chief Compliance Officer (“CCO”) or designee in order to determine whether these situations pose a material risk of causing detriment to the Fund(s). Examples of these include:

• service as a director on the board of any public or private company;

• the receipt of any non-nominal gifts or the conveyance of any value (including entertainment) from any company with which the Fund has current or prospective business dealings, to the extent the situation is not addressed by the Funds’ 17j-1 Code of Ethics or the Adviser’s Code of Ethics, except: (a) any non-cash gifts of nominal value (nominal value is less than $100); and (b) customary and reasonable meals and entertainment at which the giver is present, such as the occasional business meal or sporting event;

• the receipt of any entertainment from any company with which the Fund has current or prospective business dealings unless such entertainment is business- related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety, to the extent the situation is not addressed by the Funds’ 17j-1 Code of Ethics or the Adviser’s Code of Ethics;

• any ownership interest in, or any consulting or employment relationship with, any of the Funds’ service providers, other than the Adviser, principal underwriter, administrator or any affiliated person thereof; and

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

III. DISCLOSURE AND COMPLIANCE

Each Covered Officer should:

• familiarize himself with the disclosure requirements generally applicable to each Fund;

• not knowingly misrepresent, or knowingly cause others to misrepresent, facts about a Fund to others, whether within or outside the Funds, including to the Fund’s Directors and auditors, and to governmental regulators and self- regulatory organizations;

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• to the extent appropriate within his area of responsibility, consult with other officers and employees of a Fund and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

• comply with his or her obligations under each Funds’ Disclosure Controls and Procedures and certification requirements relating to the reports on Form N- CSR (certified shareholder reports) and Form N-PORT (quarterly schedule of portfolio holdings) that the Fund is required to file.

It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. REPORTING AND ACCOUNTABILITY

Each Covered Officer must:

• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

• annually thereafter affirm in writing to the Board that he has complied with the requirements of the Code;

• annually disclose affiliations and other relationships related to conflicts of interest;

• not retaliate against any other Covered Officer or any employee of a Fund or its affiliated persons for reports of potential violations that are made in good faith; and

• notify the CCO promptly if he knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The CCO is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. Any approvals or waivers sought by the Covered Officers must be considered by the CCO. In rendering decisions and interpretations and in conducting investigations of potential violations under the Code, the CCO may, at the CCO’s discretion, consult with such persons as it determines to be appropriate, including, but not limited to, a senior legal officer of the Fund or the Adviser or its affiliates, independent auditors or other consultants, subject to any requirement to seek pre-approval from the Funds’ audit committee for the retention of independent auditors to perform permissible non-audit services.

Each Fund will follow these procedures in investigating and enforcing this Code:

• the CCO will take all appropriate action to investigate any potential violations reported;

• if, after such investigation, the CCO believes that no violation has occurred, the CCO is not required to take any further action;

• if the CCO determines that a violation has occurred, it will inform and make a recommendation to the Board Members that are not “interested persons” of the Fund, as such term is defined in the 1940 Act (“Independent Trustees”), who will consider appropriate action, which may include: (i) review of, and appropriate modifications to, applicable policies and procedures; (ii) notification to appropriate personnel of the Adviser or its board; or (iii) a recommendation to dismiss the Covered Officer;

• the CCO will be responsible for granting waivers, as appropriate, and will provide a report annually to the Board describing any waivers granted; and

• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

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V. OTHER POLICIES AND PROCEDURES

This Code shall be the sole code of ethics adopted by each Fund for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds’ and the Adviser’s and principal underwriter’s codes of ethics under Rule 17j-l under the 1940 Act, and any other codes of conduct applicable to such entities, are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VI. AMENDMENTS

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of the Independent Trustees.

VII. CONFIDENTIALITY

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than a Funds’ counsel, the Board, independent auditors or other consultants referred to in Section IV, above.

VIII. INTERNAL USE

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of the Funds, as to any fact, circumstance, or legal conclusion.

Last Reviewed: May 2020

Next Review: May 2021

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EXHIBIT A

PERSONS COVERED BY CODE OF ETHICS

Freddi Klassen – President and Chief Executive Officer

Diane Kenneally – Treasurer, Chief Financial Officer and Controller

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EX-99.CERT

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and

Section 302 of the Sarbanes-Oxley Act

I, Freddi Klassen, certify that:

1. I have reviewed this report on Form N-CSR of DBX ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 6, 2020	/s/ Freddi Klassen
	Freddi Klassen
	President and Chief Executive Officer

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and

Section 302 of the Sarbanes-Oxley Act

I, Diane Kenneally, certify that:

1. I have reviewed this report on Form N-CSR of DBX ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 6, 2020	/s/ Diane Kenneally
	Diane Kenneally
	Treasurer and Chief Financial Officer

EX-99.906CERT

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and

Section 906 of the Sarbanes-Oxley Act

President

Section 906 Certification under Sarbanes Oxley Act

I, Freddi Klassen, certify that:

1. I have reviewed this report, filed on behalf of DBX ETF Trust, on Form N-CSR;

2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Date: August 6, 2020	/s/ Freddi Klassen
	Freddi Klassen
	President and Chief Executive Officer

Treasurer and Chief Financial Officer

Section 906 Certification under Sarbanes Oxley Act

I, Diane Kenneally, certify that:

1 I have reviewed this report, filed on behalf of DBX ETF Trust, on Form N-CSR;

2 Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as pplicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Date: August 6, 2020	/s/ Diane Kenneally
	Diane Kenneally
	Treasurer and Chief Financial Officer