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

100 Summer Street

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, 2023

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.

(a) The Report to Shareholders is attached herewith.

May 31, 2023

Annual Report

DBX ETF Trust

Xtrackers International Real Estate ETF (HAUZ)

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		18
Statement of Operations		19
Statements of Changes in Net Assets		20
Financial Highlights		21
Notes to Financial Statements		22
Report of Independent Registered Public Accounting Firm		29
Other Information		30
Liquidity Risk Management		31
Board Considerations in Approval of Investment Advisory Contracts		32
Board Members and Officers		35
Additional Information		38

To our Shareholders: (Unaudited)

Dear shareholder,

We are pleased to provide this annual report on our Xtrackers International Real Estate ETF for the period ended May 31, 2023.

The global economy witnessed a period of volatility due to heightened inflation, growing interest rates, and sluggish industrial activity amid geopolitical tension between Russia and Ukraine. Rising inflation in both developed and emerging economies affected the cost of living as disposable incomes were eroded, resulting in aggressive interest rate hikes by the major central banks. The U.S. Federal Reserve (Fed) has raised rates eight consecutive times from June 2022 until its recent meeting in May 2023 — from 1% to 5.25%. The European Central Bank (ECB) has followed suit and raised Eurozone interest rates from 0% to 3.75%. Meanwhile, in Q2 2023, financial distress due to regional banking turmoil created new headwinds for the U.S. economy and increased the risk of recession later this year.

The Russia-Ukraine war and China’s Zero COVID policy added to supply headwinds, causing a slowdown in Europe. The energy crisis was aggravated by the closure of Nord Stream 1, the main pipeline supplying Russian gas to Europe. However, Eurozone inflation declined to a one-year low in March 2023 as CPI¹ came in at 6.1%, significantly lower than the multi-decade high of 10.7% reached in October 2022. In the U.S., GDP² grew at a weaker rate in 2022 than in 2021 but saw green shoots emerge in the second half 2022, followed by a slowdown in the first quarter of 2023. Inflation peaked in June 2022 and then continued on its downward trajectory. The labor market remained moderately resilient as the unemployment rate stayed stable during the period amid slowing wage growth. Meanwhile, in the U.K., markets remained volatile amid political and economic uncertainty as the austerity plan released in September 2022 by then Prime Minister Liz Truss received a negative welcome from markets, sending the pound sterling to an all-time low against the U.S. dollar. Markets cheered Rishi Sunak’s appointment as the country’s new prime minister while many of the policies announced by the former government were reversed.

The Bank of Japan remained accommodative and widened the band within which it had been maintaining 10-year bond yields. Japanese equity markets rose sharply in the first half of 2023, backed by strong GDP numbers, while CPI accelerated 4.1% year on year in April 2023, the biggest rise since 1981, increasing investor optimism that Japan is moving away from the deflationary stagnation of the past.

Notably, high borrowing costs and global monetary tightening made the global real estate markets non-compelling to investors. In the U.S., remote work and rising interest rates weighed on the commercial real estate sector. Office property values dropped 25% from 2022 levels, and average occupancy declined to less than half since March 2020. Within commodities, energy prices softened in the first half of 2023, and industrial metals saw price declines due to weakening demand from top consumer China, while precious metals such as gold and silver recorded robust price gains

We believe central banks across the world will likely remain cautious in their approach to monetary policy and watch for positive signs in the economy before taking any interest rate action. Recent banking system stress and debt ceiling-related concerns are also likely to weigh on the U.S. Federal Reserve’s (Fed’s) decisions in the coming months. Unlike the Fed, the ECB has clearly maintained its stance on monetary action and is willing to hike rates further until inflation is within its comfort range. The entire world, in our view, will be keenly watching how China recovers from its COVID-19-induced restrictions to induce an uptick in industrial activity and income recovery while boosting private sector investment.

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 Consumer Price Index (CPI) is a price index, the price of a weighted average market basket of consumer goods and services purchased by households.

² Gross domestic product (GDP) is the monetary value of all finished goods and services produced within a country’s borders within 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.

1

This Page is Intentionally Left Blank

2

DBX ETF Trust

Management’s Discussion of Fund Performance (Unaudited)

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, Pakistan, and Vietnam. For the 12-month period ended May 31, 2023, HAUZ shares returned -16.79%, compared to the HAUZ Index return of -16.97%.

The majority of the sectors contributed negatively to performance during the period with the greatest negative contribution coming from Real Estate Management & Development, Retail REITs and Office REITs. The Financial Services and Electric Utilities sectors were the positive contributors to performance. From a geographical perspective, most countries contributed negatively with Hong Kong, Germany and Japan being the most significant detractors. However, Mexico, India and Brazil contributed positively to 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 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 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 May 31, 2023

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	-16.79%	-16.48%	-16.97%	-1.41%
Five Year	-4.16%	-4.02%	-4.14%	2.22%
Since Inception1	1.32%	1.35%	1.64%	3.41%
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	-16.79%	-16.48%	-16.97%	-1.41%
Five Year	-19.14%	-18.56%	-19.04%	11.62%
Since Inception1	13.49%	13.80%	17.01%	38.24%

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 the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2022, 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.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

4

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 May 31, 2023

Real Estate Operations/Development	34.3%
Diversified	15.3%
Real Estate Management/Services	12.0%
Warehouse/Industry	10.0%
Shopping Centers	8.3%
Office Property	5.3%
Apartments	4.0%
Other	10.8%
Total	100.0%

Ten Largest Equity Holdings
as of May 31, 2023 (18.0% of Net Assets)

Description	% of Net Assets
Goodman Group (Australia)		2.6%
Sun Hung Kai Properties Ltd. (Hong Kong)		2.3%
Mitsui Fudosan Co. Ltd. (Japan)		2.2%
Mitsubishi Estate Co. Ltd. (Japan)		1.8%
Link (Hong Kong)		1.8%
Vonovia SE (Germany)		1.6%
Segro PLC (United Kingdom)		1.5%
CK Asset Holdings Ltd. (Hong Kong)		1.4%
Sumitomo Realty & Development Co. Ltd. (Japan)		1.4%
KE Holdings, Inc. (China)		1.4%

Country Diversification* as of May 31, 2023

Japan	21.1%
Hong Kong	14.1%
Australia	10.5%
United Kingdom	7.3%
Singapore	7.3%
Canada	6.4%
Sweden	3.3%
Thailand	2.7%
France	2.5%
Germany	2.5%
China	2.3%
Philippines	2.3%
Switzerland	2.1%
Other	15.6%
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 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 unitary advisory fees and other Fund expenses. In the most recent 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, 2022 to May 31, 2023).

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning Account Value December 1, 2022		Ending Account Value May 31, 2023		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers International Real Estate ETF
Actual	$	1,000.00	$	951.10		0.10	%	$	0.49
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.43		0.10	%	$	0.50

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 365.

6

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF

May 31, 2023

	Number of Shares		Value
COMMON STOCKS — 99.2%
Australia — 10.5%
Abacus Property Group REIT		292,013	$	485,669
Arena REIT		231,956		558,411
Aspen Group Ltd./Australia REIT		4,023		4,921
BWP Trust REIT		332,887		803,546
Cedar Woods Properties Ltd.		27,149		84,509
Centuria Industrial REIT		353,755		721,138
Centuria Office REIT		322,954		299,915
Charter Hall Group REIT		320,087		2,320,017
Charter Hall Long Wale REIT		429,557		1,198,128
Charter Hall Retail REIT		347,603		836,819
Charter Hall Social Infrastructure REIT		222,282		421,480
Cromwell Property Group REIT		1,043,774		364,758
Dexus REIT		719,381		3,822,145
Dexus Convenience Retail REIT REIT		91,974		148,802
Dexus Industria REIT		153,053		281,297
GDI Property Group Partnership REIT		342,387		156,211
Goodman Group REIT		1,148,538		14,590,518
GPT Group REIT		1,086,476		2,946,044
Growthpoint Properties Australia Ltd. REIT		190,136		375,292
Healthco REIT		92,478		82,290
HMC Capital Ltd. REIT		139,338		396,759
HomeCo Daily Needs REIT		1,160,622		897,561
Hotel Property Investments Ltd. REIT		138,538		307,516
Ingenia Communities Group REIT		250,036		679,605
Lifestyle Communities Ltd. (a)		64,785		629,304
Mirvac Group REIT		2,671,157		3,975,871
National Storage REIT		742,195		1,210,385
Newmark Property REIT		34,610		30,461
Peet Ltd.		250,990		192,477
REA Group Ltd. (a)		34,143		3,038,814
Region RE Ltd. REIT		752,730		1,222,695
Rural Funds Group REIT		261,709		304,857
Scentre Group REIT		3,492,120		6,124,399
Stockland REIT		1,606,498		4,428,889
US Masters Residential Property Fund REIT *		499,199		92,071
Vicinity Ltd. REIT		3,071,770		3,687,548
Waypoint REIT Ltd. REIT		445,858		770,394
(Cost $65,469,266)				58,491,516
Austria — 0.2%
CA Immobilien Anlagen AG		29,015		790,336
IMMOFINANZ AG *		21,627		356,915
S IMMO AG		5,982		72,065
UBM Development AG		2,426		70,607
(Cost $1,536,219)				1,289,923
Belgium — 1.9%
Aedifica SA REIT (a)		27,086		1,811,994
Ascencio REIT		3,637		189,218
Atenor		2,425		62,047
Care Property Invest NV REIT		24,615		330,650
Cofinimmo SA REIT (a)		22,007		1,703,317
Home Invest Belgium SA REIT (a)		6,221		118,053
Immobel SA (a)		2,473		104,272

	Number of Shares		Value
Belgium (Continued)
Intervest Offices & Warehouses NV REIT (a)		18,245	$	301,491
Montea NV REIT		10,612		858,691
Nextensa SA REIT (a)		1,708		79,391
Retail Estates NV REIT		7,371		503,712
VGP NV (a)		8,842		871,476
Warehouses De Pauw CVA REIT		109,181		3,054,281
Wereldhave Belgium Comm VA REIT		2,011		103,337
Xior Student Housing NV REIT (a)		17,149		510,998
(Cost $14,725,084)				10,602,928
Brazil — 0.6%
Aliansce Sonae Shopping Centers SA		327,572		1,385,909
Cyrela Brazil Realty SA Empreendimentos e Participacoes		203,518		742,247
Ez Tec Empreendimentos e Participacoes SA		98,523		339,124
Multiplan Empreendimentos Imobiliarios SA		204,811		1,060,863
(Cost $3,603,678)				3,528,143
Canada — 6.4%
Allied Properties Real Estate Investment Trust REIT		86,521		1,414,328
Altus Group Ltd.		30,983		1,006,782
American Hotel Income Properties REIT LP (a)		55,208		99,507
Artis Real Estate Investment Trust REIT		51,993		265,836
Boardwalk Real Estate Investment Trust REIT		22,210		987,547
Canadian Apartment Properties REIT (a)		114,323		4,125,317
Chartwell Retirement Residences		159,116		1,054,686
Choice Properties Real Estate Investment Trust REIT (a)		170,092		1,696,791
Colliers International Group, Inc.		24,690		2,296,626
Crombie Real Estate Investment Trust REIT (a)		71,966		757,091
CT Real Estate Investment Trust REIT (a)		50,041		552,943
Dream Industrial Real Estate Investment Trust REIT		173,342		1,764,918
Dream Office Real Estate Investment Trust REIT (a)		17,431		186,582
DREAM Unlimited Corp., Class A (a)		18,078		276,097
First Capital Real Estate Investment Trust REIT		130,087		1,426,909
FirstService Corp.		24,910		3,613,810
Granite Real Estate Investment Trust REIT		42,771		2,506,539
H&R Real Estate Investment Trust REIT		176,439		1,314,888
InterRent Real Estate Investment Trust REIT		93,843		906,466
Killam Apartment Real Estate Investment Trust REIT		77,943		1,003,460
Mainstreet Equity Corp. *		1,042		103,510
Minto Apartment Real Estate Investment Trust REIT, 144A (a)		27,738		299,561
Morguard Corp.		3,133		235,096

See Notes to Financial Statements. 7

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2023

	Number of Shares		Value
Canada (Continued)
Morguard North American Residential Real Estate Investment Trust REIT		21,329	$	257,963
Nexus Industrial REIT REIT		28,815		178,279
NorthWest Healthcare Properties Real Estate Investment Trust REIT (a)		145,114		798,538
Primaris Real Estate Investment Trust REIT (a)		48,430		448,564
RioCan Real Estate Investment Trust REIT (a)		200,962		2,959,802
SmartCentres Real Estate Investment Trust REIT (a)		88,907		1,657,400
Tricon Residential, Inc.		181,921		1,460,133
True North Commercial Real Estate Investment Trust REIT (a)		56,497		107,233
(Cost $41,535,152)				35,763,202
Chile — 0.2%
Cencosud Shopping SA		322,468		500,988
Parque Arauco SA		443,024		620,272
Plaza SA		187,760		236,362
(Cost $1,461,610)				1,357,622
China — 2.3%
A-Living Smart City Services Co. Ltd., 144A (a)		537,757		335,229
China Resources Mixc Lifestyle Services Ltd., 144A		422,407		1,923,650
China Vanke Co. Ltd., Class H		1,179,657		1,558,158
Greattown Holdings Ltd., Class B *		97,300		21,211
Guangzhou R&F Properties Co. Ltd., Class H *		1,039,761		155,401
KE Holdings, Inc., Class A *		1,616,905		7,621,601
Poly Property Services Co. Ltd., Class H		97,098		460,171
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B		193,100		184,217
Shanghai Lingang Holdings Corp. Ltd., Class B		95,706		72,737
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		721,340		430,640
Shanghai Shibei Hi-Tech Co. Ltd., Class B		295,800		63,005
Shanxi Guoxin Energy Corp. Ltd., Class B		68,300		23,359
Shenzhen Properties & Resources Development Group Ltd., Class B		15,300		9,127
Sino-Ocean Group Holding Ltd. *(a)		2,005,458		121,687
(Cost $20,236,640)				12,980,193
Denmark — 0.0%
Jeudan A/S (a)
(Cost $252,976)		6,516		234,140
Egypt — 0.1%
Arab Developers Holding *		280,455		5,818
Egyptians Housing Development & Reconstruction *		2,227,878		20,548
El Kahera Housing *		428,198		14,342
Emaar Misr for Development SAE *		176,430		16,958

	Number of Shares		Value
Egypt (Continued)
Heliopolis Housing		287,265	$	93,896
Medinet Nasr Housing		889,644		100,481
Palm Hills Developments SAE *		743,811		48,071
Pioneers Properties *		108,580		7,555
Six of October Development & Investment *		55,509		32,335
Talaat Moustafa Group		628,120		192,095
Zahraa El Maadi Investment & Development Co. Sae		101,058		19,819
(Cost $678,998)				551,918
Finland — 0.3%
Citycon OYJ *		52,371		336,113
Kojamo OYJ		130,878		1,308,783
(Cost $2,795,294)				1,644,896
France — 2.5%
Altarea SCA REIT *(a)		3,145		395,640
ARGAN SA REIT		6,613		493,509
Carmila SA REIT *		37,770		561,317
Covivio SA REIT		31,218		1,522,297
Gecina SA REIT		31,661		3,231,927
ICADE REIT		21,495		853,385
Klepierre SA REIT		127,609		2,881,412
Mercialys SA REIT (a)		62,134		497,139
Nexity SA (a)		25,625		523,975
Unibail-Rodamco-Westfield REIT *(a)		66,892		3,052,221
(Cost $18,775,389)				14,012,822
Germany — 2.5%
Deutsche EuroShop AG		8,073		173,854
Deutsche Wohnen SE		34,430		683,096
DIC Asset AG		25,104		142,114
Hamborner REIT AG REIT		47,728		337,862
Instone Real Estate Group SE, 144A		28,684		154,123
LEG Immobilien SE *		49,739		2,572,328
PATRIZIA SE		25,523		225,027
TAG Immobilien AG *		122,119		975,132
Vonovia SE		472,381		8,641,871
(Cost $31,817,948)				13,905,407
Greece — 0.1%
LAMDA Development SA *
(Cost $386,035)		54,162		368,395
Hong Kong — 14.0%
C C Land Holdings Ltd.		602,137		123,070
C&D International Investment Group Ltd. *		510,805		1,284,149
Champion REIT (a)		1,600,313		580,575
China Jinmao Holdings Group Ltd.		4,233,688		605,720
China Overseas Grand Oceans Group Ltd. (a)		1,169,109		524,201
China Overseas Land & Investment Ltd.		2,510,017		5,091,696
China Overseas Property Holdings Ltd.		820,833		752,861
China Resources Land Ltd.		1,924,850		7,204,433
Chinese Estates Holdings Ltd. *		302,442		92,723
CK Asset Holdings Ltd.		1,438,609		7,755,156

See Notes to Financial Statements. 8

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2023

	Number of Shares		Value
Hong Kong (Continued)
Emperor International Holdings Ltd.		127,696	$	8,809
ESR Group Ltd., 144A		1,879,038		2,774,781
Far East Consortium International Ltd.		707,798		179,023
Fortune Real Estate Investment Trust REIT		939,963		678,414
GR Properties Ltd. *		470,000		55,836
Hang Lung Group Ltd.		556,662		829,135
Hang Lung Properties Ltd.		1,204,908		1,908,582
Henderson Land Development Co. Ltd.		880,673		2,795,609
HKR International Ltd.		441,839		124,172
Hong Kong Ferry Holdings Co. Ltd.		139,456		127,373
Hongkong Land Holdings Ltd.		714,287		3,064,291
Hysan Development Co. Ltd.		398,035		1,009,801
Joy City Property Ltd. *		2,383,276		82,200
K Wah International Holdings Ltd.		659,583		217,382
Kerry Properties Ltd.		384,237		839,326
Kowloon Development Co. Ltd.		201,098		218,611
Lai Sun Development Co. Ltd. *		78,644		14,266
Langham Hospitality Investments and Langham Hospitality Investments Ltd. (b)		628,986		75,527
Link REIT		1,710,713		9,943,147
LVGEM China Real Estate Investment Co. Ltd. *		670,455		119,047
New World Development Co. Ltd.		930,495		2,222,752
Paliburg Holdings Ltd. *		110,000		22,483
Poly Property Group Co. Ltd.		1,042,469		231,712
Prosperity REIT		786,676		165,812
Shandong Hi-Speed Holdings Group Ltd. *(a)		1,259,026		780,031
Shenzhen Investment Ltd.		1,470,942		259,304
Shin Hwa World Ltd. *		803,373		10,365
Shun Tak Holdings Ltd. *		916,618		138,167
Sino Land Co. Ltd.		2,437,102		3,169,252
Sun Hung Kai Properties Ltd.		1,025,849		13,065,135
Sunlight Real Estate Investment Trust REIT		609,322		215,607
Swire Properties Ltd.		713,230		1,700,108
Touyun Biotech Group Ltd. *		501,628		35,244
Wang On Properties Ltd.		2,949,152		20,344
Wharf Holdings Ltd.		653,642		1,372,705
Wharf Real Estate Investment Co. Ltd.		1,043,610		5,152,560
Yuexiu Property Co. Ltd. (a)		808,933		876,282
(Cost $97,551,118)				78,517,779
India — 1.9%
Brigade Enterprises Ltd.		97,874		665,570
DLF Ltd.		647,087		3,714,427
Godrej Properties Ltd. *		91,554		1,538,554
Indiabulls Real Estate Ltd. *		309,616		251,677
Macrotech Developers Ltd., 144A *		177,370		1,169,397
Oberoi Realty Ltd.		78,473		882,837
Omaxe Ltd. *		35,128		21,400
Phoenix Mills Ltd.		66,520		1,179,611
Prestige Estates Projects Ltd.		112,252		655,682
Privi Speciality Chemicals Ltd.		12,212		164,747
Sobha Ltd.		22,141		139,338

	Number of Shares		Value
India (Continued)
Sunteck Realty Ltd.		39,700	$	134,938
(Cost $8,325,284)				10,518,178
Indonesia — 0.3%
PT Alam Sutera Realty Tbk *		7,531,106		86,917
PT Andalan Perkasa Abadi Tbk *		507,804		1,694
PT Bumi Serpong Damai Tbk *		5,455,112		382,113
PT Ciputra Development Tbk		5,752,942		410,650
PT Jaya Real Property Tbk		1,752,867		59,637
PT Kawasan Industri Jababeka Tbk *		10,146,852		87,321
PT Lippo Karawaci Tbk *		22,223,923		137,880
PT Pakuwon Jati Tbk		10,400,593		324,715
PT PP Properti Tbk *		3,602,844		12,018
PT Puradelta Lestari Tbk		5,783,559		64,819
PT Summarecon Agung Tbk		7,197,504		307,298
(Cost $1,883,907)				1,875,062
Israel — 1.8%
Adgar Investment and Development Ltd.		59,230		67,556
AFI Properties Ltd. *		3,849		106,970
Africa Israel Residences Ltd.		4,477		195,624
Airport City Ltd. *		45,023		590,671
Alony Hetz Properties & Investments Ltd.		104,514		811,778
Alrov Properties and Lodgings Ltd. (a)		2,040		95,147
Amot Investments Ltd.		142,920		703,704
Arad Investment & Industrial Development Ltd.		1,777		177,655
Aura Investments Ltd. (a)		86,241		127,227
Azrieli Group Ltd.		24,728		1,298,982
Big Shopping Centers Ltd. *		7,982		671,480
Blue Square Real Estate Ltd.		3,299		186,548
Carasso Real Estate Ltd.		11,703		71,817
Duniec Brothers Ltd. *(a)		2,224		103,729
Electra Real Estate Ltd.		15,693		172,226
G City Ltd.		56,649		171,087
Gav-Yam Lands Corp. Ltd. (a)		18,326		126,591
Israel Canada T.R Ltd. (a)		97,374		183,045
Isras Investment Co. Ltd.		1,051		184,314
Keystone REIT Ltd. REIT		98,875		152,166
Kvutzat Acro Ltd.		22,947		165,823
Lahav L.R. Real Estate Ltd. (a)		40,920		34,588
Megureit Israel Ltd. REIT *(a)		76,752		82,980
Melisron Ltd. (a)		15,296		950,126
Menivim- The New REIT Ltd. REIT (a)		402,217		167,458
Mivne Real Estate KD Ltd.		424,560		1,044,193
Norstar Holdings, Inc. *(a)		26,100		54,619
Prashkovsky Investments and Construction Ltd.		4,939		102,074
Property & Building Corp. Ltd. *(a)		1,781		77,726
Rani Zim Shopping Centers Ltd. *		33,520		19,251
Reit 1 Ltd. REIT		126,578		521,908
REIT Azorim HF Living Ltd. REIT *(a)		30,674		35,142
Sella Capital Real Estate Ltd. REIT		139,303		272,269
Summit Real Estate Holdings Ltd.		26,476		336,005
Villar International Ltd.		2,804		109,008

See Notes to Financial Statements. 9

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2023

	Number of Shares		Value
Israel (Continued)
Vitania Ltd. (a)		17,472	$	93,279
(Cost $13,268,533)				10,264,766
Italy — 0.0%
Immobiliare Grande Distribuzione SIIQ SpA REIT		38,279		101,207
Risanamento SpA *(a)		390,059		44,162
(Cost $184,816)				145,369
Japan — 21.0%
Activia Properties, Inc. REIT (a)		349		982,940
Advance Logistics Investment Corp. REIT		452		455,187
Advance Residence Investment Corp. REIT		665		1,703,969
Aeon Mall Co. Ltd.		64,800		815,827
AEON REIT Investment Corp. REIT		1,193		1,371,333
Comforia Residential REIT, Inc. REIT		450		1,090,255
CRE Logistics REIT, Inc. REIT		382		523,040
Daito Trust Construction Co. Ltd.		46,100		4,371,936
Daiwa House REIT Investment Corp. REIT		1,422		2,977,025
Daiwa Office Investment Corp. REIT (a)		187		776,295
Daiwa Securities Living Investments Corp. REIT		1,289		1,098,808
ES-Con Japan Ltd. (a)		25,600		142,736
ESCON Japan Reit Investment Corp. REIT		224		185,658
Frontier Real Estate Investment Corp. REIT		347		1,224,428
Fukuoka REIT Corp. REIT		479		559,173
Global One Real Estate Investment Corp. REIT		677		521,384
GLP J REIT		3,157		3,339,689
Goldcrest Co. Ltd.		9,400		114,847
Hankyu Hanshin REIT, Inc. REIT (a)		464		469,928
Health Care & Medical Investment Corp. REIT		237		274,293
Heiwa Real Estate Co. Ltd.		20,100		525,824
Heiwa Real Estate REIT, Inc. REIT (a)		645		700,329
Hoshino Resorts REIT, Inc. REIT		170		833,482
Hulic Co. Ltd. (a)		458,600		3,817,427
Hulic Reit, Inc. REIT		864		981,404
Ichigo Office REIT Investment Corp. REIT		1,005		652,425
Ichigo, Inc.		151,900		266,367
Industrial & Infrastructure Fund Investment Corp. REIT		1,384		1,585,931
Invincible Investment Corp. REIT		4,115		1,746,552
Japan Excellent, Inc. REIT		584		521,238
Japan Hotel REIT Investment Corp. REIT		2,954		1,672,415
Japan Logistics Fund, Inc. REIT		465		1,086,659
Japan Metropolitan Fund Invest REIT		4,664		3,291,489
Japan Prime Realty Investment Corp. REIT		478		1,228,229
Japan Real Estate Investment Corp. REIT		688		2,609,884
Kabuki-Za Co. Ltd.		6,100		207,823
Keihanshin Building Co. Ltd.		29,500		251,050

	Number of Shares		Value
Japan (Continued)
Kenedix Office Investment Corp. REIT		561	$	1,268,840
Kenedix Residential Next Investment Corp. REIT		509		778,901
Kenedix Retail REIT Corp. REIT		405		727,588
Ki-Star Real Estate Co. Ltd.		5,300		173,550
LaSalle Logiport REIT		1,188		1,427,658
Leopalace21 Corp. *		158,500		348,277
LIFULL Co. Ltd.		42,400		73,441
Mirai Corp. REIT		1,192		401,841
Mirarth Holdings, Inc.		61,700		184,153
Mitsubishi Estate Co. Ltd.		886,600		10,172,278
Mitsubishi Estate Logistics REIT Investment Corp. REIT		309		960,960
Mitsui Fudosan Co. Ltd.		638,100		12,160,049
Mitsui Fudosan Logistics Park, Inc. REIT		371		1,333,014
Mori Hills REIT Investment Corp. REIT		1,076		1,186,785
Mori Trust Sogo Reit, Inc. REIT		1,705		877,425
Nippon Accommodations Fund, Inc. REIT		343		1,664,488
Nippon Building Fund, Inc. REIT		1,140		4,552,983
Nippon Kanzai Holdings Co. Ltd.		14,600		272,009
Nippon Prologis REIT, Inc. REIT (a)		1,581		3,306,504
NIPPON REIT Investment Corp. REIT		309		720,996
Nomura Real Estate Holdings, Inc.		78,600		1,898,687
Nomura Real Estate Master Fund, Inc. REIT		2,357		2,765,002
NTT UD REIT Investment Corp. REIT		670		619,096
One REIT, Inc. REIT		154		265,971
Open House Group Co. Ltd.		54,600		2,094,664
Orix JREIT, Inc. REIT		1,364		1,821,726
Pressance Corp.		16,300		213,032
Relo Group, Inc.		77,100		1,082,154
SAMTY Co. Ltd. (a)		20,000		305,050
Samty Residential Investment Corp. REIT		318		273,127
Sankei Real Estate, Inc. REIT		318		194,376
Sekisui House Reit, Inc. REIT		2,159		1,228,504
SOSiLA Logistics REIT, Inc. REIT (a)		486		473,077
SRE Holdings Corp. *		6,800		172,050
Star Asia Investment Corp. REIT		1,278		525,964
Starts Corp., Inc.		21,700		421,218
Starts Proceed Investment Corp. REIT		152		257,186
Sumitomo Realty & Development Co. Ltd.		319,700		7,709,046
Sun Frontier Fudousan Co. Ltd.		17,600		166,029
Takara Leben Real Estate Investment Corp. REIT		428		281,218
Tama Home Co. Ltd. (a)		11,600		289,346
TOC Co. Ltd.		30,700		131,181
Tokyo Tatemono Co. Ltd.		139,800		1,721,046
Tokyu Fudosan Holdings Corp.		407,500		2,169,989
Tokyu REIT, Inc. REIT		404		540,440
Tosei Corp.		22,900		273,230
Tosei Reit Investment Corp. REIT		195		183,116
United Urban Investment Corp. REIT (a)		1,449		1,534,925
XYMAX REIT Investment Corp. REIT (a)		149		117,097
(Cost $140,286,228)				117,296,566

See Notes to Financial Statements. 10

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2023

	Number of Shares		Value
Luxembourg — 0.2%
ADLER Group SA, 144A *(a)		53,031	$	26,538
Aroundtown SA (a)		553,942		578,747
Grand City Properties SA		51,049		375,521
(Cost $4,728,759)				980,806
Malaysia — 0.6%
AmFIRST Real Estate Investment Trust REIT		147,300		10,532
Axis Real Estate Investment Trust REIT		834,084		334,320
Capitaland Malaysia Trust REIT		486,908		53,274
Eastern & Oriental Bhd *		490,636		33,485
Eco World Development Group Bhd		714,000		115,249
Eco World International Bhd *		546,800		71,674
Ecofirst Consolidated BHD *		482,900		35,050
IGB Commercial Real Estate Investment Trust REIT		459,500		49,778
IGB Real Estate Investment Trust REIT		959,000		326,212
IOI Properties Group Bhd		665,600		157,189
Iskandar Waterfront City Bhd *		358,600		25,251
KIP REIT		222,352		43,357
KLCCP Stapled Group (b)		104,900		157,958
KSL Holdings Bhd *		233,500		41,484
Land & General Bhd		1,121,900		25,522
LBS Bina Group Bhd		701,500		62,315
Mah Sing Group Bhd		828,600		106,818
Malton Bhd *		97,400		8,336
Matrix Concepts Holdings Bhd		525,294		167,302
MKH Bhd		198,000		51,479
Paramount Corp. Bhd		202,240		34,835
Pavilion Real Estate Investment Trust REIT		374,500		103,859
Sentral REIT		319,800		58,549
Sime Darby Property Bhd		1,450,546		146,139
SP Setia Bhd Group		853,205		97,974
Sunway Bhd		1,169,961		397,972
Sunway Real Estate Investment Trust REIT		867,100		306,223
Symphony Life Bhd *		322,700		26,568
Titijaya Land Bhd *		93,900		5,289
Tropicana Corp. Bhd *		283,591		84,177
UEM Sunrise Bhd		782,900		44,950
UOA Development Bhd		199,400		74,740
YNH Property Bhd *		239,100		251,248
YTL Hospitality REIT		505,800		103,012
(Cost $3,895,899)				3,612,120
Mexico — 1.8%
CFE Capital S de RL de CV REIT		571,903		900,128
Concentradora Fibra Danhos SA de CV REIT		604,484		754,658
Corp. Inmobiliaria Vesta SAB de CV		456,670		1,443,178
FIBRA Macquarie Mexico REIT, 144A		522,715		883,346
Fibra MTY SAPI de CV REIT		1,475,526		986,274
Fibra Uno Administracion SA de CV REIT		1,924,859		2,783,516
Prologis Property Mexico SA de CV REIT (a)		445,215		1,494,475

	Number of Shares		Value
Mexico (Continued)
TF Administradora Industrial S de RL de CV REIT (a)		546,848	$	990,644
(Cost $7,846,109)				10,236,219
Netherlands — 0.7%
Argo Properties NV *(a)		9,488		117,592
CTP NV, 144A		73,654		942,271
Eurocommercial Properties NV REIT		30,164		686,249
NEPI Rockcastle NV		285,220		1,621,254
NSI NV REIT (a)		12,565		267,375
(Cost $4,519,515)				3,634,741
New Zealand — 0.7%
Argosy Property Ltd.		580,079		378,961
Goodman Property Trust REIT		713,097		914,625
Investore Property Ltd.		187,596		155,161
Kiwi Property Group Ltd.		1,036,126		565,112
Precinct Properties New Zealand Ltd.		902,100		651,512
Property for Industry Ltd.		342,538		474,243
Stride Property Group (b)		354,824		289,223
Vital Healthcare Property Trust REIT		318,522		437,175
(Cost $5,067,074)				3,866,012
Norway — 0.2%
Entra ASA, 144A		51,847		447,609
KMC Properties ASA *		51,814		25,110
Olav Thon Eiendomsselskap ASA		17,853		271,569
Selvaag Bolig ASA		27,362		76,367
(Cost $1,364,568)				820,655
Philippines — 2.3%
8990 Holdings, Inc. *		1,289,300		209,144
ACEN Corp. *		464,085		48,425
AREIT, Inc. REIT		522,040		306,754
Ayala Corp.		191,035		2,245,069
Ayala Land, Inc.		4,916,196		2,302,278
Belle Corp.		1,441,000		30,791
DDMP Reit, Inc. REIT		4,280,000		96,788
DoubleDragon Corp.		355,170		46,800
Filinvest Land, Inc.		5,923,000		74,881
Filinvest REIT Corp. REIT		1,011,200		74,364
GT Capital Holdings, Inc.		59,771		549,178
Megaworld Corp.		6,683,600		242,780
MREIT, Inc. REIT		532,600		130,874
RL Commercial REIT, Inc. REIT		2,499,300		259,899
Robinsons Land Corp.		1,157,461		286,480
SM Prime Holdings, Inc.		9,667,457		5,629,021
Vista Land & Lifescapes, Inc.		2,009,900		61,199
(Cost $16,056,726)				12,594,725
Poland — 0.2%
Archicom SA		2,847		14,659
Atal SA (a)		4,517		49,702
Cavatina Holding SA *		4,168		17,100
Develia SA *		299,085		271,432
Dom Development SA		5,768		187,418
Echo Investment SA (a)		98,643		95,089

See Notes to Financial Statements. 11

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2023

	Number of Shares		Value
Poland (Continued)
Globe Trade Centre SA (a)		132,086	$	180,121
Marvipol Development SA *		6,983		10,310
MLP Group SA *		5,429		105,434
Polski Holding Nieruchomosci SA		7,682		20,771
(Cost $842,970)				952,036
Russia — 0.0%
LSR Group PJSC *(c)		30,984		0
PIK Group PJSC *(c)		192,287		0
(Cost $2,472,023)				0
Singapore — 7.2%
AIMS APAC REIT (a)(c)		427,400		410,949
Bukit Sembawang Estates Ltd.		123,100		362,526
CapitaLand Ascendas REIT		2,254,769		4,493,395
CapitaLand Ascott Trust (b)		1,556,637		1,217,873
CapitaLand China Trust REIT		773,147		570,651
Capitaland India Trust		614,600		480,847
CapitaLand Integrated Commercial Trust REIT		3,389,292		5,003,199
CapitaLand Investment Ltd.		1,670,463		4,081,066
CDL Hospitality Trusts (b)		483,344		413,831
City Developments Ltd.		336,298		1,675,471
Cromwell European Real Estate Investment Trust REIT		207,619		360,789
Daiwa House Logistics Trust REIT		364,200		153,223
Digital Core REIT Management Pte Ltd. REIT		483,900		203,238
ESR-LOGOS REIT REIT		4,172,987		1,016,412
Far East Hospitality Trust (b)		720,600		316,461
First Real Estate Investment Trust REIT		811,200		152,678
Frasers Centrepoint Trust REIT		713,000		1,120,928
Frasers Hospitality Trust (b)		490,800		170,259
Frasers Logistics & Commercial Trust REIT		1,916,778		1,754,294
Frasers Property Ltd.		342,100		217,150
GuocoLand Ltd.		170,100		193,345
Ho Bee Land Ltd.		137,600		207,185
Hong Fok Corp. Ltd.		286,100		210,111
IREIT Global REIT		372,500		133,345
Keppel REIT		1,295,900		832,146
Keppel DC REIT		887,155		1,368,531
Keppel Pacific Oak US REIT		485,354		145,606
Lendlease Global Commercial REIT		1,096,851		538,367
Lippo Malls Indonesia Retail Trust REIT *		3,017,900		33,412
Manulife US Real Estate Investment Trust REIT		1,126,626		190,400
Mapletree Industrial Trust REIT (a)		1,317,422		2,207,291
Mapletree Logistics Trust REIT		2,120,491		2,598,085
Mapletree Pan Asia Commercial Trust REIT		1,556,870		1,896,029
OUE Commercial Real Estate Investment Trust REIT		1,618,939		400,299
PARAGON REIT REIT		741,000		525,047
Parkway Life Real Estate Investment Trust REIT		257,500		682,308
Prime US REIT		442,900		95,223

	Number of Shares		Value
Singapore (Continued)
Sabana Industrial Real Estate Investment Trust REIT		601,400	$	190,871
Sasseur Real Estate Investment Trust REIT		342,300		188,223
Singapore Land Group Ltd.		127,500		193,859
Starhill Global REIT		918,909		345,901
Suntec Real Estate Investment Trust REIT		1,223,800		1,183,288
Tuan Sing Holdings Ltd.		315,700		72,235
UOL Group Ltd.		307,717		1,442,228
Wing Tai Holdings Ltd.		209,800		226,083
Yanlord Land Group Ltd. *		349,900		197,567
(Cost $44,966,297)				40,472,225
South Africa — 0.7%
Attacq Ltd. REIT		319,482		128,978
Equites Property Fund Ltd. REIT		421,823		255,441
Fortress Real Estate Investments Ltd. *		692,318		447,891
Fortress Real Estate Investments Ltd., Class B *		467,604		115,625
Growthpoint Properties Ltd. REIT		1,939,916		1,144,395
Hyprop Investments Ltd. REIT		214,589		326,817
Redefine Properties Ltd. REIT (a)		3,925,802		618,104
Resilient REIT Ltd. REIT		200,069		403,848
SA Corporate Real Estate Ltd. REIT		1,527,846		139,552
Vukile Property Fund Ltd. REIT (a)		534,158		334,249
(Cost $5,740,708)				3,914,900
South Korea — 0.5%
D&D Platform REIT Co. Ltd. REIT		27,980		69,779
E KOCREF CR-REIT Co. Ltd. REIT		15,427		62,649
ESR Kendall Square REIT Co. Ltd. REIT		103,150		323,692
JR Global REIT		130,465		446,761
KB Star Real Estate Investment Trust, Inc. REIT		45,326		157,604
Koramco Energy Plus REIT		30,653		127,485
Korea Asset In Trust Co. Ltd.		37,138		86,042
Korea Real Estate Investment & Trust Co. Ltd.		100,571		104,492
LOTTE Reit Co. Ltd. REIT		71,444		210,739
Mirae Asset Global REIT Co. Ltd. REIT		17,123		43,864
NH All-One REIT Co. Ltd. REIT		26,245		72,570
Seobu T&D		24,271		139,162
Shinhan Alpha REIT Co. Ltd. REIT		63,060		299,324
SK D&D Co. Ltd.		6,271		97,804
SK REITs Co. Ltd. REIT		69,392		268,209
(Cost $3,155,251)				2,510,176
Spain — 0.6%
Aedas Homes SA, 144A		6,202		88,865
Inmobiliaria Colonial Socimi SA REIT		203,412		1,187,295
Lar Espana Real Estate Socimi SA REIT		30,710		160,753
Merlin Properties Socimi SA REIT		224,884		1,843,669
Metrovacesa SA, 144A *(a)		9,172		66,590
Neinor Homes SA, 144A *		23,080		220,466
(Cost $4,719,876)				3,567,638

See Notes to Financial Statements. 12

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2023

	Number of Shares		Value
Sweden — 3.2%
Atrium Ljungberg AB, Class B (a)		30,827	$	499,357
Castellum AB *(a)		94,230		870,127
Castellum AB (a)		190,047		1,774,117
Catena AB		22,368		766,179
Cibus Nordic Real Estate AB		29,361		264,539
Corem Property Group AB, Class B (a)		357,576		199,099
Corem Property Group AB, Class D		2,515		26,020
Dios Fastigheter AB		63,992		367,185
Eastnine AB		7,646		76,294
Fabege AB (a)		185,380		1,318,352
Fastighets AB Balder, Class B *(a)		444,676		1,488,845
Fastighets AB Trianon *		40,317		58,714
FastPartner AB, Class A (a)		35,613		151,174
Heba Fastighets AB, Class B		75,971		187,771
Hemnet Group AB		62,248		1,049,516
Hufvudstaden AB, Class A		78,670		938,234
JM AB (a)		28,899		346,779
John Mattson Fastighetsforetagen AB *(a)		13,313		75,228
K-fast Holding AB *(a)		44,414		77,536
Klarabo Sverige AB, Class B *		66,127		70,601
Nivika Fastigheter AB, Class B *		15,480		53,906
NP3 Fastigheter AB		18,706		298,544
Nyfosa AB		98,942		545,455
Pandox AB		59,483		609,390
Platzer Fastigheter Holding AB, Class B		41,878		294,357
Sagax AB, Class A (a)		4,885		95,154
Sagax AB, Class B (a)		133,842		2,629,224
Sagax AB, Class D		73,524		173,616
Samhallsbyggnadsbolaget i Norden AB (a)		781,595		249,554
Samhallsbyggnadsbolaget i Norden AB, Class D (a)		94,439		36,271
Stendorren Fastigheter AB *		8,937		135,489
Swedish Logistic Property AB, Class B *		33,646		79,141
Wallenstam AB, Class B (a)		325,994		1,039,361
Wihlborgs Fastigheter AB		181,871		1,296,739
(Cost $30,500,755)				18,141,868
Switzerland — 2.1%
Allreal Holding AG (a)		10,345		1,704,268
Fundamenta Real Estate AG *		15,744		277,283
Intershop Holding AG		829		553,181
Mobimo Holding AG		4,851		1,257,657
Peach Property Group AG *(a)		7,053		98,448
PSP Swiss Property AG		30,928		3,308,821
Swiss Prime Site AG		51,518		4,330,972
Zug Estates Holding AG, Class B		182		336,466
(Cost $13,522,630)				11,867,096
Taiwan — 1.2%
Cathay No. 1 REIT		897,504		525,461
Cathay No. 2 REIT		198,000		110,703
Cathay Real Estate Development Co. Ltd.		453,424		243,479
Chong Hong Construction Co. Ltd.		150,740		389,022
Farglory Land Development Co. Ltd.		184,479		376,433
Highwealth Construction Corp.		1,053,401		1,460,414

	Number of Shares		Value
Taiwan (Continued)
Hong Pu Real Estate Development Co. Ltd. *		130,515	$	108,948
Huaku Development Co. Ltd.		173,338		508,266
Huang Hsiang Construction Corp.		89,643		134,344
Hung Sheng Construction Ltd.		251,915		184,053
KEE TAI Properties Co. Ltd.		278,118		117,665
Kindom Development Co. Ltd.		254,531		244,777
Kuo Yang Construction Co. Ltd. *		159,983		97,622
Prince Housing & Development Corp.		897,799		353,539
Radium Life Tech Co. Ltd.		392,797		117,862
Ruentex Development Co. Ltd.		1,412,141		1,603,896
Shining Building Business Co. Ltd. *		318,249		124,286
Sinyi Realty, Inc.		196,039		190,122
Taiwan Land Development Corp. *(c)		243,531		0
(Cost $6,587,600)				6,890,892
Thailand — 2.7%
Amata Corp. PCL, NVDR		558,400		354,616
Ananda Development PCL, NVDR *		1,576,500		45,755
AP Thailand PCL, NVDR		1,629,700		543,233
Asset World Corp. PCL, NVDR		5,443,100		769,542
Ba Airport Leasehold REIT REIT		450,000		138,362
Bangkok Land PCL, NVDR		8,938,300		218,321
Central Pattana PCL, NVDR		2,196,700		4,260,840
CP Tower Growth Leasehold Property Fund		800		160
CPN Retail Growth Leasehold REIT		1,161,400		427,182
Digital Telecommunications Infrastructure Fund, Class F		5,100,000		1,802,586
Frasers Property Thailand Industrial Freehold & Leasehold REIT		1,161,400		367,109
Frasers Property Thailand PCL, NVDR		255,825		111,004
Golden Ventures Leasehold Real Estate Investment Trust REIT		238,500		62,024
Grand Canal Land PCL, NVDR *		822,800		51,070
IMPACT Growth Real Estate Investment Trust REIT		333,532		123,637
Land & Houses PCL, NVDR		5,534,800		1,351,891
LH Hotel Leasehold Real Estate Investment Trust, Class F REIT		261,700		94,001
Lotus’s Retail Growth Freehold And Leasehold Property Fund		271,900		103,916
LPN Development PCL, NVDR		775,159		98,009
Noble Development PCL, NVDR		748,157		96,744
Nusasiri PCL, NVDR *		6,422,200		147,637
Origin Property PCL, NVDR		618,700		192,010
Platinum Group PCL, NVDR *		794,100		76,672
Principal Capital PCL, NVDR *		412,800		54,565
Property Perfect PCL, NVDR		6,081,506		64,660
Pruksa Holding PCL, NVDR		572,600		204,030
Quality Houses PCL, NVDR		6,135,000		405,474
Rabbit Holdings PCL, NVDR *		13,658,100		243,334
Rabbit Holdings PCL, PFD NVDR *		161,700		2,927
Sansiri PCL, NVDR		10,347,500		517,375
SC Asset Corp. PCL, NVDR		1,286,800		161,220
Singha Estate PCL, NVDR		1,916,700		86,472
Supalai PCL		51,400		29,836

See Notes to Financial Statements. 13

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2023

	Number of Shares		Value
Thailand (Continued)
Supalai PCL		500	$	290
Supalai PCL, NVDR		877,365		509,275
Univentures PCL, NVDR		445,600		36,365
WHA Corp. PCL, NVDR		6,853,196		870,435
WHA Premium Growth Freehold & Leasehold Real Estate InvestmentTrust, Class F REIT		1,559,000		492,787
(Cost $15,469,223)				15,115,366
Turkey — 0.4%
Akfen Gayrimenkul Yatirim Ortakligi AS REIT *		384,172		65,332
AKIS Gayrimenkul Yatirimi AS REIT *		248,455		60,737
Akmerkez Gayrimenkul Yatirim Ortakligi AS REIT		6,147		21,739
Alarko Gayrimenkul Yatirim Ortakligi AS REIT		25,204		70,137
Baskent Dogalgaz Dagitim Gayrimenkul Yatirim Ortakligi AS		69,758		41,048
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		1,353,740		465,008
Gimat Magazacilik Sanayi VE Ticaret As *		96,280		56,934
Halk Gayrimenkul Yatirim Ortakligi AS REIT *		158,825		32,534
Ihlas Gayrimenkul Proje Gelistirme Ve Ticaret AS *		490,774		23,473
Is Gayrimenkul Yatirim Ortakligi AS REIT *		260,845		112,158
Kiler Gayrimenkul Yatirim Ortakligi AS REIT *		381,253		43,285
Kiler Holding As *		66,400		115,485
Kizilbuk Gayrimenkul Yatirim Ortakligi AS *		49,164		42,160
Kuyumcukent Gayrimenkul Yatirimlari AS REIT *		60,418		84,941
Marti Gayrimenkul Yatirim Ortakligi As REIT *		119,161		31,433
Nurol Gayrimenkul Yatirim Ortakligi AS REIT *		88,135		22,823
Ozak Gayrimenkul Yatirim Ortakligi REIT *		137,752		82,190
Ozderici Gayrimenkul Yatirim Ortakligi AS REIT *		96,803		18,005
Panora Gayrimenkul Yatirim Ortakligi		35,510		45,394
Peker Gayrimenkul Yatirim Ortakligi AS *		253,206		82,572
Reysas Gayrimenkul Yatirim Ortakligi AS REIT *		94,886		54,689
Servet Gayrimenkul Yatirim Ortakligi AS *		8,448		73,547
Sinpas Gayrimenkul Yatirim Ortakligi AS REIT *		509,687		59,836
Torunlar Gayrimenkul Yatirim Ortakligi AS REIT		86,457		68,669
Vakif Gayrimenkul Yatirim Ortakligi AS REIT *		443,066		67,855
Yeni Gimat Gayrimenkul Ortakligi AS		148,959		245,114

	Number of Shares		Value
Turkey (Continued)
Yesil Gayrimenkul Yatirim Ortakligi AS REIT *		95,653	$	8,688
Ziraat Gayrimenkul Yatirim Ortakligi AS		511,599		109,988
(Cost $2,022,411)				2,205,774
United Kingdom — 7.3%
Assura PLC REIT		1,975,630		1,174,347
Big Yellow Group PLC REIT		122,146		1,740,960
British Land Co. PLC REIT		577,881		2,456,656
Capital & Counties Properties PLC REIT		954,988		1,419,152
CLS Holdings PLC REIT		116,208		197,031
Derwent London PLC REIT		68,499		1,823,603
Empiric Student Property PLC REIT		404,112		453,275
Grainger PLC		448,882		1,381,960
Great Portland Estates PLC REIT		137,774		825,440
Hammerson PLC REIT (a)		2,731,016		839,436
Helical PLC REIT		75,124		226,720
Henry Boot PLC		71,608		207,677
Industrials REIT Ltd. REIT		182,471		377,534
Land Securities Group PLC REIT		453,014		3,380,025
LondonMetric Property PLC REIT		610,814		1,362,678
LXI REIT PLC REIT		1,086,009		1,321,772
Picton Property Income Ltd. REIT		371,056		344,456
Primary Health Properties PLC REIT		905,583		1,119,013
Rightmove PLC		559,597		3,631,506
Safestore Holdings PLC REIT		145,769		1,688,326
Savills PLC		94,245		1,062,947
Segro PLC REIT		822,430		8,130,100
Tritax Big Box REIT PLC REIT		1,237,891		2,147,940
UK Commercial Property REIT Ltd. REIT		522,334		342,465
UNITE Group PLC REIT, Series 6		219,533		2,435,200
Workspace Group PLC REIT		91,250		568,870
(Cost $51,153,495)				40,659,089
Virgin Islands — 0.0%
SF Real Estate Investment Trust REIT
(Cost $131,397)		333,016		116,986
TOTAL COMMON STOCKS (Cost $689,537,461)				555,508,149
PREFERRED STOCKS — 0.1%
Brazil — 0.1%
Iguatemi SA (Cost $324,084)		200,000		380,327
RIGHTS — 0.0%
Austria — 0.0%
S IMMO AG *, expires 12/31/49 (c) (Cost $0)		31,199		0
WARRANTS — 0.0%
Malaysia — 0.0%
Eco World Development Group Bhd *, expires 4/12/29		106,640		2,542
Paramount Corp. Bhd *, expires 7/28/24		7,840		127
(Cost $0)				2,669

See Notes to Financial Statements. 14

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2023

	Number of Shares		Value
Thailand — 0.0%
Noble Development PCL *, expires 1/12/24
(Cost $0)		54,825	$	236
TOTAL WARRANTS (Cost $0)				2,905
EXCHANGE-TRADED FUNDS — 0.0%
iShares Global REIT ETF		500		11,190
Vanguard Global ex-U.S. Real Estate ETF		500		19,665
(Cost $34,635)				30,855
SECURITIES LENDING COLLATERAL — 2.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.03% (d)(e) (Cost $13,660,219)		13,660,219		13,660,219

	Number of Shares		Value
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.04% (d) (Cost $44,853)		44,853	$	44,853
TOTAL INVESTMENTS — 101.8%
(Cost $703,601,252)			$	569,627,308
Other assets and liabilities, net — (1.8%)				(9,858,826	)
NET ASSETS — 100.0%			$	559,768,482

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2023 is as follows:

	Value ($) at 5/31/2022		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2023		Value ($) at 5/31/2023
SECURITIES LENDING COLLATERAL — 2.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.03% (d)(e)
		10,913,250		2,746,969	(f)		—			—		—		331,437		—		13,660,219		13,660,219
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.04%(d)
		620,850		32,739,770			(33,315,767	)		—		—		25,914		—		44,853		44,853
		11,534,100		35,486,739			(33,315,767	)		—		—		357,351		—		13,705,072		13,705,072

* 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, 2023 amounted to $42,299,933, which is 7.6% of net assets.

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

(c) Investment was valued using significant unobservable inputs.

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

(e) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $33,126,979.

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2023.

CVA: Credit Valuation Adjustment

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.

Securities are listed in country of domicile.

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2023

At May 31, 2023, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation (Depreciation)
EURO CAC40 10 Futures	EUR	8	$	629,152	$	605,502	6/16/2023	$	(23,650	)
EURO STOXX 50 Futures	EUR	10		430,524		449,575	6/16/2023		19,051
E-Mini S&P 500 Futures	USD	5		981,855		1,047,625	6/16/2023		65,770
MINI TOPIX Index Futures	JPY	35		516,944		532,584	6/08/2023		15,640
SPI 200 Futures	AUD	8		935,356		918,953	6/15/2023		(16,403	)
TOPIX Index Futures	JPY	3		434,071		456,501	6/08/2023		22,430
Total net unrealized appreciation								$	82,838

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

AUD Australian Dollar

EUR Euro

JPY Japanese Yen

USD U.S. Dollar

Fair Value Measurements

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

The following is a summary of the inputs used as of May 31, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1			Level 2		Level 3		Total
Common Stocks (a)	$	555,097,200		$	—	$	410,949	$	555,508,149
Preferred Stocks (a)		380,327			—		—		380,327
Rights (a)		—			—		0		0
Warrants (a)		2,905			—		—		2,905
Exchange-Traded Funds		30,855			—		—		30,855
Short-Term Investments (a)		13,705,072			—		—		13,705,072
Derivatives (b)
Futures Contracts		122,891			—		—		122,891
TOTAL	$	569,339,250		$	—	$	410,949	$	569,750,199
Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (b)
Futures Contracts	$	(40,053	)	$	—	$	—	$	(40,053	)
TOTAL	$	(40,053	)	$	—	$	—	$	(40,053	)

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

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

During the year ended May 31, 2023, the amount of transfers from Level 1 to Level 3 was $311,253. 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. 16

This Page is Intentionally Left Blank

17

DBX ETF Trust

Statement of Assets and Liabilities

May 31, 2023

	Xtrackers International Real Estate ETF
Assets
Investment in non-affiliated securities at value	$	555,922,236
Investment in DWS Government Money Market Series		44,853
Investment in DWS Government & Agency Securities Portfolio*		13,660,219
Foreign currency at value		752,628
Deposit with broker for futures contracts		260,780
Receivables:
Investment securities sold		1,590
Capital shares		2,014,603
Dividends		2,651,465
Interest		1,479
Securities lending income		30,299
Foreign tax reclaim		469,695
Total assets	$	575,809,847
Liabilities
Payable upon return of securities loaned	$	13,660,219
Payables:
Investment securities purchased		1,955,675
Investment advisory fees		48,943
Variation margin on futures contracts		55,005
Deferred foreign tax payable		321,523
Total liabilities		16,041,365
Net Assets, at value	$	559,768,482
Net Assets Consist of
Paid-in capital	$	722,907,153
Distributable earnings (loss)		(163,138,671	)
Net Assets, at value	$	559,768,482
Number of Common Shares outstanding		27,800,001
Net Asset Value	$	20.14
Investment in non-affiliated securities at cost	$	689,896,180
Value of securities loaned	$	42,299,933
Investment in DWS Government Money Market Series at cost	$	44,853
Investment in DWS Government & Agency Securities Portfolio at cost*	$	13,660,219
Non-cash collateral for securities on loan	$	33,126,979
Foreign currency at cost	$	757,756

* Represents collateral on securities loaned.

See Notes to Financial Statements. 18

DBX ETF Trust

Statement of Operations

For the Year Ended May 31, 2023

	Xtrackers International Real Estate ETF
Investment Income
Unaffiliated dividend income*	$	19,995,833
Income distributions from affiliated funds		25,914
Affiliated securities lending income		331,437
Unaffiliated securities lending income, net of borrower rebates		73,295
Total investment income		20,426,479
Expenses
Investment advisory fees		645,106
Other expenses		179
Total expenses		645,285
Less fees waived (see note 3):
Waiver		(107,997	)
Net expenses		537,288
Net investment income (loss)		19,889,191
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments**		(18,037,145	)
In-kind redemptions		462,034
Futures contracts		(131,093	)
Foreign currency transactions		(188,989	)
Net realized gain (loss)		(17,895,193	)
Net change in unrealized appreciation (depreciation) on:
Investments***		(99,567,004	)
Futures contracts		15,857
Foreign currency translations		(39,929	)
Net change in unrealized appreciation (depreciation)		(99,591,076	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(117,486,269	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(97,597,078	)
*   Unaffiliated foreign tax withheld	$	2,416,346
**   Including foreign taxes	$	2,200
***  Including change in deferred foreign taxes	$	203,383

See Notes to Financial Statements. 19

DBX ETF Trust

Statements of Changes in Net Assets

	Xtrackers International Real Estate ETF
	Year Ended May 31, 2023			Year Ended May 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	19,889,191		$	18,055,590
Net realized gain (loss)		(17,895,193	)		(2,295,310	)
Net change in net unrealized appreciation (depreciation)		(99,591,076	)		(83,902,671	)
Net increase (decrease) in net assets resulting from operations		(97,597,078	)		(68,142,391	)
Distributions to Shareholders		(10,275,798	)		(23,945,405	)
Fund Shares Transactions
Proceeds from shares sold		112,001,214			212,069,381
Value of shares redeemed		(3,232,508	)		(18,792,278	)
Net increase (decrease) in net assets resulting from fund share transactions		108,768,706			193,277,103
Total net increase (decrease) in Net Assets		895,830			101,189,307
Net Assets
Beginning of year	$	558,872,652		$	457,683,345
End of year	$	559,768,482		$	558,872,652
Changes in Shares Outstanding
Shares outstanding, beginning of year		22,650,001			15,700,001
Shares sold		5,300,000			7,700,000
Shares redeemed		(150,000	)		(750,000	)
Shares outstanding, end of year		27,800,001			22,650,001

See Notes to Financial Statements. 20

DBX ETF Trust

Financial Highlights

Xtrackers International Real Estate ETF Selected Per Share Data	Years Ended May 31,
	2023			2022			2021			2020			2019
Net Asset Value, beginning of year	$	24.67		$	29.15		$	22.85		$	27.84		$	29.17
Income (loss) from investment operations:
Net investment income (loss) (a)		0.80			0.92			0.92			0.84			1.14
Net realized and unrealized gain (loss)		(4.91	)		(4.05	)		6.28			(4.74	)		(1.98	)
Total from investment operations		(4.11	)		(3.13	)		7.20			(3.90	)		(0.84	)
Less distributions from:
Net investment income		(0.42	)		(1.35	)		(0.90	)		(1.09	)		(0.49	)
Total distributions		(0.42	)		(1.35	)		(0.90	)		(1.09	)		(0.49	)
Net Asset Value, end of year	$	20.14		$	24.67		$	29.15		$	22.85		$	27.84
Total Return (%) (b)		(16.76	)		(11.26	)		32.15			(14.80	)		(2.78	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		560			559			458			231			60
Ratio of expenses before fee waiver (%)		0.12			0.12			0.12			0.12			0.30
Ratio of expenses after fee waiver (%)		0.10			0.10			0.10			0.10			0.28
Ratio of net investment income (loss) (%)		3.70			3.38			3.55			3.21			4.25
Portfolio turnover rate (%) (c)		8			17			9			12			43

(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. 21

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 “1940 Act”), as an open-end registered management investment company organized as a Delaware statutory trust.

As of May 31, 2023, the Trust consists of thirty-nine investment series of exchange-traded funds (“ETFs”) in operation and trading. These financial statements report on Xtrackers International Real Estate ETF (the “Fund”), a diversified series of the Trust.

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 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Fund’s distributor. Shares are not individually redeemable securities of the Fund, and owners of 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 seek 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 international 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 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.

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.

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

22

DBX ETF Trust

Notes to Financial Statements (Continued)

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 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 Pricing Committee 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 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 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, 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 Fund may occasionally be required to make supplemental distributions at some other time during the year. The Fund reserve the right to declare special distributions if, in their reasonable discretion, such action is

23

DBX ETF Trust

Notes to Financial Statements (Continued)

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, 2023, the Fund did not incur any interest or penalties.

As of May 31, 2023, 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)
$	10,607,682	$	(9,912,732	)	$	(163,833,621	)	$	(163,138,671	)

The tax character of dividends and distributions declared for the years ended May 31, 2023 and May 31, 2022 were as follows:

	Ordinary Income*
2023	$	10,275,798
2022		23,945,405

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

At May 31, 2023, 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
$	2,535,312	$	7,377,420	$	9,912,732

For the fiscal year ended May 31, 2023, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to redemptions-in-kind.

Distributable earnings (loss)			Paid-In Capital
$	(171,950	)	$	171,950

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

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

24

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 invest. These foreign taxes, if any, are paid by the Fund 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, 2023, if any, are disclosed in the Fund’s Statements of Assets and Liabilities.

Foreign Currency Translations    The books and records of the Fund 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 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, 2023, 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 (0.08% annualized effective rate as of May 31, 2023) 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, 2023, 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 November 30, 2023
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Common Stocks	$	13,660,219	$	—	$	440,268	$	32,686,711	$	46,787,198
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	46,787,198

Derivatives

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

25

DBX ETF Trust

Notes to Financial Statements (Continued)

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, 2023, 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, 2023 is included in a table following the Fund’s Schedule of Investments.

The following table summarizes the value of the Fund’s derivative instruments held as of May 31, 2023 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*	$	122,891	Unrealized depreciation on futures contracts*	$	40,053

* 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 Fund’s earnings during the year ended May 31, 2023 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
	$	(131,093	)

Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts — Equity Contracts
	$	15,857

For the year ended May 31, 2023 the average monthly volume of derivatives was as follows:

	Futures Contracts (Contract Value)
Xtrackers International Real Estate ETF	$	3,770,332

26

DBX ETF Trust

Notes to Financial Statements (Continued)

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. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.

3. Investment Advisory and Other Agreements

The Advisor has overall responsibility for the general management and administration of the 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 advisory 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 0.12%.

The Advisor for the Fund has contractually agreed, until September 30, 2023, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) from exceeding 0.10% of the Fund’s average daily net assets. This agreement may only be terminated by the Fund’s Board (and may not be terminated by the Advisor) prior to that time. For the year ended May 31, 2023, the Advisor waived $107,496 of the expenses of the Fund.

The Advisor for the Fund has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated cash management vehicles. For the period from June 1, 2022 through May 31, 2023, the Advisor waived $501 of expenses to the Fund.

Out of the unitary advisory 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 each 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.

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

	Purchases		Sales
Xtrackers International Real Estate ETF	$	77,744,894	$	45,019,557

27

DBX ETF Trust

Notes to Financial Statements (Continued)

For the year ended May 31, 2023, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

	Purchases		Sales
Xtrackers International Real Estate ETF	$	88,540,266	$	3,021,662

5. Fund Share Transactions

As of May 31, 2023, 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. 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 Secured Overnight Financing Rate plus .10%. The Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Fund had no outstanding loans at May 31, 2023.

28

DBX ETF Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of Xtrackers International Real Estate ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Xtrackers International Real Estate ETF (the “Fund”), (one of the funds constituting DBX ETF Trust (the “Trust”)), including the schedule of investments, as of May 31, 2023, and the related statement of operations for the year then ended, the statements 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, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its 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 the Fund’s 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, 2023, by correspondence with the custodians, brokers and others; when replies were not received from brokers, we performed other auditing procedures. 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 25, 2023

29

DBX ETF Trust

Other Information (Unaudited)

Regulatory Update — Tailored Shareholder Report

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

30

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”), the Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DBX Advisors LLC (the “Advisor”) 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). The Advisor has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of the Advisor 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 estimations 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 2023, as required by the Program and the Liquidity Rule, the Advisor 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, 2021 through November 30, 2022 (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, the 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, your 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). The Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, the Advisor stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. The Advisor also reported that there were no material changes made to the Program during the Reporting Period.

31

DBX ETF Trust

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

Xtrackers International Real Estate ETF

Board Approval of Investment Advisory Agreement with DBX Advisors LLC

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 15-16, 2023 (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 International Real Estate 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 (each, a “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 met with representatives of the Advisor on February 13, 2023 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held on February 15 and February 16, 2023.

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 Vedder Price P.C. (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of 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.

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DBX ETF Trust

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

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 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, which reflected that the Fund was not profitable as of this

33

DBX ETF Trust

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

time. 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.

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 also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisers can share benefits of economies of scale.

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

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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) Chairperson 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).	42	The Arbitrage Funds, Sierra Income Corporation, Mutual Fund Directors Forum
George O. Elston (1964) Board Member since 2011, Chairperson of the Audit Committee since 2015	Chief Financial Officer, EyePoint Pharmaceuticals, Inc. (2019-present); Chief Financial Officer, Enzyvant (2018-2019); 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).	42	—
J. David Officer (1948) Board Member since 2011, Chairperson 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).	42	(Chairman of) Ilex Management Ltd; Old Westbury Funds

35

DBX ETF Trust

Board Members and Officers (Unaudited) (Continued)

Officers(2)
Name, Year of Birth, Position with the Trust and Length of Time Served(3)	Business Experience and Directorships During the Past 5 Years
Freddi Klassen(4) (1975) President and Chief Executive Officer, 2016-present	Chief Administrative Officer Investment Division Americas, of DWS Investment Management Americas, Inc. and Manager (since 2023) and Chief Operating Officer of the Advisor (2016-present). Formerly: Programmes (Head 2021- 2023), of DWS Investment Management Americas, Inc.; Chief Operating Officer in the Americas for the Traditional Asset Classes Department (2014-2020); 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).
Diane Kenneally(4) (1966) Treasurer, Chief Financial Officer and Controller, 2019-present	Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; 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(4) (1967) Chief Compliance Officer, 2010-present	AFC Compliance US (Senior Team Lead), of DWS Investment Management Americas, Inc.; 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. (2019-2022); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012).
Bryan Richards(4) (1978) Vice President, 2016-present	Portfolio Engineering, Systematic Investments Solutions (Head), of DWS Investment Management Americas, Inc. (2018-present); 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(5) (1962) Secretary, 2020-present	Legal (Associate General Counsel), DWS US Retail Legal (2003-present), of DWS Investment Management Americas, Inc.; 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); Vice President, DBX Advisors LLC (2021-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); and Assistant Secretary of DBX ETF Trust (2019-2020).

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DBX ETF Trust

Board Members and Officers (Unaudited) (Continued)

Name, Year of Birth, Position with the Trust and Length of Time Served(3)	Business Experience and Directorships During the Past 5 Years
Caroline Pearson(5) (1962) Assistant Secretary, 2020-present	Legal (Senior Team Lead), DWS US Retail Legal, of DWS Investment Management Americas, Inc.; Chief Legal Officer of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2010-present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020- 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); Secretary, Deutsche AM Service Company (2010-2017); and Chief Legal Officer, DBXStrategic Advisors LLC (2020-2021).
Paul Antosca(5) (1957) Assistant Treasurer, 2019-present	Fund Administration Tax (Head), of DWS Investment Management Americas, Inc.; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2007-present).
Jeffrey Berry(5) (1959) Assistant Treasurer, 2019-present	Fund Administration (Senior Specialist), of DWS Investment Management Americas, Inc.
Sheila Cadogan(5) (1966) Assistant Treasurer, 2019-present	Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; 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(6) (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).
Christian Rijs(4) (1980) Anti-Money Laundering Compliance Officer, since October 21, 2021	Senior Team Lead Anti-Financial Crime and Compliance, DWS Investment Management Americas, Inc.; AML Officer, DWS Trust Company (since November 2, 2021); AML Officer, DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (since October 6, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO.

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

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

(5) Address: 100 Summer Street, Boston, MA 02110.

(6) Address: BNY Mellon Asset Servicing, 240 Greenwich Street, New York, NY 10286.

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

Additional Information (Unaudited)

Proxy Voting Policies and Procedures

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

Portfolio Holdings Information

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

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

Discount & Premium Information

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

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, 2023.

Qualified Dividend Income*
	86	%

* 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
$	22,398,162	$	1,674,016

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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. There are special risks associated with an investment in real estate, including REITS. These risks include credit risk, interest rate fluctuations and the impact of varied economic conditions. 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. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. 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. 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, sanctions, economic uncertainty, trade disputes, public health crises, natural disasters, climate change and related geopolitical events have led and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Fund and its investments.

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 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.

Copyright © 2022 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 One Manhattan West New York, NY, 10001	Legal counsel Vedder Price P.C. 1633 Broadway New York, NY 10019

R-38754-9 (7/23) DBX005560 (7/24)

May 31, 2023

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
Other Information		59
Liquidity Risk Management		60
Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts		61
Board Members and Officers		67
Additional Information		70

To our Shareholders: (Unaudited)

Dear shareholder,

We are pleased to provide this annual report on four of our flagship ETFs tracking China’s equity market for the period ended May 31, 2023.

The global economy witnessed a period of volatility due to heightened inflation, growing interest rates and sluggish industrial activity amid geopolitical tension between Russia and Ukraine. Rising inflation in both developed and emerging economies affected the cost of living as disposable incomes were eroded, resulting in aggressive interest rate hikes by major central banks, except for the Bank of Japan. Global financial markets remained largely volatile with short periods of gains and losses as investors remained uncertain about interest rate actions but acted on positive economic data. Despite the challenges in the banking sectors of the U.S. and Europe during the first quarter of 2023, market sentiment turned positive on the back of China’s reopening after its COVID-19-related restrictions.

China’s economy recovered at a faster-than-expected pace, with GDP¹ increasing by 4.5% year on year in Q1 2023, marking the most growth since Q1 2022. Chinese markets had robust gains from the start of Q4 2022, after Beijing loosened the pandemic-related restrictions that had constrained the country’s economic growth since early 2020. Investor confidence was also boosted by measures supportive of the real estate sector and a relaxation of the regulatory restrictions on Chinese technology companies. Market optimism regarding China’s economic recovery was sparked by the country’s stronger-than-expected first-quarter GDP growth and unexpected double-digit export and retail growth in March 2023. China’s urban unemployment rate eased to 5.2% in May 2023 from 5.9% in the same period last year.

On the policy front, the People’s Bank of China (PBoC) maintained its key lending rates steady for the ninth straight month in May 2023. The one-year loan prime rate (the medium-term lending facility for corporate and household loans) was maintained at 3.65%; meanwhile, the five-year rate, which serves as a benchmark for mortgages, was maintained at 4.3%. China’s General Composite PMI² rose as a result of faster growth in output in both the manufacturing and service sectors.

We believe central banks across the world will remain cautious in their approach to monetary policy and watch for positive signs in the economy before taking any interest rate action. Recent banking system stress and debt ceiling-related concerns are also likely to weigh on the U.S. Federal Reserve’s (Fed’s) decisions in the coming months. Unlike the Fed, the European Central Bank has clearly maintained its stance on monetary action and is willing to hike rates further until inflation is within its comfort range. The entire world will be keenly watching how China recovers from its COVID-19-induced restrictions to induce an uptick in industrial activity and income recovery while boosting private sector investment.

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 Gross domestic product (GDP) is the monetary value of all finished goods and services produced within a country’s borders within a specific time period.

² Purchasing Managers’ Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors

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.

1

This Page is Intentionally Left Blank

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DBX ETF Trust

Management’s Discussion of Fund Performance (Unaudited)

Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR)

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, 2023, ASHR shares returned -12.28%, compared with the ASHR Index’s -11.16%.

The majority of the sectors contributed negatively to performance during the period with the greatest negative contribution coming from Materials, Information Technology, and Industrials. The Communication Services sector was the only positive contributor to performance.

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS)

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 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. ASHS is also 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, 2023, ASHS fund returned -4.71%, compared with the ASHS Index’s -4.38%.

The majority of the sectors contributed negatively to performance during the period with the greatest negative contribution coming from Materials, Industrials and Consumer Staples. Information Technology, Communication Services and Utilities sectors were the positive contributors to performance.

Xtrackers MSCI All China Equity ETF (CN)

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, H-shares, B-shares, Red chips, and P chips, as well as securities of Chinese companies listed outside of China (e.g. American depository receipts). CN expects to gain exposure to the China A-share components of the index by investing in the Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, affiliated Fund 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, 2023, CN returned -13.28%, compared with the CN Index’s -13.25%.

The majority of the sectors contributed negatively to performance during the period with the greatest negative contribution coming from Consumer Discretionary, Materials and Consumer Staples. The Energy sector was the only positive contributor to performance.

MSCI China A Inclusion Equity ETF (ASHX)

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 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. For the 12-month period ended May 31, 2023, ASHX returned -12.32%, compared with the ASHX Index’s -11.92%.

The majority of the sectors contributed negatively to performance during the period with the greatest negative contribution coming from Materials, Consumer Staples, and Industrials. The Communication Services sector was the only positive contributor to performance.

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DBX ETF Trust

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

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 6-13 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.

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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, 2023

Average Annual Total Return
	Net Asset Value	Market Value	CSI 300 Index	MSCI ACWI ex USA Index
One Year	-12.28%	-12.39%	-11.16%	-1.41%
Five Year	-0.99%	-1.03%	-0.19%	2.22%
Since Inception1	4.27%	4.23%	5.22%	3.16%
Cumulative Total Returns
	Net Asset Value	Market Value	CSI 300 Index	MSCI ACWI ex USA Index
One Year	-12.28%	-12.39%	-11.16%	-1.41%
Five Year	-4.84%	-5.06%	-0.96%	11.62%
Since Inception1	49.21%	48.69%	62.78%	34.74%

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. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2022 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.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

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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, 2023

Financials	22.0%
Industrials	16.6%
Information Technology	16.2%
Consumer Staples	13.2%
Materials	9.0%
Health Care	7.5%
Consumer Discretionary	7.3%
Utilities	3.2%
Energy	2.0%
Real Estate	1.5%
Communication Services	1.5%
Total	100.0%

Ten Largest Equity Holdings
as of May 31, 2023 (21.9% of Net Assets)

Description	% of Net Assets
Kweichow Moutai Co. Ltd.		5.6%
Contemporary Amperex Technology Co. Ltd.		3.2%
Ping An Insurance Group Co. of China Ltd.		2.8%
China Merchants Bank Co. Ltd.		2.2%
Wuliangye Yibin Co. Ltd.		1.7%
Midea Group Co. Ltd.		1.4%
Industrial Bank Co. Ltd.		1.3%
BYD Co. Ltd.		1.3%
China Yangtze Power Co. Ltd.		1.3%
Jiangsu Hengrui Pharmaceuticals Co. Ltd.		1.1%

* 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 15.

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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, 2023

Average Annual Total Return
	Net Asset Value	Market Value	CSI 500 Index	MSCI ACWI ex USA Index
One Year	-4.71%	-4.30%	-4.38%	-1.41%
Five Year	-0.60%	-0.68%	0.18%	2.22%
Since Inception1	3.59%	3.64%	5.09%	2.84%
Cumulative Total Returns
	Net Asset Value	Market Value	CSI 500 Index	MSCI ACWI ex USA Index
One Year	-4.71%	-4.30%	-4.38%	-1.41%
Five Year	-2.95%	-3.35%	0.92%	11.62%
Since Inception1	37.53%	38.14%	56.65%	28.79%

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. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2022, 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.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

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, 2023

Information Technology	19.8%
Materials	19.8%
Industrials	14.8%
Health Care	11.6%
Financials	8.6%
Consumer Discretionary	6.6%
Consumer Staples	6.2%
Communication Services	4.2%
Utilities	3.4%
Real Estate	2.6%
Energy	2.4%
Total	100.0%

Ten Largest Equity Holdings
as of May 31, 2023 (6.3% of Net Assets)

Description	% of Net Assets
Zhongji Innolight Co. Ltd.		1.0%
Kunlun Tech Co. Ltd.		0.8%
Cambricon Technologies Corp. Ltd.		0.8%
Zhejiang Supcon Technology Co. Ltd.		0.6%
Huagong Tech Co. Ltd.		0.6%
Sichuan Kelun Pharmaceutical Co. Ltd.		0.5%
Suzhou Dongshan Precision Manufacturing Co. Ltd.		0.5%
GEM Co. Ltd.		0.5%
Zhongjin Gold Corp. Ltd.		0.5%
Wintime Energy Co. Ltd.		0.5%

* 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.

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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 obtain exposure to the A-Share components of the Underlying Index indirectly by investing in the Xtrackers MSCI China A Inclusion Equity ETF, an affiliated fund advised by DBX Advisors LLC (the “Advisor”). The Fund may also invest in Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF or other affiliated funds advised by the Advisor and sub-advised by Harvest Global Investments Limited. It is not possible to invest directly into an index.

Performance as of May 31, 2023

Average Annual Total Return
	Net Asset Value	Market Value	MSCI China All Shares Index
One Year	-13.28%	-12.90%	-13.25%
Five Year	-4.60%	-4.69%	-4.12%
Since Inception1	4.92%	4.90%	4.36%
Cumulative Total Returns
	Net Asset Value	Market Value	MSCI China All Shares Index
One Year	-13.28%	-12.90%	-13.25%
Five Year	-20.96%	-21.37%	-18.99%
Since Inception1	54.69%	54.45%	47.45%

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 the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2022, was 0.79%, 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.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

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, 2023

Consumer Discretionary	18.5%
Financials	17.3%
Communication Services	11.9%
Industrials	10.0%
Information Technology	9.9%
Consumer Staples	9.1%
Health Care	7.4%
Materials	7.1%
Utilities	3.2%
Energy	3.1%
Real Estate	2.5%
Total	100.0%

Ten Largest Equity and ETF Holdings
as of May 31, 2023 (72.2% of Net Assets)

Description	% of Net Assets
Xtrackers MSCI China A Inclusion Equity ETF		47.3%
Tencent Holdings Ltd.		7.5%
Alibaba Group Holding Ltd.		5.0%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		4.0%
Meituan		2.2%
China Construction Bank Corp.		1.9%
Ping An Insurance Group Co. of China Ltd.		1.2%
JD.com, Inc.		1.1%
Baidu, Inc.		1.0%
NetEase, Inc.		1.0%

* 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.

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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, 2023

Average Annual Total Return
	Net Asset Value	Market Value	MSCI China A Inclusion Index2	MSCI ACWI ex USA Index
One Year	-12.32%	-11.76%	-11.92%	-1.41%
Five Year	1.06%	1.13%	1.51%	2.22%
Since Inception1	1.28%	1.32%	0.94%	4.51%
Cumulative Total Returns
	Net Asset Value	Market Value	MSCI China A Inclusion Index2	MSCI ACWI ex USA Index
One Year	-12.32%	-11.76%	-11.92%	-1.41%
Five Year	5.40%	5.78%	7.78%	11.62%
Since Inception1	10.14%	10.52%	7.39%	39.98%

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 prior to 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 the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2022, 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.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

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, 2023

Financials	18.4%
Industrials	15.9%
Information Technology	15.1%
Consumer Staples	14.1%
Materials	11.3%
Health Care	8.9%
Consumer Discretionary	5.7%
Utilities	4.0%
Energy	3.1%
Communication Services	1.8%
Real Estate	1.7%
Total	100.0%

Ten Largest Equity Holdings
as of May 31, 2023 (17.4% of Net Assets)

Description	% of Net Assets
Kweichow Moutai Co. Ltd.		5.1%
Contemporary Amperex Technology Co. Ltd.		2.5%
China Merchants Bank Co. Ltd.		1.7%
Wuliangye Yibin Co. Ltd.		1.6%
China Yangtze Power Co. Ltd.		1.4%
Ping An Insurance Group Co. of China Ltd.		1.3%
BYD Co. Ltd.		1.2%
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.		0.9%
Industrial Bank Co. Ltd.		0.9%
Luzhou Laojiao Co. Ltd.		0.8%

* 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.

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DBX ETF Trust

Fees and Expenses (Unaudited)

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including unitary advisory fees and other fund expenses. In the most recent six-month period Xtrackers 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. 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. The Underlying Funds’ expenses are not included in Xtrackers MSCI All China Equity ETF’s annualized expense ratios used to calculate the expense estimate in the tables. 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, 2022 to, May 31, 2023).

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning Account Value December 1, 2022		Ending Account Value May 31, 2023		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers Harvest CSI 300 China A-Shares ETF
Actual	$	1,000.00	$	971.50		0.65	%	$	3.19
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.69		0.65	%	$	3.28
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF
Actual	$	1,000.00	$	975.10		0.65	%	$	3.20
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.69		0.65	%	$	3.28
Xtrackers MSCI All China Equity ETF (2)
Actual	$	1,000.00	$	950.50		0.20	%	$	0.97
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.93		0.20	%	$	1.01
Xtrackers MSCI China A Inclusion Equity ETF
Actual	$	1,000.00	$	960.00		0.60	%	$	2.93
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.94		0.60	%	$	3.02

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 365.

(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.

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DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF

May 31, 2023

	Number of Shares		Value
COMMON STOCKS — 99.7%
Communication Services — 1.5%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,313,304	$	6,022,866
China United Network Communications Ltd., Class A		18,110,681		12,519,520
Focus Media Information Technology Co. Ltd., Class A		9,486,353		8,557,011
Mango Excellent Media Co. Ltd., Class A		710,589		2,921,330
Zhejiang Century Huatong Group Co. Ltd., Class A*		5,588,913		4,884,335
(Cost $29,465,717)				34,905,062
Consumer Discretionary — 7.3%
Beijing Roborock Technology Co. Ltd., Class A		50,477		2,145,817
BYD Co. Ltd., Class A		836,195		29,802,132
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A*		135,424		2,016,352
China Tourism Group Duty Free Corp. Ltd., Class A		896,448		15,504,970
Chongqing Changan Automobile Co. Ltd., Class A		4,608,484		7,737,734
Ecovacs Robotics Co. Ltd., Class A		209,092		2,034,147
Fuyao Glass Industry Group Co. Ltd., Class A		1,551,644		7,072,301
Great Wall Motor Co. Ltd., Class A*		1,151,577		3,655,081
Gree Electric Appliances, Inc. of Zhuhai, Class A		4,155,419		19,255,431
Guangzhou Automobile Group Co. Ltd., Class A		2,143,482		3,068,893
Haier Smart Home Co. Ltd., Class A		3,513,308		10,603,232
Huali Industrial Group Co. Ltd., Class A		141,657		787,774
Huayu Automotive Systems Co. Ltd., Class A		1,498,654		3,676,490
Huizhou Desay Sv Automotive Co. Ltd., Class A		264,234		4,212,671
Midea Group Co. Ltd., Class A		4,472,521		32,256,069
Ningbo Tuopu Group Co. Ltd., Class A		429,530		3,508,178
Oppein Home Group, Inc., Class A		173,828		2,316,567
SAIC Motor Corp. Ltd., Class A		4,429,401		8,351,900
Shandong Linglong Tyre Co. Ltd., Class A		568,291		1,700,741
Shenzhen Overseas Chinese Town Co. Ltd., Class A		3,678,557		2,455,042
TCL Technology Group Corp., Class A		13,602,647		7,377,318
Zhejiang Supor Co. Ltd., Class A		183,037		1,149,824
(Cost $164,879,908)				170,688,664
Consumer Staples — 13.1%
Anhui Gujing Distillery Co. Ltd., Class A		151,199		5,351,793
Chongqing Brewery Co. Ltd., Class A		218,027		2,732,824
Eastroc Beverage Group Co. Ltd., Class A*		40,400		900,212
Foshan Haitian Flavouring & Food Co. Ltd., Class A*		1,276,277		10,848,963

	Number of Shares		Value
Consumer Staples (Continued)
Guangdong Haid Group Co. Ltd., Class A		786,441	$	5,109,422
Henan Shuanghui Investment & Development Co. Ltd., Class A		996,727		3,442,278
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		5,850,157		23,680,920
Jiangsu King’s Luck Brewery JSC Ltd., Class A*		595,982		4,663,351
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		548,080		10,337,456
Kweichow Moutai Co. Ltd., Class A		568,005		129,997,309
Luzhou Laojiao Co. Ltd., Class A		671,129		19,239,236
Muyuan Foods Co. Ltd., Class A		2,429,112		13,669,034
New Hope Liuhe Co. Ltd., Class A*		2,016,027		3,192,332
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		445,432		13,132,178
Tsingtao Brewery Co. Ltd., Class A		325,782		4,358,102
Wens Foodstuffs Group Co. Ltd., Class A		4,803,754		11,352,579
Wuliangye Yibin Co. Ltd., Class A		1,761,978		39,902,436
Yihai Kerry Arawana Holdings Co. Ltd., Class A		548,893		3,100,285
Yunnan Botanee Bio-Technology Group Co. Ltd., Class A		115,674		1,498,654
(Cost $241,791,441)				306,509,364
Energy — 2.1%
China Coal Energy Co. Ltd., Class A		1,661,698		1,905,153
China Oilfield Services Ltd., Class A		564,285		1,119,492
China Petroleum & Chemical Corp., Class A		12,439,898		11,116,338
China Shenhua Energy Co. Ltd., Class A		3,099,745		12,294,889
PetroChina Co. Ltd., Class A		9,041,941		9,528,196
Shaanxi Coal Industry Co. Ltd., Class A		3,654,216		8,605,102
Yankuang Energy Group Co. Ltd., Class A		836,314		3,187,917
(Cost $38,125,225)				47,757,087
Financials — 21.9%
Agricultural Bank of China Ltd., Class A		30,249,000		14,960,340
Bank of Beijing Co. Ltd., Class A		14,188,843		9,429,658
Bank of Chengdu Co. Ltd., Class A		2,079,856		3,673,299
Bank of China Ltd., Class A		20,368,500		11,161,214
Bank of Communications Co. Ltd., Class A		25,919,550		21,304,488
Bank of Hangzhou Co. Ltd., Class A		2,760,833		4,503,603
Bank of Jiangsu Co. Ltd., Class A*		11,342,265		11,824,737
Bank of Nanjing Co. Ltd., Class A		4,904,253		5,815,715
Bank of Ningbo Co. Ltd., Class A		3,619,551		12,510,585
Bank of Shanghai Co. Ltd., Class A		9,248,988		8,018,020
China CITIC Bank Corp. Ltd., Class A		3,437,829		3,115,529
China Construction Bank Corp., Class A		6,990,328		6,285,869
China Everbright Bank Co. Ltd., Class A		21,321,573		9,436,644

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

May 31, 2023

	Number of Shares		Value
Financials (Continued)
China Galaxy Securities Co. Ltd., Class A		1,188,117	$	1,896,380
China International Capital Corp. Ltd., Class A		819,010		4,792,830
China Life Insurance Co. Ltd., Class A		1,558,085		8,174,350
China Merchants Bank Co. Ltd., Class A		11,253,984		51,073,614
China Merchants Securities Co. Ltd., Class A		3,390,835		6,627,070
China Minsheng Banking Corp. Ltd., Class A		22,718,808		12,640,624
China Pacific Insurance Group Co. Ltd., Class A		3,174,980		12,423,786
CITIC Securities Co. Ltd., Class A		8,978,248		25,292,617
CSC Financial Co. Ltd., Class A		1,211,850		4,323,141
East Money Information Co. Ltd., Class A		11,652,096		22,953,021
Everbright Securities Co. Ltd., Class A		1,805,627		4,018,565
Founder Securities Co. Ltd., Class A		3,976,738		3,900,050
GF Securities Co. Ltd., Class A		2,720,402		5,695,176
Guosen Securities Co. Ltd., Class A		2,669,751		3,454,762
Guotai Junan Securities Co. Ltd., Class A		4,156,432		8,643,112
Haitong Securities Co. Ltd., Class A		8,853,374		11,705,398
Hithink RoyalFlush Information Network Co. Ltd., Class A		210,190		4,750,003
Hongta Securities Co. Ltd., Class A		884,910		984,719
Huatai Securities Co. Ltd., Class A		4,710,288		8,954,329
Huaxia Bank Co. Ltd., Class A		6,129,861		4,978,130
Industrial & Commercial Bank of China Ltd., Class A		32,350,184		21,953,899
Industrial Bank Co. Ltd., Class A		13,317,670		30,986,773
Industrial Securities Co. Ltd., Class A		6,377,536		5,483,933
New China Life Insurance Co. Ltd., Class A		756,260		3,909,207
Orient Securities Co. Ltd., Class A		4,837,205		6,721,691
People’s Insurance Co. Group of China Ltd., Class A		3,231,298		2,778,537
Ping An Bank Co. Ltd., Class A		8,845,121		14,416,159
Ping An Insurance Group Co. of China Ltd., Class A		9,854,142		65,073,543
Postal Savings Bank of China Co. Ltd., Class A		10,340,900		7,468,085
SDIC Capital Co. Ltd., Class A		2,354,749		2,444,988
Shanghai Pudong Development Bank Co. Ltd., Class A		10,702,249		11,052,236
Shenwan Hongyuan Group Co. Ltd., Class A		8,466,434		5,614,748
Zheshang Securities Co. Ltd., Class A		1,799,250		2,528,013
Zhongtai Securities Co. Ltd., Class A		2,358,175		2,256,373
(Cost $496,932,998)				512,009,563
Health Care — 7.5%
Aier Eye Hospital Group Co. Ltd., Class A		3,300,537		12,428,170
Asymchem Laboratories Tianjin Co. Ltd., Class A		187,033		3,463,550

	Number of Shares		Value
Health Care (Continued)
Beijing Tongrentang Co. Ltd., Class A		648,996	$	5,524,980
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A*		168,165		2,197,386
Bloomage Biotechnology Corp. Ltd., Class A*		89,826		1,111,774
Changchun High & New Technology Industry Group, Inc., Class A		294,721		6,600,657
Chongqing Zhifei Biological Products Co. Ltd., Class A		732,543		7,234,598
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		691,061		3,485,769
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		264,265		2,566,812
Hangzhou Tigermed Consulting Co. Ltd., Class A*		483,982		5,494,502
Huadong Medicine Co. Ltd., Class A		827,380		4,526,773
Hualan Biological Engineering, Inc., Class A		1,018,680		3,224,681
Imeik Technology Development Co. Ltd., Class A		100,505		6,363,070
Jafron Biomedical Co. Ltd., Class A		436,224		1,693,473
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		4,105,539		26,275,218
Ovctek China, Inc., Class A		401,227		1,572,831
Pharmaron Beijing Co. Ltd., Class A		455,142		2,948,055
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		1,155,935		5,064,042
Shanghai RAAS Blood Products Co. Ltd., Class A		4,542,120		4,288,601
Shenzhen Kangtai Biological Products Co. Ltd., Class A		601,017		2,346,730
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		448,091		18,924,050
Topchoice Medical Corp., Class A*		204,492		3,038,396
Walvax Biotechnology Co. Ltd., Class A		1,472,316		5,976,355
WuXi AppTec Co. Ltd., Class A		1,879,006		17,160,475
Yunnan Baiyao Group Co. Ltd., Class A		697,664		5,278,613
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		279,922		11,964,210
Zhejiang NHU Co. Ltd., Class A*		1,687,381		3,579,958
(Cost $179,492,973)				174,333,729
Industrials — 16.5%
AECC Aviation Power Co. Ltd., Class A		1,498,836		8,371,032
Air China Ltd., Class A*		3,354,237		4,109,585
Beijing New Building Materials PLC, Class A		943,377		3,012,815
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		23,407,783		18,976,839
China CSSC Holdings Ltd., Class A		1,729,126		7,001,779
China Eastern Airlines Corp. Ltd., Class A*		5,227,624		3,430,117
China Energy Engineering Corp. Ltd., Class A		13,845,177		4,668,717

See Notes to Financial Statements. 16

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

May 31, 2023

	Number of Shares		Value
Industrials (Continued)
China National Chemical Engineering Co. Ltd., Class A		3,543,902	$	4,257,313
China Railway Group Ltd., Class A		10,007,366		11,093,908
China Southern Airlines Co. Ltd., Class A*		5,133,166		4,522,105
China State Construction Engineering Corp. Ltd., Class A		20,264,520		16,798,717
Contemporary Amperex Technology Co. Ltd., Class A		2,408,667		74,849,819
COSCO SHIPPING Holdings Co. Ltd., Class A		5,919,396		8,682,917
CRRC Corp. Ltd., Class A		12,556,899		12,420,608
Daqin Railway Co. Ltd., Class A		6,218,128		6,674,839
Eve Energy Co. Ltd., Class A		1,134,073		10,197,854
FAW Jiefang Group Co. Ltd., Class A		991,587		1,128,506
Ginlong Technologies Co. Ltd., Class A*		191,719		2,688,605
Gongniu Group Co. Ltd., Class A*		84,459		1,796,634
Gotion High-tech Co. Ltd., Class A		1,038,156		3,881,462
Han’s Laser Technology Industry Group Co. Ltd., Class A		822,729		2,792,811
Hoyuan Green Energy Co. Ltd., Class A		193,116		2,095,521
Jiangsu Hengli Hydraulic Co. Ltd., Class A		504,420		3,866,824
Metallurgical Corp. of China Ltd., Class A		7,729,509		4,376,680
Ming Yang Smart Energy Group Ltd., Class A		1,539,060		3,799,401
NARI Technology Co. Ltd., Class A		3,205,676		12,359,233
Ningbo Deye Technology Co. Ltd., Class A		167,940		3,195,868
Ningbo Ronbay New Energy Technology Co. Ltd., Class A		254,643		2,059,398
Power Construction Corp. of China Ltd., Class A		6,582,528		6,131,886
Sany Heavy Industry Co. Ltd., Class A		5,532,637		11,411,586
SF Holding Co. Ltd., Class A		2,259,791		15,027,701
Shanghai International Airport Co. Ltd., Class A*		955,273		6,254,624
Shanghai International Port Group Co. Ltd., Class A		3,298,447		2,442,350
Shanghai M&G Stationery, Inc., Class A		377,178		2,253,344
Shenzhen Inovance Technology Co. Ltd., Class A		1,753,071		14,554,633
Sichuan Road & Bridge Group Co. Ltd., Class A		1,892,000		4,040,662
Spring Airlines Co. Ltd., Class A*		381,195		3,095,728
Sungrow Power Supply Co. Ltd., Class A		961,138		14,873,686
Sunwoda Electronic Co. Ltd., Class A		1,228,858		2,748,733
Suzhou Maxwell Technologies Co. Ltd., Class A		132,712		2,946,151
TBEA Co. Ltd., Class A		3,603,711		11,326,708
Weichai Power Co. Ltd., Class A		5,271,334		8,561,821

	Number of Shares		Value
Industrials (Continued)
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		1,045,260	$	4,941,937
XCMG Construction Machinery Co. Ltd., Class A		5,978,087		5,022,861
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		2,753,824		4,209,717
YTO Express Group Co. Ltd., Class A		1,620,444		3,503,970
Yunda Holding Co. Ltd., Class A		1,311,835		2,101,222
Zhejiang Chint Electrics Co. Ltd., Class A		1,013,592		3,724,111
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		2,030,701		7,415,493
Zhuzhou CRRC Times Electric Co. Ltd., Class A		259,820		1,670,500
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		5,097,353		4,533,526
(Cost $399,290,729)				385,902,857
Information Technology — 16.2%
360 Security Technology, Inc., Class A		2,792,268		5,472,920
Advanced Micro-Fabrication Equipment Inc China, Class A*		416,271		10,138,244
Avary Holding Shenzhen Co. Ltd., Class A		829,059		2,961,070
Beijing Kingsoft Office Software, Inc., Class A*		177,375		10,766,237
BOE Technology Group Co. Ltd., Class A*		38,492,025		21,470,841
Chaozhou Three-Circle Group Co. Ltd., Class A		1,437,758		6,090,612
China Resources Microelectronics Ltd., Class A		707,733		5,914,639
China Zhenhua Group Science & Technology Co. Ltd., Class A		381,600		4,943,415
Flat Glass Group Co. Ltd., Class A		557,658		2,529,235
Foxconn Industrial Internet Co. Ltd., Class A		4,062,031		10,301,684
GigaDevice Semiconductor, Inc., Class A		646,967		10,071,860
Glodon Co. Ltd., Class A		1,306,759		6,303,142
GoerTek, Inc., Class A		2,284,291		5,899,086
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A*		378,953		3,303,809
Hangzhou First Applied Material Co. Ltd., Class A		755,029		3,250,425
Hangzhou Silan Microelectronics Co. Ltd., Class A		921,727		4,137,719
Hundsun Technologies, Inc., Class A		1,479,094		8,828,117
Iflytek Co. Ltd., Class A		1,764,995		14,817,303
Ingenic Semiconductor Co. Ltd., Class A		267,422		3,547,716
Inspur Electronic Information Industry Co. Ltd., Class A*		1,018,475		6,376,514
JA Solar Technology Co. Ltd., Class A		1,300,249		6,576,833
JCET Group Co. Ltd., Class A		1,530,564		6,709,557
Lens Technology Co. Ltd., Class A		2,164,387		3,536,734

See Notes to Financial Statements. 17

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

May 31, 2023

	Number of Shares		Value
Information Technology (Continued)
Lingyi iTech Guangdong Co., Class A*		3,684,504	$	3,261,425
LONGi Green Energy Technology Co. Ltd., Class A		5,639,903		22,837,754
Luxshare Precision Industry Co. Ltd., Class A		4,656,725		17,862,039
Maxscend Microelectronics Co. Ltd., Class A		317,738		3,957,188
Montage Technology Co. Ltd., Class A		784,242		7,030,052
National Silicon Industry Group Co. Ltd., Class A*		1,212,072		3,814,733
NAURA Technology Group Co. Ltd., Class A		252,221		10,753,657
Ninestar Corp., Class A		882,231		4,847,947
Qi An Xin Technology Group, Inc., Class A*		288,523		2,408,800
Sangfor Technologies, Inc., Class A		243,315		4,259,999
SG Micro Corp., Class A		250,177		3,811,752
Shanghai Baosight Software Co. Ltd., Class A		656,730		4,893,237
Shengyi Technology Co. Ltd., Class A		1,537,081		3,295,635
Shennan Circuits Co. Ltd., Class A		299,052		3,291,683
Shenzhen Transsion Holdings Co. Ltd., Class A		329,866		5,828,185
StarPower Semiconductor Ltd., Class A		76,600		2,347,643
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		2,435,856		12,714,468
Thunder Software Technology Co. Ltd., Class A		309,021		4,246,339
Tongwei Co. Ltd., Class A		2,541,189		12,182,426
Trina Solar Co. Ltd., Class A		1,039,996		5,742,645
Unigroup Guoxin Microelectronics Co. Ltd., Class A		665,954		8,622,383
Unisplendour Corp. Ltd., Class A		1,967,086		9,015,609
Will Semiconductor Co. Ltd. Shanghai, Class A		716,738		10,059,357
Wingtech Technology Co. Ltd., Class A		745,126		5,224,179
Wuhan Guide Infrared Co. Ltd., Class A*		1,647,409		2,377,167
Xinjiang Daqo New Energy Co. Ltd., Class A		342,143		2,052,689
Yealink Network Technology Corp. Ltd., Class A*		417,023		3,105,444
Yonyou Network Technology Co. Ltd., Class A		2,000,474		5,587,751
Zhejiang Dahua Technology Co. Ltd., Class A		2,148,859		5,990,146
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		665,072		6,443,038
ZTE Corp., Class A		3,093,425		15,290,554
(Cost $357,314,300)				377,103,636
Materials — 8.9%
Aluminum Corp. of China Ltd., Class A		7,414,467		5,635,922
Anhui Conch Cement Co. Ltd., Class A		2,258,616		7,952,639
Baoshan Iron & Steel Co. Ltd., Class A		8,720,609		7,204,634

	Number of Shares		Value
Materials (Continued)
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		1,856,316	$	6,841,290
Cathay Biotech, Inc., Class A		168,834		1,243,022
China Jushi Co. Ltd., Class A		2,312,309		4,428,223
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		2,019,071		6,768,771
Citic Pacific Special Steel Group Co. Ltd., Class A		984,852		2,088,084
CMOC Group Ltd., Class A		6,792,285		5,000,748
CNGR Advanced Material Co. Ltd., Class A*		178,200		1,441,424
Ganfeng Lithium Group Co. Ltd., Class A		1,044,967		9,102,947
Guangzhou Tinci Materials Technology Co. Ltd., Class A		1,078,638		6,196,987
Hengli Petrochemical Co. Ltd., Class A		1,947,583		4,320,817
Hoshine Silicon Industry Co. Ltd., Class A		218,308		2,066,139
Huafon Chemical Co. Ltd., Class A		2,005,402		1,893,470
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		21,530,727		5,536,019
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		3,265,973		2,014,489
Jiangsu Eastern Shenghong Co. Ltd., Class A		1,819,400		2,975,562
Jiangxi Copper Co. Ltd., Class A		1,094,401		2,844,697
LB Group Co. Ltd., Class A		1,361,850		3,002,203
Ningbo Shanshan Co. Ltd., Class A*		1,039,800		2,156,373
Ningxia Baofeng Energy Group Co. Ltd., Class A		2,093,174		3,573,299
Qinghai Salt Lake Industry Co. Ltd., Class A*		4,977,685		13,141,410
Rongsheng Petrochemical Co. Ltd., Class A		2,802,137		4,567,043
Satellite Chemical Co. Ltd., Class A		1,565,539		2,786,944
Shandong Gold Mining Co. Ltd., Class A		1,825,666		6,476,950
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		1,429,438		5,858,542
Shandong Nanshan Aluminum Co. Ltd., Class A		6,802,390		2,876,841
Shanghai Putailai New Energy Technology Co. Ltd., Class A		946,333		4,722,856
Shanxi Meijin Energy Co. Ltd., Class A		2,448,367		2,466,513
Shenzhen Dynanonic Co. Ltd., Class A		180,000		2,780,962
Tianqi Lithium Corp., Class A*		946,087		9,562,893
Wanhua Chemical Group Co. Ltd., Class A		1,745,314		20,172,051
Xinjiang Tianshan Cement Co. Ltd., Class A		661,551		791,937
YongXing Special Materials Technology Co. Ltd., Class A		249,140		2,214,072
Yunnan Energy New Material Co. Ltd., Class A*		492,074		6,286,047
Zangge Mining Co. Ltd., Class A		606,801		1,959,224

See Notes to Financial Statements. 18

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

May 31, 2023

	Number of Shares		Value
Materials (Continued)
Zhejiang Huayou Cobalt Co. Ltd., Class A		1,172,036	$	7,616,237
Zijin Mining Group Co. Ltd., Class A		13,244,762		19,893,429
(Cost $221,309,984)				208,461,710
Real Estate — 1.5%
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		2,917,224		5,197,288
China Vanke Co. Ltd., Class A		6,241,349		12,487,521
Gemdale Corp., Class A		2,811,636		2,864,078
Greenland Holdings Corp. Ltd., Class A*		3,357,246		1,382,098
Poly Developments and Holdings Group Co. Ltd., Class A		6,609,492		11,831,104
Seazen Holdings Co. Ltd., Class A*		755,843		1,484,659
(Cost $41,773,712)				35,246,748
Utilities — 3.2%
CGN Power Co. Ltd., Class A		8,099,779		3,539,332
China Longyuan Power Group Corp. Ltd., Class A		101,900		297,657
China National Nuclear Power Co. Ltd., Class A		8,884,901		8,788,466
China Three Gorges Renewables Group Co. Ltd., Class A		8,160,900		6,226,237

	Number of Shares		Value
Utilities (Continued)
China Yangtze Power Co. Ltd., Class A		9,281,595	$	29,355,258
ENN Natural Gas Co. Ltd., Class A		884,600		2,406,246
GD Power Development Co. Ltd., Class A*		8,676,453		4,973,821
Huaneng Lancang River Hydropower, Inc., Class A		2,203,200		2,321,683
Huaneng Power International, Inc., Class A*		4,139,242		5,920,472
SDIC Power Holdings Co. Ltd., Class A		3,099,466		5,744,067
Sichuan Chuantou Energy Co. Ltd., Class A		2,012,467		4,213,110
(Cost $61,508,753)				73,786,349
TOTAL COMMON STOCKS (Cost $2,231,885,740)				2,326,704,769
TOTAL INVESTMENTS — 99.7% (Cost $2,231,885,740)			$	2,326,704,769
Other assets and liabilities, net — 0.3%				6,362,559
NET ASSETS — 100.0%			$	2,333,067,328

* Non-income producing security.

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, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	2,326,704,769	$	—	$	—	$	2,326,704,769
TOTAL	$	2,326,704,769	$	—	$	—	$	2,326,704,769

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

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

May 31, 2023

	Number of Shares		Value
COMMON STOCKS — 99.5%
Communication Services — 4.1%
Beijing Enlight Media Co. Ltd., Class A		32,700	$	40,478
Beijing Jetsen Technology Co. Ltd., Class A*		56,500		49,218
Bluefocus Intelligent Communications Group Co. Ltd., Class A		68,800		106,043
China South Publishing & Media Group Co. Ltd., Class A		21,100		40,082
Chinese Universe Publishing and Media Group Co. Ltd., Class A		17,389		39,165
G-bits Network Technology Xiamen Co. Ltd., Class A		1,173		92,273
Inmyshow Digital Technology Group Co. Ltd., Class A		25,300		25,914
Jiangsu Broadcasting Cable Information Network Corp. Ltd., Class A		81,300		40,095
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A		21,700		40,459
Kunlun Tech Co. Ltd., Class A		26,800		216,027
Leo Group Co. Ltd., Class A*		187,695		60,919
NanJi E-Commerce Co. Ltd., Class A		54,400		30,497
Oriental Pearl Group Co. Ltd., Class A		57,000		66,793
People.cn Co. Ltd., Class A		15,500		41,813
Perfect World Co. Ltd., Class A		38,300		98,855
Wanda Film Holding Co. Ltd., Class A*		30,300		52,321
Wasu Media Holding Co. Ltd., Class A		24,500		30,774
(Cost $810,272)				1,071,726
Consumer Discretionary — 6.6%
Anhui Jianghuai Automobile Group Corp. Ltd., Class A		49,300		80,836
Anhui Zhongding Sealing Parts Co. Ltd., Class A		22,800		38,570
Autel Intelligent Technology Corp. Ltd., Class A		7,822		32,630
Beiqi Foton Motor Co. Ltd., Class A*		142,400		62,224
Bethel Automotive Safety Systems Co. Ltd., Class A		7,100		70,638
BTG Hotels Group Co. Ltd., Class A		18,845		52,453
China Grand Automotive Services Group Co. Ltd., Class A*		109,400		31,664
Chow Tai Seng Jewellery Co. Ltd., Class A		12,300		29,189
DongFeng Automobile Co. Ltd., Class A		23,900		18,771
Easyhome New Retail Group Co. Ltd., Class A*		53,200		28,329
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A		9,117		21,059
Hang Zhou Great Star Industrial Co. Ltd., Class A*		20,353		49,444
Hangzhou Robam Appliances Co. Ltd., Class A		13,400		43,981
Hisense Visual Technology Co. Ltd., Class A		22,200		67,687
HLA Group Corp. Ltd., Class A		49,600		48,992
Jason Furniture Hangzhou Co. Ltd., Class A		13,800		68,445

	Number of Shares		Value
Consumer Discretionary (Continued)
Joyoung Co. Ltd., Class A		9,201	$	18,565
Keboda Technology Co. Ltd., Class A		1,500		11,263
KingClean Electric Co. Ltd., Class A		3,800		13,049
Liaoning Cheng Da Co. Ltd., Class A		29,258		54,222
Ninebot Ltd.*		12,408		56,973
Ningbo Huaxiang Electronic Co. Ltd., Class A		15,000		26,598
Ningbo Joyson Electronic Corp., Class A		27,220		60,618
Sailun Group Co. Ltd., Class A*		69,700		101,652
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		52,500		52,447
Shenzhen Kedali Industry Co. Ltd., Class A		3,900		69,652
Shenzhen MTC Co. Ltd., Class A*		63,000		44,170
Sichuan Changhong Electric Co. Ltd., Class A		104,100		66,404
Songcheng Performance Development Co. Ltd., Class A		44,500		79,405
Suofeiya Home Collection Co. Ltd., Class A		17,918		39,324
Tianneng Battery Group Co. Ltd., Class A		4,139		20,441
Wangfujing Group Co. Ltd., Class A		22,330		65,102
Wanxiang Qianchao Co. Ltd., Class A		43,200		31,867
Weifu High-Technology Group Co. Ltd., Class A		15,700		32,978
Wuchan Zhongda Group Co. Ltd., Class A		85,800		62,084
Xiamen Intretech, Inc., Class A		8,630		23,342
Zhejiang Semir Garment Co. Ltd., Class A		24,300		20,691
(Cost $1,845,780)				1,695,759
Consumer Staples — 6.2%
Angel Yeast Co. Ltd., Class A		14,800		75,651
Anhui Kouzi Distillery Co. Ltd., Class A		9,900		75,253
Anjoy Foods Group Co. Ltd., Class A		4,900		106,113
Beijing Dabeinong Technology Group Co. Ltd., Class A		93,962		84,889
Beijing Yanjing Brewery Co. Ltd., Class A		38,800		63,019
Bestore Co. Ltd., Class A*		3,500		13,818
Bright Dairy & Food Co. Ltd., Class A		20,800		32,381
By-health Co. Ltd., Class A		29,000		92,657
C&S Paper Co. Ltd., Class A*		22,400		36,823
Chacha Food Co. Ltd., Class A		8,600		50,206
Chongqing Fuling Zhacai Group Co. Ltd., Class A*		17,738		58,643
COFCO Sugar Holding Co. Ltd., Class A		31,100		35,351
DaShenLin Pharmaceutical Group Co. Ltd., Class A		10,760		49,210
Fujian Sunner Development Co. Ltd., Class A		21,600		57,420
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A		14,500		54,946
Heilongjiang Agriculture Co. Ltd., Class A		21,400		40,200
Juewei Food Co. Ltd., Class A		10,300		55,384
Laobaixing Pharmacy Chain JSC, Class A		8,320		38,155
MeiHua Holdings Group Co. Ltd., Class A		59,600		74,864
Pengdu Agriculture & Animal Husbandry Co. Ltd., Class A*		91,020		24,170

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, 2023

	Number of Shares		Value
Consumer Staples (Continued)
Proya Cosmetics Co. Ltd., Class A		5,698	$	96,135
Shanghai Bailian Group Co. Ltd., Class A		22,300		42,800
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		14,600		69,808
Shanghai Flyco Electrical Appliance Co. Ltd., Class A		1,400		13,001
Shanghai Jahwa United Co. Ltd., Class A		9,664		39,010
Sichuan Teway Food Group Co. Ltd., Class A		9,259		19,709
Tech-Bank Food Co. Ltd., Class A*		41,520		25,260
Toly Bread Co. Ltd., Class A		18,172		26,681
Yantai Changyu Pioneer Wine Co. Ltd., Class A		3,500		14,901
Yifeng Pharmacy Chain Co. Ltd., Class A		10,200		71,112
Yuan Longping High-tech Agriculture Co. Ltd., Class A*		30,454		62,729
(Cost $1,771,562)				1,600,299
Energy — 2.4%
China Merchants Energy Shipping Co. Ltd., Class A		91,000		73,007
China Petroleum Engineering Corp.		51,500		28,727
China Suntien Green Energy Corp. Ltd., Class A		7,600		9,685
CNOOC Energy Technology & Services Ltd., Class A		65,200		30,230
COFCO Capital Holdings Co. Ltd., Class A		26,000		29,371
COSCO SHIPPING Energy Transportation Co. Ltd., Class A*		39,200		61,632
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		21,100		39,341
Jizhong Energy Resources Co. Ltd., Class A		29,400		30,031
Oriental Energy Co. Ltd., Class A		25,900		30,422
Pingdingshan Tianan Coal Mining Co. Ltd., Class A		38,700		43,446
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		33,370		58,514
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		33,700		88,544
Sinopec Oilfield Service Corp., Class A*		128,500		37,373
Yantai Jereh Oilfield Services Group Co. Ltd., Class A*		14,441		49,508
(Cost $480,045)				609,831
Financials — 8.6%
AVIC Industry-Finance Holdings Co. Ltd., Class A		147,400		79,942
Bank of Changsha Co. Ltd., Class A		56,800		64,005
Bank of Guiyang Co. Ltd., Class A		83,700		66,445
Bank of Lanzhou Co. Ltd., Class A		21,500		8,670
Bank of Qingdao Co. Ltd., Class A*		51,270		23,628
Bank of Suzhou Co. Ltd., Class A		105,210		100,520
Bank of Xi’an Co. Ltd., Class A		38,500		20,447
Bank of Zhengzhou Co. Ltd., Class A*		146,906		47,681
BOC International China Co. Ltd., Class A		47,300		72,306
Caida Securities Co. Ltd., Class A		36,900		38,521

	Number of Shares		Value
Financials (Continued)
Caitong Securities Co. Ltd., Class A		91,525	$	96,190
Changjiang Securities Co. Ltd., Class A		108,798		91,872
China Great Wall Securities Co. Ltd., Class A*		33,700		40,011
Chinalin Securities Co. Ltd., Class A		8,800		16,519
Chongqing Rural Commercial Bank Co. Ltd., Class A		179,600		99,676
Dongxing Securities Co. Ltd., Class A		54,700		62,945
First Capital Securities Co. Ltd., Class A		96,400		79,507
Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A		41,755		39,659
Guolian Securities Co. Ltd., Class A		33,700		45,455
Guosheng Financial Holding, Inc., Class A*		33,787		38,214
Guoyuan Securities Co. Ltd., Class A		73,800		69,474
Huaan Securities Co. Ltd., Class A		80,715		55,570
Huaxi Securities Co. Ltd., Class A		44,500		51,895
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		78,955		78,652
Jiangsu Financial Leasing Co. Ltd., Class A*		34,100		30,232
Minmetals Capital Co. Ltd., Class A		63,800		50,110
Nanjing Securities Co. Ltd., Class A		63,700		76,344
Polaris Bay Group Co. Ltd., Class A*		30,300		26,395
Qilu Bank Co. Ltd., Class A		64,100		36,656
Qingdao Rural Commercial Bank Corp., Class A		109,200		42,500
Sealand Securities Co. Ltd., Class A		110,370		52,880
Shaanxi International Trust Co. Ltd., Class A*		61,990		28,045
Shanxi Securities Co. Ltd., Class A		62,240		50,895
Sinolink Securities Co. Ltd., Class A		64,200		79,198
SooChow Securities Co. Ltd., Class A		113,220		114,378
Southwest Securities Co. Ltd., Class A		96,600		50,491
Tianfeng Securities Co. Ltd., Class A		198,500		83,670
Western Securities Co. Ltd., Class A		77,300		70,379
Xiamen Bank Co. Ltd., Class A		37,300		29,192
Yongan Futures Co. Ltd., Class A		5,300		12,637
(Cost $2,688,044)				2,221,806
Health Care — 11.5%
Anhui Anke Biotechnology Group Co. Ltd., Class A		33,808		47,787
Apeloa Pharmaceutical Co. Ltd., Class A		16,700		43,526
Autobio Diagnostics Co. Ltd., Class A		6,700		53,461
Beijing Tiantan Biological Products Corp. Ltd., Class A		23,400		91,729
Betta Pharmaceuticals Co. Ltd., Class A*		7,000		55,441
BGI Genomics Co. Ltd., Class A		7,000		57,920
CanSino Biologics, Inc., Class A		1,875		23,449
China Animal Husbandry Industry Co. Ltd., Class A		14,757		25,607
China Meheco Co. Ltd., Class A		21,021		40,759
China National Medicines Corp. Ltd., Class A		10,633		59,759
China Resources Double Crane Pharmaceutical Co. Ltd., Class A		11,849		31,082

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, 2023

	Number of Shares		Value
Health Care (Continued)
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		11,318	$	103,873
Contec Medical Systems Co. Ltd., Class A*		4,400		16,011
Daan Gene Co. Ltd., Class A*		27,718		47,668
Dian Diagnostics Group Co. Ltd., Class A		13,940		50,043
Double Medical Technology, Inc., Class A*		1,600		7,646
Guangzhou Wondfo Biotech Co. Ltd., Class A		7,540		31,867
Hainan Poly Pharm Co. Ltd., Class A		7,399		20,231
Haisco Pharmaceutical Group Co. Ltd., Class A		6,600		22,988
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A*		10,600		47,227
Humanwell Healthcare Group Co. Ltd., Class A		32,000		118,068
Intco Medical Technology Co. Ltd., Class A		12,920		41,462
iRay Technology Co. Ltd., Class A		1,363		53,752
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		17,085		80,201
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A		26,400		62,836
Jinyu Bio-Technology Co. Ltd., Class A		31,804		45,803
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		32,556		62,804
Joinn Laboratories China Co. Ltd., Class A		6,240		39,646
Jointown Pharmaceutical Group Co. Ltd., Class A		26,300		59,936
Lepu Medical Technology Beijing Co. Ltd., Class A		37,200		129,100
Livzon Pharmaceutical Group, Inc., Class A*		10,762		59,245
Maccura Biotechnology Co. Ltd., Class A		11,800		27,091
Micro-Tech Nanjing Co. Ltd., Class A		2,621		32,716
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		13,574		25,824
Porton Pharma Solutions Ltd., Class A		10,600		45,812
Sansure Biotech, Inc., Class A		8,028		20,439
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		15,800		50,327
Shandong Pharmaceutical Glass Co. Ltd., Class A		14,938		54,360
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		30,900		101,809
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A		11,300		18,846
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		9,000		75,758
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		16,100		79,333
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		23,600		95,000
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		32,100		139,680
Tasly Pharmaceutical Group Co. Ltd., Class A		25,700		56,981

	Number of Shares		Value
Health Care (Continued)
Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A		59,300	$	53,157
Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class A		8,462		65,023
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		40,600		65,601
Winner Medical Co. Ltd., Class A*		3,600		29,752
Winning Health Technology Group Co. Ltd., Class A		48,300		67,456
Yifan Pharmaceutical Co. Ltd., Class A*		20,500		45,250
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		25,020		64,859
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		12,717		52,049
Zhejiang Medicine Co. Ltd., Class A		18,600		29,531
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		10,400		55,717
(Cost $3,032,502)				2,983,298
Industrials — 14.8%
AECC Aero-Engine Control Co. Ltd., Class A		25,900		86,537
AVICOPTER PLC, Class A		9,500		52,163
Beijing Bei Mo Gao Ke Friction Material Co. Ltd., Class A*		7,659		46,520
Beijing Easpring Material Technology Co. Ltd., Class A*		11,500		79,239
Beijing Originwater Technology Co. Ltd., Class A		72,600		56,817
Beijing United Information Technology Co. Ltd., Class A*		9,855		63,487
Bohai Leasing Co. Ltd., Class A*		64,800		19,939
Centre Testing International Group Co. Ltd., Class A		47,900		125,584
China Baoan Group Co. Ltd., Class A		60,280		102,397
China First Heavy Industries Co. Ltd., Class A*		93,800		44,809
China International Marine Containers Group Co. Ltd., Class A		57,080		54,776
China Merchants Port Group Co. Ltd., Class A*		7,000		16,563
China Railway Hi-tech Industry Co. Ltd., Class A		41,300		59,363
China Southern Power Grid Energy Efficiency&Clean Energy Co. Ltd., Class A		34,500		29,715
China XD Electric Co. Ltd., Class A		62,200		46,843
CITIC Heavy Industries Co. Ltd., Class A		62,800		35,824
CMST Development Co. Ltd., Class A		25,100		19,961
COSCO SHIPPING Development Co. Ltd., Class A		107,800		37,866
Deppon Logistics Co. Ltd., Class A*		8,900		18,345
Dongguan Yiheda Automation Co. Ltd., Class A		3,720		22,506
East Group Co. Ltd., Class A		35,300		34,917
Eastern Air Logistics Co. Ltd., Class A		13,200		25,001
Eternal Asia Supply Chain Management Ltd., Class A		51,700		36,611

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, 2023

	Number of Shares		Value
Industrials (Continued)
Fangda Carbon New Material Co. Ltd., Class A*		66,800	$	59,317
Farasis Energy Gan Zhou Co. Ltd., Class A*		20,706		61,298
GoodWe Technologies Co. Ltd., Class A		1,964		64,362
Guangshen Railway Co. Ltd., Class A*		112,600		53,949
Guangzhou Port Co. Ltd., Class A*		33,500		15,109
Hefei Meiya Optoelectronic Technology, Inc., Class A		11,500		40,087
Hongfa Technology Co. Ltd., Class A		24,012		102,158
Infore Environment Technology Group Co. Ltd., Class A		45,500		33,051
Jiangsu Expressway Co. Ltd., Class A		16,300		21,871
Jihua Group Corp. Ltd., Class A*		79,600		33,664
Juneyao Airlines Co. Ltd., Class A*		19,040		42,000
Kaishan Group Co. Ltd., Class A*		12,351		25,631
Keda Industrial Group Co. Ltd., Class A		39,100		58,289
Kuang-Chi Technologies Co. Ltd., Class A		48,300		107,767
Liaoning Port Co. Ltd., Class A		227,320		50,144
Luoyang Xinqianglian Slewing Bearing Co. Ltd., Class A		5,300		27,188
Ningbo Orient Wires & Cables Co. Ltd., Class A		11,800		81,239
North Industries Group Red Arrow Co. Ltd., Class A		24,247		61,323
Pylon Technologies Co. Ltd., Class A		2,465		68,444
Qingdao Port International Co. Ltd., Class A		24,200		24,651
Qingdao TGOOD Electric Co. Ltd., Class A*		21,581		66,406
Riyue Heavy Industry Co. Ltd., Class A		15,100		45,190
Shandong Himile Mechanical Science & Technology Co. Ltd., Class A		12,500		58,327
Shandong Hi-speed Co. Ltd., Class A		21,900		22,154
Shanghai Construction Group Co. Ltd., Class A		157,700		58,495
Shanghai Tunnel Engineering Co. Ltd., Class A		65,100		55,247
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class A*		11,700		18,855
Shanxi Coal International Energy Group Co. Ltd., Class A		27,800		52,653
Shenzhen Airport Co. Ltd., Class A		31,600		30,724
Siasun Robot & Automation Co. Ltd., Class A*		38,400		84,599
Sichuan New Energy Power Co. Ltd.*		20,900		41,141
Sieyuan Electric Co. Ltd., Class A		17,580		116,932
Sinochem International Corp., Class A		39,900		33,412
Sinoma International Engineering Co., Class A		33,050		61,761
Sinotrans Ltd., Class A		44,100		29,123
State Grid Yingda Co. Ltd., Class A		51,700		40,461
STO Express Co. Ltd., Class A*		21,800		30,599
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A*		49,200		32,214
TangShan Port Group Co. Ltd., Class A		92,174		47,529
Tian Di Science & Technology Co. Ltd., Class A		54,600		41,733

	Number of Shares		Value
Industrials (Continued)
Titan Wind Energy Suzhou Co. Ltd., Class A		25,700	$	56,186
Wolong Electric Group Co. Ltd., Class A		27,139		45,910
Xiamen C & D, Inc., Class A		42,100		68,675
Xiamen ITG Group Corp. Ltd., Class A		42,548		55,357
Xuji Electric Co. Ltd., Class A		20,400		66,498
Yantai Eddie Precision Machinery Co. Ltd., Class A		11,240		28,237
Yutong Bus Co. Ltd., Class A		40,500		73,919
Zhefu Holding Group Co. Ltd., Class A		64,600		36,942
Zhejiang HangKe Technology, Inc. Co., Class A		3,565		20,767
Zhejiang Wanliyang Co. Ltd., Class A*		24,000		26,977
Zhejiang Weiming Environment Protection Co. Ltd., Class A		14,588		37,120
Zhejiang Weixing New Building Materials Co. Ltd., Class A		18,680		50,681
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A		27,000		47,193
Zhongshan Broad Ocean Motor Co. Ltd., Class A		50,500		37,464
Zhuhai CosMX Battery Co. Ltd., Class A*		3,222		8,447
Zhuzhou Kibing Group Co. Ltd., Class A*		45,300		51,428
(Cost $4,052,995)				3,826,681
Information Technology — 19.7%
Accelink Technologies Co. Ltd., Class A		12,922		50,346
Addsino Co. Ltd., Class A		37,000		50,530
Aisino Corp., Class A		33,100		66,877
Amlogic Shanghai Co. Ltd., Class A*		8,279		104,423
Anker Innovations Technology Co. Ltd., Class A		5,700		59,256
Arcsoft Corp. Ltd., Class A		6,133		43,525
Beijing E-Hualu Information Technology Co. Ltd., Class A*		11,240		58,370
Beijing Shiji Information Technology Co. Ltd., Class A		17,915		49,059
Beijing Sinnet Technology Co. Ltd., Class A*		40,200		66,819
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A		4,000		34,232
Beijing Zhong Ke San Huan High-Tech Co. Ltd., Class A		27,900		46,296
Cambricon Technologies Corp. Ltd., Class A*		5,766		205,931
CETC Cyberspace Security Technology Co. Ltd., Class A		16,904		70,302
China National Software & Service Co. Ltd., Class A		11,260		96,079
China Railway Signal & Communication Corp. Ltd., Class A		83,746		70,129
China TransInfo Technology Co. Ltd., Class A*		32,200		60,579
DHC Software Co. Ltd., Class A		67,400		69,793
Everdisplay Optronics Shanghai Co. Ltd., Class A*		132,669		50,143
Fiberhome Telecommunication Technologies Co. Ltd., Class A		22,400		61,530

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, 2023

	Number of Shares		Value
Information Technology (Continued)
Fujian Star-net Communication Co. Ltd., Class A		14,100	$	41,900
GCL System Integration Technology Co. Ltd., Class A*		121,100		49,684
GRG Banking Equipment Co. Ltd., Class A		37,700		66,106
Guangdong Fenghua Advanced Technology Holding Co. Ltd., Class A		23,600		52,059
Guangzhou Haige Communications Group, Inc. Co., Class A		56,400		79,482
Hangzhou Chang Chuan Technology Co. Ltd., Class A		10,500		74,517
Hangzhou Lion Electronics Co. Ltd., Class A*		13,500		77,276
Hengdian Group DMEGC Magnetics Co. Ltd., Class A		23,400		59,574
Hengtong Optic-electric Co. Ltd., Class A		56,100		113,978
Huagong Tech Co. Ltd., Class A		29,159		142,123
IRICO Display Devices Co. Ltd., Class A*		44,300		29,005
Jiangsu Pacific Quartz Co. Ltd., Class A		5,100		81,538
Leyard Optoelectronic Co. Ltd., Class A		60,200		58,109
Longshine Technology Group Co. Ltd., Class A		15,100		43,090
MLS Co. Ltd., Class A		25,673		32,897
Neusoft Corp., Class A		25,900		38,392
Newland Digital Technology Co. Ltd., Class A		24,040		62,826
PCI Technology Group Co. Ltd., Class A		40,950		41,138
Raytron Technology Co. Ltd., Class A		10,257		71,553
Rockchip Electronics Co. Ltd., Class A		4,800		59,113
Shanghai 2345 Network Holding Group Co. Ltd., Class A		166,948		69,432
Shanghai Belling Co. Ltd., Class A		16,700		43,338
Shanghai Friendess Electronic Technology Corp. Ltd., Class A*		1,180		33,134
Shanghai Fudan Microelectronics Group Co. Ltd., Class A		7,657		61,409
Shenzhen Aisidi Co. Ltd., Class A		21,900		23,600
Shenzhen Everwin Precision Technology Co. Ltd., Class A*		24,636		46,556
Shenzhen Goodix Technology Co. Ltd., Class A		8,000		57,415
Shenzhen Huaqiang Industry Co. Ltd., Class A		10,840		18,078
Shenzhen Kaifa Technology Co. Ltd., Class A		29,200		93,911
Shenzhen Kinwong Electronic Co. Ltd., Class A		10,220		37,134
Shenzhen SC New Energy Technology Corp., Class A		7,900		106,148
Shenzhen Sunlord Electronics Co. Ltd., Class A		23,300		75,787
Shenzhen Sunway Communication Co. Ltd., Class A		28,600		78,038
Sinosoft Co. Ltd., Class A		11,020		59,797
State Grid Information & Communication Co. Ltd., Class A		13,900		39,236
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		38,800		138,523

	Number of Shares		Value
Information Technology (Continued)
Taiji Computer Corp. Ltd., Class A		11,919	$	65,479
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		11,200		48,453
Tianma Microelectronics Co. Ltd., Class A*		35,900		48,777
Tianshui Huatian Technology Co. Ltd., Class A		74,700		102,017
TongFu Microelectronics Co. Ltd., Class A		25,900		90,139
Topsec Technologies Group, Inc., Class A		33,680		49,735
Universal Scientific Industrial Shanghai Co. Ltd., Class A		19,500		38,522
Venustech Group, Inc., Class A		19,300		85,555
Verisilicon Microelectronics Shanghai Co. Ltd., Class A*		7,222		94,734
Wangsu Science & Technology Co. Ltd., Class A*		71,700		76,665
Wonders Information Co. Ltd., Class A*		34,594		65,570
Wuhan DR Laser Technology Corp. Ltd., Class A		2,400		33,738
Wuhu Token Science Co. Ltd., Class A		70,700		62,384
Wuxi Taiji Industry Co. Ltd., Class A		45,300		45,508
Xiamen Faratronic Co. Ltd., Class A		3,900		73,427
Yangling Metron New Material, Inc., Class A		5,500		33,569
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., Class A		3,700		18,284
Yangzhou Yangjie Electronic Technology Co. Ltd., Class A*		7,500		43,416
Zhejiang Crystal-Optech Co. Ltd., Class A		40,862		67,919
Zhejiang Supcon Technology Co. Ltd., Class A		10,081		146,500
Zhongji Innolight Co. Ltd., Class A*		16,300		246,197
(Cost $4,804,157)				5,106,703
Materials — 19.7%
ADAMA Ltd., Class A		13,100		15,480
Angang Steel Co. Ltd., Class A		72,000		28,528
BBMG Corp., Class A		123,200		37,736
Beijing Haixin Energy Technology Co. Ltd., Class A		48,300		24,363
Beijing Shougang Co. Ltd., Class A		42,400		21,209
Bluestar Adisseo Co., Class A		11,900		13,427
Chengzhi Co. Ltd., Class A*		17,409		19,300
Chifeng Jilong Gold Mining Co. Ltd., Class A*		38,200		86,037
China Hainan Rubber Industry Group Co. Ltd., Class A		57,000		36,039
China Rare Earth Resources And Technology Co. Ltd., Class A*		16,800		73,646
Chongqing Iron & Steel Co. Ltd., Class A*		199,300		39,203
COFCO Biotechnology Co. Ltd., Class A		33,485		37,262
CSG Holding Co. Ltd., Class A		40,161		34,421
Do-Fluoride New Materials Co. Ltd., Class A		30,240		84,977
Fangda Special Steel Technology Co. Ltd., Class A		42,646		27,443
Fushun Special Steel Co. Ltd., Class A*		44,800		56,273

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, 2023

	Number of Shares		Value
Materials (Continued)
Gansu Jiu Steel Group Hongxing Iron & Steel Co. Ltd., Class A*		101,400	$	22,510
GEM Co. Ltd., Class A		146,500		137,294
Guangdong HEC Technology Holding Co. Ltd., Class A		42,805		43,362
Guangdong Hongda Holdings Group Co. Ltd., Class A		14,900		62,156
Hainan Mining Co. Ltd., Class A		18,100		16,607
Hangzhou Iron & Steel Co., Class A		48,810		31,272
Hangzhou Oxygen Plant Group Co. Ltd., Class A		11,400		57,230
Haohua Chemical Science & Technology Co. Ltd., Class A		8,000		43,815
Hengyi Petrochemical Co. Ltd., Class A		60,800		57,236
Hesteel Co. Ltd., Class A		115,800		37,259
Hongda Xingye Co. Ltd., Class A*		69,678		20,070
Huabao Flavours & Fragrances Co. Ltd., Class A		3,900		12,110
Huaibei Mining Holdings Co. Ltd., Class A		28,200		51,866
Huaxin Cement Co. Ltd., Class A		19,272		34,416
Hubei Xingfa Chemicals Group Co. Ltd., Class A		21,820		65,577
Hunan Changyuan Lico Co. Ltd., Class A*		22,249		35,730
Hunan Gold Corp. Ltd., Class A		24,600		47,767
Hunan Valin Steel Co. Ltd., Class A		116,520		79,566
Inner Mongolia Dazhong Mining Co. Ltd., Class A		13,100		21,002
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A		71,300		66,719
Jiangsu Yangnong Chemical Co. Ltd., Class A		5,400		62,966
Jiangsu Yoke Technology Co. Ltd., Class A		8,196		84,329
Jiangsu Zhongnan Construction Group Co. Ltd., Class A		5,303		33,373
Jinduicheng Molybdenum Co. Ltd., Class A		27,900		42,689
Kingfa Sci & Tech Co. Ltd., Class A		52,400		62,654
Lianhe Chemical Technology Co. Ltd., Class A		21,559		33,108
Luxi Chemical Group Co. Ltd., Class A		32,800		48,759
Maanshan Iron & Steel Co. Ltd., Class A		72,500		27,402
Nanjing Hanrui Cobalt Co. Ltd., Class A		6,200		29,086
Nanjing Iron & Steel Co. Ltd., Class A		88,300		42,058
ORG Technology Co. Ltd., Class A		53,550		34,385
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*		121,800		68,111
Red Avenue New Materials Group Co. Ltd., Class A		5,100		25,739
Rising Nonferrous Metals Share Co. Ltd., Class A*		5,800		28,628
Sansteel Minguang Co. Ltd. Fujian, Class A		34,450		20,958
Shaanxi Beiyuan Chemical Industry Group Co. Ltd., Class A		38,590		29,984
Shandong Iron and Steel Co. Ltd., Class A		171,730		34,987
Shandong Sinocera Functional Material Co. Ltd., Class A		22,700		86,115

	Number of Shares		Value
Materials (Continued)
Shandong Sun Paper Industry JSC Ltd., Class A		46,300	$	68,175
Shanghai Huayi Group Co. Ltd., Class A		20,600		17,858
Shanxi Taigang Stainless Steel Co. Ltd., Class A		63,700		35,621
Shanying International Holding Co. Ltd., Class A		94,700		29,538
Shenghe Resources Holding Co. Ltd., Class A		39,390		70,730
Shenzhen Capchem Technology Co. Ltd., Class A		14,580		96,323
Shenzhen Jinjia Group Co. Ltd., Class A		29,000		28,441
Shenzhen Senior Technology Material Co. Ltd., Class A		29,000		65,927
Shenzhen YUTO Packaging Technology Co. Ltd., Class A		11,140		37,033
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A		76,200		50,534
Shinghwa Advanced Material Group Co. Ltd., Class A		4,000		35,688
Sichuan Hebang Biotechnology Co. Ltd., Class A*		174,080		57,478
Sichuan Yahua Industrial Group Co. Ltd., Class A		32,600		82,356
Sinoma Science & Technology Co. Ltd., Class A		18,900		51,570
Sinomine Resource Group Co. Ltd., Class A		14,420		108,597
Skshu Paint Co. Ltd., Class A*		4,200		52,756
Suzhou Nanomicro Technology Co. Ltd., Class A*		4,711		29,905
Canmax Technologies Co. Ltd., Class A		14,040		66,006
Tangshan Jidong Cement Co. Ltd., Class A		29,481		31,936
Tangshan Sanyou Chemical Industries Co. Ltd., Class A*		34,400		25,327
Tianshan Aluminum Group Co. Ltd., Class A		65,000		57,537
Tongkun Group Co. Ltd., Class A		47,000		79,640
Tongling Nonferrous Metals Group Co. Ltd., Class A*		210,300		85,689
Transfar Zhilian Co. Ltd., Class A		39,000		29,809
Weihai Guangwei Composites Co. Ltd., Class A		14,400		59,261
Western Mining Co. Ltd., Class A		53,100		76,548
Western Superconducting Technologies Co. Ltd., Class A		9,318		101,608
Xiamen Tungsten Co. Ltd., Class A*		24,120		61,204
Xinfengming Group Co. Ltd., Class A		21,116		31,152
Xinjiang Zhongtai Chemical Co. Ltd., Class A*		58,200		54,052
Xinxing Ductile Iron Pipes Co. Ltd., Class A		67,250		40,630
Xinyu Iron & Steel Co. Ltd., Class A		53,700		28,444
Yintai Gold Co. Ltd., Class A		48,208		87,716
Youngy Co. Ltd., Class A*		5,900		50,990
Yunnan Aluminium Co. Ltd., Class A		58,200		98,946

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, 2023

	Number of Shares		Value
Materials (Continued)
Yunnan Chihong Zinc & Germanium Co. Ltd., Class A		101,400	$	73,515
Yunnan Copper Co. Ltd., Class A		34,500		52,836
Yunnan Tin Co. Ltd., Class A		27,630		55,204
Yunnan Yuntianhua Co. Ltd., Class A		36,000		84,269
Zhejiang Hailiang Co. Ltd., Class A		34,500		57,538
Zhejiang Juhua Co. Ltd., Class A		38,490		71,115
Zhejiang Longsheng Group Co. Ltd., Class A		74,900		99,975
Zhejiang Sanmei Chemical Industry Co. Ltd., Class A*		7,060		24,155
Zhejiang Yongtai Technology Co. Ltd., Class A		17,400		40,314
Zhongjin Gold Corp. Ltd., Class A		87,000		137,274
Zibo Qixiang Tengda Chemical Co. Ltd., Class A*		48,521		43,017
(Cost $5,752,487)				5,098,476
Real Estate — 2.6%
Beijing Capital Development Co. Ltd., Class A		37,300		20,963
China Green Electricity Investment of Tianjin Co. Ltd., Class A		16,000		26,729
China Merchants Property Operation & Service Co. Ltd., Class A		12,000		24,465
Financial Street Holdings Co. Ltd., Class A		33,200		21,318
Grandjoy Holdings Group Co. Ltd., Class A*		37,300		19,077
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		35,500		42,048
Jiangsu Zhongnan Construction Group Co. Ltd., Class A*		57,100		10,991
Jinke Properties Group Co. Ltd., Class A*		113,600		14,205
Nanjing Gaoke Co. Ltd., Class A		33,608		31,024
Red Star Macalline Group Corp. Ltd., Class A		28,600		19,047
RiseSun Real Estate Development Co. Ltd., Class A*(a)		63,000		10,357
Shanghai Lingang Holdings Corp. Ltd., Class A		27,600		50,800
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		24,100		34,302
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		21,800		44,474
Xiangcai Co. Ltd., Class A		24,100		27,360

	Number of Shares		Value
Real Estate (Continued)
Xinhu Zhongbao Co. Ltd., Class A*		120,500	$	45,544
Youngor Group Co. Ltd., Class A		76,700		74,035
Zhejiang China Commodities City Group Co. Ltd., Class A		77,200		89,270
Zhongtian Financial Group Co. Ltd., Class A*(a)		139,200		7,823
Zhuhai Huafa Properties Co. Ltd., Class A		47,940		66,347
(Cost $880,322)				680,179
Utilities — 3.3%
Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A*		125,990		54,345
CECEP Solar Energy Co. Ltd., Class A		66,100		64,918
CECEP Wind-Power Corp., Class A*		109,830		59,411
Chengdu Xingrong Environment Co. Ltd., Class A		52,300		40,857
Chongqing Gas Group Corp. Ltd., Class A		10,100		10,388
Chongqing Water Group Co. Ltd., Class A		19,900		15,602
Datang International Power Generation Co. Ltd., Class A*		75,800		39,086
Huadian Power International Corp. Ltd., Class A		92,900		93,066
Hubei Energy Group Co. Ltd., Class A		55,800		37,240
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A		93,100		54,417
Jinko Power Technology Co. Ltd., Class A		49,100		32,494
Luenmei Quantum Co. Ltd., Class A		27,450		27,847
Shanghai Electric Power Co. Ltd., Class A		31,700		52,022
Shenergy Co. Ltd., Class A		69,749		69,874
Shenzhen Energy Group Co. Ltd., Class A		52,960		51,418
Shenzhen Gas Corp. Ltd., Class A		18,700		19,154
Wintime Energy Co. Ltd.*		632,200		132,351
Zhejiang Provincial New Energy Investment Group Co. Ltd., Class A		5,900		10,105
(Cost $820,416)				864,595
TOTAL COMMON STOCKS (Cost $26,938,582)				25,759,353
TOTAL INVESTMENTS — 99.5% (Cost $26,938,582)			$	25,759,353
Other assets and liabilities, net — 0.5%				120,138
NET ASSETS — 100.0%			$	25,879,491

* Non-income producing security.

(a) Investment was valued using significant unobservable inputs.

JSC: Joint Stock Company

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, 2023

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, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (b)	$	25,741,173	$	—	$	18,180	$	25,759,353
TOTAL	$	25,741,173	$	—	$	18,180	$	25,759,353

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

During the year ended May 31, 2023, the amount of transfers from Level 1 to Level 3 was $82,121. 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. 27

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF

May 31, 2023

	Number of Shares		Value
COMMON STOCKS — 48.4%
Communication Services — 10.8%
Autohome, Inc., ADR		152	$	4,350
Baidu, Inc., Class A*		4,588		69,978
Bilibili, Inc., Class Z*(a)		366		5,961
China Literature Ltd., 144A*(a)		934		3,532
China Ruyi Holdings Ltd.*(a)		10,742		2,401
China Tower Corp. Ltd., Class H, 144A		93,077		10,225
iQIYI, Inc., ADR*		726		2,948
JOYY, Inc., ADR		99		2,455
Kanzhun Ltd., ADR*		373		5,174
Kingsoft Corp. Ltd.*(a)		1,965		7,141
Kuaishou Technology, 144A*		4,649		31,475
NetEase, Inc.		4,009		67,907
Tencent Holdings Ltd.		12,635		501,317
Tencent Music Entertainment Group, ADR*		1,551		10,764
Weibo Corp., ADR*		151		2,110
(Cost $921,274)				727,738
Consumer Discretionary — 15.6%
Alibaba Group Holding Ltd.*		33,550		333,861
ANTA Sports Products Ltd.		2,509		25,624
Bosideng International Holdings Ltd.		6,935		2,879
BYD Co. Ltd., Class H		1,991		60,125
China Meidong Auto Holdings Ltd.		1,633		2,103
China Tourism Group Duty Free Corp. Ltd., Class H, 144A*		133		2,117
Chow Tai Fook Jewellery Group Ltd. (a)		3,914		6,930
Dongfeng Motor Group Co. Ltd., Class H		6,612		2,863
East Buy Holding Ltd., 144A*(a)		749		2,779
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		1,228		4,471
Geely Automobile Holdings Ltd.		12,792		14,886
Great Wall Motor Co. Ltd., Class H*		4,769		4,898
Guangzhou Automobile Group Co. Ltd., Class H		6,438		3,693
H World Group Ltd., ADR*		414		15,161
Haidilao International Holding Ltd., 144A*(a)		3,400		7,158
Haier Smart Home Co. Ltd., Class H		4,861		13,940
JD.com, Inc., Class A		4,750		76,393
Jiumaojiu International Holdings Ltd., 144A (a)		1,567		2,682
Li Auto, Inc., Class A*		2,325		33,591
Li Ning Co. Ltd.		4,818		25,849
Meituan, Class B, 144A*		10,290		144,855
MINISO Group Holding Ltd., ADR		150		2,280
Minth Group Ltd.		1,607		4,019
New Oriental Education & Technology Group, Inc.*		3,234		12,352
NIO, Inc., ADR*(a)		2,794		21,039
PDD Holdings, Inc., ADR*		1,030		67,280
Pop Mart International Group Ltd., 144A		1,200		2,637
Shenzhou International Group Holdings Ltd.		1,756		14,222
TAL Education Group, ADR*		917		4,979
Tongcheng Travel Holdings Ltd.*		2,610		5,208
Topsports International Holdings Ltd., 144A		4,063		3,156

	Number of Shares		Value
Consumer Discretionary (Continued)
TravelSky Technology Ltd., Class H		2,082	$	3,798
Trip.Com Group Ltd.*		1,150		36,902
Vipshop Holdings Ltd., ADR*		731		10,468
XPeng, Inc., Class A*(a)		2,000		7,933
Xtep International Holdings Ltd.		2,814		2,829
Yadea Group Holdings Ltd., 144A (a)		2,300		4,583
Yum China Holdings, Inc.		852		48,104
Zhongsheng Group Holdings Ltd.		1,304		4,814
(Cost $1,782,013)				1,043,461
Consumer Staples — 2.1%
Alibaba Health Information Technology Ltd.*		9,807		5,813
Anhui Gujing Distillery Co. Ltd., Class B		255		4,180
China Feihe Ltd., 144A		7,800		4,534
China Mengniu Dairy Co. Ltd.*		6,501		25,246
China Resources Beer Holdings Co. Ltd.		3,299		20,818
Dali Foods Group Co. Ltd., 144A		6,297		2,099
Hengan International Group Co. Ltd.		1,429		6,079
JD Health International, Inc., 144A*		2,378		14,657
Nongfu Spring Co. Ltd., Class H, 144A		3,624		19,443
Ping An Healthcare and Technology Co. Ltd., 144A*(a)		1,068		2,464
Smoore International Holdings Ltd., 144A (a)		3,823		3,848
Tingyi Cayman Islands Holding Corp.		4,364		6,545
Tsingtao Brewery Co. Ltd., Class H		1,322		11,382
Uni-President China Holdings Ltd.*		3,308		2,874
Vinda International Holdings Ltd.		923		2,221
Want Want China Holdings Ltd.		10,633		7,117
Yihai International Holding Ltd.*(a)		1,030		2,284
(Cost $183,736)				141,604
Energy — 1.5%
China Coal Energy Co. Ltd., Class H		4,365		3,301
China Oilfield Services Ltd., Class H		4,138		4,218
China Petroleum & Chemical Corp., Class H		50,966		32,097
China Shenhua Energy Co. Ltd., Class H		6,923		21,888
COSCO SHIPPING Energy Transportation Co. Ltd., Class H*		2,000		1,689
PetroChina Co. Ltd., Class H		43,354		28,023
Yankuang Energy Group Co. Ltd., Class H (a)		3,230		8,186
(Cost $82,133)				99,402
Financials — 8.2%
Agricultural Bank of China Ltd., Class H		59,901		22,573
Bank of China Ltd., Class H		161,826		63,463
Bank of Communications Co. Ltd., Class H		17,815		11,492
China Cinda Asset Management Co. Ltd., Class H		23,162		2,574
China CITIC Bank Corp. Ltd., Class H		19,670		10,352
China Construction Bank Corp., Class H		195,973		125,421
China Everbright Bank Co. Ltd., Class H*		6,519		2,007
China Galaxy Securities Co. Ltd., Class H		7,669		4,134
China International Capital Corp. Ltd., Class H, 144A		3,289		6,016
China Life Insurance Co. Ltd., Class H		15,304		25,845

See Notes to Financial Statements. 28

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
Financials (Continued)
China Merchants Bank Co. Ltd., Class H		8,026	$	37,319
China Minsheng Banking Corp. Ltd., Class H		12,739		5,045
China Pacific Insurance Group Co. Ltd., Class H		5,412		13,689
China Taiping Insurance Holdings Co. Ltd.		3,564		3,715
CITIC Securities Co. Ltd., Class H		3,772		6,948
Far East Horizon Ltd.		2,663		2,232
GF Securities Co. Ltd., Class H		2,419		3,362
Haitong Securities Co. Ltd., Class H		6,688		4,443
Huatai Securities Co. Ltd., Class H, 144A		3,188		3,987
Industrial & Commercial Bank of China Ltd., Class H		114,912		61,506
Lufax Holding Ltd., ADR		1,461		1,870
New China Life Insurance Co. Ltd., Class H		1,692		4,377
People’s Insurance Co. Group of China Ltd., Class H		18,269		6,908
PICC Property & Casualty Co. Ltd., Class H		14,680		17,496
Ping An Insurance Group Co. of China Ltd., Class H		12,886		81,811
Postal Savings Bank of China Co. Ltd., Class H, 144A		17,372		10,918
Qifu Technology, Inc., ADR		284		3,905
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*		1,509		4,250
(Cost $725,977)				547,658
Health Care — 2.7%
3SBio, Inc., 144A		3,368		3,407
Akeso, Inc., 144A*(a)		1,000		4,458
BeiGene Ltd.*		1,321		22,477
China Medical System Holdings Ltd.		3,060		4,300
China Resources Pharmaceutical Group Ltd., 144A		3,500		3,358
China Traditional Chinese Medicine Holdings Co. Ltd.		5,879		2,831
CSPC Pharmaceutical Group Ltd.		18,220		15,873
Genscript Biotech Corp.*		2,593		5,737
Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A (a)		361		2,707
Hansoh Pharmaceutical Group Co. Ltd., 144A		2,547		4,217
Hygeia Healthcare Holdings Co. Ltd., 144A*(a)		738		4,341
Innovent Biologics, Inc., 144A*		2,200		10,314
Legend Biotech Corp., ADR*		121		7,765
Microport Scientific Corp.*(a)		1,405		2,419
Pharmaron Beijing Co. Ltd., Class H, 144A		525		1,938
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		4,899		7,247
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		1,183		3,219
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		1,680		3,348
Sino Biopharmaceutical Ltd.		21,063		10,036
Sinopharm Group Co. Ltd., Class H		2,935		9,617
WuXi AppTec Co. Ltd., Class H, 144A*		754		6,213

	Number of Shares		Value
Health Care (Continued)
Wuxi Biologics Cayman, Inc., 144A*		7,621	$	38,990
Zai Lab Ltd.*(a)		1,800		5,944
(Cost $179,516)				180,756
Industrials — 1.8%
Air China Ltd., Class H*		3,754		2,853
AviChina Industry & Technology Co. Ltd., Class H		6,585		3,188
Beijing Capital International Airport Co. Ltd., Class H*		4,795		3,344
BOC Aviation Ltd., 144A		455		3,345
China Communications Services Corp. Ltd., Class H		6,281		2,985
China Conch Venture Holdings Ltd.		2,883		3,624
China Everbright Environment Group Ltd.		8,141		3,182
China Lesso Group Holdings Ltd.		2,852		1,884
China Merchants Port Holdings Co. Ltd.		2,816		4,086
China Railway Group Ltd., Class H		8,835		5,824
China Southern Airlines Co. Ltd., Class H*		4,449		2,563
China State Construction International Holdings Ltd.		4,449		5,030
CITIC Ltd.		11,906		13,749
COSCO SHIPPING Holdings Co. Ltd., Class H		6,995		6,166
COSCO SHIPPING Ports Ltd.		3,988		2,511
CRRC Corp. Ltd., Class H		9,486		5,877
Fosun International Ltd.		5,472		3,607
Haitian International Holdings Ltd.		1,409		3,200
Jiangsu Expressway Co. Ltd., Class H		3,209		3,103
Orient Overseas International Ltd. (a)		281		3,426
Sany Heavy Equipment International Holdings Co. Ltd.		2,284		3,017
Shenzhen International Holdings Ltd.		3,180		2,523
Weichai Power Co. Ltd., Class H		4,304		5,850
Zhejiang Expressway Co. Ltd., Class H		2,486		1,842
Zhuzhou CRRC Times Electric Co. Ltd.		1,035		4,356
ZTO Express Cayman, Inc., ADR		896		22,615
(Cost $159,943)				123,750
Information Technology — 2.0%
AAC Technologies Holdings, Inc. (a)		1,596		3,274
BYD Electronic International Co. Ltd.		1,447		4,214
Chinasoft International Ltd.*(a)		5,976		3,565
Daqo New Energy Corp., ADR*(a)		126		4,530
Flat Glass Group Co. Ltd., Class H		1,196		3,361
GCL Technology Holdings Ltd.*(a)		41,641		9,043
GDS Holdings Ltd., Class A*		1,612		1,989
Hua Hong Semiconductor Ltd., 144A*		1,150		3,724
Kingboard Holdings Ltd.		1,426		3,844
Kingboard Laminates Holdings Ltd.		2,458		2,248
Kingdee International Software Group Co. Ltd.*		5,695		7,566
Lenovo Group Ltd.		14,796		13,911
Shanghai Fudan Microelectronics Group Co. Ltd., Class H (a)		600		1,613
Sunny Optical Technology Group Co. Ltd.		1,517		14,263
Xiaomi Corp., Class B, 144A*		31,464		41,560

See Notes to Financial Statements. 29

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
Information Technology (Continued)
Xinyi Solar Holdings Ltd.		10,695	$	10,561
ZTE Corp., Class H		1,608		4,940
(Cost $167,350)				134,206
Materials — 0.9%
Aluminum Corp. of China Ltd., Class H		8,732		3,859
Anhui Conch Cement Co. Ltd., Class H		2,736		7,270
China Hongqiao Group Ltd.		5,013		3,560
China National Building Material Co. Ltd., Class H		8,296		4,695
China Resources Cement Holdings Ltd.		6,419		2,337
CMOC Group Ltd., Class H		7,624		3,983
Dongyue Group Ltd.		2,681		2,346
Ganfeng Lithium Group Co. Ltd., Class H, 144A (a)		773		4,893
Jiangxi Copper Co. Ltd., Class H		2,428		3,654
Nine Dragons Paper Holdings Ltd. (a)		3,620		2,007
Shandong Gold Mining Co. Ltd., Class H, 144A		1,792		3,415
Zhaojin Mining Industry Co. Ltd., Class H*		3,019		4,289
Zijin Mining Group Co. Ltd., Class H		11,209		15,206
(Cost $66,712)				61,514
Real Estate — 1.6%
C&D International Investment Group Ltd.*		1,249		3,140
China Evergrande Group*(b)		8,413		0
China Jinmao Holdings Group Ltd.		14,414		2,062
China Overseas Land & Investment Ltd.		8,133		16,498
China Overseas Property Holdings Ltd.		2,910		2,669
China Resources Land Ltd.		6,600		24,703
China Resources Mixc Lifestyle Services Ltd., 144A		1,327		6,043
China Vanke Co. Ltd., Class H		4,330		5,719
Country Garden Holdings Co. Ltd. (a)		22,721		4,180
Country Garden Services Holdings Co. Ltd.		4,386		5,104
Greentown China Holdings Ltd.		1,990		1,869
Greentown Service Group Co. Ltd. (a)		4,359		2,355
KE Holdings, Inc., ADR*		1,346		19,167
Longfor Group Holdings Ltd., 144A		4,014		7,722
Shimao Group Holdings Ltd.*(b)		4,310		0
Sunac China Holdings Ltd.*		7,560		1,149
Yuexiu Property Co. Ltd. (a)		3,048		3,302
(Cost $267,412)				105,682
Utilities — 1.2%
Beijing Enterprises Holdings Ltd.		1,104		4,266
Beijing Enterprises Water Group Ltd.		7,824		1,919
CGN Power Co. Ltd., Class H, 144A		20,465		4,915
China Gas Holdings Ltd.		5,594		6,346
China Longyuan Power Group Corp. Ltd., Class H		7,305		8,193
China Power International Development Ltd.		11,511		4,382
China Resources Gas Group Ltd.		2,045		6,727
China Resources Power Holdings Co. Ltd.		4,290		9,908
ENN Energy Holdings Ltd.		1,618		18,808
Guangdong Investment Ltd.		6,481		5,522

	Number of Shares		Value
Utilities (Continued)
Huaneng Power International, Inc., Class H*		7,773	$	4,994
Kunlun Energy Co. Ltd.*		8,523		6,794
(Cost $95,477)				82,774
TOTAL COMMON STOCKS (Cost $4,631,543)				3,248,545
EXCHANGE-TRADED FUNDS — 51.4%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (c)		8,783		269,023
Xtrackers MSCI China A Inclusion Equity ETF (c)		153,650		3,174,271
(Cost $4,635,601)				3,443,294
SECURITIES LENDING COLLATERAL — 0.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.03% (d)(e) (Cost $32,169)		32,169		32,169
CASH EQUIVALENTS — 0.4%
DWS Government Money Market Series “Institutional Shares”, 5.04% (d) (Cost $25,239)		25,239		25,239
TOTAL INVESTMENTS — 100.6% (Cost $9,324,552)			$	6,749,247
Other assets and liabilities, net — (0.6%)				(43,563	)
NET ASSETS — 100.0%			$	6,705,684

See Notes to Financial Statements. 30

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF (Continued)

May 31, 2023

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2023 is as follows:

	Value ($) at 5/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2023		Value ($) at 5/31/2023
EXCHANGE-TRADED FUNDS — 51.4%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (c)
		506,451		32,883		(245,914	)		(49,655	)		25,258			5,946		—		8,783		269,023
Xtrackers MSCI China A Inclusion Equity ETF (c)
		4,186,445		185,678		(684,425	)		53,114			(566,541	)		58,002		—		153,650		3,174,271
SECURITIES LENDING COLLATERAL — 0.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.03% (d)(e)
		46,367		—		(14,198	)(f)		—			—			1,323		—		32,169		32,169
CASH EQUIVALENTS — 0.4%
DWS Government Money Market Series “Institutional Shares”, 5.04% (d)
		6,466		166,837		(148,064	)		—			—			543		—		25,239		25,239
		4,745,729		385,398		(1,092,601	)		3,459			(541,283	)		65,814		—		219,841		3,500,702

* 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, 2023 amounted to $133,610, which is 2.0% 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 $116,577.

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2023.

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, 2023, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Depreciation
FTSE China A50 Index Futures	USD	1	$	12,610	$	12,261	6/29/2023	$	(349	)

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

Currency Abbreviations

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.

See Notes to Financial Statements. 31

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF (Continued)

May 31, 2023

The following is a summary of the inputs used as of May 31, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1			Level 2		Level 3		Total
Common Stocks (a)	$	3,248,545		$	—	$	0	$	3,248,545
Exchange-Traded Funds		3,443,294			—		—		3,443,294
Short-Term Investments (a)		57,408			—		—		57,408
TOTAL	$	6,749,247		$	—	$	0	$	6,749,247
Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (b)
Futures Contracts	$	(349	)	$	—	$	—	$	(349	)
TOTAL	$	(349	)	$	—	$	—	$	(349	)

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

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

During the year ended May 31, 2023, the amount of transfers from Level 3 to Level 1 was $ 4,413. 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. 32

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF

May 31, 2023

	Number of Shares		Value
COMMON STOCKS — 98.7%
Communication Services — 1.7%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		2,300	$	10,535
Beijing Enlight Media Co. Ltd., Class A		2,500		3,091
China United Network Communications Ltd., Class A		31,000		21,404
Focus Media Information Technology Co. Ltd., Class A		13,223		11,913
G-bits Network Technology Xiamen Co. Ltd., Class A		100		7,857
Giant Network Group Co. Ltd., Class A		1,800		5,264
Kunlun Tech Co. Ltd., Class A		1,000		8,051
Mango Excellent Media Co. Ltd., Class A		1,500		6,159
Perfect World Co. Ltd., Class A		2,100		5,414
Wanda Film Holding Co. Ltd., Class A*		1,400		2,415
Zhejiang Century Huatong Group Co. Ltd., Class A*		8,220		7,175
(Cost $80,178)				89,278
Consumer Discretionary — 5.6%
AIMA Technology Group Co. Ltd., Class A		500		2,659
Bethel Automotive Safety Systems Co. Ltd., Class A		400		3,975
BTG Hotels Group Co. Ltd., Class A		1,000		2,780
BYD Co. Ltd., Class A		1,698		60,444
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A*		300		4,461
China Tourism Group Duty Free Corp. Ltd., Class A		1,843		31,838
Chongqing Changan Automobile Co. Ltd., Class A		7,762		13,017
Ecovacs Robotics Co. Ltd., Class A		500		4,858
Fuyao Glass Industry Group Co. Ltd., Class A		2,009		9,146
Great Wall Motor Co. Ltd., Class A*		2,300		7,291
Gree Electric Appliances, Inc. of Zhuhai, Class A		2,800		12,959
Guangzhou Automobile Group Co. Ltd., Class A		4,900		7,007
Haier Smart Home Co. Ltd., Class A		5,800		17,484
Hangzhou Robam Appliances Co. Ltd., Class A		1,100		3,606
Huayu Automotive Systems Co. Ltd., Class A		3,300		8,086
Huizhou Desay Sv Automotive Co. Ltd., Class A		600		9,554
Jason Furniture Hangzhou Co. Ltd., Class A		410		2,031
Ningbo Joyson Electronic Corp., Class A		1,300		2,892
Ningbo Tuopu Group Co. Ltd., Class A		1,100		8,973
Offcn Education Technology Co. Ltd., Class A*		4,800		3,382
Oppein Home Group, Inc., Class A		540		7,188
SAIC Motor Corp. Ltd., Class A		6,627		12,481
Sailun Group Co. Ltd., Class A*		3,300		4,807
Seres Group Co. Ltd., Class A*		1,100		3,980
Shandong Linglong Tyre Co. Ltd., Class A		1,400		4,185

	Number of Shares		Value
Consumer Discretionary (Continued)
Shanghai Jinjiang International Hotels Co. Ltd., Class A		900	$	5,922
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		3,700		3,692
Shenzhen Kedali Industry Co. Ltd., Class A		200		3,568
Shenzhen Overseas Chinese Town Co. Ltd., Class A		8,300		5,533
Songcheng Performance Development Co. Ltd., Class A		2,843		5,067
TCL Technology Group Corp., Class A		18,700		10,130
Wuchan Zhongda Group Co. Ltd., Class A		5,500		3,975
Zhejiang Supor Co. Ltd., Class A		500		3,137
(Cost $234,425)				290,108
Consumer Staples — 13.9%
Angel Yeast Co. Ltd., Class A		800		4,084
Anhui Gujing Distillery Co. Ltd., Class A		400		14,141
Anhui Kouzi Distillery Co. Ltd., Class A		400		3,037
Anhui Yingjia Distillery Co. Ltd., Class A*		500		3,960
Anjoy Foods Group Co. Ltd., Class A		300		6,489
Beijing Dabeinong Technology Group Co. Ltd., Class A		4,200		3,790
Beijing Yanjing Brewery Co. Ltd., Class A		3,100		5,029
By-health Co. Ltd., Class A		1,200		3,829
Chongqing Brewery Co. Ltd., Class A		500		6,260
Chongqing Fuling Zhacai Group Co. Ltd., Class A*		900		2,972
DaShenLin Pharmaceutical Group Co. Ltd., Class A		936		4,276
Foshan Haitian Flavouring & Food Co. Ltd., Class A*		3,592		30,500
Fujian Sunner Development Co. Ltd., Class A		800		2,124
Guangdong Haid Group Co. Ltd., Class A		1,400		9,085
Hebei Hengshui Laobaigan Liquor Co. Ltd., Class A		800		3,009
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A		1,100		4,163
Heilongjiang Agriculture Co. Ltd., Class A		2,000		3,753
Henan Shuanghui Investment & Development Co. Ltd., Class A		3,600		12,418
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		6,013		24,311
Jiangsu King’s Luck Brewery JSC Ltd., Class A*		1,300		10,160
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		1,424		26,826
JiuGui Liquor Co. Ltd., Class A		300		3,987
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		800		4,081
Juewei Food Co. Ltd., Class A		600		3,222
Kweichow Moutai Co. Ltd., Class A		1,150		262,881
Luzhou Laojiao Co. Ltd., Class A		1,406		40,257
MeiHua Holdings Group Co. Ltd., Class A		2,500		3,137
Muyuan Foods Co. Ltd., Class A		5,285		29,704
New Hope Liuhe Co. Ltd., Class A*		4,072		6,440

See Notes to Financial Statements. 33

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
Consumer Staples (Continued)
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		1,092	$	5,215
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		1,174		34,570
Shede Spirits Co. Ltd., Class A		300		6,652
Sichuan Swellfun Co. Ltd., Class A		500		4,091
Toly Bread Co. Ltd., Class A		1,435		2,104
Tsingtao Brewery Co. Ltd., Class A		700		9,353
Wens Foodstuffs Group Co. Ltd., Class A		5,344		12,614
Wuliangye Yibin Co. Ltd., Class A		3,654		82,651
Yifeng Pharmacy Chain Co. Ltd., Class A		686		4,777
Yihai Kerry Arawana Holdings Co. Ltd., Class A		1,000		5,641
Yonghui Superstores Co. Ltd., Class A		8,100		3,649
Yuan Longping High-tech Agriculture Co. Ltd., Class A*		1,200		2,469
Yunnan Botanee Bio-Technology Group Co. Ltd., Class A		300		3,882
(Cost $443,533)				715,593
Energy — 3.1%
China Merchants Energy Shipping Co. Ltd., Class A		8,100		6,491
China Petroleum & Chemical Corp., Class A		29,750		26,553
China Shenhua Energy Co. Ltd., Class A		6,200		24,562
COSCO SHIPPING Energy Transportation Co. Ltd., Class A*		3,600		5,653
Guanghui Energy Co. Ltd., Class A		6,600		6,724
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		1,800		3,352
Jizhong Energy Resources Co. Ltd., Class A		3,300		3,367
Offshore Oil Engineering Co. Ltd., Class A		3,900		3,360
PetroChina Co. Ltd., Class A		19,635		20,666
Pingdingshan Tianan Coal Mining Co. Ltd., Class A		2,200		2,467
Shaanxi Coal Industry Co. Ltd., Class A		9,799		23,047
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		2,200		3,853
Shanxi Coking Coal Energy Group Co. Ltd., Class A		5,600		7,741
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		3,200		8,398
Yankuang Energy Group Co. Ltd., Class A		2,500		9,518
Yantai Jereh Oilfield Services Group Co. Ltd., Class A*		1,100		3,767
(Cost $112,232)				159,519
Financials — 18.1%
Agricultural Bank of China Ltd., Class A		80,217		39,626
AVIC Industry-Finance Holdings Co. Ltd., Class A		9,710		5,260
Bank of Beijing Co. Ltd., Class A		21,314		14,148
Bank of Changsha Co. Ltd., Class A		3,800		4,277
Bank of Chengdu Co. Ltd., Class A		3,750		6,615
Bank of China Ltd., Class A		33,012		18,068
Bank of Communications Co. Ltd., Class A		36,538		29,996

	Number of Shares		Value
Financials (Continued)
Bank of Hangzhou Co. Ltd., Class A		6,240	$	10,167
Bank of Jiangsu Co. Ltd., Class A*		14,499		15,098
Bank of Nanjing Co. Ltd., Class A		9,300		11,015
Bank of Ningbo Co. Ltd., Class A		6,155		21,249
Bank of Shanghai Co. Ltd., Class A		14,135		12,239
Bank of Suzhou Co. Ltd., Class A		3,400		3,245
BOC International China Co. Ltd., Class A		2,800		4,275
Caitong Securities Co. Ltd., Class A		4,810		5,049
Changjiang Securities Co. Ltd., Class A		3,600		3,036
China Construction Bank Corp., Class A		9,700		8,712
China Everbright Bank Co. Ltd., Class A		41,531		18,359
China Galaxy Securities Co. Ltd., Class A		3,700		5,899
China Great Wall Securities Co. Ltd., Class A*		2,700		3,202
China International Capital Corp. Ltd., Class A		1,200		7,014
China Life Insurance Co. Ltd., Class A		2,514		13,174
China Merchants Bank Co. Ltd., Class A		19,343		87,678
China Merchants Securities Co. Ltd., Class A		6,131		11,968
China Minsheng Banking Corp. Ltd., Class A		32,971		18,323
China Pacific Insurance Group Co. Ltd., Class A		6,277		24,533
China Zheshang Bank Co. Ltd., Class A		16,300		6,565
Chongqing Rural Commercial Bank Co. Ltd., Class A		7,700		4,268
CITIC Securities Co. Ltd., Class A		11,493		32,338
CSC Financial Co. Ltd., Class A		4,200		14,965
Dongxing Securities Co. Ltd., Class A		3,100		3,563
East Money Information Co. Ltd., Class A		15,729		30,947
Everbright Securities Co. Ltd., Class A		4,237		9,418
First Capital Securities Co. Ltd., Class A		4,000		3,295
Founder Securities Co. Ltd., Class A		6,000		5,877
GF Securities Co. Ltd., Class A		5,900		12,337
Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A		3,867		3,668
Guolian Securities Co. Ltd., Class A		2,100		2,829
Guosen Securities Co. Ltd., Class A		6,700		8,660
Guotai Junan Securities Co. Ltd., Class A		7,051		14,645
Guoyuan Securities Co. Ltd., Class A		4,690		4,410
Haitong Securities Co. Ltd., Class A		8,914		11,771
Hithink RoyalFlush Information Network Co. Ltd., Class A		500		11,286
Huatai Securities Co. Ltd., Class A		6,880		13,063
Huaxi Securities Co. Ltd., Class A		2,800		3,261
Huaxia Bank Co. Ltd., Class A		12,598		10,219
Industrial & Commercial Bank of China Ltd., Class A		59,233		40,149
Industrial Bank Co. Ltd., Class A		19,485		45,282
Industrial Securities Co. Ltd., Class A		8,720		7,489
Nanjing Securities Co. Ltd., Class A		3,400		4,070
New China Life Insurance Co. Ltd., Class A		1,964		10,140
Orient Securities Co. Ltd., Class A		6,385		8,862
People’s Insurance Co. Group of China Ltd., Class A		9,600		8,245
Ping An Bank Co. Ltd., Class A		18,166		29,572

See Notes to Financial Statements. 34

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
Financials (Continued)
Ping An Insurance Group Co. of China Ltd., Class A		10,109	$	66,676
Postal Savings Bank of China Co. Ltd., Class A		26,700		19,259
SDIC Capital Co. Ltd., Class A		5,700		5,911
Shanghai Pudong Development Bank Co. Ltd., Class A		27,527		28,393
Shanghai Rural Commercial Bank Co. Ltd., Class A		7,500		6,210
Shanxi Securities Co. Ltd., Class A		3,680		3,006
Shenwan Hongyuan Group Co. Ltd., Class A		21,195		14,039
Sinolink Securities Co. Ltd., Class A		2,000		2,464
SooChow Securities Co. Ltd., Class A		5,373		5,421
Southwest Securities Co. Ltd., Class A		4,200		2,193
Western Securities Co. Ltd., Class A		4,600		4,183
Zheshang Securities Co. Ltd., Class A		4,100		5,754
Zhongtai Securities Co. Ltd., Class A		6,200		5,925
(Cost $947,468)				932,853
Health Care — 8.8%
Aier Eye Hospital Group Co. Ltd., Class A		7,168		26,959
Apeloa Pharmaceutical Co. Ltd., Class A		1,300		3,384
Asymchem Laboratories Tianjin Co. Ltd., Class A		320		5,919
Autobio Diagnostics Co. Ltd., Class A		500		3,985
Beijing Tiantan Biological Products Corp. Ltd., Class A		1,500		5,873
Beijing Tongrentang Co. Ltd., Class A		1,200		10,203
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A*		580		7,570
Betta Pharmaceuticals Co. Ltd., Class A*		400		3,164
BGI Genomics Co. Ltd., Class A		400		3,306
Bloomage Biotechnology Corp. Ltd., Class A*		303		3,746
Changchun High & New Technology Industry Group, Inc., Class A		400		8,948
China Meheco Co. Ltd., Class A		1,400		2,711
China National Medicines Corp. Ltd., Class A		700		3,929
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		1,075		9,854
Chongqing Zhifei Biological Products Co. Ltd., Class A		1,400		13,810
Daan Gene Co. Ltd., Class A*		1,496		2,570
Dong-E-E-Jiao Co. Ltd., Class A		500		3,464
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		1,500		7,557
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		500		4,851
Hangzhou Tigermed Consulting Co. Ltd., Class A*		350		3,969
Huadong Medicine Co. Ltd., Class A		1,560		8,525
Hualan Biological Engineering, Inc., Class A		1,840		5,818
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A*		900		4,005

	Number of Shares		Value
Health Care (Continued)
Humanwell Healthcare Group Co. Ltd., Class A		1,200	$	4,422
Imeik Technology Development Co. Ltd., Class A		200		12,647
Jafron Biomedical Co. Ltd., Class A		750		2,908
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		5,976		38,200
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		1,000		4,689
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		1,300		2,505
Joinn Laboratories China Co. Ltd., Class A		420		2,665
Jointown Pharmaceutical Group Co. Ltd., Class A		1,500		3,414
Kangmei Pharmaceutical Co. Ltd., Class A*		12,413		4,094
Lepu Medical Technology Beijing Co. Ltd., Class A		2,000		6,933
Livzon Pharmaceutical Group, Inc., Class A*		600		3,299
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A*		4,132		3,699
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		923		1,754
Ovctek China, Inc., Class A		860		3,367
Pharmaron Beijing Co. Ltd., Class A		650		4,205
Porton Pharma Solutions Ltd., Class A		500		2,158
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		1,238		3,939
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		2,200		9,626
Shanghai Junshi Biosciences Co. Ltd., Class A*		745		4,757
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		2,800		9,214
Shanghai RAAS Blood Products Co. Ltd., Class A		7,400		6,979
Shenzhen Kangtai Biological Products Co. Ltd., Class A		820		3,198
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		1,100		46,400
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		700		5,885
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		1,200		5,906
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		1,780		7,157
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		1,200		5,215
Topchoice Medical Corp., Class A*		300		4,452
Walvax Biotechnology Co. Ltd., Class A		1,300		5,271
WuXi AppTec Co. Ltd., Class A		2,536		23,133
Yunnan Baiyao Group Co. Ltd., Class A		1,778		13,436
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		596		25,443
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		1,420		3,677

See Notes to Financial Statements. 35

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
Health Care (Continued)
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		400	$	1,635
Zhejiang NHU Co. Ltd., Class A*		3,264		6,917
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		500		2,675
(Cost $399,340)				449,994
Industrials — 15.7%
AECC Aero-Engine Control Co. Ltd., Class A		1,200		4,005
AECC Aviation Power Co. Ltd., Class A		2,400		13,388
Air China Ltd., Class A*		6,500		7,954
AVICOPTER PLC, Class A		400		2,194
Beijing Easpring Material Technology Co. Ltd., Class A*		500		3,441
Beijing New Building Materials PLC, Class A		1,300		4,147
Beijing United Information Technology Co. Ltd., Class A*		535		3,442
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		30,000		24,292
China Baoan Group Co. Ltd., Class A		2,700		4,581
China CSSC Holdings Ltd., Class A		4,400		17,796
China Eastern Airlines Corp. Ltd., Class A*		11,500		7,537
China Energy Engineering Corp. Ltd., Class A		33,700		11,350
China National Chemical Engineering Co. Ltd., Class A		5,200		6,239
China Railway Group Ltd., Class A		19,000		21,038
China Southern Airlines Co. Ltd., Class A*		10,800		9,503
China State Construction Engineering Corp. Ltd., Class A		39,400		32,622
Contemporary Amperex Technology Co. Ltd., Class A		4,220		130,980
COSCO SHIPPING Development Co. Ltd., Class A		10,800		3,789
COSCO SHIPPING Holdings Co. Ltd., Class A		12,850		18,827
CRRC Corp. Ltd., Class A		23,100		22,822
Dajin Heavy Industry Co. Ltd., Class A		500		2,328
Daqin Railway Co. Ltd., Class A		14,200		15,225
Dongfang Electric Corp. Ltd., Class A		3,000		7,578
Eve Energy Co. Ltd., Class A		1,962		17,622
Fangda Carbon New Material Co. Ltd., Class A*		4,273		3,790
FAW Jiefang Group Co. Ltd., Class A		3,200		3,637
Ginlong Technologies Co. Ltd., Class A*		350		4,902
GoodWe Technologies Co. Ltd., Class A		126		4,124
Gotion High-tech Co. Ltd., Class A		1,600		5,975
Guangdong Kinlong Hardware Products Co. Ltd., Class A		300		2,664
Guangzhou Baiyun International Airport Co. Ltd., Class A*		2,000		3,986
Guangzhou Great Power Energy & Technology Co. Ltd., Class A		400		2,632
Hainan Airlines Holding Co. Ltd., Class A*		38,000		9,119
Hongfa Technology Co. Ltd., Class A		420		1,785

	Number of Shares		Value
Industrials (Continued)
Hoyuan Green Energy Co. Ltd., Class A		420	$	4,552
Jiangsu Hengli Hydraulic Co. Ltd., Class A		1,308		10,015
Jiangsu Zhongtian Technology Co. Ltd., Class A		3,400		6,938
Jiangxi Special Electric Motor Co. Ltd., Class A*		1,700		2,777
Juneyao Airlines Co. Ltd., Class A*		1,800		3,966
Keda Industrial Group Co. Ltd., Class A		1,800		2,680
Kuang-Chi Technologies Co. Ltd., Class A		2,200		4,903
Liaoning Port Co. Ltd., Class A		14,800		3,261
Metallurgical Corp. of China Ltd., Class A		16,314		9,226
Ming Yang Smart Energy Group Ltd., Class A		2,200		5,425
NARI Technology Co. Ltd., Class A		6,240		24,029
Ningbo Deye Technology Co. Ltd., Class A		360		6,843
Ningbo Orient Wires & Cables Co. Ltd., Class A		700		4,813
Ningbo Ronbay New Energy Technology Co. Ltd., Class A		469		3,788
North Industries Group Red Arrow Co. Ltd., Class A		1,400		3,536
Power Construction Corp. of China Ltd., Class A		15,500		14,422
Pylon Technologies Co. Ltd., Class A		159		4,410
Riyue Heavy Industry Co. Ltd., Class A		600		1,793
Sany Heavy Industry Co. Ltd., Class A		8,150		16,790
SF Holding Co. Ltd., Class A		4,600		30,553
Shanghai Construction Group Co. Ltd., Class A		8,700		3,223
Shanghai Electric Group Co. Ltd., Class A*		13,700		9,286
Shanghai International Airport Co. Ltd., Class A*		995		6,507
Shanghai International Port Group Co. Ltd., Class A		6,500		4,807
Shanghai M&G Stationery, Inc., Class A		900		5,370
Shanxi Coal International Energy Group Co. Ltd., Class A		1,000		1,892
Shenzhen Inovance Technology Co. Ltd., Class A		1,400		11,609
Shenzhen Kstar Science And Technology Co. Ltd., Class A		600		3,261
Shuangliang Eco-Energy Systems Co. Ltd., Class A		1,600		2,872
Sichuan New Energy Power Co. Ltd.*		1,600		3,146
Sichuan Road & Bridge Group Co. Ltd., Class A		5,200		11,092
Sieyuan Electric Co. Ltd., Class A		600		3,986
Sinoma International Engineering Co., Class A		1,900		3,546
Spring Airlines Co. Ltd., Class A*		900		7,300
Sungrow Power Supply Co. Ltd., Class A		1,500		23,185
Sunwoda Electronic Co. Ltd., Class A		1,800		4,021
Suzhou Maxwell Technologies Co. Ltd., Class A		256		5,676
TBEA Co. Ltd., Class A		3,481		10,928
Titan Wind Energy Suzhou Co. Ltd., Class A		1,800		3,930

See Notes to Financial Statements. 36

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
Industrials (Continued)
Weichai Power Co. Ltd., Class A		6,900	$	11,194
XCMG Construction Machinery Co. Ltd., Class A		11,749		9,860
Xiamen C & D, Inc., Class A		2,900		4,725
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		3,343		5,104
YTO Express Group Co. Ltd., Class A		3,700		7,991
Yunda Holding Co. Ltd., Class A		2,810		4,495
Zhefu Holding Group Co. Ltd., Class A		5,000		2,856
Zhejiang Chint Electrics Co. Ltd., Class A		1,717		6,301
Zhejiang Dingli Machinery Co. Ltd., Class A		280		1,852
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		1,600		5,836
Zhejiang Weiming Environment Protection Co. Ltd., Class A		1,590		4,041
Zhejiang Weixing New Building Materials Co. Ltd., Class A		1,700		4,607
Zhuzhou CRRC Times Electric Co. Ltd., Class A		728		4,675
Zhuzhou Kibing Group Co. Ltd., Class A*		3,000		3,402
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		7,750		6,884
(Cost $654,926)				809,494
Information Technology — 14.9%
360 Security Technology, Inc., Class A		6,500		12,725
3peak, Inc., Class A (a)		121		3,854
Advanced Micro-Fabrication Equipment Inc China, Class A*		580		14,109
Amlogic Shanghai Co. Ltd., Class A*		386		4,863
ASR Microelectronics Co. Ltd., Class A*		300		3,338
Avary Holding Shenzhen Co. Ltd., Class A		2,000		7,135
Beijing E-Hualu Information Technology Co. Ltd., Class A*		600		3,112
Beijing Kingsoft Office Software, Inc., Class A*		421		25,523
Beijing Shiji Information Technology Co. Ltd., Class A		1,736		4,748
BOE Technology Group Co. Ltd., Class A*		37,702		21,005
CETC Cyberspace Security Technology Co. Ltd., Class A		800		3,323
Chaozhou Three-Circle Group Co. Ltd., Class A		1,758		7,438
China Greatwall Technology Group Co. Ltd., Class A		3,400		5,745
China National Software & Service Co. Ltd., Class A		600		5,114
China Railway Signal & Communication Corp. Ltd., Class A		7,720		6,457
China Resources Microelectronics Ltd., Class A		1,151		9,608
China Zhenhua Group Science & Technology Co. Ltd., Class A		500		6,469
DHC Software Co. Ltd., Class A		2,500		2,586
Flat Glass Group Co. Ltd., Class A		1,700		7,701
Foxconn Industrial Internet Co. Ltd., Class A		9,300		23,557

	Number of Shares		Value
Information Technology (Continued)
GalaxyCore, Inc., Class A*		1,545	$	3,558
GigaDevice Semiconductor, Inc., Class A		612		9,516
GoerTek, Inc., Class A		3,577		9,226
GRG Banking Equipment Co. Ltd., Class A		2,600		4,554
Guangzhou Haige Communications Group, Inc. Co., Class A		1,800		2,534
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A*		700		6,095
Hangzhou Chang Chuan Technology Co. Ltd., Class A		600		4,253
Hangzhou First Applied Material Co. Ltd., Class A		1,881		8,088
Hangzhou Lion Electronics Co. Ltd., Class A*		700		4,002
Hangzhou Silan Microelectronics Co. Ltd., Class A		1,400		6,277
Hengdian Group DMEGC Magnetics Co. Ltd., Class A		1,600		4,069
Hengtong Optic-electric Co. Ltd., Class A		2,300		4,667
Hundsun Technologies, Inc., Class A		1,946		11,601
Iflytek Co. Ltd., Class A		2,134		17,894
Ingenic Semiconductor Co. Ltd., Class A		500		6,625
Inspur Electronic Information Industry Co. Ltd., Class A*		1,288		8,054
Isoftstone Information Technology Group Co. Ltd., Class A		300		1,736
JA Solar Technology Co. Ltd., Class A		3,332		16,834
JCET Group Co. Ltd., Class A		1,400		6,130
Jiangsu Pacific Quartz Co. Ltd., Class A		300		4,791
Jinko Solar Co. Ltd., Class A		5,700		10,183
Lens Technology Co. Ltd., Class A		5,400		8,813
Lingyi iTech Guangdong Co., Class A*		7,700		6,808
LONGi Green Energy Technology Co. Ltd., Class A		7,603		30,750
Luxshare Precision Industry Co. Ltd., Class A		7,033		26,944
Maxscend Microelectronics Co. Ltd., Class A		512		6,369
Montage Technology Co. Ltd., Class A		1,184		10,601
National Silicon Industry Group Co. Ltd., Class A*		2,000		6,287
NAURA Technology Group Co. Ltd., Class A		500		21,292
NavInfo Co. Ltd., Class A		2,200		3,618
Ninestar Corp., Class A		1,200		6,586
Qi An Xin Technology Group, Inc., Class A*		600		5,003
Raytron Technology Co. Ltd., Class A		495		3,449
Risen Energy Co. Ltd., Class A*		1,000		3,284
Rockchip Electronics Co. Ltd., Class A		300		3,690
Sangfor Technologies, Inc., Class A		400		6,995
SG Micro Corp., Class A		375		5,707
Shanghai Aiko Solar Energy Co. Ltd., Class A*		1,100		5,321
Shanghai Baosight Software Co. Ltd., Class A		1,351		10,054

See Notes to Financial Statements. 37

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
Information Technology (Continued)
Shanghai Friendess Electronic Technology Corp. Ltd., Class A*		128	$	3,590
Shanghai Fudan Microelectronics Group Co. Ltd., Class A		500		4,005
Shengyi Technology Co. Ltd., Class A		1,800		3,855
Shennan Circuits Co. Ltd., Class A		380		4,178
Shenzhen Kaifa Technology Co. Ltd., Class A		1,200		3,855
Shenzhen SC New Energy Technology Corp., Class A		300		4,026
Shenzhen Sunlord Electronics Co. Ltd., Class A		800		2,599
Shenzhen Transsion Holdings Co. Ltd., Class A		696		12,282
StarPower Semiconductor Ltd., Class A		200		6,122
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		1,800		6,419
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		3,200		16,683
Thunder Software Technology Co. Ltd., Class A		500		6,862
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		800		3,457
Tianma Microelectronics Co. Ltd., Class A*		2,500		3,393
Tianshui Huatian Technology Co. Ltd., Class A		2,200		3,001
TongFu Microelectronics Co. Ltd., Class A		1,200		4,171
Tongwei Co. Ltd., Class A		4,400		21,068
Trina Solar Co. Ltd., Class A		2,171		11,973
Unigroup Guoxin Microelectronics Co. Ltd., Class A		839		10,850
Unisplendour Corp. Ltd., Class A		2,508		11,481
Universal Scientific Industrial Shanghai Co. Ltd., Class A		1,700		3,354
Will Semiconductor Co. Ltd., Class A		1,215		17,032
Wingtech Technology Co. Ltd., Class A		1,264		8,851
Wuhan Guide Infrared Co. Ltd., Class A*		3,323		4,789
WUS Printed Circuit Kunshan Co. Ltd., Class A		1,610		4,720
Wuxi Autowell Technology Co. Ltd., Class A		160		3,949
Xiamen Faratronic Co. Ltd., Class A		200		3,761
Yangzhou Yangjie Electronic Technology Co. Ltd., Class A*		500		2,891
Yealink Network Technology Corp. Ltd., Class A*		900		6,694
Yonyou Network Technology Co. Ltd., Class A		3,026		8,442
Zhejiang Dahua Technology Co. Ltd., Class A		3,200		8,910
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		1,300		12,579
Zhejiang Supcon Technology Co. Ltd., Class A		400		5,806
Zhongji Innolight Co. Ltd., Class A*		800		12,069
ZTE Corp., Class A		3,700		18,267
(Cost $652,210)				766,652

	Number of Shares		Value
Materials — 11.2%
Aluminum Corp. of China Ltd., Class A		13,408	$	10,180
Anhui Conch Cement Co. Ltd., Class A		3,564		12,534
Anhui Honglu Steel Construction Group Co. Ltd., Class A		780		3,078
Asia — Potash International Investment Guangzhou Co. Ltd., Class A*		500		1,623
Baoshan Iron & Steel Co. Ltd., Class A		20,657		17,046
BBMG Corp., Class A		9,500		2,906
Canmax Technologies Co. Ltd., Class A		780		3,663
Chengxin Lithium Group Co. Ltd., Class A		800		3,393
Chifeng Jilong Gold Mining Co. Ltd., Class A*		1,400		3,149
China Jushi Co. Ltd., Class A		3,672		7,024
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		3,793		12,700
China Rare Earth Resources And Technology Co. Ltd., Class A*		1,100		4,816
CMOC Group Ltd., Class A		16,400		12,060
CNGR Advanced Material Co. Ltd., Class A*		600		4,847
CNNC Hua Yuan Titanium Dioxide Co. Ltd., Class A*		3,190		2,784
Do-Fluoride New Materials Co. Ltd., Class A		1,120		3,143
Ganfeng Lithium Group Co. Ltd., Class A		1,280		11,137
GEM Co. Ltd., Class A		3,500		3,276
Guangdong HEC Technology Holding Co. Ltd., Class A		2,600		2,631
Guangzhou Tinci Materials Technology Co. Ltd., Class A		1,880		10,788
Hangzhou Oxygen Plant Group Co. Ltd., Class A		900		4,513
Haohua Chemical Science & Technology Co. Ltd., Class A		600		3,282
Henan Shenhuo Coal & Power Co. Ltd., Class A		2,100		3,766
Hengli Petrochemical Co. Ltd., Class A		6,220		13,783
Hengyi Petrochemical Co. Ltd., Class A		2,260		2,125
Hesteel Co. Ltd., Class A		11,200		3,599
Hoshine Silicon Industry Co. Ltd., Class A		700		6,617
Huafon Chemical Co. Ltd., Class A		5,200		4,904
Huaibei Mining Holdings Co. Ltd., Class A		2,300		4,225
Huaxin Cement Co. Ltd., Class A		200		357
Hubei Feilihua Quartz Glass Co. Ltd., Class A		500		3,367
Hubei Xingfa Chemicals Group Co. Ltd., Class A		1,200		3,602
Hunan Changyuan Lico Co. Ltd., Class A*		1,403		2,250
Hunan Valin Steel Co. Ltd., Class A		7,200		4,911
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		45,700		11,736
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		6,495		4,001
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A		3,700		3,458
Jiangsu Eastern Shenghong Co. Ltd., Class A		4,300		7,024

See Notes to Financial Statements. 38

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
Materials (Continued)
Jiangsu Yangnong Chemical Co. Ltd., Class A		300	$	3,494
Jiangsu Yoke Technology Co. Ltd., Class A		500		5,138
Jiangxi Copper Co. Ltd., Class A		2,244		5,826
Jinduicheng Molybdenum Co. Ltd., Class A		3,000		4,585
LB Group Co. Ltd., Class A		2,000		4,404
Luxi Chemical Group Co. Ltd., Class A		800		1,188
Ningbo Shanshan Co. Ltd., Class A*		2,200		4,557
Ningxia Baofeng Energy Group Co. Ltd., Class A		6,600		11,253
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*		8,500		4,748
Qinghai Salt Lake Industry Co. Ltd., Class A*		4,900		12,921
Rongsheng Petrochemical Co. Ltd., Class A		9,728		15,836
Satellite Chemical Co. Ltd., Class A		2,586		4,598
Shandong Gold Mining Co. Ltd., Class A		3,753		13,299
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		2,270		9,292
Shandong Nanshan Aluminum Co. Ltd., Class A		9,900		4,182
Shandong Sun Paper Industry JSC Ltd., Class A		2,600		3,824
Shanghai Putailai New Energy Technology Co. Ltd., Class A		2,001		9,974
Shanxi Meijin Energy Co. Ltd., Class A		4,500		4,528
Shanxi Taigang Stainless Steel Co. Ltd., Class A		5,400		3,016
Shenghe Resources Holding Co. Ltd., Class A		1,600		2,870
Shenzhen Capchem Technology Co. Ltd., Class A		720		4,751
Shenzhen Dynanonic Co. Ltd., Class A		320		4,938
Shenzhen Senior Technology Material Co. Ltd., Class A		1,198		2,720
Shenzhen YUTO Packaging Technology Co. Ltd., Class A		900		2,988
Sichuan Hebang Biotechnology Co. Ltd., Class A*		9,200		3,034
Sichuan Yahua Industrial Group Co. Ltd., Class A		1,300		3,280
Sinoma Science & Technology Co. Ltd., Class A		1,500		4,088
Sinomine Resource Group Co. Ltd., Class A		588		4,423
Sinopec Shanghai Petrochemical Co. Ltd., Class A		6,570		2,895
Skshu Paint Co. Ltd., Class A*		340		4,266
Sunresin New Materials Co. Ltd., Class A		300		3,867
Tangshan Jidong Cement Co. Ltd., Class A		2,400		2,597
Tianqi Lithium Corp., Class A*		1,500		15,144
Tianshan Aluminum Group Co. Ltd., Class A		4,100		3,625
Tibet Summit Resources Co. Ltd., Class A*		900		2,236
Tongkun Group Co. Ltd., Class A		2,500		4,231
Tongling Nonferrous Metals Group Co. Ltd., Class A*		11,700		4,762
Wanhua Chemical Group Co. Ltd., Class A		2,900		33,477

	Number of Shares		Value
Materials (Continued)
Weihai Guangwei Composites Co. Ltd., Class A		800	$	3,288
Western Mining Co. Ltd., Class A		2,100		3,024
Western Superconducting Technologies Co. Ltd., Class A		436		4,749
Xiamen Tungsten Co. Ltd., Class A*		1,400		3,548
Xinjiang Zhongtai Chemical Co. Ltd., Class A*		2,700		2,505
Yintai Gold Co. Ltd., Class A		2,880		5,234
YongXing Special Materials Technology Co. Ltd., Class A		520		4,616
Youngy Co. Ltd., Class A*		300		2,590
Yunnan Aluminium Co. Ltd., Class A		3,500		5,943
Yunnan Energy New Material Co. Ltd., Class A*		900		11,483
Yunnan Tin Co. Ltd., Class A		1,700		3,392
Yunnan Yuntianhua Co. Ltd., Class A		1,800		4,208
Zangge Mining Co. Ltd., Class A		1,600		5,160
Zhejiang Huayou Cobalt Co. Ltd., Class A		1,601		10,391
Zhejiang Juhua Co. Ltd., Class A		2,500		4,613
Zhejiang Longsheng Group Co. Ltd., Class A		3,000		4,000
Zhongjin Gold Corp. Ltd., Class A		4,500		7,092
Zibo Qixiang Tengda Chemical Co. Ltd., Class A*		2,800		2,479
Zijin Mining Group Co. Ltd., Class A		20,997		31,499
(Cost $601,249)				576,967
Real Estate — 1.7%
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		7,815		13,907
China Vanke Co. Ltd., Class A		8,396		16,778
Gemdale Corp., Class A		4,722		4,804
Greenland Holdings Corp. Ltd., Class A*		10,200		4,194
Hainan Airport Infrastructure Co. Ltd., Class A*		10,000		6,203
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		3,000		3,549
Poly Developments and Holdings Group Co. Ltd., Class A		11,273		20,155
Seazen Holdings Co. Ltd., Class A*		1,913		3,753
Shanghai Lingang Holdings Corp. Ltd., Class A		2,500		4,596
Youngor Group Co. Ltd., Class A		5,100		4,917
Zhejiang China Commodities City Group Co. Ltd., Class A		5,200		6,006
(Cost $108,765)				88,862
Utilities — 4.0%
CECEP Solar Energy Co. Ltd., Class A		4,100		4,022
CECEP Wind-Power Corp., Class A*		6,760		3,652
China National Nuclear Power Co. Ltd., Class A		18,084		17,866
China Three Gorges Renewables Group Co. Ltd., Class A		26,900		20,498
China Yangtze Power Co. Ltd., Class A		22,200		70,129

See Notes to Financial Statements. 39

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
Utilities (Continued)
Datang International Power Generation Co. Ltd., Class A*		7,800	$	4,017
ENN Natural Gas Co. Ltd., Class A		2,500		6,792
GD Power Development Co. Ltd., Class A*		18,700		10,707
Huadian Power International Corp. Ltd., Class A		7,700		7,705
Huaneng Power International, Inc., Class A*		9,200		13,143
SDIC Power Holdings Co. Ltd., Class A		6,700		12,402
Shanghai Electric Power Co. Ltd., Class A		2,600		4,262
Shenergy Co. Ltd., Class A		4,000		4,002
Shenzhen Energy Group Co. Ltd., Class A		4,200		4,073
Sichuan Chuantou Energy Co. Ltd., Class A		4,100		8,573
Wintime Energy Co. Ltd.*		20,000		4,182
Zhejiang Zheneng Electric Power Co. Ltd., Class A*		10,000		7,298
(Cost $177,503)				203,323
TOTAL COMMON STOCKS (Cost $4,411,829)				5,082,643

	Number of Shares		Value
EXCHANGE-TRADED FUNDS — 0.1%
Xtrackers Harvest CSI 300 China A-Shares ETF (b) (Cost $4,215)		150	$	4,009
CASH EQUIVALENTS — 1.2%
DWS Government Money Market Series “Institutional Shares”, 5.04% (c) (Cost $61,695)		61,695		61,695
TOTAL INVESTMENTS — 100.0%
(Cost $4,477,739)			$	5,148,347
Other assets and liabilities, net — 0.0%				718
NET ASSETS — 100.0%			$	5,149,065

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2023 is as follows:

	Value ($) at 5/31/2022		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2023		Value ($) at 5/31/2023
EXCHANGE-TRADED FUNDS — 0.1%
Xtrackers Harvest CSI 300 China A-Shares ETF (b)
		—		36,806			(33,257	)		666		(206	)		316		—		150		4,009
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.03% (c)(d)
		—		0	(e)		—			—		—			35		—		—		—
CASH EQUIVALENTS — 1.2%
DWS Government Money Market Series “Institutional Shares”, 5.04% (c)
		3,816		341,910			(284,031	)		—		—			772		—		61,695		61,695
		3,816		378,716			(317,288	)		666		(206	)		1,123		—		61,845		65,704

* Non-income producing security.

(a) Investment was valued using significant unobservable inputs.

(b) Affiliated fund advised by DBX Advisors LLC.

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

(d) Represents 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, 2023.

JSC: Joint Stock Company

See Notes to Financial Statements. 40

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

May 31, 2023

At May 31, 2023, open futures contracts purchased were as follows:    

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value	Expiration Date		Unrealized Depreciation
FTSE China A50 Index Futures	USD	1	$	12,610	$12,261		6/29/2023	$	(349	)

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

Currency Abbreviations

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, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1			Level 2		Level 3		Total
Common Stocks (a)	$	5,078,789		$	—	$	3,854	$	5,082,643
Exchange-Traded Funds		4,009			—		—		4,009
Short-Term Investments (a)		61,695			—		—		61,695
TOTAL	$	5,144,493		$	—	$	3,854	$	5,148,347
Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (b)
Futures Contracts	$	(349	)	$	—	$	—	$	(349	)
TOTAL	$	(349	)	$	—	$	—	$	(349	)

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

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

See Notes to Financial Statements. 41

DBX ETF Trust

Statements of Assets and Liabilities

May 31, 2023

	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	$	2,326,704,769		$	25,759,353		$	3,248,545		$	5,082,643
Investment in affiliated securities at value		—			—			3,443,294			4,009
Investment in DWS Government Money Market Series		—			—			25,239			61,695
Investment in DWS Government & Agency Securities Portfolio*		—			—			32,169			—
Cash		341,087			27			—			—
Foreign currency at value		7,382,892	†		134,830	†		2,026			2,596
Deposit with broker for futures contracts		—			—			990			990
Receivables:
Investment securities sold		—			—			115,309			3
Variation margin on futures contracts		—			—			617			—
Dividends		—			—			11,137			—
Interest		—			—			112			86
Securities lending income		—			—			92			—
Total assets	$	2,334,428,748		$	25,894,210		$	6,879,530		$	5,152,022
Liabilities
Payable upon return of securities loaned	$	—		$	—		$	32,169		$	—
Payables:
Investment securities purchased		—			—			140,483			—
Investment advisory fees		1,361,420			14,719			1,194			2,774
Variation margin on futures contracts		—			—			—			183
Total liabilities		1,361,420			14,719			173,846			2,957
Net Assets, at value	$	2,333,067,328		$	25,879,491		$	6,705,684		$	5,149,065
Net Assets Consist of
Paid-in capital	$	2,829,422,588		$	43,537,467		$	23,359,493		$	6,005,654
Distributable earnings (loss)		(496,355,260	)		(17,657,976	)		(16,653,809	)		(856,589	)
Net Assets, at value	$	2,333,067,328		$	25,879,491		$	6,705,684		$	5,149,065
Number of Common Shares outstanding		87,250,001			850,001			250,001			250,001
Net Asset Value	$	26.74		$	30.45		$	26.82		$	20.60
Investment in non-affiliated securities at cost	$	2,231,885,740		$	26,938,582		$	4,631,543		$	4,411,829
Investment in affiliated securities at cost	$	—		$	—		$	4,635,601		$	4,215
Value of securities loaned	$	—		$	—		$	133,610		$	—
Investment in DWS Government Money Market Series at cost	$	—		$	—		$	25,239		$	61,695
Investment in DWS Government & Agency Securities Portfolio at cost*	$	—		$	—		$	32,169		$	—
Non-cash collateral for securities on loan	$	—		$	—		$	116,577		$	—
Foreign currency at cost	$	7,490,549		$	137,419		$	2,753		$	2,596

* Represents collateral on securities loaned.

† Included in foreign currency at value is $166,555 and $10,209 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, 2023

	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	$	12,488		$	326		$	—		$	118
Unaffiliated dividend income*		48,306,283			530,214			101,579			118,138
Affiliated dividend income		—			—			63,947			316
Income distributions from affiliated funds		—			—			543			772
Affiliated securities lending income		—			—			1,323			35
Total investment income		48,318,771			530,540			167,392			119,379
Expenses
Investment advisory fees		14,261,425			194,046			41,354			34,401
Other expenses		58			58			58			58
Total expenses		14,261,483			194,104			41,412			34,459
Less fees waived (see note 3):
Waiver		—			—			(25,514	)		(76	)
Net expenses		14,261,483			194,104			15,898			34,383
Net investment income (loss)		34,057,288			336,436			151,494			84,996
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(141,205,254	)		(1,491,751	)		(495,017	)		(71,971	)
Investments in affiliates		—			—			(39,239	)		666
In-kind redemptions		—			—			(26,359	)		—
In-kind redemptions in affiliates		—			—			42,698			—
Futures contracts		—			—			(4,967	)		(543	)
Foreign currency transactions		(4,017,744	)		(99,766	)		930			(163	)
Net realized gain (loss)		(145,222,998	)		(1,591,517	)		(521,954	)		(72,011	)
Net change in unrealized appreciation (depreciation) on:
Investments		(198,261,844	)		(32,916	)		(221,039	)		(743,422	)
Investments in affiliates		—			—			(541,283	)		(206	)
Futures contracts		—			—			(349	)		(821	)
Foreign currency translations		(123,575	)		(3,974	)		(768	)		(6	)
Net change in unrealized appreciation (depreciation)		(198,385,419	)		(36,890	)		(763,439	)		(744,455	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(343,608,417	)		(1,628,407	)		(1,285,393	)		(816,466	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(309,551,129	)	$	(1,291,971	)	$	(1,133,899	)	$	(731,470	)
*   Unaffiliated foreign tax withheld	$	5,370,872		$	59,317		$	7,473		$	13,172

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,
	2023			2022			2023			2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	34,057,288		$	23,808,796		$	336,436		$	274,693
Net realized gain (loss)		(145,222,998	)		(161,499,191	)		(1,591,517	)		5,609,063
Net change in net unrealized appreciation (depreciation)		(198,385,419	)		(694,688,035	)		(36,890	)		(11,757,074	)
Net increase (decrease) in net assets resulting from operations		(309,551,129	)		(832,378,430	)		(1,291,971	)		(5,873,318	)
Distributions to Shareholders		(23,017,176	)		(23,518,334	)		(463,728	)		(315,040	)
Fund Shares Transactions
Proceeds from shares sold		2,304,709,929			1,830,677,155			1,649,807			7,908,275
Value of shares redeemed		(1,311,138,220	)		(2,017,705,513	)		(8,194,136	)		(7,816,588	)
Net increase (decrease) in net assets resulting from fund share transactions		993,571,709			(187,028,358	)		(6,544,329	)		91,687
Total net increase (decrease) in Net Assets		661,003,404			(1,042,925,122	)		(8,300,028	)		(6,096,671	)
Net Assets
Beginning of year		1,672,063,924			2,714,989,046			34,179,519			40,276,190
End of year	$	2,333,067,328		$	1,672,063,924		$	25,879,491		$	34,179,519
Changes in Shares Outstanding
Shares outstanding, beginning of year		54,250,001			64,900,001			1,050,001			1,050,001
Shares sold		75,050,000			47,950,000			50,000			200,000
Shares redeemed		(42,050,000	)		(58,600,000	)		(250,000	)		(200,000	)
Shares outstanding, end of year		87,250,001			54,250,001			850,001			1,050,001

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,
	2023			2022			2023			2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	151,494		$	305,700		$	84,996		$	131,487
Net realized gain (loss)		(521,954	)		1,080,022			(72,011	)		2,030,731
Net change in net unrealized appreciation (depreciation)		(763,439	)		(9,259,280	)		(744,455	)		(4,571,179	)
Net increase (decrease) in net assets resulting from operations		(1,133,899	)		(7,873,558	)		(731,470	)		(2,408,961	)
Distributions to Shareholders		(129,968	)		(423,116	)		(95,723	)		(114,292	)
Fund Shares Transactions
Proceeds from shares sold		—			—			—			—
Value of shares redeemed		(1,474,801	)		(17,240,981	)		—			(7,191,275	)
Net increase (decrease) in net assets resulting from fund share transactions		(1,474,801	)		(17,240,981	)		—			(7,191,275	)
Total net increase (decrease) in Net Assets		(2,738,668	)		(25,537,655	)		(827,193	)		(9,714,528	)
Net Assets
Beginning of year		9,444,352			34,982,007			5,976,258			15,690,786
End of year	$	6,705,684		$	9,444,352		$	5,149,065		$	5,976,258
Changes in Shares Outstanding
Shares outstanding, beginning of year		300,001			750,001			250,001			500,001
Shares sold		—			—			—			—
Shares redeemed		(50,000	)		(450,000	)		—			(250,000	)
Shares outstanding, end of year		250,001			300,001			250,001			250,001

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,
	2023			2022			2021			2020			2019
Net Asset Value, beginning of year	$	30.82		$	41.83		$	27.18		$	26.27		$	29.56
Income (loss) from investment operations:
Net investment income (loss) (a)		0.46			0.36			0.30			0.29			0.22
Net realized and unrealized gain (loss)		(4.22	)		(11.02	)		14.67			0.91			(3.22	)
Total from investment operations		(3.76	)		(10.66	)		14.97			1.20			(3.00	)
Less distributions from:
Net investment income		(0.32	)		(0.35	)		(0.32	)		(0.29	)		—
Net realized gains		—			—			—			—			(0.29	)
Total distributions		(0.32	)		(0.35	)		(0.32	)		(0.29	)		(0.29	)
Net Asset Value, end of year	$	26.74		$	30.82		$	41.83		$	27.18		$	26.27
Total Return (%)		(12.28	)		(25.67	)		55.20			4.50			(10.02	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		2,333			1,672			2,715			1,271			1,449
Ratio of expenses (%)		0.65			0.65			0.65			0.65			0.65
Ratio of net investment income (loss) (%)		1.55			0.97			0.79			1.05			0.87
Portfolio turnover rate (%) (b)		69			95			78			115			81

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF Selected Per Share Data	Years Ended May 31,
	2023			2022			2021			2020			2019
Net Asset Value, beginning of year	$	32.55		$	38.36		$	27.59		$	25.93		$	32.53
Income (loss) from investment operations:
Net investment income (loss) (a)		0.36			0.28			0.13			0.17			0.20
Net realized and unrealized gain (loss)		(1.88	)		(5.77	)		10.79			1.65			(6.80	)
Total from investment operations		(1.52	)		(5.49	)		10.92			1.82			(6.60	)
Less distributions from:
Net investment income		(0.58	)		(0.32	)		(0.15	)		(0.16	)		—
Total distributions		(0.58	)		(0.32	)		(0.15	)		(0.16	)		—
Net Asset Value, end of year	$	30.45		$	32.55		$	38.36		$	27.59		$	25.93
Total Return (%)		(4.71	)		(14.50	)		39.64			7.02			(20.29	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		26			34			40			30			74
Ratio of expenses (%)		0.65			0.65			0.65			0.65			0.65
Ratio of net investment income (loss) (%)		1.13			0.73			0.37			0.63			0.74
Portfolio turnover rate (%) (b)		41			62			34			48			16

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

(b) 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,
	2023			2022			2021			2020			2019
Net Asset Value, beginning of year	$	31.48		$	46.64		$	32.66		$	31.13		$	37.78
Income (loss) from investment operations:
Net investment income (loss) (a)		0.55			0.54			0.48			0.76			0.36
Net realized and unrealized gain (loss)		(4.69	)		(14.93	)		13.85			2.21			(6.42	)
Total from investment operations		(4.14	)		(14.39	)		14.33			2.97			(6.06	)
Less distributions from:
Net investment income		(0.52	)		(0.77	)		(0.35	)		(1.44	)		(0.59	)
Total distributions		(0.52	)		(0.77	)		(0.35	)		(1.44	)		(0.59	)
Net Asset Value, end of year	$	26.82		$	31.48		$	46.64		$	32.66		$	31.13
Total Return (%) (b)		(13.28	)		(31.15	)		43.94			9.35			(15.89	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		7			9			35			20			227
Ratio of expenses before fee waiver (%) (c)		0.50			0.50			0.50			0.50			0.50
Ratio of expenses after fee waiver (%) (c)		0.19			0.21			0.25			0.26			0.28
Ratio of net investment income (loss) (%)		1.83			1.34			1.10			2.27			1.07
Portfolio turnover rate (%) (d)		7			5			8			14			102

Xtrackers MSCI China A Inclusion Equity ETF Selected Per Share Data	Years Ended May 31,
	2023			2022			2021			2020			2019
Net Asset Value, beginning of year	$	23.90		$	31.38		$	19.98		$	18.75		$	20.80
Income (loss) from investment operations:
Net investment income (loss) (a)		0.34			0.32			0.20			0.41			0.15
Net realized and unrealized gain (loss)		(3.26	)		(7.55	)		11.44			1.19			(2.03	)
Total from investment operations		(2.92	)		(7.23	)		11.64			1.60			(1.88	)
Less distributions from:
Net investment income		(0.38	)		(0.25	)		(0.24	)		(0.37	)		(0.17	)
Total distributions		(0.38	)		(0.25	)		(0.24	)		(0.37	)		(0.17	)
Net Asset Value, end of year	$	20.60		$	23.90		$	31.38		$	19.98		$	18.75
Total Return (%) (b)		(12.32	)		(23.20	)		58.37			8.49			(8.91	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		5			6			16			14			83
Ratio of expenses before fee waiver (%) (c)		0.60			0.60			0.60			0.60			0.60
Ratio of expenses after fee waiver (%) (c)		0.60			0.60			0.60			0.60			0.60
Ratio of net investment income (loss) (%)		1.48			1.11			0.74			2.03			0.75
Portfolio turnover rate (%) (d)		12			18			33			27			180

(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.

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 “1940 Act”), as an open-end registered management investment company organized as a Delaware statutory trust.

As of May 31, 2023, the Trust consists of thirty-nine 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 seek investment results that correspond generally to the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:

Fund	Underlying Index
Xtrackers 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 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. Constituent stocks for the Underlying Index generally must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange for specified time periods, have demonstrated positive performance, and not be subject to abnormal volatility or other evidence of possible market manipulation, among other factors. The composition of the Underlying Index is reviewed every six-months.

CSI 500 Index is calculated and maintained by China Securities Index Co., Ltd. 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. Constituent stocks for the Underlying Index generally must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange for specified time periods, have demonstrated positive performance, and not be subject to abnormal volatility or other evidence of possible market manipulation, among other factors. The composition of the Underlying Index is reviewed every six-months.

MSCI China All Shares Index and MSCI China A Inclusion Equity Index are each calculated and maintained by MSCI, Inc. (“MSCI”). The MSCI China All Share Index is designed to capture large- and mid-capitalization representation across all China securities 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, 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 Underlying Index is rebalanced on a quarterly basis.

48

DBX ETF Trust

Notes to Financial Statements (Continued)

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 by applying eligibility criteria for the MSCI Global Investable Market Indexes, and then excluding mid- and small-capitalization A-Shares (as determined by 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 is a diversified series of the Trust. 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.

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

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

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

49

DBX ETF Trust

Notes to Financial Statements (Continued)

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.

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

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

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

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

Investment Transactions and Investment Income    Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. 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. 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 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.

50

DBX ETF Trust

Notes to Financial Statements (Continued)

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, 2023, the Funds did not incur any interest or penalties.

As of May 31, 2023, 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	$	15,145,482	$	(467,194,893	)	$	(44,305,849	)	$	(496,355,260	)
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		—		(15,728,089	)		(1,929,887	)		(17,657,976	)
Xtrackers MSCI All China Equity ETF		102,190		(14,046,763	)		(2,709,236	)		(16,653,809	)
Xtrackers MSCI China A Inclusion Equity ETF		32,956		(1,451,450	)		561,905			(856,589	)

The tax character of dividends and distributions declared for the years ended May 31, 2023 and May 31, 2022 were as follows:

	Year Ended May 31, 2023
	Ordinary Income*
Xtrackers Harvest CSI 300 China A-Shares ETF	$	23,017,176
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		463,728
Xtrackers MSCI All China Equity ETF		129,968
Xtrackers MSCI China A Inclusion Equity ETF		95,723

	Year Ended May 31, 2022
	Ordinary Income*
Xtrackers Harvest CSI 300 China A-Shares ETF	$	23,518,334
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		315,040
Xtrackers MSCI All China Equity ETF		423,116
Xtrackers MSCI China A Inclusion Equity ETF		114,292

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

At May 31, 2023, 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	$	360,440,664	$	106,754,229	$	467,194,893
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		14,446,255		1,274,166		15,720,421
Xtrackers MSCI All China Equity ETF		8,211,386		5,835,377		14,046,763
Xtrackers MSCI China A Inclusion Equity ETF		1,388,705		62,745		1,451,450

Capital losses incurred after October 31 (“post-October capital losses”) and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the fiscal year ended May 31, 2023, the Fund listed below incurred and will elect to defer late year ordinary losses as follows. The Funds had no post-October capital losses.

	Late Year Ordinary Losses
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF	$	7,668

51

DBX ETF Trust

Notes to Financial Statements (Continued)

For the fiscal year ended May 31, 2023, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to redemptions-in-kind.

	Distributable earnings (loss)			Paid-In Capital
Xtrackers MSCI All China Equity ETF	$	(14,727	)	$	14,727

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

	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers Harvest CSI 300 China A-Shares ETF	$	2,370,902,961	$	(44,198,192	)	$	234,245,855	$	(278,444,047	)
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		27,686,651		(1,927,298	)		3,275,951		(5,203,249	)
Xtrackers MSCI All China Equity ETF		9,457,373		(2,708,475	)		221,165		(2,929,640	)
Xtrackers MSCI China A Inclusion Equity ETF		4,586,096		561,902			1,206,229		(644,327	)

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, 2023, 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 deposit interest, WHT on capital gains realized from the disposal of equity investments prior to November 17, 2014 and stamp duty. 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.

Since November 17, 2014, QFIIs and RQFIIs have been temporarily exempt from WHT with respect to gains derived from the trading of equity investments (including shares in PRC enterprises). With respect to gains derived from equity investments prior to November 17, 2014, QFIIs and 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 QFIIs and 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 as long as treaty relief is eligible. 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 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.

52

DBX ETF Trust

Notes to Financial Statements (Continued)

The PRC rules for taxation of QFIIs and RQFIIs are evolving and the tax regulations to be issued by the PRC State Taxation Administration 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 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, 2023, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.08% annualized effective rate as of May 31, 2023) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of May 31, 2023, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at year end.

Remaining Contractual Maturity of the Agreements, as of May 31, 2023
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers MSCI All China Equity ETF
Common Stocks	$	32,169	$	1,212	$	2,224	$	113,141	$	148,746
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	148,746

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, 2023, 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 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, 2023 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, 2023 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*	$	—	Unrealized depreciation on futures contracts*	$	349
Xtrackers MSCI China A Inclusion Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	349

* 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, 2023 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

Net Realized Gain (Loss) from:
	Futures Contracts — Equity Contracts
Xtrackers MSCI All China Equity ETF	$	(4,967	)
Xtrackers MSCI China A Inclusion Equity ETF		(543	)
Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts — Equity Contracts
Xtrackers MSCI All China Equity ETF	$	(349	)
Xtrackers MSCI China A Inclusion Equity ETF		(821	)

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Notes to Financial Statements (Continued)

For the year ended May 31, 2023 the average monthly volume of derivatives was as follows:

	Futures Contracts (Contract Value)
Xtrackers MSCI All China Equity ETF	$	29,720
Xtrackers MSCI China A Inclusion Equity ETF		15,398

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

3. Investment Advisory and Other Agreements

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

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 advisory fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:

	Unitary Advisory Fee
Xtrackers 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, 2024, to waive a portion of its unitary advisory fee 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, 2023, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses

(except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the Fund from exceeding 0.50% of the Fund’s average daily net assets. For the year ended May 31, 2023, the Advisor waived $25,400 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 unitary advisory fee 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, 2023, the advisor waived $32 of the expenses of the Fund.

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Notes to Financial Statements (Continued)

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired funds’ fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the year ended May 31, 2023, the Advisor waived expenses of the Funds as follows:

	Expenses Waived
Xtrackers MSCI All China Equity ETF	$	114
Xtrackers MSCI China A Inclusion Equity ETF		44

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

The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, 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, 2023, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

	Purchases		Sales
Xtrackers Harvest CSI 300 China A-Shares ETF	$	2,499,588,044	$	1,501,907,875
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		12,008,252		18,738,698
Xtrackers MSCI All China Equity ETF		539,360		1,136,389
Xtrackers MSCI China A Inclusion Equity ETF		683,462		732,793

For the year ended May 31, 2023, the cost of in-kind purchases and proceeds from in-kind sale were as follows:

	Purchases		Sales
Xtrackers MSCI All China Equity ETF	$	—	$	823,188

5. Fund Share Transactions

As of May 31, 2023, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of 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.

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Notes to Financial Statements (Continued)

6. Concentration of Ownership

From time to time, Xtrackers MSCI China A Inclusion Equity ETF may have a concentration of several shareholders, including affiliated funds, holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. As of May 31, 2023, Xtrackers MSCI All China Equity ETF held 61% of the total shares outstanding of the Fund.

7. 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 which require US investors to invest in offshore special purpose companies to obtain indirect exposure to Chinese issuers; 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; different and less stringent financial reporting standards; and increased political pressure from the US and other countries to restrict the ability of investors outside China to invest in Chinese issuers. In addition, in June 2021, the President of the United States issued an executive order (“CMIC Order”) prohibiting US persons, including the Funds, from purchasing or selling publicly traded securities (including publicly traded securities that are derivative of, or designed to provide exposure to, such securities) of any Chinese company identified as a “Chinese Military-Industrial Complex Company”

(“CMIC”). This prohibition, effective August 2, 2021, expands on similar sanctions imposed by the prior administration on certain designated Chinese military companies (“CCMCs”) that took effect in January 2021. To the extent that any company in an Underlying Index is identified as a CMIC at any time (or was previously designed as a CCMC), it may have material adverse effect on a fund’s ability to track its Underlying Index.

8. 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 Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at May 31, 2023.

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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 and 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, 2023, and the related statements of operations for the year ended, the statements 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 each of the Funds (four of the funds constituting DBX ETF Trust) at May 31, 2023, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their 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, 2023, by correspondence with the custodians, brokers and others; when replies were not received from brokers, we performed other auditing procedures. 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 25, 2023

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Other Information (Unaudited)

Regulatory Update — Tailored Shareholder Report

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

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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 (the “Advisor”) 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). The Advisor has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of the Advisor 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 estimations 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

In February 2023, as required by the Program and the Liquidity Rule, the Advisor 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, 2021 through November 30, 2022 (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, the Advisor stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. The Advisor also reported that there were no material changes made to the Program during the Reporting Period.

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

In February 2023, as required by the Program and the Liquidity Rule, the Advisor 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, 2021 through November 30, 2022 (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, on two occasions your 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 breaches were caused by the temporary reclassification of Chinese securities as illiquid due to an extended Chinese and Taiwan holiday market closure in January/February 2022 and a separate extended Chinese holiday market closure in October 2022. Because notifications to the Fund’s board of the anticipated extended holiday closures were made before the start of each holiday closure no filing on Form N-LIQUID was required. Also, because the holiday closures were 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, the Advisor stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. The Advisor also reported that there were no material changes made to the Program during the Reporting Period.

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Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts (Unaudited)

Xtrackers MSCI China A Inclusion Equity ETF and Xtrackers MSCI All China Equity ETF

Board Approval of Investment Advisory Agreement with DBX Advisors LLC

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 15-16, 2023 (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 met with representatives of the Advisor on February 13, 2023 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held on February 15 and February 16, 2023.

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 Vedder Price P.C. (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of each Fund and 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. 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 Xtrackers MSCI All China Equity ETF were below or equal to the average and/or median of the ETFs in the Fund’s Peer Group compiled by Broadridge, but Xtrackers MSCI China A Inclusion Equity ETF had advisory fees and/or total expenses (after waivers/reimbursements) that were above the average and/or median of the Fund’s Peer Group.

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

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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. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisers can share benefits of economies of scale.

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

Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

Board Approval of Investment Advisory Agreement with DBX Advisors LLC and Investment Sub-Advisory Agreement with Harvest Global Investments Limited

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 15-16, 2023 (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 before and during the Meeting and among themselves during their Executive Sessions held on February 15-16, 2023. 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 Vedder Price P.C. (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory

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

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.

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

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

allocated to the Sub-Advisor. The Board also noted that the Chinese authorities had abolished the quotas under the RQFII system, but that it remained in the Funds’ best interests to continue utilizing Harvest as the Funds’ sub-advisor and that Harvest’s local market capabilities provided the Funds with the widest feasible range of means to access A-shares.

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 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), 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. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisers can share benefits of economies of scale.

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

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 also noted that the Chinese

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

authorities had abolished the quotas under the RQFII system, but that it remained in the Funds’ best interests to continue utilizing Harvest as the Funds’ sub-advisor and that Harvest’s local market capabilities provided the Funds with the widest feasible range of means to access A-shares. 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 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, taking 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 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.

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. Based on its review, the Board concluded that the fees agreed upon with Harvest are reasonable in light of the nature and quality of investment advisory services rendered for each Fund. The Board reached its conclusion based in part on the aggregate fees paid by the Funds, the fact that the sub-advisory fee is paid by the Advisor and not the Funds, and fees paid by comparable funds to advisors.

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 receives a fixed fee which is computed as a percentage of each Fund’s advisory fees and 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.

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. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisers can share benefits of economies of scale.

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

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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) Chairperson 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).	42	The Arbitrage Funds, Sierra Income Corporation, Mutual Fund Directors Forum
George O. Elston (1964) Board Member since 2011, Chairperson of the Audit Committee since 2015	Chief Financial Officer, EyePoint Pharmaceuticals, Inc. (2019-present); Chief Financial Officer, Enzyvant (2018-2019); 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).	42	—
J. David Officer (1948) Board Member since 2011, Chairperson 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).	42	(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(3)	Business Experience and Directorships During the Past 5 Years
Freddi Klassen(4) (1975) President and Chief Executive Officer, 2016-present	Chief Administrative Officer Investment Division Americas, of DWS Investment Management Americas, Inc. and Manager (since 2023) and Chief Operating Officer of the Advisor (2016-present). Formerly: Programmes (Head 2021- 2023), of DWS Investment Management Americas, Inc.; Chief Operating Officer in the Americas for the Traditional Asset Classes Department (2014-2020); 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).
Diane Kenneally(4) (1966) Treasurer, Chief Financial Officer and Controller, 2019-present	Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; 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(4) (1967) Chief Compliance Officer, 2010-present	AFC Compliance US (Senior Team Lead), of DWS Investment Management Americas, Inc.; 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. (2019-2022); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012).
Bryan Richards(4) (1978) Vice President, 2016-present	Portfolio Engineering, Systematic Investments Solutions (Head), of DWS Investment Management Americas, Inc.(2018-present); 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(5) (1962) Secretary, 2020-present	Legal (Associate General Counsel), DWS US Retail Legal (2003-present), of DWS Investment Management Americas, Inc.; 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); Vice President, DBX Advisors LLC (2021-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); and Assistant Secretary of DBX ETF Trust (2019-2020).

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Board Members and Officers (Unaudited) (Continued)

Name, Year of Birth, Position with the Trust and Length of Time Served(3)	Business Experience and Directorships During the Past 5 Years
Caroline Pearson(5) (1962) Assistant Secretary, 2020-present	Legal (Senior Team Lead), DWS US Retail Legal, of DWS Investment Management Americas, Inc.; Chief Legal Officer of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2010-present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020-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); Secretary, Deutsche AM Service Company (2010-2017); and Chief Legal Officer, DBXStrategic Advisors LLC (2020-2021).
Paul Antosca(5) (1957) Assistant Treasurer, 2019-present	Fund Administration Tax (Head), of DWS Investment Management Americas, Inc.; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2007-present).
Jeffrey Berry(5) (1959) Assistant Treasurer, 2019-present	Fund Administration (Senior Specialist), of DWS Investment Management Americas, Inc.
Sheila Cadogan(5) (1966) Assistant Treasurer, 2019-present	Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; 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(6) (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).
Christian Rijs(4) (1980) Anti-Money Laundering Compliance Officer, since October 21, 2021	Senior Team Lead Anti-Financial Crime and Compliance, DWS Investment Management Americas, Inc.; AML Officer, DWS Trust Company (since November 2, 2021); AML Officer, DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (since October 6, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO.

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

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

(5) Address: 100 Summer Street, Boston, MA 02110.

(6) Address: BNY Mellon Asset Servicing, 240 Greenwich Street, New York, NY 10286.

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

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, 2023.

	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	89%
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		$53,675,133		$5,333,296
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		589,537		59,290
Xtrackers MSCI China A Inclusion Equity ETF		131,238		13,172

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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. 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. 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.

The U.S. government has imposed restrictions on the ability of U.S. investors to hold and/or acquire securities of certain Chinese companies. To the extent that an Underlying Index includes such a security and the Fund excludes it, the Fund’s tracking error may increase and the performance of the Fund and Underlying Index may diverge.

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises, natural disasters, climate change and related geopolitical events have led and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the 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 © 2023 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 One Manhattan West New York, NY 10001	Legal counsel Vedder Price P.C. 1633 Broadway New York, NY 10019

R-35360-10 (7/23) DBX005556 (7/24)

May 31, 2023

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		48
Xtrackers MSCI Europe Hedged Equity ETF		69
Xtrackers MSCI Eurozone Hedged Equity ETF		77
Xtrackers MSCI Germany Hedged Equity ETF		86
Xtrackers MSCI Japan Hedged Equity ETF		89
Statements of Assets and Liabilities		94
Statements of Operations		96
Statements of Changes in Net Assets		98
Financial Highlights		101
Notes to Financial Statements		104
Report of Independent Registered Public Accounting Firm		117
Other Information		118
Liquidity Risk Management		119
Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts		120
Board Members and Officers		123
Additional Information		126

To our Shareholders: (Unaudited)

Dear shareholder,

We are pleased to provide this annual report on our six currency hedged equity ETFs for the period ended May 31, 2023.

The global economy witnessed a period of volatility due to heightened inflation, growing interest rates and sluggish industrial activity amid geopolitical tension between Russia and Ukraine. Rising inflation in both developed and emerging economies affected the cost of living as disposable incomes were eroded, resulting in aggressive interest rate hikes by major central banks, except for the Bank of Japan. Global financial markets remained largely volatile with short periods of gains and losses as investors remained uncertain about interest rate actions but acted on positive economic data. Despite the challenges in the banking sectors of the U.S. and Europe during the first quarter of 2023, market sentiment turned positive on the back of China’s reopening after its COVID-19-related restrictions. However, concerns around the U.S. defaulting on its debt and negotiations to increase the debt ceiling dominated the headlines, sending jitters among investors.

U.S. GDP¹ grew at a weaker rate in 2022 than in 2021, but second half of 2022 saw green shoots emerge, followed by a slowdown in the first quarter of 2023. Inflation peaked in June 2022, before cooling down in the second half of the year as energy prices softened and retreated further in the early part of 2023. However, core CPI² remained elevated due to critical components, such as electricity and housing costs, witnessing a significant increase, consequently weighing on the U.S. Federal Reserve’s (Fed’s) decision on interest rate hikes. The labor market remained moderately resilient as the unemployment rate stayed stable during the period amid slowing wage growth.

The Eurozone’s economy started slowing from mid-2022; inflation peaked in October and continued to surpass the rate of wage growth, weighing on consumption demand. Like other central banks, the European Central Bank (ECB) resorted to interest rate hikes to combat this, which took a toll on the economy, with GDP contracting each quarter. Despite major indicators pointing toward a hard recession in 2023, a heavily energy-reliant economy witnessed a surprising first-quarter expansion as energy prices retreated and budgetary support measures helped soften the blow. One key positive for the economy was the tight labor market, with the employment rate rising despite sluggish growth and a downturn in global business activity in the last quarter of 2022.

Emerging economies were weighed down by a multitude of factors including high inflation alongside slowing growth, a hawkish Fed, a strong dollar performance, and heavyweight China facing a slowdown. The monetary tightening cycle of most developing markets that started last year seemed to be drawing to a close as focus shifted from fighting inflation to improving growth rates and boosting demand. Some countries, such as India, paused their rate hikes as manufacturing indicators turned positive and softer indicators such as business and consumer sentiment started to improve.

We believe central banks across the world will likely remain cautious in their approach to monetary policy and watch for positive signs in the economy before taking any interest rate action. Recent banking system stress and debt ceiling-related concerns are also likely to weigh on the Fed’s decisions in the coming months. Unlike the Fed, the ECB has clearly maintained its stance on monetary action and is willing to hike rates further until inflation is within its comfort range. The entire world, in our view, will be keenly watching how China recovers from its COVID-19-induced restrictions to induce an uptick in industrial activity and income recovery while boosting private sector investment.

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 Gross domestic product (GDP) is the monetary value of all finished goods and services produced within a country’s borders within a specific time period.

² The Consumer Price Index (CPI) is a price index, the price of a weighted average market basket of consumer goods and services purchased by households. The Core Consumer Price Index excludes volatile energy and food categories.

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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2

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, 2023, DBAW returned 4.02%, compared to the DBAW Index return of 4.55%.

The majority of the sectors contributed negatively to performance during the period with the greatest negative contribution coming from Materials, Communication Services and Energy sectors. The Industrials, Information Technology and Consumer Discretionary were the major positive contributors. From a geographical perspective, most countries contributed negatively with Hong Kong, Canada and Australia being the most significant detractors. However, France, Japan and Germany 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 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, 2023, DBEM returned -5.40%, compared to the DBEM Index return of -4.52%.

All the sectors contributed negatively to performance during the period with the greatest negative contribution coming from Consumer Discretionary, Communication Services and Financials sectors. From a geographical perspective, most countries contributed negatively with Hong Kong, South Africa and South Korea being the most significant detractors. However, Mexico, India and Turkey 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 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 fifteen 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, 2023, DBEU returned 8.77%, compared to the DBEU Index return of 8.75%.

Consumer Discretionary, Industrials and Financials were the major positive contributors, while Materials, Real Estate and Communication Services sectors detracted most from the performance. From a geographical perspective Norway, Finland and Sweden contributed negatively to the performance. However, France, Germany and Denmark 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 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, 2023, DBEZ returned 10.57%, compared to the DBEZ Index return of 10.75%.

3

DBX ETF Trust

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

Consumer Discretionary, Information Technology and Industrials were the major positive contributors, while Real Estate, Health Care and Materials sectors detracted most from the performance. From a geographical perspective, most countries contributed positively with France, Germany and Netherlands being the most significant contributors. However, Finland, Belgium and Austria contributed negatively 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 Germany 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, 2023, DBGR returned 9.67%, compared to the DBGR Index return of 9.86%.

The majority of the sectors contributed positively to performance during the period with the greatest contribution coming from, Information Technology, Industrials and Financials. While the Health Care, Real Estate 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, 2023, DBJP returned 17.78%, compared to the DBJP Index return of 18.43%.

The majority of sectors contributed positively to performance during the period with the greatest contributions coming from Industrials, Financials, and Information Technology. The Communication Services, Real Estate and Energy sectors detracted from 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.

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

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.

4

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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, 2023

Average Annual Total Return
	Net Asset Value	Market Value	MSCI ACWI ex USA US Dollar Hedged Index	MSCI ACWI ex USA Index
One Year	4.02%	3.56%	4.55%	-1.41%
Five Year	5.46%	5.49%	5.83%	2.22%
Since Inception1	5.97%	5.92%	6.41%	3.04%
Cumulative Total Returns
	Net Asset Value	Market Value	MSCI ACWI ex USA US Dollar Hedged Index	MSCI ACWI ex USA Index
One Year	4.02%	3.56%	4.55%	-1.41%
Five Year	30.45%	30.61%	32.75%	11.62%
Since Inception1	72.06%	71.30%	78.80%	32.35%

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 the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2022, 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.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

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, 2023

Financials	20.3%
Industrials	13.0%
Information Technology	12.1%
Consumer Discretionary	11.7%
Health Care	9.9%
Consumer Staples	8.8%
Materials	7.9%
Communication Services	5.6%
Energy	5.4%
Utilities	3.3%
Real Estate	2.0%
Total	100.0%

Ten Largest Equity Holdings
as of May 31, 2023 (11.6% of Net Assets)

Description	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		1.9%
Nestle SA (Switzerland)		1.4%
Samsung Electronics Co. Ltd. (South Korea)		1.2%
ASML Holding NV (Netherlands)		1.2%
Novo Nordisk A/S (Denmark)		1.1%
Tencent Holdings Ltd. (China)		1.0%
LVMH Moet Hennessy Louis Vuitton SE (France)		1.0%
Roche Holding AG (Switzerland)		1.0%
AstraZeneca PLC (United Kingdom)		1.0%
Novartis AG (Switzerland)		0.8%

Country Diversification* as of May 31, 2023

Japan	14.5%
United Kingdom	9.1%
France	7.6%
China	7.5%
Canada	7.4%
Switzerland	7.1%
Germany	5.5%
Australia	4.7%
Taiwan	4.4%
India	4.1%
South Korea	3.6%
Netherlands	3.2%
Hong Kong	2.3%
Denmark	2.0%
Sweden	2.0%
Other	15.0%
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.

7

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, 2023

Average Annual Total Return
	Net Asset Value	Market Value	MSCI EM US Dollar Hedged Index	MSCI EM Index
One Year	-5.40%	-3.55%	-4.52%	-8.49%
Five Year	0.57%	0.79%	1.36%	-0.67%
Ten Year	2.21%	2.33%	3.41%	1.90%
Cumulative Total Returns
	Net Asset Value	Market Value	MSCI EM US Dollar Hedged Index	MSCI EM Index
One Year	-5.40%	-3.55%	-4.52%	-8.49%
Five Year	2.86%	4.01%	6.99%	-3.28%
Ten Year	24.48%	25.84%	39.90%	20.67%

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 the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2022, 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.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

8

DBX ETF Trust

Performance Summary (Unaudited)

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

Growth of an Assumed $10,000 Investment

Sector Diversification* as of May 31, 2023

Financials	22.0%
Information Technology	21.3%
Consumer Discretionary	13.0%
Communication Services	9.7%
Materials	8.3%
Consumer Staples	6.4%
Industrials	6.2%
Energy	4.9%
Health Care	3.9%
Utilities	2.6%
Real Estate	1.7%
Total	100.0%

Ten Largest Equity Holdings
as of May 31, 2023 (23.6% of Net Assets)

Description	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		6.8%
Samsung Electronics Co. Ltd. (South Korea)		4.5%
Tencent Holdings Ltd. (China)		3.8%
Alibaba Group Holding Ltd. (China)		2.5%
Reliance Industries Ltd. (India)		1.4%
Meituan (China)		1.1%
China Construction Bank Corp. (China)		0.9%
ICICI Bank Ltd. (India)		0.9%
Housing Development Finance Corp. Ltd. (India)		0.9%
Infosys Ltd. (India)		0.8%

Country Diversification* as of May 31, 2023

China	26.9%
Taiwan	15.9%
India	14.5%
South Korea	12.7%
Brazil	5.0%
Saudi Arabia	4.2%
South Africa	3.0%
Mexico	2.8%
Indonesia	2.1%
Thailand	2.0%
Other	10.9%
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 48.

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, 2023

Average Annual Total Return
	Net Asset Value	Market Value	MSCI Europe US Dollar Hedged Index	MSCI Europe Index
One Year	8.77%	9.09%	8.75%	4.68%
Five Year	7.66%	7.68%	7.83%	4.07%
Since Inception1	7.87%	7.89%	8.13%	4.00%
Cumulative Total Returns
	Net Asset Value	Market Value	MSCI Europe US Dollar Hedged Index	MSCI Europe Index
One Year	8.77%	9.09%	8.75%	4.68%
Five Year	44.62%	44.75%	45.78%	22.06%
Since Inception1	107.92%	108.43%	112.88%	46.16%

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 the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2022, 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.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

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, 2023

Financials	16.9%
Health Care	16.1%
Industrials	15.0%
Consumer Staples	12.6%
Consumer Discretionary	11.6%
Information Technology	7.1%
Materials	6.8%
Energy	5.5%
Utilities	4.4%
Communication Services	3.3%
Real Estate	0.7%
Total	100.0%

Ten Largest Equity Holdings
as of May 31, 2023 (22.4% of Net Assets)

Nestle SA (Switzerland)	3.2%
ASML Holding NV (Netherlands)	2.9%
Novo Nordisk A/S (Denmark)	2.6%
LVMH Moet Hennessy Louis Vuitton SE (France)	2.4%
Roche Holding AG (Switzerland)	2.3%
AstraZeneca PLC (United Kingdom)	2.2%
Novartis AG (Switzerland)	2.0%
Shell PLC (United Kingdom)	1.9%
HSBC Holdings PLC (United Kingdom)	1.5%
SAP SE (Germany)	1.4%

Country Diversification* as of May 31, 2023

United Kingdom	21.5%
France	18.0%
Switzerland	16.8%
Germany	13.0%
Netherlands	7.4%
Denmark	4.8%
Sweden	4.7%
Spain	3.9%
Italy	3.1%
Other	6.8%
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 69.

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, 2023

Average Annual Total Return
	Net Asset Value	Market Value	MSCI EMU IMI US Dollar Hedged Index	MSCI EMU IMI Index
One Year	10.57%	11.23%	10.75%	6.53%
Five Year	7.27%	7.37%	7.44%	3.05%
Since Inception1	8.18%	8.29%	8.35%	4.47%
Cumulative Total Returns
	Net Asset Value	Market Value	MSCI EMU IMI US Dollar Hedged Index	MSCI EMU IMI Index
One Year	10.57%	11.23%	10.75%	6.53%
Five Year	42.06%	42.72%	43.14%	16.21%
Since Inception1	94.64%	96.42%	97.35%	44.83%

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 the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2022 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.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

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, 2023

Industrials	16.9%
Consumer Discretionary	16.4%
Financials	16.3%
Information Technology	12.3%
Health Care	7.9%
Consumer Staples	7.6%
Materials	6.5%
Utilities	6.0%
Communication Services	4.5%
Energy	4.3%
Real Estate	1.3%
Total	100.0%

Ten Largest Equity Holdings
as of May 31, 2023 (25.8% of Net Assets)

Description	% of Net Assets
ASML Holding NV (Netherlands)		5.3%
LVMH Moet Hennessy Louis Vuitton SE (France)		4.4%
SAP SE (Germany)		2.5%
TotalEnergies SE (France)		2.4%
Siemens AG (Germany)		2.3%
Sanofi (France)		2.1%
L’Oreal SA (France)		1.9%
Schneider Electric SE (France)		1.7%
Air Liquide SA (France)		1.6%
Allianz SE (Germany)		1.6%

Country Diversification* as of May 31, 2023

France	33.9%
Germany	25.2%
Netherlands	14.1%
Spain	7.8%
Italy	7.0%
Finland	3.1%
Belgium	2.8%
Ireland	2.5%
Other	3.6%
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 77.

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 U.S. dollar and the euro. It is not possible to invest directly into an index.

Performance as of May 31, 2023

Average Annual Total Return
	Net Asset Value	Market Value	MSCI Germany US Dollar Hedged Index	MSCI Germany Index
One Year	9.67%	9.78%	9.86%	5.47%
Five Year	4.47%	4.50%	4.63%	0.25%
Ten Year	6.60%	6.66%	6.86%	3.10%
Cumulative Total Returns
	Net Asset Value	Market Value	MSCI Germany US Dollar Hedged Index	MSCI Germany Index
One Year	9.67%	9.78%	9.86%	5.47%
Five Year	24.45%	24.64%	25.39%	1.24%
Ten Year	89.41%	90.63%	94.09%	35.65%

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 the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2022 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.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

14

DBX ETF Trust

Performance Summary (Unaudited)

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

Growth of an Assumed $10,000 Investment

Sector Diversification* as of May 31, 2023

Industrials	19.9%
Financials	16.9%
Consumer Discretionary	16.4%
Information Technology	15.1%
Health Care	10.7%
Materials	6.3%
Communication Services	6.2%
Utilities	4.2%
Consumer Staples	3.0%
Real Estate	1.3%
Total	100.0%

Ten Largest Equity Holdings
as of May 31, 2023 (54.1% of Net Assets)

Description	% of Net Assets
SAP SE		10.2%
Siemens AG		9.3%
Allianz SE		6.4%
Deutsche Telekom AG		5.4%
Mercedes-Benz Group AG		4.8%
Bayer AG		4.1%
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		3.7%
Infineon Technologies AG		3.6%
Deutsche Post AG		3.4%
BASF SE		3.2%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 86.

15

DBX ETF Trust

Performance Summary (Unaudited)

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 U.S. dollar and Japanese yen. It is not possible to invest directly into an index.

Performance as of May 31, 2023

Average Annual Total Return
	Net Asset Value	Market Value	MSCI Japan US Dollar Hedged Index	MSCI Japan Index
One Year	17.78%	17.45%	18.43%	4.53%
Five Year	8.48%	8.51%	8.99%	1.78%
Ten Year	8.88%	9.03%	9.48%	4.99%
Cumulative Total Returns
	Net Asset Value	Market Value	MSCI Japan US Dollar Hedged Index	MSCI Japan Index
One Year	17.78%	17.45%	18.43%	4.53%
Five Year	50.21%	50.46%	53.78%	9.24%
Ten Year	134.09%	137.48%	147.46%	62.70%

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 the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2022 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.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

16

DBX ETF Trust

Performance Summary (Unaudited)

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

Growth of an Assumed $10,000 Investment

Sector Diversification* as of May 31, 2023

Industrials	22.8%
Consumer Discretionary	18.3%
Information Technology	14.9%
Financials	11.2%
Health Care	9.6%
Communication Services	7.3%
Consumer Staples	6.6%
Materials	4.6%
Real Estate	3.0%
Utilities	1.0%
Energy	0.7%
Total	100.0%

Ten Largest Equity Holdings
as of May 31, 2023 (22.6% of Net Assets)

Description	% of Net Assets
Toyota Motor Corp.		4.2%
Sony Group Corp.		3.5%
Keyence Corp.		2.8%
Mitsubishi UFJ Financial Group, Inc.		2.2%
Tokyo Electron Ltd.		1.8%
Daiichi Sankyo Co. Ltd.		1.8%
Shin-Etsu Chemical Co. Ltd.		1.6%
Hitachi Ltd.		1.6%
Sumitomo Mitsui Financial Group, Inc.		1.6%
Takeda Pharmaceutical Co. Ltd.		1.5%

* As a percent of total investments excluding exchange-traded fund, 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 89.

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 unitary advisory fees and other Fund expenses. In the most recent six-month period the Funds 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, 2022 to May 31, 2023).

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning Account Value December 1, 2022		Ending Account Value May 31, 2023		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	$	1,037.40		0.40	%	$	2.03
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.94		0.40	%	$	2.02
Xtrackers MSCI Emerging Markets Hedged Equity ETF
Actual	$	1,000.00	$	996.30		0.65	%	$	3.24
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.69		0.65	%	$	3.28
Xtrackers MSCI Europe Hedged Equity ETF
Actual	$	1,000.00	$	1,062.40		0.45	%	$	2.31
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.69		0.45	%	$	2.27
Xtrackers MSCI Eurozone Hedged Equity ETF
Actual	$	1,000.00	$	1,081.90		0.45	%	$	2.34
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.69		0.45	%	$	2.27
Xtrackers MSCI Germany Hedged Equity ETF
Actual	$	1,000.00	$	1,096.40		0.45	%	$	2.35
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.69		0.45	%	$	2.27
Xtrackers MSCI Japan Hedged Equity ETF
Actual	$	1,000.00	$	1,110.30		0.45	%	$	2.37
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.69		0.45	%	$	2.27

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 365.

18

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF

May 31, 2023

	Number of Shares		Value
COMMON STOCKS — 96.2%
Australia — 4.5%
Ampol Ltd.		1,132	$	23,127
ANZ Group Holdings Ltd.		16,865		251,429
APA Group (a)		6,471		42,259
Aristocrat Leisure Ltd.		3,274		79,114
ASX Ltd.		1,129		49,518
Aurizon Holdings Ltd.		11,688		27,065
BHP Group Ltd.		28,092		767,808
BlueScope Steel Ltd.		2,379		28,658
Brambles Ltd.		8,381		74,903
Cochlear Ltd.		351		55,572
Coles Group Ltd.		7,156		83,690
Commonwealth Bank of Australia		9,445		594,568
Computershare Ltd.		3,152		45,843
CSL Ltd.		2,679		533,902
Dexus REIT		5,645		30,145
EBOS Group Ltd. (b)		1,218		30,870
Endeavour Group Ltd.		7,738		31,055
Fortescue Metals Group Ltd.		9,269		115,878
Goodman Group REIT		9,023		115,209
GPT Group REIT		11,034		30,072
IDP Education Ltd. (b)		1,240		17,599
IGO Ltd.		3,512		32,575
Insurance Australia Group Ltd.		14,724		49,706
Lendlease Corp. Ltd. (a)		3,916		20,123
Lottery Corp. Ltd.		13,414		43,451
Macquarie Group Ltd.		1,997		221,783
Medibank Pvt Ltd.		15,582		36,183
Mineral Resources Ltd.		964		44,388
Mirvac Group REIT		21,179		31,684
National Australia Bank Ltd.		17,754		299,904
Newcrest Mining Ltd.		4,541		75,880
Northern Star Resources Ltd.		6,974		58,563
Orica Ltd.		2,566		25,520
Origin Energy Ltd.		9,026		48,905
Pilbara Minerals Ltd. (b)		15,747		45,170
Qantas Airways Ltd.*		5,390		23,314
QBE Insurance Group Ltd.		8,114		77,161
Ramsay Health Care Ltd.		1,077		40,190
REA Group Ltd. (b)		255		22,811
Reece Ltd.		1,026		12,119
Rio Tinto Ltd.		2,028		141,145
Santos Ltd.		19,320		91,611
Scentre Group REIT		28,919		50,976
SEEK Ltd.		1,941		29,707
Sonic Healthcare Ltd.		2,394		54,797
South32 Ltd.		24,670		62,261
Stockland REIT		15,971		44,254
Suncorp Group Ltd.		7,434		64,311
Telstra Group Ltd.		22,052		62,539
Transurban Group (a)		16,692		161,123
Treasury Wine Estates Ltd.		5,231		39,537
Vicinity Ltd. REIT		18,069		21,802
Washington H Soul Pattinson & Co. Ltd.		1,181		24,674
Wesfarmers Ltd.		6,245		193,638
Westpac Banking Corp.		19,886		267,493
WiseTech Global Ltd.		959		46,678

	Number of Shares		Value
Australia (Continued)
Woodside Energy Group Ltd.		10,352	$	230,958
Woolworths Group Ltd.		6,618		161,598
(Cost $6,053,773)				5,986,816
Austria — 0.1%
Erste Group Bank AG		1,931		62,478
OMV AG		806		35,909
Verbund AG		394		29,712
voestalpine AG		742		22,985
(Cost $163,919)				151,084
Belgium — 0.5%
Ageas SA/NV (b)		827		32,999
Anheuser-Busch InBev SA/NV		4,772		254,581
D’ieteren Group		108		18,667
Elia Group SA/NV		191		23,090
Groupe Bruxelles Lambert NV		626		48,231
KBC Group NV		1,346		88,022
Sofina SA		93		19,186
Solvay SA (b)		445		46,453
UCB SA		684		59,602
Umicore SA (b)		1,218		33,850
Warehouses De Pauw CVA REIT		1,045		29,310
(Cost $837,552)				653,991
Brazil — 1.0%
Ambev SA		26,300		74,701
Atacadao SA		2,964		5,533
B3 SA — Brasil Bolsa Balcao		34,459		90,472
Banco Bradesco SA		9,678		25,314
Banco BTG Pactual S.A		6,891		35,723
Banco do Brasil SA		5,000		43,975
Banco Santander Brasil SA		2,049		11,551
BB Seguridade Participacoes SA		3,235		19,723
CCR SA		8,872		23,731
Centrais Eletricas Brasileiras SA		6,261		43,564
Cia de Saneamento Basico do Estado de Sao Paulo		2,817		29,179
Cia Siderurgica Nacional SA		3,957		9,477
Cosan SA		5,210		15,404
CPFL Energia SA		1,773		10,582
Energisa SA		279		2,422
Eneva SA*		3,626		8,184
Engie Brasil Energia SA		1,304		10,803
Equatorial Energia SA		5,875		32,598
Equatorial Energia SA*		82		455
Hapvida Participacoes e Investimentos SA, 144A*		33,394		26,263
Hypera SA		3,014		24,251
JBS SA		5,104		16,902
Klabin SA		3,942		16,302
Localiza Rent a Car SA		1,544		18,881
Localiza Rent a Car SA*		18		218
Lojas Renner SA		6,078		23,302
Magazine Luiza SA*		19,206		14,386
Natura & Co. Holding SA*		6,002		16,433
Petroleo Brasileiro SA		20,338		117,098
PRIO SA*		3,690		24,868

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Number of Shares		Value
Brazil (Continued)
Raia Drogasil SA		7,106	$	39,681
Rede D’Or Sao Luiz SA, 144A		2,233		12,764
Rumo SA		7,169		29,420
Sendas Distribuidora SA		6,762		14,328
Suzano SA		4,434		39,137
Telefonica Brasil SA		2,515		19,829
TIM SA		4,993		13,739
TOTVS SA		1,901		10,777
Ultrapar Participacoes SA		3,444		11,493
Vale SA		18,774		236,132
Vibra Energia SA		7,838		24,858
WEG SA		9,143		67,780
(Cost $1,201,809)				1,312,233
Canada — 7.2%
Agnico Eagle Mines Ltd.		2,722		138,516
Air Canada*		1,018		16,071
Algonquin Power & Utilities Corp.		4,257		35,875
Alimentation Couche-Tard, Inc.		4,502		217,986
AltaGas Ltd.		1,555		26,369
ARC Resources Ltd.		3,455		41,638
Bank of Montreal		3,994		333,113
Bank of Nova Scotia		6,623		319,904
Barrick Gold Corp.		2,794		48,189
Barrick Gold Corp.		6,885		116,348
BCE, Inc.		455		20,526
Brookfield Asset Management Ltd., Class A		1,924		58,818
Brookfield Corp.		7,995		240,115
BRP, Inc.		178		12,655
CAE, Inc.*		1,806		36,932
Cameco Corp.		2,292		63,805
Canadian Apartment Properties REIT (b)		436		15,754
Canadian Imperial Bank of Commerce		5,159		212,707
Canadian National Railway Co.		3,203		361,143
Canadian Natural Resources Ltd.		6,134		330,445
Canadian Pacific Kansas City Ltd.		5,183		394,939
Canadian Tire Corp. Ltd., Class A		348		41,801
Canadian Utilities Ltd., Class A		795		21,346
CCL Industries, Inc., Class B		906		42,213
Cenovus Energy, Inc. (b)		8,131		129,916
CGI, Inc.*		1,124		116,416
Constellation Software, Inc.		116		236,530
Descartes Systems Group, Inc.*		534		41,288
Dollarama, Inc.		1,642		99,887
Element Fleet Management Corp.		2,329		35,325
Emera, Inc.		1,595		65,762
Empire Co. Ltd., Class A		1,021		26,038
Enbridge, Inc.		11,156		392,740
Fairfax Financial Holdings Ltd.		122		87,569
First Quantum Minerals Ltd.		3,134		65,658
FirstService Corp.		251		36,462
Fortis, Inc.		2,576		108,353
Franco-Nevada Corp.		1,056		153,464
George Weston Ltd.		338		39,758
GFL Environmental, Inc.		1,080		38,983
Gildan Activewear, Inc.		880		23,998

	Number of Shares		Value
Canada (Continued)
Great-West Lifeco, Inc. (b)		1,338	$	37,878
Hydro One Ltd., 144A		1,597		45,516
iA Financial Corp., Inc.		638		40,663
IGM Financial, Inc.		297		8,725
Imperial Oil Ltd.		1,130		51,293
Intact Financial Corp.		951		140,153
Ivanhoe Mines Ltd., Class A*		3,638		26,638
Keyera Corp.		1,294		28,883
Kinross Gold Corp.		7,362		34,709
Loblaw Cos. Ltd.		895		78,252
Lundin Mining Corp.		3,958		27,670
Magna International, Inc.		1,445		69,914
Manulife Financial Corp.		10,018		185,601
Metro, Inc.		1,280		67,333
National Bank of Canada		1,875		134,420
Northland Power, Inc.		1,498		32,862
Nutrien Ltd.		2,940		154,894
Nuvei Corp., 144A*		390		12,236
Onex Corp.		462		20,920
Open Text Corp.		1,605		66,730
Pan American Silver Corp.		2,077		31,656
Parkland Corp.		871		21,725
Pembina Pipeline Corp.		2,878		87,135
Power Corp. of Canada		2,891		74,836
Quebecor, Inc., Class B		1,005		23,965
RB Global, Inc.		1,009		52,706
Restaurant Brands International, Inc.		1,700		123,427
RioCan Real Estate Investment Trust REIT		676		9,969
Rogers Communications, Inc., Class B		1,850		81,564
Royal Bank of Canada		7,759		694,052
Saputo, Inc.		1,462		37,824
Shopify, Inc., Class A*		6,661		381,112
Sun Life Financial, Inc. (b)		3,296		159,641
Suncor Energy, Inc.		7,387		206,945
TC Energy Corp.		5,517		214,746
Teck Resources Ltd., Class B		2,569		100,281
TELUS Corp.		2,690		50,966
TFI International, Inc.		479		50,458
Thomson Reuters Corp.		892		113,427
TMX Group Ltd.		337		36,681
Toromont Industries Ltd.		515		39,834
Toronto-Dominion Bank		10,058		569,324
Tourmaline Oil Corp.		1,717		71,779
West Fraser Timber Co. Ltd.		266		17,951
Wheaton Precious Metals Corp.		2,428		110,034
WSP Global, Inc.		755		93,564
(Cost $8,305,041)				9,566,247
Cayman Islands — 0.0%
Parade Technologies Ltd. (Cost $32,148)		418		13,875
Chile — 0.1%
Antofagasta PLC		2,156		35,871
Banco de Chile		258,773		26,165
Banco de Credito e Inversiones SA		222		6,526
Banco Santander Chile		361,173		15,695

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Number of Shares		Value
Chile (Continued)
Cencosud SA		8,433	$	15,929
Cia Cervecerias Unidas SA		667		4,899
Cia Sud Americana de Vapores SA		36,842		2,709
Empresas CMPC SA		7,496		12,817
Empresas Copec SA		2,226		16,077
Enel Americas SA*		107,638		13,879
Enel Chile SA		123,794		6,801
Falabella SA		4,372		9,634
(Cost $202,279)				167,002
China — 7.3%
360 Security Technology, Inc., Class A		3,700		7,252
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,900		8,713
3SBio, Inc., 144A		9,586		9,696
AAC Technologies Holdings, Inc. (b)		3,567		7,316
Advanced Micro-Fabrication Equipment Inc China, Class A*		350		8,524
AECC Aviation Power Co. Ltd., Class A		1,000		5,585
Agricultural Bank of China Ltd., Class A		28,900		14,293
Agricultural Bank of China Ltd., Class H		157,970		59,513
Aier Eye Hospital Group Co. Ltd., Class A		3,124		11,763
Air China Ltd., Class A*		6,900		8,454
Air China Ltd., Class H* (b)		9,926		7,542
Akeso, Inc., 144A* (b)		3,369		15,015
Alibaba Group Holding Ltd.*		91,333		908,612
Aluminum Corp. of China Ltd., Class A		7,300		5,549
Aluminum Corp. of China Ltd., Class H		18,664		8,247
Anhui Conch Cement Co. Ltd., Class A		1,200		4,225
Anhui Conch Cement Co. Ltd., Class H		6,575		17,465
Anhui Gujing Distillery Co. Ltd., Class A		100		3,540
Anhui Gujing Distillery Co. Ltd., Class B		526		8,619
ANTA Sports Products Ltd.		6,442		65,774
Asymchem Laboratories Tianjin Co. Ltd., Class A		280		5,185
Autohome, Inc., ADR		380		10,876
AviChina Industry & Technology Co. Ltd., Class H		21,908		10,604
Baidu, Inc., Class A*		12,684		193,408
Bank of Beijing Co. Ltd., Class A		11,100		7,377
Bank of China Ltd., Class A		16,800		9,206
Bank of China Ltd., Class H		432,156		169,431
Bank of Communications Co. Ltd., Class A		11,800		9,699
Bank of Communications Co. Ltd., Class H		49,744		32,081
Bank of Hangzhou Co. Ltd., Class A		3,700		6,036
Bank of Jiangsu Co. Ltd., Class A*		11,600		12,093
Bank of Nanjing Co. Ltd., Class A		7,900		9,368
Bank of Ningbo Co. Ltd., Class A		2,210		7,639
Bank of Shanghai Co. Ltd., Class A		5,590		4,846
Baoshan Iron & Steel Co. Ltd., Class A		10,200		8,427
Beijing Capital International Airport Co. Ltd., Class H*		6,501		4,533
Beijing Kingsoft Office Software, Inc., Class A*		256		15,539
Beijing Tongrentang Co. Ltd., Class A		100		851

	Number of Shares		Value
China (Continued)
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A*		145	$	1,895
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		10,800		8,756
Betta Pharmaceuticals Co. Ltd., Class A*		400		3,168
BGI Genomics Co. Ltd., Class A		500		4,137
Bilibili, Inc., Class Z* (b)		1,128		18,367
BOE Technology Group Co. Ltd., Class A*		15,500		8,646
BYD Co. Ltd., Class A		700		24,948
BYD Co. Ltd., Class H		5,554		167,674
BYD Electronic International Co. Ltd.		2,894		8,426
CGN Power Co. Ltd., Class H, 144A		82,381		19,779
Changchun High & New Technology Industry Group, Inc., Class A		200		4,479
Chaozhou Three-Circle Group Co. Ltd., Class A		1,100		4,660
China Cinda Asset Management Co. Ltd., Class H		54,699		6,077
China CITIC Bank Corp. Ltd., Class H		52,339		27,538
China Coal Energy Co. Ltd., Class H		5,298		4,005
China Communications Services Corp. Ltd., Class H		14,234		6,762
China Conch Venture Holdings Ltd.		10,486		13,177
China Construction Bank Corp., Class A		4,300		3,867
China Construction Bank Corp., Class H		537,832		344,110
China CSSC Holdings Ltd., Class A		2,400		9,718
China Energy Engineering Corp. Ltd., Class A		17,700		5,969
China Everbright Bank Co. Ltd., Class A		14,000		6,196
China Everbright Bank Co. Ltd., Class H*		13,497		4,154
China Evergrande Group* (c)		8,123		0
China Feihe Ltd., 144A		21,663		12,588
China Galaxy Securities Co. Ltd., Class A		1,470		2,346
China Galaxy Securities Co. Ltd., Class H		26,284		14,165
China Hongqiao Group Ltd.		14,641		10,396
China International Capital Corp. Ltd., Class H, 144A		8,796		16,086
China Jushi Co. Ltd., Class A		4,400		8,426
China Lesso Group Holdings Ltd.		5,474		3,614
China Life Insurance Co. Ltd., Class A		700		3,672
China Life Insurance Co. Ltd., Class H		41,086		69,365
China Literature Ltd., 144A* (b)		2,048		7,742
China Longyuan Power Group Corp. Ltd., Class H		21,208		23,780
China Meidong Auto Holdings Ltd.		2,636		3,393
China Merchants Bank Co. Ltd., Class A		7,600		34,491
China Merchants Bank Co. Ltd., Class H		21,031		97,763
China Merchants Energy Shipping Co. Ltd., Class A		6,700		5,375
China Merchants Securities Co. Ltd., Class A		4,200		8,208
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		2,300		4,098
China Minsheng Banking Corp. Ltd., Class A		13,500		7,511
China Minsheng Banking Corp. Ltd., Class H		28,896		11,440

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Number of Shares		Value
China (Continued)
China National Building Material Co. Ltd., Class H		15,893	$	8,991
China National Nuclear Power Co. Ltd., Class A		11,200		11,078
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		1,300		4,358
China Oilfield Services Ltd., Class H		10,996		11,206
China Pacific Insurance Group Co. Ltd., Class A		2,100		8,217
China Pacific Insurance Group Co. Ltd., Class H		13,944		35,259
China Petroleum & Chemical Corp., Class A		9,200		8,221
China Petroleum & Chemical Corp., Class H		135,133		85,079
China Railway Group Ltd., Class A		13,900		15,409
China Railway Group Ltd., Class H		18,491		12,185
China Resources Microelectronics Ltd., Class A		622		5,198
China Resources Mixc Lifestyle Services Ltd., 144A		3,535		16,094
China Resources Pharmaceutical Group Ltd., 144A		5,360		5,141
China Shenhua Energy Co. Ltd., Class A		2,690		10,670
China Shenhua Energy Co. Ltd., Class H		18,207		57,548
China Southern Airlines Co. Ltd., Class A*		10,000		8,810
China Southern Airlines Co. Ltd., Class H*		7,607		4,381
China State Construction Engineering Corp. Ltd., Class A		13,900		11,523
China Three Gorges Renewables Group Co. Ltd., Class A		12,800		9,766
China Tourism Group Duty Free Corp. Ltd., Class A		800		13,837
China Tourism Group Duty Free Corp. Ltd., Class H, 144A*		620		9,866
China Tower Corp. Ltd., Class H, 144A		293,078		32,188
China United Network Communications Ltd., Class A		10,000		6,913
China Vanke Co. Ltd., Class A		3,300		6,603
China Vanke Co. Ltd., Class H		11,678		15,421
China Yangtze Power Co. Ltd., Class A		8,900		28,148
China Zhenhua Group Science & Technology Co. Ltd., Class A		600		7,773
Chinasoft International Ltd.* (b)		14,445		8,615
Chongqing Brewery Co. Ltd., Class A		200		2,507
Chongqing Changan Automobile Co. Ltd., Class A		3,640		6,112
Chongqing Rural Commercial Bank Co. Ltd., Class A		7,100		3,940
Chongqing Zhifei Biological Products Co. Ltd., Class A		800		7,901
CITIC Ltd.		29,803		34,407
CITIC Securities Co. Ltd., Class A		8,430		23,748
CITIC Securities Co. Ltd., Class H		14,270		26,279
CMOC Group Ltd., Class A		13,200		9,718

	Number of Shares		Value
China (Continued)
CMOC Group Ltd., Class H		15,252	$	7,966
Contemporary Amperex Technology Co. Ltd., Class A		1,578		49,037
COSCO SHIPPING Energy Transportation Co. Ltd., Class A*		2,600		4,088
COSCO SHIPPING Holdings Co. Ltd., Class A		6,330		9,285
COSCO SHIPPING Holdings Co. Ltd., Class H		18,876		16,633
Country Garden Holdings Co. Ltd. (b)		60,195		11,070
Country Garden Services Holdings Co. Ltd.		11,992		13,952
CRRC Corp. Ltd., Class A		24,300		24,036
CRRC Corp. Ltd., Class H		3,776		2,339
CSC Financial Co. Ltd., Class A		1,960		6,992
CSPC Pharmaceutical Group Ltd.		52,024		45,311
Dali Foods Group Co. Ltd., 144A		15,749		5,249
Daqin Railway Co. Ltd., Class A		7,700		8,266
Daqo New Energy Corp., ADR* (b)		388		13,949
DaShenLin Pharmaceutical Group Co. Ltd., Class A		840		3,842
Dongfang Electric Corp. Ltd., Class A		100		253
Dongfeng Motor Group Co. Ltd., Class H		23,713		10,266
Dongyue Group Ltd.		9,332		8,164
East Buy Holding Ltd., 144A* (b)		2,750		10,202
East Money Information Co. Ltd., Class A		5,134		10,113
Ecovacs Robotics Co. Ltd., Class A		200		1,946
ENN Energy Holdings Ltd.		4,157		48,310
Eve Energy Co. Ltd., Class A		900		8,093
Everbright Securities Co. Ltd., Class A		1,800		4,006
Flat Glass Group Co. Ltd., Class H		2,614		7,344
Focus Media Information Technology Co. Ltd., Class A		3,200		2,886
Foshan Haitian Flavouring & Food Co. Ltd., Class A*		1,517		12,899
Fosun International Ltd.		21,044		13,867
Foxconn Industrial Internet Co. Ltd., Class A		4,600		11,666
Fuyao Glass Industry Group Co. Ltd., Class A		1,100		5,014
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		3,423		12,458
Ganfeng Lithium Group Co. Ltd., Class A		700		6,098
Ganfeng Lithium Group Co. Ltd., Class H, 144A (b)		2,119		13,409
GD Power Development Co. Ltd., Class A*		12,900		7,395
GDS Holdings Ltd., Class A*		4,320		5,329
Gemdale Corp., Class A		1,700		1,732
Genscript Biotech Corp.*		6,892		15,244
GF Securities Co. Ltd., Class A		2,000		4,187
GF Securities Co. Ltd., Class H		6,132		8,520
GigaDevice Semiconductor, Inc., Class A		168		2,615
Ginlong Technologies Co. Ltd., Class A*		300		4,207
GoerTek, Inc., Class A		1,500		3,874
Gotion High-tech Co. Ltd., Class A		1,500		5,608
Great Wall Motor Co. Ltd., Class A*		1,200		3,809

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Number of Shares		Value
China (Continued)
Great Wall Motor Co. Ltd., Class H* (b)		17,402	$	17,868
Gree Electric Appliances, Inc. of Zhuhai, Class A		1,000		4,634
Greentown China Holdings Ltd.		4,920		4,618
Greentown Service Group Co. Ltd. (b)		8,393		4,534
Guangdong Haid Group Co. Ltd., Class A		400		2,599
Guanghui Energy Co. Ltd., Class A		2,500		2,550
Guangzhou Automobile Group Co. Ltd., Class A		3,800		5,441
Guangzhou Automobile Group Co. Ltd., Class H		17,222		9,875
Guangzhou Tinci Materials Technology Co. Ltd., Class A		800		4,596
Guosen Securities Co. Ltd., Class A		5,900		7,635
Guotai Junan Securities Co. Ltd., Class A		3,100		6,446
H World Group Ltd., ADR*		988		36,181
Haidilao International Holding Ltd., 144A* (b)		11,144		23,454
Haier Smart Home Co. Ltd., Class A		2,100		6,338
Haier Smart Home Co. Ltd., Class H		12,032		34,496
Haitian International Holdings Ltd.		4,489		10,193
Haitong Securities Co. Ltd., Class A		5,000		6,611
Haitong Securities Co. Ltd., Class H		14,205		9,433
Hangzhou First Applied Material Co. Ltd., Class A		784		3,375
Hangzhou Silan Microelectronics Co. Ltd., Class A		800		3,591
Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A (b)		788		5,907
Hansoh Pharmaceutical Group Co. Ltd., 144A		7,293		12,070
Henan Shuanghui Investment & Development Co. Ltd., Class A		1,100		3,799
Hengan International Group Co. Ltd.		3,819		16,241
Hengli Petrochemical Co. Ltd., Class A		1,800		3,993
Hithink RoyalFlush Information Network Co. Ltd., Class A		400		9,039
Hoshine Silicon Industry Co. Ltd., Class A		500		4,732
Hoyuan Green Energy Co. Ltd., Class A		400		4,340
Hua Hong Semiconductor Ltd., 144A*		2,689		8,705
Huadian Power International Corp. Ltd., Class A		8,000		8,014
Huadong Medicine Co. Ltd., Class A		700		3,830
Hualan Biological Engineering, Inc., Class A		670		2,121
Huaneng Power International, Inc., Class A*		3,500		5,006
Huaneng Power International, Inc., Class H*		17,022		10,934
Huatai Securities Co. Ltd., Class A		1,700		3,232
Huatai Securities Co. Ltd., Class H, 144A		9,693		12,119
Huaxia Bank Co. Ltd., Class A		9,400		7,634
Huayu Automotive Systems Co. Ltd., Class A		1,700		4,170
Huizhou Desay Sv Automotive Co. Ltd., Class A		300		4,783

	Number of Shares		Value
China (Continued)
Hundsun Technologies, Inc., Class A		1,456	$	8,690
Hygeia Healthcare Holdings Co. Ltd., 144A*		2,124		12,491
Iflytek Co. Ltd., Class A		900		7,556
Imeik Technology Development Co. Ltd., Class A		100		6,331
Industrial & Commercial Bank of China Ltd., Class A		33,000		22,395
Industrial & Commercial Bank of China Ltd., Class H		300,742		160,924
Industrial Bank Co. Ltd., Class A		8,800		20,475
Industrial Securities Co. Ltd., Class A		1,950		1,677
Ingenic Semiconductor Co. Ltd., Class A		300		3,980
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		32,600		8,382
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		2,600		1,604
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		2,100		8,501
Inner Mongolia Yitai Coal Co. Ltd., Class B		10,900		14,061
Innovent Biologics, Inc., 144A*		5,347		25,060
iQIYI, Inc., ADR*		3,404		13,820
JA Solar Technology Co. Ltd., Class A		1,764		8,923
JD Health International, Inc., 144A*		5,531		34,081
JD Logistics, Inc., 144A*		13,732		21,956
JD.com, Inc., Class A		12,988		208,824
Jiangsu Eastern Shenghong Co. Ltd., Class A		2,200		3,598
Jiangsu Expressway Co. Ltd., Class H		8,873		8,578
Jiangsu Hengli Hydraulic Co. Ltd., Class A		600		4,600
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		2,600		16,640
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		700		13,203
Jiangsu Zhongtian Technology Co. Ltd., Class A		1,300		2,656
Jiangxi Copper Co. Ltd., Class A		2,700		7,018
Jiangxi Copper Co. Ltd., Class H		3,974		5,978
Jinko Solar Co. Ltd.		4,383		7,839
Jiumaojiu International Holdings Ltd., 144A		8,278		14,166
Kanzhun Ltd., ADR*		1,212		16,810
KE Holdings, Inc., ADR*		3,589		51,107
Kingdee International Software Group Co. Ltd.*		15,602		20,722
Kingsoft Corp. Ltd.* (b)		5,845		21,236
Kuaishou Technology, 144A*		13,213		89,431
Kweichow Moutai Co. Ltd., Class A		400		91,547
Lenovo Group Ltd.		33,923		31,885
Lens Technology Co. Ltd., Class A		2,610		4,265
Lepu Medical Technology Beijing Co. Ltd., Class A		1,200		4,165
Li Auto, Inc., Class A*		6,095		88,034
Li Ning Co. Ltd.		12,557		67,352

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Number of Shares		Value
China (Continued)
Lingyi iTech Guangdong Co., Class A*		3,100	$	2,744
Longfor Group Holdings Ltd., 144A		10,936		21,033
LONGi Green Energy Technology Co. Ltd., Class A		3,340		13,525
Lufax Holding Ltd., ADR		5,225		6,688
Luxshare Precision Industry Co. Ltd., Class A		3,349		12,846
Luzhou Laojiao Co. Ltd., Class A		600		17,200
Mango Excellent Media Co. Ltd., Class A		1,200		4,933
Maxscend Microelectronics Co. Ltd., Class A		160		1,993
Meituan, Class B, 144A*		28,367		399,216
Metallurgical Corp. of China Ltd., Class A		5,900		3,341
Microport Scientific Corp.* (b)		3,646		6,277
Ming Yang Smart Energy Group Ltd., Class A		2,300		5,678
MINISO Group Holding Ltd., ADR		644		9,789
Minth Group Ltd.		4,579		11,450
Montage Technology Co. Ltd., Class A		617		5,531
Muyuan Foods Co. Ltd., Class A		2,134		12,008
NARI Technology Co. Ltd., Class A		3,076		11,859
NAURA Technology Group Co. Ltd., Class A		200		8,527
NetEase, Inc.		10,740		181,870
New China Life Insurance Co. Ltd., Class A		1,300		6,720
New China Life Insurance Co. Ltd., Class H		4,257		11,009
New Hope Liuhe Co. Ltd., Class A*		1,400		2,217
New Oriental Education & Technology Group, Inc.*		8,270		31,578
Ninestar Corp., Class A		548		3,011
Ningbo Deye Technology Co. Ltd., Class A		180		3,425
Ningbo Tuopu Group Co. Ltd., Class A		500		4,084
Ningxia Baofeng Energy Group Co. Ltd., Class A		4,466		7,624
NIO, Inc., ADR* (b)		7,790		58,659
Nongfu Spring Co. Ltd., Class H, 144A (b)		10,821		58,040
Oppein Home Group, Inc., Class A		500		6,663
Orient Securities Co. Ltd., Class A		2,048		2,846
People’s Insurance Co. Group of China Ltd., Class A		5,600		4,815
People’s Insurance Co. Group of China Ltd., Class H		44,346		16,763
PetroChina Co. Ltd., Class A		7,700		8,114
PetroChina Co. Ltd., Class H		109,802		70,954
Pharmaron Beijing Co. Ltd., Class A		600		3,886
Pharmaron Beijing Co. Ltd., Class H, 144A		1,081		3,990
PICC Property & Casualty Co. Ltd., Class H		37,106		44,212
Ping An Bank Co. Ltd., Class A		6,600		10,757
Ping An Healthcare and Technology Co. Ltd., 144A* (b)		2,085		4,809
Ping An Insurance Group Co. of China Ltd., Class A		4,400		29,056

	Number of Shares		Value
China (Continued)
Ping An Insurance Group Co. of China Ltd., Class H		34,742	$	220,508
Poly Developments and Holdings Group Co. Ltd., Class A		3,900		6,981
Pop Mart International Group Ltd., 144A		3,770		8,281
Postal Savings Bank of China Co. Ltd., Class A		14,000		10,111
Postal Savings Bank of China Co. Ltd., Class H, 144A		44,006		27,650
Power Construction Corp. of China Ltd., Class A		5,900		5,496
Qifu Technology, Inc., ADR		515		7,081
Qinghai Salt Lake Industry Co. Ltd., Class A*		2,900		7,656
Rongsheng Petrochemical Co. Ltd., Class A		2,550		4,156
SAIC Motor Corp. Ltd., Class A		2,400		4,525
Sangfor Technologies, Inc., Class A		400		7,003
Sany Heavy Equipment International Holdings Co. Ltd.		6,832		9,022
Sany Heavy Industry Co. Ltd., Class A		2,800		5,775
Satellite Chemical Co. Ltd., Class A		2,937		5,228
SDIC Power Holdings Co. Ltd., Class A		2,500		4,633
Seazen Holdings Co. Ltd., Class A*		2,500		4,911
SF Holding Co. Ltd., Class A		1,860		12,369
SG Micro Corp., Class A		150		2,285
Shaanxi Coal Industry Co. Ltd., Class A		4,700		11,068
Shandong Gold Mining Co. Ltd., Class A		2,200		7,805
Shandong Gold Mining Co. Ltd., Class H, 144A		4,780		9,108
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		900		3,689
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		13,432		19,864
Shanghai Baosight Software Co. Ltd., Class A		910		6,780
Shanghai Baosight Software Co. Ltd., Class B		3,380		11,238
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		1,100		4,819
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		3,018		8,209
Shanghai Fudan Microelectronics Group Co. Ltd., Class H (b)		2,852		7,667
Shanghai Junshi Biosciences Co. Ltd., Class A*		270		1,726
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		3,931		2,347
Shanghai M&G Stationery, Inc., Class A		800		4,779
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		1,300		4,283
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		5,214		10,387
Shanghai Pudong Development Bank Co. Ltd., Class A		9,300		9,604
Shanghai Putailai New Energy Technology Co. Ltd., Class A		1,160		5,789

See Notes to Financial Statements. 24

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Number of Shares		Value
China (Continued)
Shanghai Rural Commercial Bank Co. Ltd., Class A		7,000	$	5,803
Shanxi Coking Coal Energy Group Co. Ltd., Class A		1,600		2,214
Shanxi Meijin Energy Co. Ltd., Class A		3,100		3,123
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		420		12,382
Shenwan Hongyuan Group Co. Ltd., Class A		11,900		7,892
Shenzhen Dynanonic Co. Ltd., Class A		320		4,944
Shenzhen Inovance Technology Co. Ltd., Class A		1,050		8,717
Shenzhen Kangtai Biological Products Co. Ltd., Class A		896		3,499
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		445		18,793
Shenzhen SC New Energy Technology Corp., Class A		300		4,031
Shenzhen Transsion Holdings Co. Ltd., Class A		633		11,184
Shenzhou International Group Holdings Ltd.		4,510		36,516
Sichuan Chuantou Energy Co. Ltd., Class A		1,900		3,978
Sichuan Road & Bridge Group Co. Ltd., Class A		2,800		5,980
Sichuan Yahua Industrial Group Co. Ltd., Class A		1,000		2,526
Silergy Corp.		1,844		24,035
Sinopharm Group Co. Ltd., Class H		8,105		26,549
Smoore International Holdings Ltd., 144A		10,110		10,174
StarPower Semiconductor Ltd., Class A		100		3,065
Sunac China Holdings Ltd.*		14,174		2,154
Sungrow Power Supply Co. Ltd., Class A		500		7,738
Sunny Optical Technology Group Co. Ltd.		3,609		33,922
Suzhou Maxwell Technologies Co. Ltd., Class A		160		3,552
TAL Education Group, ADR*		2,073		11,256
TBEA Co. Ltd., Class A		1,500		4,715
TCL Technology Group Corp., Class A		1,280		694
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		1,100		5,742
Tencent Holdings Ltd.		34,592		1,372,115
Tencent Music Entertainment Group, ADR*		3,659		25,393
Tianma Microelectronics Co. Ltd., Class A*		1,000		1,359
Tianqi Lithium Corp., Class A*		800		8,086
Tingyi Cayman Islands Holding Corp.		13,235		19,843
Tongcheng Travel Holdings Ltd.*		5,989		11,947
Tongwei Co. Ltd., Class A		1,700		8,150
Topsports International Holdings Ltd., 144A		16,911		13,131
TravelSky Technology Ltd., Class H		4,346		7,926
Trina Solar Co. Ltd., Class A		1,184		6,538
Trip.com Group Ltd.*		3,149		101,020

	Number of Shares		Value
China (Continued)
Tsingtao Brewery Co. Ltd., Class A		200	$	2,675
Tsingtao Brewery Co. Ltd., Class H		2,870		24,703
Unigroup Guoxin Microelectronics Co. Ltd., Class A		475		6,150
Uni-President China Holdings Ltd.*		10,252		8,903
Unisplendour Corp. Ltd., Class A		1,880		8,616
Vipshop Holdings Ltd., ADR*		2,612		37,404
Walvax Biotechnology Co. Ltd., Class A		900		3,653
Wanhua Chemical Group Co. Ltd., Class A		1,021		11,801
Weibo Corp., ADR*		333		4,652
Weichai Power Co. Ltd., Class A		2,100		3,411
Weichai Power Co. Ltd., Class H		14,848		20,175
Wens Foodstuffs Group Co. Ltd., Class A		2,440		5,766
Will Semiconductor Co. Ltd., Class A		540		7,579
Wingtech Technology Co. Ltd., Class A		478		3,351
Wuliangye Yibin Co. Ltd., Class A		1,200		27,176
WUS Printed Circuit Kunshan Co. Ltd., Class A		1,500		4,403
WuXi AppTec Co. Ltd., Class A		920		8,402
WuXi AppTec Co. Ltd., Class H, 144A*		2,094		17,248
Wuxi Biologics Cayman, Inc., 144A*		21,469		109,806
Xiaomi Corp., Class B, 144A*		83,432		110,171
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		4,300		6,573
Xinyi Solar Holdings Ltd.		24,569		24,254
XPeng, Inc., Class A* (b)		5,888		23,348
Xtep International Holdings Ltd.		8,580		8,623
Yadea Group Holdings Ltd., 144A (b)		6,987		13,920
Yankuang Energy Group Co. Ltd., Class A		700		2,668
Yankuang Energy Group Co. Ltd., Class H (b)		9,496		24,060
Yifeng Pharmacy Chain Co. Ltd., Class A		600		4,183
Yihai International Holding Ltd.* (b)		2,432		5,392
Yihai Kerry Arawana Holdings Co. Ltd., Class A		1,000		5,648
YongXing Special Materials Technology Co. Ltd., Class A		390		3,466
Yonyou Network Technology Co. Ltd., Class A		1,700		4,748
YTO Express Group Co. Ltd., Class A		900		1,946
Yum China Holdings, Inc.		2,265		127,882
Yunnan Baiyao Group Co. Ltd., Class A		560		4,237
Yunnan Energy New Material Co. Ltd., Class A*		300		3,832
Zai Lab Ltd.* (b)		5,802		19,154
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		200		8,548
Zhaojin Mining Industry Co. Ltd., Class H*		8,439		11,984
Zhejiang Chint Electrics Co. Ltd., Class A		1,200		4,409
Zhejiang Dahua Technology Co. Ltd., Class A		3,600		10,035
Zhejiang Expressway Co. Ltd., Class H (b)		5,816		4,308
Zhejiang Huayou Cobalt Co. Ltd., Class A		650		4,224
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		600		5,813

See Notes to Financial Statements. 25

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Number of Shares		Value
China (Continued)
Zhejiang NHU Co. Ltd., Class A*		2,160	$	4,583
Zhejiang Supcon Technology Co. Ltd., Class A		279		4,054
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*		5,473		15,412
Zhongji Innolight Co. Ltd., Class A*		600		9,062
Zhongsheng Group Holdings Ltd.		3,824		14,113
Zhuzhou CRRC Times Electric Co. Ltd.		3,305		13,907
Zijin Mining Group Co. Ltd., Class A		6,800		10,213
Zijin Mining Group Co. Ltd., Class H		34,308		46,530
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		4,400		3,913
ZTE Corp., Class A		1,512		7,474
ZTE Corp., Class H		3,477		10,679
ZTO Express Cayman, Inc., ADR		2,213		55,856
(Cost $11,952,499)				9,702,555
Colombia — 0.0%
Bancolombia SA		1,292		8,071
Interconexion Electrica SA ESP		2,692		10,647
(Cost $24,936)				18,718
Cyprus — 0.0%
Polymetal International PLC* (c)		1,738		0
TCS Group Holding PLC, GDR* (c)		608		0
(Cost $62,312)				0
Czech Republic — 0.0%
CEZ AS		965		43,414
Komercni Banka AS		414		12,339
Moneta Money Bank AS, 144A		1,846		6,587
(Cost $44,943)				62,340
Denmark — 2.0%
A.P. Moller — Maersk A/S, Class A		19		31,882
A.P. Moller — Maersk A/S, Class B		26		43,721
Carlsberg A/S, Class B		506		76,227
Chr Hansen Holding A/S		622		45,106
Coloplast A/S, Class B		654		82,329
Danske Bank A/S*		4,096		83,312
Demant A/S*		659		25,049
DSV A/S		1,016		195,787
Genmab A/S*		350		136,902
Novo Nordisk A/S, Class B		9,199		1,473,868
Novozymes A/S, Class B (b)		1,088		52,427
Orsted AS, 144A		1,086		95,090
Pandora A/S		496		39,514
ROCKWOOL A/S, Class B		71		16,928
Tryg A/S		2,057		46,799
Vestas Wind Systems A/S*		5,535		157,581
(Cost $1,484,367)				2,602,522
Egypt — 0.0%
Commercial International Bank Egypt SAE		15,165		25,667
Eastern Co. SAE		4,376		2,701
(Cost $32,658)				28,368

	Number of Shares		Value
Finland — 0.7%
Elisa OYJ		869	$	48,673
Fortum OYJ		2,716		36,086
Kesko OYJ, Class B		1,624		30,699
Kone OYJ, Class B		1,822		92,450
Metso Corp.		3,013		32,963
Neste OYJ		2,319		87,674
Nokia OYJ		29,278		118,766
Nordea Bank Abp		17,919		176,155
Orion OYJ, Class B		706		29,876
Sampo OYJ, Class A		2,722		125,169
Stora Enso OYJ, Class R		2,625		33,235
UPM-Kymmene OYJ		3,085		92,563
Wartsila OYJ Abp		2,903		32,861
(Cost $1,031,454)				937,170
France — 7.4%
Accor SA		985		32,607
Aeroports de Paris*		174		26,429
Air Liquide SA		2,887		483,378
Airbus SE		3,310		433,554
Alstom SA (b)		1,849		50,872
Amundi SA, 144A		378		21,253
Arkema SA		368		32,058
AXA SA		10,458		295,282
BioMerieux		238		23,822
BNP Paribas SA (b)		6,126		353,662
Bollore SE		5,529		35,401
Bouygues SA		1,361		43,585
Bureau Veritas SA		1,752		44,440
Capgemini SE		909		158,181
Carrefour SA		3,166		58,156
Cie de Saint-Gobain		2,705		149,773
Cie Generale des Etablissements Michelin SCA		3,620		102,772
Covivio SA REIT		172		8,409
Credit Agricole SA (b)		6,975		79,715
Danone SA		3,632		214,844
Dassault Aviation SA		152		25,703
Dassault Systemes SE		3,796		166,806
Edenred		1,429		91,770
Eiffage SA		443		47,172
Engie SA		9,843		147,739
EssilorLuxottica SA (b)		1,660		298,876
Eurazeo SE		248		16,939
Gecina SA REIT		216		22,107
Getlink SE		2,720		46,170
Hermes International		174		353,713
Ipsen SA*		243		28,078
Kering SA		409		217,869
Klepierre SA REIT		1,245		28,186
La Francaise des Jeux SAEM, 144A		466		17,962
Legrand SA*		1,442		136,348
L’Oreal SA		1,348		574,910
LVMH Moet Hennessy Louis Vuitton SE		1,539		1,338,897
Orange SA		10,946		130,714
Pernod Ricard SA		1,127		243,460
Publicis Groupe SA		1,222		90,546

See Notes to Financial Statements. 26

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Number of Shares		Value
France (Continued)
Remy Cointreau SA		132	$	20,282
Renault SA		1,162		38,858
Safran SA		1,846		267,249
Sanofi (b)		6,329		641,870
Sartorius Stedim Biotech		145		38,066
Schneider Electric SE		3,027		522,026
SEB SA		169		15,861
Societe Generale SA (b)		4,306		99,556
Sodexo SA		462		49,902
Teleperformance		331		49,497
Thales SA		543		75,628
TotalEnergies SE (b)		13,062		741,102
Unibail-Rodamco-Westfield REIT* (b)		650		29,737
Valeo		1,380		26,492
Veolia Environnement SA		3,496		102,914
Vinci SA		2,941		334,232
Vivendi SE		3,875		34,337
Wendel SE		166		17,442
Worldline SA, 144A*		1,243		48,296
(Cost $7,819,009)				9,825,505
Germany — 5.0%
adidas AG		941		152,384
Allianz SE		2,264		483,950
BASF SE		4,968		235,857
Bayer AG		5,542		308,869
Bayerische Motoren Werke AG		1,900		206,991
Bechtle AG		466		18,271
Beiersdorf AG		579		73,741
Brenntag SE		901		70,671
Carl Zeiss Meditec AG		251		28,131
Commerzbank AG*		5,399		54,247
Continental AG		530		35,283
Covestro AG, 144A*		1,012		39,007
Daimler Truck Holding AG*		2,907		87,936
Delivery Hero SE, 144A*		879		32,885
Deutsche Bank AG (d)		11,155		112,988
Deutsche Boerse AG		1,089		187,991
Deutsche Lufthansa AG*		2,647		25,917
Deutsche Post AG		5,608		252,064
Deutsche Telekom AG		18,190		403,351
E.ON SE		11,941		144,358
Evonik Industries AG*		897		17,973
Fresenius Medical Care AG & Co. KGaA		1,202		51,329
Fresenius SE & Co. KGaA		2,261		61,846
GEA Group AG		769		32,296
Hannover Rueck SE		347		74,256
Heidelberg Materials AG		687		49,112
HelloFresh SE*		935		22,217
Henkel AG & Co. KGaA		577		41,397
Infineon Technologies AG		7,083		262,942
Knorr-Bremse AG		426		29,133
LEG Immobilien SE*		458		23,748
Mercedes-Benz Group AG		4,718		351,855
Merck KGaA		709		123,340
MTU Aero Engines AG		322		74,275
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		804		287,038

	Number of Shares		Value
Germany (Continued)
Nemetschek SE		340	$	26,617
Puma SE		610		29,028
Rational AG		32		21,464
Rheinmetall AG		257		64,941
RWE AG		3,710		155,135
SAP SE		5,789		756,034
Scout24 SE, 144A		317		20,331
Siemens AG		4,200		688,402
Siemens Energy AG*		2,893		73,412
Siemens Healthineers AG, 144A		1,483		83,856
Symrise AG		720		76,946
Talanx AG		349		19,454
Telefonica Deutschland Holding AG		5,759		16,221
Volkswagen AG		191		28,664
Vonovia SE		3,877		71,113
Wacker Chemie AG		111		14,736
Zalando SE, 144A*		1,332		38,499
(Cost $6,486,194)				6,642,502
Greece — 0.1%
Alpha Services and Holdings SA*		12,017		17,797
Eurobank Ergasias Services and Holdings SA*		16,513		25,770
Hellenic Telecommunications Organization SA		1,100		16,837
JUMBO SA		804		18,649
Motor Oil Hellas Corinth Refineries SA		523		13,484
Mytilineos SA		568		17,899
National Bank of Greece SA*		1,750		10,849
OPAP SA		966		16,500
Public Power Corp. SA*		1,163		12,313
Terna Energy SA		661		14,230
(Cost $130,266)				164,328
Hong Kong — 2.2%
AIA Group Ltd.		64,299		616,677
Alibaba Health Information Technology Ltd.*		25,048		14,842
Beijing Enterprises Holdings Ltd.		4,754		18,365
Beijing Enterprises Water Group Ltd.		29,600		7,258
BOC Hong Kong Holdings Ltd.		20,760		61,640
Bosideng International Holdings Ltd.		14,160		5,877
Budweiser Brewing Co. APAC Ltd., 144A		10,027		25,201
C&D International Investment Group Ltd.*		5,397		13,564
China Everbright Environment Group Ltd.		26,229		10,250
China Gas Holdings Ltd.		18,497		20,976
China Jinmao Holdings Group Ltd.		29,943		4,283
China Medical System Holdings Ltd.		8,280		11,632
China Mengniu Dairy Co. Ltd.*		20,484		79,525
China Merchants Port Holdings Co. Ltd.		8,916		12,935
China Overseas Land & Investment Ltd.		20,926		42,438
China Overseas Property Holdings Ltd.		9,399		8,618
China Power International Development Ltd.		32,211		12,258
China Resources Beer Holdings Co. Ltd.		8,382		52,880
China Resources Cement Holdings Ltd.		18,836		6,856

See Notes to Financial Statements. 27

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Number of Shares		Value
Hong Kong (Continued)
China Resources Gas Group Ltd.		5,528	$	18,179
China Resources Land Ltd.		16,909		63,270
China Resources Power Holdings Co. Ltd.		11,465		26,472
China Ruyi Holdings Ltd.* (b)		53,692		11,999
China State Construction International Holdings Ltd.		5,764		6,515
China Taiping Insurance Holdings Co. Ltd.		8,417		8,771
China Traditional Chinese Medicine Holdings Co. Ltd.		18,429		8,873
Chow Tai Fook Jewellery Group Ltd. (b)		11,774		20,840
CK Asset Holdings Ltd.		10,635		57,314
CK Hutchison Holdings Ltd.		14,322		86,604
CK Infrastructure Holdings Ltd.		2,240		12,387
CLP Holdings Ltd.		8,608		62,715
COSCO SHIPPING Ports Ltd.		8,299		5,225
ESR Group Ltd., 144A		14,114		20,836
Far East Horizon Ltd. (b)		11,701		9,803
Futu Holdings Ltd., ADR*		290		10,689
Galaxy Entertainment Group Ltd.*		11,799		73,156
GCL Technology Holdings Ltd.* (b)		124,733		27,080
Geely Automobile Holdings Ltd.		31,985		37,212
Guangdong Investment Ltd.		16,239		13,832
Hang Lung Properties Ltd.		11,594		18,360
Hang Seng Bank Ltd.		3,616		48,349
Henderson Land Development Co. Ltd.		8,011		25,423
HKT Trust & HKT Ltd. (a)		19,553		24,970
Hong Kong & China Gas Co. Ltd.		58,802		53,016
Hong Kong Exchanges & Clearing Ltd.		6,679		244,456
Hongkong Land Holdings Ltd.		7,400		31,746
Jardine Matheson Holdings Ltd.		921		44,217
Kingboard Holdings Ltd.		3,978		10,719
Kingboard Laminates Holdings Ltd.		6,739		6,162
Kunlun Energy Co. Ltd.*		28,991		23,103
Link REIT		14,095		81,901
MTR Corp. Ltd.		7,996		36,812
New World Development Co. Ltd.		9,515		22,723
Nine Dragons Paper Holdings Ltd. (b)		11,423		6,331
Orient Overseas International Ltd. (b)		824		10,044
Power Assets Holdings Ltd.		8,161		43,929
Prudential PLC		15,599		204,910
Shenzhen International Holdings Ltd.		8,123		6,442
Shimao Group Holdings Ltd.* (c)		6,159		0
Sino Biopharmaceutical Ltd.		53,674		25,567
Sino Land Co. Ltd.		16,821		21,868
SITC International Holdings Co. Ltd.		7,529		13,076
Sun Hung Kai Properties Ltd.		8,368		106,544
Swire Pacific Ltd., Class A		3,404		22,736
Swire Properties Ltd.		8,946		21,318
Techtronic Industries Co. Ltd.		7,328		67,988
Vinda International Holdings Ltd.		3,130		7,531
Want Want China Holdings Ltd.		26,923		18,016
WH Group Ltd., 144A		39,827		20,802
Wharf Real Estate Investment Co. Ltd.		10,016		49,438
Xinyi Glass Holdings Ltd.		10,872		16,078
Yuexiu Property Co. Ltd. (b)		11,555		12,514
(Cost $3,420,033)				2,954,936

	Number of Shares		Value
Hungary — 0.1%
MOL Hungarian Oil & Gas PLC		2,264	$	18,418
OTP Bank Nyrt		1,369		42,633
Richter Gedeon Nyrt		842		21,193
(Cost $91,148)				82,244
India — 3.9%
ABB India Ltd.		364		18,153
ACC Ltd.*		400		8,593
Adani Enterprises Ltd.		873		26,310
Adani Green Energy Ltd.*		1,907		22,536
Adani Ports & Special Economic Zone Ltd.		2,531		22,604
Adani Power Ltd.*		4,860		14,665
Ambuja Cements Ltd.*		3,761		19,257
Apollo Hospitals Enterprise Ltd.		448		25,028
Asian Paints Ltd.		2,199		84,868
AU Small Finance Bank Ltd., 144A		1,340		12,583
Aurobindo Pharma Ltd.		1,823		14,512
Avenue Supermarts Ltd., 144A*		813		34,112
Axis Bank Ltd.		12,277		135,759
Bajaj Auto Ltd.		375		20,702
Bajaj Finance Ltd.		1,452		122,677
Bajaj Finserv Ltd.		2,280		39,989
Bajaj Holdings & Investment Ltd.		177		15,543
Balkrishna Industries Ltd.		426		11,708
Bandhan Bank Ltd., 144A*		3,700		11,986
Bank of Baroda		9,060		20,259
Berger Paints India Ltd.		1,200		9,435
Bharat Electronics Ltd.		15,339		20,793
Bharat Forge Ltd.		1,102		10,540
Bharat Petroleum Corp. Ltd.		6,191		27,202
Bharti Airtel Ltd.		11,993		123,203
Britannia Industries Ltd.		588		33,099
CG Power & Industrial Solutions Ltd.		4,785		22,721
Cholamandalam Investment and Finance Co. Ltd.		2,409		30,600
Cipla Ltd.		3,005		34,617
Coal India Ltd.		8,686		25,329
Colgate-Palmolive India Ltd.		694		13,350
Container Corp. Of India Ltd.		1,452		11,776
Dabur India Ltd.		3,991		26,793
Divi’s Laboratories Ltd.		734		30,552
DLF Ltd.		3,332		19,126
Dr. Reddy’s Laboratories Ltd.		626		34,058
Eicher Motors Ltd.		766		33,998
GAIL India Ltd.		13,881		17,584
Godrej Consumer Products Ltd.*		1,827		23,372
Godrej Properties Ltd.*		767		12,889
Grasim Industries Ltd.		1,167		24,239
Havells India Ltd.		1,403		22,181
HCL Technologies Ltd.		5,467		75,669
HDFC Life Insurance Co. Ltd., 144A*		5,058		36,215
Hero MotoCorp Ltd.		692		23,085
Hindalco Industries Ltd.		6,994		34,314
Hindustan Aeronautics Ltd.		510		19,215
Hindustan Petroleum Corp. Ltd.		3,845		12,125
Hindustan Unilever Ltd.		4,481		144,482

See Notes to Financial Statements. 28

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Number of Shares		Value
India (Continued)
Housing Development Finance Corp. Ltd.		9,472	$	302,300
ICICI Bank Ltd.		28,161		323,080
ICICI Lombard General Insurance Co. Ltd., 144A		1,437		20,532
ICICI Prudential Life Insurance Co. Ltd., 144A		2,368		13,338
Indian Hotels Co. Ltd.		5,027		23,679
Indian Oil Corp. Ltd.		15,346		16,694
Indian Railway Catering & Tourism Corp. Ltd.		1,558		12,231
Indraprastha Gas Ltd.		1,513		8,789
Info Edge India Ltd.		447		22,011
Infosys Ltd.		18,396		293,133
InterGlobe Aviation Ltd., 144A*		612		17,550
ITC Ltd.		17,688		95,248
Jindal Steel & Power Ltd.		2,591		16,199
JSW Steel Ltd.		4,507		37,933
Jubilant Foodworks Ltd.		2,564		14,978
Kotak Mahindra Bank Ltd.		6,043		147,135
Larsen & Toubro Ltd.		3,699		98,616
LTIMindtree Ltd., 144A		488		29,483
Lupin Ltd.		460		4,473
Mahindra & Mahindra Ltd.		5,252		83,733
Marico Ltd.		3,283		21,550
Maruti Suzuki India Ltd.		763		86,394
Max Healthcare Institute Ltd.*		4,561		30,291
Mphasis Ltd.		553		13,013
MRF Ltd.		5		5,875
Muthoot Finance Ltd.		756		10,193
Nestle India Ltd.		177		46,368
NTPC Ltd.		24,064		50,567
Oil & Natural Gas Corp. Ltd.		19,534		36,574
Page Industries Ltd.		35		16,404
Petronet LNG Ltd.		3,652		9,970
PI Industries Ltd.		355		15,520
Pidilite Industries Ltd.		770		24,272
Power Grid Corp. of India Ltd.		17,432		49,273
Reliance Industries Ltd.		17,009		507,791
Samvardhana Motherson International Ltd.		11,778		11,254
SBI Cards & Payment Services Ltd.		1,384		15,339
SBI Life Insurance Co. Ltd., 144A		2,079		31,035
Shree Cement Ltd.		72		21,901
Shriram Finance Ltd.		1,196		20,235
Siemens Ltd.		413		17,730
Sona Blw Precision Forgings Ltd., 144A		2,705		17,707
SRF Ltd.		973		29,635
State Bank of India		10,321		72,338
Sun Pharmaceutical Industries Ltd.		5,281		62,259
Tata Consultancy Services Ltd.		4,977		197,890
Tata Consumer Products Ltd.		3,294		31,799
Tata Elxsi Ltd.		210		18,838
Tata Motors Ltd.*		10,084		64,150
Tata Power Co. Ltd.		8,029		20,725
Tata Steel Ltd.		39,753		50,837
Tech Mahindra Ltd.		3,212		43,310

	Number of Shares		Value
India (Continued)
Titan Co. Ltd.		1,960	$	66,886
Torrent Pharmaceuticals Ltd.		496		11,006
Trent Ltd.		1,162		21,917
Tube Investments of India Ltd.		613		21,213
TVS Motor Co. Ltd.		1,211		19,070
UltraTech Cement Ltd.		660		62,784
United Spirits Ltd.*		1,860		19,863
UPL Ltd.		2,858		23,667
Varun Beverages Ltd.		1,445		29,595
Vedanta Ltd.		2,680		9,015
Wipro Ltd.		6,894		33,636
Yes Bank Ltd.*		56,316		11,027
Zomato Ltd.*		26,626		22,223
(Cost $4,265,208)				5,218,480
Indonesia — 0.6%
Aneka Tambang Tbk		47,388		5,991
GoTo Gojek Tokopedia Tbk PT*		4,795,303		47,025
PT Adaro Energy Indonesia Tbk		82,036		11,164
PT Astra International Tbk		100,569		43,274
PT Bank Central Asia Tbk		302,998		182,931
PT Bank Mandiri Persero Tbk		215,118		72,471
PT Bank Negara Indonesia Persero Tbk		41,364		24,973
PT Bank Rakyat Indonesia Persero Tbk		368,084		136,896
PT Barito Pacific Tbk*		142,535		7,227
PT Charoen Pokphand Indonesia Tbk		46,010		15,193
PT Indah Kiat Pulp & Paper Tbk		20,659		9,509
PT Indofood CBP Sukses Makmur Tbk		15,127		11,807
PT Indofood Sukses Makmur Tbk		13,056		6,184
PT Kalbe Farma Tbk		126,870		17,181
PT Merdeka Copper Gold Tbk*		79,644		15,939
PT Sarana Menara Nusantara Tbk		163,488		10,797
PT Semen Indonesia Persero Tbk		26,264		10,162
PT Sumber Alfaria Trijaya Tbk		109,079		19,211
PT Telkom Indonesia Persero Tbk		276,435		74,503
PT Unilever Indonesia Tbk		51,686		15,620
PT United Tractors Tbk		11,193		16,595
PT Vale Indonesia Tbk		18,118		7,615
(Cost $651,703)				762,268
Ireland — 0.9%
AerCap Holdings NV*		924		52,742
AIB Group PLC		6,701		27,447
Bank of Ireland Group PLC		6,581		61,861
CRH PLC		4,100		193,268
DCC PLC		616		35,225
Experian PLC		5,275		185,831
Flutter Entertainment PLC*		976		190,549
James Hardie Industries PLC CDI*		2,457		60,554
Kerry Group PLC, Class A		901		87,814
Kingspan Group PLC		920		61,049
PDD Holdings, Inc., ADR*		2,762		180,414
Smurfit Kappa Group PLC		1,239		44,009
(Cost $1,038,452)				1,180,763
Israel — 0.4%
Azrieli Group Ltd.		249		13,092
Bank Hapoalim BM		6,392		51,423

See Notes to Financial Statements. 29

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Number of Shares		Value
Israel (Continued)
Bank Leumi Le-Israel BM		7,825	$	54,836
Check Point Software Technologies Ltd.*		545		68,022
CyberArk Software Ltd.*		225		34,814
Elbit Systems Ltd.		186		37,997
ICL Group Ltd.		4,138		22,533
Israel Discount Bank Ltd., Class A		7,946		38,266
Mizrahi Tefahot Bank Ltd.		670		21,492
Monday.com Ltd.*		122		21,984
Nice Ltd.*		386		77,644
Teva Pharmaceutical Industries Ltd., ADR*		6,547		47,139
Tower Semiconductor Ltd.*		690		28,550
Wix.com Ltd.*		337		25,686
(Cost $647,907)				543,478
Italy — 1.3%
Amplifon SpA (b)		798		27,534
Assicurazioni Generali SpA		6,112		115,734
Davide Campari-Milano NV (b)		3,324		43,382
DiaSorin SpA		150		15,424
Enel SpA		44,857		280,878
Eni SpA		12,717		169,236
Ferrari NV		690		196,629
FinecoBank Banca Fineco SpA		2,978		39,503
Infrastrutture Wireless Italiane SpA, 144A		2,148		27,322
Intesa Sanpaolo SpA		89,593		206,424
Mediobanca Banca di Credito Finanziario SpA		2,730		30,042
Moncler SpA		1,076		72,827
Nexi SpA, 144A*		3,229		25,292
Poste Italiane SpA, 144A		2,858		29,621
Prysmian SpA		1,468		54,402
Recordati Industria Chimica e Farmaceutica SpA		624		27,093
Snam SpA		11,803		61,693
Telecom Italia SpA*		59,521		15,766
Terna — Rete Elettrica Nazionale		8,322		69,669
UniCredit SpA		10,425		199,621
(Cost $1,532,125)				1,708,092
Japan — 14.1%
Advantest Corp.		1,000		128,548
Aeon Co. Ltd.		3,500		69,334
AGC, Inc. (b)		1,200		43,840
Aisin Corp.		800		23,025
Ajinomoto Co., Inc.		2,500		97,273
ANA Holdings, Inc.*		600		13,329
Asahi Group Holdings Ltd.		2,700		104,822
Asahi Intecc Co. Ltd.		1,300		24,773
Asahi Kasei Corp.		7,800		53,101
Astellas Pharma, Inc.		9,900		156,858
Azbil Corp.		800		25,351
Bandai Namco Holdings, Inc.		3,300		77,476
BayCurrent Consulting, Inc.		800		29,341
Bridgestone Corp. (b)		3,100		126,336
Brother Industries Ltd.		1,519		22,067

	Number of Shares		Value
Japan (Continued)
Canon, Inc. (b)		5,700	$	141,595
Capcom Co. Ltd.		1,100		42,950
Central Japan Railway Co.		800		97,527
Chiba Bank Ltd.		3,800		23,756
Chubu Electric Power Co., Inc.		4,000		47,744
Chugai Pharmaceutical Co. Ltd. (b)		4,164		112,225
Concordia Financial Group Ltd.		6,100		23,643
CyberAgent, Inc.		2,500		17,728
Dai Nippon Printing Co. Ltd.		1,400		39,943
Daifuku Co. Ltd.		1,800		36,549
Dai-ichi Life Holdings, Inc.		5,300		91,088
Daiichi Sankyo Co. Ltd.		10,226		333,221
Daikin Industries Ltd.		1,413		269,365
Daito Trust Construction Co. Ltd.		300		28,530
Daiwa House Industry Co. Ltd.		3,271		85,505
Daiwa House REIT Investment Corp. REIT		10		20,994
Daiwa Securities Group, Inc.		6,200		28,169
Denso Corp.		2,300		142,152
Dentsu Group, Inc. (b)		1,300		41,802
Disco Corp.		523		76,390
East Japan Railway Co.		1,570		86,633
Eisai Co. Ltd.		1,400		89,110
ENEOS Holdings, Inc.		16,393		54,571
FANUC Corp.		5,125		176,492
Fast Retailing Co. Ltd.		948		222,362
Fuji Electric Co. Ltd.		600		25,279
FUJIFILM Holdings Corp.		2,100		128,615
Fujitsu Ltd.		1,000		127,185
GLP J REIT		19		20,156
GMO Payment Gateway, Inc.		300		23,729
Hakuhodo DY Holdings, Inc.		1,200		12,592
Hamamatsu Photonics KK		700		35,722
Hankyu Hanshin Holdings, Inc.		1,500		47,748
Hikari Tsushin, Inc.		100		14,477
Hirose Electric Co. Ltd.		205		27,838
Hitachi Construction Machinery Co. Ltd.		600		14,857
Hitachi Ltd.		5,341		308,442
Honda Motor Co. Ltd.		8,443		242,700
Hoshizaki Corp.		656		23,636
Hoya Corp.		1,978		249,371
Hulic Co. Ltd. (b)		1,300		10,852
Ibiden Co. Ltd.		600		32,815
Idemitsu Kosan Co. Ltd.		1,232		23,946
Iida Group Holdings Co. Ltd.		800		13,229
Inpex Corp. (b)		5,200		55,238
Isuzu Motors Ltd.		3,300		38,465
ITOCHU Corp.		6,500		220,251
Itochu Techno-Solutions Corp.		500		13,027
Japan Airlines Co. Ltd.		900		17,222
Japan Exchange Group, Inc.		3,000		49,105
Japan Metropolitan Fund Invest REIT		45		31,846
Japan Post Bank Co. Ltd.		8,200		61,268
Japan Post Holdings Co. Ltd.		12,999		91,854
Japan Post Insurance Co. Ltd.		1,100		16,556
Japan Real Estate Investment Corp. REIT		7		26,628
Japan Tobacco, Inc.		6,588		143,747

See Notes to Financial Statements. 30

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Number of Shares		Value
Japan (Continued)
JFE Holdings, Inc.		2,700	$	33,410
JSR Corp.		700		16,906
Kajima Corp.		2,500		35,080
Kansai Electric Power Co., Inc.		3,600		41,239
Kao Corp.		2,611		91,397
Kawasaki Kisen Kaisha Ltd.		700		15,751
KDDI Corp.		8,200		252,548
Keio Corp.		600		21,145
Keisei Electric Railway Co. Ltd.		800		30,720
Keyence Corp.		1,074		522,643
Kikkoman Corp.		900		53,163
Kintetsu Group Holdings Co. Ltd.		1,000		33,124
Kirin Holdings Co. Ltd.		4,600		68,657
Kobayashi Pharmaceutical Co. Ltd.		400		22,623
Kobe Bussan Co. Ltd.		800		22,078
Koei Tecmo Holdings Co. Ltd.		520		8,760
Koito Manufacturing Co. Ltd.		1,200		22,583
Komatsu Ltd.		5,000		118,141
Konami Group Corp.		600		31,825
Kose Corp.		200		20,097
Kubota Corp.		5,500		76,070
Kurita Water Industries Ltd.		700		28,688
Kyocera Corp.		1,684		95,800
Kyowa Kirin Co. Ltd.		1,700		32,701
Lasertec Corp. (b)		400		62,157
Lixil Corp.		1,300		16,795
M3, Inc.		2,442		54,475
Makita Corp.		1,400		37,983
Marubeni Corp.		8,800		125,818
MatsukiyoCocokara & Co.		800		42,893
Mazda Motor Corp.		3,200		27,424
McDonald’s Holdings Co. Japan Ltd. (b)		400		16,451
MEIJI Holdings Co. Ltd.		1,400		31,401
MINEBEA MITSUMI, Inc.		2,200		42,460
MISUMI Group, Inc.		1,400		30,648
Mitsubishi Chemical Group Corp.		9,100		51,161
Mitsubishi Corp.		6,944		278,408
Mitsubishi Electric Corp.		10,700		139,697
Mitsubishi Estate Co. Ltd.		6,600		75,936
Mitsubishi HC Capital, Inc.		4,000		21,733
Mitsubishi Heavy Industries Ltd.		1,700		72,063
Mitsubishi UFJ Financial Group, Inc.		63,000		421,658
Mitsui & Co. Ltd.		7,200		227,589
Mitsui Chemicals, Inc.		1,100		27,831
Mitsui Fudosan Co. Ltd.		4,900		93,639
Mitsui OSK Lines Ltd. (b)		2,100		47,856
Mizuho Financial Group, Inc.		13,250		195,243
MonotaRO Co. Ltd.		1,600		22,279
MS&AD Insurance Group Holdings, Inc.		2,300		79,206
Murata Manufacturing Co. Ltd.		3,100		182,429
NEC Corp.		1,300		61,116
Nexon Co. Ltd. (b)		2,460		50,251
NGK Insulators Ltd.		2,300		27,783
Nidec Corp.		2,400		119,548
Nintendo Co. Ltd.		6,000		255,632
Nippon Building Fund, Inc. REIT		9		36,045
NIPPON EXPRESS HOLDINGS, Inc. (b)		500		28,100
Nippon Paint Holdings Co. Ltd. (b)		4,900		37,667

	Number of Shares		Value
Japan (Continued)
Nippon Prologis REIT, Inc. REIT (b)		12	$	25,167
Nippon Sanso Holdings Corp.		1,000		20,528
Nippon Shinyaku Co. Ltd.		200		9,158
Nippon Steel Corp.		4,510		87,902
Nippon Telegraph & Telephone Corp.		6,400		181,676
Nippon Yusen KK (b)		2,900		61,872
Nissan Chemical Corp.		600		26,097
Nissan Motor Co. Ltd.		12,100		45,412
Nisshin Seifun Group, Inc.		1,150		14,436
Nissin Foods Holdings Co. Ltd.		415		35,416
Nitori Holdings Co. Ltd.		501		61,112
Nitto Denko Corp.		900		64,145
Nomura Holdings, Inc.		15,300		53,700
Nomura Real Estate Holdings, Inc.		600		14,534
Nomura Real Estate Master Fund, Inc. REIT		27		31,762
Nomura Research Institute Ltd.		2,156		54,316
NTT Data Corp.		3,400		48,734
Obayashi Corp.		3,900		31,463
Obic Co. Ltd.		400		64,856
Odakyu Electric Railway Co. Ltd.		1,600		23,335
Oji Holdings Corp.		4,122		15,887
Olympus Corp.		6,600		100,309
Omron Corp.		1,000		60,470
Ono Pharmaceutical Co. Ltd.		1,800		33,700
Open House Group Co. Ltd.		500		19,236
Oracle Corp. (b)		200		15,331
Oriental Land Co. Ltd.		6,025		226,037
ORIX Corp.		7,256		123,715
Osaka Gas Co. Ltd.		2,308		36,593
Otsuka Corp.		608		22,954
Otsuka Holdings Co. Ltd. (b)		2,183		81,053
Pan Pacific International Holdings Corp.		2,400		40,980
Panasonic Holdings Corp.		12,700		133,130
Persol Holdings Co. Ltd.		1,000		18,920
Rakuten Group, Inc.		4,800		19,844
Recruit Holdings Co. Ltd.		8,100		249,410
Renesas Electronics Corp.*		7,100		116,698
Resona Holdings, Inc.		11,900		54,108
Ricoh Co. Ltd.		3,800		31,802
Rohm Co. Ltd.		400		33,906
SBI Holdings, Inc.		1,517		28,418
SCSK Corp.		900		14,263
Secom Co. Ltd.		1,100		72,131
Seiko Epson Corp.		1,700		25,855
Sekisui Chemical Co. Ltd.		1,600		22,107
Sekisui House Ltd.		3,300		64,508
Seven & i Holdings Co. Ltd.		4,061		170,368
SG Holdings Co. Ltd.		1,400		20,579
Sharp Corp.*		1,300		7,465
Shimadzu Corp.		1,400		43,409
Shimano, Inc.		453		71,238
Shimizu Corp.		3,000		18,216
Shin-Etsu Chemical Co. Ltd.		10,395		320,598
Shionogi & Co. Ltd.		1,409		63,469
Shiseido Co. Ltd.		2,106		95,909
Shizuoka Financial Group, Inc.		1,600		11,783
SMC Corp.		308		165,976

See Notes to Financial Statements. 31

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Number of Shares		Value
Japan (Continued)
SoftBank Corp.		15,400	$	164,197
SoftBank Group Corp.		5,700		223,991
Sompo Holdings, Inc.		1,600		65,344
Sony Group Corp.		7,000		661,188
Square Enix Holdings Co. Ltd.		500		22,430
Subaru Corp.		3,200		55,100
SUMCO Corp.		2,100		30,010
Sumitomo Chemical Co. Ltd.		9,300		27,768
Sumitomo Corp.		6,200		117,325
Sumitomo Electric Industries Ltd.		4,400		52,235
Sumitomo Metal Mining Co. Ltd.		1,500		45,541
Sumitomo Mitsui Financial Group, Inc.		7,100		289,351
Sumitomo Mitsui Trust Holdings, Inc.		1,810		63,722
Sumitomo Realty & Development Co. Ltd.		1,439		34,796
Suntory Beverage & Food Ltd. (b)		800		29,456
Suzuki Motor Corp.		1,900		62,758
Sysmex Corp.		900		58,971
T&D Holdings, Inc.		2,900		39,589
Taisei Corp.		1,100		35,015
Takeda Pharmaceutical Co. Ltd.		8,687		275,652
TDK Corp.		2,100		80,488
Terumo Corp.		3,800		115,807
TIS, Inc.		1,300		36,483
Tobu Railway Co. Ltd.		1,092		28,608
Toho Co. Ltd.		500		19,702
Tokio Marine Holdings, Inc.		10,002		225,705
Tokyo Electric Power Co. Holdings, Inc.*		9,300		32,107
Tokyo Electron Ltd.		2,514		348,523
Tokyo Gas Co. Ltd.		2,400		51,144
Tokyu Corp.		2,800		36,215
TOPPAN, Inc.		1,500		32,116
Toray Industries, Inc.		7,000		37,039
Toshiba Corp.		2,051		66,230
Tosoh Corp.		1,100		12,672
TOTO Ltd.		740		22,493
Toyota Industries Corp.		900		55,683
Toyota Motor Corp.		59,120		809,837
Toyota Tsusho Corp.		1,100		48,477
Trend Micro, Inc.		800		38,127
Unicharm Corp.		2,205		84,022
USS Co. Ltd.		1,100		17,914
Welcia Holdings Co. Ltd.		600		12,695
West Japan Railway Co.		1,100		46,116
Yakult Honsha Co. Ltd.		800		51,965
Yamaha Corp.		800		31,753
Yamaha Motor Co. Ltd.		1,800		44,443
Yamato Holdings Co. Ltd.		1,800		32,983
Yaskawa Electric Corp.		1,500		63,521
Yokogawa Electric Corp.		1,361		25,711
Z Holdings Corp.		12,800		31,889
ZOZO, Inc.		733		14,962
(Cost $16,216,695)				18,726,303
Jordan — 0.0%
Hikma Pharmaceuticals PLC (Cost $26,809)		1,155		25,740

	Number of Shares		Value
Kuwait — 0.2%
Agility Public Warehousing Co. KSC		8,404	$	16,696
Boubyan Bank KSCP		6,628		12,930
Gulf Bank KSCP		4,433		3,690
Kuwait Finance House KSCP		44,711		102,782
Mabanee Co. KPSC		3,640		8,770
Mobile Telecommunications Co. KSCP		11,016		18,626
National Bank of Kuwait SAKP		41,435		123,948
(Cost $258,449)				287,442
Luxembourg — 0.1%
ArcelorMittal SA		2,686		66,695
Eurofins Scientific SE		819		53,961
Reinet Investments SCA		806		15,941
Tenaris SA		2,613		32,595
(Cost $165,756)				169,192
Macau — 0.0%
Sands China Ltd.* (Cost $56,312)		14,172		45,880
Malaysia — 0.4%
AMMB Holdings Bhd		10,087		7,955
Axiata Group Bhd		11,876		7,153
Celcomdigi Bhd		20,644		19,993
CIMB Group Holdings Bhd		34,514		36,043
Dialog Group Bhd		23,700		11,091
Gamuda Bhd		16,900		16,257
Genting Bhd		16,200		14,742
Genting Malaysia Bhd		21,700		11,801
Hong Leong Bank Bhd		5,182		21,736
Hong Leong Financial Group Bhd		1,753		6,578
IHH Healthcare Bhd		9,091		11,365
Inari Amertron Bhd		21,000		11,466
IOI Corp. Bhd		12,200		9,754
Kuala Lumpur Kepong Bhd		2,620		11,853
Malayan Banking Bhd		28,237		52,920
Malaysia Airports Holdings Bhd		8,454		12,657
Maxis Bhd		12,100		10,775
MISC Bhd		6,000		9,490
MR DIY Group M Bhd, 144A		17,400		5,919
Nestle Malaysia Bhd		300		8,710
Petronas Chemicals Group Bhd		13,257		18,842
Petronas Dagangan Bhd		1,500		6,864
Petronas Gas Bhd		4,641		16,832
PPB Group Bhd		2,440		8,596
Press Metal Aluminium Holdings Bhd		21,100		21,075
Public Bank Bhd		77,700		64,140
QL Resources Bhd		7,800		9,379
RHB Bank Bhd		3,224		3,737
Sime Darby Bhd		8,000		3,588
Sime Darby Plantation Bhd		11,711		10,707
Telekom Malaysia Bhd		4,400		4,862
Tenaga Nasional Bhd		14,500		29,876
Top Glove Corp. Bhd*		37,600		9,287
(Cost $590,547)				506,043
Mexico — 0.8%
Alfa SAB de CV, Class A		20,533		12,571
America Movil SAB de CV, Series B		178,024		190,010

See Notes to Financial Statements. 32

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Number of Shares		Value
Mexico (Continued)
Arca Continental SAB de CV		2,306	$	23,313
Banco del Bajio SA, 144A		4,748		14,873
Cemex SAB de CV, Series CPO*		79,753		47,972
Coca-Cola Femsa SAB de CV		2,948		24,214
Controladora AXTEL SAB de CV*		20,533		317
Fibra Uno Administracion SA de CV REIT		16,664		24,192
Fomento Economico Mexicano SAB de CV		10,640		107,140
Gruma SAB de CV, Class B		1,259		19,351
Grupo Aeroportuario del Pacifico SAB de CV, Class B		2,257		39,933
Grupo Aeroportuario del Sureste SAB de CV, Class B		1,207		33,806
Grupo Bimbo SAB de CV, Series A		6,565		35,094
Grupo Carso SAB de CV, Series A1		2,233		13,284
Grupo Financiero Banorte SAB de CV, Class O		14,690		117,751
Grupo Financiero Inbursa SAB de CV, Class O*		14,955		33,217
Grupo Mexico SAB de CV, Series B		17,101		75,900
Grupo Televisa SAB, Series CPO		14,028		13,434
Industrias Penoles SAB de CV*		1,324		20,260
Kimberly-Clark de Mexico SAB de CV, Class A		7,913		16,095
Operadora De Sites Mexicanos SAB de CV, Class A-1		11,601		10,231
Orbia Advance Corp. SAB de CV		6,495		13,483
Promotora y Operadora de Infraestructura SAB de CV		496		4,789
Wal-Mart de Mexico SAB de CV		27,876		105,932
(Cost $844,028)				997,162
Netherlands — 3.0%
ABN AMRO Bank NV, 144A		2,423		35,236
Adyen NV, 144A*		116		189,312
Aegon NV (b)		9,689		42,617
Akzo Nobel NV		984		74,089
Argenx SE*		295		114,968
ASM International NV		248		107,466
ASML Holding NV		2,246		1,612,104
Euronext NV, 144A		502		33,349
EXOR NV*		689		57,194
Heineken Holding NV		636		54,080
Heineken NV		1,402		141,588
IMCD NV		353		53,033
ING Groep NV		20,584		253,202
JDE Peet’s NV		549		15,950
Just Eat Takeaway.com NV, 144A*		1,332		20,030
Koninklijke Ahold Delhaize NV		5,683		180,171
Koninklijke KPN NV		18,070		62,156
Koninklijke Philips NV*		5,409		102,023
NEPI Rockcastle NV		2,628		15,012
NN Group NV		1,526		55,002
OCI NV		441		9,800
Prosus NV*		4,382		288,389
QIAGEN NV*		1,377		62,128
Randstad NV		712		34,902
Stellantis NV		12,115		183,653

	Number of Shares		Value
Netherlands (Continued)
Universal Music Group NV		4,608	$	91,122
Wolters Kluwer NV		1,423		162,448
(Cost $3,086,916)				4,051,024
New Zealand — 0.2%
Auckland International Airport Ltd.*		6,402		34,221
Fisher & Paykel Healthcare Corp. Ltd.		3,273		45,833
Mercury NZ Ltd.		3,536		13,971
Meridian Energy Ltd.		7,709		24,655
Spark New Zealand Ltd.		11,432		35,529
Xero Ltd.*		792		56,642
(Cost $191,378)				210,851
Norway — 0.4%
Adevinta ASA*		1,580		11,060
Aker BP ASA		1,768		38,417
DNB Bank ASA		5,027		84,144
Equinor ASA		5,126		131,034
Gjensidige Forsikring ASA		1,249		20,985
Kongsberg Gruppen ASA		475		19,025
Mowi ASA		2,153		36,950
Norsk Hydro ASA		7,355		44,447
Orkla ASA		4,370		31,440
Salmar ASA (b)		350		15,419
Telenor ASA		4,392		45,106
Yara International ASA (b)		981		36,606
(Cost $569,055)				514,633
Peru — 0.0%
Cia de Minas Buenaventura SAA, ADR		1,193		8,124
Credicorp Ltd.		377		48,803
(Cost $73,040)				56,927
Philippines — 0.2%
Aboitiz Equity Ventures, Inc.		7,900		7,666
ACEN Corp.*		4,620		482
Ayala Corp.		1,400		16,453
Ayala Land, Inc.		43,600		20,418
Bank of the Philippine Islands		12,563		22,359
BDO Unibank, Inc.		14,830		35,913
International Container Terminal Services, Inc.		4,050		14,062
JG Summit Holdings, Inc.		22,570		19,291
Jollibee Foods Corp.		2,230		9,355
Manila Electric Co.		860		5,007
Metropolitan Bank & Trust Co.		12,041		12,350
PLDT, Inc.		600		12,821
SM Investments Corp.		1,265		20,926
SM Prime Holdings, Inc.		63,200		36,799
Universal Robina Corp.		4,470		11,191
(Cost $271,398)				245,093
Poland — 0.2%
Allegro.eu SA, 144A*		2,074		17,394
Bank Polska Kasa Opieki SA		1,080		24,547
CD Projekt SA		384		10,989
Cyfrowy Polsat SA		1,176		4,289
Dino Polska SA, 144A*		212		20,829

See Notes to Financial Statements. 33

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Number of Shares		Value
Poland (Continued)
KGHM Polska Miedz SA		693	$	17,115
LPP SA*		6		17,000
mBank SA*		102		8,497
PGE Polska Grupa Energetyczna SA*		5,244		8,316
Polski Koncern Naftowy ORLEN SA		3,024		42,977
Powszechna Kasa Oszczednosci Bank Polski SA		5,325		40,335
Powszechny Zaklad Ubezpieczen SA		3,645		33,204
Santander Bank Polska SA*		169		13,431
(Cost $288,916)				258,923
Portugal — 0.1%
EDP — Energias de Portugal SA		16,153		78,768
Galp Energia SGPS SA		3,020		31,945
Jeronimo Martins SGPS SA		1,416		34,176
(Cost $135,046)				144,889
Qatar — 0.3%
Barwa Real Estate Co.		7,266		5,124
Commercial Bank PSQC		20,519		31,568
Dukhan Bank		10,103		10,866
Industries Qatar QSC		8,441		27,781
Masraf Al Rayan QSC		36,318		25,442
Mesaieed Petrochemical Holding Co.		25,772		13,941
Ooredoo QPSC		5,108		14,889
Qatar Electricity & Water Co. QSC		2,691		12,642
Qatar Fuel QSC		2,870		12,505
Qatar Gas Transport Co. Ltd.		16,921		18,362
Qatar International Islamic Bank QSC		4,630		12,707
Qatar Islamic Bank SAQ		9,924		47,766
Qatar National Bank QPSC		24,254		106,678
(Cost $343,953)				340,271
Russia — 0.0%
Alrosa PJSC* (c)		15,266		0
Gazprom PJSC* (c)		63,321		0
Inter RAO UES PJSC* (c)		208,853		0
LUKOIL PJSC* (c)		2,194		0
Magnit PJSC, GDR* (c)		3		0
Magnit PJSC* (c)		443		0
MMC Norilsk Nickel PJSC* (c)		352		0
Mobile TeleSystems PJSC, ADR* (c)		3,019		0
Moscow Exchange MICEX-RTS PJSC* (c)		8,105		0
Novatek PJSC* (c)		5,150		0
Novolipetsk Steel PJSC* (c)		7,219		0
Ozon Holdings PLC, ADR* (c)		322		0
PhosAgro PJSC* (c)		217		0
PhosAgro PJSC, GDR* (c)		4		0
Polyus PJSC* (c)		204		0
Rosneft Oil Co. PJSC* (c)		6,103		0
Sberbank of Russia PJSC* (c)		57,586		0
Severstal PAO* (c)		1,243		0
Surgutneftegas PJSC* (c)		29,592		0
Tatneft PJSC* (c)		7,874		0
United Co. RUSAL International PJSC* (c)		21,438		0
VK Co. Ltd., GDR* (c)		452		0

	Number of Shares		Value
Russia (Continued)
VTB Bank PJSC* (c)		16,943,490	$	0
X5 Retail Group NV, GDR* (c)		635		0
Yandex NV, Class A* (c)		1,576		0
(Cost $1,162,914)				0
Saudi Arabia — 1.2%
ACWA Power Co.		500		19,889
Advanced Petrochemical Co.		941		10,963
Al Rajhi Bank		10,659		200,915
Alinma Bank		5,083		44,247
Almarai Co. JSC		1,382		20,154
Arab National Bank		3,205		21,747
Arabian Internet & Communications Services Co.		132		10,347
Bank AlBilad		2,723		27,006
Bank Al-Jazira		2,489		11,639
Banque Saudi Fransi		3,616		38,370
Bupa Arabia for Cooperative Insurance Co.		417		18,678
Dallah Healthcare Co.		333		14,507
Dar Al Arkan Real Estate Development Co.*		3,593		14,752
Dr Sulaiman Al Habib Medical Services Group Co.		469		33,386
Elm Co.		154		18,427
Emaar Economic City*		1,215		3,194
Etihad Etisalat Co.*		2,194		25,152
Jarir Marketing Co.		3,200		15,015
Mobile Telecommunications Co. Saudi Arabia*		2,628		9,655
Mouwasat Medical Services Co.		284		17,036
Nahdi Medical Co.		215		9,756
National Industrialization Co.*		3,439		13,460
Rabigh Refining & Petrochemical Co.*		3,673		10,772
Riyad Bank		8,136		71,039
SABIC Agri-Nutrients Co.		1,251		41,691
Sahara International Petrochemical Co.		2,888		27,411
Saudi Arabian Mining Co.*		4,605		76,243
Saudi Arabian Oil Co., 144A		15,218		127,804
Saudi Aramco Base Oil Co.		330		11,789
Saudi Basic Industries Corp.		4,662		109,627
Saudi British Bank		5,667		55,902
Saudi Electricity Co.		5,222		30,072
Saudi Industrial Investment Group		2,082		13,688
Saudi Investment Bank		2,706		12,135
Saudi Kayan Petrochemical Co.*		4,663		15,863
Saudi National Bank		15,739		154,839
Saudi Research & Media Group*		208		10,426
Saudi Tadawul Group Holding Co.		228		9,738
Saudi Telecom Co.		10,936		126,102
Savola Group		1,298		12,424
Yanbu National Petrochemical Co.		1,411		15,969
(Cost $1,371,918)				1,531,829
Singapore — 0.9%
BOC Aviation Ltd., 144A		1,235		9,077
CapitaLand Ascendas REIT		18,346		36,630
CapitaLand Integrated Commercial Trust REIT		30,940		45,759

See Notes to Financial Statements. 34

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Number of Shares		Value
Singapore (Continued)
CapitaLand Investment Ltd.		14,057	$	34,407
City Developments Ltd.		2,200		10,981
DBS Group Holdings Ltd.		10,306		230,919
Genting Singapore Ltd.		28,300		21,137
Grab Holdings Ltd., Class A* (b)		8,644		25,759
Jardine Cycle & Carriage Ltd.		700		16,735
JOYY, Inc., ADR		289		7,167
Keppel Corp. Ltd.		8,500		39,662
Mapletree Logistics Trust REIT		22,909		28,122
Mapletree Pan Asia Commercial Trust REIT		17,100		20,864
Oversea-Chinese Banking Corp. Ltd.		19,365		175,707
Sea Ltd., ADR*		1,939		111,318
Seatrium Ltd.*		162,222		14,755
Singapore Airlines Ltd.		6,750		31,996
Singapore Exchange Ltd.		5,093		34,950
Singapore Technologies Engineering Ltd.		9,430		25,522
Singapore Telecommunications Ltd.		44,200		81,386
United Overseas Bank Ltd.		7,022		145,134
UOL Group Ltd.		2,600		12,209
Venture Corp. Ltd.		1,100		12,340
Wilmar International Ltd.		11,237		32,490
(Cost $1,342,082)				1,205,026
South Africa — 0.8%
Absa Group Ltd.		4,904		38,257
African Rainbow Minerals Ltd.		612		6,401
Anglo American Platinum Ltd.		255		14,687
AngloGold Ashanti Ltd.		2,167		53,068
Aspen Pharmacare Holdings Ltd.		2,097		18,243
Bid Corp. Ltd.		1,419		30,225
Bidvest Group Ltd.		1,207		14,557
Capitec Bank Holdings Ltd. (b)		454		31,082
Clicks Group Ltd. (b)		1,169		13,902
Discovery Ltd.*		3,021		20,289
Exxaro Resources Ltd.		1,589		12,908
FirstRand Ltd.		27,022		82,592
Foschini Group Ltd.		555		2,359
Gold Fields Ltd.		5,241		80,135
Growthpoint Properties Ltd. REIT		15,095		8,949
Harmony Gold Mining Co. Ltd.		3,264		15,495
Impala Platinum Holdings Ltd.		5,693		45,726
Kumba Iron Ore Ltd.		412		9,059
Mr Price Group Ltd.		1,532		9,639
MTN Group Ltd.		9,663		59,770
MultiChoice Group		2,644		13,151
Naspers Ltd., Class N		1,081		163,193
Nedbank Group Ltd.		2,667		28,155
Northam Platinum Holdings Ltd.*		2,088		17,188
Old Mutual Ltd.		28,074		15,191
OUTsurance Group Ltd.		5,701		9,151
Pepkor Holdings Ltd., 144A		10,826		7,747
Remgro Ltd.		3,115		20,729
Sanlam Ltd.		6,983		18,379
Sasol Ltd.		3,350		39,248
Shoprite Holdings Ltd.		3,096		30,648
Sibanye Stillwater Ltd.		20,671		36,701

	Number of Shares		Value
South Africa (Continued)
Standard Bank Group Ltd.		7,854	$	60,359
Vodacom Group Ltd.		4,033		22,574
Woolworths Holdings Ltd.		5,743		17,329
(Cost $1,241,147)				1,067,086
South Korea — 3.3%
Amorepacific Corp.		95		7,480
BGF retail Co. Ltd.		27		3,873
Celltrion Healthcare Co. Ltd.		580		32,338
Celltrion Pharm, Inc.*		135		8,666
Celltrion, Inc.		581		74,986
CJ CheilJedang Corp.		49		11,445
CJ Corp.		66		4,406
CosmoAM&T Co. Ltd.*		140		18,849
Coway Co. Ltd.		325		11,790
DB Insurance Co. Ltd.		281		15,667
Doosan Bobcat, Inc.		371		14,955
Doosan Enerbility Co. Ltd.*		2,580		31,257
Ecopro BM Co. Ltd.		264		49,528
E-MART, Inc.		125		7,939
F&F Co. Ltd. / New		56		5,460
GS Holdings Corp.		304		8,818
Hana Financial Group, Inc.		1,557		48,625
Hankook Tire & Technology Co. Ltd.		342		8,890
Hanmi Pharm. Co. Ltd.		27		5,950
Hanon Systems		837		5,915
Hanwha Aerospace Co. Ltd.		236		18,866
Hanwha Solutions Corp.*		682		22,995
HD Hyundai Co. Ltd.		312		13,423
HD Hyundai Heavy Industries Co. Ltd.*		124		10,847
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.*		219		15,873
HLB, Inc.*		704		19,626
HMM Co. Ltd.		1,108		14,818
Hotel Shilla Co. Ltd.		152		8,841
HYBE Co. Ltd.*		99		20,438
Hyundai Engineering & Construction Co. Ltd.		541		15,611
Hyundai Glovis Co. Ltd.		55		7,003
Hyundai Mipo Dockyard Co. Ltd.*		203		11,410
Hyundai Mobis Co. Ltd.		343		57,630
Hyundai Motor Co.		745		112,262
Hyundai Steel Co.		483		11,863
Industrial Bank of Korea		1,244		9,570
Kakao Corp.		1,782		75,456
Kakao Games Corp.*		182		5,327
KakaoBank Corp.		701		13,838
Kakaopay Corp.*		212		9,600
Kangwon Land, Inc.		553		7,596
KB Financial Group, Inc.		2,073		74,970
Kia Corp.		1,401		90,673
Korea Aerospace Industries Ltd.		409		15,870
Korea Electric Power Corp.*		1,005		14,447
Korea Investment Holdings Co. Ltd.		286		11,938
Korea Zinc Co. Ltd.		32		11,585
Korean Air Lines Co. Ltd.		989		16,468
Krafton, Inc.*		163		23,223
KT Corp.		609		14,476

See Notes to Financial Statements. 35

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Number of Shares		Value
South Korea (Continued)
KT&G Corp.		665	$	41,887
Kumho Petrochemical Co. Ltd.		141		13,481
L&F Co. Ltd.		134		27,259
LG Chem Ltd.		268		139,931
LG Corp.		615		39,849
LG Display Co. Ltd.*		1,336		15,824
LG Electronics, Inc.		627		58,011
LG Energy Solution Ltd.*		192		86,651
LG H&H Co. Ltd.		47		18,662
LG Innotek Co. Ltd.		85		19,661
LG Uplus Corp.		922		7,808
Lotte Chemical Corp.		109		13,707
Lotte Energy Materials Corp.		143		6,174
Meritz Financial Group, Inc.*		570		19,304
Mirae Asset Securities Co. Ltd.		1,783		9,807
NAVER Corp.		712		107,021
NCSoft Corp.		98		23,702
Netmarble Corp., 144A*		128		5,391
NH Investment & Securities Co. Ltd.		155		1,167
Orion Corp.		110		10,708
Pan Ocean Co. Ltd.		1,682		5,969
Pearl Abyss Corp.*		207		7,782
POSCO Future M Co. Ltd.		187		49,312
POSCO Holdings, Inc.		422		114,462
Posco International Corp.		404		9,162
Samsung Biologics Co. Ltd., 144A*		105		62,023
Samsung C&T Corp.		527		43,915
Samsung Electro-Mechanics Co. Ltd.		347		38,563
Samsung Electronics Co. Ltd.		26,609		1,431,443
Samsung Engineering Co. Ltd.*		1,026		21,877
Samsung Fire & Marine Insurance Co. Ltd.		176		29,902
Samsung Heavy Industries Co. Ltd.*		3,789		17,471
Samsung Life Insurance Co. Ltd.		443		22,129
Samsung SDI Co. Ltd.		300		162,290
Samsung SDS Co. Ltd.		162		15,172
Samsung Securities Co. Ltd.		383		10,605
Shinhan Financial Group Co. Ltd.		2,489		65,729
SK Biopharmaceuticals Co. Ltd.*		244		13,512
SK Bioscience Co. Ltd.*		145		9,057
SK Hynix, Inc.		2,979		243,752
SK IE Technology Co. Ltd., 144A*		142		9,479
SK Innovation Co. Ltd.*		325		46,304
SK Square Co. Ltd.*		560		19,472
SK, Inc.		198		25,033
SKC Co. Ltd.		116		8,294
S-Oil Corp.		293		15,939
Woori Financial Group, Inc.		3,004		27,115
Yuhan Corp.		298		13,314
(Cost $3,360,449)				4,338,462
Spain — 1.6%
Acciona SA		103		16,658
ACS Actividades de Construccion y Servicios SA (b)		1,124		37,389
Aena SME SA, 144A		410		64,072
Amadeus IT Group SA*		2,434		174,054

	Number of Shares		Value
Spain (Continued)
Banco Bilbao Vizcaya Argentaria SA		33,187	$	217,098
Banco Santander SA		88,009		286,452
Banco Santander SA		4,119		13,392
CaixaBank SA		24,028		88,018
Cellnex Telecom SA, 144A* (b)		3,083		124,929
Corp ACCIONA Energias Renovables SA*		384		12,773
EDP Renovaveis SA		1,637		32,511
EDP Renovaveis SA*		21		417
Enagas SA		1,497		28,571
Endesa SA		1,889		40,847
Ferrovial SA		2,736		84,665
Grifols SA* (b)		1,771		20,530
Iberdrola SA		32,093		391,068
Industria de Diseno Textil SA		5,954		199,137
Naturgy Energy Group SA		718		20,430
Red Electrica Corp. SA		2,098		35,533
Repsol SA		7,366		99,915
Telefonica SA		27,941		118,569
(Cost $2,103,445)				2,107,028
Sweden — 1.9%
Alfa Laval AB		1,599		57,437
Assa Abloy AB, Class B		5,408		120,003
Atlas Copco AB, Class A		14,954		217,796
Atlas Copco AB, Class B		8,852		111,427
Beijer Ref AB		2,048		30,290
Boliden AB		1,586		48,296
Boliden AB*		1,586		1,678
Embracer Group AB* (b)		2,335		5,370
Epiroc AB, Class A		3,414		59,774
Epiroc AB, Class B		2,344		35,403
EQT AB (b)		1,744		32,962
Essity AB, Class B		3,333		88,579
Evolution AB, 144A		999		131,239
Fastighets AB Balder, Class B* (b)		3,804		12,774
Getinge AB, Class B		1,461		33,591
H & M Hennes & Mauritz AB, Class B		3,740		46,678
Hexagon AB, Class B		12,028		139,435
Holmen AB, Class B (b)		583		22,048
Husqvarna AB, Class B		2,481		18,313
Industrivarden AB, Class A		724		19,481
Industrivarden AB, Class C		667		17,831
Indutrade AB		1,510		35,510
Investment AB Latour, Class B (b)		881		17,447
Investor AB, Class A		2,660		54,686
Investor AB, Class B		9,912		201,541
Kinnevik AB, Class B*		1,369		19,649
L E Lundbergforetagen AB, Class B (b)		447		18,594
Lifco AB, Class B		1,561		32,955
Nibe Industrier AB, Class B		8,289		79,095
Saab AB, Class B		454		24,717
Sagax AB, Class B (b)		1,080		21,278
Sandvik AB		5,738		100,808
Securitas AB, Class B (b)		2,900		21,358
Skandinaviska Enskilda Banken AB, Class A		8,654		90,473

See Notes to Financial Statements. 36

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Number of Shares		Value
Sweden (Continued)
Skanska AB, Class B		1,879	$	24,761
SKF AB, Class B		2,194		34,754
Svenska Cellulosa AB SCA, Class B		3,569		47,327
Svenska Handelsbanken AB, Class A (b)		8,635		68,225
Swedbank AB, Class A		4,925		75,360
Swedish Orphan Biovitrum AB*		1,173		23,564
Tele2 AB, Class B		2,532		23,006
Telefonaktiebolaget LM Ericsson, Class B		15,613		80,742
Telia Co. AB		15,585		36,292
Volvo AB, Class A		1,038		20,010
Volvo AB, Class B		8,311		153,364
Volvo Car AB, Class B* (b)		3,804		13,068
(Cost $2,622,411)				2,568,989
Switzerland — 6.9%
ABB Ltd.		8,654		316,039
Adecco Group AG		758		22,605
Alcon, Inc.		2,711		210,331
Bachem Holding AG		234		24,563
Baloise Holding AG		278		42,704
Banque Cantonale Vaudoise (b)		207		20,831
Barry Callebaut AG		22		44,471
BKW AG		146		26,178
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		11		131,529
Cie Financiere Richemont SA, Class A		2,917		462,973
Clariant AG*		1,336		19,261
Coca-Cola HBC AG*		1,169		34,726
DSM-Firmenich AG*		944		104,981
Dufry AG*		549		24,817
EMS-Chemie Holding AG		46		35,608
Geberit AG		192		101,697
Givaudan SA		50		164,480
Glencore PLC		58,352		298,659
Helvetia Holding AG		227		32,227
Holcim AG*		3,008		185,418
Julius Baer Group Ltd.		1,114		68,057
Kuehne + Nagel International AG		289		82,218
Logitech International SA		852		54,595
Lonza Group AG		419		261,958
Nestle SA		15,337		1,817,032
Novartis AG		11,318		1,083,148
Partners Group Holding AG		121		109,050
Roche Holding AG		178		60,001
Roche Holding AG		3,917		1,239,505
Schindler Holding AG		195		39,096
Schindler Holding AG Participation Certificates		211		43,694
SGS SA		850		75,448
SIG Group AG*		1,938		52,857
Sika AG		784		213,830
Sonova Holding AG		305		78,163
STMicroelectronics NV		3,889		168,752
Straumann Holding AG		581		84,909
Swatch Group AG — Bearer		169		50,213
Swatch Group AG — Registered		318		17,842

	Number of Shares		Value
Switzerland (Continued)
Swiss Life Holding AG		166	$	95,873
Swiss Prime Site AG		504		42,528
Swiss Re AG		1,633		163,560
Swisscom AG		138		87,399
Temenos AG		313		26,373
UBS Group AG		17,488		331,038
VAT Group AG, 144A (b)		171		70,465
Zurich Insurance Group AG		829		387,762
(Cost $7,478,349)				9,109,464
Taiwan — 4.3%
Accton Technology Corp.		3,744		43,011
Acer, Inc.		15,004		15,064
Advantech Co. Ltd.		2,380		31,524
Airtac International Group		485		15,658
ASE Technology Holding Co. Ltd.		16,926		61,419
Asia Cement Corp.		11,957		17,102
Asustek Computer, Inc.		3,969		39,396
AUO Corp.		40,692		23,307
Catcher Technology Co. Ltd.		3,469		20,942
Cathay Financial Holding Co. Ltd.		47,257		68,131
Chailease Holding Co. Ltd.		8,081		53,255
Chang Hwa Commercial Bank Ltd.		36,579		21,428
Cheng Shin Rubber Industry Co. Ltd.		9,594		12,177
China Airlines Ltd.		17,656		12,756
China Development Financial Holding Corp.		92,961		38,422
China Steel Corp.		58,594		55,300
Chunghwa Telecom Co. Ltd.		22,587		92,619
Compal Electronics, Inc.		14,125		12,802
CTBC Financial Holding Co. Ltd.		93,406		73,868
Delta Electronics, Inc.		10,562		108,791
E Ink Holdings, Inc.		4,643		31,278
E.Sun Financial Holding Co. Ltd.		71,189		60,005
Eclat Textile Co. Ltd.		1,129		17,232
eMemory Technology, Inc.		336		20,120
Eva Airways Corp.		15,796		17,453
Evergreen Marine Corp. Taiwan Ltd.		5,990		29,826
Far Eastern New Century Corp.		11,992		12,606
Far EasTone Telecommunications Co. Ltd.		9,472		23,643
Feng TAY Enterprise Co. Ltd.		2,227		13,843
First Financial Holding Co. Ltd.		71,274		65,179
Formosa Chemicals & Fibre Corp.		19,380		43,140
Formosa Petrochemical Corp.		8,746		24,535
Formosa Plastics Corp.		22,719		69,575
Fubon Financial Holding Co. Ltd.		40,062		79,270
Giant Manufacturing Co. Ltd.		1,596		10,700
Globalwafers Co. Ltd.		1,063		17,436
Hon Hai Precision Industry Co. Ltd.		68,266		236,607
Hotai Motor Co. Ltd.		1,327		34,765
Hua Nan Financial Holdings Co. Ltd.		42,347		30,664
Innolux Corp.		50,163		22,692
Inventec Corp.		13,870		16,634
Largan Precision Co. Ltd.		610		44,965
Lite-On Technology Corp.		12,678		36,721
MediaTek, Inc.		8,280		204,524

See Notes to Financial Statements. 37

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Number of Shares		Value
Taiwan (Continued)
Mega Financial Holding Co. Ltd.		60,712	$	70,734
Micro-Star International Co. Ltd.		4,501		24,316
momo.com, Inc.		296		6,733
Nan Ya Plastics Corp.		25,376		64,168
Nan Ya Printed Circuit Board Corp.		805		7,938
Nanya Technology Corp.		7,561		18,086
Nien Made Enterprise Co. Ltd.		1,542		17,689
Novatek Microelectronics Corp.		3,668		50,793
Pegatron Corp.		12,436		30,475
PharmaEssentia Corp.*		1,000		11,390
Pou Chen Corp.		11,351		11,692
Powerchip Semiconductor Manufacturing Corp.		17,656		17,755
President Chain Store Corp.		3,049		27,734
Quanta Computer, Inc.		15,017		56,935
Realtek Semiconductor Corp.		2,916		36,251
Ruentex Development Co. Ltd.		10,153		11,532
Shanghai Commercial & Savings Bank Ltd.		23,764		34,918
Shin Kong Financial Holding Co. Ltd.		87,480		24,541
SinoPac Financial Holdings Co. Ltd.		53,020		29,851
Synnex Technology International Corp.		7,230		15,035
Taishin Financial Holding Co. Ltd.		59,403		35,475
Taiwan Business Bank		34,000		15,602
Taiwan Cement Corp.		38,975		48,073
Taiwan Cooperative Financial Holding Co. Ltd.		53,818		48,953
Taiwan High Speed Rail Corp.		9,687		10,261
Taiwan Mobile Co. Ltd.		8,900		29,978
Taiwan Semiconductor Manufacturing Co. Ltd.		137,021		2,488,250
Unimicron Technology Corp.		7,427		43,628
Uni-President Enterprises Corp.		26,268		63,517
United Microelectronics Corp.*		67,321		113,489
Vanguard International Semiconductor Corp.		5,110		15,449
Voltronic Power Technology Corp.		354		22,350
Walsin Lihwa Corp.		15,905		23,914
Wan Hai Lines Ltd.		4,590		8,664
Win Semiconductors Corp.		1,933		10,034
Winbond Electronics Corp.		17,887		15,513
Wistron Corp.		16,000		34,731
Wiwynn Corp.		484		18,272
WPG Holdings Ltd.		9,996		17,306
Yageo Corp.		1,463		24,187
Yang Ming Marine Transport Corp.		9,989		19,765
Yuanta Financial Holding Co. Ltd.		50,334		39,068
Zhen Ding Technology Holding Ltd.		3,857		14,561
(Cost $3,590,281)				5,709,991
Thailand — 0.5%
Advanced Info Service PCL, NVDR		6,500		39,411
Airports of Thailand PCL, NVDR*		23,700		48,183
Asset World Corp. PCL, NVDR		40,500		5,726
B Grimm Power PCL, NVDR		7,500		8,082
Bangkok Dusit Medical Services PCL, NVDR		60,900		49,437

	Number of Shares		Value
Thailand (Continued)
Bangkok Expressway & Metro PCL, NVDR		39,500	$	9,137
Berli Jucker PCL, NVDR		7,600		7,917
BTS Group Holdings PCL, NVDR		46,100		9,405
Bumrungrad Hospital PCL, NVDR		3,300		21,146
Carabao Group PCL, NVDR		1,900		3,631
Central Pattana PCL, NVDR		11,100		21,530
Central Retail Corp. PCL, NVDR		9,800		11,828
Charoen Pokphand Foods PCL, NVDR		23,600		13,631
CP ALL PCL, NVDR		32,500		59,537
Delta Electronics Thailand PCL, NVDR		14,000		39,828
Electricity Generating PCL, NVDR		1,600		6,644
Energy Absolute PCL, NVDR		9,700		18,118
Global Power Synergy PCL, Class F		5,600		9,414
Gulf Energy Development PCL, NVDR		16,510		23,128
Home Product Center PCL, NVDR		29,000		11,500
Indorama Ventures PCL, NVDR		10,200		9,306
Intouch Holdings PCL, NVDR		6,400		13,747
Krung Thai Bank PCL, NVDR		26,200		14,305
Krungthai Card PCL, NVDR		5,800		8,500
Land & Houses PCL, NVDR		53,300		13,019
Minor International PCL, NVDR		19,194		18,615
Osotspa PCL, NVDR		11,300		9,417
PTT Exploration & Production PCL, NVDR		7,700		30,866
PTT Global Chemical PCL, NVDR		16,900		17,118
PTT Oil & Retail Business PCL, NVDR		16,400		9,425
PTT PCL, NVDR		53,600		46,207
Ratch Group PCL, NVDR		5,300		5,521
SCB X PCL, NVDR		4,600		13,681
SCG Packaging PCL, NVDR		7,900		8,910
Siam Cement PCL		700		6,417
Siam Cement PCL, NVDR		3,300		30,250
Srisawad Corp. PCL, NVDR		5,200		8,330
Thai Oil PCL, NVDR		6,675		8,296
True Corp. PCL, NVDR.		39,012		7,679
(Cost $747,498)				696,842
Turkey — 0.2%
Akbank TAS		23,169		17,653
Aselsan Elektronik Sanayi Ve Ticaret AS		2,864		6,560
BIM Birlesik Magazalar AS		2,466		16,767
Eregli Demir ve Celik Fabrikalari TAS*		8,429		13,430
Ford Otomotiv Sanayi AS		286		7,905
Haci Omer Sabanci Holding AS		6,969		12,972
Hektas Ticaret TAS*		7,870		10,573
KOC Holding AS		5,007		19,027
Koza Altin Isletmeleri AS		8,882		9,860
Sasa Polyester Sanayi AS*		6,862		17,869
Tofas Turk Otomobil Fabrikasi AS		1,142		11,813
Turk Hava Yollari AO*		3,472		24,077
Turkcell Iletisim Hizmetleri AS		5,784		9,344
Turkiye Is Bankasi AS, Class C		11,035		5,933
Turkiye Petrol Rafinerileri AS		6,832		22,074
Turkiye Sise ve Cam Fabrikalari AS		4,429		8,620
Yapi ve Kredi Bankasi AS		22,378		11,007
(Cost $217,229)				225,484

See Notes to Financial Statements. 38

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Number of Shares		Value
United Arab Emirates — 0.4%
Abu Dhabi Commercial Bank PJSC		18,116	$	39,409
Abu Dhabi Islamic Bank PJSC		10,861		29,570
Abu Dhabi National Oil Co. for Distribution PJSC		15,036		16,948
Aldar Properties PJSC		16,216		22,516
Americana Restaurants International PLC		14,047		15,833
Dubai Islamic Bank PJSC		16,344		23,406
Emaar Properties PJSC		39,319		65,836
Emirates NBD Bank PJSC		10,460		38,873
Emirates Telecommunications Group Co. PJSC		20,113		126,386
First Abu Dhabi Bank PJSC		23,011		79,565
Multiply Group PJSC*		20,274		18,271
(Cost $463,239)				476,613
United Kingdom — 8.8%
3i Group PLC		5,366		130,530
abrdn PLC		13,145		32,458
Admiral Group PLC		1,166		33,723
Anglo American PLC		7,224		199,810
Ashtead Group PLC		2,403		146,472
Associated British Foods PLC		2,140		48,596
AstraZeneca PLC		8,637		1,252,751
Auto Trader Group PLC, 144A		5,490		43,025
Aviva PLC		14,976		73,437
BAE Systems PLC		16,843		194,475
Barclays PLC		85,947		161,803
Barratt Developments PLC		6,381		36,735
Berkeley Group Holdings PLC		484		23,637
BP PLC		98,365		554,663
British American Tobacco PLC		11,718		372,360
British Land Co. PLC REIT		5,264		22,460
BT Group PLC (b)		37,228		68,006
Bunzl PLC		1,995		78,024
Burberry Group PLC		2,061		55,224
Centrica PLC		32,682		47,830
CNH Industrial NV		5,957		76,091
Coca-Cola Europacific Partners PLC		1,222		76,241
Compass Group PLC		9,614		263,345
Croda International PLC		745		56,531
Diageo PLC		12,559		522,894
Endeavour Mining PLC		1,007		26,957
Entain PLC		3,732		61,234
GSK PLC		22,819		382,185
Haleon PLC		28,878		114,306
Halma PLC		2,022		60,593
Hargreaves Lansdown PLC		1,594		15,907
HSBC Holdings PLC		111,273		817,359
Imperial Brands PLC		4,925		103,843
Informa PLC		7,613		66,007
InterContinental Hotels Group PLC		961		62,976
Intertek Group PLC		797		41,184
J Sainsbury PLC		10,437		35,132
JD Sports Fashion PLC		14,680		27,757
Johnson Matthey PLC		1,149		24,727
Kingfisher PLC		12,104		34,781

	Number of Shares		Value
United Kingdom (Continued)
Land Securities Group PLC REIT		4,100	$	30,703
Legal & General Group PLC		32,673		92,708
Lloyds Banking Group PLC		368,924		202,706
London Stock Exchange Group PLC		2,205		234,519
M&G PLC		15,895		39,189
Mondi PLC		2,637		40,840
National Grid PLC		20,130		276,950
NatWest Group PLC		30,561		98,691
Next PLC		669		52,812
Ocado Group PLC* (b)		3,430		15,744
Pearson PLC		3,601		35,755
Pepco Group NV*		1,528		14,431
Persimmon PLC		1,508		22,539
Phoenix Group Holdings PLC		3,787		26,023
Reckitt Benckiser Group PLC		4,048		314,518
RELX PLC		10,569		329,998
Rentokil Initial PLC		13,914		110,531
Rio Tinto PLC		6,206		369,168
Rolls-Royce Holdings PLC*		49,768		88,716
Sage Group PLC		6,024		65,269
Schroders PLC		4,182		23,701
Segro PLC REIT		6,475		64,243
Severn Trent PLC		1,382		47,672
Shell PLC		38,779		1,071,151
Smith & Nephew PLC		5,139		76,840
Smiths Group PLC		1,747		34,901
Spirax-Sarco Engineering PLC		402		54,632
SSE PLC		5,856		137,059
St James’s Place PLC		3,356		46,548
Standard Chartered PLC		13,426		105,819
Taylor Wimpey PLC		22,278		31,648
Tesco PLC		40,228		130,509
Unilever PLC		14,118		707,577
United Utilities Group PLC		3,769		47,471
Vodafone Group PLC		124,990		118,741
Whitbread PLC		1,047		42,797
Wise PLC, Class A*		3,842		27,739
WPP PLC		5,853		62,164
(Cost $11,667,642)				11,739,091
United States — 0.1%
BeiGene Ltd.*		3,831		65,167
Brookfield Renewable Corp.		777		26,078
Legend Biotech Corp., ADR*		287		18,417
Southern Copper Corp.		439		29,312
(Cost $126,907)				138,974
TOTAL COMMON STOCKS (Cost $118,125,544)				127,780,769
PREFERRED STOCKS — 0.9%
Brazil — 0.4%
Banco Bradesco SA		30,057		91,890
Centrais Eletricas Brasileiras SA, Class B		2,074		16,107
Cia Energetica de Minas Gerais		7,925		18,276
Gerdau SA		6,582		31,098
Itau Unibanco Holding SA		25,620		132,966

See Notes to Financial Statements. 39

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Number of Shares		Value
Brazil (Continued)
Itausa SA		28,228	$	48,852
Petroleo Brasileiro SA		26,172		134,747
(Cost $425,767)				473,936
Chile — 0.0%
Sociedad Quimica y Minera de Chile SA, Class B (Cost $27,929)		805		51,878
Colombia — 0.0%
Bancolombia SA (Cost $25,225)		2,686		15,669
Germany — 0.3%
Bayerische Motoren Werke AG		329		33,813
Dr Ing hc F Porsche AG, 144A*		607		75,361
Henkel AG & Co. KGaA		967		77,046
Porsche Automobil Holding SE*		817		45,324
Sartorius AG (b)		157		52,611
Volkswagen AG		1,137		141,684
(Cost $484,994)				425,839
Russia — 0.0%
Surgutneftegas PJSC* (c) (Cost $22,479)		41,062		0
South Korea — 0.2%
Hyundai Motor Co.		104		8,259
Hyundai Motor Co. — 2nd Preferred		228		18,123
LG Chem Ltd.		44		11,968
Samsung Electronics Co. Ltd.		4,523		199,697
(Cost $142,755)				238,047
TOTAL PREFERRED STOCKS (Cost $1,129,149)				1,205,369
	Principal Amount
CORPORATE BONDS — 0.0%
India — 0.0%
Britannia Industries Ltd. Series N3, 5.50%, 6/3/24
(Cost $0)		INR    17,168		203
	Number of Shares
WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		4,502		5,561
Thailand — 0.0%
BTS Group Holdings PCL*, expires 11/7/24		3,960		10
BTS Group Holdings PCL*, expires 11/20/26		7,920		30
(Cost $0)				40
TOTAL WARRANTS (Cost $0)				5,601

	Number of Shares		value
SECURITIES LENDING COLLATERAL — 2.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.03% (e)(f) (Cost $2,996,484)		2,996,484	$	2,996,484
CASH EQUIVALENTS — 1.8%
DWS Government Money Market Series “Institutional Shares”, 5.04% (e) (Cost $2,327,718)		2,327,718		2,327,718
TOTAL INVESTMENTS — 101.1% (Cost $124,578,895)			$	134,316,144
Other assets and liabilities, net — (1.1%)				(1,417,111	)
NET ASSETS — 100.0%			$	132,899,033

See Notes to Financial Statements. 40

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2023 is as follows:

	Value ($) at 5/31/2022		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2023		Value ($) at 5/31/2023
COMMON STOCKS — 0.1%
Germany — 0.1%
Deutsche Bank AG
		146,908		10,665			(36,670	)		(18,306	)		10,391		3,605		—		11,155		112,988
SECURITIES LENDING COLLATERAL — 2.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.03% (e)(f)
		2,880,589		115,895	(g)		—			—			—		24,460		—		2,996,484		2,996,484
CASH EQUIVALENTS — 1.8%
DWS Government Money Market Series “Institutional Shares”, 5.04% (e)
		—		59,942,595			(57,614,877	)		—			—		91,329		—		2,327,718		2,327,718
		3,027,497		60,069,155			(57,651,547	)		(18,306	)		10,391		119,394		—		5,335,357		5,437,190

* 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, 2023 amounted to $4,764,797, which is 3.6% 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 $2,372,391.

(g) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2023.

ADR: American Depositary Receipt

CDI: Chess Depositary Interests

CPO: Ordinary Participation Certificates

CVA: Credit Valuation Adjustment

GDR: Global Depositary Receipt

JSC: Joint Stock Company

KSC: Kuwait Shareholding Company

KSCP: Kuwait Shareholding Company Public

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.

Securities are listed in country of domicile.

See Notes to Financial Statements. 41

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

At May 31, 2023, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation (Depreciation)
MSCI EAFE Futures	USD	25	$	2,564,170	$	2,566,750	6/16/2023	$	2,580
MSCI Emerging Markets Index Future	USD	24		1,158,770		1,148,160	6/16/2023		(10,610	)
MINI S&P/TSX 60 Futures	CAD	9		393,706		390,033	6/15/2023		(3,673	)
Total net unrealized depreciation								$	(11,703	)

As of May 31, 2023, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	6/2/2023	AED	1,747,000	USD	475,672	$	32	$	—
Goldman Sachs & Co.	6/2/2023	AUD	243,000	USD	160,797		2,738		—
Goldman Sachs & Co.	6/2/2023	AUD	3,809,400	USD	2,520,775		42,950		—
JP Morgan & Chase Co.	6/2/2023	AUD	2,368,800	USD	1,567,435		26,648		—
RBC Capital Markets	6/2/2023	AUD	3,334,000	USD	2,206,183		37,582		—
Goldman Sachs & Co.	6/2/2023	CAD	410,000	USD	302,474		448		—
Goldman Sachs & Co.	6/2/2023	CAD	5,081,800	USD	3,749,105		5,606		—
JP Morgan & Chase Co.	6/2/2023	CAD	3,506,200	USD	2,586,685		3,849		—
RBC Capital Markets	6/2/2023	CAD	4,879,500	USD	3,599,779		5,304		—
Goldman Sachs & Co.	6/2/2023	CHF	269,000	USD	303,265		7,904		—
Goldman Sachs & Co.	6/2/2023	CHF	3,410,000	USD	3,844,419		100,252		—
JP Morgan & Chase Co.	6/2/2023	CHF	1,742,900	USD	1,964,883		51,185		—
RBC Capital Markets	6/2/2023	CHF	2,724,800	USD	3,071,841		80,021		—
JP Morgan & Chase Co.	6/2/2023	CNH	8,596,400	USD	1,244,367		36,541		—
RBC Capital Markets	6/2/2023	CNH	4,319,800	USD	625,310		18,362		—
Goldman Sachs & Co.	6/2/2023	CZK	1,029,400	USD	48,331		1,950		—
JP Morgan & Chase Co.	6/2/2023	CZK	707,000	USD	33,194		1,339		—
JP Morgan & Chase Co.	6/2/2023	DKK	491,000	USD	72,868		2,390		—
JP Morgan & Chase Co.	6/2/2023	DKK	6,622,600	USD	982,859		32,244		—
RBC Capital Markets	6/2/2023	DKK	11,480,100	USD	1,703,911		56,046		—
Goldman Sachs & Co.	6/2/2023	EUR	10,757,800	USD	11,897,051		398,030		—
Goldman Sachs & Co.	6/2/2023	EUR	531,000	USD	587,224		19,638		—
JP Morgan & Chase Co.	6/2/2023	EUR	5,856,400	USD	6,476,827		216,916		—
RBC Capital Markets	6/2/2023	EUR	10,157,900	USD	11,234,130		376,342		—
Goldman Sachs & Co.	6/2/2023	GBP	294,000	USD	369,764		4,043		—
Goldman Sachs & Co.	6/2/2023	GBP	4,524,700	USD	5,690,828		62,325		—
JP Morgan & Chase Co.	6/2/2023	GBP	2,949,900	USD	3,710,148		40,619		—
RBC Capital Markets	6/2/2023	GBP	2,934,300	USD	3,690,528		40,404		—
Goldman Sachs & Co.	6/2/2023	HKD	35,966,100	USD	4,587,513		—		(5,595	)
JP Morgan & Chase Co.	6/2/2023	HKD	17,657,700	USD	2,252,355		—		(2,649	)
RBC Capital Markets	6/2/2023	HKD	35,290,800	USD	4,501,573		—		(5,295	)
Goldman Sachs & Co.	6/2/2023	HUF	14,453,900	USD	42,353		656		—
JP Morgan & Chase Co.	6/2/2023	HUF	11,896,900	USD	34,860		540		—
Goldman Sachs & Co.	6/2/2023	ILS	476,100	USD	131,032		3,445		—
JP Morgan & Chase Co.	6/2/2023	ILS	323,700	USD	89,094		2,347		—
RBC Capital Markets	6/2/2023	ILS	603,000	USD	165,967		4,372		—
Goldman Sachs & Co.	6/2/2023	JPY	78,511,000	USD	579,259		15,749		—
Goldman Sachs & Co.	6/2/2023	JPY	805,999,300	USD	5,946,798		161,768		—
JP Morgan & Chase Co.	6/2/2023	JPY	846,901,300	USD	6,248,603		170,001		—
RBC Capital Markets	6/2/2023	JPY	799,509,100	USD	5,898,912		160,466		—
Goldman Sachs & Co.	6/2/2023	MXN	9,002,600	USD	495,956		—		(12,981	)
JP Morgan & Chase Co.	6/2/2023	MXN	5,830,800	USD	321,221		—		(8,408	)
RBC Capital Markets	6/2/2023	MXN	3,211,600	USD	176,928		—		(4,631	)
Goldman Sachs & Co.	6/2/2023	NOK	5,299,200	USD	496,408		19,011		—
JP Morgan & Chase Co.	6/2/2023	NOK	645,500	USD	60,468		2,316		—

See Notes to Financial Statements. 42

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.		6/2/2023		NZD	58,300		USD	36,006	$	892	$	—
RBC Capital Markets		6/2/2023		NZD	220,300		USD	136,058		3,371		—
JP Morgan & Chase Co.		6/2/2023		PHP	1,433,200		USD	25,842		322		—
RBC Capital Markets		6/2/2023		PHP	13,104,400		USD	236,371		3,030		—
Goldman Sachs & Co.		6/2/2023		PLN	1,103,200		USD	265,415		4,932		—
JP Morgan & Chase Co.		6/2/2023		PLN	89,400		USD	21,510		401		—
JP Morgan & Chase Co.		6/2/2023		SEK	16,350,800		USD	1,596,430		89,694		—
JP Morgan & Chase Co.		6/2/2023		SEK	1,063,000		USD	103,787		5,831		—
RBC Capital Markets		6/2/2023		SEK	13,282,600		USD	1,296,952		72,952		—
JP Morgan & Chase Co.		6/2/2023		THB	27,181,600		USD	799,106		18,026		—
JP Morgan & Chase Co.		6/2/2023		TRY	4,409,500		USD	205,110		—		(7,530	)
Goldman Sachs & Co.		6/2/2023		USD	475,633		AED	1,747,000		6		—
Goldman Sachs & Co.		6/2/2023		USD	2,622,511		AUD	4,052,400		13,374		—
JP Morgan & Chase Co.		6/2/2023		USD	1,532,969		AUD	2,368,800		7,818		—
RBC Capital Markets		6/2/2023		USD	2,157,598		AUD	3,334,000		11,003		—
Goldman Sachs & Co.		6/2/2023		USD	4,040,227		CAD	5,491,800		5,298		—
JP Morgan & Chase Co.		6/2/2023		USD	2,579,416		CAD	3,506,200		3,420		—
RBC Capital Markets		6/2/2023		USD	3,589,795		CAD	4,879,500		4,681		—
Goldman Sachs & Co.		6/2/2023		USD	4,024,504		CHF	3,679,000		15,024		—
JP Morgan & Chase Co.		6/2/2023		USD	1,906,580		CHF	1,742,900		7,118		—
RBC Capital Markets		6/2/2023		USD	2,980,692		CHF	2,724,800		11,127		—
JP Morgan & Chase Co.		6/2/2023		USD	1,206,377		CNH	8,596,400		1,449		—
RBC Capital Markets		6/2/2023		USD	606,220		CNH	4,319,800		728		—
Goldman Sachs & Co.		6/2/2023		USD	46,174		CZK	1,029,400		206		—
JP Morgan & Chase Co.		6/2/2023		USD	31,713		CZK	707,000		142		—
JP Morgan & Chase Co.		6/2/2023		USD	1,018,382		DKK	7,113,600		2,712		—
RBC Capital Markets		6/2/2023		USD	1,643,489		DKK	11,480,100		4,376		—
Goldman Sachs & Co.		6/2/2023		USD	12,034,990		EUR	11,288,800		31,618		—
JP Morgan & Chase Co.		6/2/2023		USD	6,243,508		EUR	5,856,400		16,403		—
RBC Capital Markets		6/2/2023		USD	10,829,337		EUR	10,157,900		28,450		—
Goldman Sachs & Co.		6/2/2023		USD	5,972,297		GBP	4,818,700		21,928		—
JP Morgan & Chase Co.		6/2/2023		USD	3,656,106		GBP	2,949,900		13,424		—
RBC Capital Markets		6/2/2023		USD	3,636,771		GBP	2,934,300		13,353		—
Goldman Sachs & Co.		6/2/2023		USD	4,156,881		HKD	32,541,100		—		(1,168	)
Goldman Sachs & Co.		6/2/2023		USD	436,901		HKD	3,425,000		494		—
JP Morgan & Chase Co.		6/2/2023		USD	2,255,638		HKD	17,657,700		—		(634	)
RBC Capital Markets		6/2/2023		USD	4,502,383		HKD	35,290,800		4,485		—
Goldman Sachs & Co.		6/2/2023		USD	41,560		HUF	14,453,900		137		—
JP Morgan & Chase Co.		6/2/2023		USD	34,207		HUF	11,896,900		113		—
Goldman Sachs & Co.		6/2/2023		USD	127,472		ILS	476,100		116		—
JP Morgan & Chase Co.		6/2/2023		USD	86,668		ILS	323,700		79		—
RBC Capital Markets		6/2/2023		USD	161,448		ILS	603,000		147		—
Goldman Sachs & Co.		6/2/2023		USD	6,330,818		JPY	884,510,300		17,721		—
JP Morgan & Chase Co.		6/2/2023		USD	6,061,635		JPY	846,901,300		16,968		—
RBC Capital Markets		6/2/2023		USD	5,722,429		JPY	799,509,100		16,018		—
Goldman Sachs & Co.		6/2/2023		USD	506,953		MXN	9,002,600		1,985		—
JP Morgan & Chase Co.		6/2/2023		USD	328,343		MXN	5,830,800		1,285		—
RBC Capital Markets		6/2/2023		USD	180,851		MXN	3,211,600		708		—
RBC Capital Markets		6/2/2023		USD	475,565		NOK	5,299,200		1,832		—
RBC Capital Markets		6/2/2023		USD	57,929		NOK	645,500		223		—
Goldman Sachs & Co.		6/2/2023		USD	34,942		NZD	58,300		172		—
Goldman Sachs & Co.		6/2/2023		USD	132,037		NZD	220,300		650		—
JP Morgan & Chase Co.		6/2/2023		USD	25,510		PHP	1,433,200		10		—
RBC Capital Markets		6/2/2023		USD	233,174		PHP	13,104,400		166		—
Goldman Sachs & Co.		6/2/2023		USD	259,378		PLN	1,103,200		1,105		—
JP Morgan & Chase Co.		6/2/2023		USD	21,019		PLN	89,400		90		—
JP Morgan & Chase Co.		6/2/2023		USD	1,600,004		SEK	17,413,800		4,689		—

See Notes to Financial Statements. 43

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets	6/2/2023	USD	1,220,423	SEK	13,282,600	$	3,576	$	—
JP Morgan & Chase Co.	6/2/2023	USD	782,655	THB	27,181,600		—		(1,574	)
JP Morgan & Chase Co.	6/2/2023	USD	213,032	TRY	4,409,500		—		(393	)
JP Morgan & Chase Co.	6/2/2023	USD	558,052	ZAR	11,058,500		2,759		—
RBC Capital Markets	6/2/2023	USD	633,233	ZAR	12,548,300		3,131		—
JP Morgan & Chase Co.	6/2/2023	ZAR	11,058,500	USD	603,187		42,376		—
RBC Capital Markets	6/2/2023	ZAR	12,548,300	USD	684,448		48,084		—
JP Morgan & Chase Co.	6/5/2023	BRL	2,507,800	USD	498,376		4,464		—
RBC Capital Markets	6/5/2023	BRL	7,150,400	USD	1,420,734		12,459		—
Goldman Sachs & Co.	6/5/2023	CLP	78,893,400	USD	97,855		526		—
JP Morgan & Chase Co.	6/5/2023	CLP	85,394,300	USD	105,843		494		—
Goldman Sachs & Co.	6/5/2023	COP	98,581,700	USD	20,984		—		(1,139	)
JP Morgan & Chase Co.	6/5/2023	COP	163,398,300	USD	34,909		—		(1,761	)
Goldman Sachs & Co.	6/5/2023	INR	221,518,700	USD	2,701,448		24,370		—
JP Morgan & Chase Co.	6/5/2023	INR	14,153,000	USD	172,800		1,759		—
JP Morgan & Chase Co.	6/5/2023	INR	169,736,700	USD	2,070,768		19,482		—
Goldman Sachs & Co.	6/5/2023	KRW	3,029,703,100	USD	2,268,761		—		(14,578	)
JP Morgan & Chase Co.	6/5/2023	KRW	1,084,472,400	USD	810,960		—		(6,354	)
RBC Capital Markets	6/5/2023	KRW	1,615,214,900	USD	1,208,360		—		(8,948	)
RBC Capital Markets	6/5/2023	KRW	79,054,000	USD	59,179		—		(400	)
Goldman Sachs & Co.	6/5/2023	KWD	103,000	USD	336,656		1,664		—
Goldman Sachs & Co.	6/5/2023	QAR	1,355,000	USD	370,979		—		(1,214	)
Goldman Sachs & Co.	6/5/2023	SAR	319,000	USD	85,005		—		(37	)
Goldman Sachs & Co.	6/5/2023	SAR	5,491,000	USD	1,463,291		—		(559	)
JP Morgan & Chase Co.	6/5/2023	SGD	941,500	USD	706,495		10,152		—
RBC Capital Markets	6/5/2023	SGD	564,400	USD	423,522		6,086		—
Goldman Sachs & Co.	6/5/2023	TWD	78,050,600	USD	2,542,365		838		—
JP Morgan & Chase Co.	6/5/2023	TWD	54,501,200	USD	1,776,035		1,337		—
RBC Capital Markets	6/5/2023	TWD	40,964,200	USD	1,334,078		179		—
JP Morgan & Chase Co.	6/5/2023	USD	420,958	BRL	2,150,800		2,643		—
JP Morgan & Chase Co.	6/5/2023	USD	70,915	BRL	357,000		—		(603	)
RBC Capital Markets	6/5/2023	USD	1,396,044	BRL	7,150,400		12,231		—
Goldman Sachs & Co.	6/5/2023	USD	96,893	CLP	78,893,400		436		—
JP Morgan & Chase Co.	6/5/2023	USD	105,328	CLP	85,394,300		21		—
Goldman Sachs & Co.	6/5/2023	USD	22,292	COP	98,581,700		—		(168	)
JP Morgan & Chase Co.	6/5/2023	USD	36,868	COP	163,398,300		—		(198	)
Goldman Sachs & Co.	6/5/2023	USD	2,678,582	INR	221,518,700		—		(1,504	)
JP Morgan & Chase Co.	6/5/2023	USD	2,222,796	INR	183,889,700		—		(469	)
Goldman Sachs & Co.	6/5/2023	USD	2,284,844	KRW	3,029,703,100		—		(1,505	)
JP Morgan & Chase Co.	6/5/2023	USD	817,846	KRW	1,084,472,400		—		(533	)
RBC Capital Markets	6/5/2023	USD	1,277,729	KRW	1,694,268,900		—		(842	)
Goldman Sachs & Co.	6/5/2023	USD	334,687	KWD	103,000		305		—
Goldman Sachs & Co.	6/5/2023	USD	371,946	QAR	1,355,000		247		—
Goldman Sachs & Co.	6/5/2023	USD	1,549,003	SAR	5,810,000		—		(110	)
JP Morgan & Chase Co.	6/5/2023	USD	694,911	SGD	941,500		1,432		—
RBC Capital Markets	6/5/2023	USD	416,577	SGD	564,400		859		—
Goldman Sachs & Co.	6/5/2023	USD	2,535,345	TWD	78,050,600		6,182		—
JP Morgan & Chase Co.	6/5/2023	USD	1,456,590	TWD	44,822,200		2,935		—
JP Morgan & Chase Co.	6/5/2023	USD	315,678	TWD	9,679,000		—		(505	)
RBC Capital Markets	6/5/2023	USD	1,330,871	TWD	40,964,200		3,028		—
Goldman Sachs & Co.	6/6/2023	EGP	407,000	USD	11,662		—		(1,455	)
RBC Capital Markets	6/6/2023	MYR	2,465,200	USD	553,083		18,728		—
Goldman Sachs & Co.	6/6/2023	USD	13,172	EGP	407,000		—		(55	)
RBC Capital Markets	6/6/2023	USD	534,345	MYR	2,465,200		10		—
JP Morgan & Chase Co.	6/7/2023	IDR	5,549,534,200	USD	378,111		7,924		—
RBC Capital Markets	6/7/2023	IDR	5,018,076,700	USD	341,947		7,211		—
JP Morgan & Chase Co.	6/7/2023	USD	370,068	IDR	5,549,534,200		120		—

See Notes to Financial Statements. 44

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets	6/7/2023	USD	334,538	IDR	5,018,076,700	$	197	$	—
Goldman Sachs & Co.	7/5/2023	AED	1,747,000	USD	475,607		—		(41	)
Goldman Sachs & Co.	7/5/2023	AED	82,000	USD	22,325		—		(1	)
Goldman Sachs & Co.	7/5/2023	AUD	4,052,400	USD	2,625,732		—		(13,712	)
Goldman Sachs & Co.	7/5/2023	AUD	83,000	USD	53,779		—		(281	)
JP Morgan & Chase Co.	7/5/2023	AUD	2,368,800	USD	1,534,847		—		(8,020	)
RBC Capital Markets	7/5/2023	AUD	3,334,000	USD	2,160,249		—		(11,281	)
Goldman Sachs & Co.	7/5/2023	CAD	5,491,800	USD	4,043,738		—		(5,518	)
JP Morgan & Chase Co.	7/5/2023	CAD	3,506,200	USD	2,581,657		—		(3,561	)
RBC Capital Markets	7/5/2023	CAD	4,879,500	USD	3,592,914		—		(4,876	)
Goldman Sachs & Co.	7/5/2023	CHF	3,679,000	USD	4,039,883		—		(16,422	)
JP Morgan & Chase Co.	7/5/2023	CHF	1,742,900	USD	1,913,876		—		(7,769	)
RBC Capital Markets	7/5/2023	CHF	2,724,800	USD	2,992,083		—		(12,163	)
JP Morgan & Chase Co.	7/5/2023	CNH	8,596,400	USD	1,209,840		—		(1,810	)
RBC Capital Markets	7/5/2023	CNH	4,319,800	USD	607,969		—		(901	)
JP Morgan & Chase Co.	7/5/2023	DKK	307,000	USD	44,045		—		(130	)
JP Morgan & Chase Co.	7/5/2023	DKK	7,113,600	USD	1,020,603		—		(2,988	)
RBC Capital Markets	7/5/2023	DKK	11,480,100	USD	1,647,144		—		(4,752	)
Goldman Sachs & Co.	7/5/2023	EGP	407,000	USD	12,859		27		—
Goldman Sachs & Co.	7/5/2023	EUR	11,288,800	USD	12,058,414		—		(33,222	)
JP Morgan & Chase Co.	7/5/2023	EUR	5,856,400	USD	6,255,602		—		(17,293	)
RBC Capital Markets	7/5/2023	EUR	10,157,900	USD	10,850,384		—		(29,924	)
Goldman Sachs & Co.	7/5/2023	GBP	4,818,700	USD	5,976,634		—		(22,087	)
JP Morgan & Chase Co.	7/5/2023	GBP	2,949,900	USD	3,658,746		—		(13,536	)
RBC Capital Markets	7/5/2023	GBP	2,934,300	USD	3,639,412		—		(13,450	)
Goldman Sachs & Co.	7/5/2023	HKD	32,541,100	USD	4,160,229		783		—
JP Morgan & Chase Co.	7/5/2023	HKD	17,657,700	USD	2,257,455		425		—
RBC Capital Markets	7/5/2023	HKD	35,290,800	USD	4,506,004		—		(4,912	)
Goldman Sachs & Co.	7/5/2023	HUF	14,453,900	USD	41,182		—		(100	)
JP Morgan & Chase Co.	7/5/2023	HUF	11,896,900	USD	33,897		—		(82	)
JP Morgan & Chase Co.	7/5/2023	IDR	5,549,534,200	USD	369,673		—		(403	)
RBC Capital Markets	7/5/2023	IDR	5,018,076,700	USD	334,293		—		(342	)
Goldman Sachs & Co.	7/5/2023	ILS	476,100	USD	127,663		—		(140	)
JP Morgan & Chase Co.	7/5/2023	ILS	323,700	USD	86,798		—		(95	)
RBC Capital Markets	7/5/2023	ILS	603,000	USD	161,690		—		(177	)
Goldman Sachs & Co.	7/5/2023	INR	221,518,700	USD	2,673,893		—		(316	)
Goldman Sachs & Co.	7/5/2023	INR	22,588,000	USD	272,990		304		—
JP Morgan & Chase Co.	7/5/2023	INR	183,889,700	USD	2,220,220		274		—
Goldman Sachs & Co.	7/5/2023	JPY	884,510,300	USD	6,363,383		—		(20,540	)
Goldman Sachs & Co.	7/5/2023	JPY	210,206,000	USD	1,512,273		—		(4,881	)
JP Morgan & Chase Co.	7/5/2023	JPY	846,901,300	USD	6,092,815		—		(19,666	)
RBC Capital Markets	7/5/2023	JPY	799,509,100	USD	5,751,843		—		(18,586	)
Goldman Sachs & Co.	7/5/2023	KRW	306,518,000	USD	231,326		—		(74	)
Goldman Sachs & Co.	7/5/2023	KRW	3,029,703,100	USD	2,288,295		1,079		—
JP Morgan & Chase Co.	7/5/2023	KRW	1,084,472,400	USD	819,094		392		—
RBC Capital Markets	7/5/2023	KRW	1,694,268,900	USD	1,279,766		709		—
Goldman Sachs & Co.	7/5/2023	KWD	103,000	USD	334,720		—		(801	)
Goldman Sachs & Co.	7/5/2023	MXN	646,000	USD	36,122		—		(121	)
Goldman Sachs & Co.	7/5/2023	MXN	9,002,600	USD	503,398		—		(1,689	)
JP Morgan & Chase Co.	7/5/2023	MXN	5,830,800	USD	326,058		—		(1,077	)
RBC Capital Markets	7/5/2023	MXN	3,211,600	USD	179,592		—		(593	)
RBC Capital Markets	7/5/2023	MYR	2,465,200	USD	534,925		—		(593	)
RBC Capital Markets	7/5/2023	NOK	5,299,200	USD	476,337		—		(1,887	)
RBC Capital Markets	7/5/2023	NOK	645,500	USD	58,023		—		(230	)
Goldman Sachs & Co.	7/5/2023	NZD	58,300	USD	34,937		—		(171	)
Goldman Sachs & Co.	7/5/2023	NZD	220,300	USD	132,017		—		(647	)
Goldman Sachs & Co.	7/5/2023	NZD	46,000	USD	27,564		—		(137	)
JP Morgan & Chase Co.	7/5/2023	PHP	1,433,200	USD	25,471		—		(19	)

See Notes to Financial Statements. 45

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets		7/5/2023		PHP	13,104,400		USD	232,843	$	—	$	(223	)
Goldman Sachs & Co.		7/5/2023		PLN	1,103,200		USD	258,903		—		(1,061	)
JP Morgan & Chase Co.		7/5/2023		PLN	89,400		USD	20,981		—		(86	)
Goldman Sachs & Co.		7/5/2023		QAR	1,355,000		USD	371,487		—		(340	)
Goldman Sachs & Co.		7/5/2023		SAR	5,810,000		USD	1,548,177		—		(83	)
JP Morgan & Chase Co.		7/5/2023		SEK	280,000		USD	25,773		—		(80	)
JP Morgan & Chase Co.		7/5/2023		SEK	17,413,800		USD	1,602,897		—		(4,944	)
RBC Capital Markets		7/5/2023		SEK	13,282,600		USD	1,222,630		—		(3,771	)
JP Morgan & Chase Co.		7/5/2023		SGD	941,500		USD	695,633		—		(1,464	)
RBC Capital Markets		7/5/2023		SGD	564,400		USD	417,011		—		(878	)
JP Morgan & Chase Co.		7/5/2023		THB	27,181,600		USD	784,688		791		—
JP Morgan & Chase Co.		7/5/2023		TRY	4,409,500		USD	191,146		1,365		—
JP Morgan & Chase Co.		7/5/2023		TRY	486,000		USD	21,067		150		—
Goldman Sachs & Co.		7/5/2023		TWD	15,806,000		USD	515,483		—		(950	)
Goldman Sachs & Co.		7/5/2023		TWD	78,050,600		USD	2,538,644		—		(11,520	)
JP Morgan & Chase Co.		7/5/2023		TWD	44,822,200		USD	1,459,151		—		(5,334	)
RBC Capital Markets		7/5/2023		TWD	40,964,200		USD	1,332,906		—		(5,526	)
Goldman Sachs & Co.		7/5/2023		USD	218,691		CAD	297,000		295		—
Goldman Sachs & Co.		7/5/2023		USD	26,355		CHF	24,000		106		—
JP Morgan & Chase Co.		7/5/2023		USD	85,993		CNH	611,000		127		—
Goldman Sachs & Co.		7/5/2023		USD	129,249		EUR	121,000		356		—
Goldman Sachs & Co.		7/5/2023		USD	320,005		GBP	258,000		1,175		—
Goldman Sachs & Co.		7/5/2023		USD	240,100		HKD	1,878,000		—		(51	)
Goldman Sachs & Co.		7/5/2023		USD	35,749		KWD	11,000		83		—
Goldman Sachs & Co.		7/5/2023		USD	27,446		SAR	103,000		1		—
JP Morgan & Chase Co.		7/5/2023		USD	40,792		THB	1,413,000		—		(42	)
JP Morgan & Chase Co.		7/5/2023		USD	66,148		ZAR	1,315,000		307		—
JP Morgan & Chase Co.		7/5/2023		ZAR	11,058,500		USD	556,258		—		(2,595	)
RBC Capital Markets		7/5/2023		ZAR	12,548,300		USD	631,200		—		(2,942	)
JP Morgan & Chase Co.		7/6/2023		BRL	2,150,800		USD	418,479		—		(2,906	)
JP Morgan & Chase Co.		7/6/2023		BRL	199,000		USD	38,672		—		(316	)
RBC Capital Markets		7/6/2023		BRL	7,150,400		USD	1,387,915		—		(12,989	)
Goldman Sachs & Co.		7/6/2023		CLP	78,893,400		USD	96,478		—		(425	)
JP Morgan & Chase Co.		7/6/2023		CLP	85,394,300		USD	104,875		—		(13	)
Goldman Sachs & Co.		7/7/2023		COP	98,581,700		USD	22,087		149		—
JP Morgan & Chase Co.		7/7/2023		COP	163,398,300		USD	36,531		169		—
Goldman Sachs & Co.		7/7/2023		CZK	1,029,400		USD	46,107		—		(200	)
JP Morgan & Chase Co.		7/7/2023		CZK	707,000		USD	31,667		—		(138	)
Goldman Sachs & Co.		7/7/2023		USD	23,743		COP	105,969,000		—		(161	)
Total unrealized appreciation (depreciation)									$	2,951,993	$	(454,850	)

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

See Notes to Financial Statements. 46

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

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

KWD Kuwaiti Dinar

MXN Mexican Peso

MYR Malaysian Ringgit

NOK Norwegian Krone

NZD New Zealand Dollar

PHP Philippine Peso

PLN Polish Zloty

QAR Qatari Rial

SAR Saudi Riyal

SEK Swedish Krona

SGD Singapore Dollar

THB Thai Baht

TRY Turkish Lira

TWD New Taiwan Dollar

USD U.S. Dollar

ZAR South African Rand

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, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1			Level 2			Level 3		Total
Common Stocks (a)	$	127,780,769		$	—		$	0	$	127,780,769
Preferred Stocks (a)		1,205,369			—			0		1,205,369
Corporate Bonds		—			203			—		203
Warrants (a)		5,601			—			—		5,601
Short-Term Investments (a)		5,324,202			—			—		5,324,202
Derivatives (b)
Forward Foreign Currency Contracts		—			2,951,993			—		2,951,993
Futures Contracts		2,580			—			—		2,580
TOTAL	$	134,318,521		$	2,952,196		$	0	$	137,270,717
Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—		$	(454,850	)	$	—	$	(454,850	)
Futures Contracts		(14,283	)		—			—		(14,283	)
TOTAL	$	(14,283	)	$	(454,850	)	$	—	$	(469,133	)

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

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

During the year ended May 31, 2023, the amount of transfers from Level 3 to Level 1 was $8,273. 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. 47

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF

May 31, 2023

	Number of Shares		Value
COMMON STOCKS — 96.6%
Brazil — 3.7%
Ambev SA		62,477	$	177,457
Atacadao SA		8,891		16,596
B3 SA — Brasil Bolsa Balcao		78,881		207,103
Banco Bradesco SA		23,245		60,801
Banco BTG Pactual S.A		15,967		82,773
Banco do Brasil SA		11,657		102,524
Banco Santander Brasil SA		4,168		23,496
BB Seguridade Participacoes SA		9,896		60,332
CCR SA		12,842		34,350
Centrais Eletricas Brasileiras SA		17,752		123,518
Cia de Saneamento Basico do Estado de Sao Paulo		4,664		48,310
Cia Siderurgica Nacional SA		9,725		23,290
Cosan SA		17,520		51,801
CPFL Energia SA		3,053		18,222
Energisa SA		2,558		22,205
Eneva SA*		11,081		25,009
Engie Brasil Energia SA		2,780		23,031
Equatorial Energia SA*		196		1,088
Equatorial Energia SA		14,014		77,759
Hapvida Participacoes e Investimentos SA, 144A*		77,515		60,963
Hypera SA		5,704		45,895
JBS SA		9,994		33,095
Klabin SA		9,551		39,497
Localiza Rent A Car SA		9,683		118,411
Localiza Rent A Car SA*		42		509
Lojas Renner SA		12,484		47,861
Magazine Luiza SA*		46,946		35,163
Natura & Co. Holding SA*		12,624		34,563
Petroleo Brasileiro SA		50,581		291,225
PRIO SA*		9,463		63,773
Raia Drogasil SA		17,288		96,539
Rede D’Or Sao Luiz SA, 144A		7,863		44,946
Rumo SA		18,335		75,244
Sendas Distribuidora SA		16,606		35,187
Suzano SA		11,220		99,034
Telefonica Brasil SA		5,092		40,147
TIM SA		12,632		34,759
TOTVS SA		6,971		39,518
Ultrapar Participacoes SA		10,498		35,033
Vale SA		45,725		575,111
Vibra Energia SA		15,641		49,606
WEG SA		22,623		167,712
(Cost $2,542,113)				3,243,456
Cayman Islands — 0.0%
Parade Technologies Ltd. (Cost $78,631)		1,053		34,954
Chile — 0.4%
Banco de Chile		634,874		64,192
Banco de Credito e Inversiones SA		798		23,457
Banco Santander Chile		939,232		40,816
Cencosud SA		14,789		27,935
Cia Cervecerias Unidas SA		1,715		12,598
Cia Sud Americana de Vapores SA		203,741		14,981

	Number of Shares		Value
Chile (Continued)
Empresas CMPC SA		14,852	$	25,395
Empresas Copec SA		5,489		39,642
Enel Americas SA*		280,743		36,198
Enel Chile SA		408,382		22,436
Falabella SA		10,090		22,235
(Cost $449,620)				329,885
China — 26.6%
360 Security Technology, Inc., Class A		7,500		14,700
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,000		4,586
3SBio, Inc., 144A		18,254		18,463
AAC Technologies Holdings, Inc. (a)		9,611		19,712
Advanced Micro-Fabrication Equipment Inc China, Class A*		525		12,786
AECC Aviation Power Co. Ltd., Class A		2,400		13,404
Agricultural Bank of China Ltd., Class A		79,700		39,417
Agricultural Bank of China Ltd., Class H		408,812		154,014
Aier Eye Hospital Group Co. Ltd., Class A		4,964		18,692
Air China Ltd., Class A*		4,400		5,391
Air China Ltd., Class H* (a)		20,555		15,619
Akeso, Inc., 144A* (a)		6,401		28,529
Alibaba Group Holding Ltd.*		223,820		2,226,638
Aluminum Corp. of China Ltd., Class A		9,632		7,322
Aluminum Corp. of China Ltd., Class H		50,919		22,499
Anhui Conch Cement Co. Ltd., Class A		3,400		11,971
Anhui Conch Cement Co. Ltd., Class H		16,053		42,642
Anhui Gujing Distillery Co. Ltd., Class A		360		12,742
Anhui Gujing Distillery Co. Ltd., Class B		1,363		22,334
Anhui Honglu Steel Construction Group Co. Ltd., Class A		1,100		4,346
Anhui Kouzi Distillery Co. Ltd., Class A		229		1,741
Anhui Yingjia Distillery Co. Ltd., Class A*		600		4,757
Anjoy Foods Group Co. Ltd., Class A		200		4,331
ANTA Sports Products Ltd.		16,559		169,070
Apeloa Pharmaceutical Co. Ltd., Class A		800		2,085
Asymchem Laboratories Tianjin Co. Ltd., Class A		364		6,741
Autobio Diagnostics Co. Ltd., Class A		700		5,585
Autohome, Inc., ADR		1,043		29,851
Avary Holding Shenzhen Co. Ltd., Class A		730		2,607
AVIC Industry-Finance Holdings Co. Ltd., Class A		2,300		1,247
AviChina Industry & Technology Co. Ltd., Class H		37,487		18,144
Baidu, Inc., Class A*		30,556		465,923
Bank of Beijing Co. Ltd., Class A		16,300		10,833
Bank of Changsha Co. Ltd., Class A		6,000		6,761
Bank of Chengdu Co. Ltd., Class A		2,955		5,219
Bank of China Ltd., Class A		35,100		19,234
Bank of China Ltd., Class H		1,041,528		408,341
Bank of Communications Co. Ltd., Class A		32,100		26,384
Bank of Communications Co. Ltd., Class H		117,924		76,051
Bank of Hangzhou Co. Ltd., Class A		5,960		9,722
Bank of Jiangsu Co. Ltd., Class A*		9,554		9,960
Bank of Nanjing Co. Ltd., Class A		8,400		9,961
Bank of Ningbo Co. Ltd., Class A		4,970		17,178

See Notes to Financial Statements. 48

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
China (Continued)
Bank of Shanghai Co. Ltd., Class A		12,540	$	10,871
Baoshan Iron & Steel Co. Ltd., Class A		17,500		14,458
BBMG Corp., Class A		4,000		1,225
Beijing Capital International Airport Co. Ltd., Class H*		28,415		19,813
Beijing Dabeinong Technology Group Co. Ltd., Class A		2,100		1,897
Beijing Easpring Material Technology Co. Ltd., Class A*		500		3,445
Beijing Kingsoft Office Software, Inc., Class A*		328		19,909
Beijing New Building Materials PLC, Class A		1,770		5,653
Beijing Shiji Information Technology Co. Ltd., Class A		392		1,073
Beijing Tiantan Biological Products Corp. Ltd., Class A		3,000		11,760
Beijing Tongrentang Co. Ltd., Class A		900		7,662
Beijing United Information Technology Co. Ltd., Class A*		435		2,802
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A*		435		5,684
Beijing Yanjing Brewery Co. Ltd., Class A		3,600		5,847
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		31,200		25,294
Betta Pharmaceuticals Co. Ltd., Class A*		600		4,752
BGI Genomics Co. Ltd., Class A		600		4,965
Bilibili, Inc., Class Z*		2,510		40,869
Bloomage Biotechnology Corp. Ltd., Class A*		320		3,961
BOC International China Co. Ltd., Class A		2,100		3,210
BOE Technology Group Co. Ltd., Class A*		32,200		17,961
BYD Co. Ltd., Class A		1,500		53,460
BYD Co. Ltd., Class H		13,371		403,668
BYD Electronic International Co. Ltd.		10,222		29,764
By-health Co. Ltd., Class A		2,100		6,710
Caitong Securities Co. Ltd., Class A		3,204		3,367
Canmax Technologies Co. Ltd., Class A		1,040		4,889
CECEP Solar Energy Co. Ltd., Class A		5,200		5,107
CECEP Wind-Power Corp., Class A*		12,100		6,545
CETC Cyberspace Security Technology Co. Ltd., Class A		1,400		5,822
CGN Power Co. Ltd., Class H, 144A		162,914		39,114
Changchun High & New Technology Industry Group, Inc., Class A		360		8,063
Changjiang Securities Co. Ltd., Class A		1,400		1,182
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A*		400		5,956
Chaozhou Three-Circle Group Co. Ltd., Class A		2,000		8,472
Chengxin Lithium Group Co. Ltd., Class A		1,200		5,095
China Baoan Group Co. Ltd., Class A		1,700		2,888
China Cinda Asset Management Co. Ltd., Class H		117,448		13,049
China CITIC Bank Corp. Ltd., Class H		119,272		62,755
China Coal Energy Co. Ltd., Class H		26,665		20,159

	Number of Shares		Value
China (Continued)
China Communications Services Corp. Ltd., Class H		34,393	$	16,339
China Conch Venture Holdings Ltd.		22,996		28,898
China Construction Bank Corp., Class A		10,400		9,352
China Construction Bank Corp., Class H		1,280,824		819,484
China CSSC Holdings Ltd., Class A		3,500		14,173
China Eastern Airlines Corp. Ltd., Class A*		5,835		3,829
China Energy Engineering Corp. Ltd., Class A		25,300		8,531
China Everbright Bank Co. Ltd., Class A		34,400		15,225
China Everbright Bank Co. Ltd., Class H*		45,257		13,929
China Evergrande Group* (b)		25,065		0
China Feihe Ltd., 144A		48,957		28,447
China Galaxy Securities Co. Ltd., Class A		3,700		5,906
China Galaxy Securities Co. Ltd., Class H		51,727		27,877
China Greatwall Technology Group Co. Ltd., Class A		3,300		5,582
China Hongqiao Group Ltd.		31,610		22,445
China International Capital Corp. Ltd., Class A		1,000		5,852
China International Capital Corp. Ltd., Class H, 144A		22,024		40,277
China Jushi Co. Ltd., Class A		4,572		8,756
China Lesso Group Holdings Ltd.		11,537		7,617
China Life Insurance Co. Ltd., Class A		2,400		12,591
China Life Insurance Co. Ltd., Class H		103,496		174,730
China Literature Ltd., 144A* (a)		5,306		20,057
China Longyuan Power Group Corp. Ltd., Class H		45,446		50,957
China Meheco Co. Ltd., Class A		3,000		5,817
China Meidong Auto Holdings Ltd.		7,184		9,248
China Merchants Bank Co. Ltd., Class A		17,263		78,344
China Merchants Bank Co. Ltd., Class H		53,180		247,208
China Merchants Energy Shipping Co. Ltd., Class A		5,200		4,172
China Merchants Securities Co. Ltd., Class A		6,100		11,922
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		5,700		10,155
China Minsheng Banking Corp. Ltd., Class A		30,600		17,026
China Minsheng Banking Corp. Ltd., Class H		95,826		37,937
China National Building Material Co. Ltd., Class H		48,906		27,668
China National Chemical Engineering Co. Ltd., Class A		5,200		6,247
China National Nuclear Power Co. Ltd., Class A		19,400		19,189
China National Software & Service Co. Ltd., Class A		700		5,973
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		3,300		11,063
China Oilfield Services Ltd., Class H		26,369		26,873
China Pacific Insurance Group Co. Ltd., Class A		6,000		23,478

See Notes to Financial Statements. 49

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
China (Continued)
China Pacific Insurance Group Co. Ltd., Class H		36,218	$	91,580
China Petroleum & Chemical Corp., Class A		27,700		24,753
China Petroleum & Chemical Corp., Class H		322,202		202,856
China Railway Group Ltd., Class A		19,500		21,617
China Railway Group Ltd., Class H		61,868		40,769
China Railway Signal & Communication Corp. Ltd., Class A		10,435		8,738
China Rare Earth Resources And Technology Co. Ltd., Class A*		1,300		5,699
China Resources Microelectronics Ltd., Class A		893		7,463
China Resources Mixc Lifestyle Services Ltd., 144A		9,493		43,219
China Resources Pharmaceutical Group Ltd., 144A		17,891		17,159
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		1,100		10,095
China Shenhua Energy Co. Ltd., Class A		5,465		21,676
China Shenhua Energy Co. Ltd., Class H		45,071		142,458
China Southern Airlines Co. Ltd., Class A*		8,400		7,400
China Southern Airlines Co. Ltd., Class H*		27,705		15,957
China State Construction Engineering Corp. Ltd., Class A		39,000		32,330
China Three Gorges Renewables Group Co. Ltd., Class A		19,186		14,638
China Tourism Group Duty Free Corp. Ltd., Class A		1,600		27,674
China Tourism Group Duty Free Corp. Ltd., Class H, 144A*		879		13,987
China Tower Corp. Ltd., Class H, 144A		611,655		67,177
China United Network Communications Ltd., Class A		26,500		18,319
China Vanke Co. Ltd., Class A		9,000		18,007
China Vanke Co. Ltd., Class H		28,706		37,906
China Yangtze Power Co. Ltd., Class A		19,600		61,990
China Zhenhua Group Science & Technology Co. Ltd., Class A		600		7,773
China Zheshang Bank Co. Ltd., Class A		3,900		1,573
Chinasoft International Ltd.* (a)		34,896		20,812
Chongqing Brewery Co. Ltd., Class A		500		6,267
Chongqing Changan Automobile Co. Ltd., Class A		7,462		12,529
Chongqing Fuling Zhacai Group Co. Ltd., Class A*		1,200		3,967
Chongqing Rural Commercial Bank Co. Ltd., Class A		13,400		7,437
Chongqing Zhifei Biological Products Co. Ltd., Class A		1,252		12,365
CITIC Ltd.		82,098		94,779
CITIC Securities Co. Ltd., Class A		9,610		27,072
CITIC Securities Co. Ltd., Class H		27,904		51,386
CMOC Group Ltd., Class A		15,700		11,559
CMOC Group Ltd., Class H		53,199		27,787

	Number of Shares		Value
China (Continued)
CNGR Advanced Material Co. Ltd., Class A*		600	$	4,853
Contemporary Amperex Technology Co. Ltd., Class A		3,473		107,924
COSCO SHIPPING Development Co. Ltd., Class A		14,000		4,918
COSCO SHIPPING Energy Transportation Co. Ltd., Class A*		3,500		5,503
COSCO SHIPPING Energy Transportation Co. Ltd., Class H*		15,107		12,752
COSCO SHIPPING Holdings Co. Ltd., Class A		11,530		16,913
COSCO SHIPPING Holdings Co. Ltd., Class H		43,880		38,666
Country Garden Holdings Co. Ltd. (a)		174,110		32,018
Country Garden Services Holdings Co. Ltd.		28,123		32,718
CRRC Corp. Ltd., Class A		20,700		20,475
CRRC Corp. Ltd., Class H		62,306		38,591
CSC Financial Co. Ltd., Class A		2,925		10,435
CSPC Pharmaceutical Group Ltd.		121,933		106,199
Daan Gene Co. Ltd., Class A*		2,900		4,987
Dali Foods Group Co. Ltd., 144A		24,671		8,223
Daqin Railway Co. Ltd., Class A		13,600		14,599
Daqo New Energy Corp., ADR* (a)		807		29,012
DaShenLin Pharmaceutical Group Co. Ltd., Class A		960		4,390
DHC Software Co. Ltd., Class A		800		828
Do-Fluoride New Materials Co. Ltd., Class A		1,260		3,541
Dong-E-E-Jiao Co. Ltd., Class A		200		1,387
Dongfang Electric Corp. Ltd., Class A		2,280		5,766
Dongfeng Motor Group Co. Ltd., Class H		36,130		15,642
Dongxing Securities Co. Ltd., Class A		600		690
Dongyue Group Ltd.		20,698		18,106
East Buy Holding Ltd., 144A* (a)		5,305		19,681
East Money Information Co. Ltd., Class A		11,674		22,996
Ecovacs Robotics Co. Ltd., Class A		500		4,864
ENN Energy Holdings Ltd.		10,840		125,975
ENN Natural Gas Co. Ltd., Class A		2,300		6,256
Eve Energy Co. Ltd., Class A		1,967		17,688
Everbright Securities Co. Ltd., Class A		4,800		10,683
Fangda Carbon New Material Co. Ltd., Class A*		3,834		3,405
FAW Jiefang Group Co. Ltd., Class A		5,500		6,259
First Capital Securities Co. Ltd., Class A		900		742
Flat Glass Group Co. Ltd., Class A		700		3,175
Flat Glass Group Co. Ltd., Class H		6,437		18,085
Focus Media Information Technology Co. Ltd., Class A		11,720		10,572
Foshan Haitian Flavouring & Food Co. Ltd., Class A*		3,292		27,987
Fosun International Ltd.		28,609		18,852
Founder Securities Co. Ltd., Class A		10,000		9,807
Foxconn Industrial Internet Co. Ltd., Class A		7,100		18,006

See Notes to Financial Statements. 50

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
China (Continued)
Fuyao Glass Industry Group Co. Ltd., Class A		2,100	$	9,572
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		7,983		29,055
Ganfeng Lithium Group Co. Ltd., Class A		1,680		14,635
Ganfeng Lithium Group Co. Ltd., Class H, 144A (a)		4,957		31,367
GD Power Development Co. Ltd., Class A*		9,450		5,417
GDS Holdings Ltd., Class A*		12,108		14,937
Gemdale Corp., Class A		4,300		4,380
Genscript Biotech Corp.* (a)		15,546		34,386
GF Securities Co. Ltd., Class A		6,300		13,189
GF Securities Co. Ltd., Class H		16,286		22,629
GigaDevice Semiconductor, Inc., Class A		641		9,979
Ginlong Technologies Co. Ltd., Class A*		450		6,311
GoerTek, Inc., Class A		2,100		5,423
Gotion High-tech Co. Ltd., Class A		1,200		4,487
Great Wall Motor Co. Ltd., Class A*		1,900		6,031
Great Wall Motor Co. Ltd., Class H* (a)		39,993		41,063
Gree Electric Appliances, Inc. of Zhuhai, Class A		2,800		12,975
Greentown China Holdings Ltd.		13,343		12,524
Greentown Service Group Co. Ltd. (a)		20,048		10,830
Guangdong Haid Group Co. Ltd., Class A		1,081		7,023
Guangdong Kinlong Hardware Products Co. Ltd., Class A		400		3,556
Guanghui Energy Co. Ltd., Class A		3,641		3,714
Guangzhou Automobile Group Co. Ltd., Class A		4,800		6,872
Guangzhou Automobile Group Co. Ltd., Class H		39,187		22,470
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		600		3,026
Guangzhou Haige Communications Group, Inc. Co., Class A		5,700		8,033
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		500		4,857
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A*		600		5,231
Guangzhou Tinci Materials Technology Co. Ltd., Class A		1,940		11,146
Guolian Securities Co. Ltd., Class A		1,900		2,563
Guosen Securities Co. Ltd., Class A		6,400		8,282
Guotai Junan Securities Co. Ltd., Class A		6,100		12,685
Guoyuan Securities Co. Ltd., Class A		6,630		6,241
H World Group Ltd., ADR*		2,602		95,285
Haidilao International Holding Ltd., 144A* (a)		22,575		47,511
Haier Smart Home Co. Ltd., Class A		6,000		18,108
Haier Smart Home Co. Ltd., Class H		30,357		87,034
Hainan Airlines Holding Co. Ltd., Class A*		49,900		11,989
Haitian International Holdings Ltd.		9,936		22,561
Haitong Securities Co. Ltd., Class A		7,800		10,313
Haitong Securities Co. Ltd., Class H		37,734		25,058
Hangzhou First Applied Material Co. Ltd., Class A		1,143		4,921

	Number of Shares		Value
China (Continued)
Hangzhou Lion Electronics Co. Ltd., Class A*		600	$	3,434
Hangzhou Oxygen Plant Group Co. Ltd., Class A		1,100		5,522
Hangzhou Robam Appliances Co. Ltd., Class A		200		656
Hangzhou Silan Microelectronics Co. Ltd., Class A		1,300		5,836
Hangzhou Tigermed Consulting Co. Ltd., Class A*		174		1,975
Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A (a)		1,559		11,687
Hansoh Pharmaceutical Group Co. Ltd., 144A		17,799		29,459
Heilongjiang Agriculture Co. Ltd., Class A		3,400		6,387
Henan Shenhuo Coal & Power Co. Ltd., Class A		621		1,115
Henan Shuanghui Investment & Development Co. Ltd., Class A		2,308		7,971
Hengan International Group Co. Ltd.		8,872		37,729
Hengli Petrochemical Co. Ltd., Class A		4,210		9,340
Hengtong Optic-electric Co. Ltd., Class A		1,900		3,860
Hengyi Petrochemical Co. Ltd., Class A		1,366		1,286
Hesteel Co. Ltd., Class A		2,700		869
Hithink RoyalFlush Information Network Co. Ltd., Class A		500		11,299
Hongfa Technology Co. Ltd., Class A		700		2,978
Hoshine Silicon Industry Co. Ltd., Class A		500		4,732
Hoyuan Green Energy Co. Ltd., Class A		280		3,038
Hua Hong Semiconductor Ltd., 144A*		8,797		28,479
Huadian Power International Corp. Ltd., Class A		7,800		7,814
Huadong Medicine Co. Ltd., Class A		1,900		10,395
Huafon Chemical Co. Ltd., Class A		2,500		2,360
Huaibei Mining Holdings Co. Ltd., Class A		2,600		4,782
Hualan Biological Engineering, Inc., Class A		2,573		8,145
Huaneng Power International, Inc., Class A*		7,900		11,300
Huaneng Power International, Inc., Class H*		56,260		36,139
Huatai Securities Co. Ltd., Class A		5,800		11,026
Huatai Securities Co. Ltd., Class H, 144A		22,639		28,304
Huaxia Bank Co. Ltd., Class A		14,100		11,451
Huaxin Cement Co. Ltd., Class A		1,500		2,679
Huayu Automotive Systems Co. Ltd., Class A		2,800		6,869
Hubei Xingfa Chemicals Group Co. Ltd., Class A		1,000		3,005
Huizhou Desay Sv Automotive Co. Ltd., Class A		400		6,377
Humanwell Healthcare Group Co. Ltd., Class A		1,500		5,534
Hunan Changyuan Lico Co. Ltd., Class A*		3,062		4,917
Hunan Valin Steel Co. Ltd., Class A		4,600		3,141
Hundsun Technologies, Inc., Class A		1,689		10,081
Hygeia Healthcare Holdings Co. Ltd., 144A*		4,609		27,105

See Notes to Financial Statements. 51

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
China (Continued)
Iflytek Co. Ltd., Class A		2,050	$	17,210
Imeik Technology Development Co. Ltd., Class A		200		12,662
Industrial & Commercial Bank of China Ltd., Class A		49,200		33,389
Industrial & Commercial Bank of China Ltd., Class H		770,179		412,116
Industrial Bank Co. Ltd., Class A		15,459		35,969
Industrial Securities Co. Ltd., Class A		6,700		5,761
Ingenic Semiconductor Co. Ltd., Class A		600		7,960
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		49,800		12,805
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		2,900		5,407
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		9,600		5,921
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		5,400		21,859
Inner Mongolia Yitai Coal Co. Ltd., Class B		15,100		19,479
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A		4,700		4,398
Innovent Biologics, Inc., 144A*		15,825		74,169
Inspur Electronic Information Industry Co. Ltd., Class A*		1,585		9,923
iQIYI, Inc., ADR*		5,844		23,727
JA Solar Technology Co. Ltd., Class A		2,744		13,880
Jafron Biomedical Co. Ltd., Class A		950		3,688
Jason Furniture Hangzhou Co. Ltd., Class A		166		823
JCET Group Co. Ltd., Class A		1,800		7,891
JD Health International, Inc., 144A*		15,136		93,266
JD Logistics, Inc., 144A*		27,599		44,128
JD.com, Inc., Class A		31,703		509,729
Jiangsu Eastern Shenghong Co. Ltd., Class A		2,400		3,925
Jiangsu Expressway Co. Ltd., Class H		20,078		19,410
Jiangsu Hengli Hydraulic Co. Ltd., Class A		1,332		10,211
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		5,578		35,699
Jiangsu King’s Luck Brewery JSC Ltd., Class A*		778		6,088
Jiangsu Pacific Quartz Co. Ltd., Class A		400		6,395
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		1,200		22,633
Jiangsu Yoke Technology Co. Ltd., Class A		500		5,145
Jiangsu Zhongtian Technology Co. Ltd., Class A		3,000		6,129
Jiangxi Copper Co. Ltd., Class A		3,000		7,798
Jiangxi Copper Co. Ltd., Class H		16,826		25,313
Jiangxi Special Electric Motor Co. Ltd., Class A*		1,700		2,780
Jinko Solar Co. Ltd.		6,840		12,234
JiuGui Liquor Co. Ltd., Class A		300		3,992
Jiumaojiu International Holdings Ltd., 144A		10,083		17,255

	Number of Shares		Value
China (Continued)
Jizhong Energy Resources Co. Ltd., Class A		5,500	$	5,618
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		2,500		4,823
Joinn Laboratories China Co. Ltd., Class A		280		1,779
Jointown Pharmaceutical Group Co. Ltd., Class A		500		1,139
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		980		5,005
Juewei Food Co. Ltd., Class A		300		1,613
Kangmei Pharmaceutical Co. Ltd., Class A*		606		200
Kanzhun Ltd., ADR*		2,523		34,994
KE Holdings, Inc., ADR*		9,072		129,185
Keda Industrial Group Co. Ltd., Class A		2,200		3,280
Kingdee International Software Group Co. Ltd.*		33,863		44,975
Kingsoft Corp. Ltd.* (a)		12,822		46,586
Kuaishou Technology, 144A*		31,566		213,653
Kuang-Chi Technologies Co. Ltd., Class A		1,600		3,570
Kunlun Tech Co. Ltd., Class A		1,200		9,673
Kweichow Moutai Co. Ltd., Class A		1,014		232,071
LB Group Co. Ltd., Class A		2,300		5,070
Lenovo Group Ltd.		95,854		90,095
Lens Technology Co. Ltd., Class A		3,700		6,046
Lepu Medical Technology Beijing Co. Ltd., Class A		1,020		3,540
Li Auto, Inc., Class A*		15,287		220,800
Li Ning Co. Ltd.		32,025		171,772
Lingyi iTech Guangdong Co., Class A*		6,890		6,099
Longfor Group Holdings Ltd., 144A		25,221		48,507
LONGi Green Energy Technology Co. Ltd., Class A		6,254		25,324
Lufax Holding Ltd., ADR		8,132		10,409
Luxi Chemical Group Co. Ltd., Class A		3,200		4,757
Luxshare Precision Industry Co. Ltd., Class A		6,670		25,584
Luzhou Laojiao Co. Ltd., Class A		1,200		34,400
Mango Excellent Media Co. Ltd., Class A		1,803		7,412
Maxscend Microelectronics Co. Ltd., Class A		448		5,580
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A*		3,708		3,324
Meituan, Class B, 144A*		68,436		963,118
Metallurgical Corp. of China Ltd., Class A		21,700		12,287
Microport Scientific Corp.* (a)		8,655		14,899
Ming Yang Smart Energy Group Ltd., Class A		1,200		2,962
MINISO Group Holding Ltd., ADR		1,276		19,395
Minth Group Ltd.		9,591		23,982
Montage Technology Co. Ltd., Class A		489		4,383
Muyuan Foods Co. Ltd., Class A		4,764		26,808
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		2,600		4,946
NARI Technology Co. Ltd., Class A		5,304		20,449
National Silicon Industry Group Co. Ltd., Class A*		3,759		11,831

See Notes to Financial Statements. 52

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
China (Continued)
NAURA Technology Group Co. Ltd., Class A		336	$	14,326
NavInfo Co. Ltd., Class A		2,200		3,623
NetEase, Inc.		26,987		456,995
New China Life Insurance Co. Ltd., Class A		2,100		10,855
New China Life Insurance Co. Ltd., Class H		11,602		30,003
New Hope Liuhe Co. Ltd., Class A*		4,300		6,809
New Oriental Education & Technology Group, Inc.*		21,784		83,181
Ninestar Corp., Class A		1,200		6,594
Ningbo Deye Technology Co. Ltd., Class A		360		6,851
Ningbo Joyson Electronic Corp., Class A		1,500		3,340
Ningbo Orient Wires & Cables Co. Ltd., Class A		600		4,131
Ningbo Ronbay New Energy Technology Co. Ltd., Class A		398		3,219
Ningbo Shanshan Co. Ltd., Class A*		2,000		4,148
Ningbo Tuopu Group Co. Ltd., Class A		900		7,351
Ningxia Baofeng Energy Group Co. Ltd., Class A		6,000		10,243
NIO, Inc., ADR* (a)		18,657		140,487
Nongfu Spring Co. Ltd., Class H, 144A (a)		24,504		131,432
North Industries Group Red Arrow Co. Ltd., Class A		1,400		3,541
Offshore Oil Engineering Co. Ltd., Class A		4,600		3,968
Oppein Home Group, Inc., Class A		460		6,130
Orient Securities Co. Ltd., Class A		4,438		6,167
Ovctek China, Inc., Class A		900		3,528
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*		6,600		3,691
People’s Insurance Co. Group of China Ltd., Class A		6,700		5,761
People’s Insurance Co. Group of China Ltd., Class H		114,747		43,376
Perfect World Co. Ltd., Class A		2,250		5,807
PetroChina Co. Ltd., Class A		13,632		14,365
PetroChina Co. Ltd., Class H		287,732		185,931
Pharmaron Beijing Co. Ltd., Class A		1,050		6,801
Pharmaron Beijing Co. Ltd., Class H, 144A		2,507		9,253
PICC Property & Casualty Co. Ltd., Class H		95,522		113,815
Ping An Bank Co. Ltd., Class A		17,900		29,174
Ping An Healthcare and Technology Co. Ltd., 144A* (a)		6,436		14,844
Ping An Insurance Group Co. of China Ltd., Class A		9,100		60,093
Ping An Insurance Group Co. of China Ltd., Class H		86,633		549,861
Pingdingshan Tianan Coal Mining Co. Ltd., Class A		2,900		3,256
Poly Developments and Holdings Group Co. Ltd., Class A		9,900		17,721
Pop Mart International Group Ltd., 144A		7,396		16,246
Postal Savings Bank of China Co. Ltd., Class A		23,800		17,188

	Number of Shares		Value
China (Continued)
Postal Savings Bank of China Co. Ltd., Class H, 144A		111,212	$	69,876
Power Construction Corp. of China Ltd., Class A		12,201		11,366
Qifu Technology, Inc., ADR		1,577		21,684
Qinghai Salt Lake Industry Co. Ltd., Class A*		4,400		11,616
Raytron Technology Co. Ltd., Class A		344		2,400
Rongsheng Petrochemical Co. Ltd., Class A		8,875		14,465
SAIC Motor Corp. Ltd., Class A		7,300		13,765
Sailun Group Co. Ltd., Class A*		2,700		3,938
Sanan Optoelectronics Co. Ltd., Class A		5,600		15,540
Sangfor Technologies, Inc., Class A		375		6,566
Sany Heavy Equipment International Holdings Co. Ltd.		14,851		19,611
Sany Heavy Industry Co. Ltd., Class A		6,000		12,376
Satellite Chemical Co. Ltd., Class A		3,917		6,973
SDIC Capital Co. Ltd., Class A		10,700		11,110
SDIC Power Holdings Co. Ltd., Class A		6,900		12,787
Seazen Holdings Co. Ltd., Class A*		2,200		4,321
SF Holding Co. Ltd., Class A		4,267		28,376
SG Micro Corp., Class A		152		2,316
Shaanxi Coal Industry Co. Ltd., Class A		7,100		16,719
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		2,500		4,384
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		338		1,077
Shandong Gold Mining Co. Ltd., Class A		4,436		15,738
Shandong Gold Mining Co. Ltd., Class H, 144A		7,838		14,934
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		1,560		6,394
Shandong Linglong Tyre Co. Ltd., Class A		1,400		4,190
Shandong Nanshan Aluminum Co. Ltd., Class A		6,800		2,876
Shandong Sun Paper Industry JSC Ltd., Class A		3,800		5,595
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		35,126		51,946
Shanghai Aiko Solar Energy Co. Ltd., Class A*		1,300		6,296
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		980		4,686
Shanghai Baosight Software Co. Ltd., Class A		698		5,201
Shanghai Baosight Software Co. Ltd., Class B		7,150		23,774
Shanghai Construction Group Co. Ltd., Class A		17,700		6,565
Shanghai Electric Group Co. Ltd., Class A*		16,200		10,994
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		1,700		7,448
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		6,671		18,146
Shanghai Friendess Electronic Technology Corp. Ltd., Class A*		225		6,318

See Notes to Financial Statements. 53

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
China (Continued)
Shanghai Fudan Microelectronics Group Co. Ltd., Class A		569	$	4,563
Shanghai Fudan Microelectronics Group Co. Ltd., Class H (a)		3,698		9,941
Shanghai International Airport Co. Ltd., Class A*		900		5,893
Shanghai International Port Group Co. Ltd., Class A		11,400		8,441
Shanghai Jinjiang International Hotels Co. Ltd., Class A		1,100		7,247
Shanghai Junshi Biosciences Co. Ltd., Class A*		514		3,286
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		14,259		8,513
Shanghai M&G Stationery, Inc., Class A		275		1,643
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		2,800		9,225
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		12,618		25,138
Shanghai Pudong Development Bank Co. Ltd., Class A		29,200		30,155
Shanghai Putailai New Energy Technology Co. Ltd., Class A		942		4,701
Shanghai RAAS Blood Products Co. Ltd., Class A		5,600		5,287
Shanghai Rural Commercial Bank Co. Ltd., Class A		9,000		7,461
Shanxi Coking Coal Energy Group Co. Ltd., Class A		3,640		5,038
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		3,000		7,882
Shanxi Meijin Energy Co. Ltd., Class A		4,700		4,735
Shanxi Securities Co. Ltd., Class A		4,050		3,312
Shanxi Taigang Stainless Steel Co. Ltd., Class A		5,900		3,299
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		980		28,892
Shede Spirits Co. Ltd., Class A		400		8,880
Shenghe Resources Holding Co. Ltd., Class A		1,600		2,873
Shengyi Technology Co. Ltd., Class A		2,455		5,264
Shennan Circuits Co. Ltd., Class A		658		7,243
Shenwan Hongyuan Group Co. Ltd., Class A		21,000		13,927
Shenzhen Capchem Technology Co. Ltd., Class A		540		3,568
Shenzhen Dynanonic Co. Ltd., Class A		320		4,944
Shenzhen Energy Group Co. Ltd., Class A		6,260		6,078
Shenzhen Inovance Technology Co. Ltd., Class A		1,937		16,082
Shenzhen Kangtai Biological Products Co. Ltd., Class A		752		2,936
Shenzhen Kedali Industry Co. Ltd., Class A		300		5,358
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		1,070		45,189
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		314		2,643

	Number of Shares		Value
China (Continued)
Shenzhen Overseas Chinese Town Co. Ltd., Class A		3,185	$	2,126
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		200		985
Shenzhen SC New Energy Technology Corp., Class A		300		4,031
Shenzhen Senior Technology Material Co. Ltd., Class A		2,200		5,001
Shenzhen Transsion Holdings Co. Ltd., Class A		422		7,456
Shenzhou International Group Holdings Ltd.		10,902		88,269
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		1,700		6,843
Sichuan Chuantou Energy Co. Ltd., Class A		2,200		4,606
Sichuan Hebang Biotechnology Co. Ltd., Class A*		11,600		3,830
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		400		1,741
Sichuan New Energy Power Co. Ltd.*		1,800		3,543
Sichuan Road & Bridge Group Co. Ltd., Class A		4,900		10,465
Sichuan Swellfun Co. Ltd., Class A		500		4,096
Sichuan Yahua Industrial Group Co. Ltd., Class A		1,500		3,789
Sieyuan Electric Co. Ltd., Class A		1,000		6,651
Silergy Corp.		4,545		59,239
Sinoma Science & Technology Co. Ltd., Class A		1,000		2,729
Sinomine Resource Group Co. Ltd., Class A		700		5,272
Sinopec Shanghai Petrochemical Co. Ltd., Class A		1,200		529
Sinopharm Group Co. Ltd., Class H		18,642		61,065
Skshu Paint Co. Ltd., Class A*		420		5,276
Smoore International Holdings Ltd., 144A		23,681		23,831
Songcheng Performance Development Co. Ltd., Class A		2,520		4,497
SooChow Securities Co. Ltd., Class A		1,352		1,366
Spring Airlines Co. Ltd., Class A*		1,200		9,745
StarPower Semiconductor Ltd., Class A		200		6,130
Sunac China Holdings Ltd.*		40,216		6,112
Sungrow Power Supply Co. Ltd., Class A		1,140		17,642
Sunny Optical Technology Group Co. Ltd.		9,550		89,762
Sunwoda Electronic Co. Ltd., Class A		1,800		4,026
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		898		3,206
Suzhou Maxwell Technologies Co. Ltd., Class A		256		5,683
TAL Education Group, ADR*		5,662		30,745
Tangshan Jidong Cement Co. Ltd., Class A		5,300		5,741
TBEA Co. Ltd., Class A		3,100		9,744
TCL Technology Group Corp., Class A		14,080		7,636
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		3,236		16,891

See Notes to Financial Statements. 54

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
China (Continued)
Tencent Holdings Ltd.		84,139	$	3,337,429
Tencent Music Entertainment Group, ADR*		9,448		65,569
Thunder Software Technology Co. Ltd., Class A		400		5,497
Tianma Microelectronics Co. Ltd., Class A*		1,000		1,359
Tianqi Lithium Corp., Class A*		1,200		12,129
Tianshan Aluminum Group Co. Ltd., Class A		774		685
Tibet Summit Resources Co. Ltd., Class A*		1,400		3,482
Tingyi Cayman Islands Holding Corp.		28,665		42,977
Titan Wind Energy Suzhou Co. Ltd., Class A		2,500		5,466
Tongcheng Travel Holdings Ltd.*		17,013		33,937
TongFu Microelectronics Co. Ltd., Class A		2,100		7,309
Tongkun Group Co. Ltd., Class A		2,000		3,389
Tongling Nonferrous Metals Group Co. Ltd., Class A*		2,600		1,059
Tongwei Co. Ltd., Class A		4,100		19,655
Topchoice Medical Corp., Class A*		255		3,789
Topsports International Holdings Ltd., 144A		27,577		21,412
TravelSky Technology Ltd., Class H		12,348		22,518
Trina Solar Co. Ltd., Class A		2,056		11,353
Trip.Com Group Ltd.*		7,500		240,599
Tsingtao Brewery Co. Ltd., Class A		500		6,689
Tsingtao Brewery Co. Ltd., Class H		8,145		70,107
Unigroup Guoxin Microelectronics Co. Ltd., Class A		929		12,028
Uni-President China Holdings Ltd.*		13,233		11,492
Unisplendour Corp. Ltd., Class A		3,254		14,914
Vipshop Holdings Ltd., ADR*		4,884		69,939
Walvax Biotechnology Co. Ltd., Class A		1,300		5,277
Wanhua Chemical Group Co. Ltd., Class A		2,789		32,235
Weibo Corp., ADR*		845		11,805
Weichai Power Co. Ltd., Class A		5,900		9,583
Weichai Power Co. Ltd., Class H		26,241		35,656
Weihai Guangwei Composites Co. Ltd., Class A		800		3,292
Wens Foodstuffs Group Co. Ltd., Class A		4,716		11,145
Western Securities Co. Ltd., Class A		900		819
Western Superconducting Technologies Co. Ltd., Class A		564		6,150
Will Semiconductor Co. Ltd., Class A		791		11,102
Wingtech Technology Co. Ltd., Class A		1,035		7,257
Wuchan Zhongda Group Co. Ltd., Class A		4,500		3,256
Wuhan Guide Infrared Co. Ltd., Class A*		3,665		5,289
Wuliangye Yibin Co. Ltd., Class A		3,307		74,892
WUS Printed Circuit Kunshan Co. Ltd., Class A		2,200		6,457
WuXi AppTec Co. Ltd., Class A		1,911		17,453
WuXi AppTec Co. Ltd., Class H, 144A*		4,771		39,299
Wuxi Autowell Technology Co. Ltd., Class A		251		6,203
Wuxi Biologics Cayman, Inc., 144A*		51,499		263,399

	Number of Shares		Value
China (Continued)
XCMG Construction Machinery Co. Ltd., Class A		8,400	$	7,058
Xiamen C & D, Inc., Class A		3,500		5,709
Xiamen Faratronic Co. Ltd., Class A		300		5,648
Xiamen Tungsten Co. Ltd., Class A*		1,800		4,567
Xiaomi Corp., Class B, 144A*		207,556		274,075
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		1,138		1,740
Xinyi Solar Holdings Ltd.		71,769		70,848
XPeng, Inc., Class A* (a)		12,459		49,404
Xtep International Holdings Ltd.		17,203		17,290
Yadea Group Holdings Ltd., 144A (a)		17,563		34,989
Yangzhou Yangjie Electronic Technology Co. Ltd., Class A*		700		4,052
Yankuang Energy Group Co. Ltd., Class A		2,200		8,386
Yankuang Energy Group Co. Ltd., Class H		21,892		55,468
Yantai Jereh Oilfield Services Group Co. Ltd., Class A*		1,100		3,771
Yealink Network Technology Corp. Ltd., Class A*		900		6,702
Yifeng Pharmacy Chain Co. Ltd., Class A		730		5,089
Yihai International Holding Ltd.* (a)		6,646		14,734
Yihai Kerry Arawana Holdings Co. Ltd., Class A		900		5,083
Yintai Gold Co. Ltd., Class A		2,400		4,367
YongXing Special Materials Technology Co. Ltd., Class A		520		4,621
Yonyou Network Technology Co. Ltd., Class A		2,697		7,533
Youngor Group Co. Ltd., Class A		7,500		7,239
Youngy Co. Ltd., Class A*		300		2,593
YTO Express Group Co. Ltd., Class A		2,500		5,406
Yum China Holdings, Inc.		5,688		321,144
Yunda Holding Co. Ltd., Class A		3,160		5,062
Yunnan Aluminium Co. Ltd., Class A		3,800		6,460
Yunnan Baiyao Group Co. Ltd., Class A		1,400		10,593
Yunnan Botanee Bio-Technology Group Co. Ltd., Class A		200		2,591
Yunnan Energy New Material Co. Ltd., Class A*		760		9,709
Yunnan Yuntianhua Co. Ltd., Class A		1,500		3,511
Zai Lab Ltd.* (a)		12,000		39,615
Zangge Mining Co. Ltd., Class A		1,300		4,197
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		500		21,371
Zhaojin Mining Industry Co. Ltd., Class H*		13,459		19,113
Zhejiang Century Huatong Group Co. Ltd., Class A*		8,280		7,236
Zhejiang Chint Electrics Co. Ltd., Class A		2,300		8,451
Zhejiang Dahua Technology Co. Ltd., Class A		932		2,598
Zhejiang Expressway Co. Ltd., Class H		21,098		15,627
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		2,000		5,185
Zhejiang Huayou Cobalt Co. Ltd., Class A		1,627		10,573
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		1,100		10,657

See Notes to Financial Statements. 55

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
China (Continued)
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		1,000	$	4,093
Zhejiang Juhua Co. Ltd., Class A		2,100		3,880
Zhejiang NHU Co. Ltd., Class A*		1,483		3,146
Zhejiang Supcon Technology Co. Ltd., Class A		402		5,842
Zhejiang Supor Co. Ltd., Class A		68		427
Zhejiang Weiming Environment Protection Co. Ltd., Class A		1,500		3,817
Zhejiang Weixing New Building Materials Co. Ltd., Class A		1,900		5,155
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		700		3,750
Zhejiang Zheneng Electric Power Co. Ltd., Class A*		13,100		9,571
Zheshang Securities Co. Ltd., Class A		2,100		2,951
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*		10,403		29,294
Zhongji Innolight Co. Ltd., Class A*		700		10,573
Zhongjin Gold Corp. Ltd., Class A		3,700		5,838
Zhongsheng Group Holdings Ltd.		8,019		29,596
Zhongtai Securities Co. Ltd., Class A		4,000		3,827
Zhuzhou CRRC Times Electric Co. Ltd.		7,223		30,394
Zhuzhou CRRC Times Electric Co. Ltd., Class A		771		4,957
Zhuzhou Kibing Group Co. Ltd., Class A*		1,800		2,043
Zijin Mining Group Co. Ltd., Class A		16,600		24,933
Zijin Mining Group Co. Ltd., Class H		77,714		105,399
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		6,976		6,204
ZTE Corp., Class A		3,200		15,817
ZTE Corp., Class H		11,485		35,274
ZTO Express Cayman, Inc., ADR		5,653		142,682
(Cost $25,355,090)				23,603,967
Colombia — 0.1%
Bancolombia SA		3,936		24,589
Interconexion Electrica SA ESP		6,175		24,422
(Cost $61,807)				49,011
Cyprus — 0.0%
Polymetal International PLC* (b)		4,894		0
TCS Group Holding PLC, GDR* (b)		1,702		0
(Cost $173,897)				0
Czech Republic — 0.2%
CEZ AS		2,125		95,600
Komercni Banka AS		1,123		33,470
Moneta Money Bank AS, 144A		5,303		18,923
(Cost $99,587)				147,993
Egypt — 0.1%
Commercial International Bank Egypt SAE		33,883		57,349
Eastern Co. SAE		17,485		10,791
Egyptian Financial Group-Hermes Holding Co.*		13,302		8,153

	Number of Shares		Value
Egypt (Continued)
Fawry for Banking & Payment Technology Services SAE*		6,535	$	1,206
(Cost $90,442)				77,499
Greece — 0.4%
Alpha Services and Holdings SA*		30,350		44,947
Eurobank Ergasias Services and Holdings SA*		34,242		53,438
Hellenic Telecommunications Organization SA		2,770		42,400
JUMBO SA		1,483		34,398
Motor Oil Hellas Corinth Refineries SA		843		21,734
Mytilineos SA		1,419		44,714
National Bank of Greece SA*		7,718		47,849
OPAP SA		2,796		47,759
Public Power Corp. SA*		2,587		27,390
Terna Energy SA		810		17,437
(Cost $281,954)				382,066
Hong Kong — 1.8%
Alibaba Health Information Technology Ltd.*		65,217		38,645
Beijing Enterprises Holdings Ltd.		8,171		31,566
Beijing Enterprises Water Group Ltd.		49,069		12,032
Bosideng International Holdings Ltd.		40,915		16,982
C&D International Investment Group Ltd.*		8,504		21,373
China Everbright Environment Group Ltd.		46,457		18,155
China Gas Holdings Ltd.		42,300		47,970
China Jinmao Holdings Group Ltd.		85,312		12,202
China Medical System Holdings Ltd.		18,965		26,642
China Mengniu Dairy Co. Ltd.*		42,408		164,640
China Merchants Port Holdings Co. Ltd.		19,294		27,991
China Overseas Land & Investment Ltd.		52,925		107,331
China Overseas Property Holdings Ltd.		18,814		17,251
China Power International Development Ltd.		71,798		27,324
China Resources Beer Holdings Co. Ltd.		22,019		138,911
China Resources Cement Holdings Ltd.		34,265		12,471
China Resources Gas Group Ltd.		12,361		40,648
China Resources Land Ltd.		43,903		164,276
China Resources Power Holdings Co. Ltd.		26,610		61,441
China Ruyi Holdings Ltd.* (a)		62,792		14,033
China State Construction International Holdings Ltd.		26,516		29,968
China Taiping Insurance Holdings Co. Ltd.		21,417		22,318
China Traditional Chinese Medicine Holdings Co. Ltd.		41,519		19,989
Chow Tai Fook Jewellery Group Ltd. (a)		26,715		47,286
COSCO SHIPPING Ports Ltd.		27,086		17,053
Far East Horizon Ltd. (a)		21,048		17,633
GCL Technology Holdings Ltd.* (a)		278,189		60,395
Geely Automobile Holdings Ltd.		83,133		96,718
Guangdong Investment Ltd.		41,419		35,281
Kingboard Holdings Ltd.		9,057		24,405
Kingboard Laminates Holdings Ltd.		14,186		12,971
Kunlun Energy Co. Ltd.*		50,575		40,303

See Notes to Financial Statements. 56

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
Hong Kong (Continued)
Nine Dragons Paper Holdings Ltd. (a)		16,156	$	8,954
Orient Overseas International Ltd. (a)		1,812		22,088
Shenzhen International Holdings Ltd.		16,004		12,692
Shimao Group Holdings Ltd.* (b)		18,475		0
Sino Biopharmaceutical Ltd.		136,085		64,823
Vinda International Holdings Ltd.		5,643		13,577
Want Want China Holdings Ltd.		61,725		41,305
Yuexiu Property Co. Ltd. (a)		21,842		23,654
(Cost $1,785,811)				1,613,297
Hungary — 0.2%
MOL Hungarian Oil & Gas PLC		5,606		45,606
OTP Bank Nyrt		2,944		91,681
Richter Gedeon Nyrt		1,950		49,082
(Cost $153,115)				186,369
India — 14.3%
ABB India Ltd.		687		34,261
ACC Ltd.*		800		17,185
Adani Enterprises Ltd.		2,289		68,985
Adani Green Energy Ltd.*		4,192		49,540
Adani Ports & Special Economic Zone Ltd.		7,499		66,971
Adani Power Ltd.*		10,412		31,419
Ambuja Cements Ltd.*		8,324		42,620
Apollo Hospitals Enterprise Ltd.		1,417		79,163
Asian Paints Ltd.		5,233		201,962
AU Small Finance Bank Ltd., 144A		1,978		18,575
Aurobindo Pharma Ltd.		4,008		31,906
Avenue Supermarts Ltd., 144A*		2,151		90,251
Axis Bank Ltd.		30,791		340,487
Bajaj Auto Ltd.		823		45,433
Bajaj Finance Ltd.		3,704		312,943
Bajaj Finserv Ltd.		5,201		91,221
Bajaj Holdings & Investment Ltd.		388		34,071
Balkrishna Industries Ltd.		1,194		32,816
Bandhan Bank Ltd., 144A*		8,893		28,808
Bank of Baroda		13,872		31,020
Berger Paints India Ltd.		3,075		24,176
Bharat Electronics Ltd.		48,406		65,618
Bharat Forge Ltd.		3,470		33,189
Bharat Petroleum Corp. Ltd.		9,246		40,624
Bharti Airtel Ltd.		30,313		311,404
Britannia Industries Ltd.		1,456		81,960
CG Power & Industrial Solutions Ltd.		8,706		41,340
Cholamandalam Investment and Finance Co. Ltd.		5,355		68,022
Cipla Ltd.		6,376		73,450
Coal India Ltd.		21,354		62,269
Colgate-Palmolive India Ltd.		1,863		35,837
Container Corp. Of India Ltd.		3,859		31,296
Dabur India Ltd.		8,282		55,599
Divi’s Laboratories Ltd.		1,589		66,140
DLF Ltd.		8,877		50,956
Dr. Reddy’s Laboratories Ltd.		1,506		81,934
Eicher Motors Ltd.		1,928		85,572
GAIL India Ltd.		32,547		41,229

	Number of Shares		Value
India (Continued)
Godrej Consumer Products Ltd.*		5,681	$	72,674
Godrej Properties Ltd.*		1,957		32,887
Grasim Industries Ltd.		3,499		72,675
Havells India Ltd.		3,331		52,661
HCL Technologies Ltd.		13,011		180,086
HDFC Life Insurance Co. Ltd., 144A*		13,236		94,768
Hero MotoCorp Ltd.		1,572		52,441
Hindalco Industries Ltd.		15,931		78,161
Hindustan Aeronautics Ltd.		1,113		41,934
Hindustan Petroleum Corp. Ltd.		8,217		25,913
Hindustan Unilever Ltd.		11,262		363,124
Housing Development Finance Corp. Ltd.		23,535		751,123
ICICI Bank Ltd.		69,802		800,810
ICICI Lombard General Insurance Co. Ltd., 144A		2,946		42,093
ICICI Prudential Life Insurance Co. Ltd., 144A		4,785		26,952
Indian Hotels Co. Ltd.		10,878		51,240
Indian Oil Corp. Ltd.		42,523		46,259
Indian Railway Catering & Tourism Corp. Ltd.		2,417		18,975
Indraprastha Gas Ltd.		4,455		25,880
Info Edge India Ltd.		1,037		51,064
Infosys Ltd.		44,877		715,097
InterGlobe Aviation Ltd., 144A*		1,908		54,716
ITC Ltd.		41,065		221,129
Jindal Steel & Power Ltd.		5,332		33,336
JSW Steel Ltd.		7,833		65,925
Jubilant Foodworks Ltd.		5,877		34,332
Kotak Mahindra Bank Ltd.		14,681		357,452
Larsen & Toubro Ltd.		9,256		246,767
LTIMindtree Ltd., 144A		1,188		71,775
Lupin Ltd.		3,109		30,233
Mahindra & Mahindra Ltd.		12,677		202,110
Marico Ltd.		6,831		44,839
Maruti Suzuki India Ltd.		1,845		208,909
Max Healthcare Institute Ltd.*		10,584		70,292
Mphasis Ltd.		1,258		29,603
MRF Ltd.		27		31,726
Muthoot Finance Ltd.		1,737		23,421
Nestle India Ltd.		443		116,052
NTPC Ltd.		56,754		119,261
Oil & Natural Gas Corp. Ltd.		39,479		73,917
Page Industries Ltd.		92		43,120
Petronet LNG Ltd.		11,532		31,481
PI Industries Ltd.		1,092		47,739
Pidilite Industries Ltd.		2,129		67,110
Power Grid Corp. of India Ltd.		43,728		123,602
Reliance Industries Ltd.		40,901		1,221,069
Samvardhana Motherson International Ltd.		24,697		23,598
SBI Cards & Payment Services Ltd.		3,140		34,802
SBI Life Insurance Co. Ltd., 144A		5,885		87,850
Shree Cement Ltd.		119		36,197
Shriram Finance Ltd.		2,870		48,558
Siemens Ltd.		1,018		43,702
Sona Blw Precision Forgings Ltd., 144A		5,785		37,868

See Notes to Financial Statements. 57

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
India (Continued)
SRF Ltd.		2,004	$	61,035
State Bank of India		24,649		172,760
Sun Pharmaceutical Industries Ltd.		12,594		148,474
Tata Consultancy Services Ltd.		12,335		490,452
Tata Consumer Products Ltd.		7,881		76,079
Tata Elxsi Ltd.		485		43,507
Tata Motors Ltd.*		22,810		145,106
Tata Power Co. Ltd.		20,561		53,073
Tata Steel Ltd.		98,815		126,368
Tech Mahindra Ltd.		7,252		97,785
Titan Co. Ltd.		4,903		167,316
Torrent Pharmaceuticals Ltd.		1,579		35,038
Trent Ltd.		2,666		50,285
Tube Investments of India Ltd.		1,440		49,831
TVS Motor Co. Ltd.		2,990		47,084
UltraTech Cement Ltd.		1,539		146,401
United Spirits Ltd.*		4,273		45,632
UPL Ltd.		6,799		56,302
Varun Beverages Ltd.		3,023		61,915
Vedanta Ltd.		10,028		33,733
Wipro Ltd.		18,953		92,472
Yes Bank Ltd.*		176,395		34,540
Zomato Ltd.*		60,281		50,312
(Cost $9,292,284)				12,665,060
Indonesia — 2.1%
Aneka Tambang Tbk		115,155		14,558
GoTo Gojek Tokopedia Tbk PT*		11,407,769		111,871
PT Adaro Energy Indonesia Tbk		200,306		27,260
PT Astra International Tbk		270,606		116,438
PT Bank Central Asia Tbk		752,259		454,166
PT Bank Mandiri Persero Tbk		503,774		169,717
PT Bank Negara Indonesia Persero Tbk		106,841		64,504
PT Bank Rakyat Indonesia Persero Tbk		913,649		339,799
PT Barito Pacific Tbk*		429,761		21,789
PT Charoen Pokphand Indonesia Tbk		104,446		34,490
PT Indah Kiat Pulp & Paper Tbk		36,440		16,774
PT Indofood CBP Sukses Makmur Tbk		33,200		25,913
PT Indofood Sukses Makmur Tbk		38,954		18,451
PT Kalbe Farma Tbk		249,016		33,723
PT Merdeka Copper Gold Tbk*		160,702		32,162
PT Sarana Menara Nusantara Tbk		305,741		20,192
PT Semen Indonesia Persero Tbk		49,425		19,124
PT Sumber Alfaria Trijaya Tbk		223,853		39,424
PT Telkom Indonesia Persero Tbk		679,688		183,185
PT Unilever Indonesia Tbk		105,841		31,985
PT United Tractors Tbk		23,838		35,343
PT Vale Indonesia Tbk		32,281		13,567
(Cost $1,496,128)				1,824,435
Ireland — 0.5%
PDD Holdings, Inc., ADR* (Cost $493,649)		6,851		447,507
Kuwait — 0.8%
Agility Public Warehousing Co. KSC		19,473		38,686
Boubyan Bank KSCP		19,881		38,786
Gulf Bank KSCP		20,479		17,047

	Number of Shares		Value
Kuwait (Continued)
Kuwait Finance House KSCP		111,147	$	255,506
Mabanee Co KPSC		8,493		20,463
Mobile Telecommunications Co. KSCP		23,417		39,593
National Bank of Kuwait SAKP		98,747		295,390
(Cost $593,998)				705,471
Luxembourg — 0.0%
Reinet Investments SCA
(Cost $36,502)		1,932		38,211
Malaysia — 1.4%
AMMB Holdings Bhd		25,746		20,304
Axiata Group Bhd		40,099		24,152
Celcomdigi Bhd		43,560		42,187
CIMB Group Holdings Bhd		81,835		85,461
Dialog Group Bhd		47,536		22,246
Gamuda Bhd		23,562		22,666
Genting Bhd		31,267		28,452
Genting Malaysia Bhd		34,645		18,841
Hong Leong Bank Bhd		9,941		41,698
Hong Leong Financial Group Bhd		2,700		10,132
IHH Healthcare Bhd		25,135		31,422
Inari Amertron Bhd		38,500		21,020
IOI Corp. Bhd		38,694		30,935
Kuala Lumpur Kepong Bhd		6,020		27,234
Malayan Banking Bhd		68,718		128,786
Malaysia Airports Holdings Bhd		9,963		14,916
Maxis Bhd		37,096		33,033
MISC Bhd		19,500		30,842
MR DIY Group M Bhd, 144A		29,100		9,899
Nestle Malaysia Bhd		883		25,636
Petronas Chemicals Group Bhd		37,024		52,622
Petronas Dagangan Bhd		3,504		16,034
Petronas Gas Bhd		11,990		43,487
PPB Group Bhd		9,962		35,095
Press Metal Aluminium Holdings Bhd		50,150		50,090
Public Bank Bhd		196,110		161,885
QL Resources Bhd		17,100		20,562
RHB Bank Bhd		21,344		24,741
Sime Darby Bhd		34,123		15,304
Sime Darby Plantation Bhd		29,323		26,810
Telekom Malaysia Bhd		16,645		18,392
Tenaga Nasional Bhd		36,705		75,629
Top Glove Corp. Bhd*		77,500		19,142
(Cost $1,423,680)				1,229,655
Mexico — 2.7%
Alfa SAB de CV, Class A		42,224		25,851
America Movil SAB de CV, Series B		427,200		455,963
Arca Continental SAB de CV		6,331		64,004
Banco del Bajio SA, 144A		10,588		33,166
Cemex SAB de CV, Series CPO*		199,970		120,283
Coca-Cola Femsa SAB de CV		6,925		56,879
Controladora AXTEL SAB de CV*		42,224		652
Fibra Uno Administracion SA de CV REIT		41,243		59,875
Fomento Economico Mexicano SAB de CV		26,139		263,208
Gruma SAB de CV, Class B		2,675		41,115

See Notes to Financial Statements. 58

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
Mexico (Continued)
Grupo Aeroportuario del Pacifico SAB de CV, Class B		5,024	$	88,889
Grupo Aeroportuario del Sureste SAB de CV, Class B		2,655		74,362
Grupo Bimbo SAB de CV, Series A		18,161		97,083
Grupo Carso SAB de CV, Series A1		6,547		38,947
Grupo Financiero Banorte SAB de CV, Class O		35,244		282,506
Grupo Financiero Inbursa SAB de CV, Class O*		30,046		66,737
Grupo Mexico SAB de CV, Series B		42,789		189,913
Grupo Televisa SAB, Series CPO		33,101		31,699
Industrias Penoles SAB de CV*		2,665		40,780
Kimberly-Clark de Mexico SAB de CV, Class A		18,869		38,380
Operadora De Sites Mexicanos SAB de CV, Class A-1		18,765		16,549
Orbia Advance Corp. SAB de CV		11,671		24,228
Promotora y Operadora de Infraestructura SAB de CV		3,339		32,241
Wal-Mart de Mexico SAB de CV		71,382		271,259
(Cost $2,223,003)				2,414,569
Netherlands — 0.0%
NEPI Rockcastle NV
(Cost $84,043)		6,616		37,793
Peru — 0.2%
Cia de Minas Buenaventura SAA, ADR		3,137		21,363
Credicorp Ltd.		950		122,978
(Cost $191,453)				144,341
Philippines — 0.7%
Aboitiz Equity Ventures, Inc.		25,450		24,698
ACEN Corp.*		10,578		1,104
Ayala Corp.		3,904		45,880
Ayala Land, Inc.		93,224		43,657
Bank of the Philippine Islands		28,228		50,238
BDO Unibank, Inc.		32,550		78,825
International Container Terminal Services, Inc.		13,721		47,642
JG Summit Holdings, Inc.		40,134		34,303
Jollibee Foods Corp.		6,853		28,749
Manila Electric Co.		3,560		20,729
Metropolitan Bank & Trust Co.		15,512		15,910
PLDT, Inc.		1,206		25,769
SM Investments Corp.		3,263		53,977
SM Prime Holdings, Inc.		123,091		71,672
Universal Robina Corp.		12,494		31,279
(Cost $668,872)				574,432
Poland — 0.7%
Allegro.eu SA, 144A*		4,763		39,946
Bank Polska Kasa Opieki SA		2,657		60,390
CD Projekt SA		953		27,272
Cyfrowy Polsat SA		4,268		15,565
Dino Polska SA, 144A*		665		65,335
KGHM Polska Miedz SA		1,893		46,753

	Number of Shares		Value
Poland (Continued)
LPP SA*		15	$	42,501
mBank SA*		179		14,911
PGE Polska Grupa Energetyczna SA*		11,699		18,552
Polski Koncern Naftowy ORLEN SA		7,505		106,660
Powszechna Kasa Oszczednosci Bank Polski SA		12,013		90,994
Powszechny Zaklad Ubezpieczen SA		8,497		77,402
Santander Bank Polska SA*		458		36,400
(Cost $794,963)				642,681
Qatar — 0.9%
Barwa Real Estate Co.		30,415		21,449
Commercial Bank PSQC		44,292		68,142
Dukhan Bank		20,564		22,118
Industries Qatar QSC		20,900		68,786
Masraf Al Rayan QSC		77,316		54,164
Mesaieed Petrochemical Holding Co.		64,544		34,914
Ooredoo QPSC		8,328		24,275
Qatar Electricity & Water Co. QSC		5,674		26,655
Qatar Fuel QSC		8,554		37,271
Qatar Gas Transport Co. Ltd.		32,116		34,851
Qatar International Islamic Bank QSC		14,554		39,943
Qatar Islamic Bank SAQ		23,323		112,258
Qatar National Bank QPSC		62,638		275,504
(Cost $777,562)				820,330
Russia — 0.0%
Alrosa PJSC* (b)		34,709		0
Gazprom PJSC* (b)		164,723		0
Inter RAO UES PJSC* (b)		490,959		0
LUKOIL PJSC* (b)		5,651		0
Magnit PJSC, GDR* (b)		4		0
Magnit PJSC* (b)		933		0
MMC Norilsk Nickel PJSC* (b)		883		0
Mobile TeleSystems PJSC, ADR* (b)		6,594		0
Moscow Exchange MICEX-RTS PJSC* (b)		20,735		0
Novatek PJSC* (b)		12,810		0
Novolipetsk Steel PJSC* (b)		21,183		0
Ozon Holdings PLC, ADR* (b)		700		0
PhosAgro PJSC* (b)		713		0
PhosAgro PJSC, GDR* (b)		13		0
Polyus PJSC* (b)		476		0
Rosneft Oil Co. PJSC* (b)		14,582		0
Sberbank of Russia PJSC* (b)		146,997		0
Severstal PAO* (b)		707		0
Severstal PAO, GDR* (b)		2,248		0
Surgutneftegas PJSC* (b)		68,300		0
Surgutneftegas PJSC, ADR* (b)		2,000		0
Tatneft PJSC* (b)		17,973		0
United Co. RUSAL International PJSC* (b)		39,327		0
VK Co. Ltd., GDR* (b)		1,691		0
VTB Bank PJSC* (b)		48,782,071		0
X5 Retail Group NV, GDR* (b)		1,749		0
Yandex NV, Class A* (b)		4,277		0
(Cost $2,809,837)				0

See Notes to Financial Statements. 59

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
Saudi Arabia — 4.2%
ACWA Power Co.		1,050	$	41,767
Advanced Petrochemical Co.		1,387		16,160
Al Rajhi Bank		26,657		502,466
Alinma Bank		13,333		116,061
Almarai Co. JSC		3,652		53,259
Arab National Bank		8,123		55,116
Arabian Internet & Communications Services Co.		332		26,023
Bank AlBilad		6,678		66,232
Bank Al-Jazira		6,260		29,274
Banque Saudi Fransi		8,310		88,178
Bupa Arabia for Cooperative Insurance Co.		984		44,074
Dallah Healthcare Co.		452		19,691
Dar Al Arkan Real Estate Development Co.*		8,204		33,684
Dr Sulaiman Al Habib Medical Services Group Co.		1,192		84,852
Elm Co.		328		39,247
Emaar Economic City*		6,696		17,602
Etihad Etisalat Co.*		5,217		59,809
Jarir Marketing Co.		8,820		41,386
Mobile Telecommunications Co. Saudi Arabia*		6,440		23,660
Mouwasat Medical Services Co.		704		42,231
Nahdi Medical Co.		542		24,594
National Industrialization Co.*		4,370		17,103
Rabigh Refining & Petrochemical Co.*		5,886		17,262
Riyad Bank		19,754		172,481
SABIC Agri-Nutrients Co.		3,034		101,112
Sahara International Petrochemical Co.		4,977		47,238
Saudi Arabian Mining Co.*		11,790		195,201
Saudi Arabian Oil Co., 144A		36,268		304,586
Saudi Aramco Base Oil Co.		650		23,222
Saudi Basic Industries Corp.		12,250		288,059
Saudi British Bank		12,853		126,789
Saudi Electricity Co.		11,795		67,925
Saudi Industrial Investment Group		5,410		35,569
Saudi Investment Bank		6,671		29,915
Saudi Kayan Petrochemical Co.*		9,856		33,530
Saudi National Bank		40,041		393,919
Saudi Research & Media Group*		482		24,159
Saudi Tadawul Group Holding Co.		697		29,769
Saudi Telecom Co.		26,213		302,259
Savola Group		3,688		35,299
Yanbu National Petrochemical Co.		3,192		36,126
(Cost $3,079,100)				3,706,889
Singapore — 0.0%
BOC Aviation Ltd., 144A		2,752		20,226
JOYY, Inc., ADR		582		14,433
(Cost $54,219)				34,659
South Africa — 2.9%
Absa Group Ltd.		11,604		90,525
African Rainbow Minerals Ltd.		1,428		14,936
Anglo American Platinum Ltd.		765		44,062

	Number of Shares		Value
South Africa (Continued)
AngloGold Ashanti Ltd.		5,883	$	144,071
Aspen Pharmacare Holdings Ltd.		5,257		45,732
Bid Corp. Ltd.		4,455		94,892
Bidvest Group Ltd.		4,100		49,449
Capitec Bank Holdings Ltd. (a)		1,192		81,608
Clicks Group Ltd.		3,629		43,157
Discovery Ltd.*		6,892		46,286
Exxaro Resources Ltd.		3,238		26,303
FirstRand Ltd.		68,858		210,463
Foschini Group Ltd.		4,849		20,612
Gold Fields Ltd.		12,364		189,046
Growthpoint Properties Ltd. REIT		39,383		23,348
Harmony Gold Mining Co. Ltd.		8,266		39,241
Impala Platinum Holdings Ltd.		11,462		92,062
Kumba Iron Ore Ltd.		923		20,294
Mr Price Group Ltd.		3,663		23,048
MTN Group Ltd.		21,703		134,244
MultiChoice Group		5,563		27,670
Naspers Ltd., Class N		2,654		400,661
Nedbank Group Ltd.		6,216		65,622
Northam Platinum Holdings Ltd.*		4,518		37,191
Old Mutual Ltd.		66,255		35,851
OUTsurance Group Ltd.		12,077		19,384
Pepkor Holdings Ltd., 144A		24,131		17,267
Remgro Ltd.		7,006		46,622
Sanlam Ltd.		24,245		63,813
Sasol Ltd.		7,687		90,059
Shoprite Holdings Ltd.		6,776		67,077
Sibanye Stillwater Ltd.		37,528		66,630
Standard Bank Group Ltd.		18,368		141,159
Vodacom Group Ltd.		8,967		50,190
Woolworths Holdings Ltd.		13,831		41,734
(Cost $3,706,524)				2,604,309
South Korea — 11.8%
Amorepacific Corp.		393		30,943
BGF retail Co. Ltd.		104		14,919
Celltrion Healthcare Co. Ltd.		1,445		80,565
Celltrion Pharm, Inc.*		254		16,305
Celltrion, Inc.		1,473		190,111
CJ CheilJedang Corp.		118		27,561
CJ Corp.		217		14,486
CosmoAM&T Co. Ltd.*		315		42,411
Coway Co. Ltd.		788		28,587
DB Insurance Co. Ltd.		564		31,445
Doosan Bobcat, Inc.		776		31,280
Doosan Enerbility Co. Ltd.*		5,882		71,262
Ecopro BM Co. Ltd.		690		129,448
E-MART, Inc.		262		16,641
F&F Co. Ltd. / New		244		23,789
GS Holdings Corp.		657		19,058
Hana Financial Group, Inc.		3,934		122,859
Hankook Tire & Technology Co. Ltd.		1,138		29,581
Hanmi Pharm. Co. Ltd.		94		20,716
Hanon Systems		2,266		16,014
Hanwha Aerospace Co. Ltd.		472		37,732
Hanwha Solutions Corp.*		1,465		49,394

See Notes to Financial Statements. 60

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
South Korea (Continued)
HD Hyundai Co. Ltd.		670	$	28,824
HD Hyundai Heavy Industries Co. Ltd.*		229		20,032
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.*		622		45,083
HLB, Inc.*		1,451		40,450
HMM Co. Ltd.		2,994		40,040
Hotel Shilla Co. Ltd.		459		26,698
HYBE Co. Ltd.*		278		57,391
Hyundai Engineering & Construction Co. Ltd.		1,167		33,676
Hyundai Glovis Co. Ltd.		277		35,271
Hyundai Mipo Dockyard Co. Ltd.*		314		17,649
Hyundai Mobis Co. Ltd.		833		139,958
Hyundai Motor Co.		1,774		267,320
Hyundai Steel Co.		1,344		33,011
Industrial Bank of Korea		3,132		24,093
Kakao Corp.		4,236		179,366
Kakao Games Corp.*		402		11,767
KakaoBank Corp.		2,032		40,112
Kakaopay Corp.*		338		15,305
Kangwon Land, Inc.		1,174		16,125
KB Financial Group, Inc.		5,258		190,156
Kia Corp.		3,571		231,116
Korea Aerospace Industries Ltd.		1,103		42,799
Korea Electric Power Corp.*		3,473		49,926
Korea Investment Holdings Co. Ltd.		603		25,169
Korea Zinc Co. Ltd.		95		34,393
Korean Air Lines Co. Ltd.		2,512		41,827
Krafton, Inc.*		394		56,135
KT Corp.		541		12,860
KT&G Corp.		1,457		91,773
Kumho Petrochemical Co. Ltd.		279		26,676
L&F Co. Ltd.		344		69,979
LG Chem Ltd.		659		344,085
LG Corp.		1,307		84,688
LG Display Co. Ltd.*		3,252		38,517
LG Electronics, Inc.		1,488		137,673
LG Energy Solution Ltd.*		470		212,115
LG H&H Co. Ltd.		121		48,044
LG Innotek Co. Ltd.		198		45,798
LG Uplus Corp.		2,880		24,390
Lotte Chemical Corp.		276		34,707
Lotte Energy Materials Corp.		308		13,297
Meritz Financial Group, Inc.*		1,382		46,804
Mirae Asset Securities Co. Ltd.		3,397		18,684
NAVER Corp.		1,790		269,056
NCSoft Corp.		191		46,194
Netmarble Corp., 144A*		332		13,983
NH Investment & Securities Co. Ltd.		1,668		12,555
Orion Corp.		358		34,849
Pan Ocean Co. Ltd.		3,856		13,684
Pearl Abyss Corp.*		439		16,505
POSCO Future M Co. Ltd.		421		111,019
POSCO Holdings, Inc.		988		267,983
Posco International Corp.		671		15,217
Samsung Biologics Co. Ltd., 144A*		249		147,083
Samsung C&T Corp.		1,164		96,996

	Number of Shares		Value
South Korea (Continued)
Samsung Electro-Mechanics Co. Ltd.		732	$	81,349
Samsung Electronics Co. Ltd.		64,430		3,466,040
Samsung Engineering Co. Ltd.*		2,058		43,881
Samsung Fire & Marine Insurance Co. Ltd.		421		71,528
Samsung Heavy Industries Co. Ltd.*		8,790		40,531
Samsung Life Insurance Co. Ltd.		1,114		55,648
Samsung SDI Co. Ltd.		740		400,316
Samsung SDS Co. Ltd.		486		45,515
Samsung Securities Co. Ltd.		816		22,594
Shinhan Financial Group Co. Ltd.		5,594		147,726
SK Biopharmaceuticals Co. Ltd.*		460		25,474
SK Bioscience Co. Ltd.*		337		21,049
SK Hynix, Inc.		7,368		602,874
SK IE Technology Co. Ltd., 144A*		352		23,498
SK Innovation Co. Ltd.*		787		112,128
SK Square Co. Ltd.*		1,344		46,732
SK, Inc.		472		59,673
SKC Co. Ltd.		275		19,663
S-Oil Corp.		610		33,183
Woori Financial Group, Inc.		7,309		65,972
Yuhan Corp.		534		23,858
(Cost $6,954,047)				10,493,245
Taiwan — 15.7%
Accton Technology Corp.		6,879		79,026
Acer, Inc.		41,385		41,550
Advantech Co. Ltd.		6,008		79,579
Airtac International Group		1,891		61,049
ASE Technology Holding Co. Ltd.		41,461		150,448
Asia Cement Corp.		33,169		47,442
Asustek Computer, Inc.		9,911		98,376
AUO Corp.		86,953		49,805
Catcher Technology Co. Ltd.		7,842		47,342
Cathay Financial Holding Co. Ltd.		126,744		182,727
Chailease Holding Co. Ltd.		19,466		128,285
Chang Hwa Commercial Bank Ltd.		71,366		41,806
Cheng Shin Rubber Industry Co. Ltd.		27,323		34,679
China Airlines Ltd.		41,386		29,901
China Development Financial Holding Corp.		199,815		82,586
China Steel Corp.		158,256		149,359
Chunghwa Telecom Co. Ltd.		51,511		211,224
Compal Electronics, Inc.		48,838		44,265
CTBC Financial Holding Co. Ltd.		235,415		186,171
Delta Electronics, Inc.		26,474		272,688
E Ink Holdings, Inc.		10,980		73,968
E.Sun Financial Holding Co. Ltd.		176,343		148,638
Eclat Textile Co. Ltd.		2,563		39,120
eMemory Technology, Inc.		855		51,198
Eva Airways Corp.		39,537		43,683
Evergreen Marine Corp. Taiwan Ltd.		13,900		69,212
Far Eastern New Century Corp.		42,295		44,459
Far EasTone Telecommunications Co. Ltd.		23,253		58,043
Feng TAY Enterprise Co. Ltd.		6,119		38,035
First Financial Holding Co. Ltd.		146,637		134,098

See Notes to Financial Statements. 61

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
Taiwan (Continued)
Formosa Chemicals & Fibre Corp.		48,926	$	108,910
Formosa Petrochemical Corp.		15,086		42,321
Formosa Plastics Corp.		50,315		154,085
Fubon Financial Holding Co. Ltd.		99,370		196,622
Giant Manufacturing Co. Ltd.		4,830		32,381
Global Unichip Corp.		1,209		58,822
Globalwafers Co. Ltd.		2,872		47,107
Hon Hai Precision Industry Co. Ltd.		166,662		577,642
Hotai Motor Co. Ltd.		3,859		101,098
Hua Nan Financial Holdings Co. Ltd.		125,809		91,099
Innolux Corp.		124,245		56,204
Inventec Corp.		37,024		44,401
Largan Precision Co. Ltd.		1,395		102,829
Lite-On Technology Corp.		28,746		83,261
MediaTek, Inc.		20,516		506,766
Mega Financial Holding Co. Ltd.		150,454		175,291
Micro-Star International Co. Ltd.		9,607		51,900
momo.com, Inc.		987		22,453
Nan Ya Plastics Corp.		63,693		161,059
Nan Ya Printed Circuit Board Corp.		3,074		30,312
Nanya Technology Corp.		18,138		43,386
Nien Made Enterprise Co. Ltd.		2,332		26,752
Novatek Microelectronics Corp.		7,761		107,471
Pegatron Corp.		27,620		67,685
PharmaEssentia Corp.*		2,754		31,369
Pou Chen Corp.		27,819		28,654
Powerchip Semiconductor Manufacturing Corp.		42,425		42,663
President Chain Store Corp.		7,920		72,041
Quanta Computer, Inc.		36,760		139,372
Realtek Semiconductor Corp.		6,271		77,960
Ruentex Development Co. Ltd.		24,873		28,251
Shanghai Commercial & Savings Bank Ltd.		54,195		79,632
Shin Kong Financial Holding Co. Ltd.		197,560		55,422
SinoPac Financial Holdings Co. Ltd.		132,880		74,813
Synnex Technology International Corp.		18,316		38,089
Taishin Financial Holding Co. Ltd.		152,298		90,950
Taiwan Business Bank		83,128		38,145
Taiwan Cement Corp.		85,193		105,079
Taiwan Cooperative Financial Holding Co. Ltd.		128,722		117,087
Taiwan High Speed Rail Corp.		29,145		30,874
Taiwan Mobile Co. Ltd.		24,449		82,352
Taiwan Semiconductor Manufacturing Co. Ltd.		333,182		6,050,461
Unimicron Technology Corp.		17,423		102,346
Uni-President Enterprises Corp.		64,803		156,696
United Microelectronics Corp.*		150,866		254,328
Vanguard International Semiconductor Corp.		13,077		39,536
Voltronic Power Technology Corp.		884		55,812
Walsin Lihwa Corp.		34,212		51,439
Wan Hai Lines Ltd.		9,733		18,372
Win Semiconductors Corp.		4,639		24,080
Winbond Electronics Corp.		37,736		32,728
Wistron Corp.		35,579		77,231

	Number of Shares		Value
Taiwan (Continued)
Wiwynn Corp.		1,207	$	45,566
WPG Holdings Ltd.		20,819		36,045
Yageo Corp.		4,495		74,313
Yang Ming Marine Transport Corp.		23,921		47,332
Yuanta Financial Holding Co. Ltd.		135,202		104,941
Zhen Ding Technology Holding Ltd.		9,482		35,796
(Cost $6,932,111)				13,948,394
Thailand — 2.0%
Advanced Info Service PCL, NVDR		13,973		84,721
Airports of Thailand PCL, NVDR*		55,100		112,021
Asset World Corp. PCL, NVDR		119,500		16,895
B Grimm Power PCL, NVDR		10,400		11,207
Bangkok Dusit Medical Services PCL, NVDR		143,100		116,166
Bangkok Expressway & Metro PCL, NVDR		103,900		24,034
Banpu PCL, NVDR		99,900		23,683
Berli Jucker PCL, NVDR		18,200		18,958
BTS Group Holdings PCL, NVDR		119,844		24,451
Bumrungrad Hospital PCL, NVDR		8,300		53,187
Carabao Group PCL, NVDR		4,200		8,026
Central Pattana PCL, NVDR		26,000		50,431
Central Retail Corp. PCL, NVDR		26,900		32,466
Charoen Pokphand Foods PCL, NVDR		54,569		31,518
CP ALL PCL, NVDR		80,349		147,191
Delta Electronics Thailand PCL, NVDR		43,380		123,409
Electricity Generating PCL, NVDR		3,500		14,533
Energy Absolute PCL, NVDR		24,600		45,948
Global Power Synergy PCL, NVDR		10,400		17,483
Gulf Energy Development PCL, NVDR		39,850		55,824
Home Product Center PCL, NVDR		90,700		35,967
Indorama Ventures PCL, NVDR		23,919		21,823
Intouch Holdings PCL, NVDR		13,200		28,353
Kasikornbank PCL, NVDR		7,503		27,921
Krung Thai Bank PCL, NVDR		51,806		28,285
Krungthai Card PCL, NVDR		14,900		21,836
Land & Houses PCL, NVDR		118,100		28,846
Minor International PCL, NVDR		43,547		42,233
Muangthai Capital PCL, NVDR		9,700		11,498
Osotspa PCL, NVDR		22,800		19,000
PTT Exploration & Production PCL, NVDR		19,483		78,100
PTT Global Chemical PCL, NVDR		29,400		29,780
PTT Oil & Retail Business PCL, NVDR		40,700		23,391
PTT PCL		13,400		11,552
PTT PCL, NVDR		124,980		107,741
Ratch Group PCL, NVDR		10,800		11,250
SCB X PCL, NVDR		11,198		33,304
SCG Packaging PCL, NVDR		16,600		18,723
Siam Cement PCL		4,758		43,615
Siam Cement PCL, NVDR		5,778		52,965
Siam Makro PCL, NVDR		26,000		30,259
Srisawad Corp. PCL, NVDR		10,400		16,661
Thai Oil PCL, NVDR		18,849		23,426
True Corp. PCL, NVDR.		143,472		28,241
(Cost $1,895,610)				1,786,922

See Notes to Financial Statements. 62

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
Turkey — 0.6%
Akbank TAS		43,392	$	33,061
Aselsan Elektronik Sanayi Ve Ticaret AS		10,200		23,364
BIM Birlesik Magazalar AS		6,420		43,652
Eregli Demir ve Celik Fabrikalari TAS*		18,797		29,949
Ford Otomotiv Sanayi AS		893		24,684
Haci Omer Sabanci Holding AS		14,489		26,970
Hektas Ticaret TAS*		15,516		20,845
KOC Holding AS		9,563		36,339
Koza Altin Isletmeleri AS		13,195		14,648
Pegasus Hava Tasimaciligi AS*		583		12,899
Sasa Polyester Sanayi AS*		14,123		36,777
Tofas Turk Otomobil Fabrikasi AS		1,547		16,002
Turk Hava Yollari AO*		7,036		48,791
Turkcell Iletisim Hizmetleri AS		15,716		25,389
Turkiye Is Bankasi AS, Class C		49,972		26,869
Turkiye Petrol Rafinerileri AS		13,246		42,797
Turkiye Sise ve Cam Fabrikalari AS		20,811		40,504
Yapi ve Kredi Bankasi AS		41,297		20,313
(Cost $650,934)				523,853
United Arab Emirates — 1.3%
Abu Dhabi Commercial Bank PJSC		41,839		91,015
Abu Dhabi Islamic Bank PJSC		19,590		53,336
Abu Dhabi National Oil Co. for Distribution PJSC		44,205		49,826
Aldar Properties PJSC		50,999		70,814
Americana Restaurants International PLC		32,657		36,810
Dubai Islamic Bank PJSC		40,570		58,100
Emaar Properties PJSC		86,480		144,802
Emirates NBD Bank PJSC		25,370		94,284
Emirates Telecommunications Group Co. PJSC		47,521		298,611
First Abu Dhabi Bank PJSC		60,213		208,199
Multiply Group PJSC*		44,864		40,431
(Cost $1,024,544)				1,146,228
United Kingdom — 0.0%
Pepco Group NV* (Cost $25,527)		2,743		25,907
United States — 0.3%
BeiGene Ltd.*		9,315		158,453
Legend Biotech Corp., ADR*		796		51,079
Southern Copper Corp.		1,197		79,924
(Cost $231,915)				289,456
TOTAL COMMON STOCKS (Cost $76,512,572)				85,772,844
PREFERRED STOCKS — 2.2%
Brazil — 1.3%
Banco Bradesco SA		71,992		220,093
Centrais Eletricas Brasileiras SA, Class B		2,927		22,732
Cia Energetica de Minas Gerais		17,867		41,205
Gerdau SA		15,687		74,117
Itau Unibanco Holding SA		66,367		344,439
Itausa SA		67,827		117,383
Petroleo Brasileiro SA		65,185		335,606
(Cost $1,028,414)				1,155,575

	Number of Shares		Value
Chile — 0.2%
Sociedad Quimica y Minera de Chile SA, Class B
(Cost $43,498)		1,939	$	124,957
Colombia — 0.0%
Bancolombia SA (Cost $46,868)		5,055		29,489
Russia — 0.0%
Surgutneftegas PJSC* (b) (Cost $55,823)		101,715		0
South Korea — 0.7%
Hyundai Motor Co.		360		28,589
Hyundai Motor Co. — 2nd Preferred		525		41,731
LG Chem Ltd.		119		32,367
Samsung Electronics Co. Ltd.		11,076		489,021
(Cost $272,307)				591,708
TOTAL PREFERRED STOCKS (Cost $1,446,909)				1,901,729
	Principal Amount
CORPORATE BONDS — 0.0%
India — 0.0%
Britannia Industries Ltd. Series N3, 5.50%, 6/3/24
(Cost $0)		INR     45,965		545
	Number of Shares
WARRANTS — 0.0%
Thailand — 0.0%
BTS Group Holdings PCL*, expires 11/7/24		11,834		31
BTS Group Holdings PCL*, expires 11/20/26		23,669		88
Srisawad Corp. PCL*, expires 8/29/25		432		35
(Cost $0)				154
TOTAL WARRANTS (Cost $0)				154
SECURITIES LENDING COLLATERAL — 0.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.03% (c)(d) (Cost $179,111)		179,111		179,111
CASH EQUIVALENTS — 1.0%
DWS Government Money Market Series “Institutional Shares”, 5.04% (c) (Cost $912,728)		912,728		912,728
TOTAL INVESTMENTS — 100.0% (Cost $79,051,320)			$	88,767,111
Other assets and liabilities, net — 0.0%				22,371
NET ASSETS — 100.0%			$	88,789,482

See Notes to Financial Statements. 63

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2023

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2023 is as follows:

	Value ($) at 5/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2023		Value ($) at 5/31/2023
SECURITIES LENDING COLLATERAL — 0.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.03% (c)(d)
		281,038		—		(101,927	)(e)		—		—		9,322		—		179,111		179,111
CASH EQUIVALENTS — 1.0%
DWS Government Money Market Series “Institutional Shares”, 5.04% (c)
		93,470		25,068,339		(24,249,081	)		—		—		35,427		—		912,728		912,728
		374,508		25,068,339		(24,351,008	)		—		—		44,749		—		1,091,839		1,091,839

* 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, 2023 amounted to $1,005,478, which is 1.1% 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 $912,877.

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2023.

ADR: American Depositary Receipt

CPO: Ordinary Participation Certificates

GDR: Global Depositary Receipt

JSC: Joint Stock Company

KSC: Kuwait Shareholding Company

KSCP: Kuwait Shareholding Company Public

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.

Securities are listed in country of domicile.

At May 31, 2023, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Depreciation
MSCI Emerging Markets Index Future	USD	30	$	1,445,505	$	1,435,200	6/16/2023	$	(10,305	)

See Notes to Financial Statements. 64

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2023

As of May 31, 2023, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	6/2/2023	AED	532,000	USD	144,853	$	10	$	—
Goldman Sachs & Co.	6/2/2023	AED	3,966,700	USD	1,080,050		74		—
JP Morgan & Chase Co.	6/2/2023	CNH	16,213,900	USD	2,347,034		68,921		—
RBC Capital Markets	6/2/2023	CNH	16,443,300	USD	2,380,241		69,896		—
JP Morgan & Chase Co.	6/2/2023	CZK	3,215,000	USD	150,945		6,091		—
JP Morgan & Chase Co.	6/2/2023	CZK	585,000	USD	27,465		1,108		—
JP Morgan & Chase Co.	6/2/2023	EUR	312,800	USD	345,938		11,586		—
Goldman Sachs & Co.	6/2/2023	HKD	57,599,500	USD	7,346,875		—		(8,960	)
JP Morgan & Chase Co.	6/2/2023	HKD	48,222,400	USD	6,151,083		—		(7,235	)
RBC Capital Markets	6/2/2023	HKD	65,554,900	USD	8,361,957		—		(9,835	)
JP Morgan & Chase Co.	6/2/2023	HUF	5,044,000	USD	14,781		229		—
JP Morgan & Chase Co.	6/2/2023	HUF	32,694,000	USD	95,799		1,483		—
RBC Capital Markets	6/2/2023	HUF	28,733,400	USD	84,194		1,303		—
Goldman Sachs & Co.	6/2/2023	MXN	14,240,300	USD	784,503		—		(20,534	)
Goldman Sachs & Co.	6/2/2023	MXN	1,941,000	USD	106,928		—		(2,802	)
JP Morgan & Chase Co.	6/2/2023	MXN	13,179,200	USD	726,047		—		(19,004	)
RBC Capital Markets	6/2/2023	MXN	14,622,800	USD	805,575		—		(21,086	)
Goldman Sachs & Co.	6/2/2023	PHP	13,800,300	USD	248,856		3,124		—
JP Morgan & Chase Co.	6/2/2023	PHP	10,973,100	USD	197,856		2,466		—
RBC Capital Markets	6/2/2023	PHP	9,045,400	USD	163,157		2,092		—
Goldman Sachs & Co.	6/2/2023	PLN	1,618,200	USD	389,317		7,234		—
Goldman Sachs & Co.	6/2/2023	PLN	474,000	USD	114,035		2,116		—
JP Morgan & Chase Co.	6/2/2023	PLN	987,600	USD	237,621		4,432		—
Goldman Sachs & Co.	6/2/2023	THB	19,405,200	USD	570,523		12,902		—
JP Morgan & Chase Co.	6/2/2023	THB	44,082,900	USD	1,295,984		29,234		—
JP Morgan & Chase Co.	6/2/2023	TRY	7,360,700	USD	342,386		—		(12,569	)
RBC Capital Markets	6/2/2023	TRY	3,839,100	USD	181,705		—		(3,428	)
Goldman Sachs & Co.	6/2/2023	USD	1,224,803	AED	4,498,700		17		—
JP Morgan & Chase Co.	6/2/2023	USD	160,247	CNH	1,107,000		—		(4,709	)
JP Morgan & Chase Co.	6/2/2023	USD	2,120,029	CNH	15,106,900		2,547		—
RBC Capital Markets	6/2/2023	USD	2,307,572	CNH	16,443,300		2,772		—
JP Morgan & Chase Co.	6/2/2023	USD	170,451	CZK	3,800,000		761		—
JP Morgan & Chase Co.	6/2/2023	USD	333,476	EUR	312,800		876		—
Goldman Sachs & Co.	6/2/2023	USD	7,357,902	HKD	57,599,500		—		(2,067	)
JP Morgan & Chase Co.	6/2/2023	USD	607,694	HKD	4,764,000		700		—
JP Morgan & Chase Co.	6/2/2023	USD	5,551,483	HKD	43,458,400		—		(1,560	)
RBC Capital Markets	6/2/2023	USD	8,363,461	HKD	65,554,900		8,331		—
JP Morgan & Chase Co.	6/2/2023	USD	108,509	HUF	37,738,000		358		—
RBC Capital Markets	6/2/2023	USD	82,618	HUF	28,733,400		273		—
Goldman Sachs & Co.	6/2/2023	USD	911,199	MXN	16,181,300		3,567		—
JP Morgan & Chase Co.	6/2/2023	USD	742,145	MXN	13,179,200		2,905		—
RBC Capital Markets	6/2/2023	USD	823,437	MXN	14,622,800		3,224		—
Goldman Sachs & Co.	6/2/2023	USD	245,513	PHP	13,800,300		219		—
JP Morgan & Chase Co.	6/2/2023	USD	195,317	PHP	10,973,100		73		—
RBC Capital Markets	6/2/2023	USD	160,950	PHP	9,045,400		115		—
Goldman Sachs & Co.	6/2/2023	USD	491,906	PLN	2,092,200		2,096		—
JP Morgan & Chase Co.	6/2/2023	USD	232,199	PLN	987,600		990		—
Goldman Sachs & Co.	6/2/2023	USD	558,745	THB	19,405,200		—		(1,124	)
JP Morgan & Chase Co.	6/2/2023	USD	1,269,303	THB	44,082,900		—		(2,553	)
JP Morgan & Chase Co.	6/2/2023	USD	355,611	TRY	7,360,700		—		(656	)
RBC Capital Markets	6/2/2023	USD	184,850	TRY	3,839,100		283		—
JP Morgan & Chase Co.	6/2/2023	USD	1,470,884	ZAR	29,147,400		7,273		—
RBC Capital Markets	6/2/2023	USD	1,516,937	ZAR	30,060,000		7,501		—
JP Morgan & Chase Co.	6/2/2023	ZAR	29,147,400	USD	1,589,848		111,692		—
RBC Capital Markets	6/2/2023	ZAR	1,413,000	USD	77,068		5,410		—
RBC Capital Markets	6/2/2023	ZAR	28,647,000	USD	1,562,554		109,774		—

See Notes to Financial Statements. 65

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2023

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	6/5/2023	BRL	9,378,600	USD	1,863,814	$	16,694	$	—
RBC Capital Markets	6/5/2023	BRL	13,190,200	USD	2,620,800		22,983		—
RBC Capital Markets	6/5/2023	BRL	209,000	USD	41,521		358		—
Goldman Sachs & Co.	6/5/2023	CLP	214,304,900	USD	265,813		1,430		—
RBC Capital Markets	6/5/2023	CLP	176,141,400	USD	218,612		1,311		—
Goldman Sachs & Co.	6/5/2023	COP	458,572,400	USD	97,612		—		(5,300	)
Goldman Sachs & Co.	6/5/2023	INR	476,611,500	USD	5,812,335		52,434		—
JP Morgan & Chase Co.	6/5/2023	INR	482,789,400	USD	5,889,974		55,412		—
JP Morgan & Chase Co.	6/5/2023	KRW	6,878,911,200	USD	5,143,996		—		(40,303	)
RBC Capital Markets	6/5/2023	KRW	7,326,704,700	USD	5,481,189		—		(40,590	)
Goldman Sachs & Co.	6/5/2023	KWD	246,000	USD	804,053		3,974		—
Goldman Sachs & Co.	6/5/2023	QAR	2,916,700	USD	798,549		—		(2,614	)
Goldman Sachs & Co.	6/5/2023	SAR	301,000	USD	80,209		—		(35	)
Goldman Sachs & Co.	6/5/2023	SAR	13,378,000	USD	3,565,090		—		(1,362	)
Goldman Sachs & Co.	6/5/2023	TWD	142,083,200	USD	4,628,117		1,525		—
JP Morgan & Chase Co.	6/5/2023	TWD	119,443,700	USD	3,892,322		2,930		—
RBC Capital Markets	6/5/2023	TWD	161,024,000	USD	5,244,057		703		—
JP Morgan & Chase Co.	6/5/2023	USD	1,835,594	BRL	9,378,600		11,527		—
RBC Capital Markets	6/5/2023	USD	2,616,060	BRL	13,399,200		22,919		—
Goldman Sachs & Co.	6/5/2023	USD	263,198	CLP	214,304,900		1,185		—
RBC Capital Markets	6/5/2023	USD	216,327	CLP	176,141,400		974		—
Goldman Sachs & Co.	6/5/2023	USD	15,835	COP	74,391,000		860		—
Goldman Sachs & Co.	6/5/2023	USD	86,873	COP	384,181,400		—		(655	)
Goldman Sachs & Co.	6/5/2023	USD	5,763,138	INR	476,611,500		—		(3,236	)
JP Morgan & Chase Co.	6/5/2023	USD	5,835,794	INR	482,789,400		—		(1,232	)
JP Morgan & Chase Co.	6/5/2023	USD	4,913,036	KRW	6,514,734,200		—		(3,200	)
JP Morgan & Chase Co.	6/5/2023	USD	272,755	KRW	364,177,000		1,707		—
RBC Capital Markets	6/5/2023	USD	5,525,418	KRW	7,326,704,700		—		(3,640	)
Goldman Sachs & Co.	6/5/2023	USD	32,706	KWD	10,000		—		(183	)
Goldman Sachs & Co.	6/5/2023	USD	766,856	KWD	236,000		699		—
Goldman Sachs & Co.	6/5/2023	USD	800,631	QAR	2,916,700		532		—
Goldman Sachs & Co.	6/5/2023	USD	3,646,955	SAR	13,679,000		—		(259	)
Goldman Sachs & Co.	6/5/2023	USD	4,615,339	TWD	142,083,200		11,254		—
JP Morgan & Chase Co.	6/5/2023	USD	1,136,003	TWD	34,831,000		—		(1,817	)
JP Morgan & Chase Co.	6/5/2023	USD	2,749,665	TWD	84,612,700		5,541		—
RBC Capital Markets	6/5/2023	USD	5,231,449	TWD	161,024,000		11,905		—
Goldman Sachs & Co.	6/6/2023	EGP	2,455,600	USD	70,361		—		(8,778	)
RBC Capital Markets	6/6/2023	MYR	5,650,300	USD	1,267,679		42,925		—
Goldman Sachs & Co.	6/6/2023	USD	79,469	EGP	2,455,600		—		(330	)
RBC Capital Markets	6/6/2023	USD	1,224,732	MYR	5,650,300		22		—
Goldman Sachs & Co.	6/7/2023	IDR	1,487,949,000	USD	101,338		2,083		—
Goldman Sachs & Co.	6/7/2023	IDR	7,371,736,000	USD	502,367		10,628		—
JP Morgan & Chase Co.	6/7/2023	IDR	9,713,867,700	USD	661,843		13,870		—
RBC Capital Markets	6/7/2023	IDR	8,381,022,300	USD	571,109		12,044		—
Goldman Sachs & Co.	6/7/2023	USD	590,488	IDR	8,859,685,000		506		—
JP Morgan & Chase Co.	6/7/2023	USD	647,764	IDR	9,713,867,700		209		—
RBC Capital Markets	6/7/2023	USD	558,735	IDR	8,381,022,300		330		—
Goldman Sachs & Co.	7/5/2023	AED	4,498,700	USD	1,224,736		—		(105	)
JP Morgan & Chase Co.	7/5/2023	CNH	15,106,900	USD	2,126,115		—		(3,181	)
RBC Capital Markets	7/5/2023	CNH	16,443,300	USD	2,314,230		—		(3,430	)
Goldman Sachs & Co.	7/5/2023	EGP	2,455,600	USD	77,586		163		—
JP Morgan & Chase Co.	7/5/2023	EUR	62,000	USD	66,225		—		(184	)
JP Morgan & Chase Co.	7/5/2023	EUR	312,800	USD	334,122		—		(924	)
Goldman Sachs & Co.	7/5/2023	HKD	57,599,500	USD	7,363,829		1,385		—
JP Morgan & Chase Co.	7/5/2023	HKD	43,458,400	USD	5,555,955		1,045		—
RBC Capital Markets	7/5/2023	HKD	65,554,900	USD	8,370,189		—		(9,124	)
JP Morgan & Chase Co.	7/5/2023	HUF	37,738,000	USD	107,523		—		(261	)
RBC Capital Markets	7/5/2023	HUF	28,733,400	USD	81,867		—		(199	)

See Notes to Financial Statements. 66

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2023

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	7/5/2023	IDR	8,859,685,000	USD	589,859	$	—	$	(958	)
JP Morgan & Chase Co.	7/5/2023	IDR	9,713,867,700	USD	647,074		—		(705	)
RBC Capital Markets	7/5/2023	IDR	8,381,022,300	USD	558,325		—		(571	)
Goldman Sachs & Co.	7/5/2023	INR	476,611,500	USD	5,753,051		—		(679	)
Goldman Sachs & Co.	7/5/2023	INR	96,344,000	USD	1,164,376		1,296		—
JP Morgan & Chase Co.	7/5/2023	INR	482,789,400	USD	5,829,030		719		—
JP Morgan & Chase Co.	7/5/2023	KRW	1,327,678,000	USD	1,003,407		1,102		—
JP Morgan & Chase Co.	7/5/2023	KRW	6,514,734,200	USD	4,920,531		2,357		—
RBC Capital Markets	7/5/2023	KRW	7,326,704,700	USD	5,534,225		3,068		—
Goldman Sachs & Co.	7/5/2023	KWD	236,000	USD	766,931		—		(1,835	)
Goldman Sachs & Co.	7/5/2023	MXN	16,181,300	USD	904,810		—		(3,036	)
JP Morgan & Chase Co.	7/5/2023	MXN	13,179,200	USD	736,980		—		(2,435	)
RBC Capital Markets	7/5/2023	MXN	14,622,800	USD	817,706		—		(2,701	)
RBC Capital Markets	7/5/2023	MYR	170,000	USD	36,921		—		(9	)
RBC Capital Markets	7/5/2023	MYR	5,650,300	USD	1,226,061		—		(1,359	)
Goldman Sachs & Co.	7/5/2023	PHP	13,800,300	USD	245,186		—		(256	)
JP Morgan & Chase Co.	7/5/2023	PHP	10,973,100	USD	195,015		—		(145	)
JP Morgan & Chase Co.	7/5/2023	PHP	1,263,000	USD	22,379		—		(84	)
RBC Capital Markets	7/5/2023	PHP	9,045,400	USD	160,721		—		(154	)
Goldman Sachs & Co.	7/5/2023	PLN	2,092,200	USD	491,006		—		(2,013	)
JP Morgan & Chase Co.	7/5/2023	PLN	987,600	USD	231,774		—		(950	)
Goldman Sachs & Co.	7/5/2023	QAR	2,916,700	USD	799,644		—		(732	)
Goldman Sachs & Co.	7/5/2023	QAR	171,000	USD	46,881		—		(43	)
Goldman Sachs & Co.	7/5/2023	SAR	289,000	USD	77,009		—		(4	)
Goldman Sachs & Co.	7/5/2023	SAR	13,679,000	USD	3,645,012		—		(194	)
Goldman Sachs & Co.	7/5/2023	THB	19,405,200	USD	560,196		565		—
JP Morgan & Chase Co.	7/5/2023	THB	44,082,900	USD	1,272,601		1,283		—
JP Morgan & Chase Co.	7/5/2023	TRY	7,360,700	USD	319,077		2,279		—
RBC Capital Markets	7/5/2023	TRY	3,839,100	USD	165,916		685		—
Goldman Sachs & Co.	7/5/2023	TWD	142,083,200	USD	4,621,343		—		(20,971	)
JP Morgan & Chase Co.	7/5/2023	TWD	84,612,700	USD	2,754,499		—		(10,069	)
JP Morgan & Chase Co.	7/5/2023	TWD	55,933,000	USD	1,821,507		—		(6,004	)
RBC Capital Markets	7/5/2023	TWD	161,024,000	USD	5,239,449		—		(21,721	)
Goldman Sachs & Co.	7/5/2023	USD	37,571	AED	138,000		1		—
RBC Capital Markets	7/5/2023	USD	141,455	CNH	1,005,000		198		—
RBC Capital Markets	7/5/2023	USD	762,544	HKD	5,964,000		—		(218	)
Goldman Sachs & Co.	7/5/2023	USD	23,705	PLN	101,000		96		—
JP Morgan & Chase Co.	7/5/2023	USD	293,868	ZAR	5,842,000		1,364		—
JP Morgan & Chase Co.	7/5/2023	ZAR	29,147,400	USD	1,466,156		—		(6,840	)
RBC Capital Markets	7/5/2023	ZAR	30,060,000	USD	1,512,067		—		(7,048	)
JP Morgan & Chase Co.	7/6/2023	BRL	9,378,600	USD	1,824,783		—		(12,670	)
JP Morgan & Chase Co.	7/6/2023	BRL	237,000	USD	46,056		—		(377	)
RBC Capital Markets	7/6/2023	BRL	13,399,200	USD	2,600,827		—		(24,341	)
Goldman Sachs & Co.	7/6/2023	CLP	214,304,900	USD	262,071		—		(1,153	)
RBC Capital Markets	7/6/2023	CLP	176,141,400	USD	215,402		—		(948	)
Goldman Sachs & Co.	7/7/2023	COP	384,181,400	USD	86,077		582		—
JP Morgan & Chase Co.	7/7/2023	CZK	3,800,000	USD	170,202		—		(739	)
Total unrealized appreciation (depreciation)						$	825,720	$	(381,026	)

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

See Notes to Financial Statements. 67

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2023

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

KWD Kuwaiti Dinar

MXN Mexican Peso

MYR Malaysian Ringgit

PHP Philippine Peso

PLN Polish Zloty

QAR Qatari Rial

SAR Saudi Riyal

THB Thai Baht

TRY Turkish Lira

TWD New Taiwan Dollar

USD U.S. Dollar

ZAR South African Rand

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, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1			Level 2			Level 3		Total
Common Stocks (a)	$	85,772,844		$	—		$	0	$	85,772,844
Preferred Stocks (a)		1,901,729			—			0		1,901,729
Corporate Bonds		—			545			—		545
Warrants		154			—			—		154
Short-Term Investments (a)		1,091,839			—			—		1,091,839
Derivatives (b)
Forward Foreign Currency Contracts		—			825,720			—		825,720
TOTAL	$	88,766,566		$	826,265		$	0	$	89,592,831
Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—		$	(381,026	)	$	—	$	(381,026	)
Futures Contracts		(10,305	)		—			—		(10,305	)
TOTAL	$	(10,305	)	$	(381,026	)	$	—	$	(391,331	)

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

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

During the year ended May 31, 2023, the amount of transfers from Level 3 to Level 1 was $ 23,472. 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. 68

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF

May 31, 2023

	Number of Shares		Value
COMMON STOCKS — 96.6%
Austria — 0.3%
Erste Group Bank AG		15,720	$	508,630
OMV AG		6,733		299,967
Verbund AG		3,119		235,207
voestalpine AG		5,310		164,487
(Cost $1,480,639)				1,208,291
Belgium — 1.2%
Ageas SA/NV (a)		7,412		295,754
Anheuser-Busch InBev SA/NV		39,680		2,116,882
D’ieteren Group		993		171,631
Elia Group SA/NV		1,345		162,601
Groupe Bruxelles Lambert NV		4,516		347,941
KBC Group NV		11,730		767,087
Sofina SA		714		147,297
Solvay SA (a)		3,371		351,895
UCB SA		5,780		503,651
Umicore SA (a)		9,571		265,992
Warehouses De Pauw CVA REIT		7,415		207,975
(Cost $7,860,131)				5,338,706
Chile — 0.1%
Antofagasta PLC (Cost $334,277)		18,024		299,880
Denmark — 4.7%
A.P. Moller — Maersk A/S, Class A		138		231,563
A.P. Moller — Maersk A/S, Class B		232		390,127
Carlsberg A/S, Class B		4,505		678,662
Chr Hansen Holding A/S		4,773		346,123
Coloplast A/S, Class B		5,442		685,069
Danske Bank A/S*		31,339		637,428
Demant A/S*		4,234		160,933
DSV A/S		8,548		1,647,232
Genmab A/S*		3,023		1,182,444
Novo Nordisk A/S, Class B		75,691		12,127,248
Novozymes A/S, Class B		9,341		450,112
Orsted AS, 144A		8,648		757,219
Pandora A/S		4,169		332,125
ROCKWOOL A/S, Class B		423		100,852
Tryg A/S		16,596		377,580
Vestas Wind Systems A/S*		45,885		1,306,343
(Cost $16,945,744)				21,411,060
Finland — 1.7%
Elisa OYJ		6,524		365,412
Fortum OYJ		20,555		273,103
Kesko OYJ, Class B		12,501		236,313
Kone OYJ, Class B		15,576		790,337
Metso Corp.		29,887		326,970
Neste OYJ		19,342		731,263
Nokia OYJ		245,507		995,894
Nordea Bank Abp		150,349		1,478,025
Orion OYJ, Class B		4,897		207,230
Sampo OYJ, Class A		21,066		968,701
Stora Enso OYJ, Class R		26,549		336,140
UPM-Kymmene OYJ		24,343		730,389
Wartsila OYJ Abp		21,709		245,739
(Cost $9,833,550)				7,685,516

	Number of Shares		Value
France — 17.6%
Accor SA		8,482	$	280,787
Aeroports de Paris*		1,356		205,964
Air Liquide SA		23,907		4,002,812
Airbus SE		27,112		3,551,214
Alstom SA (a)		14,843		408,383
Amundi SA, 144A		2,793		157,034
Arkema SA		2,579		224,671
AXA SA (a)		83,795		2,365,953
BioMerieux		1,862		186,371
BNP Paribas SA (a)		50,732		2,928,826
Bollore SE		40,844		261,513
Bouygues SA (a)		9,415		301,508
Bureau Veritas SA		13,442		340,957
Capgemini SE		7,536		1,311,393
Carrefour SA		27,100		497,802
Cie de Saint-Gobain (a)		22,403		1,240,433
Cie Generale des Etablissements Michelin SCA		31,058		881,737
Covivio SA REIT		1,967		96,170
Credit Agricole SA (a)		55,152		630,315
Danone SA (a)		29,338		1,735,430
Dassault Aviation SA		1,102		186,348
Dassault Systemes SE		30,525		1,341,345
Edenred		11,415		733,066
Eiffage SA		3,315		352,994
Engie SA		83,514		1,253,504
EssilorLuxottica SA (a)		13,308		2,396,048
Eurazeo SE		1,967		134,352
Gecina SA REIT		2,139		218,921
Getlink SE		16,847		285,963
Hermes International		1,451		2,949,644
Ipsen SA*		1,732		200,129
Kering SA		3,405		1,813,798
Klepierre SA REIT		9,801		221,888
La Francaise des Jeux SAEM, 144A		4,894		188,637
Legrand SA*		12,196		1,153,192
L’Oreal SA		11,010		4,695,671
LVMH Moet Hennessy Louis Vuitton SE		12,634		10,991,307
Orange SA		85,120		1,016,483
Pernod Ricard SA		9,429		2,036,898
Publicis Groupe SA		10,465		775,417
Remy Cointreau SA		1,058		162,566
Renault SA		8,816		294,812
Safran SA		15,647		2,265,246
Sanofi (a)		51,882		5,261,733
Sartorius Stedim Biotech		1,268		332,878
Schneider Electric SE		24,804		4,277,610
SEB SA		1,164		109,241
Societe Generale SA (a)		33,211		767,849
Sodexo SA		4,050		437,450
Teleperformance		2,695		403,008
Thales SA		4,814		670,483
TotalEnergies SE (a)		108,145		6,135,850
Unibail-Rodamco-Westfield REIT* (a)		5,393		246,724
Valeo		9,559		183,509
Veolia Environnement SA		31,070		914,624
Vinci SA		24,295		2,761,018

See Notes to Financial Statements. 69

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
France (Continued)
Vivendi SE		32,841	$	291,010
Wendel SE		1,191		125,142
Worldline SA, 144A*		11,031		428,604
(Cost $80,558,991)				80,624,235
Germany — 11.9%
adidas AG		7,418		1,201,260
Allianz SE		18,412		3,935,727
BASF SE		40,849		1,939,316
Bayer AG		44,901		2,502,444
Bayerische Motoren Werke AG		15,104		1,645,466
Bechtle AG		3,744		146,792
Beiersdorf AG		4,601		585,981
Brenntag SE		7,051		553,052
Carl Zeiss Meditec AG		1,844		206,665
Commerzbank AG*		48,660		488,920
Continental AG		5,052		336,317
Covestro AG, 144A*		8,858		341,428
Daimler Truck Holding AG*		22,621		684,283
Delivery Hero SE, 144A*		7,948		297,347
Deutsche Bank AG (b)		88,635		897,775
Deutsche Boerse AG		8,690		1,500,133
Deutsche Lufthansa AG*		27,374		268,022
Deutsche Post AG		45,962		2,065,867
Deutsche Telekom AG		148,077		3,283,511
E.ON SE		102,754		1,242,221
Evonik Industries AG*		9,507		190,487
Fresenius Medical Care AG & Co. KGaA		9,393		401,105
Fresenius SE & Co. KGaA		19,313		528,272
GEA Group AG		6,973		292,846
Hannover Rueck SE		2,750		588,483
Heidelberg Materials AG		6,566		469,391
HelloFresh SE*		7,497		178,141
Henkel AG & Co. KGaA		4,735		339,711
Infineon Technologies AG		59,737		2,217,612
Knorr-Bremse AG		3,345		228,759
LEG Immobilien SE*		3,393		175,935
Mercedes-Benz Group AG		39,110		2,916,715
Merck KGaA		5,924		1,030,560
MTU Aero Engines AG		2,450		565,139
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		6,402		2,285,596
Nemetschek SE		2,638		206,519
Puma SE		4,883		232,370
Rational AG		234		156,952
Rheinmetall AG		1,991		503,102
RWE AG		28,906		1,208,716
SAP SE		47,722		6,232,412
Scout24 SE, 144A		3,530		226,393
Siemens AG		34,741		5,694,232
Siemens Energy AG*		23,542		597,395
Siemens Healthineers AG, 144A		13,010		735,649
Symrise AG		6,062		647,838
Talanx AG		2,869		159,927
Telefonica Deutschland Holding AG		41,083		115,712
Volkswagen AG		1,336		200,498
Vonovia SE		32,769		601,060
Wacker Chemie AG		828		109,923

	Number of Shares		Value
Germany (Continued)
Zalando SE, 144A*		10,247	$	296,170
(Cost $66,505,266)				54,456,147
Hong Kong — 0.3%
Prudential PLC (Cost $2,467,458)		126,036		1,655,624
Ireland — 1.7%
AerCap Holdings NV*		7,519		429,185
AIB Group PLC		61,113		250,321
Bank of Ireland Group PLC		48,904		459,693
CRH PLC		34,046		1,604,878
DCC PLC		4,382		250,582
Experian PLC		42,017		1,480,203
Flutter Entertainment PLC*		8,075		1,576,520
Kerry Group PLC, Class A		7,282		709,721
Kingspan Group PLC		7,083		470,009
Smurfit Kappa Group PLC		11,886		422,186
(Cost $7,658,260)				7,653,298
Italy — 3.0%
Amplifon SpA (a)		5,683		196,087
Assicurazioni Generali SpA		45,993		870,904
Davide Campari-Milano NV		23,781		310,372
DiaSorin SpA		1,084		111,466
Enel SpA		371,278		2,324,802
Eni SpA		106,141		1,412,505
Ferrari NV		5,749		1,638,286
FinecoBank Banca Fineco SpA		27,777		368,464
Infrastrutture Wireless Italiane SpA, 144A		15,223		193,635
Intesa Sanpaolo SpA		736,471		1,696,841
Mediobanca Banca di Credito Finanziario SpA		24,735		272,192
Moncler SpA		9,417		637,369
Nexi SpA, 144A*		27,047		211,857
Poste Italiane SpA, 144A		23,297		241,452
Prysmian SpA		11,843		438,887
Recordati Industria Chimica e Farmaceutica SpA		4,767		206,977
Snam SpA		91,795		479,806
Telecom Italia SpA*		437,980		116,009
Terna — Rete Elettrica Nazionale		63,196		529,054
UniCredit SpA		84,208		1,612,439
(Cost $15,469,872)				13,869,404
Jordan — 0.0%
Hikma Pharmaceuticals PLC (Cost $216,790)		6,773		150,939
Luxembourg — 0.3%
ArcelorMittal SA		21,997		546,198
Eurofins Scientific SE		6,178		407,050
Tenaris SA		21,949		273,793
(Cost $1,440,808)				1,227,041
Netherlands — 7.2%
ABN AMRO Bank NV, 144A		18,367		267,100
Adyen NV, 144A*		993		1,620,574

See Notes to Financial Statements. 70

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
Netherlands (Continued)
Aegon NV (a)		77,437	$	340,609
Akzo Nobel NV		7,789		586,460
Argenx SE*		2,533		987,164
ASM International NV		2,145		929,498
ASML Holding NV		18,434		13,231,315
Euronext NV, 144A		3,949		262,341
EXOR NV*		5,022		416,880
Heineken Holding NV		5,251		446,498
Heineken NV		11,853		1,197,031
IMCD NV		2,607		391,660
ING Groep NV		165,500		2,035,801
JDE Peet’s NV		5,758		167,286
Just Eat Takeaway.com NV, 144A*		9,622		144,689
Koninklijke Ahold Delhaize NV		44,501		1,410,842
Koninklijke KPN NV		147,526		507,448
Koninklijke Philips NV*		42,715		805,683
NN Group NV (a)		11,564		416,805
OCI NV		4,504		100,090
Prosus NV*		36,676		2,413,729
QIAGEN NV*		10,497		473,607
Randstad NV		5,042		247,158
Stellantis NV		102,739		1,557,436
Universal Music Group NV		37,463		740,818
Wolters Kluwer NV		11,804		1,347,528
(Cost $32,984,923)				33,046,050
Norway — 0.9%
Adevinta ASA*		14,213		99,489
Aker BP ASA		14,447		313,924
DNB Bank ASA		42,338		708,672
Equinor ASA		43,551		1,113,277
Gjensidige Forsikring ASA		8,512		143,014
Kongsberg Gruppen ASA		4,065		162,817
Mowi ASA		20,129		345,451
Norsk Hydro ASA		62,935		380,325
Orkla ASA		34,376		247,317
Salmar ASA (a)		3,335		146,918
Telenor ASA		32,010		328,745
Yara International ASA (a)		7,752		289,263
(Cost $5,357,712)				4,279,212
Portugal — 0.2%
EDP — Energias de Portugal SA		132,573		646,469
Galp Energia SGPS SA		22,497		237,970
Jeronimo Martins SGPS SA		12,931		312,100
(Cost $1,256,828)				1,196,539
Spain — 3.8%
Acciona SA		1,126		182,102
ACS Actividades de Construccion y Servicios SA (a)		9,523		316,775
Aena SME SA, 144A		3,425		535,236
Amadeus IT Group SA*		20,573		1,471,164
Banco Bilbao Vizcaya Argentaria SA		275,257		1,800,641
Banco Santander SA		751,760		2,446,831
CaixaBank SA		188,559		690,715
Cellnex Telecom SA, 144A* (a)		25,960		1,051,952
Corp ACCIONA Energias Renovables SA* (a)		3,012		100,192

	Number of Shares		Value
Spain (Continued)
EDP Renovaveis SA		11,696	$	232,285
EDP Renovaveis SA*		127		2,522
Enagas SA (a)		11,326		216,159
Endesa SA		15,121		326,974
Ferrovial SA		23,294		720,825
Grifols SA* (a)		13,686		158,651
Iberdrola SA		265,799		3,238,886
Industria de Diseno Textil SA		49,896		1,668,817
Naturgy Energy Group SA		6,151		175,021
Red Electrica Corp. SA		18,432		312,178
Repsol SA		60,677		823,044
Telefonica SA		237,544		1,008,027
(Cost $22,799,553)				17,478,997
Sweden — 4.5%
Alfa Laval AB (a)		13,230		475,226
Assa Abloy AB, Class B		45,674		1,013,500
Atlas Copco AB, Class A		122,733		1,787,533
Atlas Copco AB, Class B		71,471		899,661
Beijer Ref AB		15,400		227,769
Boliden AB		12,483		380,122
Boliden AB*		12,679		13,413
Embracer Group AB* (a)		26,490		60,917
Epiroc AB, Class A		30,166		528,165
Epiroc AB, Class B		17,811		269,008
EQT AB (a)		16,213		306,427
Essity AB, Class B		27,875		740,812
Evolution AB, 144A		8,383		1,101,274
Fastighets AB Balder, Class B* (a)		28,213		94,738
Getinge AB, Class B		10,251		235,687
H & M Hennes & Mauritz AB, Class B (a)		30,044		374,975
Hexagon AB, Class B		95,003		1,101,327
Holmen AB, Class B (a)		4,295		162,431
Husqvarna AB, Class B		18,212		134,427
Industrivarden AB, Class A		5,447		146,568
Industrivarden AB, Class C (a)		7,534		201,406
Indutrade AB		12,526		294,572
Investment AB Latour, Class B (a)		6,748		133,632
Investor AB, Class A		19,743		405,892
Investor AB, Class B (a)		79,197		1,610,315
Kinnevik AB, Class B*		11,174		160,374
L E Lundbergforetagen AB, Class B (a)		3,535		147,045
Lifco AB, Class B		10,688		225,642
Nibe Industrier AB, Class B		70,833		675,902
Saab AB, Class B		3,656		199,042
Sagax AB, Class B (a)		8,753		172,450
Sandvik AB		48,797		857,291
Securitas AB, Class B		22,453		165,359
Skandinaviska Enskilda Banken AB, Class A		73,647		769,942
Skanska AB, Class B		15,544		204,832
SKF AB, Class B		15,630		247,590
Svenska Cellulosa AB SCA, Class B		27,690		367,182
Svenska Handelsbanken AB, Class A		66,260		523,520
Swedbank AB, Class A		39,325		601,736
Swedish Orphan Biovitrum AB*		7,826		157,215
Tele2 AB, Class B (a)		24,323		221,000

See Notes to Financial Statements. 71

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
Sweden (Continued)
Telefonaktiebolaget LM Ericsson, Class B		133,604	$	690,932
Telia Co. AB		110,357		256,982
Volvo AB, Class A		8,975		173,019
Volvo AB, Class B		69,190		1,276,774
Volvo Car AB, Class B* (a)		26,021		89,392
(Cost $25,644,386)				20,883,018
Switzerland — 16.3%
ABB Ltd.		71,873		2,624,755
Adecco Group AG		7,332		218,652
Alcon, Inc.		22,898		1,776,528
Bachem Holding AG (a)		1,551		162,806
Baloise Holding AG		2,243		344,547
Banque Cantonale Vaudoise		1,377		138,569
Barry Callebaut AG		163		329,490
BKW AG		965		173,027
Chocoladefabriken Lindt & Spruengli AG		5		604,996
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		45		538,073
Cie Financiere Richemont SA, Class A		23,899		3,793,138
Clariant AG*		9,840		141,860
Coca-Cola HBC AG*		10,078		299,372
DSM-Firmenich AG*		7,992		888,778
Dufry AG*		4,535		205,002
EMS-Chemie Holding AG		320		247,708
Geberit AG		1,555		823,642
Givaudan SA		422		1,388,210
Glencore PLC		487,647		2,495,892
Helvetia Holding AG		1,702		241,634
Holcim AG*		25,462		1,569,516
Julius Baer Group Ltd.		9,804		598,951
Kuehne + Nagel International AG		2,479		705,253
Logitech International SA		7,532		482,643
Lonza Group AG		3,409		2,131,303
Nestle SA		125,664		14,887,890
Novartis AG		93,712		8,968,364
Partners Group Holding AG		1,036		933,680
Roche Holding AG		1,463		493,155
Roche Holding AG		32,120		10,164,133
Schindler Holding AG		1,075		215,531
Schindler Holding AG Participation Certificates		1,862		385,587
SGS SA		6,859		608,819
SIG Group AG*		14,006		382,003
Sika AG		6,702		1,827,919
Sonova Holding AG		2,379		609,672
STMicroelectronics NV		31,258		1,356,348
Straumann Holding AG		5,119		748,108
Swatch Group AG — Bearer		1,357		403,189
Swatch Group AG — Registered		2,263		126,972
Swiss Life Holding AG		1,409		813,762
Swiss Prime Site AG		3,489		294,405
Swiss Re AG		13,717		1,373,884
Swisscom AG		1,183		749,223
Temenos AG		2,922		246,208
UBS Group AG		145,063		2,745,963
VAT Group AG, 144A		1,273		524,575

	Number of Shares		Value
Switzerland (Continued)
Zurich Insurance Group AG		6,875	$	3,215,756
(Cost $71,942,185)				74,999,491
United Kingdom — 20.9%
3i Group PLC		44,472		1,081,801
abrdn PLC		81,028		200,078
Admiral Group PLC		9,735		281,554
Anglo American PLC		57,885		1,601,055
Ashtead Group PLC		20,248		1,234,188
Associated British Foods PLC		16,601		376,981
AstraZeneca PLC		70,873		10,279,748
Auto Trader Group PLC, 144A		42,084		329,808
Aviva PLC		126,935		622,445
BAE Systems PLC		139,609		1,611,974
Barclays PLC		711,243		1,338,982
Barratt Developments PLC		44,016		253,400
Berkeley Group Holdings PLC		4,395		214,641
BP PLC		808,961		4,561,592
British American Tobacco PLC		97,133		3,086,568
British Land Co. PLC REIT		40,638		173,392
BT Group PLC (a)		318,283		581,421
Bunzl PLC		15,468		604,950
Burberry Group PLC		17,252		462,262
Centrica PLC		261,158		382,207
CNH Industrial NV		46,774		597,461
Coca-Cola Europacific Partners PLC		9,379		585,156
Compass Group PLC		79,674		2,182,413
Croda International PLC		6,462		490,343
Diageo PLC		103,141		4,294,278
Endeavour Mining PLC		8,525		228,213
Entain PLC		25,898		424,927
GSK PLC		187,215		3,135,580
Haleon PLC		232,761		921,326
Halma PLC		17,417		521,931
Hargreaves Lansdown PLC		16,361		163,266
HSBC Holdings PLC		913,558		6,710,566
Imperial Brands PLC		40,203		847,679
Informa PLC		64,125		555,985
InterContinental Hotels Group PLC		7,969		522,219
Intertek Group PLC		7,332		378,872
J Sainsbury PLC		77,036		259,313
JD Sports Fashion PLC		119,429		225,817
Johnson Matthey PLC		8,395		180,663
Kingfisher PLC		88,702		254,887
Land Securities Group PLC REIT		32,490		243,304
Legal & General Group PLC		273,171		775,109
Lloyds Banking Group PLC		3,028,300		1,663,908
London Stock Exchange Group PLC		18,376		1,954,430
M&G PLC		104,273		257,086
Mondi PLC		22,235		344,358
National Grid PLC		168,000		2,311,360
NatWest Group PLC		261,898		845,746
Next PLC		5,652		446,175
Ocado Group PLC* (a)		26,891		123,434
Pearson PLC		29,555		293,458
Persimmon PLC		14,772		220,783
Phoenix Group Holdings PLC		35,340		242,842
Reckitt Benckiser Group PLC		32,754		2,544,892

See Notes to Financial Statements. 72

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
United Kingdom (Continued)
RELX PLC		86,995	$	2,716,259
Rentokil Initial PLC		115,563		918,017
Rio Tinto PLC		51,462		3,061,254
Rolls-Royce Holdings PLC*		382,489		681,818
Sage Group PLC		46,962		508,824
Schroders PLC		37,585		213,011
Segro PLC REIT		55,584		551,490
Severn Trent PLC		11,616		400,691
Shell PLC		313,041		8,646,794
Smith & Nephew PLC		39,865		596,073
Smiths Group PLC		16,301		325,659
Spirax-Sarco Engineering PLC		3,386		460,163
SSE PLC		49,824		1,166,127
St James’s Place PLC		24,697		342,549
Standard Chartered PLC		110,100		867,772
Taylor Wimpey PLC		166,151		236,033
Tesco PLC		334,557		1,085,377
Unilever PLC		115,523		5,789,870
United Utilities Group PLC		31,136		392,158
Vodafone Group PLC		1,049,890		997,401
Whitbread PLC		9,342		381,866
Wise PLC, Class A*		28,186		203,500
WPP PLC		49,377		524,426
(Cost $113,761,322)				96,093,959
TOTAL COMMON STOCKS (Cost $484,518,695)				443,557,407
PREFERRED STOCKS — 0.8%
Germany — 0.8%
Bayerische Motoren Werke AG		2,714		278,931
Dr Ing hc F Porsche AG, 144A*		5,315		659,872
Henkel AG & Co. KGaA		7,754		617,807
Porsche Automobil Holding SE*		7,012		388,997
Sartorius AG		1,192		399,440

	Number of Shares		Value
Germany (Continued)
Volkswagen AG		9,439	$	1,176,217
(Cost $4,765,961)				3,521,264
WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		48,882		60,381
EXCHANGE-TRADED FUNDS — 0.2%
iShares Currency Hedged MSCI Eurozone ETF (a)		28,763		905,747
iShares MSCI Eurozone ETF		5,200		229,476
(Cost $1,060,635)				1,135,223
SECURITIES LENDING COLLATERAL — 3.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.03% (c)(d) (Cost $15,074,264)		15,074,264		15,074,264
CASH EQUIVALENTS — 0.4%
DWS ESG Liquidity Fund “Capital Shares”, 5.20% (c)		664,942		664,743
DWS Government Money Market Series “Institutional Shares”, 5.04% (c)		1,116,927		1,116,927
TOTAL CASH EQUIVALENTS (Cost $1,781,869)				1,781,670
TOTAL INVESTMENTS — 101.3% (Cost $507,201,424)			$	465,130,209
Other assets and liabilities, net — (1.3%)				(6,446,561	)
NET ASSETS — 100.0%			$	458,683,648

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2023 is as follows:

	Value ($) at 5/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2023		Value ($) at 5/31/2023
COMMON STOCKS — 0.2%
Germany — 0.2%
Deutsche Bank AG (b)
		1,228,546		340,752		(519,716	)		(280,114	)		128,307		29,744		—		88,635		897,775
SECURITIES LENDING COLLATERAL — 3.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.03% (c)(d)
		21,303,043		—		(6,228,779	)(e)		—			—		117,775		—		15,074,264		15,074,264
CASH EQUIVALENTS — 0.4%
DWS ESG Liquidity Fund “Capital Shares”, 5.20% (c)
		641,141		23,416		—			—			186		23,485		—		664,942		664,743
DWS Government Money Market Series “Institutional Shares”, 5.04% (c)
		—		201,911,388		(200,794,461	)		—			—		243,862		—		1,116,927		1,116,927
		23,172,730		202,275,556		(207,542,956	)		(280,114	)		128,493		414,866		—		16,944,768		17,753,709

See Notes to Financial Statements. 73

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2023

* 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, 2023 amounted to $22,377,388, which is 4.9% 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. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $11,497,216.

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2023.

CVA: Credit Valuation Adjustment

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.

Securities are listed in country of domicile.

At May 31, 2023, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation (Depreciation)
AMSTERDAM Index Futures	EUR	6	$	969,617	$	961,164	6/16/2023	$	(8,453	)
CAC40 10 EURO Futures	EUR	26		2,040,947		1,973,052	6/16/2023		(67,895	)
DAX Index Futures	EUR	3		1,244,039		1,255,825	6/16/2023		11,786
EURO STOXX 50 Futures	EUR	29		1,331,672		1,307,191	6/16/2023		(24,481	)
FTSE 100 Index Futures	GBP	34		3,217,189		3,151,773	6/16/2023		(65,416	)
FTSE/MIB Index Futures	EUR	3		430,768		418,362	6/16/2023		(12,406	)
IBEX 35 Index Futures	EUR	7		688,493		676,183	6/16/2023		(12,310	)
OMXS30 Index Futures	SEK	37		768,155		763,489	6/16/2023		(4,666	)
SWISS MID CAP Futures	CHF	38		1,138,603		1,119,034	6/16/2023		(19,569	)
Total net unrealized depreciation								$	(203,410	)

As of May 31, 2023, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	6/2/2023	CHF	29,737,300	USD	33,525,705	$	874,263	$	—
JP Morgan & Chase Co.	6/2/2023	CHF	5,737,122	USD	6,467,824		168,487		—
RBC Capital Markets	6/2/2023	CHF	27,923,717	USD	31,480,192		820,058		—
RBC Capital Markets	6/2/2023	CHF	2,022,000	USD	2,279,496		59,348		—
Goldman Sachs & Co.	6/2/2023	DKK	62,184,200	USD	9,229,566		303,583		—
Goldman Sachs & Co.	6/2/2023	DKK	3,262,000	USD	484,149		15,918		—
JP Morgan & Chase Co.	6/2/2023	DKK	8,480,342	USD	1,258,566		41,289		—
RBC Capital Markets	6/2/2023	DKK	75,531,000	USD	11,210,538		368,742		—
Goldman Sachs & Co.	6/2/2023	EUR	105,197,300	USD	116,337,694		3,892,215		—
JP Morgan & Chase Co.	6/2/2023	EUR	8,778,523	USD	9,708,520		325,149		—
RBC Capital Markets	6/2/2023	EUR	101,542,873	USD	112,301,340		3,762,081		—
RBC Capital Markets	6/2/2023	EUR	3,046,000	USD	3,368,504		112,633		—
Goldman Sachs & Co.	6/2/2023	GBP	1,722,000	USD	2,165,763		23,680		—
Goldman Sachs & Co.	6/2/2023	GBP	37,109,654	USD	46,673,740		511,166		—
JP Morgan & Chase Co.	6/2/2023	GBP	1,883,850	USD	2,369,356		25,940		—
RBC Capital Markets	6/2/2023	GBP	44,500,420	USD	55,969,068		612,748		—
Goldman Sachs & Co.	6/2/2023	NOK	23,255,700	USD	2,178,500		83,429		—
JP Morgan & Chase Co.	6/2/2023	NOK	897,191	USD	84,045		3,219		—
RBC Capital Markets	6/2/2023	NOK	23,651,000	USD	2,215,530		84,847		—
Goldman Sachs & Co.	6/2/2023	SEK	103,330,250	USD	10,089,465		567,520		—
Goldman Sachs & Co.	6/2/2023	SEK	7,576,000	USD	739,732		41,599		—
JP Morgan & Chase Co.	6/2/2023	SEK	14,746,636	USD	1,439,806		80,894		—
RBC Capital Markets	6/2/2023	SEK	121,498,200	USD	11,863,437		667,303		—
Goldman Sachs & Co.	6/2/2023	USD	32,530,001	CHF	29,737,300		121,441		—
JP Morgan & Chase Co.	6/2/2023	USD	6,275,909	CHF	5,737,122		23,429		—

See Notes to Financial Statements. 74

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2023

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets	6/2/2023	USD	31,635,418	CHF	28,919,517	$	118,101	$	—
RBC Capital Markets	6/2/2023	USD	1,143,702	CHF	1,026,200		—		(16,938	)
Goldman Sachs & Co.	6/2/2023	USD	9,369,266	DKK	65,446,200		24,947		—
JP Morgan & Chase Co.	6/2/2023	USD	1,214,044	DKK	8,480,342		3,233		—
RBC Capital Markets	6/2/2023	USD	340,553	DKK	2,344,400		—		(4,036	)
RBC Capital Markets	6/2/2023	USD	10,477,381	DKK	73,186,600		27,898		—
Goldman Sachs & Co.	6/2/2023	USD	3,708,458	EUR	3,428,500		—		(43,731	)
Goldman Sachs & Co.	6/2/2023	USD	108,495,718	EUR	101,768,800		285,035		—
JP Morgan & Chase Co.	6/2/2023	USD	9,358,783	EUR	8,778,523		24,587		—
RBC Capital Markets	6/2/2023	USD	111,502,198	EUR	104,588,873		292,934		—
Goldman Sachs & Co.	6/2/2023	USD	48,127,952	GBP	38,831,654		176,704		—
JP Morgan & Chase Co.	6/2/2023	USD	2,334,844	GBP	1,883,850		8,572		—
RBC Capital Markets	6/2/2023	USD	1,662,045	GBP	1,336,700		744		—
RBC Capital Markets	6/2/2023	USD	53,497,115	GBP	43,163,720		196,417		—
RBC Capital Markets	6/2/2023	USD	2,055,210	NOK	22,901,100		7,915		—
RBC Capital Markets	6/2/2023	USD	80,516	NOK	897,191		310		—
RBC Capital Markets	6/2/2023	USD	68,791	NOK	749,900		—		(1,233	)
RBC Capital Markets	6/2/2023	USD	2,087,033	NOK	23,255,700		8,038		—
Goldman Sachs & Co.	6/2/2023	USD	10,190,217	SEK	110,906,250		29,861		—
JP Morgan & Chase Co.	6/2/2023	USD	1,354,941	SEK	14,746,636		3,970		—
RBC Capital Markets	6/2/2023	USD	367,093	SEK	3,876,900		—		(9,834	)
RBC Capital Markets	6/2/2023	USD	10,807,205	SEK	117,621,300		31,669		—
Goldman Sachs & Co.	7/5/2023	CHF	29,737,300	USD	32,654,309		—		(132,742	)
JP Morgan & Chase Co.	7/5/2023	CHF	5,737,122	USD	6,299,926		—		(25,575	)
JP Morgan & Chase Co.	7/5/2023	CHF	1,002,000	USD	1,100,282		—		(4,480	)
RBC Capital Markets	7/5/2023	CHF	28,919,517	USD	31,756,308		—		(129,091	)
Goldman Sachs & Co.	7/5/2023	DKK	65,446,200	USD	9,390,103		—		(27,089	)
JP Morgan & Chase Co.	7/5/2023	DKK	8,480,342	USD	1,216,692		—		(3,563	)
JP Morgan & Chase Co.	7/5/2023	DKK	4,460,000	USD	639,876		—		(1,883	)
RBC Capital Markets	7/5/2023	DKK	73,186,600	USD	10,500,682		—		(30,293	)
Goldman Sachs & Co.	7/5/2023	EUR	101,768,800	USD	108,706,888		—		(299,493	)
JP Morgan & Chase Co.	7/5/2023	EUR	1,240,000	USD	1,324,499		—		(3,688	)
JP Morgan & Chase Co.	7/5/2023	EUR	8,778,523	USD	9,376,911		—		(25,922	)
RBC Capital Markets	7/5/2023	EUR	104,588,873	USD	111,718,906		—		(308,106	)
Goldman Sachs & Co.	7/5/2023	GBP	38,831,654	USD	48,162,900		—		(177,993	)
JP Morgan & Chase Co.	7/5/2023	GBP	1,883,850	USD	2,336,530		—		(8,644	)
RBC Capital Markets	7/5/2023	GBP	43,163,720	USD	53,535,962		—		(197,850	)
Goldman Sachs & Co.	7/5/2023	NOK	1,165,000	USD	104,716		—		(419	)
RBC Capital Markets	7/5/2023	NOK	23,255,700	USD	2,090,419		—		(8,282	)
RBC Capital Markets	7/5/2023	NOK	22,901,100	USD	2,058,544		—		(8,155	)
RBC Capital Markets	7/5/2023	NOK	897,191	USD	80,647		—		(320	)
Goldman Sachs & Co.	7/5/2023	SEK	110,906,250	USD	10,208,645		—		(31,486	)
JP Morgan & Chase Co.	7/5/2023	SEK	14,746,636	USD	1,357,391		—		(4,186	)
JP Morgan & Chase Co.	7/5/2023	SEK	2,437,000	USD	224,314		—		(697	)
RBC Capital Markets	7/5/2023	SEK	117,621,300	USD	10,826,749		—		(33,392	)
RBC Capital Markets	7/5/2023	USD	1,124,984	GBP	907,000		4,126		—
Total unrealized appreciation (depreciation)						$	14,836,042	$	(1,539,121	)

For information on the Fund’s policy and additional disclosures regarding 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

See Notes to Financial Statements. 75

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2023

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, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1			Level 2			Level 3		Total
Common Stocks (a)	$	443,557,407		$	—		$	—	$	443,557,407
Preferred Stocks		3,521,264			—			—		3,521,264
Warrants		60,381			—			—		60,381
Exchange-Traded Funds		1,135,223			—			—		1,135,223
Short-Term Investments (a)		16,855,934			—			—		16,855,934
Derivatives (b)
Forward Foreign Currency Contracts		—			14,836,042			—		14,836,042
Futures Contracts		11,786			—			—		11,786
TOTAL	$	465,141,995		$	14,836,042		$	—	$	479,978,037
Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—		$	(1,539,121	)	$	—	$	(1,539,121	)
Futures Contracts		(215,196	)		—			—		(215,196	)
TOTAL	$	(215,196	)	$	(1,539,121	)	$	—	$	(1,754,317	)

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

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

See Notes to Financial Statements. 76

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF

May 31, 2023

	Number of Shares		Value
COMMON STOCKS — 98.0%
Austria — 0.9%
Agrana Beteiligungs AG		81	$	1,511
ANDRITZ AG		365		19,566
AT&S Austria Technologie & Systemtechnik AG		109		3,328
BAWAG Group AG, 144A*		418		18,167
CA Immobilien Anlagen AG		197		5,380
DO & CO AG*		41		5,040
Erste Group Bank AG		1,725		55,813
EVN AG		165		3,677
IMMOFINANZ AG*		165		2,730
Kontron AG		184		3,764
Lenzing AG*		67		3,882
Oesterreichische Post AG (a)		179		6,266
OMV AG		713		31,765
Palfinger AG		67		2,020
Porr AG		39		560
Raiffeisen Bank International AG*		672		9,841
Schoeller-Bleckmann Oilfield Equipment AG		67		3,681
Semperit AG Holding		44		990
UNIQA Insurance Group AG		728		6,249
Verbund AG		356		26,846
Vienna Insurance Group AG Wiener Versicherung Gruppe		165		4,286
voestalpine AG		619		19,175
Wienerberger AG		534		15,092
(Cost $272,089)				249,629
Belgium — 2.8%
Ackermans & van Haaren NV		124		20,319
Aedifica SA REIT		200		13,415
Ageas SA/NV (a)		818		32,640
AGFA-Gevaert NV*		754		1,979
Anheuser-Busch InBev SA/NV		4,341		231,587
Barco NV		300		7,773
Bekaert SA		151		6,459
bpost SA		408		1,708
Cofinimmo SA REIT		152		11,796
Deme Group NV*		39		4,969
D’ieteren Group		115		19,877
Elia Group SA/NV		153		18,497
Etablissements Franz Colruyt NV		338		11,200
Euronav NV		641		10,154
Exmar NV		259		2,962
Fagron		324		5,822
Galapagos NV* (a)		250		10,336
Groupe Bruxelles Lambert NV		489		37,676
Immobel SA (a)		17		719
Intervest Offices & Warehouses NV REIT (a)		95		1,574
Ion Beam Applications		95		1,523
KBC Ancora		165		7,870
KBC Group NV		1,248		81,613
Kinepolis Group NV		67		2,979
Melexis NV		114		10,400
Montea NV REIT		82		6,653

	Number of Shares		Value
Belgium (Continued)
Ontex Group NV*		324	$	2,466
Proximus SADP		812		6,303
Recticel SA		198		2,616
Retail Estates NV REIT		53		3,631
Sofina SA		72		14,853
Solvay SA (a)		361		37,684
Telenet Group Holding NV		198		4,218
Tessenderlo Group SA		163		4,957
UCB SA		644		56,116
Umicore SA (a)		1,005		27,930
VGP NV (a)		58		5,732
Warehouses De Pauw CVA REIT		794		22,270
X-Fab Silicon Foundries SE, 144A*		212		1,797
Xior Student Housing NV REIT		151		4,511
(Cost $949,913)				757,584
Finland — 3.1%
Aktia Bank OYJ		294		2,875
Anora Group OYJ		165		855
Cargotec OYJ, Class B		193		10,282
Caverion OYJ		417		3,744
Citycon OYJ* (a)		592		3,809
Elisa OYJ		728		40,776
Finnair OYJ*		2,291		1,396
Fortum OYJ		2,183		29,004
F-Secure OYJ		352		1,008
Huhtamaki OYJ		463		15,134
Incap OYJ*		79		849
Kemira OYJ		608		9,631
Kempower OYJ*		63		2,225
Kesko OYJ, Class B		1,303		24,631
Kojamo OYJ		643		6,447
Kone OYJ, Class B		1,714		86,970
Konecranes OYJ		353		13,172
Marimekko OYJ		128		1,172
Metsa Board OYJ, Class B		850		6,837
Metso Corp.		3,319		36,311
Musti Group OYJ*		112		2,285
Neste OYJ		2,129		80,491
Nokia OYJ		26,818		108,787
Nokian Renkaat OYJ		584		5,060
Oriola OYJ, Class B		464		676
Orion OYJ, Class B		529		22,386
Outokumpu OYJ		1,652		9,013
Puuilo OYJ		182		1,384
QT Group OYJ*		92		8,237
Revenio Group OYJ		109		3,568
Rovio Entertainment OYJ, 144A		212		2,085
Sampo OYJ, Class A		2,277		104,706
Stora Enso OYJ, Class R		2,939		37,211
Talenom OYJ		296		2,386
TietoEVRY OYJ		520		14,274
Tokmanni Group Corp.		240		3,076
UPM-Kymmene OYJ		2,677		80,321
Uponor OYJ		251		7,378
Valmet OYJ (a)		773		22,747
Wartsila OYJ Abp		2,489		28,175

See Notes to Financial Statements. 77

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
Finland (Continued)
YIT OYJ		570	$	1,225
(Cost $934,159)				842,599
France — 33.7%
AB Science SA*		109		483
ABC arbitrage		95		627
Abivax SA*		144		2,795
Accor SA		934		30,919
Aeroports de Paris*		139		21,113
Air France-KLM* (a)		5,436		9,657
Air Liquide SA		2,618		438,339
Airbus SE		2,967		388,627
AKWEL		39		586
ALD SA, 144A		672		7,233
Alstom SA		1,653		45,480
Altarea SCA REIT*		29		3,658
Alten SA		138		22,067
Amundi SA, 144A (a)		296		16,642
Antin Infrastructure Partners SA		168		2,642
Arkema SA		281		24,479
Atos SE* (a)		654		9,518
Aubay		17		838
AXA SA		9,175		259,056
Believe SA*		95		1,139
Beneteau SA		123		2,067
BioMerieux		210		21,019
BNP Paribas SA (a)		5,558		320,871
Boiron SA		17		689
Bollore SE		4,407		28,217
Bonduelle SCA		53		653
Bouygues SA		1,102		35,291
Bureau Veritas SA		1,424		36,120
Capgemini SE		823		143,216
Carmila SA REIT*		250		3,725
Carrefour SA		2,986		54,850
Casino Guichard Perrachon SA* (a)		165		982
CGG SA*		3,134		2,185
Chargeurs SA		84		1,110
Cie de Saint-Gobain (a)		2,453		135,820
Cie des Alpes		172		2,636
Cie Generale des Etablissements Michelin SCA		3,418		97,037
Cie Plastic Omnium SA		240		3,881
Coface SA		560		7,752
Covivio SA REIT		235		11,490
Credit Agricole SA (a)		6,058		69,235
Danone SA		3,212		189,999
Dassault Aviation SA		123		20,799
Dassault Systemes SE		3,330		146,329
Derichebourg SA		489		2,558
Edenred		1,256		80,660
Eiffage SA		378		40,251
Elior Group SA, 144A*		436		1,324
Elis SA (a)		940		16,257
Engie SA		9,145		137,262
Equasens		30		2,479
Eramet SA		42		3,641
Esker SA		35		5,376

	Number of Shares		Value
France (Continued)
EssilorLuxottica SA (a)		1,457	$	262,327
Etablissements Maurel et Prom SA		474		1,863
Eurazeo SE		210		14,344
Euroapi SA* (a)		235		2,461
Eutelsat Communications SA (a)		826		5,249
Faurecia SE*		752		15,538
Fnac Darty SA		67		2,398
Gaztransport Et Technigaz SA		151		15,099
Gecina SA REIT		241		24,666
Getlink SE		1,933		32,811
Hermes International		159		323,221
ICADE REIT		179		7,125
ID Logistics Group*		13		3,474
Imerys SA (a)		151		5,368
Interparfums SA		95		6,793
Ipsen SA*		183		21,145
IPSOS		194		9,493
JCDecaux SE*		377		7,648
Kaufman & Broad SA		55		1,517
Kering SA		373		198,692
Klepierre SA REIT		1,035		23,432
Korian SA (a)		350		2,782
La Francaise des Jeux SAEM, 144A		506		19,504
Legrand SA*		1,333		126,042
LISI (a)		70		1,867
L’Oreal SA		1,205		513,922
LVMH Moet Hennessy Louis Vuitton SE		1,381		1,201,440
Maisons du Monde SA, 144A		179		1,787
Manitou BF SA		39		890
McPhy Energy SA* (a)		84		844
Mercialys SA REIT		309		2,479
Mersen SA		93		3,534
Metropole Television SA		109		1,505
Neoen SA, 144A		387		11,599
Nexans SA		147		11,313
Nexity SA (a)		179		3,670
Orange SA		9,493		113,363
Ovh Groupe Sas*		256		2,769
Pernod Ricard SA		1,032		222,938
PEUGEOT INVEST		17		1,790
Pierre & Vacances SA*		1,352		2,428
Publicis Groupe SA		1,148		85,062
Quadient SA		151		2,770
Remy Cointreau SA		112		17,209
Renault SA		952		31,835
Rexel SA*		1,201		24,545
Rubis SCA		471		12,838
Safran SA		1,712		247,850
Sanofi (a)		5,676		575,645
Sartorius Stedim Biotech		141		37,016
Schneider Electric SE		2,715		468,219
SCOR SE (a)		766		19,577
SEB SA		114		10,699
Seche Environnement SA		24		2,558
SES-imagotag SA*		31		5,222
SMCP SA, 144A*		165		1,291
Societe BIC SA		109		6,501

See Notes to Financial Statements. 78

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
France (Continued)
Societe Generale SA (a)		3,686	$	85,222
Sodexo SA		448		48,390
SOITEC*		142		19,876
Sopra Steria Group SACA		85		15,954
SPIE SA (a)		737		21,853
Technip Energies NV		668		13,242
Teleperformance		302		45,161
Television Francaise 1 (a)		170		1,179
Thales SA		533		74,235
TotalEnergies SE (a)		11,842		671,883
Trigano SA		38		5,146
Ubisoft Entertainment SA*		491		13,924
Unibail-Rodamco-Westfield REIT* (a)		569		26,031
Valeo		982		18,852
Vallourec SA*		645		6,744
Valneva SE*		489		2,722
Veolia Environnement SA		3,416		100,559
Verallia SA, 144A		401		13,922
Vicat SA		86		2,298
Vilmorin & Cie SA		39		2,610
Vinci SA		2,657		301,956
Virbac SA		24		7,311
Vivendi SE		3,484		30,872
Voltalia SA*		137		2,202
Wavestone		57		2,720
Wendel SE		141		14,815
Worldline SA, 144A*		1,216		47,247
(Cost $8,772,476)				9,288,572
Germany — 23.6%
1&1 AG		182		1,945
About You Holding SE*		165		796
Adesso SE		13		1,579
adidas AG		813		131,656
ADVA Optical Networking SE*		140		2,918
AIXTRON SE		534		16,559
Allianz SE		2,017		431,151
Amadeus Fire AG		38		4,882
Atoss Software AG		16		3,497
AURELIUS Equity Opportunities SE & Co. KGaA		139		2,560
Aurubis AG		156		11,926
Auto1 Group SE, 144A*		418		3,585
BASF SE		4,479		212,642
Basler AG		39		911
Bayer AG		4,916		273,981
Bayerische Motoren Werke AG		1,656		180,409
BayWa AG*		56		2,257
Bechtle AG		406		15,918
Beiersdorf AG		503		64,062
Bertrandt AG		17		872
Bilfinger SE		127		4,491
Borussia Dortmund GmbH & Co. KGaA*		337		1,488
Brenntag SE		776		60,866
CANCOM SE		168		5,179
Carl Zeiss Meditec AG		196		21,967
CECONOMY AG*		756		1,749
Cewe Stiftung & Co. KGaA		17		1,630

	Number of Shares		Value
Germany (Continued)
Commerzbank AG*		5,439	$	54,649
CompuGroup Medical SE & Co. KGaA		162		8,606
Continental AG		567		37,746
Covestro AG, 144A*		994		38,313
CropEnergies AG		198		2,002
CTS Eventim AG & Co. KGaA		332		22,322
CureVac NV*		572		5,454
Daimler Truck Holding AG*		2,484		75,141
Datagroup SE		17		1,010
Delivery Hero SE, 144A*		871		32,585
Dermapharm Holding SE		81		4,059
Deutsche Bank AG (b)		9,929		100,569
Deutsche Beteiligungs AG		67		2,030
Deutsche Boerse AG		952		164,341
Deutsche EuroShop AG		133		2,872
Deutsche Lufthansa AG*		2,962		29,001
Deutsche Pfandbriefbank AG, 144A		598		4,494
Deutsche Post AG		5,028		225,995
Deutsche Telekom AG		16,201		359,247
Deutz AG		786		4,663
DIC Asset AG (a)		211		1,198
Draegerwerk AG & Co. KGaA		3		124
Duerr AG		245		7,160
E.ON SE		11,200		135,400
Eckert & Ziegler Strahlen- und Medizintechnik AG		67		2,842
Einhell Germany AG		3		468
Elmos Semiconductor SE		40		2,805
ElringKlinger AG		123		1,120
Encavis AG*		614		9,930
Energiekontor AG		28		2,059
Evonik Industries AG*		1,052		21,078
Evotec SE*		710		15,323
Fielmann AG		106		5,303
flatexDEGIRO AG*		310		2,919
Formycon AG*		46		3,702
Fraport AG Frankfurt Airport Services Worldwide*		179		9,100
Freenet AG		562		13,781
Fresenius Medical Care AG & Co. KGaA		1,041		44,453
Fresenius SE & Co. KGaA		2,149		58,782
GEA Group AG		779		32,716
Gerresheimer AG		166		18,241
GFT Technologies SE		81		2,539
GRENKE AG		124		3,678
Hamborner REIT AG REIT		362		2,569
Hamburger Hafen und Logistik AG		109		1,414
Hannover Rueck SE		302		64,626
Heidelberg Materials AG		726		51,900
Heidelberger Druckmaschinen AG*		1,149		2,034
HelloFresh SE*		785		18,653
Henkel AG & Co. KGaA		520		37,307
Hensoldt AG		257		8,186
HOCHTIEF AG		109		9,064
Hornbach Holding AG & Co. KGaA		41		2,901
HUGO BOSS AG		298		20,252
Hypoport SE*		15		2,378

See Notes to Financial Statements. 79

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
Germany (Continued)
Indus Holding AG		74	$	1,950
Infineon Technologies AG		6,548		243,081
Instone Real Estate Group SE, 144A		195		1,051
Ionos Se*		139		1,914
Jenoptik AG		293		9,759
JOST Werke AG, 144A		55		2,898
K+S AG		922		14,832
KION Group AG		361		12,579
Kloeckner & Co. SE		296		2,810
Knaus Tabbert AG		45		2,309
Knorr-Bremse AG		379		25,919
Krones AG		67		7,484
LANXESS AG		418		14,999
LEG Immobilien SE*		351		18,200
MBB SE		3		251
Medios AG*		114		2,128
Mercedes-Benz Group AG		4,293		320,160
Merck KGaA		646		112,380
METRO AG*		599		4,652
MorphoSys AG* (a)		137		3,485
MTU Aero Engines AG		270		62,281
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		701		250,266
Nagarro SE*		39		3,227
Nemetschek SE		280		21,920
Nordex SE* (a)		628		7,575
Norma Group SE		111		2,002
Northern Data AG*		113		2,259
OHB SE		17		562
PATRIZIA SE		184		1,626
Pfeiffer Vacuum Technology AG		17		2,740
PNE AG		154		2,334
ProSiebenSat.1 Media SE*		783		6,334
Puma SE		502		23,889
PVA TePla AG*		85		1,708
Rational AG		27		18,110
Rheinmetall AG		221		55,844
RWE AG		3,175		132,764
SAF-Holland SA		242		3,099
Salzgitter AG		142		4,611
SAP SE		5,223		682,115
Scout24 SE, 144A		389		24,948
Secunet Security Networks AG*		13		2,757
SGL Carbon SE* (a)		426		3,855
Siemens AG		3,803		623,332
Siemens Energy AG*		2,606		66,129
Siemens Healthineers AG, 144A		1,419		80,237
Siltronic AG		82		7,038
Sixt SE		67		7,341
SMA Solar Technology AG*		77		8,272
Software AG		281		9,924
Stabilus SE		114		6,799
Steico SE		30		1,449
STRATEC SE		30		1,825
Stroeer SE & Co. KGaA		181		8,776
Suedzucker AG		292		5,019
Suess Microtec Se		103		2,725

	Number of Shares		Value
Germany (Continued)
SUSE SA*		253	$	3,816
Symrise AG		667		71,281
Synlab AG		379		3,650
TAG Immobilien AG*		696		5,572
Takkt AG		137		2,035
Talanx AG		311		17,336
TeamViewer AG, 144A*		727		11,373
Telefonica Deutschland Holding AG		5,189		14,615
thyssenkrupp AG		2,599		17,857
United Internet AG		478		6,867
Varta AG (a)		113		1,771
VERBIO Vereinigte BioEnergie AG		109		3,882
Vitesco Technologies Group AG*		95		6,169
Volkswagen AG		141		21,160
Vonovia SE		3,591		65,867
Vossloh AG		44		1,862
Wacker Chemie AG		93		12,346
Wacker Neuson SE		123		2,695
Wuestenrot & Wuerttembergische AG		81		1,370
Zalando SE, 144A*		1,076		31,100
(Cost $6,873,161)				6,503,737
Ireland — 2.5%
AerCap Holdings NV*		815		46,520
AIB Group PLC		6,688		27,394
Bank of Ireland Group PLC		5,461		51,333
Cairn Homes PLC		3,760		4,196
CRH PLC		3,696		174,224
Dalata Hotel Group PLC*		865		3,943
Flutter Entertainment PLC*		884		172,588
Glanbia PLC		1,092		15,793
Glenveagh Properties PLC, 144A*		3,063		3,405
Irish Residential Properties REIT PLC REIT		2,295		2,433
Kerry Group PLC, Class A		797		77,678
Kingspan Group PLC		753		49,967
Origin Enterprises PLC		520		1,945
Smurfit Kappa Group PLC		1,254		44,542
Uniphar PLC		1,769		6,240
(Cost $643,848)				682,201
Italy — 7.0%
A2A SpA		6,979		11,548
ACEA SpA		221		3,189
AMCO — Asset Management Co SpA, Class B* (c)		13		0
Amplifon SpA (a)		612		21,116
Anima Holding SpA, 144A		1,149		3,989
Antares Vision SpA*		212		1,604
Ariston Holding NV (a)		463		5,058
Arnoldo Mondadori Editore SpA		391		767
Ascopiave SpA		207		535
Assicurazioni Generali SpA		5,129		97,121
Azimut Holding SpA		488		9,689
Banca Generali SpA		279		8,589
Banca IFIS SpA		113		1,691
Banca Mediolanum SpA		1,038		8,739
Banca Monte dei Paschi di Siena SpA*		2,428		5,471
Banca Popolare di Sondrio SpA		2,053		7,681

See Notes to Financial Statements. 80

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
Italy (Continued)
Banco BPM SpA		6,948	$	27,167
BFF Bank SpA, 144A		895		9,275
Biesse SpA		53		663
BPER Banca		5,080		12,978
Brembo SpA		686		10,427
Brunello Cucinelli SpA		188		16,217
Buzzi Unicem SpA		437		9,977
Carel Industries SpA, 144A		179		4,965
Cementir Holding NV		109		825
CIR SpA-Compagnie Industriali*		3,163		1,234
Credito Emiliano SpA		378		2,602
Danieli & C Officine Meccaniche SpA		53		1,272
Danieli & C Officine Meccaniche SpA-RSP		137		2,478
Datalogic SpA		81		591
Davide Campari-Milano NV		2,690		35,108
De’ Longhi SpA		391		7,636
DiaSorin SpA		117		12,031
Digital Bros SpA		30		567
Digital Value SpA		14		937
doValue SpA, 144A		376		1,644
El.En. SpA		196		2,179
Enav SpA, 144A		1,232		5,202
Enel SpA		40,740		255,098
Eni SpA		11,693		155,608
ERG SpA		323		8,859
Esprinet SpA		338		2,128
Eurogroup Laminations SpA*		427		2,716
Ferrari NV		634		180,670
Fila SpA		95		802
Fincantieri SpA*		2,044		1,136
FinecoBank Banca Fineco SpA		3,147		41,745
Gruppo MutuiOnline SpA*		123		3,780
GVS SpA, 144A*		282		1,744
Hera SpA (a)		4,030		12,596
Illimity Bank SpA		265		1,758
Industrie de Nora SpA		151		3,165
Infrastrutture Wireless Italiane SpA, 144A		1,579		20,085
Interpump Group SpA		361		19,363
Intesa Sanpaolo SpA		80,709		185,955
Iren SpA		3,666		7,308
Italgas SpA		2,236		12,715
Iveco Group NV*		880		6,571
Juventus Football Club SpA*		3,913		1,257
Leonardo SpA		1,959		21,003
Lu-VE SpA		87		2,781
Maire Tecnimont SpA		492		1,765
MARR SpA		151		2,353
Mediobanca Banca di Credito Finanziario SpA		2,881		31,703
MFE-MediaForEurope NV, Class A		2,242		1,062
MFE-MediaForEurope NV, Class B		1,059		731
Moncler SpA		1,041		70,458
Nexi SpA, 144A*		3,096		24,251
OVS SpA, 144A		954		2,498
Pharmanutra SpA		16		1,004
Piaggio & C SpA		701		2,700
Pirelli & C SpA, 144A*		1,649		7,770

	Number of Shares		Value
Italy (Continued)
Poste Italiane SpA, 144A		2,718	$	28,170
Prysmian SpA		1,277		47,324
RAI Way SpA, 144A		435		2,483
Recordati Industria Chimica e Farmaceutica SpA		506		21,970
Reply SpA		135		14,603
Safilo Group SpA*		1,594		2,017
Saipem SpA*		5,844		7,390
Salcef Group SpA		70		1,642
Salvatore Ferragamo SpA		224		3,615
Sanlorenzo SpA		55		2,184
Saras SpA		2,407		2,804
Seco SpA*		151		772
Sesa SpA		39		4,498
Snam SpA		9,843		51,449
SOL SpA		165		4,524
Tamburi Investment Partners SpA*		712		6,705
Technogym SpA, 144A		599		5,478
Technoprobe SpA*		640		5,028
Telecom Italia SpA*		49,618		13,142
Terna — Rete Elettrica Nazionale		7,163		59,966
Tinexta SpA		123		2,278
Tod’s SpA*		41		1,665
UniCredit SpA		9,228		176,700
Unipol Gruppo SpA		1,871		9,334
Webuild SpA (a)		1,663		3,216
Wiit SpA		26		549
Zignago Vetro SpA		151		2,489
(Cost $1,936,343)				1,929,895
Luxembourg — 0.6%
APERAM SA		226		7,397
ArcelorMittal SA		2,459		61,058
Aroundtown SA		5,212		5,460
B&S Group SARL, 144A		109		431
Befesa SA, 144A		229		8,543
Eurofins Scientific SE		686		45,198
Grand City Properties SA		492		3,629
SES SA		1,885		11,182
Shurgard Self Storage Ltd. REIT		114		5,217
Tenaris SA		2,269		28,304
(Cost $242,946)				176,419
Netherlands — 14.0%
Aalberts NV		491		20,731
ABN AMRO Bank NV, 144A		2,094		30,452
Adyen NV, 144A*		109		177,888
Aegon NV		8,597		37,814
Akzo Nobel NV		867		65,279
Alfen N.V., 144A* (a)		111		7,923
AMG Advanced Metallurgical Group NV		137		6,171
Arcadis NV		361		14,640
Argenx SE*		279		108,732
ASM International NV		235		101,833
ASML Holding NV		2,016		1,447,018
ASR Nederland NV (a)		759		32,290
Basic-Fit NV, 144A* (a)		298		11,372
BE Semiconductor Industries NV		372		40,976

See Notes to Financial Statements. 81

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
Netherlands (Continued)
Brunel International NV		109	$	1,347
Corbion NV		263		7,219
Ebusco Holding NV* (a)		98		803
Eurocommercial Properties NV REIT		183		4,174
Euronext NV, 144A		407		27,038
EXOR NV*		557		46,237
Fastned BV* (a)		39		1,186
Flow Traders Ltd.		137		3,166
Fugro NV*		643		9,244
Heineken Holding NV		574		48,808
Heineken NV		1,297		130,984
IMCD NV		279		41,915
ING Groep NV		18,103		222,683
JDE Peet’s NV		668		19,407
Just Eat Takeaway.com NV, 144A*		1,066		16,030
Koninklijke Ahold Delhaize NV		4,915		155,823
Koninklijke BAM Groep NV		1,363		2,768
Koninklijke KPN NV		16,034		55,153
Koninklijke Philips NV*		4,647		87,651
Koninklijke Vopak NV		335		11,763
NN Group NV		1,284		46,280
NSI NV REIT		85		1,814
OCI NV		504		11,200
Ordina NV		464		2,807
Pharming Group NV*		4,167		5,073
PostNL NV		2,008		3,111
Prosus NV*		4,017		264,368
QIAGEN NV*		1,154		52,067
Randstad NV		568		27,843
SBM Offshore NV		697		9,469
Shop Apotheke Europe NV, 144A*		78		7,584
Signify NV, 144A		626		15,952
Sligro Food Group NV		109		1,829
Stellantis NV		11,291		171,162
TKH Group NV		197		9,775
TomTom NV*		296		2,259
Universal Music Group NV		4,103		81,135
Van Lanschot Kempen NV		123		3,366
Vastned Retail NV REIT		67		1,404
Wereldhave NV REIT		165		2,416
Wolters Kluwer NV		1,286		146,808
(Cost $3,460,823)				3,864,240
Poland — 0.1%
InPost SA* (Cost $13,547)		1,246		13,438
Portugal — 0.6%
Altri SGPS SA (a)		268		1,182
Banco Comercial Portugues SA, Class R		38,038		8,359
Corticeira Amorim SGPS SA		209		2,198
CTT-Correios de Portugal SA		534		1,858
EDP — Energias de Portugal SA		14,653		71,453
Galp Energia SGPS SA		2,393		25,313
Greenvolt-Energias Renovaveis SA*		295		1,923
Jeronimo Martins SGPS SA		1,365		32,945
Mota-Engil SGPS SA		991		1,947
Navigator Co. SA		1,050		3,455

	Number of Shares		Value
Portugal (Continued)
NOS SGPS SA		1,079	$	3,979
REN — Redes Energeticas Nacionais SGPS SA		1,834		4,911
Semapa-Sociedade de Investimento e Gestao		100		1,370
Sonae SGPS SA		5,272		5,089
(Cost $170,150)				165,982
Spain — 7.7%
Acciona SA		129		20,863
Acerinox SA		996		10,157
ACS Actividades de Construccion y Servicios SA		1,043		34,695
Aena SME SA, 144A		382		59,696
Almirall SA		470		4,132
Amadeus IT Group SA*		2,250		160,896
Applus Services SA		576		5,517
Atresmedia Corp. de Medios de Comunicacion SA		352		1,321
Banco Bilbao Vizcaya Argentaria SA		30,168		197,349
Banco de Sabadell SA		27,414		27,076
Banco Santander SA		82,194		267,525
Bankinter SA (a)		3,256		18,592
CaixaBank SA		20,936		76,691
Cellnex Telecom SA, 144A* (a)		2,831		114,718
Cia de Distribucion Integral Logista Holdings SA		333		8,279
CIE Automotive SA (a)		236		6,745
Construcciones y Auxiliar de Ferrocarriles SA		81		2,576
Corp ACCIONA Energias Renovables SA*		333		11,077
Distribuidora Internacional de Alimentacion SA*		55,147		814
Ebro Foods SA (a)		291		5,170
EDP Renovaveis SA*		16		318
EDP Renovaveis SA		1,250		24,825
eDreams ODIGEO SA*		320		1,775
Enagas SA		1,177		22,463
Ence Energia y Celulosa SA		450		1,390
Endesa SA		1,535		33,193
Faes Farma SA		1,498		5,292
Ferrovial SA		2,547		78,816
Fluidra SA (a)		488		8,622
Gestamp Automocion SA, 144A		645		2,827
Global Dominion Access SA, 144A		422		1,834
Grenergy Renovables SA*		44		1,155
Grifols SA* (a)		1,454		16,855
Iberdrola SA		29,214		355,986
Indra Sistemas SA (a)		631		7,736
Industria de Diseno Textil SA		5,452		182,347
Inmobiliaria Colonial Socimi SA REIT		1,678		9,820
Laboratorios Farmaceuticos Rovi SA		132		5,830
Lar Espana Real Estate Socimi SA REIT		380		1,994
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		2,796		2,645
Mapfre SA (a)		4,742		9,316
Melia Hotels International SA* (a)		450		2,852
Merlin Properties Socimi SA REIT		1,538		12,642

See Notes to Financial Statements. 82

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
Spain (Continued)
Miquel y Costas & Miquel SA		140	$	1,739
Naturgy Energy Group SA		697		19,833
Neinor Homes SA, 144A*		268		2,567
Pharma Mar SA		68		2,358
Prosegur Cash SA, 144A		2,142		1,449
Prosegur Cia de Seguridad SA		1,093		1,951
Red Electrica Corp. SA		1,972		33,399
Repsol SA		6,634		89,986
Sacyr SA (a)		1,795		5,372
Solaria Energia y Medio Ambiente SA*		380		5,157
Soltec Power Holdings SA*		225		994
Talgo SA, 144A*		433		1,437
Tecnicas Reunidas SA*		137		1,215
Telefonica SA		25,996		110,315
Unicaja Banco SA, 144A		7,999		7,618
Vidrala SA		99		9,386
Viscofan SA		195		13,027
(Cost $2,350,683)				2,132,225
Switzerland — 0.9%
DSM-Firmenich AG*		872		96,974
STMicroelectronics NV		3,424		148,574
(Cost $232,280)				245,548
United Kingdom — 0.5%
Allfunds Group PLC		1,611		10,986
CNH Industrial NV		5,118		65,374
Coca-Cola Europacific Partners PLC		1,041		64,948
(Cost $131,088)				141,308
TOTAL COMMON STOCKS (Cost $26,983,506)				26,993,377
PREFERRED STOCKS — 1.5%
Germany — 1.5%
Bayerische Motoren Werke AG		308		31,655
Dr Ing hc F Porsche AG, 144A*		579		71,885
Draegerwerk AG & Co. KGaA		58		2,697
FUCHS PETROLUB SE		347		12,314
Henkel AG & Co. KGaA		866		68,999
Jungheinrich AG		212		6,735
Porsche Automobil Holding SE*		786		43,604
Sartorius AG (a)		132		44,233
Schaeffler AG		433		2,636
Sixt SE		98		6,987
STO SE & Co. KGaA		13		2,415
Volkswagen AG		1,029		128,226
(Cost $453,395)				422,386
RIGHTS — 0.0%
Austria — 0.0%
S IMMO AG*, expires 12/31/49 (c) (Cost $0)		188		0

	Number of Shares		Value
Spain — 0.0%
Almirall SA*, expires 6/7/23 (c) (Cost $27)		136	$	25
TOTAL RIGHTS (Cost $27)				25
WARRANTS — 0.0%
Italy — 0.0%
Webuild SpA* (c), expires 8/2/30 (Cost $0)		38		25
Spain — 0.0%
Abengoa SA* (c), expires 3/31/25 (Cost $43)		7,125		0
TOTAL WARRANTS (Cost $43)				25
EXCHANGE-TRADED FUNDS — 0.0%
iShares Currency Hedged MSCI Eurozone ETF		100		3,149
iShares MSCI Eurozone ETF		100		4,413
(Cost $6,341)				7,562
SECURITIES LENDING COLLATERAL — 5.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.03% (d)(e) (Cost $1,477,246)		1,477,246		1,477,246
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.04% (d) (Cost $8,289)		8,289		8,289
TOTAL INVESTMENTS — 104.9% (Cost $28,928,847)			$	28,908,910
Other assets and liabilities, net — (4.9%)				(1,344,108	)
NET ASSETS — 100.0%			$	27,564,802

See Notes to Financial Statements. 83

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2023

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2023 is as follows:

	Value ($) at 5/31/2022		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2023		Value ($) at 5/31/2023
COMMON STOCKS — 0.4%
Germany — 0.4%
Deutsche Bank AG (b)
		53,391		75,855			(12,198	)		(11,550	)		(4,929	)		3,209		—		9,929		100,569
SECURITIES LENDING COLLATERAL — 5.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.03% (d)(e)
		999,756		477,490	(f)		—			—			—			9,158		—		1,477,246		1,477,246
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.04% (d)
		22,163		1,167,643			(1,181,517	)		—			—			1,932		—		8,289		8,289
		1,075,310		1,720,988			(1,193,715	)		(11,550	)		(4,929	)		14,299		—		1,495,464		1,586,104

* 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, 2023 amounted to $2,252,295, which is 8.2% 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) 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 $954,601.

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2023.

CVA: Credit Valuation Adjustment

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.

Securities are listed in country of domicile.

At May 31, 2023, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value	Expiration Date		Unrealized Depreciation
EURO STOXX 50 Futures	EUR	4	$	183,579	$180,302		6/16/2023	$	(3,277	)

As of May 31, 2023, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	6/2/2023	EUR	5,703,300	USD	6,307,279	$	211,017	$	—
Goldman Sachs & Co.	6/2/2023	EUR	239,000	USD	264,306		8,839		—
JP Morgan & Chase Co.	6/2/2023	EUR	2,846,530	USD	3,148,091		105,433		—
RBC Capital Markets	6/2/2023	EUR	16,576,400	USD	18,332,670		614,142		—
Goldman Sachs & Co.	6/2/2023	USD	35,367	EUR	32,000		—		(1,162	)
Goldman Sachs & Co.	6/2/2023	USD	6,300,971	EUR	5,910,300		16,554		—
JP Morgan & Chase Co.	6/2/2023	USD	3,034,686	EUR	2,846,530		7,973		—
RBC Capital Markets	6/2/2023	USD	17,672,100	EUR	16,576,400		46,427		—
Goldman Sachs & Co.	7/5/2023	EUR	681,000	USD	727,427		—		(2,004	)
Goldman Sachs & Co.	7/5/2023	EUR	5,910,300	USD	6,313,235		—		(17,393	)
JP Morgan & Chase Co.	7/5/2023	EUR	2,846,530	USD	3,040,564		—		(8,406	)
RBC Capital Markets	7/5/2023	EUR	16,576,400	USD	17,706,446		—		(48,832	)
Total unrealized appreciation (depreciation)						$	1,010,385	$	(77,797	)

See Notes to Financial Statements. 84

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2023

For information on the Fund’s policy and additional disclosures regarding 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, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1			Level 2			Level 3		Total
Common Stocks (a)	$	26,993,377		$	—		$	0	$	26,993,377
Preferred Stocks		422,386			—			—		422,386
Rights (a)		—			—			25		25
Warrants (a)		—			—			25		25
Exchange-Traded Funds		7,562			—			—		7,562
Short-Term Investments (a)		1,485,535			—			—		1,485,535
Derivatives (b)
Forward Foreign Currency Contracts		—			1,010,385			—		1,010,385
TOTAL	$	28,908,860		$	1,010,385		$	50	$	29,919,295
Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—		$	(77,797	)	$	—	$	(77,797	)
Futures Contracts		(3,277	)		—			—		(3,277	)
TOTAL	$	(3,277	)	$	(77,797	)	$	—	$	(81,074	)

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

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

During the period ended May 31, 2023, the amount of transfers from Level 1 to Level 3 was $77. 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. 85

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF

May 31, 2023

	Number of Shares		Value
COMMON STOCKS — 89.5%
Communication Services — 5.9%
Deutsche Telekom AG		22,338	$	495,331
Scout24 SE, 144A		523		33,542
Telefonica Deutschland Holding AG		6,301		17,747
(Cost $481,503)				546,620
Consumer Discretionary — 11.6%
adidas AG		1,118		181,047
Bayerische Motoren Werke AG		2,284		248,824
Continental AG		753		50,128
Delivery Hero SE, 144A*		1,199		44,857
Mercedes-Benz Group AG		5,899		439,931
Puma SE		718		34,168
Volkswagen AG		202		30,315
Zalando SE, 144A*		1,535		44,366
(Cost $1,417,293)				1,073,636
Consumer Staples — 1.8%
Beiersdorf AG		691		88,005
HelloFresh SE*		1,120		26,613
Henkel AG & Co. KGaA		709		50,867
(Cost $203,763)				165,485
Financials — 16.1%
Allianz SE		2,779		594,036
Commerzbank AG*		7,301		73,358
Deutsche Bank AG (a)		13,389		135,616
Deutsche Boerse AG		1,311		226,315
Hannover Rueck SE		413		88,379
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		966		344,874
Talanx AG		444		24,750
(Cost $1,486,604)				1,487,328
Health Care — 9.6%
Bayer AG		6,772		377,420
Carl Zeiss Meditec AG		276		30,933
Fresenius Medical Care AG & Co. KGaA		1,405		59,997
Fresenius SE & Co. KGaA		2,891		79,078
Merck KGaA		892		155,176
QIAGEN NV*		1,559		70,339
Siemens Healthineers AG, 144A		1,950		110,263
(Cost $1,426,762)				883,206
Industrials — 18.9%
Brenntag SE		1,058		82,985
Daimler Truck Holding AG*		3,415		103,303
Deutsche Lufthansa AG*		4,098		40,124
Deutsche Post AG		6,940		311,934
GEA Group AG		1,030		43,257
Knorr-Bremse AG		493		33,715
MTU Aero Engines AG		366		84,425
Rational AG		36		24,147
Rheinmetall AG		298		75,301
Siemens AG		5,236		858,208
Siemens Energy AG*		3,558		90,287
(Cost $1,387,508)				1,747,686
Information Technology — 14.3%
Bechtle AG		569		22,309
Infineon Technologies AG		9,004		334,255

	Number of Shares		Value
Information Technology (Continued)
Nemetschek SE		390	$	30,532
SAP SE		7,194		939,524
(Cost $986,085)				1,326,620
Materials — 6.0%
BASF SE		6,164		292,637
Covestro AG, 144A*		1,320		50,879
Evonik Industries AG*		1,427		28,592
Heidelberg Materials AG		991		70,845
Symrise AG		909		97,143
Wacker Chemie AG		129		17,126
(Cost $893,795)				557,222
Real Estate — 1.3%
LEG Immobilien SE*		501		25,978
Vonovia SE		4,905		89,969
(Cost $267,655)				115,947
Utilities — 4.0%
E.ON SE		15,496		187,335
RWE AG		4,340		181,479
(Cost $353,545)				368,814
TOTAL COMMON STOCKS (Cost $8,904,513)				8,272,564
PREFERRED STOCKS — 5.7%
Consumer Discretionary — 4.0%
Bayerische Motoren Werke AG		407		41,829
Dr Ing hc F Porsche AG, 144A*		780		96,839
Porsche Automobil Holding SE		1,049		58,194
Volkswagen AG		1,423		177,324
(Cost $523,903)				374,186
Consumer Staples — 1.0%
Henkel AG & Co. KGaA (Cost $131,628)		1,171		93,301
Health Care — 0.7%
Sartorius AG (Cost $33,980)		182		60,988
TOTAL PREFERRED STOCKS (Cost $689,511)				528,475
EXCHANGE-TRADED FUNDS — 2.3%
iShares Currency Hedged MSCI Germany ETF		2,500		77,450
iShares MSCI Germany ETF		4,850		135,703
(Cost $216,736)				213,153
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.04% (b) (Cost $1,145)		1,145		1,145
TOTAL INVESTMENTS — 97.5% (Cost $9,811,905)			$	9,015,337
Other assets and liabilities, net — 2.5%				229,013
NET ASSETS — 100.0%			$	9,244,350

See Notes to Financial Statements. 86

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF (Continued)

May 31, 2023

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2023 is as follows:

	Value ($) at 5/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2023		Value ($) at 5/31/2023
COMMON STOCKS — 1.5%
Financials — 1.5%
Deutsche Bank AG (a)
		186,311		19,143		(51,465	)		(87,984	)		69,611		4,536		—		13,389		135,616
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares, 5.03% (b)(c)
		15,960		—		(15,960	)(d)		—			—		47		—		—		—
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.04% (b)
		6,428		665,912		(671,195	)		—			—		966		—		1,145		1,145
		208,699		685,055		(738,620	)		(87,984	)		69,611		5,549		—		14,534		136,761

* Non-income producing security.

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

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

(c) Represents 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, 2023.

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, 2023, 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	$	248,521	$	251,165	6/16/2023	$	2,644

As of May 31, 2023, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	6/2/2023	EUR	2,629,867	USD	2,908,370	$	97,303	$	—
Goldman Sachs & Co.	6/2/2023	EUR	80,000	USD	88,471		2,959		—
JP Morgan & Chase Co.	6/2/2023	EUR	2,823,000	USD	3,122,069		104,561		—
RBC Capital Markets	6/2/2023	EUR	2,898,319	USD	3,205,396		107,380		—
Goldman Sachs & Co.	6/2/2023	USD	2,888,989	EUR	2,709,867		7,590		—
JP Morgan & Chase Co.	6/2/2023	USD	3,009,600	EUR	2,823,000		7,907		—
RBC Capital Markets	6/2/2023	USD	3,089,898	EUR	2,898,319		8,118		—
Goldman Sachs & Co.	7/5/2023	EUR	2,709,867	USD	2,894,612		—		(7,975	)
Goldman Sachs & Co.	7/5/2023	EUR	104,000	USD	111,090		—		(306	)
JP Morgan & Chase Co.	7/5/2023	EUR	2,823,000	USD	3,015,430		—		(8,336	)
RBC Capital Markets	7/5/2023	EUR	2,898,319	USD	3,095,903		—		(8,538	)
Total unrealized appreciation (depreciation)						$	335,818	$	(25,155	)

For information on the Fund’s policy and additional disclosures regarding 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. 87

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF (Continued)

May 31, 2023

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, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2			Level 3		Total
Common Stocks (a)	$	8,272,564	$	—		$	—	$	8,272,564
Preferred Stocks (a)		528,475		—			—		528,475
Exchange-Traded Funds		213,153		—			—		213,153
Short-Term Investments (a)		1,145		—			—		1,145
Derivatives (b)
Forward Foreign Currency Contracts		—		335,818			—		335,818
Futures Contracts		2,644		—			—		2,644
TOTAL	$	9,017,981	$	335,818		$	—	$	9,353,799
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—	$	(25,155	)	$	—	$	(25,155	)
TOTAL	$	—	$	(25,155	)	$	—	$	(25,155	)

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

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

See Notes to Financial Statements. 88

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF

May 31, 2023

	Number of Shares		Value
COMMON STOCKS — 98.0%
Communication Services — 7.1%
Capcom Co. Ltd.		14,700	$	573,967
CyberAgent, Inc.		36,500		258,834
Dentsu Group, Inc.		16,936		544,578
Hakuhodo DY Holdings, Inc.		19,580		205,462
KDDI Corp.		127,015		3,911,870
Koei Tecmo Holdings Co. Ltd.		10,440		175,867
Konami Group Corp.		8,564		454,247
Nexon Co. Ltd.		33,164		677,443
Nintendo Co. Ltd.		88,210		3,758,224
Nippon Telegraph & Telephone Corp.		101,452		2,879,904
SoftBank Corp.		243,800		2,599,425
SoftBank Group Corp.		87,386		3,433,973
Square Enix Holdings Co. Ltd.		7,200		322,986
Toho Co. Ltd.		9,498		374,262
Z Holdings Corp.		226,828		565,096
(Cost $21,559,225)				20,736,138
Consumer Discretionary — 18.0%
Aisin Corp.		12,523		360,432
Bandai Namco Holdings, Inc.		50,921		1,195,497
Bridgestone Corp. (a)		48,507		1,976,836
Denso Corp.		36,810		2,275,047
Fast Retailing Co. Ltd.		14,818		3,475,702
Honda Motor Co. Ltd.		130,645		3,755,487
Iida Group Holdings Co. Ltd.		13,466		222,686
Isuzu Motors Ltd.		49,495		576,924
Koito Manufacturing Co. Ltd.		17,444		328,284
Mazda Motor Corp.		48,304		413,960
McDonald’s Holdings Co. Japan Ltd.		7,419		305,120
Nissan Motor Co. Ltd.		197,047		739,536
Nitori Holdings Co. Ltd.		6,847		835,204
Open House Group Co. Ltd.		6,500		250,063
Oriental Land Co. Ltd.		92,625		3,474,975
Pan Pacific International Holdings Corp.		32,300		551,528
Panasonic Holdings Corp.		187,444		1,964,916
Rakuten Group, Inc. (a)		81,038		335,029
Sekisui Chemical Co. Ltd.		31,352		433,179
Sekisui House Ltd.		52,352		1,023,367
Sharp Corp.*		18,455		105,968
Shimano, Inc.		6,584		1,035,388
Sony Group Corp.		106,993		10,106,068
Subaru Corp.		52,217		899,111
Sumitomo Electric Industries Ltd.		60,613		719,569
Suzuki Motor Corp.		31,289		1,033,497
Toyota Motor Corp.		900,065		12,329,259
USS Co. Ltd.		17,418		283,664
Yamaha Corp.		11,907		472,605
Yamaha Motor Co. Ltd.		25,224		622,792
ZOZO, Inc.		10,334		210,945
(Cost $49,962,857)				52,312,638
Consumer Staples — 6.5%
Aeon Co. Ltd.		55,502		1,099,483
Ajinomoto Co., Inc.		38,201		1,486,364
Asahi Group Holdings Ltd.		40,897		1,587,740
Japan Tobacco, Inc. (a)		101,889		2,223,166

	Number of Shares		Value
Consumer Staples (Continued)
Kao Corp.		39,584	$	1,385,618
Kikkoman Corp.		11,548		682,146
Kirin Holdings Co. Ltd.		65,889		983,428
Kobayashi Pharmaceutical Co. Ltd.		4,300		243,201
Kobe Bussan Co. Ltd.		12,800		353,246
Kose Corp.		2,788		280,151
MatsukiyoCocokara & Co.		9,700		520,072
MEIJI Holdings Co. Ltd.		18,686		419,119
Nisshin Seifun Group, Inc.		16,575		208,072
Nissin Foods Holdings Co. Ltd.		5,270		449,742
Seven & i Holdings Co. Ltd.		63,902		2,680,834
Shiseido Co. Ltd.		33,907		1,544,159
Suntory Beverage & Food Ltd.		11,836		435,806
Unicharm Corp.		34,274		1,306,016
Welcia Holdings Co. Ltd.		8,200		173,505
Yakult Honsha Co. Ltd.		10,938		710,489
(Cost $19,791,584)				18,772,357
Energy — 0.7%
ENEOS Holdings, Inc.		244,537		814,041
Idemitsu Kosan Co. Ltd.		17,660		343,250
Inpex Corp.		82,344		874,711
(Cost $2,570,698)				2,032,002
Financials — 10.9%
Chiba Bank Ltd.		44,960		281,071
Concordia Financial Group Ltd.		89,238		345,871
Dai-ichi Life Holdings, Inc.		80,219		1,378,679
Daiwa Securities Group, Inc.		113,244		514,505
GMO Payment Gateway, Inc.		3,600		284,744
Japan Exchange Group, Inc.		42,632		697,809
Japan Post Bank Co. Ltd.		125,225		935,648
Japan Post Holdings Co. Ltd.		186,270		1,316,223
Japan Post Insurance Co. Ltd.		16,800		252,859
Mitsubishi HC Capital, Inc.		74,616		405,414
Mitsubishi UFJ Financial Group, Inc.		969,142		6,486,452
Mizuho Financial Group, Inc.		204,777		3,017,457
MS&AD Insurance Group Holdings, Inc.		36,389		1,253,145
Nomura Holdings, Inc.		246,977		866,835
ORIX Corp.		99,527		1,696,942
Resona Holdings, Inc.		181,676		826,067
SBI Holdings, Inc.		20,199		378,391
Shizuoka Financial Group, Inc.		35,982		264,974
Sompo Holdings, Inc.		26,575		1,085,317
Sumitomo Mitsui Financial Group, Inc.		110,872		4,518,437
Sumitomo Mitsui Trust Holdings, Inc.		28,162		991,456
T&D Holdings, Inc.		42,049		574,033
Tokio Marine Holdings, Inc.		153,013		3,452,883
(Cost $31,474,814)				31,825,212
Health Care — 9.4%
Asahi Intecc Co. Ltd.		17,900		341,105
Astellas Pharma, Inc.		153,635		2,434,231
Chugai Pharmaceutical Co. Ltd.		57,035		1,537,172
Daiichi Sankyo Co. Ltd.		156,983		5,115,398
Eisai Co. Ltd.		21,412		1,362,868
Hoya Corp.		30,286		3,818,221
Kyowa Kirin Co. Ltd.		22,960		441,649

See Notes to Financial Statements. 89

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
Health Care (Continued)
M3, Inc.		37,484	$	836,176
Nippon Shinyaku Co. Ltd.		4,500		206,065
Olympus Corp.		102,076		1,551,379
Ono Pharmaceutical Co. Ltd.		32,883		615,649
Otsuka Holdings Co. Ltd.		33,100		1,228,970
Shionogi & Co. Ltd.		22,208		1,000,376
Sysmex Corp.		14,244		933,311
Takeda Pharmaceutical Co. Ltd.		134,323		4,262,279
Terumo Corp.		57,102		1,740,213
(Cost $26,331,590)				27,425,062
Industrials — 22.4%
AGC, Inc. (a)		17,362		634,291
ANA Holdings, Inc.* (a)		13,618		302,514
BayCurrent Consulting, Inc.		11,200		410,781
Central Japan Railway Co.		12,252		1,493,632
Dai Nippon Printing Co. Ltd.		18,343		523,333
Daifuku Co. Ltd.		25,800		523,870
Daikin Industries Ltd.		22,348		4,260,275
East Japan Railway Co.		25,685		1,417,307
FANUC Corp.		81,445		2,804,759
Fuji Electric Co. Ltd.		10,806		455,275
Hankyu Hanshin Holdings, Inc.		19,440		618,815
Hikari Tsushin, Inc.		1,752		253,636
Hitachi Construction Machinery Co. Ltd.		9,020		223,355
Hitachi Ltd.		79,734		4,604,628
Hoshizaki Corp.		9,108		328,169
ITOCHU Corp.		100,888		3,418,570
Japan Airlines Co. Ltd.		11,954		228,741
Kajima Corp.		35,876		503,410
Kawasaki Kisen Kaisha Ltd.		11,700		263,266
Keio Corp.		8,636		304,344
Keisei Electric Railway Co. Ltd.		10,984		421,779
Kintetsu Group Holdings Co. Ltd.		15,410		510,441
Komatsu Ltd.		78,537		1,855,688
Kubota Corp.		85,963		1,188,952
Kurita Water Industries Ltd.		8,642		354,178
Lixil Corp.		24,316		314,149
Makita Corp.		19,044		516,679
Marubeni Corp.		129,787		1,855,630
MINEBEA MITSUMI, Inc.		30,824		594,909
MISUMI Group, Inc.		24,120		528,017
Mitsubishi Corp.		105,191		4,217,455
Mitsubishi Electric Corp.		164,026		2,141,491
Mitsubishi Heavy Industries Ltd.		27,202		1,153,095
Mitsui & Co. Ltd.		111,471		3,523,548
Mitsui OSK Lines Ltd. (a)		29,200		665,423
MonotaRO Co. Ltd.		20,800		289,625
NGK Insulators Ltd.		19,664		237,535
Nidec Corp.		35,390		1,762,832
NIPPON EXPRESS HOLDINGS, Inc.		6,139		345,009
Nippon Yusen KK (a)		41,136		877,637
Obayashi Corp.		55,108		444,582
Odakyu Electric Railway Co. Ltd.		24,977		364,280
Persol Holdings Co. Ltd.		15,100		285,689
Recruit Holdings Co. Ltd.		122,391		3,768,580
Secom Co. Ltd.		17,872		1,171,926

	Number of Shares		Value
Industrials (Continued)
SG Holdings Co. Ltd.		27,200	$	399,825
Shimizu Corp.		47,868		290,661
SMC Corp.		4,858		2,617,898
Sumitomo Corp.		95,573		1,808,564
Taisei Corp.		14,352		456,854
Tobu Railway Co. Ltd.		15,690		411,043
Tokyu Corp.		45,122		583,598
TOPPAN, Inc.		21,239		454,735
Toshiba Corp.		34,923		1,127,713
TOTO Ltd.		11,338		344,636
Toyota Industries Corp.		12,399		767,123
Toyota Tsusho Corp.		18,031		794,619
West Japan Railway Co.		18,679		783,090
Yamato Holdings Co. Ltd.		24,217		443,754
Yaskawa Electric Corp.		20,382		863,117
(Cost $60,590,259)				65,109,330
Information Technology — 14.6%
Advantest Corp.		16,300		2,095,338
Azbil Corp.		9,900		313,716
Brother Industries Ltd.		19,722		286,505
Canon, Inc. (a)		84,897		2,108,943
Disco Corp.		7,800		1,139,279
FUJIFILM Holdings Corp.		31,657		1,938,842
Fujitsu Ltd.		14,888		1,893,525
Hamamatsu Photonics KK		11,888		606,666
Hirose Electric Co. Ltd.		2,566		348,457
Ibiden Co. Ltd.		9,600		525,046
Itochu Techno-Solutions Corp.		8,000		208,433
Keyence Corp.		16,543		8,050,353
Kyocera Corp.		27,208		1,547,824
Lasertec Corp.		6,400		994,509
Murata Manufacturing Co. Ltd.		48,745		2,868,547
NEC Corp.		20,793		977,528
Nomura Research Institute Ltd.		32,422		816,804
NTT Data Corp.		53,540		767,410
Obic Co. Ltd.		5,967		967,483
Omron Corp.		14,817		895,986
Oracle Corp. (a)		3,272		250,816
Otsuka Corp.		9,660		364,698
Renesas Electronics Corp.*		108,100		1,776,774
Ricoh Co. Ltd.		46,634		390,276
Rohm Co. Ltd.		7,412		628,284
SCSK Corp.		13,400		212,361
Seiko Epson Corp.		24,524		372,987
Shimadzu Corp.		20,136		624,350
SUMCO Corp.		29,700		424,423
TDK Corp.		32,984		1,264,199
TIS, Inc.		18,600		521,988
Tokyo Electron Ltd.		38,042		5,273,865
Trend Micro, Inc.		11,372		541,971
Yokogawa Electric Corp.		18,808		355,303
(Cost $34,870,462)				42,353,489
Materials — 4.5%
Asahi Kasei Corp.		106,484		724,924
JFE Holdings, Inc.		41,719		516,229

See Notes to Financial Statements. 90

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
Materials (Continued)
JSR Corp.		15,051	$	363,514
Mitsubishi Chemical Group Corp.		108,696		611,101
Mitsui Chemicals, Inc.		14,581		368,907
Nippon Paint Holdings Co. Ltd.		80,515		618,924
Nippon Sanso Holdings Corp.		14,780		303,397
Nippon Steel Corp.		68,537		1,335,814
Nissan Chemical Corp.		10,802		469,838
Nitto Denko Corp.		12,718		906,440
Oji Holdings Corp.		73,084		281,687
Shin-Etsu Chemical Co. Ltd.		154,655		4,769,801
Sumitomo Chemical Co. Ltd.		119,256		356,078
Sumitomo Metal Mining Co. Ltd.		21,005		637,726
Toray Industries, Inc.		117,742		622,999
Tosoh Corp.		22,100		254,588
(Cost $13,447,876)				13,141,967
Real Estate — 2.9%
Daito Trust Construction Co. Ltd.		5,251		499,377
Daiwa House Industry Co. Ltd.		50,917		1,330,987
Daiwa House REIT Investment Corp. REIT		186		390,490
GLP J REIT		389		412,662
Hulic Co. Ltd.		32,610		272,208
Japan Metropolitan Fund Invest REIT		593		419,665
Japan Real Estate Investment Corp. REIT		111		422,250
Mitsubishi Estate Co. Ltd.		95,524		1,099,049
Mitsui Fudosan Co. Ltd.		76,482		1,461,571
Nippon Building Fund, Inc. REIT		130		520,653
Nippon Prologis REIT, Inc. REIT (a)		190		398,478
Nomura Real Estate Holdings, Inc.		9,228		223,539
Nomura Real Estate Master Fund, Inc. REIT		360		423,499
Sumitomo Realty & Development Co. Ltd.		24,250		586,386
(Cost $10,099,793)				8,460,814

	Number of Shares		Value
Utilities — 1.0%
Chubu Electric Power Co., Inc.		54,634	$	652,118
Kansai Electric Power Co., Inc.		59,707		683,958
Osaka Gas Co. Ltd.		31,789		504,015
Tokyo Electric Power Co. Holdings, Inc.*		129,584		447,371
Tokyo Gas Co. Ltd.		33,265		708,873
(Cost $3,233,670)				2,996,335
TOTAL COMMON STOCKS (Cost $273,932,828)				285,165,344
EXCHANGE-TRADED FUNDS — 0.2%
iShares Currency Hedged MSCI Japan ETF		6,774		209,249
iShares MSCI Japan ETF		5,200		308,568
(Cost $486,603)				517,817
SECURITIES LENDING COLLATERAL — 1.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.03% (b)(c) (Cost $3,785,348)		3,785,348		3,785,348
CASH EQUIVALENTS — 1.5%
DWS ESG Liquidity Fund “Capital Shares”, 5.20% (b)		122,281		122,244
DWS Government Money Market Series “Institutional Shares”, 5.04% (b)		4,433,180		4,433,180
TOTAL CASH EQUIVALENTS (Cost $4,555,459)				4,555,424
TOTAL INVESTMENTS — 101.0% (Cost $282,760,238)			$	294,023,933
Other assets and liabilities, net — (1.0%)				(3,014,029	)
NET ASSETS — 100.0%			$	291,009,904

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2023 is as follows:

	Value ($) at 5/31/2022		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2023		Value ($) at 5/31/2023
SECURITIES LENDING COLLATERAL — 1.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.03% (b)(c)
		466,150		3,319,198	(d)		—			—		—		49,220		—		3,785,348		3,785,348
CASH EQUIVALENTS — 1.5%
DWS ESG Liquidity Fund “Capital Shares”, 5.20% (b)
		117,904		4,306			—			—		34		4,319		—		122,281		122,244
DWS Government Money Market Series “Institutional Shares”, 5.04% (b)
		—		120,407,158			(115,973,978	)		—		—		163,012		—		4,433,180		4,433,180
		584,054		123,730,662			(115,973,978	)		—		34		216,551		—		8,340,809		8,340,772

* 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, 2023 amounted to $6,967,565, which is 2.4% of net assets.

See Notes to Financial Statements. 91

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

May 31, 2023

(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 $3,616,115.

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2023.

REIT: Real Estate Investment Trust

At May 31, 2023, 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	4	$	785,889	$	885,699	6/08/2023	$	99,810
TOPIX Index Futures	JPY	39		5,532,103		5,951,121	6/08/2023		419,018
Total unrealized appreciation								$	518,828

As of May 31, 2023, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	6/2/2023	JPY	9,234,567,100	USD	68,134,187	$	1,853,426	$	—
Goldman Sachs & Co.	6/2/2023	JPY	1,971,748,000	USD	14,547,673		395,525		—
Goldman Sachs & Co.	6/2/2023	JPY	16,000,000	USD	117,017		2,178		—
Goldman Sachs & Co.	6/2/2023	JPY	1,086,518,200	USD	7,932,295		133,851		—
Goldman Sachs & Co.	6/2/2023	JPY	362,172,700	USD	2,628,555		29,074		—
JP Morgan & Chase Co.	6/2/2023	JPY	9,520,181,100	USD	70,241,755		1,911,009		—
JP Morgan & Chase Co.	6/2/2023	JPY	362,172,700	USD	2,616,600		17,119		—
JP Morgan & Chase Co.	6/2/2023	JPY	724,345,500	USD	5,232,126		33,163		—
RBC Capital Markets	6/2/2023	JPY	13,663,914,100	USD	100,814,654		2,742,419		—
Goldman Sachs & Co.	6/2/2023	USD	90,691,808	JPY	12,671,006,000		253,865		—
JP Morgan & Chase Co.	6/2/2023	USD	75,916,683	JPY	10,606,699,300		212,507		—
RBC Capital Markets	6/2/2023	USD	97,798,476	JPY	13,663,914,100		273,759		—
Goldman Sachs & Co.	7/5/2023	JPY	12,671,006,000	USD	91,158,317		—		(294,239	)
JP Morgan & Chase Co.	7/5/2023	JPY	10,606,699,300	USD	76,307,189		—		(246,302	)
JP Morgan & Chase Co.	7/5/2023	JPY	3,784,227,000	USD	27,224,243		—		(88,286	)
RBC Capital Markets	7/5/2023	JPY	13,663,914,100	USD	98,301,187		—		(317,649	)
Total unrealized appreciation (depreciation)						$	7,857,895	$	(946,476	)

For information on the Fund’s policy and additional disclosures regarding 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

See Notes to Financial Statements. 92

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

May 31, 2023

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, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2			Level 3		Total
Common Stocks (a)	$	285,165,344	$	—		$	—	$	285,165,344
Exchange-Traded Funds		517,817		—			—		517,817
Short-Term Investments (a)		8,340,772		—			—		8,340,772
Derivatives (b)
Forward Foreign Currency Contracts		—		7,857,895			—		7,857,895
Futures Contracts		518,828		—			—		518,828
TOTAL	$	294,542,761	$	7,857,895		$	—	$	302,400,656
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—	$	(946,476	)	$	—	$	(946,476	)
TOTAL	$	—	$	(946,476	)	$	—	$	(946,476	)

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

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

See Notes to Financial Statements. 93

DBX ETF Trust

Statements of Assets and Liabilities

May 31, 2023

	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	$	128,878,954		$	87,675,272		$	447,376,500		$	27,322,806
Investment in affiliated securities at value		112,988			—			897,775			100,569
Investment in DWS ESG Liquidity Fund		—			—			664,743			—
Investment in DWS Government Money Market Series*		2,327,718			912,728			1,116,927			8,289
Investment in DWS Government & Agency Securities Portfolio**		2,996,484			179,111			15,074,264			1,477,246
Cash		21			76			159			—
Foreign currency at value		600,915			219,003			3,782,053			107,425
Receivable for return of collateral pledged for forward foreign currency contracts		110,000			10,000			—			—
Unrealized appreciation on forward foreign currency contracts		2,951,993			825,720			14,836,042			1,010,385
Deposit with broker for futures contracts		143,285			45,390			866,073			14,160
Receivables:
Investment securities sold		681,453			1,667,079			2,706,478			49,896
Dividends		452,222			168,087			1,282,338			75,958
Interest		10,587			4,636			7,114			59
Securities lending income		5,887			598			37,001			4,004
Foreign tax reclaim		178,383			—			1,987,074			20,145
Total assets	$	139,450,890		$	91,707,700		$	490,634,541		$	30,190,942
Liabilities
Payable upon return of securities loaned	$	2,996,484		$	179,111		$	15,074,264		$	1,477,246
Payable upon return of deposit for forward foreign currency contracts		—			70,000			—			—
Unrealized depreciation on forward foreign currency contracts		454,850			381,026			1,539,121			77,797
Payables:
Investment securities purchased		2,903,577			1,887,506			14,594,089			1,057,331
Investment advisory fees		45,664			49,541			181,216			10,728
Variation margin on futures contracts		47,745			14,773			286,903			3,038
Deferred foreign tax		103,537			336,261			—			—
IRS closing agreements fee		—			—			255,300			—
Accrued other expenses		—			—			20,000			—
Total liabilities		6,551,857			2,918,218			31,950,893			2,626,140
Net Assets, at value	$	132,899,033		$	88,789,482		$	458,683,648		$	27,564,802
Net Assets Consist of
Paid-in capital	$	135,613,524		$	102,374,503		$	575,345,859		$	28,153,161
Distributable earnings (loss)		(2,714,491	)		(13,585,021	)		(116,662,211	)		(588,359	)
Net Assets, at value	$	132,899,033		$	88,789,482		$	458,683,648		$	27,564,802
Number of Common Shares outstanding		4,600,001			4,050,001			12,550,001			700,001
Net Asset Value	$	28.89		$	21.92		$	36.55		$	39.38
Investment in non-affiliated securities at cost	$	119,117,376		$	77,959,481		$	488,047,899		$	27,260,279
Investment in affiliated securities at cost	$	137,317		$	—		$	2,297,392		$	183,033
Value of securities loaned	$	4,764,797		$	1,005,478		$	22,377,388		$	2,252,295
Investment in DWS ESG Liquidity Fund at cost	$	—		$	—		$	664,942		$	—
Investment in DWS Government Money Market Series at cost*	$	2,327,718		$	912,728		$	1,116,927		$	8,289
Investment in DWS Government & Agency Securities Portfolio at cost**	$	2,996,484		$	179,111		$	15,074,264		$	1,477,246
Non-cash collateral for securities on loan	$	2,372,391		$	912,877		$	11,497,216		$	954,601
Foreign currency at cost	$	610,018		$	227,237		$	3,856,153		$	108,133
*   Includes collateral held for forward foreign currency contracts	$	—		$	70,000		$	—		$	—

** Represents collateral on securities loaned.

See Notes to Financial Statements. 94

DBX ETF Trust

Statements of Assets and Liabilities (Continued)

May 31, 2023

	Xtrackers MSCI Germany Hedged Equity ETF			Xtrackers MSCI Japan Hedged Equity ETF
Assets
Investment in non-affiliated securities at value	$	8,878,576		$	285,683,161
Investment in affiliated securities at value		135,616			—
Investment in DWS ESG Liquidity Fund		—			122,244
Investment in DWS Government Money Market Series		1,145			4,433,180
Investment in DWS Government & Agency Securities Portfolio*		—			3,785,348
Cash		—			548
Foreign currency at value		56,281			399,829
Unrealized appreciation on forward foreign currency contracts		335,818			7,857,895
Deposit with broker for futures contracts		19,516			274,812
Receivables:
Investment securities sold		33,352			1,845,450
Dividends		4,457			2,216,277
Interest		51			16,228
Securities lending income		5			1,982
Foreign tax reclaim		27,274			86,947
Total assets	$	9,492,091		$	306,723,901
Liabilities
Payable upon return of securities loaned	$	—		$	3,785,348
Unrealized depreciation on forward foreign currency contracts		25,155			946,476
Payables:
Investment securities purchased		204,727			10,765,046
Investment advisory fees		3,570			105,911
Variation margin on futures contracts		14,289			111,216
Total liabilities		247,741			15,713,997
Net Assets, at value	$	9,244,350		$	291,009,904
Net Assets Consist of
Paid-in capital	$	17,396,785		$	404,612,497
Distributable earnings (loss)		(8,152,435	)		(113,602,593	)
Net Assets, at value	$	9,244,350		$	291,009,904
Number of Common Shares outstanding		300,001			5,100,001
Net Asset Value	$	30.81		$	57.06
Investment in non-affiliated securities at cost	$	9,395,340		$	274,419,431
Investment in affiliated securities at cost	$	415,420		$	—
Value of securities loaned	$	—		$	6,967,565
Investment in DWS ESG Liquidity Fund at cost	$	—		$	122,279
Investment in DWS Government Money Market Series at cost	$	1,145		$	4,433,180
Investment in DWS Government & Agency Securities Portfolio at cost*	$	—		$	3,785,348
Non-cash collateral for securities on loan	$	—		$	3,616,115
Foreign currency at cost	$	56,944		$	401,283

* Represents collateral on securities loaned.

See Notes to Financial Statements. 95

DBX ETF Trust

Statements of Operations

For the Year Ended May 31, 2023

	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*,**	$	4,172,026		$	2,666,751		$	16,900,580		$	630,987
Affiliated dividend income		3,605			—			29,744			3,209
Income distributions from affiliated funds		91,329			35,427			267,347			1,932
Affiliated securities lending income		24,460			9,322			117,775			9,158
Other income		—			—			262,488			—
Total investment income†		4,291,420			2,711,500			17,577,934			645,286
Expenses
Investment advisory fees		538,523			588,824			2,237,736			70,718
Interest expense (see note 2):		14,887			9,023			63,197			263
Other expenses		3,650			403			82,612			289
Total expenses		557,060			598,250			2,383,545			71,270
Less fees waived (see note 3):
Waiver		(1,633	)		(597	)		(4,951	)		(27	)
Net expenses		555,427			597,653			2,378,594			71,243
Net investment income (loss)		3,735,993			2,113,847			15,199,340			574,043
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments***		(8,494,294	)		(3,309,942	)		(23,507,144	)		(453,885	)
Investments in affiliates		(20,844	)		—			(217,362	)		(11,080	)
In-kind redemptions		2,609,462			727,366			33,074,951			297,623
In-kind redemptions in affiliates		2,538			—			(62,752	)		(470	)
Futures contracts		44,780			(22,349	)		596,849			14,871
Foreign currency transactions		(47,414	)		(61,320	)		(59,625	)		(749	)
Forward foreign currency contracts		2,929,910			2,190,323			(5,975,102	)		(577,215	)
Payments by Affiliates (see note 6)		—			—			48			—
Net realized gain (loss)		(2,975,862	)		(475,922	)		3,849,863			(730,905	)
Net change in unrealized appreciation (depreciation) on:
Investments****		393,160			(7,461,189	)		(2,951,251	)		128,438
Investments in affiliates		10,391			—			128,493			(4,929	)
Futures contracts		(68,845	)		(37,365	)		(326,572	)		(8,148	)
Foreign currency translations		(20,055	)		(26,028	)		(88,930	)		365
Forward foreign currency contracts		3,833,757			1,041,313			19,280,471			1,140,897
Net change in unrealized appreciation (depreciation)		4,148,408			(6,483,269	)		16,042,211			1,256,623
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		1,172,546			(6,959,191	)		19,892,074			525,718
Net Increase (Decrease) in Net Assets Resulting from Operations	$	4,908,539		$	(4,845,344	)	$	35,091,414		$	1,099,761
*    Unaffiliated foreign tax withheld	$	481,708		$	346,283		$	1,792,108		$	110,458
**   Net of IRS Closing Agreement Fee	$	—		$	—		$	255,300		$	—
***   Including foreign taxes	$	59,327		$	50,666		$	—		$	—
**** Including (Net of) change in deferred foreign taxes	$	(8,442	)	$	56,037		$	—		$	—

† Total investment income includes $1,589,864 of non-recurring foreign dividend reclaims and $262,488 of non-recurring related interest which are included in Unaffiliated dividend income and Other income, respectively for Xtrackers MSCI Europe Hedged Equity ETF.

See Notes to Financial Statements. 96

DBX ETF Trust

Statements of Operations (Continued)

For the Year Ended May 31, 2023

	Xtrackers MSCI Germany Hedged Equity ETF			Xtrackers MSCI Japan Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	274,804		$	5,298,893
Affiliated dividend income		4,536			—
Income distributions from affiliated funds		966			167,331
Affiliated securities lending income		47			49,220
Total investment income		280,353			5,515,444
Expenses
Investment advisory fees		38,411			1,017,205
Interest expense (see note 2):		—			31,186
Other expenses		173			2,825
Total expenses		38,584			1,051,216
Less fees waived (see note 3):
Waiver		(160	)		(2,792	)
Net expenses		38,424			1,048,424
Net investment income (loss)		241,929			4,467,020
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(680,773	)		(12,169,311	)
Investments in affiliates		(68,657	)		—
In-kind redemptions		(16,368	)		3,397,969
In-kind redemptions in affiliates		(19,327	)		—
Futures contracts		2,938			746,219
Foreign currency transactions		(5,616	)		(101,668	)
Forward foreign currency contracts		(178,382	)		13,411,556
Net realized gain (loss)		(966,185	)		5,284,765
Net change in unrealized appreciation (depreciation) on:
Investments		850,221			21,120,362
Investments in affiliates		69,611			34
Futures contracts		(9	)		482,857
Foreign currency translations		(1,384	)		(42,049	)
Forward foreign currency contracts		475,099			8,001,303
Net change in unrealized appreciation (depreciation)		1,393,538			29,562,507
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		427,353			34,847,272
Net Increase (Decrease) in Net Assets Resulting from Operations	$	669,282		$	39,314,292
*   Unaffiliated foreign tax withheld	$	45,053		$	594,683

See Notes to Financial Statements. 97

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, 2023			Year Ended May 31, 2022			Year Ended May 31, 2023			Year Ended May 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	3,735,993		$	3,790,573		$	2,113,847		$	2,206,226
Net realized gain (loss)		(2,975,862	)		11,166,776			(475,922	)		2,104,464
Net change in net unrealized appreciation (depreciation)		4,148,408			(20,502,502	)		(6,483,269	)		(25,281,095	)
Net increase (decrease) in net assets resulting from operations		4,908,539			(5,545,153	)		(4,845,344	)		(20,970,405	)
Distributions to Shareholders		(16,652,096	)		(2,755,823	)		(2,355,448	)		(1,932,852	)
Fund Shares Transactions
Proceeds from shares sold		—			38,846,234			5,375,253			10,392,890
Value of shares redeemed		(11,041,632	)		—			(6,843,163	)		(7,486,062	)
Net increase (decrease) in net assets resulting from fund share transactions		(11,041,632	)		38,846,234			(1,467,910	)		2,906,828
Total net increase (decrease) in Net Assets		(22,785,189	)		30,545,258			(8,668,702	)		(19,996,429	)
Net Assets
Beginning of year		155,684,222			125,138,964			97,458,184			117,454,613
End of year	$	132,899,033		$	155,684,222		$	88,789,482		$	97,458,184
Changes in Shares Outstanding
Shares outstanding, beginning of year		4,950,001			3,750,001			4,100,800			4,000,800
Shares sold		—			1,200,000			250,000			400,000
Shares redeemed		(350,000	)		—			(300,799	)		(300,000	)
Shares outstanding, end of year		4,600,001			4,950,001			4,050,001			4,100,800

See Notes to Financial Statements. 98

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, 2023			Year Ended May 31, 2022			Year Ended May 31, 2023			Year Ended May 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	15,199,340		$	16,144,511		$	574,043		$	344,293
Net realized gain (loss)		3,849,863			88,684,890			(730,905	)		2,307,837
Net change in net unrealized appreciation (depreciation)		16,042,211			(89,272,383	)		1,256,623			(3,058,939	)
Net increase (decrease) in net assets resulting from operations		35,091,414			15,557,018			1,099,761			(406,809	)
Distributions to Shareholders		(9,814,152	)		(11,268,402	)		(206,409	)		(261,109	)
Fund Shares Transactions
Proceeds from shares sold		102,071,418			78,587,519			15,755,852			—
Value of shares redeemed		(195,260,931	)		(119,387,070	)		(1,771,612	)		(1,813,038	)
Net increase (decrease) in net assets resulting from fund share transactions		(93,189,513	)		(40,799,551	)		13,984,240			(1,813,038	)
Total net increase (decrease) in Net Assets		(67,912,251	)		(36,510,935	)		14,877,592			(2,480,956	)
Net Assets
Beginning of year		526,595,899			563,106,834			12,687,210			15,168,166
End of year	$	458,683,648		$	526,595,899		$	27,564,802		$	12,687,210
Changes in Shares Outstanding
Shares outstanding, beginning of year		15,350,001			16,550,001			350,001			400,001
Shares sold		2,800,000			2,250,000			400,000			—
Shares redeemed		(5,600,000	)		(3,450,000	)		(50,000	)		(50,000	)
Shares outstanding, end of year		12,550,001			15,350,001			700,001			350,001

See Notes to Financial Statements. 99

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, 2023			Year Ended May 31, 2022			Year Ended May 31, 2023			Year Ended May 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	241,929		$	260,783		$	4,467,020		$	3,125,480
Net realized gain (loss)		(966,185	)		2,289,243			5,284,765			31,413,571
Net change in net unrealized appreciation (depreciation)		1,393,538			(3,573,222	)		29,562,507			(31,093,217	)
Net increase (decrease) in net assets resulting from operations		669,282			(1,023,196	)		39,314,292			3,445,834
Distributions to Shareholders		(239,488	)		(263,720	)		(1,555,170	)		(4,701,108	)
Fund Shares Transactions
Proceeds from shares sold		—			—			89,775,794			9,961,877
Value of shares redeemed		(1,301,794	)		(3,221,344	)		(27,037,043	)		(16,999,026	)
Net increase (decrease) in net assets resulting from fund share transactions		(1,301,794	)		(3,221,344	)		62,738,751			(7,037,149	)
Total net increase (decrease) in Net Assets		(872,000	)		(4,508,260	)		100,497,873			(8,292,423	)
Net Assets
Beginning of year		10,116,350			14,624,610			190,512,031			198,804,454
End of year	$	9,244,350		$	10,116,350		$	291,009,904		$	190,512,031
Changes in Shares Outstanding
Shares outstanding, beginning of year		350,800			450,800			3,900,800			4,050,800
Shares sold		—			—			1,750,000			200,000
Shares redeemed		(50,799	)		(100,000	)		(550,799	)		(350,000	)
Shares outstanding, end of year		300,001			350,800			5,100,001			3,900,800

See Notes to Financial Statements. 100

DBX ETF Trust

Financial Highlights

Xtrackers MSCI All World ex US Hedged Equity ETF Selected Per Share Data	Years Ended May 31,
	2023			2022			2021			2020			2019
Net Asset Value, beginning of year	$	31.45		$	33.37		$	25.63		$	26.61		$	27.71
Income (loss) from investment operations:
Net investment income (loss)(a)		0.81			0.88			0.64			0.62			0.73
Net realized and unrealized gain (loss)		0.25			(2.11	)		7.73			(0.76	)		(1.12	)
Total from investment operations		1.06			(1.23	)		8.37			(0.14	)		(0.39	)
Less distributions from:
Net investment income		(0.62	)		(0.69	)		(0.63	)		(0.84	)		(0.71	)
Net realized gains		(3.00	)		—			—			—			—
Total distributions		(3.62	)		(0.69	)		(0.63	)		(0.84	)		(0.71	)
Net Asset Value, end of year	$	28.89		$	31.45		$	33.37		$	25.63		$	26.61
Total Return (%)(b)		4.02			(3.79	)		33.10			(0.78	)		(1.30	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		133			156			125			99			98
Ratio of expenses before fee waiver (%)		0.41			0.40			0.40			0.41			0.41
Ratio of expenses after fee waiver (%)		0.41			0.40			0.40			0.41			0.41
Ratio of net investment income (loss) (%)		2.77			2.69			2.15			2.29			2.74
Portfolio turnover rate (%)(c)		14			6			14			10			13
Xtrackers MSCI Emerging Markets Hedged Equity ETF Selected Per Share Data	Years Ended May 31,
	2023			2022			2021			2020			2019
Net Asset Value, beginning of year	$	23.77		$	29.36		$	21.03		$	21.81		$	23.91
Income (loss) from investment operations:
Net investment income (loss)(a)		0.52			0.53			0.39			0.58			0.52
Net realized and unrealized gain (loss)		(1.80	)		(5.65	)		8.42			(0.74	)		(2.02	)
Total from investment operations		(1.28	)		(5.12	)		8.81			(0.16	)		(1.50	)
Less distributions from:
Net investment income		(0.57	)		(0.47	)		(0.48	)		(0.62	)		(0.60	)
Total distributions		(0.57	)		(0.47	)		(0.48	)		(0.62	)		(0.60	)
Net Asset Value, end of year	$	21.92		$	23.77		$	29.36		$	21.03		$	21.81
Total Return (%)(b)		(5.40	)		(17.67	)		42.20			(1.01	)		(6.18	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		89			97			117			89			112
Ratio of expenses before fee waiver (%)		0.66			0.65			0.65			0.66			0.66
Ratio of expenses after fee waiver (%)		0.66			0.65			0.65			0.66			0.66
Ratio of net investment income (loss) (%)		2.33			2.00			1.48			2.62			2.29
Portfolio turnover rate (%)(c)		16			14			13			20			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) Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

See Notes to Financial Statements. 101

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI Europe Hedged Equity ETF Selected Per Share Data	Years Ended May 31,
	2023			2022			2021			2020			2019
Net Asset Value, beginning of year	$	34.31		$	34.02		$	26.91		$	28.31		$	28.71
Income (loss) from investment operations:
Net investment income (loss)(a)		1.04	(b)		0.97			0.77			0.52			0.75
Net realized and unrealized gain (loss)		1.85			(0.00	)(c)		7.07			(1.06	)		(0.26	)
Total from investment operations		2.89			0.97			7.84			(0.54	)		0.49
Less distributions from:
Net investment income		(0.65	)		(0.68	)		(0.73	)		(0.86	)		(0.89	)
Total distributions		(0.65	)		(0.68	)		(0.73	)		(0.86	)		(0.89	)
Net Asset Value, end of year	$	36.55		$	34.31		$	34.02		$	26.91		$	28.31
Total Return (%)(d)		8.77			2.85			29.68			(2.16	)		1.88
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		459			527			563			487			849
Ratio of expenses before fee waiver (%)		0.48			0.45			0.45			0.46			0.47
Ratio of expenses after fee waiver (%)		0.48			0.45			0.45			0.46			0.47
Ratio of net investment income (loss) (%)		3.06	(b)		2.77			2.58			1.79			2.67
Portfolio turnover rate (%)(e)		13			5			9			13			7
Xtrackers MSCI Eurozone Hedged Equity ETF Selected Per Share Data	Years Ended May 31,
	2023			2022			2021			2020			2019
Net Asset Value, beginning of year	$	36.25		$	37.92		$	28.10		$	29.80		$	30.90
Income (loss) from investment operations:
Net investment income (loss)(a)		1.35			0.88			0.76			0.40			0.71
Net realized and unrealized gain (loss)		2.37			(1.90	)		9.71			(1.15	)		(1.13	)
Total from investment operations		3.72			(1.02	)		10.47			(0.75	)		(0.42	)
Less distributions from:
Net investment income		(0.59	)		(0.65	)		(0.65	)		(0.95	)		(0.68	)
Total distributions		(0.59	)		(0.65	)		(0.65	)		(0.95	)		(0.68	)
Net Asset Value, end of year	$	39.38		$	36.25		$	37.92		$	28.10		$	29.80
Total Return (%)(d)		10.57			(2.77	)		37.79			(2.80	)		(1.34	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		28			13			15			21			31
Ratio of expenses before fee waiver (%)		0.45			0.45			0.45			0.47			0.47
Ratio of expenses after fee waiver (%)		0.45			0.45			0.45			0.46			0.47
Ratio of net investment income (loss) (%)		3.65			2.32			2.37			1.31			2.42
Portfolio turnover rate (%)(e)		14			7			10			11			5

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

(b) Net investment income per share and the ratio of net investment income include non-recurring foreign dividend reclaims and related interest amounting to $0.13 per share. Excluding these non-recurring amounts which are included in Unaffiliated dividend income and Other income, respectively in the Statement of Operations, the net investment income ratio would have been 2.70%.

(c) Less than 0.005.

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

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

See Notes to Financial Statements. 102

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI Germany Hedged Equity ETF Selected Per Share Data	Years Ended May 31,
	2023			2022			2021			2020			2019
Net Asset Value, beginning of year	$	28.84		$	32.44		$	25.49		$	25.77		$	27.93
Income (loss) from investment operations:
Net investment income (loss)(a)		0.79			0.66			0.95			0.24			0.53
Net realized and unrealized gain (loss)		1.86			(3.67	)		6.84			0.08			(2.02	)
Total from investment operations		2.65			(3.01	)		7.79			0.32			(1.49	)
Less distributions from:
Net investment income		(0.68	)		(0.59	)		(0.84	)		(0.60	)		(0.67	)
Total distributions		(0.68	)		(0.59	)		(0.84	)		(0.60	)		(0.67	)
Net Asset Value, end of year	$	30.81		$	28.84		$	32.44		$	25.49		$	25.77
Total Return (%)(b)		9.67			(9.49	)		31.15			1.15			(5.48	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		9			10			15			15			23
Ratio of expenses before fee waiver (%)		0.45			0.45			0.45			0.45			0.46
Ratio of expenses after fee waiver (%)		0.45			0.45			0.45			0.45			0.46
Ratio of net investment income (loss) (%)		2.83			2.10			3.29			0.90			2.03
Portfolio turnover rate (%)(c)		20			7			15			14			11
Xtrackers MSCI Japan Hedged Equity ETF Selected Per Share Data	Years Ended May 31,
	2023			2022			2021			2020			2019
Net Asset Value, beginning of year	$	48.84		$	49.08		$	39.80		$	37.95		$	42.95
Income (loss) from investment operations:
Net investment income (loss)(a)		1.00			0.79			0.62			0.67			0.64
Net realized and unrealized gain (loss)		7.61			0.13			9.82			2.27			(4.24	)
Total from investment operations		8.61			0.92			10.44			2.94			(3.60	)
Less distributions from:
Net investment income		(0.39	)		(1.16	)		(1.16	)		(1.09	)		(1.40	)
Total distributions		(0.39	)		(1.16	)		(1.16	)		(1.09	)		(1.40	)
Net Asset Value, end of year	$	57.06		$	48.84		$	49.08		$	39.80		$	37.95
Total Return (%)(b)		17.78			1.87			26.96			7.88			(8.59	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		291			191			199			221			414
Ratio of expenses before fee waiver (%)		0.47			0.45			0.45			0.46			0.47
Ratio of expenses after fee waiver (%)		0.46			0.45			0.45			0.46			0.47
Ratio of net investment income (loss) (%)		1.98			1.61			1.41			1.69			1.55
Portfolio turnover rate (%)(c)		18			6			12			12			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. 103

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 “1940 Act”), as an open-end registered management investment company organized as a Delaware statutory trust.

As of May 31, 2023, the Trust consists of thirty-nine 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 seek investment results that correspond generally to the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:

Fund	Underlying Index
Xtrackers 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 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.

The MSCI EM US Dollar Hedged 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.

The MSCI Europe US Dollar Hedged 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.

The MSCI EMU IMI US Dollar Hedged 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.

The MSCI Germany US Dollar Hedged Index is designed to track the performance of the German equity market while 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 track the performance of the Japanese equity market while mitigating exposure to fluctuations between the value of the U.S. dollar and Japanese yen.

104

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.

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 and Xtrackers MSCI Japan Hedged Equity ETF are diversified series of the Trust. Xtrackers MSCI Germany Hedged Equity ETF is non-diversified and is not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. 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.

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

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

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

105

DBX ETF Trust

Notes to Financial Statements (Continued)

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.

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

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

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

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

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

Investment Transactions and Investment Income    Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Interest income is recorded on the accrual basis.

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.

106

DBX ETF Trust

Notes to Financial Statements (Continued)

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, 2023, the Funds did not incur any interest or penalties.

As of May 31, 2023, 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	$	4,742,628	$	(15,481,939	)	$	8,024,820		$	(2,714,491	)
Xtrackers MSCI Emerging Markets Hedged Equity ETF		1,282,165		(19,615,257	)		4,748,071			(13,585,021	)
Xtrackers MSCI Europe Hedged Equity ETF		17,118,356		(85,689,611	)		(48,090,956	)		(116,662,211	)
Xtrackers MSCI Eurozone Hedged Equity ETF		687,336		(1,015,082	)		(260,613	)		(588,359	)
Xtrackers MSCI Germany Hedged Equity ETF		274,613		(7,296,542	)		(1,130,506	)		(8,152,435	)
Xtrackers MSCI Japan Hedged Equity ETF		16,665,287		(132,509,301	)		2,241,421			(113,602,593	)

The tax character of dividends and distributions declared for the years ended May 31, 2023 and May 31, 2022 were as follows:

	Year Ended May 31, 2023
	Ordinary Income*		Long Term Capital Gains
Xtrackers MSCI All World ex US Hedged Equity ETF	$	10,910,436	$	5,741,660
Xtrackers MSCI Emerging Markets Hedged Equity ETF		2,355,448		—
Xtrackers MSCI Europe Hedged Equity ETF		9,814,152		—
Xtrackers MSCI Eurozone Hedged Equity ETF		206,409		—
Xtrackers MSCI Germany Hedged Equity ETF		239,488		—
Xtrackers MSCI Japan Hedged Equity ETF		1,555,170		—

	Year Ended May 31, 2022
	Ordinary Income*
Xtrackers MSCI All World ex US Hedged Equity ETF	$	2,755,823
Xtrackers MSCI Emerging Markets Hedged Equity ETF		1,932,852
Xtrackers MSCI Europe Hedged Equity ETF		11,268,402
Xtrackers MSCI Eurozone Hedged Equity ETF		261,109
Xtrackers MSCI Germany Hedged Equity ETF		263,720
Xtrackers MSCI Japan Hedged Equity ETF		4,701,108

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

107

DBX ETF Trust

Notes to Financial Statements (Continued)

At May 31, 2023, 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 Emerging Markets Hedged Equity ETF	$	9,138,698	$	10,476,559	$	19,615,257
Xtrackers MSCI Europe Hedged Equity ETF		—		85,689,611		85,689,611
Xtrackers MSCI Eurozone Hedged Equity ETF		—		1,015,082		1,015,082
Xtrackers MSCI Germany Hedged Equity ETF		1,081,009		6,215,533		7,296,542
Xtrackers MSCI Japan Hedged Equity ETF		53,845,220		78,664,081		132,509,301

Capital losses incurred after October 31 (“post-October capital losses”) and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the fiscal year ended May 31, 2023, the following Funds incurred and will elect to defer post-October capital losses and late year ordinary losses as follows:

	Post-October Losses on Capital
Xtrackers MSCI All World ex US Hedged Equity ETF	$	15,481,939

For the fiscal year ended May 31, 2023, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to redemptions-in-kind and equalization.

	Distributable earnings (loss)			Paid-In Capital
Xtrackers MSCI All World ex US Hedged Equity ETF	$	(3,524,517	)	$	3,524,517
Xtrackers MSCI Emerging Markets Hedged Equity ETF		(628,403	)		628,403
Xtrackers MSCI Europe Hedged Equity ETF		(28,251,988	)		28,251,988
Xtrackers MSCI Eurozone Hedged Equity ETF		(235,177	)		235,177
Xtrackers MSCI Germany Hedged Equity ETF		153,454			(153,454	)
Xtrackers MSCI Japan Hedged Equity ETF		(2,187,485	)		2,187,485

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

	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers MSCI All World ex US Hedged Equity ETF	$	126,492,475	$	8,150,502		$	22,225,803	$	(14,075,301	)
Xtrackers MSCI Emerging Markets Hedged Equity ETF		83,728,687		5,134,697			21,668,325		(16,533,628	)
Xtrackers MSCI Europe Hedged Equity ETF		514,413,196		(48,003,657	)		31,282,387		(79,286,044	)
Xtrackers MSCI Eurozone Hedged Equity ETF		29,240,710		(260,847	)		2,415,620		(2,676,467	)
Xtrackers MSCI Germany Hedged Equity ETF		10,165,352		(1,126,400	)		1,300,537		(2,426,937	)
Xtrackers MSCI Japan Hedged Equity ETF		292,938,648		2,344,244			26,498,113		(24,153,869	)

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, 2023, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

108

DBX ETF Trust

Notes to Financial Statements (Continued)

In consideration of recent decisions rendered by European courts, Xtrackers MSCI Europe Hedged Equity ETF has filed for additional reclaims (“EU reclaims”) related to prior years. A corresponding receivable is established when both the amount is known and significant contingencies or uncertainties regarding collectability are removed. These amounts, if any, are reported in dividends and interest receivable in the Statement of Assets and Liabilities. For the year ended May 31, 2023, the Fund received reclaims and interest related to EU reclaims, which is reported in unaffiliated dividend income and other income in the Statement of Operations. Expenses incurred related to filing EU reclaims are recorded in other expenses in the Statement of Operations. For U.S. income tax purposes, EU tax reclaims received by the Fund, if any, reduce the amount of foreign taxes Fund shareholders can use as tax credits in their individual income tax returns. In the event that EU tax reclaims received by a fund during the fiscal year exceed foreign withholding taxes paid, and a fund previously passed foreign tax credits on to its shareholders, a fund must either amend historic tax reporting to shareholders or enter into a closing agreement with the Internal Revenue Service (“IRS”) in order to pay the associated tax liability on behalf of the fund’s shareholders. During the fiscal year ended May 31, 2023, the EU reclaims received exceeded the foreign withholding taxes of the Fund. As a result, the Fund intends to enter into a closing agreement with the IRS and has recognized an estimated closing agreement fee of $255,300 recorded under IRS closing agreement fee in the Statement of Operations.

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, 2023, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.08% annualized effective rate as of May 31, 2023) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

109

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Notes to Financial Statements (Continued)

As of May 31, 2023, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at year end.

Remaining Contractual Maturity of the Agreements, as of May 31, 2023
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	$	2,955,267	$	—	$	17,651	$	2,354,740	$	5,327,658
Preferred Stocks	$	41,217	$	—	$	—	$	—	$	41,217
Total Borrowings	$	2,996,484	$	—	$	17,651	$	2,354,740	$	5,368,875
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	5,368,875
Xtrackers MSCI Emerging Markets Hedged Equity ETF
Common Stocks	$	179,111	$	—	$	16,833	$	896,044	$	1,091,988
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	1,091,988
Xtrackers MSCI Europe Hedged Equity ETF
Common Stocks	$	15,045,923	$	—	$	11,842	$	11,485,374	$	26,543,139
Exchange-Traded Funds	$	28,341	$	—	$	—	$	—	$	28,341
Total Borrowings	$	15,074,264	$	—	$	11,842	$	11,485,374	$	26,571,480
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	26,571,480
Xtrackers MSCI Eurozone Hedged Equity ETF
Common Stocks	$	1,438,039	$	—	$	2,057	$	952,544	$	2,392,640
Preferred Stocks	$	39,207	$	—	$	—	$	—	$	39,207
Total Borrowings	$	1,477,246	$	—	$	2,057	$	952,544	$	2,431,847
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	2,431,847
Xtrackers MSCI Japan Hedged Equity ETF
Common Stocks	$	3,785,348	$	—	$	15,075	$	3,601,040	$	7,401,463
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	7,401,463

As of May 31, 2023, MSCI Germany Hedged Equity ETF had no securities on loan.    

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, 2023, 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.

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, 2023 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, 2023.

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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, 2023, 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, 2023 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, 2023 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*	$	2,580	Unrealized depreciation on futures contracts*	$	14,283
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		2,951,993	Unrealized depreciation on forward foreign currency contracts		454,850
		Total	$	2,954,573	Total	$	469,133
Xtrackers MSCI Emerging Markets Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	10,305
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		825,720	Unrealized depreciation on forward foreign currency contracts		381,026
		Total	$	825,720	Total	$	391,331
Xtrackers MSCI Europe Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	11,786	Unrealized depreciation on futures contracts*	$	215,196
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		14,836,042	Unrealized depreciation on forward foreign currency contracts		1,539,121
		Total	$	14,847,828	Total	$	1,754,317

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		Asset Derivatives			Liability Derivatives
Xtrackers MSCI Eurozone Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	3,277
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		1,010,385	Unrealized depreciation on forward foreign currency contracts		77,797
		Total	$	1,010,385	Total	$	81,074
Xtrackers MSCI Germany Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	2,644	Unrealized depreciation on futures contracts*	$	—
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		335,818	Unrealized depreciation on forward foreign currency contracts		25,155
		Total	$	338,462	Total	$	25,155
Xtrackers MSCI Japan Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	518,828	Unrealized depreciation on futures contracts*	$	—
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		7,857,895	Unrealized depreciation on forward foreign currency contracts		946,476
		Total	$	8,376,723		$	946,476

* 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, 2023 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

Net Realized Gain (Loss) from:
	Futures Contracts — Equity Contracts			Forward Foreign Currency Contracts — Foreign Exchange Contracts			Total
Xtrackers MSCI All World ex US Hedged Equity ETF	$	44,780		$	2,929,910		$	2,974,690
Xtrackers MSCI Emerging Markets Hedged Equity ETF		(22,349	)		2,190,323			2,167,974
Xtrackers MSCI Europe Hedged Equity ETF		596,849			(5,975,102	)		(5,378,253	)
Xtrackers MSCI Eurozone Hedged Equity ETF		14,871			(577,215	)		(562,344	)
Xtrackers MSCI Germany Hedged Equity ETF		2,938			(178,382	)		(175,444	)
Xtrackers MSCI Japan Hedged Equity ETF		746,219			13,411,556			14,157,775

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	$	(68,845	)	$	3,833,757	$	3,764,912
Xtrackers MSCI Emerging Markets Hedged Equity ETF		(37,365	)		1,041,313		1,003,948
Xtrackers MSCI Europe Hedged Equity ETF		(326,572	)		19,280,471		18,953,899
Xtrackers MSCI Eurozone Hedged Equity ETF		(8,148	)		1,140,897		1,132,749
Xtrackers MSCI Germany Hedged Equity ETF		(9	)		475,099		475,090
Xtrackers MSCI Japan Hedged Equity ETF		482,857			8,001,303		8,484,160

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For the year ended May 31, 2023 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	$	3,370,852	$	(134,001,262	)
Xtrackers MSCI Emerging Markets Hedged Equity ETF		1,410,191		(88,579,074	)
Xtrackers MSCI Europe Hedged Equity ETF		12,465,272		(481,243,223	)
Xtrackers MSCI Eurozone Hedged Equity ETF		87,517		(15,754,714	)
Xtrackers MSCI Germany Hedged Equity ETF		102,647		(8,564,427	)
Xtrackers MSCI Japan Hedged Equity ETF		6,205,806		(223,687,392	)

As of May 31, 2023, 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 Interest expense 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 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
Goldman Sachs & Co.	$	1,000,237	$	(177,760	)	$	—	$	822,477	$	177,760	$	(177,760	)	$	—	$	—
JP Morgan & Chase Co.		879,719		(125,978	)		—		753,741		125,978		(125,978	)		—		—
RBC Capital Markets		1,072,037		(151,112	)		—		920,925		151,112		(151,112	)		—		—
	$	2,951,993	$	(454,850	)	$	—	$	2,497,143	$	454,850	$	(454,850	)	$	—	$	—
Xtrackers MSCI Emerging Markets Hedged Equity ETF
Goldman Sachs & Co.	$	122,557	$	(90,218	)	$	—	$	32,339	$	90,218	$	(90,218	)	$	—	$	—
JP Morgan & Chase Co.		371,764		(140,406	)		70,000		161,358		140,406		(140,406	)		—		—
RBC Capital Markets		331,399		(150,402	)		—		180,997		150,402		(150,402	)		—		—
	$	825,720	$	(381,026	)	$	70,000	$	374,694	$	381,026	$	(381,026	)	$	—	$	—
Xtrackers MSCI Europe Hedged Equity ETF
Goldman Sachs & Co.	$	6,951,361	$	(712,953	)	$	—	$	6,238,408	$	712,953	$	(712,953	)	$	—	$	—
JP Morgan & Chase Co.		708,769		(78,638	)		—		630,131		78,638		(78,638	)		—		—
RBC Capital Markets		7,175,912		(747,530	)		—		6,428,382		747,530		(747,530	)		—		—
	$	14,836,042	$	(1,539,121	)	$	—	$	13,296,921	$	1,539,121	$	(1,539,121	)	$	—	$	—
Xtrackers MSCI Eurozone Hedged Equity ETF
Goldman Sachs & Co.	$	236,410	$	(20,559	)	$	—	$	215,851	$	20,559	$	(20,559	)	$	—	$	—
JP Morgan & Chase Co.		113,406		(8,406	)		—		105,000		8,406		(8,406	)		—		—
RBC Capital Markets		660,569		(48,832	)		—		611,737		48,832		(48,832	)		—		—
	$	1,010,385	$	(77,797	)	$	—	$	932,588	$	77,797	$	(77,797	)	$	—	$	—
Xtrackers MSCI Germany Hedged Equity ETF
Goldman Sachs & Co.	$	107,852	$	(8,281	)	$	—	$	99,571	$	8,281	$	(8,281	)	$	—	$	—
JP Morgan & Chase Co.		112,468		(8,336	)		—		104,132		8,336		(8,336	)		—		—
RBC Capital Markets		115,498		(8,538	)		—		106,960		8,538		(8,538	)		—		—
	$	335,818	$	(25,155	)	$	—	$	310,663	$	25,155	$	(25,155	)	$	—	$	—

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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 Japan Hedged Equity ETF
Goldman Sachs & Co.	$	2,667,919	$	(294,239	)	$	—	$	2,373,680	$	294,239	$	(294,239	)	$	—	$	—
JP Morgan & Chase Co.		2,173,798		(334,588	)		—		1,839,210		334,588		(334,588	)		—		—
RBC Capital Markets		3,016,178		(317,649	)		—		2,698,529		317,649		(317,649	)		—		—
	$	7,857,895	$	(946,476	)	$	—	$	6,911,419	$	946,476	$	(946,476	)	$	—	$	—

(a) The actual collateral received may be more than the 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 advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.

3. Investment Advisory and Other Agreements

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

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

	Unitary Advisory Fee
Xtrackers 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 unitary advisory fee 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, 2023, the Advisor waived expenses of the Funds as follows:

	Expenses Waived
Xtrackers MSCI All World ex US Hedged Equity ETF	$	1,633
Xtrackers MSCI Emerging Markets Hedged Equity ETF		597
Xtrackers MSCI Europe Hedged Equity ETF		4,951
Xtrackers MSCI Eurozone Hedged Equity ETF		27
Xtrackers MSCI Germany Hedged Equity ETF		160
Xtrackers MSCI Japan Hedged Equity ETF		2,792

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Notes to Financial Statements (Continued)

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

The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, 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, 2023, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

	Purchases		Sales
Xtrackers MSCI All World ex US Hedged Equity ETF	$	18,863,582	$	29,421,532
Xtrackers MSCI Emerging Markets Hedged Equity ETF		16,239,271		14,158,865
Xtrackers MSCI Europe Hedged Equity ETF		82,504,787		61,372,394
Xtrackers MSCI Eurozone Hedged Equity ETF		3,323,892		2,213,246
Xtrackers MSCI Germany Hedged Equity ETF		1,733,051		1,691,991
Xtrackers MSCI Japan Hedged Equity ETF		67,503,946		39,989,500

For the year ended May 31, 2023, 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	$	—	$	8,894,655
Xtrackers MSCI Emerging Markets Hedged Equity ETF		806,716		2,173,891
Xtrackers MSCI Europe Hedged Equity ETF		97,243,128		189,805,146
Xtrackers MSCI Eurozone Hedged Equity ETF		15,529,060		1,751,909
Xtrackers MSCI Germany Hedged Equity ETF		—		1,224,360
Xtrackers MSCI Japan Hedged Equity ETF		85,490,793		26,026,388

5. Fund Share Transactions

As of May 31, 2023, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

6. Payments by Affiliates

During the year ended May 31, 2023, the Advisor agreed to reimburse Xtrackers MSCI Europe Hedged Equity ETF $48 for a loss due to a FX trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.

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7. Investing in Emerging Markets

Investing in emerging markets may involve special risks and considerations not typically associated with investing in developed markets. These risks include revaluation of currencies, high rates of inflation or deflation, repatriation restrictions on income and capital, and future adverse political, social and economic developments. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls or delayed settlements, and may have prices that are more volatile or less easily assessed than those of comparable securities of issuers in developed markets. There is also substantially less publicly available information about emerging market issuers than there is about issuers in developed countries. Therefore, disclosure of certain material information may not be made, and less information may be available to the Funds and other investors than would be the case if the Funds’ investments were restricted to securities of issuers in developed countries. Investments in emerging markets are often considered speculative.

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 Shanghai — Hong Kong and Shenzhen — Hong Kong Stock Connect programs, Renminbi Qualified Foreign Institutional Investor program 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. In addition, in June 2021, President Biden issued an executive order (“CMIC Order”) prohibiting U.S. persons, including the Funds, from purchasing or selling publicly traded securities (including publicly traded securities that are derivative of, or designed to provide exposure to, such securities) of any Chinese company identified as a “Chinese Military-Industrial Complex Company” (“CMIC”). This prohibition, effective August 2, 2021, expands on similar sanctions imposed by the prior administration on certain designated Chinese military companies (“CCMCs”) that took effect in January 2021. To the extent that any company in an Underlying Index is identified as a CMIC at any time (or was previously designated as a CCMC), it may have material adverse effect on a fund’s ability to track its Underlying Index.

8. 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 Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at May 31, 2023.

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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 and 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, 2023, and the related statements of operations for the year then ended, the statements 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 each of the Funds (six of the funds constituting DBX ETF Trust) at May 31, 2023, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their 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, 2023, by correspondence with the custodians, brokers and others; when replies were not received from brokers, we performed other auditing procedures. 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 25, 2023

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Other Information (Unaudited)

Regulatory Update — Tailored Shareholder Report

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

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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 (the “Advisor”) 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). The Advisor has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of the Advisor 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 estimations 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 World ex US 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

In February 2023, as required by the Program and the Liquidity Rule, the Advisor 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, 2021 through November 30, 2022 (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, your 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, the Advisor stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. The Advisor also reported that there were no material changes made to the Program during the Reporting Period.

Xtrackers MSCI Emerging Markets Hedged Equity ETF

In February 2023, as required by the Program and the Liquidity Rule, the Advisor 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, 2021 through November 30, 2022 (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 and Taiwan holiday market closure in January/February 2022. The temporary reclassification of Chinese securities caused the Fund to exceed the 15% limit on illiquid investments. Because a notification to the Fund’s board of the anticipated extended holiday closure was made before the start of the holiday closure no filing on Form N-RN was required. Also, 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, the Advisor stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. The Advisor also reported that there were no material changes made to the Program during the Reporting Period.

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Board Considerations in Approval of Investment 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

Board Approval of Investment Advisory Agreement with DBX Advisors LLC

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 15-16, 2023 (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 met with representatives of the Advisor on February 13, 2023 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held on February 15 and February 16, 2023.

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 Vedder Price P.C. (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of each Fund and 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

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

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 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 noted that the Peer Groups for currency-hedged Funds included ETFs that were not currency hedged. The Board also noted that the following Funds had advisory fees and/or total expenses (after waivers/reimbursements) that were above the average and/or median of their respective Peer Groups:

— 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

The Board considered, however, the following additional factors in connection with those Funds:

— The peer group for each of Xtrackers MSCI Emerging Markets Hedged Equity ETF and Xtrackers MSCI All World ex-US Hedged Equity ETF did not contain any other currency-hedged ETFs. In addition, Xtrackers MSCI Emerging Markets Hedged Equity ETF’s advisory fees and total expenses were lower than the largest fund included in its peer group.

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

— The other currency-hedged Funds had advisory fees and total expenses that were competitive with other currency-hedged ETFs in their respective Peer Groups.

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. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisers can share benefits of economies of scale.

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

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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) Chairperson 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).	42	The Arbitrage Funds, Sierra Income Corporation, Mutual Fund Directors Forum
George O. Elston (1964) Board Member since 2011, Chairperson of the Audit Committee since 2015	Chief Financial Officer, EyePoint Pharmaceuticals, Inc. (2019-present); Chief Financial Officer, Enzyvant (2018-2019); 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).	42	—
J. David Officer (1948) Board Member since 2011, Chairperson 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).	42	(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(3)	Business Experience and Directorships During the Past 5 Years
Freddi Klassen(4) (1975) President and Chief Executive Officer, 2016-present	Chief Administrative Officer Investment Division Americas, of DWS Investment Management Americas, Inc. and Manager (since 2023) and Chief Operating Officer of the Advisor (2016-present). Formerly: Programmes (Head 2021-2023), of DWS Investment Management Americas, Inc.; Chief Operating Officer in the Americas for the Traditional Asset Classes Department (2014-2020); 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).
Diane Kenneally(4) (1966) Treasurer, Chief Financial Officer and Controller, 2019-present	Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; 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(4) (1967) Chief Compliance Officer, 2010-present	AFC Compliance US (Senior Team Lead), of DWS Investment Management Americas, Inc.; 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. (2019-2022); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012).
Bryan Richards(4) (1978) Vice President, 2016-present	Portfolio Engineering, Systematic Investments Solutions (Head), of DWS Investment Management Americas, Inc. (2018-present); 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(5) (1962) Secretary, 2020-present	Legal (Associate General Counsel), DWS US Retail Legal (2003-present), of DWS Investment Management Americas, Inc.; 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); Vice President, DBX Advisors LLC (2021-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); and Assistant Secretary of DBX ETF Trust (2019-2020).

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DBX ETF Trust

Board Members and Officers (Unaudited) (Continued)

Name, Year of Birth, Position with the Trust and Length of Time Served(3)	Business Experience and Directorships During the Past 5 Years
Caroline Pearson(5) (1962) Assistant Secretary, 2020-present	Legal (Senior Team Lead), DWS US Retail Legal, of DWS Investment Management Americas, Inc.; Chief Legal Officer of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2010-present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020- 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); Secretary, Deutsche AM Service Company (2010-2017); and Chief Legal Officer, DBXStrategic Advisors LLC (2020-2021).
Paul Antosca(5) (1957) Assistant Treasurer, 2019-present	Fund Administration Tax (Head), of DWS Investment Management Americas, Inc.; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2007-present).
Jeffrey Berry(5) (1959) Assistant Treasurer, 2019-present	Fund Administration (Senior Specialist), of DWS Investment Management Americas, Inc.
Sheila Cadogan(5) (1966) Assistant Treasurer, 2019-present	Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; 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(6) (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).
Christian Rijs(4) (1980) Anti-Money Laundering Compliance Officer, since October 21, 2021	Senior Team Lead Anti-Financial Crime and Compliance, DWS Investment Management Americas, Inc.; AML Officer, DWS Trust Company (since November 2, 2021); AML Officer, DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (since October 6, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO.

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

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

(5) Address: 100 Summer Street, Boston, MA 02110.

(6) Address: BNY Mellon Asset Servicing, 240 Greenwich Street, New York, NY 10286.

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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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 period ended May 31, 2023.

	Qualified Dividend Income*
Xtrackers MSCI All World ex US Hedged Equity ETF		41%
Xtrackers MSCI Emerging Markets Hedged Equity ETF		72%
Xtrackers MSCI Europe Hedged Equity ETF		100%
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	$	4,653,324	$	386,887
Xtrackers MSCI Emerging Markets Hedged Equity ETF		3,237,757		333,369
Xtrackers MSCI Eurozone Hedged Equity ETF		736,719		78,759
Xtrackers MSCI Germany Hedged Equity ETF		323,719		44,777
Xtrackers MSCI Japan Hedged Equity ETF		5,862,697		422,682

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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. 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. 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. The U.S. government has imposed restrictions on the ability of U.S. investors to hold and/or acquire securities of certain Chinese companies. To the extent that an Underlying Index includes such a security, and the Fund excludes it, the Fund’s tracking error may increase, and the performance of the Fund and Underlying Index may diverge. 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. 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 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, sanctions, economic uncertainty, trade disputes, public health crises, natural disasters, climate change and related geopolitical events have led and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Funds and their investments.

On January 31, 2020, the United Kingdom officially withdrew from the EU pursuant to a withdrawal agreement, providing for a transition period in which the United Kingdom negotiated and finalized a trade deal with the EU, the EU-UK Trade and Cooperation Agreement provisionally applied effective January 1, 2021. As a result, as of January 1, 2021 the United Kingdom is no longer part of the EU customs union and single market, nor is it subject to EU policies and international agreements. The long-term impact of the United Kingdom’s withdrawal from the EU is still unknown and could have adverse economic and political effects on the United Kingdom, the EU and its member countries, and the global economy, including financial markets and asset valuations.

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 © 2022 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 One Manhattan West New York, NY, 10001	Legal counsel Vedder Price P.C. 1633 Broadway New York, NY 10019

R-35361-10 (7/23) DBX005557 (7/24)

May 31, 2023

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		2
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		34
Other Information		35
Liquidity Risk Management		36
Board Considerations in Approval of Investment Advisory Contracts		37
Board Members and Officers		40
Additional Information		43

To our Shareholders: (Unaudited)

Dear shareholder,

We are pleased to provide this annual report for our Xtrackers MSCI EAFE Hedged Equity ETF for the period ended May 31, 2023.

Globally, economic recovery was the main priority for all economies amid elevated inflation, hawkish monetary policies of central banks, and escalating geopolitical tensions across the globe. Growing inflation in both developed and emerging economies affected the cost of living, prompting major central banks to resort to aggressive interest rate hikes. Market sentiment turned positive during the latter half of the year, as China’s reopening lent hope industrial productivity issues and supply chain bottlenecks in recent years would soon end. Toward the end of the reporting period, concerns around the U.S. defaulting on its debt and negotiations to increase the debt ceiling dominated the headlines.

The U.S. economy expanded during the reporting period, driven by robust consumer spending and solid government investments. The labor market remained resilient even though wage growth slowed, as hiring shifted from the industries that had grown rapidly during the pandemic-induced lockdowns to in-person service industries. Consumer confidence has been dipping since the start of the year amid worries about the near-term trajectory of the economy. Inflation peaked in June 2022 before cooling in second half of 2022, but core CPI¹ remained elevated, due to high energy prices, which partially influenced the U.S. Federal Reserve Board’s decision to hike interest rates. Consequently, U.S. equity markets witnessed heightened volatility, but still advanced over the reporting period.

As the war in Ukraine entered its second year, the Eurozone economy continued its battle with heightened inflation in the region. The Eurozone CPI numbers continued to surpass wage growth rate, weighing on consumption demand. The European Central Bank (ECB), like other developed central banks, continued to hike lending rates, which took a toll on the economy. GDP² numbers were negative quarter-over-quarter in three of the four quarters during the reporting period. Eurozone GDP expanded 0.1% during Q1 2023 on budgetary support measures from the ECB and retreating energy prices. Plans to move to a sustainable mix of fossil fuels and sustainable energy could play a major role in stabilizing the heavily-energy-reliant economy in the months to come.

In the Pacific, the Bank of Japan (BoJ) remained accommodative to prop up economic recovery, while the rest of the developed world’s central banks maintained their tightening stance. The BoJ used yield curve control, the practice of buying bonds at a variable rate to control interest rates, to control the shape of the yield curve and suppress short- to medium-term rates to spur healthy inflation in the country. Consumer confidence in Japan rose significantly since the start of the reporting period. Australia’s CPI peaked and reached the highest level in 20 years. The Reserve Bank of Australia (RBA) announced it wanted to keep inflation within its 2-3% target band. However, it also said it would not raise interest rates too quickly, as this could derail the economic recovery. The RBA has kept the interest rate unchanged since November 2022 — the lowest in the RBA’s history — and plans to maintain it for a while as it assesses the impact of accelerating inflation on the economy.

Central banks worldwide remain cautious about global developments and how they could affect the economic recovery. Given the lag in the effects of interest rate hikes, economies are treading carefully to assess the effects of their decisions on ordinary citizens. The recent banking crisis in the U.S. and Europe has added to worries the Fed and the ECB may not be done with their tightening stance just yet. China’s recovery will likely play an integral role in the recovery, as industrial productivity growth and increased income could buoy further investments.

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

¹ The Consumer Price Index (CPI) is a measure of the average change overtime in the prices paid by urban consumers for a market basket of consumer.

² Gross domestic product (GDP) is the monetary value of all finished goods and services produced within a country’s borders within 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.

1

DBX ETF Trust

Management’s Discussion of Fund Performance (Unaudited)

Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)

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, 2023, DBEF returned 9.62%, compared to the DBEF Index return of 9.82%.

The majority of the sectors contributed positively to performance during the period with the greatest contribution coming from Consumer Discretionary, Industrials and Information Technology, while Materials, Real Estate and Communication Services sectors detracted most from the performance. From a geographical perspective, most countries contributed positively to performance with the greatest contributions coming from France, Japan and Germany. However, Australia, Hong Kong and Norway contributed negatively 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 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.

2

This Page is Intentionally Left Blank

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 is an equity index which captures large- and mid-cap representation across developed markets countries around the world, excluding the United States and Canada. It is not possible to invest directly into an index.

Performance as of May 31, 2023

Average Annual Total Return
	Net Asset Value	Market Value	MSCI EAFE US Dollar Hedged Index	MSCI EAFE Index
One Year	9.62%	9.93%	9.82%	3.06%
Five Year	7.52%	7.61%	7.72%	3.21%
Ten Year	7.91%	7.99%	8.20%	4.56%
Cumulative Total Returns
	Net Asset Value	Market Value	MSCI EAFE US Dollar Hedged Index	MSCI EAFE Index
One Year	9.62%	9.93%	9.82%	3.06%
Five Year	43.71%	44.28%	45.02%	17.11%
Ten Year	114.04%	115.75%	120.02%	56.22%

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 the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2022, 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.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

4

DBX ETF Trust

Performance Summary (Unaudited)

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

Growth of an Assumed $10,000 Investment

Sector Diversification* as of May 31, 2023

Financials	17.9%
Industrials	15.9%
Health Care	13.6%
Consumer Discretionary	12.2%
Consumer Staples	10.2%
Information Technology	8.5%
Materials	7.3%
Communication Services	4.3%
Energy	4.2%
Utilities	3.5%
Real Estate	2.4%
Total	100.0%

Ten Largest Equity Holdings
as of May 31, 2023 (14.8% of Net Assets)

Description	% of Net Assets
Nestle SA (Switzerland)		2.1%
ASML Holding NV (Netherlands)		1.9%
Novo Nordisk A/S (Denmark)		1.7%
LVMH Moet Hennessy Louis Vuitton SE (France)		1.6%
Roche Holding AG (Switzerland)		1.5%
AstraZeneca PLC (United Kingdom)		1.5%
Novartis AG (Switzerland)		1.3%
Shell PLC (United Kingdom)		1.2%
HSBC Holdings PLC (United Kingdom)		1.0%
Toyota Motor Corp. (Japan)		1.0%

Country Diversification* as of May 31, 2023

Japan	22.4%
United Kingdom	14.1%
France	11.8%
Switzerland	11.0%
Germany	8.5%
Australia	7.2%
Netherlands	4.8%
Denmark	3.1%
Sweden	3.1%
Hong Kong	2.7%
Spain	2.6%
Italy	2.0%
Other	6.7%
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 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 unitary advisory fees and other Fund expenses. In the most recent 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, 2022 to May 31, 2023).

Actual expenses

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

Hypothetical example for comparison purposes

The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the 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, 2022		Ending Account Value May 31, 2023		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers MSCI EAFE Hedged Equity ETF
Actual	$	1,000.00	$	1,064.50		0.35	%	$	1.80
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.19		0.35	%	$	1.77

(1) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 365.

6

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF

May 31, 2023

	Number of Shares		Value
COMMON STOCKS — 97.0%
Australia — 7.0%
Ampol Ltd.		59,679	$	1,219,280
ANZ Group Holdings Ltd.		794,629		11,846,584
APA Group (a)		315,217		2,058,531
Aristocrat Leisure Ltd.		152,872		3,694,034
ASX Ltd.		51,507		2,259,090
Aurizon Holdings Ltd.		455,910		1,055,707
BHP Group Ltd.		1,340,505		36,638,577
BlueScope Steel Ltd.		120,184		1,447,777
Brambles Ltd.		366,879		3,278,866
Cochlear Ltd.		17,408		2,756,141
Coles Group Ltd.		354,316		4,143,760
Commonwealth Bank of Australia		446,641		28,116,310
Computershare Ltd.		151,631		2,205,332
CSL Ltd.		127,688		25,447,129
Dexus REIT		269,854		1,441,074
EBOS Group Ltd.		40,855		1,035,461
Endeavour Group Ltd.		387,098		1,553,532
Fortescue Metals Group Ltd.		449,618		5,620,969
Goodman Group REIT		441,920		5,642,584
GPT Group REIT		490,451		1,336,669
IDP Education Ltd.		66,330		941,410
IGO Ltd.		180,775		1,676,764
Insurance Australia Group Ltd.		626,511		2,114,999
Lendlease Corp. Ltd. (a)		190,050		976,583
Lottery Corp. Ltd.		607,365		1,967,403
Macquarie Group Ltd.		97,158		10,790,162
Medibank Pvt Ltd.		702,175		1,630,526
Mineral Resources Ltd.		46,003		2,118,225
Mirvac Group REIT		996,829		1,491,292
National Australia Bank Ltd.		830,487		14,028,748
Newcrest Mining Ltd.		236,640		3,954,270
Northern Star Resources Ltd.		303,408		2,547,812
Orica Ltd.		112,059		1,114,470
Origin Energy Ltd.		442,945		2,399,987
Pilbara Minerals Ltd.		714,515		2,049,576
Qantas Airways Ltd. *		224,759		972,194
QBE Insurance Group Ltd.		393,885		3,745,682
Ramsay Health Care Ltd.		46,996		1,753,718
REA Group Ltd.		13,204		1,181,183
Reece Ltd.		62,817		742,006
Rio Tinto Ltd.		98,205		6,834,889
Santos Ltd.		878,270		4,164,565
Scentre Group REIT		1,372,236		2,418,868
SEEK Ltd.		89,616		1,371,581
Sonic Healthcare Ltd.		115,921		2,653,356
South32 Ltd.		1,211,853		3,058,411
Stockland REIT		630,253		1,746,380
Suncorp Group Ltd.		338,353		2,927,088
Telstra Group Ltd.		1,065,302		3,021,157
Transurban Group (a)		815,067		7,867,583
Treasury Wine Estates Ltd.		182,670		1,380,662
Vicinity Ltd. REIT		978,918		1,181,148
Washington H Soul Pattinson & Co. Ltd.		62,352		1,302,687
Wesfarmers Ltd.		299,836		9,297,004

	Number of Shares		Value
Australia (Continued)
Westpac Banking Corp.		928,603	$	12,490,929
WiseTech Global Ltd.		43,881		2,135,828
Woodside Energy Group Ltd.		502,898		11,219,878
Woolworths Group Ltd.		322,429		7,873,040
(Cost $287,413,148)				283,939,471
Austria — 0.2%
Erste Group Bank AG		89,817		2,906,085
OMV AG		38,871		1,731,773
Verbund AG		18,185		1,371,348
voestalpine AG		29,649		918,430
(Cost $6,291,105)				6,927,636
Belgium — 0.8%
Ageas SA/NV (b)		41,442		1,653,622
Anheuser-Busch InBev SA/NV		230,273		12,284,797
D’ieteren Group		5,823		1,006,455
Elia Group SA/NV		8,259		998,453
Groupe Bruxelles Lambert NV		25,328		1,951,431
KBC Group NV		66,433		4,344,409
Sofina SA		3,885		801,467
Solvay SA		19,041		1,987,668
UCB SA		33,243		2,896,688
Umicore SA (b)		53,911		1,498,263
Warehouses De Pauw CVA REIT		44,326		1,243,254
(Cost $39,007,755)				30,666,507
Chile — 0.0%
Antofagasta PLC (Cost $1,347,939)		101,206		1,683,849
Denmark — 3.1%
A.P. Moller — Maersk A/S, Class A		829		1,391,057
A.P. Moller — Maersk A/S, Class B		1,313		2,207,918
Carlsberg A/S, Class B		26,069		3,927,198
Chr Hansen Holding A/S		27,913		2,024,165
Coloplast A/S, Class B		31,477		3,962,497
Danske Bank A/S *		182,605		3,714,142
Demant A/S *		24,572		933,973
DSV A/S		49,318		9,503,767
Genmab A/S *		17,499		6,844,721
Novo Nordisk A/S, Class B		437,959		70,170,001
Novozymes A/S, Class B		52,448		2,527,297
Orsted AS, 144A		50,135		4,389,822
Pandora A/S		23,249		1,852,138
ROCKWOOL A/S, Class B		2,379		567,205
Tryg A/S		95,677		2,176,771
Vestas Wind Systems A/S *		267,335		7,611,007
(Cost $67,997,166)				123,803,679
Finland — 1.1%
Elisa OYJ		37,906		2,123,130
Fortum OYJ		124,319		1,651,757
Kesko OYJ, Class B		74,656		1,411,261
Kone OYJ, Class B		90,585		4,596,348
Metso Corp. (b)		175,823		1,923,539
Neste OYJ		109,633		4,144,897
Nokia OYJ		1,420,836		5,763,591

See Notes to Financial Statements. 7

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
Finland (Continued)
Nordea Bank Abp		859,474	$	8,449,168
Orion OYJ, Class B		27,343		1,157,095
Sampo OYJ, Class A		120,812		5,555,433
Stora Enso OYJ, Class R		154,971		1,962,108
UPM-Kymmene OYJ		138,385		4,152,110
Wartsila OYJ Abp		121,686		1,377,444
(Cost $46,958,051)				44,267,881
France — 11.5%
Accor SA		48,895		1,618,613
Aeroports de Paris *		7,505		1,139,941
Air Liquide SA		138,617		23,209,008
Airbus SE		156,921		20,554,000
Alstom SA (b)		84,031		2,311,988
Amundi SA, 144A		15,411		866,471
Arkema SA		14,700		1,280,597
AXA SA		482,165		13,613,936
BioMerieux		10,317		1,032,648
BNP Paribas SA (b)		294,202		16,984,674
Bollore SE		219,968		1,408,393
Bouygues SA		55,327		1,771,807
Bureau Veritas SA		78,192		1,983,341
Capgemini SE		43,699		7,604,371
Carrefour SA (b)		152,725		2,805,415
Cie de Saint-Gobain		129,823		7,188,178
Cie Generale des Etablissements Michelin SCA		180,114		5,113,437
Covivio SA REIT		12,626		617,304
Credit Agricole SA (b)		315,412		3,604,745
Danone SA		170,059		10,059,495
Dassault Aviation SA		6,306		1,066,345
Dassault Systemes SE		176,883		7,772,683
Edenred		65,870		4,230,142
Eiffage SA		19,725		2,100,395
Engie SA		483,567		7,258,101
EssilorLuxottica SA		77,016		13,866,396
Eurazeo SE		11,746		802,284
Gecina SA REIT		11,634		1,190,708
Getlink SE		98,125		1,665,588
Hermes International		8,381		17,037,195
Ipsen SA *		9,611		1,110,534
Kering SA		19,707		10,497,657
Klepierre SA REIT		58,897		1,333,388
La Francaise des Jeux SAEM, 144A		26,473		1,020,390
Legrand SA *		70,751		6,689,858
L’Oreal SA		63,734		27,182,004
LVMH Moet Hennessy Louis Vuitton SE		73,044		63,546,700
Orange SA		493,713		5,895,802
Pernod Ricard SA		54,634		11,802,302
Publicis Groupe SA		60,583		4,488,970
Remy Cointreau SA		5,887		904,564
Renault SA		49,533		1,656,411
Safran SA		90,559		13,110,401
Sanofi (b)		300,279		30,453,488
Sartorius Stedim Biotech		7,082		1,859,181
Schneider Electric SE		143,594		24,763,712

	Number of Shares		Value
France (Continued)
SEB SA		6,479	$	608,051
Societe Generale SA (b)		193,117		4,464,928
Sodexo SA		22,494		2,429,632
Teleperformance		15,153		2,265,968
Thales SA		27,409		3,817,465
TotalEnergies SE (b)		626,017		35,518,486
Unibail-Rodamco-Westfield REIT * (b)		30,872		1,412,362
Valeo		55,516		1,065,766
Veolia Environnement SA		179,908		5,296,047
Vinci SA		140,653		15,984,585
Vivendi SE		190,601		1,688,951
Wendel SE		7,500		788,047
Worldline SA, 144A *		61,204		2,378,054
(Cost $351,938,655)				465,791,903
Germany — 7.7%
adidas AG		42,896		6,946,513
Allianz SE		106,602		22,787,114
BASF SE		236,783		11,241,327
Bayer AG		260,032		14,492,230
Bayerische Motoren Werke AG		87,404		9,521,999
Bechtle AG		20,654		809,787
Beiersdorf AG		26,703		3,400,882
Brenntag SE		40,989		3,215,011
Carl Zeiss Meditec AG		10,388		1,164,227
Commerzbank AG *		273,333		2,746,359
Continental AG		28,426		1,892,351
Covestro AG, 144A *		49,757		1,917,862
Daimler Truck Holding AG *		131,600		3,980,886
Delivery Hero SE, 144A *		43,695		1,634,697
Deutsche Bank AG (c)		513,857		5,204,808
Deutsche Boerse AG		50,268		8,677,638
Deutsche Lufthansa AG *		151,828		1,486,568
Deutsche Post AG		266,593		11,982,630
Deutsche Telekom AG		857,594		19,016,587
E.ON SE		593,870		7,179,454
Evonik Industries AG *		57,690		1,155,908
Fresenius Medical Care AG & Co. KGaA		54,106		2,310,466
Fresenius SE & Co. KGaA		109,082		2,983,739
GEA Group AG		40,940		1,719,362
Hannover Rueck SE		15,966		3,416,627
Heidelberg Materials AG		38,620		2,760,870
HelloFresh SE *		45,918		1,091,088
Henkel AG & Co. KGaA		27,906		2,002,106
Infineon Technologies AG		345,864		12,839,483
Knorr-Bremse AG		18,440		1,261,080
LEG Immobilien SE *		18,892		979,595
Mercedes-Benz Group AG		226,575		16,897,331
Merck KGaA		34,250		5,958,254
MTU Aero Engines AG		14,218		3,279,649
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		37,056		13,229,469
Nemetschek SE		14,182		1,110,256
Puma SE		26,788		1,274,773
Rational AG		1,266		849,151
Rheinmetall AG		11,216		2,834,150

See Notes to Financial Statements. 8

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
Germany (Continued)
RWE AG		165,860	$	6,935,502
SAP SE		276,237		36,076,083
Scout24 SE, 144A		19,907		1,276,717
Siemens AG		201,659		33,052,969
Siemens Energy AG *		137,747		3,495,427
Siemens Healthineers AG, 144A		74,719		4,224,975
Symrise AG		35,399		3,783,045
Talanx AG		16,816		937,377
Telefonica Deutschland Holding AG		261,738		737,199
Volkswagen AG		7,887		1,183,631
Vonovia SE		190,209		3,488,878
Wacker Chemie AG		4,886		648,653
Zalando SE, 144A *		59,299		1,713,924
(Cost $308,923,299)				314,806,667
Hong Kong — 2.6%
AIA Group Ltd.		3,081,289		29,551,916
BOC Hong Kong Holdings Ltd.		956,375		2,839,648
Budweiser Brewing Co. APAC Ltd., 144A		418,131		1,050,874
CK Asset Holdings Ltd.		521,646		2,811,264
CK Hutchison Holdings Ltd.		699,512		4,229,884
CK Infrastructure Holdings Ltd.		167,096		923,990
CLP Holdings Ltd.		434,766		3,167,557
ESR Group Ltd., 144A		517,395		763,824
Futu Holdings Ltd., ADR *		15,098		556,512
Galaxy Entertainment Group Ltd. *		575,467		3,567,984
Hang Lung Properties Ltd.		500,193		792,086
Hang Seng Bank Ltd.		197,589		2,641,939
Henderson Land Development Co. Ltd.		362,162		1,149,324
HKT Trust & HKT Ltd. (a)		1,016,024		1,297,530
Hong Kong & China Gas Co. Ltd.		2,951,899		2,661,457
Hong Kong Exchanges & Clearing Ltd.		318,960		11,674,161
Hongkong Land Holdings Ltd.		286,500		1,229,085
Jardine Matheson Holdings Ltd.		41,657		1,999,953
Link REIT		656,265		3,813,326
MTR Corp. Ltd.		406,402		1,871,003
New World Development Co. Ltd.		412,961		986,198
Power Assets Holdings Ltd.		359,161		1,933,303
Prudential PLC		728,446		9,568,952
Sino Land Co. Ltd.		973,604		1,265,737
SITC International Holdings Co. Ltd.		331,593		575,914
Sun Hung Kai Properties Ltd.		375,866		4,785,656
Swire Pacific Ltd., Class A		122,500		818,184
Swire Properties Ltd.		344,397		820,700
Techtronic Industries Co. Ltd.		379,551		3,521,430
WH Group Ltd., 144A		2,061,658		1,076,845
Wharf Real Estate Investment Co. Ltd.		440,310		2,173,308
Xinyi Glass Holdings Ltd.		442,666		654,633
(Cost $114,354,067)				106,774,177
Ireland — 1.2%
AerCap Holdings NV *		43,304		2,471,792
AIB Group PLC		353,179		1,446,631
Bank of Ireland Group PLC		275,250		2,587,326
CRH PLC		195,851		9,232,127
DCC PLC		25,425		1,453,914

	Number of Shares		Value
Ireland (Continued)
Experian PLC		243,363	$	8,573,357
Flutter Entertainment PLC *		46,674		9,112,386
James Hardie Industries PLC CDI *		113,721		2,802,718
Kerry Group PLC, Class A		42,233		4,116,129
Kingspan Group PLC		39,786		2,640,094
Smurfit Kappa Group PLC		69,054		2,452,769
(Cost $35,914,079)				46,889,243
Israel — 0.6%
Azrieli Group Ltd.		11,664		613,278
Bank Hapoalim BM		325,935		2,622,119
Bank Leumi Le-Israel BM		396,867		2,781,169
Check Point Software Technologies Ltd. *		25,786		3,218,351
CyberArk Software Ltd. *		10,341		1,600,063
Elbit Systems Ltd.		7,045		1,439,188
ICL Group Ltd.		205,868		1,121,045
Israel Discount Bank Ltd., Class A		313,132		1,507,948
Mizrahi Tefahot Bank Ltd.		39,216		1,257,964
Monday.com Ltd. *		6,033		1,087,147
Nice Ltd. *		16,350		3,288,797
Teva Pharmaceutical Industries Ltd., ADR *		285,594		2,056,277
Tower Semiconductor Ltd. *		27,994		1,158,305
Wix.com Ltd. *		14,618		1,114,184
(Cost $26,625,908)				24,865,835
Italy — 2.0%
Amplifon SpA		33,181		1,144,881
Assicurazioni Generali SpA		273,434		5,177,631
Davide Campari-Milano NV		134,679		1,757,733
DiaSorin SpA		6,296		647,407
Enel SpA		2,153,392		13,483,725
Eni SpA		615,226		8,187,314
Ferrari NV		33,383		9,513,119
FinecoBank Banca Fineco SpA		156,005		2,069,416
Infrastrutture Wireless Italiane SpA, 144A		85,607		1,088,914
Intesa Sanpaolo SpA		4,275,336		9,850,441
Mediobanca Banca di Credito Finanziario SpA		152,610		1,679,371
Moncler SpA		54,673		3,700,422
Nexi SpA, 144A *		162,031		1,269,173
Poste Italiane SpA, 144A		132,334		1,371,518
Prysmian SpA		65,154		2,414,528
Recordati Industria Chimica e Farmaceutica SpA		26,497		1,150,467
Snam SpA		520,147		2,718,769
Telecom Italia SpA *(b)		2,664,075		705,643
Terna — Rete Elettrica Nazionale		373,344		3,125,498
UniCredit SpA		491,596		9,413,222
(Cost $71,419,051)				80,469,192
Japan — 21.9%
Advantest Corp.		50,700		6,517,402
Aeon Co. Ltd.		173,700		3,440,962
AGC, Inc. (b)		54,300		1,983,757

See Notes to Financial Statements. 9

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
Japan (Continued)
Aisin Corp.		40,054	$	1,152,819
Ajinomoto Co., Inc.		118,847		4,624,221
ANA Holdings, Inc. *(b)		43,600		968,541
Asahi Group Holdings Ltd.		127,565		4,952,443
Asahi Intecc Co. Ltd.		57,800		1,101,446
Asahi Kasei Corp.		345,800		2,354,145
Astellas Pharma, Inc.		479,432		7,596,240
Azbil Corp.		28,900		915,798
Bandai Namco Holdings, Inc.		158,800		3,728,224
BayCurrent Consulting, Inc.		34,900		1,280,022
Bridgestone Corp.		151,276		6,165,047
Brother Industries Ltd.		59,300		861,462
Canon, Inc. (b)		266,086		6,609,895
Capcom Co. Ltd.		46,000		1,796,088
Central Japan Railway Co.		38,354		4,675,706
Chiba Bank Ltd.		143,700		898,351
Chubu Electric Power Co., Inc.		163,900		1,956,330
Chugai Pharmaceutical Co. Ltd.		178,100		4,800,039
Concordia Financial Group Ltd.		287,715		1,115,134
CyberAgent, Inc.		117,400		832,523
Dai Nippon Printing Co. Ltd.		58,000		1,654,764
Daifuku Co. Ltd.		77,663		1,576,951
Dai-ichi Life Holdings, Inc.		250,638		4,307,574
Daiichi Sankyo Co. Ltd.		489,593		15,953,721
Daikin Industries Ltd.		69,688		13,284,861
Daito Trust Construction Co. Ltd.		15,813		1,503,838
Daiwa House Industry Co. Ltd.		156,136		4,081,445
Daiwa House REIT Investment Corp. REIT		622		1,305,832
Daiwa Securities Group, Inc.		337,187		1,531,953
Denso Corp.		114,753		7,092,324
Dentsu Group, Inc.		53,700		1,726,725
Disco Corp.		24,300		3,549,291
East Japan Railway Co.		80,053		4,417,351
Eisai Co. Ltd.		66,752		4,248,747
ENEOS Holdings, Inc.		780,728		2,598,971
FANUC Corp.		254,285		8,756,931
Fast Retailing Co. Ltd. (b)		46,351		10,872,067
Fuji Electric Co. Ltd.		32,300		1,360,854
FUJIFILM Holdings Corp.		98,854		6,054,342
Fujitsu Ltd.		46,602		5,927,059
GLP J REIT		1,246		1,321,793
GMO Payment Gateway, Inc.		10,700		846,323
Hakuhodo DY Holdings, Inc.		62,259		653,312
Hamamatsu Photonics KK		36,700		1,872,866
Hankyu Hanshin Holdings, Inc.		58,040		1,847,532
Hikari Tsushin, Inc.		4,900		709,370
Hirose Electric Co. Ltd.		7,866		1,068,184
Hitachi Construction Machinery Co. Ltd.		29,100		720,581
Hitachi Ltd.		248,001		14,322,024
Honda Motor Co. Ltd.		407,699		11,719,609
Hoshizaki Corp.		29,500		1,062,910
Hoya Corp.		94,574		11,923,146
Hulic Co. Ltd.		95,200		794,671
Ibiden Co. Ltd.		29,600		1,618,891
Idemitsu Kosan Co. Ltd.		52,884		1,027,884

	Number of Shares		Value
Japan (Continued)
Iida Group Holdings Co. Ltd.		42,500	$	702,817
Inpex Corp.		266,517		2,831,115
Isuzu Motors Ltd.		149,500		1,742,602
ITOCHU Corp.		314,654		10,661,988
Itochu Techno-Solutions Corp.		23,800		620,090
Japan Airlines Co. Ltd.		34,873		667,299
Japan Exchange Group, Inc.		132,578		2,170,064
Japan Metropolitan Fund Invest REIT		1,952		1,381,426
Japan Post Bank Co. Ltd.		390,558		2,918,147
Japan Post Holdings Co. Ltd.		580,013		4,098,495
Japan Post Insurance Co. Ltd.		53,000		797,710
Japan Real Estate Investment Corp. REIT		354		1,346,636
Japan Tobacco, Inc. (b)		317,541		6,928,582
JFE Holdings, Inc.		125,085		1,547,795
JSR Corp.		48,100		1,161,719
Kajima Corp.		107,100		1,502,821
Kansai Electric Power Co., Inc.		179,567		2,056,981
Kao Corp.		123,704		4,330,195
Kawasaki Kisen Kaisha Ltd.		36,700		825,799
KDDI Corp.		396,233		12,203,379
Keio Corp.		25,860		911,341
Keisei Electric Railway Co. Ltd.		32,928		1,264,416
Keyence Corp.		51,470		25,046,948
Kikkoman Corp.		37,182		2,196,360
Kintetsu Group Holdings Co. Ltd.		48,440		1,604,526
Kirin Holdings Co. Ltd.		207,123		3,091,421
Kobayashi Pharmaceutical Co. Ltd.		13,400		757,883
Kobe Bussan Co. Ltd.		38,100		1,051,459
Koei Tecmo Holdings Co. Ltd.		26,100		439,668
Koito Manufacturing Co. Ltd.		52,300		984,250
Komatsu Ltd.		245,273		5,795,361
Konami Group Corp.		26,866		1,425,012
Kose Corp.		8,600		864,167
Kubota Corp.		264,781		3,662,178
Kurita Water Industries Ltd.		26,200		1,073,763
Kyocera Corp.		85,200		4,846,906
Kyowa Kirin Co. Ltd.		68,200		1,311,868
Lasertec Corp.		19,900		3,092,302
Lixil Corp.		76,500		988,337
M3, Inc.		114,942		2,564,075
Makita Corp.		57,300		1,554,595
Marubeni Corp.		404,400		5,781,911
MatsukiyoCocokara & Co.		30,300		1,624,554
Mazda Motor Corp.		145,800		1,249,490
McDonald’s Holdings Co. Japan Ltd.		22,522		926,259
MEIJI Holdings Co. Ltd.		57,680		1,293,738
MINEBEA MITSUMI, Inc.		92,420		1,783,724
MISUMI Group, Inc.		72,700		1,591,495
Mitsubishi Chemical Group Corp.		343,200		1,929,507
Mitsubishi Corp.		328,025		13,151,607
Mitsubishi Electric Corp.		511,379		6,676,464
Mitsubishi Estate Co. Ltd.		290,051		3,337,174
Mitsubishi HC Capital, Inc.		235,900		1,281,725
Mitsubishi Heavy Industries Ltd.		88,299		3,743,003
Mitsubishi UFJ Financial Group, Inc.		3,020,852		20,218,514
Mitsui & Co. Ltd.		347,260		10,976,731

See Notes to Financial Statements. 10

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
Japan (Continued)
Mitsui Chemicals, Inc.		44,400	$	1,123,345
Mitsui Fudosan Co. Ltd.		240,126		4,588,807
Mitsui OSK Lines Ltd.		90,500		2,062,354
Mizuho Financial Group, Inc.		637,858		9,399,049
MonotaRO Co. Ltd.		63,900		889,761
MS&AD Insurance Group Holdings, Inc.		111,021		3,823,282
Murata Manufacturing Co. Ltd.		152,277		8,961,200
NEC Corp.		65,059		3,058,579
Nexon Co. Ltd.		103,445		2,113,077
NGK Insulators Ltd.		63,900		771,891
Nidec Corp.		110,746		5,516,435
Nintendo Co. Ltd.		274,910		11,712,656
Nippon Building Fund, Inc. REIT		406		1,626,040
NIPPON EXPRESS HOLDINGS, Inc.		19,600		1,101,511
Nippon Paint Holdings Co. Ltd.		251,910		1,936,448
Nippon Prologis REIT, Inc. REIT (b)		594		1,245,769
Nippon Sanso Holdings Corp.		46,200		948,373
Nippon Shinyaku Co. Ltd.		14,200		650,249
Nippon Steel Corp.		214,109		4,173,070
Nippon Telegraph & Telephone Corp.		316,202		8,975,984
Nippon Yusen KK		128,300		2,737,282
Nissan Chemical Corp.		32,049		1,393,985
Nissan Motor Co. Ltd.		613,442		2,302,306
Nisshin Seifun Group, Inc.		46,700		586,243
Nissin Foods Holdings Co. Ltd.		15,800		1,348,373
Nitori Holdings Co. Ltd.		20,601		2,512,930
Nitto Denko Corp.		39,824		2,838,344
Nomura Holdings, Inc.		772,554		2,711,494
Nomura Real Estate Holdings, Inc.		27,636		669,453
Nomura Real Estate Master Fund, Inc. REIT		1,060		1,246,969
Nomura Research Institute Ltd.		104,043		2,621,144
NTT Data Corp.		166,534		2,386,997
Obayashi Corp.		161,700		1,304,510
Obic Co. Ltd.		18,300		2,967,142
Odakyu Electric Railway Co. Ltd.		74,350		1,084,365
Oji Holdings Corp.		225,668		869,792
Olympus Corp.		313,816		4,769,463
Omron Corp.		46,592		2,817,424
Ono Pharmaceutical Co. Ltd.		103,706		1,941,626
Open House Group Co. Ltd.		19,600		754,036
Oracle Corp. (b)		9,700		743,556
Oriental Land Co. Ltd.		288,500		10,823,539
ORIX Corp.		305,746		5,212,989
Osaka Gas Co. Ltd.		99,100		1,571,232
Otsuka Corp.		28,600		1,079,749
Otsuka Holdings Co. Ltd.		103,767		3,852,766
Pan Pacific International Holdings Corp.		97,272		1,660,937
Panasonic Holdings Corp.		585,085		6,133,261
Persol Holdings Co. Ltd.		45,300		857,067
Rakuten Group, Inc. (b)		254,486		1,052,101
Recruit Holdings Co. Ltd.		381,653		11,751,598
Renesas Electronics Corp. *		337,100		5,540,707
Resona Holdings, Inc.		564,325		2,565,942
Ricoh Co. Ltd.		141,400		1,183,366

	Number of Shares		Value
Japan (Continued)
Rohm Co. Ltd.		22,100	$	1,873,325
SBI Holdings, Inc.		62,325		1,167,545
SCSK Corp.		40,300		638,668
Secom Co. Ltd.		55,700		3,652,433
Seiko Epson Corp.		71,059		1,080,739
Sekisui Chemical Co. Ltd.		91,200		1,260,075
Sekisui House Ltd.		158,551		3,099,326
Seven & i Holdings Co. Ltd.		199,676		8,376,861
SG Holdings Co. Ltd.		85,600		1,258,272
Sharp Corp. *		51,273		294,408
Shimadzu Corp.		61,000		1,891,405
Shimano, Inc.		20,394		3,207,124
Shimizu Corp.		132,200		802,736
Shin-Etsu Chemical Co. Ltd.		482,420		14,878,584
Shionogi & Co. Ltd.		69,295		3,121,446
Shiseido Co. Ltd.		106,057		4,829,942
Shizuoka Financial Group, Inc.		108,300		797,530
SMC Corp.		15,082		8,127,447
SoftBank Corp.		759,700		8,100,013
SoftBank Group Corp.		272,528		10,709,426
Sompo Holdings, Inc.		81,435		3,325,786
Sony Group Corp.		333,716		31,521,282
Square Enix Holdings Co. Ltd.		21,000		942,042
Subaru Corp.		157,834		2,717,702
SUMCO Corp. (b)		89,100		1,273,268
Sumitomo Chemical Co. Ltd.		395,722		1,181,556
Sumitomo Corp.		298,076		5,640,606
Sumitomo Electric Industries Ltd.		184,400		2,189,109
Sumitomo Metal Mining Co. Ltd.		63,200		1,918,794
Sumitomo Mitsui Financial Group, Inc.		345,315		14,072,841
Sumitomo Mitsui Trust Holdings, Inc.		87,781		3,090,370
Sumitomo Realty & Development Co. Ltd.		78,903		1,907,943
Suntory Beverage & Food Ltd.		35,000		1,288,713
Suzuki Motor Corp.		96,426		3,185,017
Sysmex Corp.		43,107		2,824,502
T&D Holdings, Inc.		137,100		1,871,625
Taisei Corp.		45,815		1,458,385
Takeda Pharmaceutical Co. Ltd.		419,011		13,295,874
TDK Corp.		103,072		3,950,508
Terumo Corp.		178,144		5,429,029
TIS, Inc.		57,800		1,622,092
Tobu Railway Co. Ltd.		50,379		1,319,816
Toho Co. Ltd.		27,500		1,083,617
Tokio Marine Holdings, Inc.		477,150		10,767,340
Tokyo Electric Power Co. Holdings, Inc. *		397,900		1,373,694
Tokyo Electron Ltd.		118,592		16,440,728
Tokyo Gas Co. Ltd.		100,380		2,139,086
Tokyu Corp.		149,810		1,937,611
TOPPAN, Inc.		66,389		1,421,413
Toray Industries, Inc.		353,343		1,869,618
Toshiba Corp.		110,016		3,552,571
Tosoh Corp.		63,340		729,666
TOTO Ltd.		36,115		1,097,772
Toyota Industries Corp.		39,400		2,437,667
Toyota Motor Corp.		2,807,020		38,451,087

See Notes to Financial Statements. 11

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
Japan (Continued)
Toyota Tsusho Corp.		54,511	$	2,402,279
Trend Micro, Inc.		35,776		1,705,025
Unicharm Corp.		107,000		4,077,251
USS Co. Ltd.		53,700		874,540
Welcia Holdings Co. Ltd.		23,200		490,893
West Japan Railway Co.		56,206		2,356,356
Yakult Honsha Co. Ltd.		32,679		2,122,698
Yamaha Corp.		35,781		1,420,197
Yamaha Motor Co. Ltd.		77,074		1,902,993
Yamato Holdings Co. Ltd.		71,771		1,315,136
Yaskawa Electric Corp.		61,420		2,600,955
Yokogawa Electric Corp.		62,044		1,172,078
Z Holdings Corp.		683,000		1,701,556
ZOZO, Inc.		33,397		681,723
(Cost $766,128,608)				886,119,967
Jordan — 0.0%
Hikma Pharmaceuticals PLC
(Cost $1,202,209)		40,538		903,404
Luxembourg — 0.2%
ArcelorMittal SA		128,585		3,192,838
Eurofins Scientific SE (b)		34,703		2,286,478
Tenaris SA		122,350		1,526,203
(Cost $6,530,199)				7,005,519
Macau — 0.1%
Sands China Ltd. *
(Cost $2,444,564)		613,590		1,986,413
Netherlands — 4.7%
ABN AMRO Bank NV, 144A		105,893		1,539,938
Adyen NV, 144A *		5,744		9,374,195
Aegon NV		456,738		2,008,974
Akzo Nobel NV		46,031		3,465,829
Argenx SE *		14,783		5,761,249
ASM International NV		12,420		5,381,988
ASML Holding NV		106,569		76,491,700
Euronext NV, 144A		21,906		1,455,264
EXOR NV *		27,903		2,316,251
Heineken Holding NV		30,021		2,552,718
Heineken NV		68,679		6,935,875
IMCD NV		15,179		2,280,402
ING Groep NV		958,354		11,788,627
JDE Peet’s NV		33,652		977,682
Just Eat Takeaway.com NV, 144A *		55,806		839,171
Koninklijke Ahold Delhaize NV		258,415		8,192,685
Koninklijke KPN NV		854,333		2,938,669
Koninklijke Philips NV *		246,874		4,656,494
NN Group NV (b)		66,566		2,399,261
OCI NV		26,802		595,606
Prosus NV *		212,110		13,959,431
QIAGEN NV *		59,080		2,665,589
Randstad NV		30,369		1,488,682
Stellantis NV		596,130		9,036,825
Universal Music Group NV		217,025		4,291,597
Wolters Kluwer NV		68,143		7,779,110
(Cost $132,049,322)				191,173,812

	Number of Shares		Value
New Zealand — 0.2%
Auckland International Airport Ltd. *		319,314	$	1,706,865
Fisher & Paykel Healthcare Corp. Ltd.		153,782		2,153,482
Mercury NZ Ltd.		177,035		699,481
Meridian Energy Ltd.		323,146		1,033,490
Spark New Zealand Ltd.		515,043		1,600,686
Xero Ltd. *		38,055		2,721,580
(Cost $8,675,775)				9,915,584
Norway — 0.6%
Adevinta ASA *		69,156		484,083
Aker BP ASA		81,560		1,772,245
DNB Bank ASA		245,432		4,108,148
Equinor ASA		253,213		6,472,783
Gjensidige Forsikring ASA		47,799		803,095
Kongsberg Gruppen ASA		22,512		901,681
Mowi ASA		117,497		2,016,466
Norsk Hydro ASA		357,437		2,160,040
Orkla ASA		192,940		1,388,100
Salmar ASA (b)		19,443		856,528
Telenor ASA		182,063		1,869,803
Yara International ASA (b)		42,383		1,581,506
(Cost $27,944,280)				24,414,478
Portugal — 0.2%
EDP — Energias de Portugal SA		771,608		3,762,612
Galp Energia SGPS SA		133,933		1,416,722
Jeronimo Martins SGPS SA		73,138		1,765,243
(Cost $6,076,900)				6,944,577
Singapore — 1.4%
CapitaLand Ascendas REIT		860,999		1,719,069
CapitaLand Integrated Commercial Trust REIT		1,418,534		2,097,958
CapitaLand Investment Ltd.		672,200		1,645,332
City Developments Ltd.		140,500		701,305
DBS Group Holdings Ltd.		479,387		10,741,275
Genting Singapore Ltd.		1,634,278		1,220,602
Grab Holdings Ltd., Class A * (b)		496,220		1,478,736
Jardine Cycle & Carriage Ltd.		26,500		633,547
Keppel Corp. Ltd.		369,000		1,721,800
Mapletree Logistics Trust REIT		883,575		1,084,622
Mapletree Pan Asia Commercial Trust REIT		628,100		766,372
Oversea-Chinese Banking Corp. Ltd.		895,687		8,126,954
Sea Ltd., ADR *		96,593		5,545,404
Seatrium Ltd. *		10,095,160		918,217
Singapore Airlines Ltd.		370,150		1,754,538
Singapore Exchange Ltd.		214,900		1,474,726
Singapore Technologies Engineering Ltd.		445,800		1,206,558
Singapore Telecommunications Ltd.		2,146,589		3,952,530
United Overseas Bank Ltd.		334,754		6,918,860
UOL Group Ltd.		115,281		541,325
Venture Corp. Ltd.		75,100		842,466
Wilmar International Ltd.		490,166		1,417,251
(Cost $61,444,487)				56,509,447

See Notes to Financial Statements. 12

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
Spain — 2.5%
Acciona SA		6,327	$	1,023,232
ACS Actividades de Construccion y Servicios SA		54,025		1,797,098
Aena SME SA, 144A		19,956		3,118,590
Amadeus IT Group SA *		119,271		8,529,005
Banco Bilbao Vizcaya Argentaria SA		1,597,418		10,449,786
Banco Santander SA		4,357,935		14,184,220
CaixaBank SA		1,093,185		4,004,471
Cellnex Telecom SA, 144A *		150,039		6,079,885
Corp ACCIONA Energias Renovables SA *(b)		17,845		593,600
EDP Renovaveis SA		69,612		1,382,507
EDP Renovaveis SA *		913		18,132
Enagas SA		63,078		1,203,858
Endesa SA		81,906		1,771,124
Ferrovial SA		135,146		4,182,049
Grifols SA *(b)		79,488		921,443
Iberdrola SA		1,540,566		18,772,520
Industria de Diseno Textil SA (b)		288,677		9,655,064
Naturgy Energy Group SA		33,457		951,990
Red Electrica Corp. SA		104,389		1,768,009
Repsol SA		353,243		4,791,512
Telefonica SA		1,380,265		5,857,205
(Cost $112,765,014)				101,055,300
Sweden — 3.0%
Alfa Laval AB (b)		74,644		2,681,236
Assa Abloy AB, Class B		265,858		5,899,354
Atlas Copco AB, Class A		715,973		10,427,720
Atlas Copco AB, Class B		411,109		5,174,947
Beijer Ref AB		89,716		1,326,915
Boliden AB		71,231		2,169,067
Boliden AB *		70,097		74,155
Embracer Group AB *(b)		163,943		377,006
Epiroc AB, Class A		169,893		2,974,591
Epiroc AB, Class B		104,239		1,574,372
EQT AB (b)		91,861		1,736,181
Essity AB, Class B		161,836		4,300,992
Evolution AB, 144A		48,512		6,373,017
Fastighets AB Balder, Class B *(b)		187,714		630,338
Getinge AB, Class B		58,611		1,347,559
H & M Hennes & Mauritz AB, Class B (b)		174,370		2,176,291
Hexagon AB, Class B		552,165		6,400,999
Holmen AB, Class B (b)		25,260		955,298
Husqvarna AB, Class B		108,363		799,856
Industrivarden AB, Class A		33,406		898,888
Industrivarden AB, Class C (b)		44,454		1,188,384
Indutrade AB		70,396		1,655,491
Investment AB Latour, Class B (b)		35,999		712,894
Investor AB, Class A		115,609		2,376,783
Investor AB, Class B (b)		459,138		9,335,668
Kinnevik AB, Class B *		59,265		850,598
L E Lundbergforetagen AB, Class B (b)		21,164		880,354
Lifco AB, Class B		60,789		1,283,359
Nibe Industrier AB, Class B		401,401		3,830,247
Saab AB, Class B		21,236		1,156,143

	Number of Shares		Value
Sweden (Continued)
Sagax AB, Class B (b)		47,236	$	930,634
Sandvik AB		284,545		4,999,033
Securitas AB, Class B		123,786		911,644
Skandinaviska Enskilda Banken AB, Class A		428,692		4,481,755
Skanska AB, Class B (b)		87,195		1,149,015
SKF AB, Class B		99,080		1,569,496
Svenska Cellulosa AB SCA, Class B		155,180		2,057,760
Svenska Handelsbanken AB, Class A		375,639		2,967,921
Swedbank AB, Class A		225,093		3,444,285
Swedish Orphan Biovitrum AB *		43,064		865,106
Tele2 AB, Class B (b)		147,404		1,339,320
Telefonaktiebolaget LM Ericsson, Class B		775,000		4,007,907
Telia Co. AB (b)		686,928		1,599,612
Volvo AB, Class A		53,420		1,029,826
Volvo AB, Class B		403,015		7,436,900
Volvo Car AB, Class B *(b)		142,032		487,933
(Cost $116,152,150)				120,846,850
Switzerland — 10.7%
ABB Ltd.		415,703		15,181,204
Adecco Group AG		40,357		1,203,509
Alcon, Inc.		132,265		10,261,702
Bachem Holding AG		9,002		944,926
Baloise Holding AG		12,287		1,887,402
Banque Cantonale Vaudoise (b)		8,132		818,334
Barry Callebaut AG		957		1,934,490
BKW AG		5,508		987,600
Chocoladefabriken Lindt & Spruengli AG		28		3,387,977
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		267		3,192,567
Cie Financiere Richemont SA, Class A		138,115		21,920,970
Clariant AG *		52,771		760,783
Coca-Cola HBC AG *		58,434		1,735,813
DSM-Firmenich AG *		46,032		5,119,147
Dufry AG *		26,273		1,187,658
EMS-Chemie Holding AG		1,795		1,389,487
Geberit AG		8,978		4,755,407
Givaudan SA		2,476		8,145,041
Glencore PLC		2,826,330		14,465,819
Helvetia Holding AG		10,557		1,498,787
Holcim AG *		146,657		9,040,158
Julius Baer Group Ltd.		56,173		3,431,749
Kuehne + Nagel International AG		14,093		4,009,329
Logitech International SA		44,580		2,856,644
Lonza Group AG		19,728		12,333,926
Nestle SA		727,584		86,199,631
Novartis AG		542,350		51,903,624
Partners Group Holding AG		6,030		5,434,449
Roche Holding AG		185,910		58,829,824
Roche Holding AG		8,478		2,857,805
Schindler Holding AG		6,091		1,221,210
Schindler Holding AG Participation Certificates		10,849		2,246,633
SGS SA		39,766		3,529,710

See Notes to Financial Statements. 13

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
Switzerland (Continued)
SIG Group AG *		78,621	$	2,144,327
Sika AG		38,891		10,607,219
Sonova Holding AG		13,780		3,531,432
STMicroelectronics NV		181,105		7,858,513
Straumann Holding AG		29,616		4,328,180
Swatch Group AG — Bearer		7,705		2,289,292
Swatch Group AG — Registered		13,681		767,608
Swiss Life Holding AG (b)		8,154		4,709,310
Swiss Prime Site AG		19,204		1,620,453
Swiss Re AG		79,900		8,002,721
Swisscom AG		6,853		4,340,171
Temenos AG		16,429		1,384,311
UBS Group AG		839,537		15,891,977
VAT Group AG, 144A (b)		7,176		2,957,071
Zurich Insurance Group AG		39,734		18,585,434
(Cost $340,978,735)				433,691,334
United Kingdom — 13.7%
3i Group PLC		257,600		6,266,237
abrdn PLC		524,586		1,295,330
Admiral Group PLC		56,324		1,628,994
Anglo American PLC		336,838		9,316,683
Ashtead Group PLC		116,182		7,081,708
Associated British Foods PLC		92,055		2,090,414
AstraZeneca PLC		410,077		59,479,467
Auto Trader Group PLC, 144A		246,215		1,929,559
Aviva PLC		726,716		3,563,563
BAE Systems PLC		807,525		9,323,965
Barclays PLC		4,117,415		7,751,424
Barratt Developments PLC		250,798		1,443,845
Berkeley Group Holdings PLC		30,397		1,484,513
BP PLC		4,682,575		26,404,234
British American Tobacco PLC		562,291		17,867,761
British Land Co. PLC REIT		233,522		996,380
BT Group PLC		1,791,204		3,272,066
Bunzl PLC		89,570		3,503,065
Burberry Group PLC		101,543		2,720,814
Centrica PLC		1,506,801		2,205,215
CNH Industrial NV		268,969		3,435,639
Coca-Cola Europacific Partners PLC		54,561		3,404,061
Compass Group PLC		461,403		12,638,654
Croda International PLC		36,591		2,776,561
Diageo PLC		596,734		24,845,034
Endeavour Mining PLC		49,528		1,325,855
Entain PLC		156,886		2,574,140
GSK PLC		1,083,917		18,154,038
Haleon PLC		1,345,959		5,327,643
Halma PLC		100,807		3,020,860
Hargreaves Lansdown PLC		88,701		885,145
HSBC Holdings PLC		5,286,624		38,833,043
Imperial Brands PLC		232,058		4,892,934
Informa PLC		363,544		3,152,048
InterContinental Hotels Group PLC		46,520		3,048,517
Intertek Group PLC		42,739		2,208,482
J Sainsbury PLC		425,409		1,431,982
JD Sports Fashion PLC		689,780		1,304,239

	Number of Shares		Value
United Kingdom (Continued)
Johnson Matthey PLC		46,349	$	997,446
Kingfisher PLC		496,167		1,425,749
Land Securities Group PLC REIT		181,025		1,355,621
Legal & General Group PLC		1,582,698		4,490,828
Lloyds Banking Group PLC		17,530,124		9,631,978
London Stock Exchange Group PLC		106,273		11,302,959
M&G PLC		604,000		1,489,168
Mondi PLC		123,770		1,916,849
National Grid PLC		972,695		13,382,428
NatWest Group PLC		1,517,919		4,901,809
Next PLC		33,190		2,620,055
Ocado Group PLC *(b)		147,128		675,344
Pearson PLC		169,745		1,685,434
Persimmon PLC		81,590		1,219,449
Phoenix Group Holdings PLC		201,190		1,382,494
Reckitt Benckiser Group PLC		189,539		14,726,640
RELX PLC		503,369		15,716,770
Rentokil Initial PLC		658,317		5,229,583
Rio Tinto PLC		298,006		17,727,100
Rolls-Royce Holdings PLC *		2,215,379		3,949,093
Sage Group PLC		271,204		2,938,444
Schroders PLC		218,324		1,237,338
Segro PLC REIT		338,283		3,356,359
Severn Trent PLC		65,879		2,272,479
Shell PLC		1,812,019		50,051,446
Smith & Nephew PLC		231,477		3,461,110
Smiths Group PLC		98,349		1,964,801
Spirax-Sarco Engineering PLC		18,923		2,571,666
SSE PLC		288,373		6,749,350
St James’s Place PLC		143,965		1,996,801
Standard Chartered PLC		634,210		4,998,634
Taylor Wimpey PLC		952,741		1,353,456
Tesco PLC		1,941,066		6,297,251
Unilever PLC		668,338		33,496,276
United Utilities Group PLC		173,829		2,189,376
Vodafone Group PLC		6,085,776		5,781,518
Whitbread PLC		54,764		2,238,545
Wise PLC, Class A *		162,920		1,176,264
WPP PLC		284,348		3,020,017
(Cost $578,884,029)				555,862,040
TOTAL COMMON STOCKS (Cost $3,519,466,495)				3,927,314,765
PREFERRED STOCKS — 0.5%
Germany — 0.5%
Bayerische Motoren Werke AG		16,009		1,645,322
Dr Ing hc F Porsche AG, 144A *		30,165		3,745,070
Henkel AG & Co. KGaA		44,613		3,554,579
Porsche Automobil Holding SE *		39,356		2,183,312
Sartorius AG (b)		6,956		2,330,958
Volkswagen AG		54,661		6,811,442
(Cost $23,840,985)				20,270,683

See Notes to Financial Statements. 14

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		255,836	$	316,020
SECURITIES LENDING COLLATERAL — 1.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.03% (d)(e) (Cost $72,167,804)		72,167,804		72,167,804

	Number of Shares		Value
CASH EQUIVALENTS — 1.3%
DWS ESG Liquidity Fund “Capital Shares”, 5.20% (d)		11,809,080	$	11,805,537
DWS Government Money Market Series “Institutional Shares”, 5.04% (d)		42,151,828		42,151,828
TOTAL CASH EQUIVALENTS
(Cost $53,960,908)				53,957,365
TOTAL INVESTMENTS — 100.6%
(Cost $3,669,436,192)			$	4,074,026,637
Other assets and liabilities, net — (0.6%)				(24,840,980	)
NET ASSETS — 100.0%			$	4,049,185,657

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2023 is as follows:

	Value ($) at 5/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2023		Value ($) at 5/31/2023
COMMON STOCKS — 0.1%
Germany — 0.1%
Deutsche Bank AG (c)
		6,384,048		1,103,479		(1,851,999	)		(3,604,957	)		3,174,237		170,231		—		513,857		5,204,808
SECURITIES LENDING COLLATERAL — 1.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.03% (d)(e)
		87,362,002		—		(15,194,198	) (f)		—			—		906,067		—		72,167,804		72,167,804
CASH EQUIVALENTS — 1.3%
DWS ESG Liquidity Fund “Capital Shares”, 5.20% (d)
		11,386,377		415,867		—			—			3,293		417,075		—		11,809,080		11,805,537
DWS Government Money Market Series “Institutional Shares”, 5.04% (d)
		—		2,078,936,348		(2,036,784,520	)		—			—		1,962,811		—		42,151,828		42,151,828
		105,132,427		2,080,455,694		(2,053,830,717	)		(3,604,957	)		3,177,530		3,456,184		—		126,642,569		131,329,977

* 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, 2023 amounted to $114,405,535, which is 2.8% of net assets.

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

(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 $63,336,398.

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2023.

ADR: American Depositary Receipt

CDI: Chess Depositary Interests

CVA: Credit Valuation Adjustment

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.

Securities are listed in country of domicile.

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023

At May 31, 2023, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation (Depreciation)
AMSTERDAM Index Futures	EUR	35	$	5,665,947	$	5,606,791	6/16/2023	$	(59,156	)
CAC40 10 EURO Futures	EUR	135		10,642,049		10,244,693	6/16/2023		(397,356	)
DAX Index Futures	EUR	22		9,139,121		9,209,382	6/16/2023		70,261
EURO STOXX 50 Futures	EUR	225		10,317,887		10,141,998	6/16/2023		(175,889	)
FTSE 100 Index Futures	GBP	135		12,778,717		12,514,391	6/16/2023		(264,326	)
FTSE/MIB Index Futures	EUR	6		853,814		836,725	6/16/2023		(17,089	)
IBEX 35 Index Futures	EUR	30		2,959,826		2,897,929	6/16/2023		(61,897	)
MSCI EAFE Futures	USD	215		21,697,800		22,074,050	6/16/2023		376,250
MSCI Singapore Index Futures	SGD	65		1,399,217		1,366,764	6/28/2023		(32,453	)
OMXS30 Index Futures	SEK	115		2,382,828		2,373,005	6/16/2023		(9,823	)
SPI 200 Futures	AUD	65		7,560,623		7,504,570	6/15/2023		(56,053	)
SWISS MID CAP Futures	CHF	200		5,938,002		5,889,651	6/16/2023		(48,351	)
TOPIX Index Futures	JPY	115		16,761,498		17,548,179	6/08/2023		786,681
Total net unrealized appreciation								$	110,799

As of May 31, 2023, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	6/2/2023	AUD	149,559,842	USD	98,967,486	$	1,686,244	$	—
Goldman Sachs & Co.	6/2/2023	AUD	1,562,100	USD	1,059,369		43,301		—
JP Morgan & Chase Co.	6/2/2023	AUD	135,550,200	USD	89,693,567		1,524,900		—
JP Morgan & Chase Co.	6/2/2023	AUD	1,562,100	USD	1,016,163		95		—
JP Morgan & Chase Co.	6/2/2023	AUD	1,562,100	USD	1,032,866		16,798		—
RBC Capital Markets	6/2/2023	AUD	1,562,100	USD	1,042,464		26,396		—
RBC Capital Markets	6/2/2023	AUD	9,055,000	USD	5,991,829		102,002		—
RBC Capital Markets	6/2/2023	AUD	143,216,500	USD	94,769,580		1,614,366		—
Goldman Sachs & Co.	6/2/2023	CHF	1,301,600	USD	1,466,901		37,749		—
Goldman Sachs & Co.	6/2/2023	CHF	123,905,300	USD	139,690,304		3,642,761		—
JP Morgan & Chase Co.	6/2/2023	CHF	1,301,600	USD	1,444,251		15,099		—
JP Morgan & Chase Co.	6/2/2023	CHF	113,188,500	USD	127,604,633		3,324,095		—
JP Morgan & Chase Co.	6/2/2023	CHF	1,301,600	USD	1,436,853		7,701		—
RBC Capital Markets	6/2/2023	CHF	1,301,600	USD	1,462,894		33,742		—
RBC Capital Markets	6/2/2023	CHF	116,976,200	USD	131,874,750		3,435,332		—
RBC Capital Markets	6/2/2023	CHF	10,390,000	USD	11,713,140		304,960		—
Goldman Sachs & Co.	6/2/2023	DKK	2,973,800	USD	439,177		12,315		—
Goldman Sachs & Co.	6/2/2023	DKK	247,309,300	USD	36,706,390		1,207,362		—
Goldman Sachs & Co.	6/2/2023	DKK	2,973,800	USD	439,911		13,049		—
Goldman Sachs & Co.	6/2/2023	DKK	16,946,000	USD	2,515,139		82,692		—
JP Morgan & Chase Co.	6/2/2023	DKK	2,973,800	USD	428,089		1,227		—
JP Morgan & Chase Co.	6/2/2023	DKK	2,973,800	USD	430,208		3,346		—
JP Morgan & Chase Co.	6/2/2023	DKK	242,684,400	USD	36,016,741		1,181,576		—
RBC Capital Markets	6/2/2023	DKK	325,728,400	USD	48,345,588		1,590,204		—
Goldman Sachs & Co.	6/2/2023	EUR	394,013,900	USD	435,739,972		14,578,194		—
Goldman Sachs & Co.	6/2/2023	EUR	4,365,600	USD	4,800,060		133,667		—
Goldman Sachs & Co.	6/2/2023	EUR	19,042,000	USD	21,058,243		704,234		—
JP Morgan & Chase Co.	6/2/2023	EUR	4,365,600	USD	4,703,615		37,222		—
JP Morgan & Chase Co.	6/2/2023	EUR	345,210,100	USD	381,781,658		12,786,302		—
JP Morgan & Chase Co.	6/2/2023	EUR	4,365,600	USD	4,681,748		15,355		—
RBC Capital Markets	6/2/2023	EUR	464,113,100	USD	513,285,883		17,195,014		—
RBC Capital Markets	6/2/2023	EUR	4,365,600	USD	4,812,921		146,528		—
Goldman Sachs & Co.	6/2/2023	GBP	11,363,000	USD	14,291,268		156,258		—
Goldman Sachs & Co.	6/2/2023	GBP	129,163,700	USD	162,452,415		1,779,164		—
Goldman Sachs & Co.	6/2/2023	GBP	1,705,500	USD	2,154,357		32,799		—
JP Morgan & Chase Co.	6/2/2023	GBP	1,705,500	USD	2,117,014		—		(4,543	)
JP Morgan & Chase Co.	6/2/2023	GBP	1,705,500	USD	2,100,840		—		(20,718	)

See Notes to Financial Statements. 16

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	6/2/2023	GBP	140,458,700	USD	176,657,716	$	1,934,044	$	—
RBC Capital Markets	6/2/2023	GBP	1,705,500	USD	2,129,228		7,670		—
RBC Capital Markets	6/2/2023	GBP	196,561,300	USD	247,219,078		2,706,548		—
Goldman Sachs & Co.	6/2/2023	HKD	2,838,100	USD	362,223		—		(221	)
Goldman Sachs & Co.	6/2/2023	HKD	2,838,100	USD	362,583		139		—
Goldman Sachs & Co.	6/2/2023	HKD	234,266,900	USD	29,880,982		—		(36,443	)
JP Morgan & Chase Co.	6/2/2023	HKD	2,838,100	USD	362,248		—		(196	)
JP Morgan & Chase Co.	6/2/2023	HKD	239,832,000	USD	30,592,143		—		(35,982	)
RBC Capital Markets	6/2/2023	HKD	320,571,400	USD	40,890,983		—		(48,095	)
RBC Capital Markets	6/2/2023	HKD	2,838,100	USD	361,942		—		(502	)
Goldman Sachs & Co.	6/2/2023	ILS	19,812,600	USD	5,452,834		143,351		—
JP Morgan & Chase Co.	6/2/2023	ILS	20,482,700	USD	5,637,570		148,510		—
RBC Capital Markets	6/2/2023	ILS	227,400	USD	62,484		1,544		—
RBC Capital Markets	6/2/2023	ILS	23,374,200	USD	6,433,414		169,475		—
Goldman Sachs & Co.	6/2/2023	JPY	406,321,900	USD	2,987,683		71,323		—
Goldman Sachs & Co.	6/2/2023	JPY	33,715,322,200	USD	248,757,311		6,766,842		—
Goldman Sachs & Co.	6/2/2023	JPY	406,321,900	USD	3,033,928		117,568		—
JP Morgan & Chase Co.	6/2/2023	JPY	406,321,900	USD	2,900,184		—		(16,177	)
JP Morgan & Chase Co.	6/2/2023	JPY	406,321,900	USD	2,934,963		18,603		—
JP Morgan & Chase Co.	6/2/2023	JPY	31,752,149,800	USD	234,273,560		6,373,687		—
RBC Capital Markets	6/2/2023	JPY	3,060,400,000	USD	22,579,805		613,898		—
RBC Capital Markets	6/2/2023	JPY	45,242,273,200	USD	333,805,092		9,080,361		—
Goldman Sachs & Co.	6/2/2023	NOK	74,833,200	USD	7,010,070		268,462		—
JP Morgan & Chase Co.	6/2/2023	NOK	77,011,200	USD	7,214,096		276,275		—
RBC Capital Markets	6/2/2023	NOK	115,015,300	USD	10,774,166		412,614		—
RBC Capital Markets	6/2/2023	NOK	953,100	USD	88,356		2,492		—
Goldman Sachs & Co.	6/2/2023	NZD	6,422,400	USD	3,966,487		98,275		—
JP Morgan & Chase Co.	6/2/2023	NZD	3,786,300	USD	2,338,426		57,938		—
RBC Capital Markets	6/2/2023	NZD	50,300	USD	31,227		932		—
RBC Capital Markets	6/2/2023	NZD	3,882,000	USD	2,397,531		59,402		—
Goldman Sachs & Co.	6/2/2023	SEK	422,788,300	USD	41,282,276		2,322,076		—
Goldman Sachs & Co.	6/2/2023	SEK	40,835,000	USD	3,987,188		224,218		—
Goldman Sachs & Co.	6/2/2023	SEK	4,951,600	USD	485,085		28,792		—
JP Morgan & Chase Co.	6/2/2023	SEK	377,830,100	USD	36,889,905		2,072,631		—
JP Morgan & Chase Co.	6/2/2023	SEK	4,951,600	USD	457,488		1,195		—
JP Morgan & Chase Co.	6/2/2023	SEK	4,951,600	USD	466,044		9,751		—
RBC Capital Markets	6/2/2023	SEK	544,989,100	USD	53,214,316		2,993,238		—
RBC Capital Markets	6/2/2023	SEK	4,951,600	USD	480,979		24,686		—
Goldman Sachs & Co.	6/2/2023	USD	97,798,565	AUD	151,121,942		498,746		—
JP Morgan & Chase Co.	6/2/2023	USD	89,743,138	AUD	138,674,400		457,666		—
RBC Capital Markets	6/2/2023	USD	99,553,414	AUD	153,833,600		507,696		—
Goldman Sachs & Co.	6/2/2023	USD	136,965,378	CHF	125,206,900		511,317		—
JP Morgan & Chase Co.	6/2/2023	USD	126,665,974	CHF	115,791,700		472,868		—
RBC Capital Markets	6/2/2023	USD	140,751,299	CHF	128,667,800		525,451		—
Goldman Sachs & Co.	6/2/2023	USD	38,682,200	DKK	270,202,900		102,998		—
JP Morgan & Chase Co.	6/2/2023	USD	35,594,113	DKK	248,632,000		94,776		—
RBC Capital Markets	6/2/2023	USD	46,631,220	DKK	325,728,400		124,164		—
Goldman Sachs & Co.	6/2/2023	USD	445,013,061	EUR	417,421,500		1,169,119		—
JP Morgan & Chase Co.	6/2/2023	USD	377,336,820	EUR	353,941,300		991,323		—
RBC Capital Markets	6/2/2023	USD	499,445,142	EUR	468,478,700		1,312,121		—
Goldman Sachs & Co.	6/2/2023	USD	176,282,589	GBP	142,232,200		647,229		—
JP Morgan & Chase Co.	6/2/2023	USD	178,312,106	GBP	143,869,700		654,681		—
RBC Capital Markets	6/2/2023	USD	245,731,872	GBP	198,266,800		902,216		—
Goldman Sachs & Co.	6/2/2023	USD	30,650,925	HKD	239,943,100		—		(8,612	)
JP Morgan & Chase Co.	6/2/2023	USD	30,999,278	HKD	242,670,100		—		(8,709	)
RBC Capital Markets	6/2/2023	USD	41,260,422	HKD	323,409,500		41,100		—
Goldman Sachs & Co.	6/2/2023	USD	5,304,649	ILS	19,812,600		4,833		—
JP Morgan & Chase Co.	6/2/2023	USD	5,484,063	ILS	20,482,700		4,997		—

See Notes to Financial Statements. 17

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets	6/2/2023	USD	6,319,121	ILS	23,601,600	$	5,758	$	—
Goldman Sachs & Co.	6/2/2023	USD	247,131,418	JPY	34,527,966,000		691,773		—
JP Morgan & Chase Co.	6/2/2023	USD	233,080,153	JPY	32,564,793,600		652,440		—
RBC Capital Markets	6/2/2023	USD	345,722,887	JPY	48,302,673,200		967,751		—
RBC Capital Markets	6/2/2023	USD	10,407,334	NOK	115,968,400		40,082		—
RBC Capital Markets	6/2/2023	USD	6,911,204	NOK	77,011,200		26,617		—
RBC Capital Markets	6/2/2023	USD	6,715,744	NOK	74,833,200		25,864		—
Goldman Sachs & Co.	6/2/2023	USD	3,849,265	NZD	6,422,400		18,946		—
Goldman Sachs & Co.	6/2/2023	USD	2,269,319	NZD	3,786,300		11,170		—
Goldman Sachs & Co.	6/2/2023	USD	2,356,824	NZD	3,932,300		11,600		—
Goldman Sachs & Co.	6/2/2023	USD	43,053,300	SEK	468,574,900		126,163		—
JP Morgan & Chase Co.	6/2/2023	USD	35,625,464	SEK	387,733,300		104,396		—
RBC Capital Markets	6/2/2023	USD	50,529,301	SEK	549,940,700		148,070		—
Goldman Sachs & Co.	6/5/2023	SGD	236,600	USD	174,653		—		(338	)
Goldman Sachs & Co.	6/5/2023	SGD	236,600	USD	175,676		684		—
Goldman Sachs & Co.	6/5/2023	SGD	236,600	USD	178,723		3,732		—
Goldman Sachs & Co.	6/5/2023	SGD	21,008,600	USD	15,764,707		226,528		—
JP Morgan & Chase Co.	6/5/2023	SGD	22,513,300	USD	16,893,823		242,752		—
RBC Capital Markets	6/5/2023	SGD	236,600	USD	177,474		2,482		—
RBC Capital Markets	6/5/2023	SGD	22,737,200	USD	17,061,836		245,167		—
Goldman Sachs & Co.	6/5/2023	USD	16,030,114	SGD	21,718,400		33,040		—
JP Morgan & Chase Co.	6/5/2023	USD	16,616,821	SGD	22,513,300		34,250		—
RBC Capital Markets	6/5/2023	USD	16,956,711	SGD	22,973,800		34,950		—
Goldman Sachs & Co.	7/5/2023	AUD	151,121,942	USD	97,918,707		—		(511,331	)
JP Morgan & Chase Co.	7/5/2023	AUD	2,401,900	USD	1,564,216		—		(210	)
JP Morgan & Chase Co.	7/5/2023	AUD	138,674,400	USD	89,853,107		—		(469,491	)
JP Morgan & Chase Co.	7/5/2023	AUD	11,121,000	USD	7,205,663		—		(37,762	)
RBC Capital Markets	7/5/2023	AUD	153,833,600	USD	99,675,712		—		(520,506	)
Goldman Sachs & Co.	7/5/2023	CHF	125,206,900	USD	137,488,772		—		(558,900	)
JP Morgan & Chase Co.	7/5/2023	CHF	115,791,700	USD	127,150,709		—		(516,175	)
JP Morgan & Chase Co.	7/5/2023	CHF	1,988,600	USD	2,191,722		—		(821	)
JP Morgan & Chase Co.	7/5/2023	CHF	6,844,000	USD	7,515,296		—		(30,600	)
RBC Capital Markets	7/5/2023	CHF	128,667,800	USD	141,289,161		—		(574,349	)
Goldman Sachs & Co.	7/5/2023	DKK	270,202,900	USD	38,768,225		—		(111,842	)
Goldman Sachs & Co.	7/5/2023	DKK	4,621,500	USD	664,806		—		(192	)
JP Morgan & Chase Co.	7/5/2023	DKK	30,436,000	USD	4,366,649		—		(12,851	)
JP Morgan & Chase Co.	7/5/2023	DKK	248,632,000	USD	35,671,736		—		(104,449	)
RBC Capital Markets	7/5/2023	DKK	325,728,400	USD	46,734,924		—		(134,825	)
Goldman Sachs & Co.	7/5/2023	EUR	417,421,500	USD	445,879,211		—		(1,228,420	)
JP Morgan & Chase Co.	7/5/2023	EUR	353,941,300	USD	378,067,709		—		(1,045,145	)
JP Morgan & Chase Co.	7/5/2023	EUR	6,594,600	USD	7,062,296		—		(1,298	)
JP Morgan & Chase Co.	7/5/2023	EUR	8,734,000	USD	9,329,170		—		(25,974	)
RBC Capital Markets	7/5/2023	EUR	468,478,700	USD	500,415,830		—		(1,380,080	)
Goldman Sachs & Co.	7/5/2023	GBP	142,232,200	USD	176,410,598		—		(651,950	)
Goldman Sachs & Co.	7/5/2023	GBP	2,534,800	USD	3,155,273		—		(258	)
JP Morgan & Chase Co.	7/5/2023	GBP	143,869,700	USD	178,440,870		—		(660,175	)
RBC Capital Markets	7/5/2023	GBP	198,266,800	USD	245,910,312		—		(908,796	)
Goldman Sachs & Co.	7/5/2023	HKD	239,943,100	USD	30,675,612		5,771		—
Goldman Sachs & Co.	7/5/2023	HKD	4,081,700	USD	521,650		—		(78	)
JP Morgan & Chase Co.	7/5/2023	HKD	242,670,100	USD	31,024,246		5,837		—
RBC Capital Markets	7/5/2023	HKD	323,409,500	USD	41,293,611		—		(45,013	)
Goldman Sachs & Co.	7/5/2023	ILS	19,812,600	USD	5,312,615		—		(5,825	)
JP Morgan & Chase Co.	7/5/2023	ILS	20,482,700	USD	5,492,298		—		(6,022	)
RBC Capital Markets	7/5/2023	ILS	23,601,600	USD	6,328,610		—		(6,939	)
Goldman Sachs & Co.	7/5/2023	JPY	34,527,966,000	USD	248,402,633		—		(801,788	)
Goldman Sachs & Co.	7/5/2023	JPY	667,651,400	USD	4,816,432		—		(2,319	)
JP Morgan & Chase Co.	7/5/2023	JPY	32,564,793,600	USD	234,279,091		—		(756,200	)
JP Morgan & Chase Co.	7/5/2023	JPY	11,013,229,000	USD	79,230,666		—		(256,940	)

See Notes to Financial Statements. 18

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets	7/5/2023	JPY	48,302,673,200	USD	347,499,996	$	—	$	(1,122,906	)
JP Morgan & Chase Co.	7/5/2023	NOK	1,414,500	USD	127,629		—		(22	)
RBC Capital Markets	7/5/2023	NOK	74,833,200	USD	6,726,640		—		(26,649	)
RBC Capital Markets	7/5/2023	NOK	77,011,200	USD	6,922,417		—		(27,425	)
RBC Capital Markets	7/5/2023	NOK	115,968,400	USD	10,424,220		—		(41,298	)
Goldman Sachs & Co.	7/5/2023	NZD	3,786,300	USD	2,268,978		—		(11,128	)
Goldman Sachs & Co.	7/5/2023	NZD	6,422,400	USD	3,848,687		—		(18,875	)
Goldman Sachs & Co.	7/5/2023	NZD	3,932,300	USD	2,356,470		—		(11,557	)
Goldman Sachs & Co.	7/5/2023	SEK	468,574,900	USD	43,131,156		—		(133,025	)
JP Morgan & Chase Co.	7/5/2023	SEK	14,795,000	USD	1,361,811		—		(4,233	)
JP Morgan & Chase Co.	7/5/2023	SEK	7,505,500	USD	692,868		—		(126	)
JP Morgan & Chase Co.	7/5/2023	SEK	387,733,300	USD	35,689,888		—		(110,075	)
RBC Capital Markets	7/5/2023	SEK	549,940,700	USD	50,620,676		—		(156,124	)
Goldman Sachs & Co.	7/5/2023	SGD	355,000	USD	262,762		—		(84	)
Goldman Sachs & Co.	7/5/2023	SGD	21,718,400	USD	16,046,458		—		(34,097	)
JP Morgan & Chase Co.	7/5/2023	SGD	22,513,300	USD	16,634,095		—		(35,013	)
RBC Capital Markets	7/5/2023	SGD	22,973,800	USD	16,974,339		—		(35,729	)
RBC Capital Markets	7/5/2023	USD	5,510,808	GBP	4,443,000		20,210		—
RBC Capital Markets	7/5/2023	USD	4,247,311	HKD	33,219,000		—		(1,215	)
RBC Capital Markets	7/5/2023	USD	1,184,825	ILS	4,418,000		1,131		—
Goldman Sachs & Co.	7/5/2023	USD	136,022	NZD	227,000		677		—
Total unrealized appreciation (depreciation)						$	117,189,731	$	(13,317,641	)

For information on the Fund’s policy and additional disclosures regarding 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

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023

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, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1			Level 2			Level 3		Total
Common Stocks (a)	$	3,927,314,765		$	—		$	—	$	3,927,314,765
Preferred Stocks		20,270,683			—			—		20,270,683
Warrants		316,020			—			—		316,020
Short-Term Investments (a)		126,125,169			—			—		126,125,169
Derivatives (b)
Forward Foreign Currency Contracts		—			117,189,731			—		117,189,731
Futures Contracts		1,233,192			—			—		1,233,192
TOTAL	$	4,075,259,829		$	117,189,731		$	—	$	4,192,449,560
Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—		$	(13,317,641	)	$	—	$	(13,317,641	)
Futures Contracts		(1,122,393	)		—			—		(1,122,393	)
TOTAL	$	(1,122,393	)	$	(13,317,641	)	$	—	$	(14,440,034	)

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

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

See Notes to Financial Statements. 20

This Page is Intentionally Left Blank

DBX ETF Trust

Statements of Assets and Liabilities

May 31, 2023

	Xtrackers MSCI EAFE Hedged Equity ETF
Assets
Investment in non-affiliated securities at value	$	3,942,696,660
Investment in affiliated securities at value		5,204,808
Investment in DWS ESG Liquidity Fund		11,805,537
Investment in DWS Government Money Market Series		42,151,828
Investment in DWS Government & Agency Securities Portfolio*		72,167,804
Cash		3,217
Foreign currency at value		24,223,346
Unrealized appreciation on forward foreign currency contracts		117,189,731
Deposit with broker for futures contracts		6,690,701
Receivables:
Investment securities sold		16,284,322
Capital shares		21,283,395
Dividends		16,387,875
Interest		180,356
Securities lending income		258,010
Foreign tax reclaim		9,331,005
Total assets	$	4,285,858,595
Liabilities
Payable upon return of securities loaned	$	72,167,804
Unrealized depreciation on forward foreign currency contracts		13,317,641
Payables:
Investment securities purchased		148,184,287
Investment advisory fees		1,201,816
Variation margin on futures contracts		1,801,390
Total liabilities		236,672,938
Net Assets, at value	$	4,049,185,657
Net Assets Consist of
Paid-in capital	$	4,098,720,652
Distributable earnings (loss)		(49,534,995	)
Net Assets, at value	$	4,049,185,657
Number of Common Shares outstanding		114,150,001
Net Asset Value	$	35.47
Investment in non-affiliated securities at cost	$	3,531,364,423
Investment in affiliated securities at cost	$	11,943,057
Value of securities loaned	$	114,405,535
Investment in DWS ESG Liquidity Fund at cost	$	11,809,080
Investment in DWS Government Money Market Series at cost	$	42,151,828
Investment in DWS Government & Agency Securities Portfolio at cost*	$	72,167,804
Non-cash collateral for securities on loan	$	63,336,398
Foreign currency at cost	$	24,613,125

* Represents collateral on securities loaned.

See Notes to Financial Statements. 22

DBX ETF Trust

Statements of Operations

For the Year Ended May 31, 2023

	Xtrackers MSCI EAFE Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	129,768,477
Affiliated dividend income		170,231
Income distributions from affiliated funds		2,379,886
Affiliated securities lending income		906,067
Other income		740,942
Total investment income**		133,965,603
Expenses
Investment advisory fees		13,981,604
Interest expense (see note 2):		496,763
Other expenses		63,612
Total expenses		14,541,979
Less fees waived (see note 3):
Waiver		(39,289	)
Net expenses		14,502,690
Net investment income (loss)		119,462,913
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(279,118,796	)
Investments in affiliates		(3,655,078	)
In-kind redemptions		40,378,643
In-kind redemptions in affiliates		50,121
Futures contracts		5,423,047
Foreign currency transactions		(1,792,314	)
Forward foreign currency contracts		58,546,963
Payments by Affiliates (see note 6)		3,701
Net realized gain (loss)		(180,163,713	)
Net change in unrealized appreciation (depreciation) on:
Investments		275,577,982
Investments in affiliates		3,177,530
Futures contracts		(536,363	)
Foreign currency translations		(368,860	)
Forward foreign currency contracts		144,184,679
Net change in unrealized appreciation (depreciation)		422,034,968
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		241,871,255
Net Increase (Decrease) in Net Assets Resulting from Operations	$	361,334,168
*   Unaffiliated foreign tax withheld	$	11,851,552

** Total investment income includes $4,879,474 of non-recurring foreign dividend reclaims and $740,942 of non-recurring related interest which are included in Unaffiliated dividend income and Other income, respectively.

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, 2023			Year Ended May 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	119,462,913		$	123,933,141
Net realized gain (loss)		(180,163,713	)		495,536,392
Net change in net unrealized appreciation (depreciation)		422,034,968			(546,081,819	)
Net increase (decrease) in net assets resulting from operations		361,334,168			73,387,714
Distributions to Shareholders		(581,458,458	)		(95,706,043	)
Fund Shares Transactions
Proceeds from shares sold		182,710,242			369,115,706
Value of shares redeemed		(154,044,627	)		(61,152,615	)
Net increase (decrease) in net assets resulting from fund share transactions		28,665,615			307,963,091
Total net increase (decrease) in Net Assets		(191,458,675	)		285,644,762
Net Assets
Beginning of year	$	4,240,644,332		$	3,954,999,570
End of year	$	4,049,185,657		$	4,240,644,332
Changes in Shares Outstanding
Shares outstanding, beginning of year		113,350,800			105,350,800
Shares sold		5,200,000			9,600,000
Shares redeemed		(4,400,799	)		(1,600,000	)
Shares outstanding, end of year		114,150,001			113,350,800

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,
	2023			2022			2021			2020			2019
Net Asset Value, beginning of year	$	37.41		$	37.54		$	29.75		$	30.87		$	31.86
Income (loss) from investment operations:
Net investment income (loss)(a)		1.05	(b)		1.13			0.78			0.66			0.91
Net realized and unrealized gain (loss)		2.12			(0.37	)		7.82			(0.76	)		(1.00	)
Total from investment operations		3.17			0.76			8.60			(0.10	)		(0.09	)
Less distributions from:
Net investment income		(0.64	)		(0.89	)		(0.81	)		(1.02	)		(0.90	)
Net realized gains		(4.47	)		—			—			—			—
Total distributions		(5.11	)		(0.89	)		(0.81	)		(1.02	)		(0.90	)
Net Asset Value, end of year	$	35.47		$	37.41		$	37.54		$	29.75		$	30.87
Total Return (%)(c)		9.62			2.01			29.41			(0.56	)		(0.14	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		4,049			4,241			3,955			3,831			4,715
Ratio of expenses before fee waiver (%)		0.36			0.35			0.35			0.36			0.36
Ratio of expenses after fee waiver (%)		0.36			0.35			0.35			0.36			0.36
Ratio of net investment income (loss) (%)		2.99	(b)		2.97			2.35			2.10			2.93
Portfolio turnover rate (%)(d)		19			4			8			9			5

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

(b) Net investment income per share and the ratio of net investment income include non-recurring foreign dividend reclaims and related interest amounting to $0.05 per share. Excluding these non-recurring amounts which are included in Unaffiliated dividend income and Other income, respectively in the Statement of Operations, the net investment income ratio would have been 2.85%.

(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. 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 “1940 Act”), as an open-end registered management investment company organized as a Delaware statutory trust.

As of May 31, 2023, the Trust consists of thirty-nine 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 seek investment results that correspond generally to 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 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 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.

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.

26

DBX ETF Trust

Notes to Financial Statements (Continued)

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

Various inputs are used in determining the value of the 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 Pricing Committee 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

27

DBX ETF Trust

Notes to Financial Statements (Continued)

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 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, 2023, the Fund did not incur any interest or penalties.

As of May 31, 2023, 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)
$	190,207,244	$	(579,679,232	)	$	339,936,993	$	(49,534,995	)

The tax character of dividends and distributions declared for the years ended May 31, 2023 and May 31, 2022 were as follows:

	Ordinary Income*		Long-Term Capital Gains
2023	$	332,800,883	$	248,657,575
2022		95,706,043		—

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

Capital losses incurred after October 31 (“post-October capital losses”) and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year. During the fiscal year ended May 31, 2023, the Fund incurred and will elect to defer post-October capital losses and late year ordinary losses as follows:

Post-October Losses on Capital
$	579,679,232

For the fiscal year ended May 31, 2023, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to redemptions-in-kind and equalization.

Distributable earnings (loss)			Paid-In Capital
$	(39,558,327	)	$	39,558,327

28

DBX ETF Trust

Notes to Financial Statements (Continued)

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

Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
$	3,745,892,398	$	340,686,030	$	782,998,791	$	(442,312,761	)

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, 2023, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.

In consideration of recent decisions rendered by European courts, the Fund has filed for additional reclaims (“EU reclaims”) related to prior years. A corresponding receivable is established when both the amount is known and significant contingencies or uncertainties regarding collectability are removed. These amounts, if any, are reported in dividends and interest receivable in the Statement of Assets and Liabilities. For the year ended May 31, 2023, the Fund received reclaims and interest related to EU reclaims, which is reported in unaffiliated dividend income and other income in the Statement of Operations. Expenses incurred related to filing EU reclaims are recorded in other expenses in the Statement of Operations. For U.S. income tax purposes, EU reclaims received by the Fund, if any, reduce the amount of foreign taxes Fund shareholders can use as tax credits in their individual income tax returns. In the event that EU reclaims received by a fund during the fiscal year exceed foreign withholding taxes paid, and a fund previously passed foreign tax credits on to its shareholders, a fund must either amend historic tax reporting to shareholders or enter into a closing agreement with the Internal Revenue Service in order to pay the associated tax liability on behalf of the fund’s shareholders. For the year ended May 31, 2023, the EU reclaims received by the Fund did not exceed the foreign withholding taxes of the Fund.

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, 2023, 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 (0.08% annualized effective rate as of May 31, 2023) 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

29

DBX ETF Trust

Notes to Financial Statements (Continued)

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, 2023, 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, 2023
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Common Stocks	$	70,741,282	$	—	$	100,134	$	63,236,264	$	134,077,680
Preferred Stocks		1,426,522		—		—		—		1,426,522
Total Borrowings	$	72,167,804	$	—	$	100,134	$	63,236,264	$	135,504,202
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	135,504,202

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, 2023, 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, 2023 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, 2023.

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, 2023, 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

30

DBX ETF Trust

Notes to Financial Statements (Continued)

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, 2023 is included in a table following the Fund’s Schedule of Investments.

The following table summarizes the value of the Fund’s derivative instruments held as of May 31, 2023 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*	$	1,233,192	Unrealized depreciation on futures contracts*	$	1,122,393
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		117,189,731	Unrealized depreciation on forward foreign currency contracts		13,317,641
	Total	$	118,422,923	Total	$	14,440,034

* 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, 2023 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
	$	5,423,047	$	58,546,963	$	63,970,010

Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts — Equity Contracts			Forward Foreign Currency Contracts — Foreign Exchange Contracts		Total
	$	(536,363	)	$	144,184,679	$	143,648,316

For the year ended May 31, 2023 the average monthly volume of derivatives was as follows:

Futures Contracts (Contract Value)		Forward Foreign Currency Contracts (Contract Value)
$	88,509,089	$	(3,947,793,465	)

31

DBX ETF Trust

Notes to Financial Statements (Continued)

As of May 31, 2023, 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 Interest expense on the Statement 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 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
Goldman Sachs & Co.	$	38,215,161	$	(4,127,283	)	$	—	$	34,087,878	$	4,127,283	$	(4,127,283	)	$	—	$	—
JP Morgan & Chase Co.		33,522,336		(4,159,907	)		—		29,362,429		4,159,907		(4,159,907	)		—		—
RBC Capital Markets		45,452,234		(5,030,451	)		—		40,421,783		5,030,451		(5,030,451	)		—		—
	$	117,189,731	$	(13,317,641	)	$	—	$	103,872,090	$	13,317,641	$	(13,317,641	)	$	—	$	—

(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. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.

3. Investment Advisory and Other Agreements

The Advisor has overall responsibility for the general management and administration of the 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 advisory 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 unitary advisory fee 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, 2022 through May 31, 2023, the Advisor waived $39,289 of expenses to the Fund.

Out of the unitary advisory 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.

32

DBX ETF Trust

Notes to Financial Statements (Continued)

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.

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

Purchases		Sales
$	740,400,606	$	1,002,235,474

For the year ended May 31, 2023, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

Purchases		Sales
$	172,925,512	$	148,666,382

5. Fund Share Transactions

As of May 31, 2023, 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, 2023, the Advisor agreed to reimburse Xtrackers MSCI EAFE Hedged Equity ETF $3,701 for a loss due to a FX trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.

33

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 statement 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, 2023, and the related statement of operations for the year then ended, the statements 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, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its 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 the Fund’s 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, 2023, by correspondence with the custodians, brokers and others; when replies were not received from brokers, we performed other auditing procedures. 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 25, 2023

34

DBX ETF Trust

Other Information (Unaudited)

Regulatory Update — Tailored Shareholder Report

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

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”), the Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DBX Advisors LLC (the “Advisor”) 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). The Advisor has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of the Advisor 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 estimations 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 2023, as required by the Program and the Liquidity Rule, the Advisor 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, 2021 through November 30, 2022 (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, the 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, your 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). The Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, the Advisor stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. The Advisor also reported that there were no material changes made to the Program during the Reporting Period.

36

DBX ETF Trust

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

Xtrackers MSCI EAFE Hedged Equity ETF

Board Approval of Investment Advisory Agreement with DBX Advisors LLC

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 15-16, 2023 (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 International Real Estate 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 (each, a “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 met with representatives of the Advisor on February 13, 2023 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held on February 15 and February 16, 2023.

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 Vedder Price P.C. (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of 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.

37

DBX ETF Trust

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

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 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 noted that the Peer Groups for currency-hedged Funds included ETFs that were not currency hedged. 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 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 the Fund was profitable as of this time, the Advisor’s profitability with respect to the Fund was not excessive. The Board considered

38

DBX ETF Trust

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

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.

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 also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisers can share benefits of economies of scale.

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

39

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) Chairperson 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).	42	The Arbitrage Funds, Sierra Income Corporation, Mutual Fund Directors Forum
George O. Elston (1964) Board Member since 2011, Chairperson of the Audit Committee since 2015	Chief Financial Officer, EyePoint Pharmaceuticals, Inc. (2019-present); Chief Financial Officer, Enzyvant (2018-2019); 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).	42	—
J. David Officer (1948) Board Member since 2011, Chairperson 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).	42	(Chairman of) Ilex Management Ltd; Old Westbury Funds

40

DBX ETF Trust

Board Members and Officers (Unaudited) (Continued)

Officers(2)
Name, Year of Birth, Position with the Trust and Length of Time Served(3)	Business Experience and Directorships During the Past 5 Years
Freddi Klassen(4) (1975) President and Chief Executive Officer, 2016-present	Chief Administrative Officer Investment Division Americas, of DWS Investment Management Americas, Inc. and Manager (since 2023) and Chief Operating Officer of the Advisor (2016-present). Formerly: Programmes (Head 2021-2023), of DWS Investment Management Americas, Inc.; Chief Operating Officer in the Americas for the Traditional Asset Classes Department (2014-2020); 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).
Diane Kenneally(5) (1966) Treasurer, Chief Financial Officer and Controller, 2019-present	Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; 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(4) (1967) Chief Compliance Officer, 2010-present	AFC Compliance US (Senior Team Lead), of DWS Investment Management Americas, Inc.; 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. (2019-2022); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012).
Bryan Richards(4) (1978) Vice President, 2016-present	Portfolio Engineering, Systematic Investments Solutions (Head), of DWS Investment Management Americas, Inc. (2018-present); 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(5) (1962) Secretary, 2020-present	Legal (Associate General Counsel), DWS US Retail Legal (2003-present), of DWS Investment Management Americas, Inc.; 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); Vice President, DBX Advisors LLC (2021-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); and Assistant Secretary of DBX ETF Trust (2019-2020).

41

DBX ETF Trust

Board Members and Officers (Unaudited) (Continued)

Name, Year of Birth, Position with the Trust and Length of Time Served(3)	Business Experience and Directorships During the Past 5 Years
Caroline Pearson(5) (1962) Assistant Secretary, 2020-present	Legal (Senior Team Lead), DWS US Retail Legal, of DWS Investment Management Americas, Inc.; Chief Legal Officer of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2010-present); Chief Legal Officer, DBX Advisors LLC (2020-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); Secretary, Deutsche AM Service Company (2010-2017); and Chief Legal Officer, DBX Strategic Advisors LLC (2020-2021).
Paul Antosca(5) (1957) Assistant Treasurer, 2019-present	Fund Administration Tax (Head), of DWS Investment Management Americas, Inc.; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2007-present).
Jeffrey Berry(5) (1959) Assistant Treasurer, 2019-present	Fund Administration (Senior Specialist), of DWS Investment Management Americas, Inc.
Sheila Cadogan(5) (1966) Assistant Treasurer, 2019-present	Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; 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(6) (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).
Christian Rijs(4) (1980) Anti-Money Laundering Compliance Officer, since October 21, 2021	Senior Team Lead Anti-Financial Crime and Compliance, DWS Investment Management Americas, Inc.; AML Officer, DWS Trust Company (since November 2, 2021); AML Officer, DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (since October 6, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO.

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

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

(5) Address: 100 Summer Street, Boston, MA 02110.

(6) Address: BNY Mellon Asset Servicing, 240 Greenwich Street, New York, NY 10286.

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.

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, 2023.

Qualified Dividend Income*
	44%

* 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
	$143,032,795		$2,450,204

43

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

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 © 2023 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 One Manhattan West New York, NY, 10001	Legal counsel Vedder Price P.C. 1633 Broadway New York, NY 10019

R-38753-9 (7/23) DBX005558 (7/24)

May 31, 2023

Annual Report

DBX ETF Trust

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (ESCR)

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

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

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 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 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		33
Xtrackers Municipal Infrastructure Revenue Bond ETF		51
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		58
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		65
Statements of Assets and Liabilities		70
Statements of Operations		72
Statements of Changes in Net Assets		74
Financial Highlights		77
Notes to Financial Statements		80
Report of Independent Registered Public Accounting Firm		91
Other Information		92
Liquidity Risk Management		93
Board Considerations in Approval of Investment Advisory Contracts		94
Board Members and Officers		97
Additional Information		99

To our Shareholders: (Unaudited)

Dear shareholder,

We are pleased to provide this annual report on six of our ETFs tracking the fixed income market for the period ended May 31, 2023.

The global economy faced several headwinds during the reporting period amid elevated inflation, rising interest rates and heightened economic and geopolitical uncertainties. Persistently high inflation in both developed and developing countries eroded real incomes and prompted aggressive interest rate hikes by the U.S. Federal Reserve (Fed) and other major central banks, except the Bank of Japan. This, in turn, caused financial conditions to tighten and debt-servicing costs to increase. In February 2023, Russia’s invasion of Ukraine passed the one-year mark, with no real signs of a way out of the conflict. Global financial markets remained largely resilient despite the banking-sector turmoil in the U.S. and Europe. The U.S. labor market remained moderately resilient as the unemployment rate stayed stable amid slowing wage growth. Meanwhile, China’s reopening after COVID-19-related restrictions had a positive impact on global market sentiment.

In the U.S., fixed income markets were volatile and posted negative returns during the reporting period due to higher interest rates that caused bond yields to rise. In May 2023, the U.S. Federal Reserve Board (FRB) raised the Fed funds rate by 25Bps¹ to a range of 5-5.25%, bringing borrowing costs to their highest level since September 2007, to achieve its 2% inflation target. FRB officials expressed uncertainty about how much more policy tightening may be appropriate in the future. In July 2022, the 10-year versus 2-year Treasury yield spread curve inverted; this is usually considered a predictor of economic recession, as short-term interest rates became higher than long-term interest rates. Both 10-year and 2-year Treasury yields increased during the reporting period amid concerns surrounding the outlook of the U.S. economy and speculation around the debt-ceiling deal.

The Eurozone economy returned to growth in Q1 2023, with an expansion of 0.1% QoQ after recording zero growth in Q4 2022. While Germany’s economy saw no growth, Spain and Italy witnessed strong expansion. The bloc’s economy has been impacted significantly by an increase in consumer prices owing to higher energy and food costs. Furthermore, the European Central Bank’s (ECB’s) aggressive monetary tightening policy added to the economic woes, along with a decline in confidence levels among businesses and consumers. The Bank of Japan’s new governor pledged to keep the loose monetary policy unchanged for now and announced plans to review past monetary policy moves. China’s economy grew 4.5% YoY in Q1 2023 after 2.9% growth in Q4 2022, beating market estimates of 4%, amid Beijing’s efforts to stimulate the post-pandemic recovery. Developing markets faced challenges from elevated inflation amid slowing growth.

We believe central banks around the world will remain wary in their approach to monetary policy and watch for positive signs in the economy before taking any interest rate action. The recent banking system stress and debt-ceiling concerns will also weigh on the U.S. Federal Reserve’s (Fed’s) decisions in the coming months. Unlike the Fed, the ECB has clearly maintained its stance on monetary action and is willing to rates further until inflation is within the comfort level. We will be keenly watching how China recovers from its COVID-19-related restrictions to induce an uptick in industrial activity and income recovery while boosting private sector investment.

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 Basis points (Bps) are a unit of measurement equal to 1/100th of 1 percent and a standard measure for interest rates.

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.

1

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2

DBX ETF Trust

Management’s Discussion of Fund Performance (Unaudited)

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (ESCR), seeks Investment results that correspond generally to the performance before the fund’s fees and expenses, of the Bloomberg MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index (the ESCR Index). The ESCR Index, which applies 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 US Corporate Index (an investment grade corporate bond universe), resulting in a broad investment grade fixed income market exposure, with ESG aspects. The Bloomberg US Aggregate Bond Index is a broadmeasure, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the domestic bond market. For the 12-month period ended May 31, 2023, ESCR returned -2.00%, compared to the ESCR Index return of -1.80%.

All sectors contributed negatively to performance during the period with the Financial Institutions, Consumer Non-Cyclical and Utility sectors detracting the most from performance.

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (ESEB) seeks investment results that correspond generally to the performance, before fund’s fees and expenses, of the J.P. Morgan ESG EMBI Global Diversified Sovereign Index (the ESEB Index). The Index, which applies J.P. Morgan environmental, social and governance (“JESG”) 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, before implementing ESG considerations. For the 12-month period ended May 31, 2023, ESEB returned -1.16%, compared to the ESEB Index return of -1.79%.

From a geographical perspective, Russia, El Salvador and Turkey were the major positive contributors while Ecuador, Egypt and Ghana contributed negatively to performance.

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

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (ESHY), seek investment results that correspond generally to the performance, before fund’s fees and expenses, of the J.P. Morgan ESG DM Corporate High Yield USD Index (the ESHY Index). The 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. For the 12-month period ended May 31, 2023, ESHY returned 0.03%, compared to the ESHY Index return of 0.17%.

Consumer Cyclical, Energy and Capital Goods were the major positive contributors, while Communications, Financial Institutions and Consumer Non-Cyclical sectors detracted most from the performance.

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, 2023, RVNU returned -0.79%, compared to the RVNU Index return of -0.75%.

The majority of sectors contributed negatively to performance during the period with the greatest negative contributions coming from Transport and Utility. The Tax-Backed and Education sectors were the positive contributors to 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 US 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

3

DBX ETF Trust

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

dividend income and quality characteristics are both sustainable and persistent. For the 12-month period ended May 31, 2023, HDAW returned -1.68%, compared to the HDAW Index return of -1.58%.

Consumer Discretionary, Financials and Consumer Staples were the major positive contributors, while Materials, Energy and Real Estate sectors detracted most from the performance. From a geographical perspective, most of the countries contributed negatively with United Kingdom, Hong Kong and Brazil being the most significant detractors. However, Switzerland, Japan and Germany contributed positively to the 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, 2023, HDEF returned 0.46%, compared to the HDEF Index return of 0.37%.

Financials, Consumer Discretionary and Consumer Staples were the major positive contributors, while Materials, Health Care and Energy sectors detracted most from the performance. From a geographical perspective, United Kingdom, Norway, and Australia contributed negatively. However, Switzerland, Japan and Germany contributed positively to 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 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.

4

This Page is Intentionally Left Blank

5

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (ESCR)

The Xtrackers Bloomberg 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 MSCI US Corporate 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 US Corporate Index (an investment grade corporate bond universe), resulting in a broad investment grade fixed income market exposure with ESG aspects. It is not possible to invest directly into an index.

Performance as of May 31, 2023

Average Annual Total Return
	Net Asset Value	Market Value	Bloomberg MSCI US Corporate Sustainability SRI Sector/Credit/ Maturity Neutral Index2	Bloomberg US Aggregate Bond Index
One Year	-2.00%	-1.95%	-1.80%	-2.14%
Five Year	-1.97%	-1.98%	-2.60%	0.81%
Since Inception1	-0.52%	-0.51%	-1.01%	1.02%
Cumulative Total Returns
	Net Asset Value	Market Value	Bloomberg MSCI US Corporate Sustainability SRI Sector/Credit/ Maturity Neutral Index2	Bloomberg US Aggregate Bond Index
One Year	-2.00%	-1.95%	-1.80%	-2.14%
Five Year	-9.46%	-9.52%	-12.32%	4.13%
Since Inception1	-4.21%	-4.16%	-8.01%	8.77%

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 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 the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2022, 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.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

6

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers Bloomberg 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, 2023

Financial	32.2%
Consumer, Non-cyclical	18.0%
Technology	11.9%
Communications	9.5%
Utilities	8.5%
Consumer, Cyclical	7.6%
Industrial	6.5%
Energy	3.8%
Basic Materials	2.0%
Total	100.0%

Modified duration to worst as of May 31, 2023: 7.2 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.

Quality* as of May 31, 2023

Description	% of Market Value
AAA		3.3%
AA		13.0%
A		43.1%
BBB		40.6%
Total		100.0%

The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), S&P Global Ratings (S&P) or Fitch Ratings Inc. (Fitch) credit ratings. The ratings of Moody’s, S&P and Fitch 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, 2023

United States	86.7%
Canada	4.1%
United Kingdom	3.0%
Japan	2.4%
Other	3.8%
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 19.

7

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. It is not possible to invest directly into an index.

Performance as of May 31, 2023

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
One Year	-1.16%	-1.12%	-1.79%	-1.94%
Five Year	-2.65%	-2.78%	-3.90%	-0.52%
Since Inception1	-0.02%	-0.02%	-1.00%	1.43%
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
One Year	-1.16%	-1.12%	-1.79%	-1.94%
Five Year	-12.57%	-13.13%	-18.03%	-2.56%
Since Inception1	-0.14%	-0.13%	-7.95%	12.44%

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 the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2022, 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.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

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.

Country Diversification* as of May 31, 2023

Saudi Arabia	5.8%
Panama	4.9%
Hungary	4.7%
Brazil	4.2%
Qatar	4.0%
Philippines	4.0%
Indonesia	3.9%
Uruguay	3.8%
Dominican Republic	3.5%
Romania	3.5%
United Arab Emirates	3.5%
Oman	3.4%
Colombia	3.4%
Turkey	3.4%
Bahrain	3.2%
Peru	3.1%
Mexico	3.1%
Chile	2.7%
South Africa	2.6%
Other	29.3%
Total	100.0%

Modified duration to worst as of May 31, 2023: 7.0 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.

Quality* as of May 31, 2023

Description	% of Market Value
AA		8.6%
A		12.5%
BBB		37.1%
BB		23.0%
B		14.0%
CCC		4.0%
CC		0.8%
Total		100.0%

The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), S&P Global Ratings (S&P) or Fitch Ratings Inc. (Fitch) credit ratings. The ratings of Moody’s, S&P and Fitch 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 percentage 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 exposure with ESG aspects. It is not possible to invest directly into an index..

Performance as of May 31, 2023

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
One Year	0.03%	-0.14%	0.17%	0.04%
Five Year	1.34%	1.30%	0.31%	3.11%
Since Inception1	1.91%	1.89%	1.49%	3.82%
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
One Year	0.03%	-0.14%	0.17%	0.04%
Five Year	6.86%	6.68%	1.58%	16.55%
Since Inception1	16.90%	16.75%	12.95%	36.24%

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 the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2022, 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.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

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, 2023

Consumer, Cyclical	22.9%
Communications	15.8%
Consumer, Non-cyclical	13.8%
Energy	12.6%
Industrial	12.1%
Financial	10.2%
Basic Materials	6.0%
Technology	5.0%
Utilities	1.5%
Diversified	0.1%
Total	100.0%

Modified duration to worst as of May 31, 2023: 3.9 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.

Quality* as of May 31, 2023

Description	% of Market Value
BBB		5.2%
BB		56.6%
B		28.9%
CCC		9.0%
CC		0.2%
NR		0.1%
Total		100.0%

The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), S&P Global Ratings (S&P) or Fitch Ratings Inc. (Fitch) credit ratings. The ratings of Moody’s, S&P and Fitch 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, 2023

United States	85.7%
Canada	4.3%
United Kingdom	2.2%
Other	7.8%
Total	100.0%

* As a percentage 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.

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, 2023

Average Annual Total Return
	Net Asset Value	Market Value	Solactive Municipal Infrastructure Revenue Bond Index	S&P Municipal Bond Revenue Index
One Year	-0.79%	-0.38%	-0.75%	-0.04%
Five Year	1.39%	1.44%	1.72%	1.68%
Since Inception1	2.75%	2.73%	3.05%	2.62%
Cumulative Total Returns
	Net Asset Value	Market Value	Solactive Municipal Infrastructure Revenue Bond Index	S&P Municipal Bond Revenue Index
One Year	-0.79%	-0.38%	-0.75%	-0.04%
Five Year	7.13%	7.39%	8.88%	8.71%
Since Inception1	31.18%	30.92%	34.98%	29.51%

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 the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2022, 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.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

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, 2023

Airport	32.0%
Transportation	27.0%
Water	14.3%
General	13.8%
Power	10.4%
Utilities	2.4%
Development	0.1%
Total	100.0%

Modified duration to worst as of May 31, 2023: 9.5 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.

Quality* as of May 31, 2023

Description	% of Market Value
AAA		7.5%
AA		54.3%
A		36.5%
BBB		1.7%
Total		100.0%

The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), S&P Global Ratings (S&P) or Fitch Ratings Inc. (Fitch) credit ratings. The ratings of Moody’s, S&P and Fitch 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 51.

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, 2023

Average Annual Total Return
	Net Asset Value	Market Value	MSCI ACWI ex USA High Dividend Yield Index	MSCI ACWI ex US Index
One Year	-1.68%	-1.00%	-1.58%	-1.41%
Five Year	2.59%	2.61%	2.60%	2.22%
Since Inception1	3.00%	3.04%	3.15%	3.80%
Cumulative Total Returns
	Net Asset Value	Market Value	MSCI ACWI ex USA High Dividend Yield Index	MSCI ACWI ex US Index
One Year	-1.68%	-1.00%	-1.58%	-1.41%
Five Year	13.61%	13.74%	13.69%	11.62%
Since Inception1	25.98%	26.35%	27.43%	33.79%

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 the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2022, 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.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

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, 2023

Financials	25.4%
Materials	16.8%
Consumer Staples	9.1%
Energy	9.0%
Health Care	8.3%
Industrials	6.7%
Consumer Discretionary	6.3%
Utilities	6.1%
Information Technology	6.0%
Communication Services	3.6%
Real Estate	2.7%
Total	100.0%

Ten Largest Equity Holdings
as of May 31, 2023 (27.7% of Net Assets)

Description	% of Net Assets
Novartis AG (Switzerland)		4.9%
BHP Group Ltd. (Australia)		3.6%
TotalEnergies SE (France)		3.5%
Unilever PLC (United Kingdom)		3.3%
Sanofi (France)		3.0%
Allianz SE (Germany)		2.3%
Iberdrola SA (Spain)		1.9%
Zurich Insurance Group AG (Switzerland)		1.8%
Rio Tinto PLC (United Kingdom)		1.8%
China Construction Bank Corp. (China)		1.6%

Country Diversification* as of May 31, 2023

Switzerland	12.3%
France	9.9%
United Kingdom	9.3%
Australia	8.0%
Taiwan	7.6%
Japan	6.3%
China	6.3%
Germany	5.1%
Canada	4.0%
Hong Kong	3.0%
Spain	2.7%
Brazil	2.3%
Netherlands	2.2%
Singapore	2.0%
Other	19.0%
Total	100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 58.

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 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. It is not possible to invest directly into an index.

Performance as of May 31, 2023

Average Annual Total Return
	Net Asset Value	Market Value	MSCI EAFE High Dividend Yield Index	MSCI EAFE Index
One Year	0.46%	0.83%	0.37%	3.06%
Five Year	3.40%	3.34%	3.34%	3.21%
Since Inception1	3.49%	3.55%	3.59%	3.92%
Cumulative Total Returns
	Net Asset Value	Market Value	MSCI EAFE High Dividend Yield Index	MSCI EAFE Index
One Year	0.46%	0.83%	0.37%	3.06%
Five Year	18.19%	17.86%	17.87%	17.11%
Since Inception1	30.73%	31.31%	31.68%	35.02%

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 the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2022, 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.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

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, 2023

Financials	21.1%
Materials	19.1%
Consumer Staples	12.6%
Health Care	9.8%
Consumer Discretionary	8.2%
Energy	8.0%
Utilities	7.9%
Industrials	7.2%
Communication Services	3.1%
Real Estate	2.6%
Information Technology	0.4%
Total	100.0%

Ten Largest Equity Holdings
as of May 31, 2023 (38.8% of Net Assets)

Description	% of Net Assets
Novartis AG (Switzerland)		4.9%
Unilever PLC (United Kingdom)		4.8%
TotalEnergies SE (France)		4.8%
BHP Group Ltd. (Australia)		4.7%
Sanofi (France)		4.7%
Allianz SE (Germany)		3.7%
Iberdrola SA (Spain)		3.0%
Zurich Insurance Group AG (Switzerland)		3.0%
Rio Tinto PLC (United Kingdom)		2.9%
Glencore PLC (Switzerland)		2.3%

Country Diversification* as of May 31, 2023

Switzerland	16.3%
United Kingdom	15.1%
France	15.0%
Australia	11.9%
Japan	10.2%
Germany	8.2%
Spain	3.9%
Netherlands	3.6%
Singapore	3.3%
Hong Kong	2.7%
Sweden	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 65.

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 unitary advisory 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, 2022 to May 31, 2023).

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning Account Value December 1, 2022		Ending Account Value May 31, 2023		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF
Actual	$	1,000.00	$	1,021.30		0.15	%	$	0.76
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.18		0.15	%	$	0.76
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF
Actual	$	1,000.00	$	1,019.70		0.35	%	$	1.76
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.19		0.35	%	$	1.77
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF
Actual	$	1,000.00	$	1,028.00		0.20	%	$	1.01
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.93		0.20	%	$	1.01
Xtrackers Municipal Infrastructure Revenue Bond ETF
Actual	$	1,000.00	$	1,032.80		0.15	%	$	0.76
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.18		0.15	%	$	0.76
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF
Actual	$	1,000.00	$	1,035.70		0.20	%	$	1.02
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.93		0.20	%	$	1.01
Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Actual	$	1,000.00	$	1,052.50		0.20	%	$	1.02
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.93		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 182 (the number of days in the most recent six-month period), then divided by 365.

18

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF

May 31, 2023

	Principal Amount		Value
CORPORATE BONDS — 98.7%
Basic Materials — 1.9%
Chemicals — 1.6%
Dow Chemical Co., 2.10%, 11/15/30	$	10,000	$	8,313
DuPont de Nemours, Inc., 5.419%, 11/15/48		5,000		4,908
Ecolab, Inc., 2.70%, 12/15/51		5,000		3,238
LyondellBasell Industries NV, 4.625%, 2/26/55		8,000		6,369
Nutrien Ltd., 2.95%, 5/13/30		10,000		8,755
PPG Industries, Inc., 1.20%, 3/15/26		6,000		5,411
Sherwin-Williams Co., 4.50%, 6/1/47		7,000		5,984
(Cost $53,303)				42,978
Iron/Steel — 0.0%
Steel Dynamics, Inc., 2.80%, 12/15/24 (Cost $1,994)		2,000		1,914
Mining — 0.3%
Newmont Corp., 4.875%, 3/15/42		5,000		4,639
Rio Tinto Finance USA Ltd., 2.75%, 11/2/51		5,000		3,328
(Cost $10,038)				7,967
Communications — 9.4%
Internet — 2.1%
Alibaba Group Holding Ltd., 3.25%, 2/9/61		5,000		3,099
Alphabet, Inc. 1.998%, 8/15/26		5,000		4,681
2.05%, 8/15/50		5,000		3,073
Amazon.com, Inc. 1.00%, 5/12/26		5,000		4,536
1.65%, 5/12/28		5,000		4,415
1.50%, 6/3/30		5,000		4,133
2.10%, 5/12/31		10,000		8,462
3.10%, 5/12/51		10,000		7,337
4.10%, 4/13/62		5,000		4,241
Booking Holdings, Inc., 3.60%, 6/1/26		8,000		7,749
eBay, Inc., 1.90%, 3/11/25		5,000		4,732
(Cost $68,296)				56,458
Media — 2.8%
Comcast Corp. 3.95%, 10/15/25		10,000		9,833
4.15%, 10/15/28		10,000		9,759
2.937%, 11/1/56		10,000		6,406
2.987%, 11/1/63		20,000		12,403
Discovery Communications LLC 5.20%, 9/20/47		5,000		3,966

	Principal Amount		Value
Media (Continued)
4.65%, 5/15/50	$	5,000	$	3,673
Fox Corp., 3.05%, 4/7/25		5,000		4,805
Paramount Global 4.95%, 1/15/31		4,000		3,589
5.85%, 9/1/43		6,000		5,024
TWDC Enterprises 18 Corp., MTN, 2.95%, 6/15/27		5,000		4,722
Walt Disney Co. 1.75%, 8/30/24		4,000		3,839
2.75%, 9/1/49		8,000		5,334
3.60%, 1/13/51		5,000		3,856
(Cost $88,596)				77,209
Telecommunications — 4.5%
AT&T, Inc. 4.10%, 2/15/28		10,000		9,681
3.50%, 6/1/41		30,000		22,896
3.65%, 9/15/59		10,000		6,860
Bell Telephone Co. of Canada or Bell Canada, Series US-4, 3.65%, 3/17/51		3,000		2,261
Corning, Inc., 5.35%, 11/15/48		4,000		3,870
Deutsche Telekom International Finance BV, 8.75%, 6/15/30		5,000		6,021
Rogers Communications, Inc. 4.50%, 3/15/43		8,000		6,622
4.30%, 2/15/48		2,000		1,550
Telefonica Europe BV, 8.25%, 9/15/30		10,000		11,709
Verizon Communications, Inc. 3.376%, 2/15/25		5,000		4,873
4.016%, 12/3/29		8,000		7,538
2.355%, 3/15/32		10,000		8,070
4.40%, 11/1/34		10,000		9,276
2.875%, 11/20/50		15,000		9,592
3.55%, 3/22/51		5,000		3,638
Vodafone Group PLC 4.125%, 5/30/25		5,000		4,912
4.25%, 9/17/50		5,000		3,939
(Cost $140,868)				123,308
Consumer, Cyclical — 7.5%
Apparel — 0.4%
NIKE, Inc., 2.75%, 3/27/27		8,000		7,583
VF Corp., 2.40%, 4/23/25		5,000		4,711
(Cost $13,489)				12,294
Auto Manufacturers — 1.6%
American Honda Finance Corp., MTN, 2.15%, 9/10/24		7,000		6,736
General Motors Co. 6.60%, 4/1/36		10,000		10,160
6.25%, 10/2/43		5,000		4,739
General Motors Financial Co., Inc., 1.25%, 1/8/26		12,000		10,780

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

May 31, 2023

	Principal Amount		Value
Auto Manufacturers (Continued)
Toyota Motor Credit Corp. 3.65%, 1/8/29	$	5,000	$	4,764
1.90%, 9/12/31		7,000		5,691
(Cost $45,072)				42,870
Entertainment — 0.4%
Warnermedia Holdings, Inc. 4.279%, 3/15/32		10,000		8,746
5.141%, 3/15/52		4,000		3,128
(Cost $12,964)				11,874
Home Builders — 0.2%
NVR, Inc., 3.00%, 5/15/30 (Cost $5,315)		5,000		4,383
Home Furnishings — 0.2%
Whirlpool Corp., 2.40%, 5/15/31 (Cost $6,015)		6,000		4,882
Leisure Time — 0.2%
Harley-Davidson, Inc., 3.50%, 7/28/25 (Cost $5,165)		5,000		4,770
Retail — 4.3%
AutoNation, Inc., 3.50%, 11/15/24		5,000		4,835
Dollar General Corp., 3.875%, 4/15/27		8,000		7,751
Dollar Tree, Inc., 2.65%, 12/1/31		7,000		5,780
Home Depot, Inc. 3.00%, 4/1/26		8,000		7,726
3.90%, 6/15/47		2,000		1,677
4.50%, 12/6/48		5,000		4,583
2.375%, 3/15/51		5,000		3,054
2.75%, 9/15/51		5,000		3,300
Lowe’s Cos., Inc. 3.65%, 4/5/29		10,000		9,395
2.625%, 4/1/31		10,000		8,454
2.80%, 9/15/41		5,000		3,442
McDonald’s Corp. MTN, 2.125%, 3/1/30		10,000		8,569
MTN, 4.45%, 9/1/48		5,000		4,424
Starbucks Corp. 4.00%, 11/15/28		2,000		1,941
2.55%, 11/15/30		2,000		1,722
3.50%, 11/15/50		5,000		3,747
Target Corp. 2.50%, 4/15/26		7,000		6,680
2.95%, 1/15/52		3,000		2,088
TJX Cos., Inc., 2.25%, 9/15/26		8,000		7,457
Walgreens Boots Alliance, Inc., 4.10%, 4/15/50		5,000		3,646
Walmart, Inc. 1.05%, 9/17/26		10,000		9,013

	Principal Amount		Value
Retail (Continued)
4.50%, 9/9/52	$	10,000	$	9,600
(Cost $139,608)				118,884
Toys/Games/Hobbies — 0.2%
Hasbro, Inc., 3.90%, 11/19/29 (Cost $6,059)		6,000		5,477
Consumer, Non-cyclical — 17.8%
Agriculture — 0.1%
Bunge Ltd. Finance Corp., 2.75%, 5/14/31 (Cost $4,053)		4,000		3,348
Beverages — 0.9%
Coca-Cola Co., 4.20%, 3/25/50		6,000		5,581
Keurig Dr Pepper, Inc., 2.55%, 9/15/26		7,000		6,513
PepsiCo, Inc. 1.95%, 10/21/31		10,000		8,336
2.75%, 10/21/51		5,000		3,563
(Cost $29,289)				23,993
Biotechnology — 1.8%
Amgen, Inc. 5.15%, 3/2/28		10,000		10,085
5.60%, 3/2/43		10,000		9,918
4.663%, 6/15/51		4,000		3,523
3.00%, 1/15/52		3,000		1,968
5.65%, 3/2/53		5,000		5,001
Baxalta, Inc., 5.25%, 6/23/45		5,000		4,868
Biogen, Inc., 3.25%, 2/15/51		5,000		3,432
Gilead Sciences, Inc. 1.65%, 10/1/30		2,000		1,632
4.00%, 9/1/36		9,000		8,195
2.80%, 10/1/50		1,000		668
(Cost $56,799)				49,290
Commercial Services — 1.0%
Equifax, Inc., 2.60%, 12/15/25		8,000		7,513
Global Payments, Inc., 5.95%, 8/15/52		5,000		4,672
PayPal Holdings, Inc., 2.85%, 10/1/29		5,000		4,459
Quanta Services, Inc., 2.90%, 10/1/30		5,000		4,246
RELX Capital, Inc., 4.00%, 3/18/29		5,000		4,803
S&P Global, Inc., 2.30%, 8/15/60		5,000		2,805
(Cost $32,992)				28,498
Cosmetics/Personal Care — 0.8%
Colgate-Palmolive Co., MTN, 4.00%, 8/15/45		3,000		2,727

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

May 31, 2023

	Principal Amount		Value
Cosmetics/Personal Care (Continued)
Estee Lauder Cos., Inc., 2.00%, 12/1/24	$	5,000	$	4,797
Procter & Gamble Co., 2.85%, 8/11/27		11,000		10,478
Unilever Capital Corp., Series 30Y, 2.625%, 8/12/51		5,000		3,386
(Cost $24,756)				21,388
Food — 2.0%
Campbell Soup Co., 4.15%, 3/15/28		5,000		4,859
Conagra Brands, Inc., 5.40%, 11/1/48		5,000		4,657
General Mills, Inc., 3.20%, 2/10/27		6,000		5,730
Hershey Co., 2.65%, 6/1/50		4,000		2,701
Kellogg Co., 2.10%, 6/1/30		5,000		4,176
Kraft Heinz Foods Co. 4.25%, 3/1/31		5,000		4,790
4.875%, 10/1/49		5,000		4,512
Kroger Co. 4.45%, 2/1/47		3,000		2,588
3.95%, 1/15/50		3,000		2,383
McCormick & Co., Inc., 3.40%, 8/15/27		5,000		4,716
Mondelez International, Inc., 2.75%, 4/13/30		5,000		4,411
Sysco Corp., 6.60%, 4/1/50		5,000		5,578
Tyson Foods, Inc., 4.55%, 6/2/47		5,000		4,101
(Cost $63,414)				55,202
Healthcare-Products — 0.7%
Baxter International, Inc., 2.60%, 8/15/26		7,000		6,494
DH Europe Finance II SARL, 2.60%, 11/15/29		5,000		4,452
Revvity, Inc., 3.625%, 3/15/51		5,000		3,581
Thermo Fisher Scientific, Inc., 2.00%, 10/15/31		4,000		3,272
(Cost $21,758)				17,799
Healthcare-Services — 3.2%
Aetna, Inc., 3.875%, 8/15/47		5,000		3,832
Centene Corp., 2.45%, 7/15/28		10,000		8,593
Elevance Health, Inc. 2.25%, 5/15/30		10,000		8,444
3.125%, 5/15/50		5,000		3,456
HCA, Inc. 5.375%, 2/1/25		8,000		7,950
5.625%, 9/1/28		6,000		6,051
4.125%, 6/15/29		2,000		1,860

	Principal Amount		Value
Healthcare-Services (Continued)
3.50%, 9/1/30	$	5,000	$	4,419
5.25%, 6/15/49		3,000		2,648
Humana, Inc., 3.125%, 8/15/29		8,000		7,163
Quest Diagnostics, Inc. 2.95%, 6/30/30		5,000		4,420
2.80%, 6/30/31		3,000		2,586
UnitedHealth Group, Inc. 5.30%, 2/15/30		15,000		15,545
4.75%, 5/15/52		6,000		5,621
5.875%, 2/15/53		5,000		5,475
(Cost $96,522)				88,063
Household Products/Wares — 0.2%
Kimberly-Clark Corp., 2.75%, 2/15/26 (Cost $5,203)		5,000		4,783
Pharmaceuticals — 7.1%
AbbVie, Inc. 3.80%, 3/15/25		5,000		4,890
3.60%, 5/14/25		10,000		9,743
4.70%, 5/14/45		5,000		4,504
4.25%, 11/21/49		12,000		10,175
Astrazeneca Finance LLC, 0.70%, 5/28/24		5,000		4,778
AstraZeneca PLC, 3.00%, 5/28/51		3,000		2,189
Becton Dickinson and Co., 4.669%, 6/6/47		5,000		4,500
Bristol-Myers Squibb Co. 0.75%, 11/13/25		5,000		4,573
3.40%, 7/26/29		6,000		5,655
4.25%, 10/26/49		8,000		6,981
Cigna Group 4.375%, 10/15/28		15,000		14,624
4.90%, 12/15/48		4,000		3,643
CVS Health Corp. 3.875%, 7/20/25		7,000		6,854
4.30%, 3/25/28		3,000		2,923
3.25%, 8/15/29		9,000		8,155
4.78%, 3/25/38		5,000		4,629
5.05%, 3/25/48		8,000		7,231
Eli Lilly & Co. 2.75%, 6/1/25		5,000		4,834
3.95%, 3/15/49		5,000		4,423
GlaxoSmithKline Capital, Inc., 3.875%, 5/15/28		5,000		4,865
Johnson & Johnson 5.95%, 8/15/37		10,000		11,485
3.50%, 1/15/48		3,000		2,520
McKesson Corp., 1.30%, 8/15/26		5,000		4,454
Merck & Co., Inc. 2.15%, 12/10/31		10,000		8,387
4.00%, 3/7/49		3,000		2,622
Novartis Capital Corp., 2.00%, 2/14/27		10,000		9,255

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

May 31, 2023

	Principal Amount		Value
Pharmaceuticals (Continued)
Pfizer Investment Enterprises Pte Ltd., 5.34%, 5/19/63	$	10,000	$	10,016
Pfizer, Inc. 3.45%, 3/15/29		5,000		4,767
7.20%, 3/15/39		10,000		12,444
Sanofi, 3.625%, 6/19/28		3,000		2,931
Zoetis, Inc. 2.00%, 5/15/30		3,000		2,507
4.70%, 2/1/43		2,000		1,834
(Cost $218,067)				193,391
Energy — 3.8%
Oil & Gas — 0.5%
Marathon Petroleum Corp. 3.80%, 4/1/28		2,000		1,882
4.50%, 4/1/48		3,000		2,332
Phillips 66, 5.875%, 5/1/42		5,000		5,132
Valero Energy Corp., 3.65%, 12/1/51		5,000		3,437
(Cost $16,440)				12,783
Oil & Gas Services — 0.4%
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc., 4.08%, 12/15/47		6,000		4,717
Halliburton Co., 2.92%, 3/1/30		8,000		7,085
(Cost $12,602)				11,802
Pipelines — 2.9%
Enbridge, Inc. 3.70%, 7/15/27		5,000		4,772
3.40%, 8/1/51		5,000		3,383
Enterprise Products Operating LLC 2.80%, 1/31/30		5,000		4,400
3.30%, 2/15/53		5,000		3,493
Series E, 5.25%, 8/16/77		5,000		4,337
MPLX LP, 1.75%, 3/1/26		15,000		13,684
ONEOK, Inc. 2.75%, 9/1/24		5,000		4,825
5.20%, 7/15/48		5,000		4,176
Sabine Pass Liquefaction LLC 5.00%, 3/15/27		10,000		9,886
4.50%, 5/15/30		5,000		4,732
TransCanada PipeLines Ltd. 4.10%, 4/15/30		2,000		1,860
7.625%, 1/15/39		5,000		5,716
4.875%, 5/15/48		3,000		2,633
Williams Cos., Inc. 4.00%, 9/15/25		1,000		972
3.50%, 11/15/30		5,000		4,486
2.60%, 3/15/31		5,000		4,137
(Cost $89,867)				77,492

	Principal Amount		Value
Financial — 31.7%
Banks — 22.7%
Banco Santander SA, 2.958%, 3/25/31	$	10,000	$	8,336
Bank of America Corp. MTN, 2.015%, 2/13/26		15,000		14,076
MTN, 1.197%, 10/24/26		20,000		18,056
5.08%, 1/20/27		10,000		9,929
3.419%, 12/20/28		20,000		18,425
MTN, 4.083%, 3/20/51		10,000		8,046
MTN, 2.831%, 10/24/51		10,000		6,402
2.972%, 7/21/52		10,000		6,668
Bank of Montreal, MTN, 1.25%, 9/15/26		10,000		8,844
Bank of New York Mellon Corp., MTN, 3.95%, 11/18/25		15,000		14,614
Bank of Nova Scotia, 4.50%, 12/16/25		5,000		4,871
Barclays PLC, 2.667%, 3/10/32		25,000		19,906
Canadian Imperial Bank of Commerce, 0.95%, 10/23/25		10,000		9,047
Citigroup, Inc. 3.875%, 3/26/25		5,000		4,860
3.30%, 4/27/25		5,000		4,855
4.45%, 9/29/27		15,000		14,424
2.976%, 11/5/30		5,000		4,338
2.572%, 6/3/31		10,000		8,383
2.561%, 5/1/32		5,000		4,108
4.75%, 5/18/46		5,000		4,221
Cooperatieve Rabobank UA, 5.25%, 5/24/41		5,000		5,217
Credit Suisse AG/New York NY, MTN, 3.625%, 9/9/24		5,000		4,794
Credit Suisse Group AG, 4.55%, 4/17/26		5,000		4,726
Deutsche Bank AG, 3.70%, 5/30/24 (a)		5,000		4,866
Deutsche Bank AG/New York NY, 3.035%, 5/28/32 (a)		15,000		11,905
Fifth Third Bancorp, 4.337%, 4/25/33		5,000		4,481
Goldman Sachs Group, Inc. MTN, 3.85%, 7/8/24		10,000		9,846
3.50%, 1/23/25		10,000		9,709
1.542%, 9/10/27		5,000		4,412
2.615%, 4/22/32		7,000		5,777
2.65%, 10/21/32		8,000		6,561
6.25%, 2/1/41		10,000		10,703
HSBC Holdings PLC 1.589%, 5/24/27		10,000		8,881
6.50%, 9/15/37		10,000		10,438
6.10%, 1/14/42		5,000		5,286
HSBC USA, Inc., 3.50%, 6/23/24		15,000		14,648
ING Groep NV, 3.95%, 3/29/27		10,000		9,547

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

May 31, 2023

	Principal Amount		Value
Banks (Continued)
JPMorgan Chase & Co. 2.083%, 4/22/26	$	15,000	$	14,116
1.578%, 4/22/27		15,000		13,483
2.522%, 4/22/31		15,000		12,756
2.956%, 5/13/31		10,000		8,558
4.912%, 7/25/33		15,000		14,712
3.964%, 11/15/48		10,000		8,123
KeyCorp MTN, 4.10%, 4/30/28		5,000		4,375
MTN, 2.55%, 10/1/29		5,000		3,855
Lloyds Banking Group PLC, 1.627%, 5/11/27		10,000		8,943
Mitsubishi UFJ Financial Group, Inc. 3.287%, 7/25/27		10,000		9,364
4.05%, 9/11/28		12,000		11,534
3.741%, 3/7/29		5,000		4,663
Mizuho Financial Group, Inc., 2.564%, 9/13/31		10,000		7,908
Morgan Stanley GMTN, 3.70%, 10/23/24		5,000		4,889
0.79%, 5/30/25		15,000		14,225
MTN, 2.72%, 7/22/25		5,000		4,824
MTN, 3.125%, 7/27/26		5,000		4,719
GMTN, 4.35%, 9/8/26		5,000		4,879
GMTN, 2.699%, 1/22/31		15,000		12,842
4.30%, 1/27/45		5,000		4,337
4.375%, 1/22/47		5,000		4,359
NatWest Group PLC 4.269%, 3/22/25		5,000		4,917
1.642%, 6/14/27		7,000		6,201
PNC Financial Services Group, Inc., 3.90%, 4/29/24		5,000		4,901
Royal Bank of Canada, GMTN, 2.25%, 11/1/24		20,000		19,149
Santander Holdings USA, Inc., 4.40%, 7/13/27		10,000		9,514
Sumitomo Mitsui Financial Group, Inc. 2.632%, 7/14/26		5,000		4,630
3.364%, 7/12/27		15,000		14,156
3.05%, 1/14/42		5,000		3,642
Toronto-Dominion Bank, MTN, 1.20%, 6/3/26		10,000		8,919
Truist Financial Corp., MTN, 3.70%, 6/5/25		15,000		14,429
US Bancorp 2.40%, 7/30/24		10,000		9,616
MTN, 1.375%, 7/22/30		6,000		4,570
Westpac Banking Corp., 4.11%, 7/24/34		15,000		13,289
(Cost $691,196)				619,603
Diversified Financial Services — 4.0%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 2.875%, 8/14/24		6,000		5,770
2.45%, 10/29/26		10,000		8,926
Air Lease Corp., 1.875%, 8/15/26		10,000		8,840

	Principal Amount		Value
Diversified Financial Services (Continued)
Ally Financial, Inc., 8.00%, 11/1/31	$	5,000	$	5,221
American Express Co. 1.65%, 11/4/26		15,000		13,473
4.05%, 12/3/42		3,000		2,607
Capital One Financial Corp., 5.817%, 2/1/34		10,000		9,720
Charles Schwab Corp., 4.625%, 3/22/30		10,000		9,699
CME Group, Inc., 3.75%, 6/15/28		8,000		7,782
Intercontinental Exchange, Inc. 3.75%, 12/1/25		5,000		4,878
3.00%, 9/15/60		5,000		3,174
Mastercard, Inc., 3.80%, 11/21/46		6,000		5,098
Nomura Holdings, Inc., 2.679%, 7/16/30		10,000		8,239
Visa, Inc. 3.15%, 12/14/25		5,000		4,838
2.75%, 9/15/27		5,000		4,717
3.65%, 9/15/47		4,000		3,390
Voya Financial, Inc., 4.70%, 1/23/48		5,000		4,102
(Cost $127,745)				110,474
Insurance — 1.9%
Aflac, Inc., 3.60%, 4/1/30		5,000		4,621
Allstate Corp., 4.20%, 12/15/46		5,000		4,087
American International Group, Inc. 3.40%, 6/30/30		5,000		4,451
4.375%, 6/30/50		3,000		2,485
AXIS Specialty Finance LLC, 4.90%, 1/15/40		5,000		4,004
Chubb INA Holdings, Inc., 4.35%, 11/3/45		5,000		4,482
Manulife Financial Corp., 4.15%, 3/4/26		5,000		4,877
Marsh & McLennan Cos., Inc.,2.25%, 11/15/30		5,000		4,182
MetLife, Inc., 4.60%, 5/13/46		5,000		4,382
Progressive Corp., 4.125%, 4/15/47		3,000		2,525
Prudential Financial, Inc., MTN, 2.10%, 3/10/30		8,000		6,801
Willis North America, Inc., 5.05%, 9/15/48		5,000		4,272
(Cost $62,963)				51,169
Real Estate Investment Trusts — 3.1%
Alexandria Real Estate Equities, Inc., 3.375%, 8/15/31		8,000		6,923
American Tower Corp. 3.80%, 8/15/29		2,000		1,846
2.90%, 1/15/30		10,000		8,688

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

May 31, 2023

	Principal Amount		Value
Real Estate Investment Trusts (Continued)
AvalonBay Communities, Inc., 2.05%, 1/15/32	$	5,000	$	4,037
Boston Properties LP, 3.40%, 6/21/29		5,000		4,147
Crown Castle, Inc. 3.65%, 9/1/27		2,000		1,885
3.80%, 2/15/28		6,000		5,647
Digital Realty Trust LP, 3.60%, 7/1/29		6,000		5,227
Healthpeak OP LLC, 3.00%, 1/15/30		5,000		4,367
Host Hotels & Resorts LP, Series J, 2.90%, 12/15/31		6,000		4,717
Kilroy Realty LP, 2.65%, 11/15/33		8,000		5,304
Omega Healthcare Investors, Inc., 4.50%, 1/15/25		10,000		9,612
Prologis LP, 4.375%, 2/1/29		5,000		4,865
Realty Income Corp., 3.25%, 1/15/31		5,000		4,377
Simon Property Group LP, 4.25%, 11/30/46		5,000		3,994
Ventas Realty LP, 4.40%, 1/15/29		6,000		5,665
Welltower OP LLC, 4.25%, 4/15/28		5,000		4,765
(Cost $99,544)				86,066
Industrial — 6.5%
Building Materials — 0.6%
Carrier Global Corp. 2.493%, 2/15/27		3,000		2,751
3.577%, 4/5/50		6,000		4,324
Martin Marietta Materials, Inc., 2.40%, 7/15/31		8,000		6,549
Masco Corp., 2.00%, 10/1/30		5,000		3,969
(Cost $21,269)				17,593
Electrical Components & Equipment — 0.1%
Emerson Electric Co., 2.75%, 10/15/50 (Cost $5,128)		5,000		3,272
Electronics — 0.8%
Agilent Technologies, Inc., 2.30%, 3/12/31		5,000		4,145
Amphenol Corp., 2.20%, 9/15/31		6,000		4,909
Flex Ltd., 4.875%, 5/12/30		3,000		2,893
Fortive Corp., 3.15%, 6/15/26		5,000		4,746
Vontier Corp., 2.95%, 4/1/31		5,000		3,950
(Cost $24,216)				20,643

	Principal Amount		Value
Environmental Control — 0.4%
Republic Services, Inc., 2.30%, 3/1/30	$	5,000	$	4,295
Waste Connections, Inc., 2.60%, 2/1/30		5,000		4,352
Waste Management, Inc., 3.15%, 11/15/27		3,000		2,842
(Cost $13,760)				11,489
Hand/Machine Tools — 0.2%
Stanley Black & Decker, Inc., 4.00%, 3/15/60 (Cost $5,250)		6,000		4,500
Machinery-Construction & Mining — 0.4%
Caterpillar Financial Services Corp., 0.90%, 3/2/26		5,000		4,527
Caterpillar, Inc., 3.25%, 9/19/49		7,000		5,430
(Cost $11,636)				9,957
Machinery-Diversified — 0.8%
CNH Industrial Capital LLC, 1.875%, 1/15/26		7,000		6,424
Deere & Co., 3.90%, 6/9/42		8,000		7,168
John Deere Capital Corp., MTN, 2.05%, 1/9/25		10,000		9,578
(Cost $26,460)				23,170
Miscellaneous Manufacturing — 0.7%
3M Co., MTN, 4.00%, 9/14/48		5,000		4,008
Parker-Hannifin Corp., 3.25%, 6/14/29		10,000		9,176
Teledyne Technologies, Inc., 1.60%, 4/1/26		5,000		4,556
(Cost $21,235)				17,740
Packaging & Containers — 0.2%
WRKCo, Inc., 3.75%, 3/15/25 (Cost $5,205)		5,000		4,839
Transportation — 2.3%
Canadian National Railway Co. 2.75%, 3/1/26		5,000		4,760
2.45%, 5/1/50		5,000		3,143
Canadian Pacific Railway Co. 3.50%, 5/1/50		5,000		3,778
3.10%, 12/2/51		3,000		2,078
CSX Corp., 2.40%, 2/15/30		10,000		8,677
FedEx Corp. 4.25%, 5/15/30		5,000		4,818
5.25%, 5/15/50		5,000		4,738
Norfolk Southern Corp., 4.05%, 8/15/52		6,000		4,884
Ryder System, Inc., MTN, 2.90%, 12/1/26		5,000		4,612

See Notes to Financial Statements. 24

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

May 31, 2023

	Principal Amount		Value
Transportation (Continued)
Union Pacific Corp. 2.375%, 5/20/31	$	10,000	$	8,528
3.839%, 3/20/60		9,000		7,010
United Parcel Service, Inc., 3.75%, 11/15/47		7,000		5,804
(Cost $77,340)				62,830
Technology — 11.7%
Computers — 4.0%
Apple, Inc. 2.75%, 1/13/25		10,000		9,726
3.20%, 5/13/25		12,000		11,712
3.85%, 8/4/46		15,000		13,158
3.75%, 11/13/47		15,000		12,895
2.95%, 9/11/49		2,000		1,475
Dell International LLC / EMC Corp., 6.02%, 6/15/26		15,000		15,360
Hewlett Packard Enterprise Co. 1.75%, 4/1/26		7,000		6,423
6.35%, 10/15/45		3,000		3,065
HP, Inc., 3.40%, 6/17/30		10,000		8,769
International Business Machines Corp. 3.50%, 5/15/29		15,000		14,021
4.25%, 5/15/49		5,000		4,201
NetApp, Inc., 1.875%, 6/22/25		5,000		4,665
Western Digital Corp., 2.85%, 2/1/29		5,000		4,042
(Cost $123,512)				109,512
Semiconductors — 3.4%
Analog Devices, Inc., 2.95%, 10/1/51		5,000		3,506
Applied Materials, Inc., 2.75%, 6/1/50		3,000		2,098
Broadcom, Inc. 144A,3.137%, 11/15/35		12,000		9,157
144A,3.187%, 11/15/36		10,000		7,502
Intel Corp. 3.70%, 7/29/25		15,000		14,685
4.10%, 5/11/47		5,000		4,084
3.05%, 8/12/51		6,000		3,948
3.10%, 2/15/60		7,000		4,318
Lam Research Corp., 4.875%, 3/15/49		2,000		1,913
Marvell Technology, Inc., 1.65%, 4/15/26		6,000		5,423
Micron Technology, Inc., 2.703%, 4/15/32		10,000		7,903
NVIDIA Corp., 3.70%, 4/1/60		4,000		3,167
NXP BV / NXP Funding LLC / NXP USA, Inc., 3.15%, 5/1/27		5,000		4,642
QUALCOMM, Inc. 3.45%, 5/20/25		5,000		4,875
1.65%, 5/20/32		10,000		7,841

	Principal Amount		Value
Semiconductors (Continued)
Texas Instruments, Inc., 4.15%, 5/15/48	$	5,000	$	4,447
TSMC Arizona Corp., 2.50%, 10/25/31		5,000		4,226
(Cost $111,519)				93,735
Software — 4.3%
Activision Blizzard, Inc. 3.40%, 9/15/26		7,000		6,730
2.50%, 9/15/50		2,000		1,265
Adobe, Inc., 2.15%, 2/1/27		7,000		6,477
Autodesk, Inc., 2.40%, 12/15/31		5,000		4,115
Broadridge Financial Solutions, Inc., 2.60%, 5/1/31		5,000		4,102
Electronic Arts, Inc., 1.85%, 2/15/31		5,000		4,068
Fidelity National Information Services, Inc., 2.25%, 3/1/31		7,000		5,618
Fiserv, Inc., 4.20%, 10/1/28		10,000		9,659
Microsoft Corp. 2.40%, 8/8/26		10,000		9,486
2.525%, 6/1/50		10,000		6,897
2.921%, 3/17/52		10,000		7,404
3.95%, 8/8/56		2,000		1,789
Oracle Corp. 2.50%, 4/1/25		5,000		4,769
2.95%, 5/15/25		5,000		4,799
2.80%, 4/1/27		5,000		4,615
2.95%, 4/1/30		9,000		7,881
4.30%, 7/8/34		15,000		13,522
3.60%, 4/1/50		7,000		4,840
3.95%, 3/25/51		5,000		3,671
VMware, Inc., 4.70%, 5/15/30		6,000		5,711
(Cost $137,674)				117,418
Utilities — 8.4%
Electric — 6.6%
AEP Texas, Inc., 5.25%, 5/15/52		4,000		3,768
Avangrid, Inc., 3.20%, 4/15/25		7,000		6,703
Baltimore Gas and Electric Co., 3.50%, 8/15/46		5,000		3,803
CenterPoint Energy Houston Electric LLC Series Z, 2.40%, 9/1/26		5,000		4,655
Series AF, 3.35%, 4/1/51		5,000		3,764
Commonwealth Edison Co. 2.55%, 6/15/26		10,000		9,388
4.00%, 3/1/48		5,000		4,152
3.00%, 3/1/50		6,000		4,119
Series 130, 3.125%, 3/15/51		15,000		10,431
Consolidated Edison Co. of New York, Inc. Series 06-A, 5.85%, 3/15/36		10,000		10,388

See Notes to Financial Statements. 25

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

May 31, 2023

	Principal Amount		Value
Electric (Continued)
3.20%, 12/1/51	$	5,000	$	3,445
3.60%, 6/15/61		5,000		3,584
Consumers Energy Co., 3.95%, 5/15/43		6,000		5,052
Eversource Energy Series L, 2.90%, 10/1/24		15,000		14,494
3.45%, 1/15/50		13,000		9,425
Exelon Corp., 3.40%, 4/15/26		10,000		9,569
ITC Holdings Corp., 3.35%, 11/15/27		10,000		9,385
National Rural Utilities Cooperative Finance Corp., 4.40%, 11/1/48		10,000		8,498
NSTAR Electric Co., 3.10%, 6/1/51		2,000		1,386
Ohio Power Co., Series Q, 1.625%, 1/15/31		5,000		3,966
Oncor Electric Delivery Co. LLC, 2.75%, 5/15/30		5,000		4,437
PPL Electric Utilities Corp., 3.00%, 10/1/49		10,000		7,050
Public Service Electric and Gas Co.
MTN, 1.90%, 8/15/31		10,000		8,123
MTN, 2.05%, 8/1/50		5,000		2,857
San Diego Gas & Electric Co.
Series VVV, 1.70%, 10/1/30		10,000		8,087
Series RRR, 3.75%, 6/1/47		10,000		7,842
Sempra Energy 3.40%, 2/1/28		8,000		7,458
4.125%, 4/1/52		5,000		4,047
(Cost $217,815)				179,876

	Principal Amount		Value
Gas — 1.1%
Atmos Energy Corp. 1.50%, 1/15/31	$	6,000	$	4,761
2.85%, 2/15/52		4,000		2,693
Piedmont Natural Gas Co., Inc., 2.50%, 3/15/31		5,000		4,121
Southern California Gas Co.
Series XX, 2.55%, 2/1/30		10,000		8,683
Series VV, 4.30%, 1/15/49		5,000		4,169
Southwest Gas Corp., 3.18%, 8/15/51		8,000		5,153
(Cost $38,366)				29,580
Water — 0.7%
American Water Capital Corp. 3.40%, 3/1/25		6,000		5,841
3.45%, 5/1/50		11,000		8,125
Essential Utilities, Inc.,2.40%, 5/1/31		8,000		6,576
(Cost $27,883)				20,542
TOTAL CORPORATE BONDS (Cost $3,118,260)				2,697,108
	Number of Shares
CASH EQUIVALENTS — 0.7%
DWS Government Money Market Series “Institutional Shares”, 5.04% (b) (Cost $18,520)		18,520		18,520
TOTAL INVESTMENTS — 99.4% (Cost $3,136,780)			$	2,715,628
Other assets and liabilities, net — 0.6%				16,857
NET ASSETS — 100.0%			$	2,732,485

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2023 is as follows:

	Value ($) at 5/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2023		Value ($) at 5/31/2023
CORPORATE BONDS — 0.6%
Financial — 0.6%
Deutsche Bank AG, 3.700%, 5/30/24 (a)
		10,033		36		(4,851	)		(130	)		(222	)		363		—		5,000		4,866
Deutsche Bank AG/New York NY, 3.961%, 11/26/25 (a)
		—		14,042		(14,359	)		317			—			301		—		—		—
Deutsche Bank AG/New York NY, 3.035%, 5/28/32 (a)
		12,535		—		(9	)		—			(621	)		455		—		15,000		11,905
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares, 5.03% (b)(c)
		30,582		—		(30,582	)(d)		—			—			985		—		—		—
CASH EQUIVALENTS — 0.7%
DWS Government Money Market Series “Institutional Shares”, 5.04% (b)
		19,380		343,410		(344,270)			—			—			1,027		—		18,520		18,520
		72,530		357,488		(394,071	)		187			(843	)		3,131		—		38,520		35,291

See Notes to Financial Statements. 26

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

May 31, 2023

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

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

(c) Represents 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, 2023.

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.

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, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (a)	$	—	$	2,697,108	$	—	$	2,697,108
Short-Term Investments (a)		18,520		—		—		18,520
TOTAL	$	18,520	$	2,697,108	$	—	$	2,715,628

(a) 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, 2023

	Principal Amount		Value
SOVEREIGN BONDS — 98.1%
Argentina — 1.8%
Argentine Republic Government International Bond 1.00%, 7/9/29	$	55,589	$	14,262
0.50% - 1.75%, 7/9/30 (a)		340,000		89,738
1.50% - 5.00%, 7/9/35 (a)		370,000		86,719
3.875% - 5.00%, 1/9/38 (a)		210,000		60,667
3.50% - 4.875%, 7/9/41 (a)		190,000		49,163
1.50% - 5.00%, 7/9/46 (a)		44,000		10,450
(Cost $588,502)				310,999
Armenia — 1.2%
Republic of Armenia International Bond, REGS, 7.15%, 3/26/25 (Cost $209,429)		200,000		202,267
Bahrain — 3.2%
Bahrain Government International Bond REGS, 7.00%, 1/26/26		200,000		204,176
REGS, 6.00%, 9/19/44		200,000		153,664
CBB International Sukuk Programme Co WLL REGS, 4.50%, 3/30/27		200,000		191,899
(Cost $610,491)				549,739
Barbados — 0.2%
Barbados Government International Bond, REGS, 6.50%, 10/1/29
(Cost $30,319)		32,000		29,898
Bolivia — 0.3%
Bolivian Government International Bond, REGS, 4.50%, 3/20/28
(Cost $65,723)		75,000		45,516
Brazil — 4.1%
Brazilian Government International Bond 4.25%, 1/7/25		15,000		14,814
2.875%, 6/6/25		80,000		76,568
4.625%, 1/13/28		100,000		97,982
4.50%, 5/30/29		100,000		95,187
3.875%, 6/12/30		100,000		89,063
3.75%, 9/12/31		60,000		51,675
8.25%, 1/20/34		75,000		86,108
7.125%, 1/20/37		50,000		53,031
5.625%, 1/7/41		50,000		43,750
5.00%, 1/27/45		71,000		55,025
5.625%, 2/21/47		50,000		41,594
(Cost $784,137)				704,797
Cayman Islands — 1.0%
Sharjah Sukuk Program Ltd., REGS, 3.20%, 7/13/31 (Cost $199,688)		200,000		172,791
Chile — 2.6%
Chile Government International Bond 3.125%, 1/21/26		45,000		43,481
2.55%, 7/27/33		100,000		82,414
3.10%, 5/7/41		100,000		74,986
4.34%, 3/7/42		150,000		132,613
3.86%, 6/21/47		150,000		120,747
(Cost $561,406)				454,241

	Principal Amount		Value
China — 1.1%
China Government International Bond, REGS, 3.50%, 10/19/28 (Cost $225,166)	$	200,000	$	197,039
Colombia — 3.4%
Colombia Government International Bond 8.125%, 5/21/24		75,000		76,564
3.875%, 4/25/27		80,000		72,348
3.00%, 1/30/30		80,000		61,712
3.25%, 4/22/32		115,000		83,555
7.375%, 9/18/37		40,000		37,254
6.125%, 1/18/41		80,000		62,806
5.625%, 2/26/44		80,000		57,999
5.00%, 6/15/45		100,000		66,750
5.20%, 5/15/49		90,000		60,185
(Cost $682,385)				579,173
Costa Rica — 1.1%
Costa Rica Government International Bond REGS, 6.125%, 2/19/31		90,000		90,108
REGS, 7.158%, 3/12/45		100,000		99,438
(Cost $164,145)				189,546
Dominican Republic — 3.5%
Dominican Republic International Bond REGS, 6.875%, 1/29/26		100,000		101,080
REGS, 6.00%, 7/19/28		100,000		96,626
REGS, 4.50%, 1/30/30		100,000		86,562
REGS, 4.875%, 9/23/32		30,000		25,221
REGS, 5.30%, 1/21/41		150,000		116,719
REGS, 7.45%, 4/30/44		150,000		143,719
REGS, 5.875%, 1/30/60		42,000		31,264
(Cost $666,485)				601,191
Ecuador — 1.0%
Ecuador Government International Bond 144A, 5.50% - 6.90%, 7/31/30 (a)		50,000		24,313
144A, 2.50% - 6.90%, 7/31/35 (a)		157,000		54,165
REGS, 2.50% - 6.90%, 7/31/35 (a)		120,000		41,553
144A, 1.50% - 6.90%, 7/31/40 (a)		119,000		37,336
REGS, 1.50% - 6.90%, 7/31/40 (a)		75,000		23,531
(Cost $307,608)				180,898
Egypt — 1.3%
Egypt Government International Bond
REGS, 7.600%, 3/1/29		200,000		123,850
REGS, 5.875%, 2/16/31		200,000		108,776
(Cost $355,398)				232,626
El Salvador — 0.7%
El Salvador Government International Bond
REGS, 6.375%, 1/18/27		50,000		32,033
REGS, 8.625%, 2/28/29		60,000		36,113
REGS, 7.65%, 6/15/35		72,000		38,273
REGS, 7.125%, 1/20/50		15,000		7,462
(Cost $164,369)				113,881
Gabon — 1.1%
Gabon Government International Bond, REGS, 6.95%, 6/16/25 (Cost $179,453)		200,000		191,377

See Notes to Financial Statements. 28

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Principal Amount		Value
Ghana — 1.0%
Ghana Government International Bond REGS, 6.375%, 2/11/27	$	100,000	$	40,704
REGS, 10.75%, 10/14/30		200,000		137,426
(Cost $282,237)				178,130
Guatemala — 0.7%
Guatemala Government Bond REGS, 4.90%, 6/1/30		75,000		69,703
REGS, 6.125%, 6/1/50		50,000		45,313
(Cost $143,005)				115,016
Honduras — 0.1%
Honduras Government International Bond REGS, 6.25%, 1/19/27		15,000		13,574
REGS, 5.625%, 6/24/30		13,000		10,457
(Cost $24,172)				24,031
Hungary — 4.6%
Hungary Government International Bond 5.375%, 3/25/24		76,000		75,949
REGS, 6.125%, 5/22/28		200,000		203,810
REGS, 2.125%, 9/22/31		200,000		152,700
7.625%, 3/29/41		214,000		237,879
REGS, 3.125%, 9/21/51		200,000		119,945
(Cost $890,269)				790,283
Indonesia — 3.8%
Indonesia Government International Bond REGS, 4.75%, 1/8/26		60,000		60,383
REGS, 4.35%, 1/8/27		80,000		79,373
REGS, 8.50%, 10/12/35		150,000		196,006
REGS, 6.625%, 2/17/37		150,000		172,821
REGS, 7.75%, 1/17/38		100,000		126,176
3.05%, 3/12/51		25,000		18,177
(Cost $741,320)				652,936
Ivory Coast (Cote D’Ivoire) — 0.6%
Ivory Coast Government International Bond, REGS, 5.75%, 12/31/32 (Cost $118,206)		119,389		110,568
Jamaica — 1.5%
Jamaica Government International Bond 6.75%, 4/28/28		150,000		158,084
7.875%, 7/28/45		93,000		107,822
(Cost $271,250)				265,906
Jordan — 1.1%
Jordan Government International Bond, REGS, 5.75%, 1/31/27 (Cost $204,323)		200,000		189,825
Kazakhstan — 1.2%
Kazakhstan Government International Bond, REGS, 6.50%, 7/21/45 (Cost $290,860)		200,000		207,766
Kenya — 1.0%
Republic of Kenya Government International Bond, REGS, 7.25%, 2/28/28 (Cost $199,055)		200,000		167,725

	Principal Amount		Value
Kuwait — 1.1%
Kuwait International Government Bond, REGS, 3.50%, 3/20/27 (Cost $211,531)	$	200,000	$	195,958
Malaysia — 1.2%
Malaysia Sovereign Sukuk Bhd REGS, 3.043%, 4/22/25		100,000		97,234
Malaysia Wakala Sukuk Bhd
REGS, 2.07%, 4/28/31		80,000		69,597
REGS, 3.075%, 4/28/51		45,000		34,481
(Cost $213,588)				201,312
Mexico — 3.0%
Mexico Government International Bond 3.25%, 4/16/30		21,000		18,771
MTN, 8.30%, 8/15/31		75,000		88,522
Series A, MTN, 7.50%, 4/8/33		50,000		57,495
Series A, MTN, 6.75%, 9/27/34		40,000		43,845
6.05%, 1/11/40		96,000		97,063
MTN, 4.75%, 3/8/44		90,000		76,225
5.55%, 1/21/45		40,000		37,741
4.60%, 1/23/46		25,000		20,458
4.60%, 2/10/48		30,000		24,391
4.50%, 1/31/50		25,000		20,083
3.771%, 5/24/61		25,000		16,710
GMTN, 5.75%, 10/12/10		20,000		17,542
(Cost $613,372)				518,846
Mongolia — 0.7%
Mongolia Government International Bond
REGS, 5.125%, 4/7/26		50,000		44,760
REGS, 8.65%, 1/19/28		70,000		69,359
(Cost $119,014)				114,119
Morocco — 1.0%
Morocco Government International Bond, REGS, 5.50%, 12/11/42 (Cost $244,123)		200,000		170,341
Oman — 3.4%
Oman Government International Bond
REGS, 5.375%, 3/8/27		200,000		196,973
REGS, 5.625%, 1/17/28		200,000		198,645
REGS, 6.75%, 1/17/48		200,000		188,815
(Cost $532,034)				584,433
Panama — 4.8%
Panama Government International Bond 3.75%, 3/16/25		50,000		48,825
7.125%, 1/29/26		100,000		105,785
3.875%, 3/17/28		150,000		143,709
9.375%, 4/1/29		25,000		30,511
3.16%, 1/23/30		50,000		44,088
6.40%, 2/14/35		60,000		62,812
6.70%, 1/26/36		100,000		107,110
4.50%, 4/16/50		20,000		15,274
4.30%, 4/29/53		50,000		36,634
4.50%, 4/1/56		150,000		111,325
3.87%, 7/23/60		146,000		95,281
4.50%, 1/19/63		50,000		36,032
(Cost $1,057,141)				837,386

See Notes to Financial Statements. 29

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Principal Amount		Value
Papua New Guinea — 0.1%
Papua New Guinea Government International Bond, REGS, 8.375%, 10/4/28
(Cost $10,147)	$	11,000	$	10,074
Paraguay — 1.2%
Paraguay Government International Bond
REGS, 3.849%, 6/28/33		200,000		172,176
REGS, 5.40%, 3/30/50		37,000		31,144
(Cost $210,813)				203,320
Peru — 3.1%
Peruvian Government International Bond 7.35%, 7/21/25		25,000		26,268
4.125%, 8/25/27		25,000		24,537
2.783%, 1/23/31		112,000		95,602
8.75%, 11/21/33		100,000		126,380
3.00%, 1/15/34		100,000		81,954
6.55%, 3/14/37		40,000		43,919
3.30%, 3/11/41		75,000		56,141
5.625%, 11/18/50		50,000		50,135
2.78%, 12/1/60		47,000		27,348
(Cost $667,412)				532,284
Philippines — 3.9%
Philippine Government International Bond 3.75%, 1/14/29		100,000		96,310
9.50%, 2/2/30		160,000		203,246
1.648%, 6/10/31		80,000		64,252
3.95%, 1/20/40		50,000		43,322
3.70%, 3/1/41		100,000		82,924
3.70%, 2/2/42		150,000		123,932
4.20%, 3/29/47		75,000		65,025
(Cost $800,647)				679,011
Poland — 1.8%
Republic of Poland Government International Bond 3.25%, 4/6/26		150,000		145,789
5.75%, 11/16/32		67,000		71,247
4.875%, 10/4/33		27,000		26,992
5.50%, 4/4/53		60,000		60,464
(Cost $315,261)				304,492
Qatar — 3.9%
Qatar Government International Bond
REGS, 4.00%, 3/14/29		200,000		197,896
144A, 9.75%, 6/15/30		160,000		213,573
144A, 6.40%, 1/20/40		60,000		70,326
REGS, 5.103%, 4/23/48		200,000		198,856
(Cost $798,451)				680,651
Romania — 3.4%
Romanian Government International Bond
REGS, 4.875%, 1/22/24		100,000		99,822
REGS, 3.00%, 2/14/31		100,000		82,802
REGS, 3.625%, 3/27/32		80,000		67,640
REGS, 7.125%, 1/17/33		36,000		37,972
REGS, 6.00%, 5/25/34		50,000		49,259

	Principal Amount		Value
Romania (Continued)
144A, 6.125%, 1/22/44	$	70,000	$	65,441
REGS, 6.125%, 1/22/44		50,000		46,743
REGS, 5.125%, 6/15/48		40,000		32,865
REGS, 4.00%, 2/14/51		164,000		112,221
(Cost $688,703)				594,765
Saudi Arabia — 5.7%
KSA Sukuk Ltd. REGS, 2.25%, 5/17/31		300,000		255,798
Saudi Government International Bond REGS, 2.75%, 2/3/32		200,000		174,165
REGS, 2.25%, 2/2/33		200,000		163,030
REGS, 4.875%, 7/18/33		200,000		201,814
REGS, 5.00%, 4/17/49		200,000		185,628
(Cost $1,161,476)				980,435
Serbia — 0.9%
Serbia International Bond, REGS, 2.125%, 12/1/30 (Cost $155,603)		200,000		150,673
South Africa — 2.5%
Republic of South Africa Government International Bond 5.875%, 9/16/25		70,000		69,239
4.85%, 9/27/27		65,000		60,139
4.30%, 10/12/28		100,000		86,473
5.65%, 9/27/47		125,000		85,396
6.30%, 6/22/48		100,000		74,111
5.75%, 9/30/49		95,000		64,652
(Cost $507,113)				440,010
Sri Lanka — 0.6%
Sri Lanka Government International Bond REGS, 6.85%, 3/14/24 (b)		100,000		36,685
144A, 7.85%, 3/14/29 (b)		75,000		27,750
REGS, 7.55%, 3/28/30 (b)		100,000		36,845
(Cost $216,207)				101,280
Trinidad and Tobago — 0.4%
Trinidad & Tobago Government International Bond, REGS, 4.50%, 8/4/26 (Cost $76,991)		75,000		73,291
Turkey — 3.3%
Turkey Government International Bond 5.75%, 3/22/24		25,000		24,390
7.375%, 2/5/25		30,000		29,113
4.75%, 1/26/26		70,000		62,754
4.25%, 4/14/26		110,000		96,220
4.875%, 10/9/26		100,000		87,482
9.875%, 1/15/28		20,000		19,993
5.125%, 2/17/28		25,000		21,268
6.125%, 10/24/28		100,000		87,165
5.25%, 3/13/30		20,000		15,935
8.00%, 2/14/34		15,000		13,807
6.875%, 3/17/36		50,000		40,433
6.00%, 1/14/41		10,000		7,055

See Notes to Financial Statements. 30

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Principal Amount		Value
Turkey (Continued)
4.875%, 4/16/43	$	50,000	$	30,916
5.75%, 5/11/47		60,000		39,485
(Cost $606,695)				576,016
Ukraine — 0.6%
Ukraine Government International Bond REGS, 7.75%, 9/1/29*		250,000		48,702
144A, 9.75%, 11/1/30*		60,000		12,202
REGS, 9.75%, 11/1/30*		200,000		40,672
(Cost $486,559)				101,576
United Arab Emirates — 3.4%
Abu Dhabi Government International Bond REGS, 3.125%, 10/11/27		430,000		411,533
REGS, 4.125%, 10/11/47		200,000		175,863
(Cost $680,223)				587,396
Uruguay — 3.8%
Uruguay Government International Bond 4.375%, 10/27/27		77,000		77,001
4.375%, 1/23/31		124,000		123,840
7.875%, 1/15/33		42,000		52,250
7.625%, 3/21/36		54,000		67,260
4.125%, 11/20/45		37,000		33,458

	Principal Amount		Value
Uruguay (Continued)
5.10%, 6/18/50	$	170,000	$	167,487
4.975%, 4/20/55		132,000		127,354
(Cost $773,959)				648,650
Uzbekistan — 1.1%
Republic of Uzbekistan International Bond, REGS, 4.75%, 2/20/24 (Cost $203,740)		200,000		197,716
TOTAL SOVEREIGN BONDS
(Cost $20,310,204)				16,942,200
	Number of Shares
CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 5.04% (c)
(Cost $29,514)		29,514		29,514
TOTAL INVESTMENTS — 98.3% (Cost $20,339,718)			$	16,971,714
Other assets and liabilities, net — 1.7%				297,336
NET ASSETS — 100.0%			$	17,269,050

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2023 is as follows:

	Value ($) at 5/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2023		Value ($) at 5/31/2023
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares, 5.03% (c)(d)
		482,208		—		(482,208	)(e)		—		—		7,703		—		—		—
CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 5.04% (c)
		166,057		2,404,758		(2,541,301	)		—		—		5,202		—		29,514		29,514
		648,265		2,404,758		(3,023,509	)		—		—		12,905		—		29,514		29,514

* Non-income producing security.

(a) Security is a “step-up” bond where the coupon increases or steps-up at a predetermined date.The range of rates shown is the current coupon rate through the final coupon rate, date shown is the final maturity date.

(b) Defaulted security or security for which income has been deemed uncollectible.

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

(d) Represents 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, 2023.

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.

See Notes to Financial Statements. 31

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

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, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Sovereign Bonds (a)	$	—	$	16,942,200	$	—	$	16,942,200
Short-Term Investments (a)		29,514		—		—		29,514
TOTAL	$	29,514	$	16,942,200	$	—	$	16,971,714

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

See Notes to Financial Statements. 32

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Principal Amount		Value
CORPORATE BONDS — 97.6%
Basic Materials — 5.8%
Chemicals — 3.3%
Ashland LLC, 6.875%, 5/15/43	$	10,000	$	10,055
ASP Unifrax Holdings, Inc., 144A, 5.25%, 9/30/28		10,000		7,613
Avient Corp., 144A, 5.75%, 5/15/25		50,000		50,025
Axalta Coating Systems LLC, 144A, 3.375%, 2/15/29		10,000		8,617
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, 144A, 4.75%, 6/15/27		10,000		9,537
Cerdia Finanz GmbH, 144A, 10.50%, 2/15/27		17,000		16,325
Chemours Co., 144A, 5.75%, 11/15/28		25,000		22,125
Consolidated Energy Finance SA, 144A, 5.625%, 10/15/28		10,000		8,650
CVR Partners LP / CVR Nitrogen Finance Corp., 144A, 6.125%, 6/15/28		12,000		10,470
Diamond BC BV, 144A, 4.625%, 10/1/29		10,000		10,138
Element Solutions, Inc., 144A, 3.875%, 9/1/28		21,000		18,501
HB Fuller Co., 4.25%, 10/15/28		10,000		9,029
Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 144A, 9.00%, 7/1/28		10,000		8,812
INEOS Quattro Finance 2 PLC, 144A, 3.375%, 1/15/26		15,000		13,800
Ingevity Corp., 144A, 3.875%, 11/1/28		10,000		8,303
Iris Holding, Inc., 144A, 10.00%, 12/15/28		10,000		7,500
LSF11 A5 HoldCo LLC, 144A, 6.625%, 10/15/29		10,000		8,592
Methanex Corp., 5.65%, 12/1/44		10,000		8,050
NOVA Chemicals Corp. 144A, 4.875%, 6/1/24		40,000		39,100
144A,5.25%, 6/1/27		20,000		18,150
Olympus Water US Holding Corp., 144A, 6.25%, 10/1/29		10,000		7,513
Rain CII Carbon LLC / CII Carbon Corp., 144A, 7.25%, 4/1/25		10,000		9,818
SCIH Salt Holdings, Inc. 144A, 4.875%, 5/1/28		15,000		13,372
144A,6.625%, 5/1/29		5,000		4,173
SCIL IV LLC / SCIL USA Holdings LLC, 144A, 5.375%, 11/1/26		15,000		13,913
SK Invictus Intermediate II SARL, 144A, 5.00%, 10/30/29		10,000		7,989
SPCM SA, 144A, 3.125%, 3/15/27		10,000		9,205

	Principal Amount		Value
Chemicals (Continued)
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 144A, 5.125%, 4/1/29	$	10,000	$	5,511
Tronox, Inc., 144A, 4.625%, 3/15/29		20,000		16,325
Valvoline, Inc., 144A, 4.25%, 2/15/30		20,000		19,700
Venator Finance Sarl / Venator Materials LLC, 144A,5.75%, 7/15/25 (a)		10,000		1,242
Vibrantz Technologies, Inc., 144A, 9.00%, 2/15/30		10,000		7,573
WR Grace Holdings LLC 144A,4.875%, 6/15/27		15,000		13,949
144A,5.625%, 8/15/29		10,000		8,338
144A,7.375%, 3/1/31		10,000		9,825
(Cost $487,865)				441,838
Forest Products & Paper — 0.2%
Ahlstrom Holding 3 Oy, 144A, 4.875%, 2/4/28		10,000		8,295
Domtar Corp., 144A, 6.75%, 10/1/28		10,000		8,725
Glatfelter Corp., 144A, 4.75%, 11/15/29		10,000		6,450
Mercer International, Inc., 5.125%, 2/1/29		10,000		7,950
(Cost $36,755)				31,420
Iron/Steel — 0.9%
ATI, Inc., 5.125%, 10/1/31		10,000		8,825
Big River Steel LLC / BRS Finance Corp., 144A, 6.625%, 1/31/29		15,000		14,963
Carpenter Technology Corp., 6.375%, 7/15/28		10,000		9,700
Cleveland-Cliffs, Inc. 5.875%, 6/1/27		12,000		11,640
144A,6.75%, 4/15/30		12,000		11,366
Commercial Metals Co., 4.375%, 3/15/32		10,000		8,600
Infrabuild Australia Pty Ltd., 144A, 12.00%, 10/1/24		7,000		6,738
Mineral Resources Ltd. 144A, 8.125%, 5/1/27		20,000		20,103
144A,8.00%, 11/1/27		20,000		20,045
United States Steel Corp., 6.875%, 3/1/29		10,000		9,687
(Cost $125,721)				121,667
Mining — 1.4%
Arconic Corp., 144A, 6.125%, 2/15/28		18,000		18,261
Coeur Mining, Inc., 144A, 5.125%, 2/15/29		10,000		8,525
Compass Minerals International, Inc., 144A, 6.75%, 12/1/27		10,000		9,575
Constellium SE, 144A, 3.75%, 4/15/29		15,000		12,991

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, 2023

	Principal Amount		Value
Mining (Continued)
Eldorado Gold Corp., 144A,6.25%, 9/1/29	$	10,000	$	9,019
FMG Resources August 2006 Pty Ltd. 144A, 5.125%, 5/15/24		25,000		25,031
144A,4.375%, 4/1/31		23,000		19,492
144A,6.125%, 4/15/32		26,000		24,621
Hudbay Minerals, Inc., 144A, 6.125%, 4/1/29		10,000		9,088
JW Aluminum Continuous Cast Co., 144A, 10.25%, 6/1/26		15,000		15,019
Kaiser Aluminum Corp., 144A, 4.50%, 6/1/31		15,000		11,861
Novelis Corp. 144A, 4.75%, 1/30/30		10,000		8,925
144A,3.875%, 8/15/31		20,000		16,463
(Cost $204,264)				188,871
Communications — 15.5%
Advertising — 0.8%
Advantage Sales & Marketing, Inc., 144A, 6.50%, 11/15/28		10,000		8,441
Clear Channel International BV, 144A, 6.625%, 8/1/25		10,000		9,850
Clear Channel Outdoor Holdings, Inc. 144A, 7.75%, 4/15/28		12,000		8,968
144A,7.50%, 6/1/29		21,000		15,041
CMG Media Corp., 144A, 8.875%, 12/15/27		10,000		6,550
Lamar Media Corp., 3.75%, 2/15/28		10,000		9,088
National CineMedia LLC, 144A, 5.875%, 4/15/28 (a)		10,000		3,000
Outfront Media Capital LLC / Outfront Media Capital Corp., 144A, 5.00%, 8/15/27		36,000		32,535
Stagwell Global LLC, 144A, 5.625%, 8/15/29		20,000		17,379
(Cost $138,608)				110,852
Internet — 1.6%
ANGI Group LLC, 144A, 3.875%, 8/15/28		10,000		8,269
Arches Buyer, Inc., 144A, 6.125%, 12/1/28		15,000		13,012
Cablevision Lightpath LLC, 144A, 5.625%, 9/15/28		10,000		7,367
Cogent Communications Group, Inc., 144A, 3.50%, 5/1/26		15,000		13,875
EquipmentShare.com, Inc., 144A, 9.00%, 5/15/28		10,000		9,238
Gen Digital, Inc. 144A,5.00%, 4/15/25		28,000		27,434
144A,6.75%, 9/30/27		15,000		15,020
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 144A,5.25%, 12/1/27		10,000		9,625
144A,3.50%, 3/1/29		10,000		8,700

	Principal Amount		Value
Internet (Continued)
ION Trading Technologies SARL, 144A, 5.75%, 5/15/28	$	10,000	$	8,350
Match Group Holdings II LLC, 144A, 4.625%, 6/1/28		20,000		18,350
Millennium Escrow Corp., 144A, 6.625%, 8/1/26		10,000		7,000
Newfold Digital Holdings Group, Inc., 144A, 6.00%, 2/15/29		10,000		7,300
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 144A, 4.75%, 4/30/27		10,000		8,550
Photo Holdings Merger Sub, Inc., 144A, 8.50%, 10/1/26		14,000		8,155
Rakuten Group, Inc. 144A, 6.25%, Perpetual (b)		15,000		10,468
144A,10.25%, 11/30/24		20,000		20,350
Ziff Davis, Inc., 144A, 4.625%, 10/15/30		14,000		12,001
(Cost $236,191)				213,064
Media — 7.8%
AMC Networks, Inc. 4.75%, 8/1/25		13,000		11,554
4.25%, 2/15/29		10,000		5,737
Cable One, Inc., 144A, 4.00%, 11/15/30		10,000		7,825
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 5.125%, 5/1/27		43,000		40,044
144A,5.00%, 2/1/28		10,000		9,109
144A,6.375%, 9/1/29		10,000		9,365
144A,4.75%, 3/1/30		27,000		22,849
144A,4.50%, 8/15/30		34,000		28,085
144A,4.25%, 2/1/31		46,000		37,109
144A,4.75%, 2/1/32		15,000		12,070
4.50%, 5/1/32		25,000		19,625
144A,4.50%, 6/1/33		14,000		10,710
144A,4.25%, 1/15/34		32,000		23,837
CSC Holdings LLC 5.25%, 6/1/24		30,000		27,975
144A,5.50%, 4/15/27		23,000		18,894
144A,5.375%, 2/1/28		18,000		14,211
144A,6.50%, 2/1/29		20,000		15,778
144A,5.75%, 1/15/30		5,000		2,231
144A,4.625%, 12/1/30		42,000		17,850
144A,4.50%, 11/15/31		20,000		13,950
144A,5.00%, 11/15/31		19,000		8,391
Cumulus Media New Holdings, Inc., 144A, 6.75%, 7/1/26		10,000		7,300
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 144A, 5.875%, 8/15/27		45,000		39,764
DISH DBS Corp. 5.875%, 11/15/24		45,000		38,756
7.75%, 7/1/26		35,000		20,169
144A,5.25%, 12/1/26		46,000		36,512
144A,5.75%, 12/1/28		41,000		30,042

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, 2023

	Principal Amount		Value
Media (Continued)
DISH Network Corp., 144A, 11.75%, 11/15/27	$	10,000	$	9,605
GCI LLC, 144A, 4.75%, 10/15/28		13,000		11,034
Gray Escrow II, Inc., 144A, 5.375%, 11/15/31		25,000		16,219
Gray Television, Inc., 144A, 4.75%, 10/15/30		10,000		6,450
iHeartCommunications, Inc. 6.375%, 5/1/26		12,000		9,131
8.375%, 5/1/27		20,000		11,350
144A,4.75%, 1/15/28		15,000		10,453
LCPR Senior Secured Financing DAC, 144A, 5.125%, 7/15/29		21,000		17,430
Liberty Interactive LLC, 8.25%, 2/1/30		10,000		3,641
McGraw-Hill Education, Inc. 144A,5.75%, 8/1/28		10,000		8,575
144A,8.00%, 8/1/29		10,000		8,350
News Corp., 144A, 3.875%, 5/15/29		35,000		30,846
Nexstar Media, Inc., 144A, 5.625%, 7/15/27		36,000		33,210
Paramount Global, 6.375%, 3/30/62		10,000		8,019
Radiate Holdco LLC / Radiate Finance, Inc., 144A, 6.50%, 9/15/28		11,000		5,610
Scripps Escrow II, Inc., 144A, 5.375%, 1/15/31		10,000		7,000
Sinclair Television Group, Inc., 144A, 5.50%, 3/1/30		15,000		8,869
Sirius XM Radio, Inc. 144A,5.00%, 8/1/27		18,000		16,425
144A,4.00%, 7/15/28		27,000		22,680
144A,5.50%, 7/1/29		17,000		14,875
144A,4.125%, 7/1/30		10,000		7,831
144A,3.875%, 9/1/31		18,000		13,415
TEGNA, Inc. 4.625%, 3/15/28		18,000		15,795
5.00%, 9/15/29		23,000		19,780
Univision Communications, Inc. 144A,6.625%, 6/1/27		26,000		24,691
144A,4.50%, 5/1/29		18,000		15,205
UPC Broadband Finco BV, 144A, 4.875%, 7/15/31		10,000		8,499
UPC Holding BV, 144A, 5.50%, 1/15/28		20,000		17,600
Urban One, Inc., 144A, 7.375%, 2/1/28		10,000		9,050
Videotron Ltd. 144A,5.375%, 6/15/24		10,000		9,925
144A,5.125%, 4/15/27		10,000		9,675
144A,3.625%, 6/15/29		10,000		8,653
Virgin Media Finance PLC, 144A, 5.00%, 7/15/30		18,000		14,310
Virgin Media Secured Finance PLC 144A, 5.50%, 5/15/29		20,000		18,075
144A,4.50%, 8/15/30		13,000		10,790

	Principal Amount		Value
Media (Continued)
Virgin Media Vendor Financing Notes IV DAC, 144A,5.00%, 7/15/28	$	5,000	$	4,362
VZ Secured Financing BV, 144A, 5.00%, 1/15/32		32,000		25,766
Ziggo Bond Co. BV, 144A, 6.00%, 1/15/27		10,000		9,261
Ziggo BV, 144A, 4.875%, 1/15/30		10,000		8,350
(Cost $1,264,695)				1,040,547
Telecommunications — 5.3%
Altice France Holding SA 144A,10.50%, 5/15/27		16,000		9,640
144A,6.00%, 2/15/28		18,000		9,000
Altice France SA 144A,8.125%, 2/1/27		30,000		26,062
144A,5.50%, 1/15/28		40,000		30,600
144A,5.125%, 7/15/29		10,000		7,148
British Telecommunications PLC, 144A, 4.875%, 11/23/81		10,000		8,150
CommScope Technologies LLC 144A,6.00%, 6/15/25		35,000		32,987
144A,5.00%, 3/15/27		15,000		10,166
CommScope, Inc. 144A,6.00%, 3/1/26		25,000		23,591
144A,8.25%, 3/1/27		10,000		7,837
144A,7.125%, 7/1/28		12,000		8,220
144A,4.75%, 9/1/29		20,000		15,953
Connect Finco SARL / Connect US Finco LLC, 144A,6.75%, 10/1/26		20,000		19,350
Consolidated Communications, Inc., 144A, 6.50%, 10/1/28		15,000		11,306
Embarq Corp., 7.995%, 6/1/36		18,000		8,910
Frontier Communications Holdings LLC 144A,5.875%, 10/15/27		15,000		13,425
144A,6.75%, 5/1/29		13,000		9,652
144A,6.00%, 1/15/30		15,000		10,600
GoTo Group, Inc., 144A, 5.50%, 9/1/27		15,000		8,676
Hughes Satellite Systems Corp., 5.25%, 8/1/26		18,000		16,852
Iliad Holding SASU, 144A, 6.50%, 10/15/26		18,000		17,005
Intelsat Jackson Holdings SA, 144A, 6.50%, 3/15/30		33,000		30,439
Level 3 Financing, Inc. 144A,4.625%, 9/15/27		25,000		15,758
144A,4.25%, 7/1/28		25,000		14,276
144A,3.625%, 1/15/29		16,000		8,680
144A,3.75%, 7/15/29		15,000		8,100
144A,3.875%, 11/15/29		10,000		7,400
144A,10.50%, 5/15/30		23,000		21,973
Ligado Networks LLC 144A, 15.50%, 11/1/23 PIK		21,952		7,326
144A, 17.50%, 5/1/24 PIK		34,926		3,624
Lumen Technologies, Inc., 144A, 4.00%, 2/15/27		15,000		9,881

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, 2023

	Principal Amount		Value
Telecommunications (Continued)
SoftBank Group Corp., REGS, 4.00%, 7/6/26	$	80,000	$	72,178
Sprint Capital Corp., 6.875%, 11/15/28		12,000		12,832
Telecom Italia Capital SA 6.375%, 11/15/33		18,000		15,714
6.00%, 9/30/34		10,000		8,535
7.20%, 7/18/36		19,000		17,046
7.721%, 6/4/38		10,000		9,175
Telesat Canada / Telesat LLC, 144A, 5.625%, 12/6/26		10,000		6,075
Viasat, Inc., 144A, 5.625%, 9/15/25		27,000		26,077
Vmed O2 UK Financing I PLC 144A, 4.25%, 1/31/31		12,000		9,712
144A,4.75%, 7/15/31		20,000		16,525
Vodafone Group PLC 7.00%, 4/4/79		25,000		25,389
3.25%, 6/4/81		10,000		8,863
4.125%, 6/4/81		19,000		15,153
5.125%, 6/4/81		15,000		11,175
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28		18,000		14,755
Zayo Group Holdings, Inc., 144A, 6.125%, 3/1/28		20,000		12,150
(Cost $874,419)				713,941
Consumer, Cyclical — 22.4%
Airlines — 1.8%
Air Canada, 144A, 3.875%, 8/15/26		15,000		14,003
Allegiant Travel Co., 144A, 7.25%, 8/15/27		12,000		11,940
American Airlines Inc/AAdvantage Loyalty IP Ltd. 144A, 5.50%, 4/20/26		35,000		34,702
144A,5.75%, 4/20/29		30,000		28,987
American Airlines, Inc., 144A, 11.75%, 7/15/25		36,000		39,510
Delta Air Lines, Inc., 7.375%, 1/15/26		30,000		31,500
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26		20,000		18,675
United Airlines Holdings, Inc., 4.875%, 1/15/25		40,000		39,539
VistaJet Malta Finance PLC / Vista Management Holding, Inc., 144A, 9.50%, 6/1/28		10,000		9,202
VistaJet Malta Finance PLC / Vista Management Holding, Inc., 144A, 6.375%, 2/1/30		10,000		8,000
(Cost $237,031)				236,058
Apparel — 0.2%
Crocs, Inc., 144A, 4.125%, 8/15/31		15,000		12,187

	Principal Amount		Value
Apparel (Continued)
Hanesbrands, Inc., 144A, 4.875%, 5/15/26	$	10,000	$	9,338
Wolverine World Wide, Inc., 144A, 4.00%, 8/15/29		10,000		7,986
(Cost $30,403)				29,511
Auto Manufacturers — 2.5%
Allison Transmission, Inc. 144A, 5.875%, 6/1/29		15,000		14,606
144A,3.75%, 1/30/31		5,000		4,225
Aston Martin Capital Holdings Ltd., 144A, 10.50%, 11/30/25		15,000		15,056
Ford Motor Co. 4.346%, 12/8/26		22,000		21,258
6.625%, 10/1/28		22,000		22,541
9.625%, 4/22/30		18,000		20,579
7.45%, 7/16/31		35,000		36,659
3.25%, 2/12/32		20,000		15,250
6.10%, 8/19/32		25,000		23,531
4.75%, 1/15/43		10,000		7,400
5.291%, 12/8/46		15,000		11,964
Ford Motor Credit Co. LLC 4.063%, 11/1/24		15,000		14,557
5.125%, 6/16/25		73,000		71,137
4.95%, 5/28/27		31,000		29,063
Jaguar Land Rover Automotive PLC, 144A, 4.50%, 10/1/27		12,000		10,260
Mclaren Finance PLC, 144A, 7.50%, 8/1/26		12,000		10,200
PM General Purchaser LLC, 144A, 9.50%, 10/1/28		5,000		4,725
Wabash National Corp., 144A, 4.50%, 10/15/28		10,000		8,688
(Cost $354,006)				341,699
Auto Parts & Equipment — 1.8%
Adient Global Holdings Ltd. 144A,4.875%, 8/15/26		20,000		18,984
144A,8.25%, 4/15/31		8,000		8,000
American Axle & Manufacturing, Inc., 6.50%, 4/1/27		30,000		28,138
Clarios Global LP / Clarios US Finance Co., 144A, 8.50%, 5/15/27		40,000		40,300
Cooper-Standard Automotive, Inc., 144A, 5.625%, 5/15/27, 5.625% Cash or 10.625% PIK PIK		10,000		5,700
Dana, Inc. 5.375%, 11/15/27		25,000		23,479
4.25%, 9/1/30		10,000		8,127
Dealer Tire LLC / DT Issuer LLC, 144A, 8.00%, 2/1/28		10,000		9,225
Dornoch Debt Merger Sub, Inc., 144A, 6.625%, 10/15/29		10,000		7,550
Goodyear Tire & Rubber Co. 5.00%, 5/31/26		10,000		9,812
5.25%, 4/30/31		10,000		8,749
5.625%, 4/30/33		16,000		13,973

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, 2023

	Principal Amount		Value
Auto Parts & Equipment (Continued)
Real Hero Merger Sub 2, Inc., 144A, 6.25%, 2/1/29	$	12,000	$	9,120
Titan International, Inc., 7.00%, 4/30/28		10,000		9,147
Wheel Pros, Inc., 144A, 6.50%, 5/15/29		7,000		3,143
ZF North America Capital, Inc. 144A,4.75%, 4/29/25		30,000		29,175
144A,7.125%, 4/14/30		15,000		15,120
(Cost $260,858)				247,742
Distribution/Wholesale — 0.7%
American Builders & Contractors Supply Co., Inc., 144A, 4.00%, 1/15/28		10,000		9,100
BCPE Empire Holdings, Inc., 144A, 7.625%, 5/1/27		14,000		12,845
G-III Apparel Group Ltd., 144A, 7.875%, 8/15/25		10,000		9,500
H&E Equipment Services, Inc., 144A, 3.875%, 12/15/28		10,000		8,616
OPENLANE, Inc., 144A, 5.125%, 6/1/25		5,000		4,975
Ritchie Bros Holdings, Inc., 144A, 6.75%, 3/15/28		25,000		25,360
Univar Solutions USA Inc., 144A, 5.125%, 12/1/27		20,000		20,125
Wesco Aircraft Holdings, Inc., 144A, 9.00%, 11/15/26 (a)		2		0
(Cost $95,186)				90,521
Entertainment — 3.2%
Affinity Interactive, 144A, 6.875%, 12/15/27		12,000		10,530
Allen Media LLC / Allen Media Co.-Issuer, Inc., 144A,10.50%, 2/15/28		10,000		5,400
AMC Entertainment Holdings, Inc., 144A, 7.50%, 2/15/29		15,000		10,650
Caesars Entertainment, Inc. 144A,6.25%, 7/1/25		50,000		50,125
144A,8.125%, 7/1/27		35,000		35,765
144A,4.625%, 10/15/29		15,000		13,007
CDI Escrow Issuer, Inc., 144A, 5.75%, 4/1/30		13,000		12,220
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.375%, 4/15/27		25,000		23,877
Churchill Downs, Inc., 144A, 4.75%, 1/15/28		10,000		9,300
Cinemark USA, Inc., 144A, 5.25%, 7/15/28		10,000		8,875
International Game Technology PLC 144A,6.50%, 2/15/25		20,000		20,250
144A,4.125%, 4/15/26		10,000		9,550
144A,6.25%, 1/15/27		20,000		20,061
Jacobs Entertainment, Inc., 144A, 6.75%, 2/15/29		10,000		8,775

	Principal Amount		Value
Entertainment (Continued)
Lions Gate Capital Holdings LLC, 144A, 5.50%, 4/15/29	$	10,000	$	7,150
Merlin Entertainments Ltd., 144A, 5.75%, 6/15/26		19,000		18,383
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 144A, 4.875%, 5/1/29		18,000		15,958
Mohegan Tribal Gaming Authority, 144A, 8.00%, 2/1/26		15,000		13,129
Penn Entertainment, Inc., 144A, 5.625%, 1/15/27		22,000		20,688
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. 144A,5.625%, 9/1/29		10,000		7,113
144A,5.875%, 9/1/31		10,000		6,886
Resorts World Las Vegas LLC / RWLV Capital, Inc., 144A, 4.625%, 4/16/29		10,000		8,071
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 144A, 6.625%, 3/1/30		15,000		13,256
Scientific Games International, Inc., 144A, 7.25%, 11/15/29		22,000		21,973
Six Flags Entertainment Corp., 144A, 7.25%, 5/15/31		8,000		7,710
Speedway Motorsports LLC / Speedway Funding II, Inc., 144A, 4.875%, 11/1/27		15,000		13,875
WMG Acquisition Corp., 144A, 3.00%, 2/15/31		25,000		20,281
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 144A, 5.125%, 10/1/29		12,000		10,744
(Cost $455,659)				423,602
Food Service — 0.4%
Aramark Services, Inc. 144A,5.00%, 4/1/25		10,000		9,775
144A,6.375%, 5/1/25		20,000		20,000
144A,5.00%, 2/1/28		16,000		15,201
TKC Holdings, Inc., 144A, 10.50%, 5/15/29		8,000		5,500
(Cost $54,220)				50,476
Home Builders — 1.3%
Ashton Woods USA LLC / Ashton Woods Finance Co., 144A, 4.625%, 4/1/30		15,000		12,560
Beazer Homes USA, Inc., 5.875%, 10/15/27		10,000		9,271
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 144A, 4.875%, 2/15/30		12,000		9,226
Century Communities, Inc. 6.75%, 6/1/27		10,000		10,043
144A,3.875%, 8/15/29		10,000		8,600
Forestar Group, Inc., 144A, 3.85%, 5/15/26		10,000		9,263

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, 2023

	Principal Amount		Value
Home Builders (Continued)
K Hovnanian Enterprises, Inc., 144A,10.50%, 2/15/26	$	18,000	$	18,398
KB Home, 4.00%, 6/15/31		12,000		10,338
M/I Homes, Inc., 4.95%, 2/1/28		10,000		9,404
Mattamy Group Corp., 144A,5.25%, 12/15/27		10,000		9,267
Meritage Homes Corp., 6.00%, 6/1/25		10,000		10,050
Shea Homes LP / Shea Homes Funding Corp., 4.75%, 2/15/28		10,000		8,871
Taylor Morrison Communities, Inc., 144A,5.75%, 1/15/28		26,000		25,350
Thor Industries, Inc., 144A,4.00%, 10/15/29		10,000		8,201
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc., 5.875%, 6/15/24		20,000		19,846
(Cost $186,901)				178,688
Home Furnishings — 0.1%
Tempur Sealy International, Inc., 144A,3.875%, 10/15/31
(Cost $15,032)		15,000		12,086
Housewares — 0.6%
CD&R Smokey Buyer, Inc., 144A,6.75%, 7/15/25		10,000		8,850
Newell Brands, Inc. 4.70%, 4/1/26		20,000		18,600
5.875%, 4/1/36		10,000		8,050
6.00%, 4/1/46		11,000		8,140
Scotts Miracle-Gro Co. 5.25%, 12/15/26		25,000		23,875
4.00%, 4/1/31		10,000		7,989
SWF Escrow Issuer Corp., 144A,6.50%, 10/1/29		10,000		6,063
(Cost $98,104)				81,567
Leisure Time — 2.2%
Carnival Corp. 144A,5.75%, 3/1/27		30,000		25,894
144A,9.875%, 8/1/27		30,000		31,125
144A,10.50%, 6/1/30		30,000		30,169
Life Time, Inc., 144A,5.75%, 1/15/26		30,000		29,175
MajorDrive Holdings IV LLC, 144A,6.375%, 6/1/29		10,000		7,700
NCL Corp. Ltd. 144A,3.625%, 12/15/24		35,000		33,561
144A,5.875%, 3/15/26		27,000		24,705
144A,7.75%, 2/15/29		8,000		7,240
Royal Caribbean Cruises Ltd. 144A,11.50%, 6/1/25		25,000		26,469
144A,5.50%, 8/31/26		15,000		14,175
144A,5.375%, 7/15/27		26,000		24,310
3.70%, 3/15/28		15,000		12,806
144A,5.50%, 4/1/28		12,000		11,055

	Principal Amount		Value
Leisure Time (Continued)
Viking Cruises Ltd., 144A,5.875%, 9/15/27	$	15,000	$	13,256
(Cost $288,888)				291,640
Lodging — 2.0%
Boyd Gaming Corp., 144A,4.75%, 6/15/31		10,000		8,912
Genting New York LLC / GENNY Capital, Inc., 144A,3.30%, 2/15/26		11,000		9,834
Hilton Domestic Operating Co., Inc. 144A,5.75%, 5/1/28		20,000		19,900
4.875%, 1/15/30		28,000		26,110
144A,4.00%, 5/1/31		16,000		13,907
144A,3.625%, 2/15/32		25,000		20,756
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 144A,5.00%, 6/1/29		26,000		23,231
Las Vegas Sands Corp. 3.20%, 8/8/24		15,000		14,471
3.90%, 8/8/29		20,000		17,763
MGM Resorts International 5.50%, 4/15/27		10,000		9,612
4.75%, 10/15/28		10,000		9,163
Station Casinos LLC, 144A,4.50%, 2/15/28		15,000		13,463
Travel + Leisure Co., 6.00%, 4/1/27		40,000		38,666
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A,5.50%, 3/1/25		45,000		44,246
(Cost $277,042)				270,034
Office Furnishings — 0.1%
Steelcase, Inc., 5.125%, 1/18/29
(Cost $14,486)		15,000		12,980
Retail — 5.4%
1011778 BC ULC / New Red Finance, Inc. 144A,3.875%, 1/15/28		24,000		22,067
144A,4.00%, 10/15/30		42,000		36,331
Asbury Automotive Group, Inc., 144A,4.625%, 11/15/29		30,000		26,535
At Home Group, Inc., 144A,7.125%, 7/15/29		8,000		8,040
Bath & Body Works, Inc. 144A,6.625%, 10/1/30		40,000		38,192
6.875%, 11/1/35		16,000		14,600
BCPE Ulysses Intermediate, Inc., 144A, 7.75%, 4/1/27, 7.75% Cash or 8.50% PIK, PIK		10,000		8,697
Beacon Roofing Supply, Inc., 144A,4.125%, 5/15/29		15,000		13,050
Brinker International, Inc., 144A,5.00%, 10/1/24		25,000		24,687
Carvana Co. 144A,5.875%, 10/1/28		5,000		2,888
144A,10.25%, 5/1/30		30,000		20,440

See Notes to Financial Statements. 38

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Principal Amount		Value
Retail (Continued)
eG Global Finance PLC, 144A,6.75%, 2/7/25	$	15,000	$	14,455
Evergreen Acqco 1 LP / TVI, Inc., 144A,9.75%, 4/26/28		8,000		8,020
Ferrellgas LP / Ferrellgas Finance Corp., 144A,5.875%, 4/1/29		10,000		8,350
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 144A,4.625%, 1/15/29		15,000		13,167
144A,6.75%, 1/15/30		16,000		13,060
FirstCash, Inc., 144A,5.625%, 1/1/30		10,000		9,131
Gap, Inc., 144A,3.625%, 10/1/29		10,000		7,063
GPS Hospitality Holding Co. LLC / GPS Finco, Inc., 144A,7.00%, 8/15/28		10,000		6,350
Group 1 Automotive, Inc., 144A,4.00%, 8/15/28		10,000		8,800
IRB Holding Corp., 144A,7.00%, 6/15/25		20,000		20,108
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 144A,4.75%, 6/1/27		15,000		14,512
Kohl’s Corp., 5.55%, 7/17/45		10,000		5,632
LBM Acquisition LLC, 144A,6.25%, 1/15/29		10,000		8,018
LCM Investments Holdings II LLC, 144A,4.875%, 5/1/29		21,000		17,745
Lithia Motors, Inc. 144A,4.625%, 12/15/27		15,000		14,044
144A,4.375%, 1/15/31		13,000		11,131
LSF9 Atlantis Holdings LLC / Victra Finance Corp., 144A,7.75%, 2/15/26		17,000		15,810
Macy’s Retail Holdings LLC 144A,5.875%, 3/15/30		5,000		4,337
144A,6.125%, 3/15/32		10,000		8,500
4.50%, 12/15/34		10,000		6,984
Michaels Cos., Inc., 144A,7.875%, 5/1/29		23,000		14,330
Murphy Oil USA, Inc., 144A,3.75%, 2/15/31		10,000		8,475
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A,7.125%, 4/1/26		15,000		13,552
Nordstrom, Inc., 4.375%, 4/1/30		30,000		23,922
Park River Holdings, Inc., 144A,6.75%, 8/1/29		10,000		7,550
Penske Automotive Group, Inc., 3.50%, 9/1/25		10,000		9,515
PetSmart, Inc. / PetSmart Finance Corp. 144A,4.75%, 2/15/28		25,000		23,156
144A,7.75%, 2/15/29		12,000		11,690

	Principal Amount		Value
Retail (Continued)
QVC, Inc. 4.45%, 2/15/25	$	28,000	$	24,080
4.75%, 2/15/27		8,000		4,940
Rite Aid Corp., 144A,8.00%, 11/15/26		8,000		4,280
Sally Holdings LLC / Sally Capital, Inc., 5.625%, 12/1/25		11,000		10,813
Sizzling Platter LLC / Sizzling Platter Finance Corp., 144A,8.50%, 11/28/25		10,000		9,375
Sonic Automotive, Inc. 144A,4.625%, 11/15/29		10,000		8,324
144A,4.875%, 11/15/31		10,000		8,006
Specialty Building Products Holdings LLC / SBP Finance Corp., 144A,6.375%, 9/30/26		8,000		7,240
SRS Distribution, Inc. 144A,6.125%, 7/1/29		11,000		9,185
144A,6.00%, 12/1/29		10,000		8,300
Staples, Inc., 144A,7.50%, 4/15/26		39,000		32,370
Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A,5.00%, 6/1/31		10,000		8,628
Superior Plus LP / Superior General Partner, Inc., 144A,4.50%, 3/15/29		10,000		8,841
White Cap Buyer LLC, 144A,6.875%, 10/15/28		13,000		11,245
Yum! Brands, Inc. 144A,4.75%, 1/15/30		20,000		18,850
5.35%, 11/1/43		10,000		8,842
(Cost $801,396)				726,253
Toys/Games/Hobbies — 0.1%
Mattel, Inc. 144A,5.875%, 12/15/27		5,000		4,876
5.45%, 11/1/41		10,000		8,258
(Cost $14,075)				13,134
Consumer, Non-cyclical — 13.5%
Agriculture — 0.2%
Darling Ingredients, Inc. 144A,5.25%, 4/15/27		9,000		8,775
144A,6.00%, 6/15/30		20,000		19,780
(Cost $29,866)				28,555
Beverages — 0.2%
Primo Water Holdings, Inc., 144A,4.375%, 4/30/29		15,000		12,977
Triton Water Holdings, Inc., 144A,6.25%, 4/1/29		10,000		8,400
(Cost $24,446)				21,377
Biotechnology — 0.1%
Emergent BioSolutions, Inc., 144A,3.875%, 8/15/28		5,000		2,800
Grifols Escrow Issuer SA, 144A,4.75%, 10/15/28		10,000		8,500
(Cost $14,055)				11,300

See Notes to Financial Statements. 39

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Principal Amount		Value
Commercial Services — 5.0%
ADT Security Corp., 144A,4.125%, 8/1/29	$	10,000	$	8,637
Adtalem Global Education, Inc., 144A,5.50%, 3/1/28		10,000		9,392
Albion Financing 2SARL, 144A,8.75%, 4/15/27		10,000		8,675
Allied Universal Holdco LLC / Allied Universal Finance Corp. 144A,6.625%, 7/15/26		25,000		23,698
144A,9.75%, 7/15/27		16,000		14,160
144A,6.00%, 6/1/29		15,000		11,175
AMN Healthcare, Inc., 144A,4.625%, 10/1/27		20,000		18,600
APi Group DE, Inc., 144A,4.125%, 7/15/29		10,000		8,753
APX Group, Inc., 144A,5.75%, 7/15/29		18,000		15,521
ASGN, Inc., 144A,4.625%, 5/15/28		10,000		9,087
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 144A,4.75%, 4/1/28		10,000		8,966
144A,5.375%, 3/1/29		20,000		18,111
Block, Inc., 3.50%, 6/1/31		10,000		8,243
Brink’s Co., 144A,4.625%, 10/15/27		10,000		9,375
Cimpress PLC, 7.00%, 6/15/26		5,000		4,387
CoreLogic, Inc., 144A,4.50%, 5/1/28		12,000		9,712
Deluxe Corp., 144A,8.00%, 6/1/29		8,000		6,160
Garda World Security Corp. 144A,4.625%, 2/15/27		10,000		9,138
144A,6.00%, 6/1/29		12,000		9,630
Gartner, Inc. 144A,4.50%, 7/1/28		10,000		9,424
144A,3.75%, 10/1/30		25,000		22,000
Grand Canyon University, 5.125%, 10/1/28		10,000		9,025
Herc Holdings, Inc., 144A,5.50%, 7/15/27		20,000		19,095
Hertz Corp. 144A,4.625%, 12/1/26		10,000		8,967
144A,5.00%, 12/1/29		10,000		8,079
Metis Merger Sub LLC, 144A,6.50%, 5/15/29		10,000		8,400
MPH Acquisition Holdings LLC 144A,5.50%, 9/1/28		10,000		8,002
144A,5.75%, 11/1/28		21,000		15,120
Neptune Bidco US, Inc., 144A,9.29%, 4/15/29		40,000		36,800
NESCO Holdings II, Inc., 144A,5.50%, 4/15/29		10,000		8,893
Paysafe Finance PLC / Paysafe Holdings US Corp., 144A,4.00%, 6/15/29		11,000		8,971

	Principal Amount		Value
Commercial Services (Continued)
PECF USS Intermediate Holding III Corp., 144A,8.00%, 11/15/29	$	6,000	$	3,165
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A,5.75%, 4/15/26		30,000		29,438
144A,3.375%, 8/31/27		20,000		17,659
144A,6.25%, 1/15/28		25,000		23,025
PROG Holdings, Inc., 144A,6.00%, 11/15/29		10,000		8,862
RR Donnelley & Sons Co., 144A,8.50%, 4/15/29		15,000		16,575
Sabre GLBL, Inc., 144A,7.375%, 9/1/25		15,000		12,825
Service Corp. International 4.625%, 12/15/27		10,000		9,500
4.00%, 5/15/31		30,000		25,763
Sotheby’s/Bidfair Holdings, Inc., 144A,5.875%, 6/1/29		10,000		7,898
TriNet Group, Inc., 144A,3.50%, 3/1/29		10,000		8,625
United Rentals North America, Inc. 4.875%, 1/15/28		25,000		23,920
5.25%, 1/15/30		15,000		14,292
3.875%, 2/15/31		10,000		8,640
3.75%, 1/15/32		27,000		22,754
Upbound Group, Inc., 144A,6.375%, 2/15/29		10,000		8,843
Verscend Escrow Corp., 144A,9.75%, 8/15/26		25,000		25,169
WASH Multifamily Acquisition, Inc., 144A,5.75%, 4/15/26		10,000		8,950
Williams Scotsman International, Inc., 144A,6.125%, 6/15/25		17,000		17,000
ZipRecruiter, Inc., 144A,5.00%, 1/15/30		10,000		8,453
(Cost $727,809)				675,552
Cosmetics/Personal Care — 0.3%
Coty, Inc., 144A,6.50%, 4/15/26		25,000		24,687
Edgewell Personal Care Co. 144A,5.50%, 6/1/28		10,000		9,400
144A,4.125%, 4/1/29		10,000		8,675
(Cost $43,628)				42,762
Food — 1.5%
B&G Foods, Inc., 5.25%, 4/1/25		10,000		9,450
Chobani LLC / Chobani Finance Corp., Inc., 144A,4.625%, 11/15/28		10,000		9,075
Lamb Weston Holdings, Inc., 144A,4.125%, 1/31/30		20,000		17,925
Performance Food Group, Inc. 144A,5.50%, 10/15/27		15,000		14,512
144A,4.25%, 8/1/29		15,000		13,275
Post Holdings, Inc. 144A,5.625%, 1/15/28		10,000		9,690
144A,5.50%, 12/15/29		13,000		12,122

See Notes to Financial Statements. 40

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Principal Amount		Value
Food (Continued)
144A,4.625%, 4/15/30	$	15,000	$	13,162
144A,4.50%, 9/15/31		18,000		15,278
Safeway, Inc., 7.25%, 2/1/31		10,000		10,213
Sigma Holdco BV, 144A,7.875%, 5/15/26		12,000		10,230
TreeHouse Foods, Inc., 4.00%, 9/1/28		10,000		8,632
United Natural Foods, Inc., 144A,6.75%, 10/15/28		10,000		9,352
US Foods, Inc. 144A,6.25%, 4/15/25		30,000		30,075
144A,4.75%, 2/15/29		20,000		18,306
(Cost $214,599)				201,297
Healthcare-Products — 1.2%
Avantor Funding, Inc., 144A,4.625%, 7/15/28		46,000		42,669
Embecta Corp., 144A,5.00%, 2/15/30		10,000		8,414
Hologic, Inc., 144A,3.25%, 2/15/29		15,000		13,148
Medline Borrower LP 144A,3.875%, 4/1/29		58,000		50,260
144A,5.25%, 10/1/29		30,000		25,837
Teleflex, Inc., 4.625%, 11/15/27		25,000		23,713
(Cost $185,218)				164,041
Healthcare-Services — 3.4%
Acadia Healthcare Co., Inc., 144A,5.00%, 4/15/29		5,000		4,606
AHP Health Partners, Inc., 144A,5.75%, 7/15/29		10,000		8,650
Air Methods Corp., 144A,8.00%, 5/15/25		10,000		650
Akumin, Inc., 144A,7.00%, 11/1/25		6,000		4,875
Catalent Pharma Solutions, Inc. 144A,5.00%, 7/15/27		10,000		9,175
144A,3.50%, 4/1/30		20,000		16,350
Charles River Laboratories International, Inc., 144A,4.00%, 3/15/31		15,000		12,963
CHS/Community Health Systems, Inc. 144A,8.00%, 3/15/26		10,000		9,359
144A,5.625%, 3/15/27		20,000		17,211
144A,6.875%, 4/1/28		10,000		5,650
144A,6.00%, 1/15/29		16,000		12,977
144A,6.875%, 4/15/29		21,000		12,020
144A,6.125%, 4/1/30		10,000		5,500
144A,5.25%, 5/15/30		15,000		11,325
144A,4.75%, 2/15/31		10,000		7,236
DaVita, Inc. 144A,4.625%, 6/1/30		20,000		17,181
144A,3.75%, 2/15/31		5,000		3,976
Encompass Health Corp. 4.50%, 2/1/28		17,000		15,697
4.75%, 2/1/30		10,000		9,171
4.625%, 4/1/31		10,000		8,777

	Principal Amount		Value
Healthcare-Services (Continued)
Global Medical Response, Inc., 144A,6.50%, 10/1/25	$	10,000	$	6,825
IQVIA, Inc., 144A,5.00%, 5/15/27		40,000		38,600
Legacy LifePoint Health LLC 144A,6.75%, 4/15/25		10,000		8,925
144A,4.375%, 2/15/27		10,000		7,634
LifePoint Health, Inc., 144A,5.375%, 1/15/29		10,000		4,975
ModivCare Escrow Issuer, Inc., 144A,5.00%, 10/1/29		10,000		7,625
Molina Healthcare, Inc. 144A,4.375%, 6/15/28		5,000		4,600
144A,3.875%, 11/15/30		10,000		8,592
144A,3.875%, 5/15/32		10,000		8,377
Radiology Partners, Inc., 144A,9.25%, 2/1/28		10,000		2,850
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A,9.75%, 12/1/26		10,000		7,500
Select Medical Corp., 144A,6.25%, 8/15/26		15,000		14,625
Team Health Holdings, Inc., 144A,6.375%, 2/1/25		11,000		4,895
Tenet Healthcare Corp. 4.625%, 7/15/24		10,000		10,025
4.875%, 1/1/26		20,000		19,475
5.125%, 11/1/27		10,000		9,562
6.125%, 10/1/28		30,000		28,584
4.25%, 6/1/29		15,000		13,543
4.375%, 1/15/30		15,000		13,388
144A,6.125%, 6/15/30		15,000		14,485
6.875%, 11/15/31		11,000		10,642
Toledo Hospital, 6.015%, 11/15/48		10,000		6,950
US Acute Care Solutions LLC, 144A,6.375%, 3/1/26		15,000		12,750
US Renal Care, Inc., 144A,10.625%, 7/15/27		10,000		2,950
(Cost $546,337)				461,726
Household Products/Wares — 0.3%
ACCO Brands Corp., 144A,4.25%, 3/15/29		10,000		8,475
Central Garden & Pet Co., 4.125%, 10/15/30		10,000		8,413
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., 144A,5.00%, 12/31/26		10,000		9,175
Spectrum Brands, Inc., 144A,3.875%, 3/15/31		10,000		8,268
(Cost $38,035)				34,331
Pharmaceuticals — 1.3%
AdaptHealth LLC, 144A,5.125%, 3/1/30		8,000		6,240
Bausch Health Americas, Inc., 144A,9.25%, 4/1/26		5,000		4,175

See Notes to Financial Statements. 41

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Principal Amount		Value
Pharmaceuticals (Continued)
Bausch Health Cos., Inc. 144A,5.50%, 11/1/25	$	16,000	$	14,340
144A,5.00%, 1/30/28		3,000		1,365
144A,4.875%, 6/1/28		10,000		6,049
144A,11.00%, 9/30/28		12,000		9,105
144A,5.00%, 2/15/29		2,000		900
144A,6.25%, 2/15/29		3,000		1,350
144A,7.25%, 5/30/29		4,000		1,800
144A,5.25%, 2/15/31		4,000		1,740
BellRing Brands, Inc., 144A,7.00%, 3/15/30		10,000		10,140
Elanco Animal Health, Inc., 6.65%, 8/28/28		10,000		9,613
HLF Financing Sarl LLC / Herbalife International, Inc., 144A,4.875%, 6/1/29		12,000		8,280
Jazz Securities DAC, 144A,4.375%, 1/15/29		15,000		13,452
Lannett Co., Inc., 144A,7.75%, 4/15/26 (a)		7,000		455
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 144A,11.50%, 12/15/28		15,000		11,278
Option Care Health, Inc., 144A,4.375%, 10/31/29		10,000		8,675
Organon & Co. / Organon Foreign Debt Co.-Issuer BV 144A,4.125%, 4/30/28		5,000		4,462
144A,5.125%, 4/30/31		40,000		34,150
Owens & Minor, Inc., 144A,4.50%, 3/31/29		5,000		4,125
P&L Development LLC / PLD Finance Corp., 144A,7.75%, 11/15/25		3,000		2,408
Perrigo Finance Unlimited Co., 4.40%, 6/15/30		10,000		8,722
Prestige Brands, Inc., 144A,5.125%, 1/15/28		10,000		9,550
(Cost $218,547)				172,374
Diversified — 0.1%
Holding Companies-Diversified — 0.1%
Stena International SA, 144A,6.125%, 2/1/25
(Cost $14,997)		15,000		14,719
Energy — 12.3%
Coal — 0.0%
SunCoke Energy, Inc., 144A,4.875%, 6/30/29
(Cost $8,653)		10,000		8,281
Energy-Alternate Sources — 0.2%
Sunnova Energy Corp., 144A,5.875%, 9/1/26		10,000		8,803
TerraForm Power Operating LLC, 144A,4.75%, 1/15/30		18,000		16,200
(Cost $27,324)				25,003

	Principal Amount		Value
Oil & Gas — 6.3%
Aethon United BR LP / Aethon United Finance Corp., 144A,8.25%, 2/15/26	$	10,000	$	9,702
Antero Resources Corp., 144A,7.625%, 2/1/29		24,000		24,486
Apache Corp. 5.10%, 9/1/40		20,000		16,542
5.35%, 7/1/49		12,000		9,265
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144A,7.00%, 11/1/26		25,000		24,199
Callon Petroleum Co. 144A,8.00%, 8/1/28		10,000		9,775
144A,7.50%, 6/15/30		10,000		9,300
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A,11.00%, 4/15/25		25,000		25,729
Chesapeake Energy Corp., 144A,6.75%, 4/15/29		30,000		29,419
CNX Resources Corp. 144A,7.25%, 3/14/27		2,000		1,986
144A,6.00%, 1/15/29		15,000		13,867
Comstock Resources, Inc., 144A,6.75%, 3/1/29		31,000		27,357
Crescent Energy Finance LLC, 144A,7.25%, 5/1/26		15,000		13,950
CrownRock LP / CrownRock Finance, Inc., 144A,5.625%, 10/15/25		35,000		34,562
CVR Energy, Inc., 144A,5.25%, 2/15/25		10,000		9,537
Earthstone Energy Holdings LLC, 144A,8.00%, 4/15/27		10,000		9,752
Encino Acquisition Partners Holdings LLC, 144A,8.50%, 5/1/28		10,000		9,237
Endeavor Energy Resources LP / EER Finance, Inc., 144A,5.75%, 1/30/28		10,000		9,980
Ensign Drilling, Inc., 144A,9.25%, 4/15/24		10,000		9,650
Gulfport Energy Corp., 8.00%, 5/17/26		20,000		20,180
Hilcorp Energy I LP / Hilcorp Finance Co., 144A,5.75%, 2/1/29		20,000		18,258
Ithaca Energy North Sea PLC, 144A,9.00%, 7/15/26		10,000		9,563
Matador Resources Co., 5.875%, 9/15/26		10,000		9,700
Moss Creek Resources Holdings, Inc., 144A,7.50%, 1/15/26		10,000		9,244
Murphy Oil Corp., 5.875%, 12/1/42		7,000		5,763
Nabors Industries Ltd., 144A,7.25%, 1/15/26		25,000		22,938
Nabors Industries, Inc., 144A,7.375%, 5/15/27		20,000		18,890
Neptune Energy Bondco PLC, 144A,6.625%, 5/15/25		27,000		26,582

See Notes to Financial Statements. 42

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Principal Amount		Value
Oil & Gas (Continued)
Northern Oil and Gas, Inc., 144A,8.125%, 3/1/28	$	10,000	$	9,750
Occidental Petroleum Corp. 5.875%, 9/1/25		16,000		16,008
3.50%, 8/15/29		15,000		13,063
Parkland Corp. 144A,5.875%, 7/15/27		10,000		9,625
144A,4.625%, 5/1/30		25,000		21,673
Patterson-UTI Energy, Inc. 3.95%, 2/1/28		10,000		8,845
5.15%, 11/15/29		10,000		8,836
PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 2/15/28		10,000		9,394
Permian Resources Operating LLC, 144A,5.875%, 7/1/29		15,000		14,119
Precision Drilling Corp., 144A,7.125%, 1/15/26		20,000		19,785
Range Resources Corp., 4.875%, 5/15/25		50,000		49,438
Rockcliff Energy II LLC, 144A,5.50%, 10/15/29		10,000		9,200
SM Energy Co., 6.50%, 7/15/28		20,000		18,800
Southwestern Energy Co. 5.70%, 1/23/25		16,000		15,980
4.75%, 2/1/32		28,000		24,375
Sunoco LP / Sunoco Finance Corp. 6.00%, 4/15/27		10,000		9,850
4.50%, 5/15/29		10,000		8,925
Tap Rock Resources LLC, 144A,7.00%, 10/1/26		10,000		9,375
Transocean Poseidon Ltd., 144A,6.875%, 2/1/27		12,188		11,974
Transocean, Inc. 144A,7.50%, 1/15/26		25,000		23,219
144A,8.00%, 2/1/27		10,000		8,875
144A,8.75%, 2/15/30		10,000		10,008
6.80%, 3/15/38		15,000		10,350
Valaris Ltd., 144A,8.375%, 4/30/30		10,000		10,001
Vermilion Energy, Inc., 144A,6.875%, 5/1/30		10,000		9,150
Viper Energy Partners LP, 144A,5.375%, 11/1/27		10,000		9,643
Vital Energy, Inc., 9.50%, 1/15/25		40,000		39,800
(Cost $856,197)				849,474
Oil & Gas Services — 0.9%
Archrock Partners LP / Archrock Partners Finance Corp. 144A,6.875%, 4/1/27		10,000		9,638
144A,6.25%, 4/1/28		20,000		18,586
CGG SA, 144A,8.75%, 4/1/27		8,000		6,880
Enerflex Ltd., 144A,9.00%, 10/15/27		12,000		11,730

	Principal Amount		Value
Oil & Gas Services (Continued)
Oceaneering International, Inc., 4.65%, 11/15/24	$	19,000	$	18,585
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 4/1/26		10,000		9,625
Weatherford International Ltd., 144A,8.625%, 4/30/30		30,000		30,291
Welltec International ApS, 144A,8.25%, 10/15/26		15,000		15,150
(Cost $123,682)				120,485
Pipelines — 4.9%
Antero Midstream Partners LP / Antero Midstream Finance Corp., 144A,5.75%, 1/15/28		50,000		48,023
Blue Racer Midstream LLC / Blue Racer Finance Corp., 144A,7.625%, 12/15/25		15,000		15,262
Buckeye Partners LP 4.125%, 12/1/27		25,000		22,046
144A,4.50%, 3/1/28		25,000		22,072
CQP Holdco LP / BIP-V Chinook Holdco LLC, 144A,5.50%, 6/15/31		20,000		17,928
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 5.75%, 4/1/25		30,000		29,593
144A,6.00%, 2/1/29		15,000		13,912
144A,7.375%, 2/1/31		18,000		17,666
DT Midstream, Inc., 144A,4.375%, 6/15/31		30,000		25,312
EnLink Midstream LLC, 144A,6.50%, 9/1/30		15,000		14,981
EnLink Midstream Partners LP 4.15%, 6/1/25		12,000		11,640
5.60%, 4/1/44		20,000		15,923
5.45%, 6/1/47		10,000		7,987
EQM Midstream Partners LP 4.00%, 8/1/24		25,000		24,432
144A,6.50%, 7/1/27		15,000		14,737
144A,4.50%, 1/15/29		15,000		13,202
144A,4.75%, 1/15/31		25,000		21,576
6.50%, 7/15/48		10,000		8,249
Genesis Energy LP / Genesis Energy Finance Corp., 7.75%, 2/1/28		25,000		24,101
Global Partners LP / GLP Finance Corp., 7.00%, 8/1/27		15,000		14,475
Harvest Midstream I LP, 144A,7.50%, 9/1/28		15,000		14,395
Hess Midstream Operations LP, 144A,4.25%, 2/15/30		30,000		26,063
Holly Energy Partners LP / Holly Energy Finance Corp., 144A,5.00%, 2/1/28		15,000		13,913
Howard Midstream Energy Partners LLC, 144A,6.75%, 1/15/27		10,000		9,303
ITT Holdings LLC, 144A,6.50%, 8/1/29		20,000		16,050

See Notes to Financial Statements. 43

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Principal Amount		Value
Pipelines (Continued)
Kinetik Holdings LP, 144A,5.875%, 6/15/30	$	10,000	$	9,500
New Fortress Energy, Inc. 144A,6.75%, 9/15/25		10,000		9,253
144A,6.50%, 9/30/26		10,000		8,891
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A,7.50%, 2/1/26		40,000		38,200
NuStar Logistics LP, 5.625%, 4/28/27		15,000		14,306
Rockies Express Pipeline LLC, 144A,4.95%, 7/15/29		35,000		31,500
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 144A,9.00%, 10/15/26		10,000		9,550
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A,7.50%, 10/1/25		10,000		10,013
144A,6.00%, 12/31/30		20,000		17,475
Venture Global Calcasieu Pass LLC 144A,3.875%, 8/15/29		12,000		10,500
144A,4.125%, 8/15/31		10,000		8,678
144A,3.875%, 11/1/33		20,000		16,431
Western Midstream Operating LP, 4.30%, 2/1/30		10,000		8,910
(Cost $682,448)				656,048
Financial — 10.0%
Banks — 0.3%
First Republic Bank,4.625%, 2/13/47		10,000		175
Freedom Mortgage Corp. 144A,8.25%, 4/15/25		10,000		9,590
144A,7.625%, 5/1/26		15,000		13,162
Intesa Sanpaolo SpA 144A,4.198%, 6/1/32		10,000		7,574
144A,4.95%, 6/1/42		14,000		9,067
Pacific Western Bank, 3.25%, 5/1/31		10,000		3,250
(Cost $60,175)				42,818
Diversified Financial Services — 3.9%
Advisor Group Holdings, Inc., 144A,10.75%, 8/1/27		5,000		4,837
AerCap Holdings NV, 5.875%, 10/10/79		10,000		9,375
AG Issuer LLC, 144A,6.25%, 3/1/28		10,000		9,275
AG TTMT Escrow Issuer LLC, 144A,8.625%, 9/30/27		10,000		10,062
Ally Financial, Inc., 6.70%, 2/14/33		10,000		8,806
Armor Holdco, Inc., 144A,8.50%, 11/15/29		10,000		8,473
Burford Capital Global Finance LLC, 144A,6.875%, 4/15/30		10,000		9,325
Castlelake Aviation Finance DAC, 144A,5.00%, 4/15/27		14,000		12,499

	Principal Amount		Value
Diversified Financial Services (Continued)
Cobra AcquisitionCo LLC, 144A,6.375%, 11/1/29	$	8,000	$	4,870
Enact Holdings, Inc., 144A,6.50%, 8/15/25		10,000		9,879
Finance of America Funding LLC, 144A,7.875%, 11/15/25		7,000		5,896
Global Aircraft Leasing Co. Ltd., 144A,6.50%, 9/15/24, 6.50% Cash or 7.25% PIK, PIK,		20,304		18,223
goeasy Ltd., 144A,5.375%, 12/1/24		25,000		24,000
Home Point Capital, Inc., 144A,5.00%, 2/1/26		10,000		9,000
Jane Street Group / JSG Finance, Inc., 144A,4.50%, 11/15/29		10,000		8,575
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A,5.00%, 8/15/28		10,000		8,163
Jefferson Capital Holdings LLC, 144A,6.00%, 8/15/26		10,000		8,076
LD Holdings Group LLC 144A,6.50%, 11/1/25		5,000		4,006
144A,6.125%, 4/1/28		5,000		3,287
LPL Holdings, Inc., 144A,4.00%, 3/15/29		25,000		21,947
Midcap Financial Issuer Trust 144A,6.50%, 5/1/28		10,000		8,848
144A,5.625%, 1/15/30		12,000		9,420
Nationstar Mortgage Holdings, Inc. 144A,6.00%, 1/15/27		20,000		18,340
144A,5.50%, 8/15/28		20,000		17,400
Navient Corp. 5.875%, 10/25/24		10,000		9,792
MTN, 5.625%, 8/1/33		15,000		10,819
NFP Corp. 144A,4.875%, 8/15/28		14,000		12,530
144A,6.875%, 8/15/28		30,000		25,032
OneMain Finance Corp. 6.875%, 3/15/25		70,000		67,638
7.125%, 3/15/26		10,000		9,614
5.375%, 11/15/29		20,000		16,400
PennyMac Financial Services, Inc. 144A,4.25%, 2/15/29		5,000		4,030
144A,5.75%, 9/15/31		15,000		12,075
PRA Group, Inc., 144A,5.00%, 10/1/29		11,000		8,305
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. 144A,2.875%, 10/15/26		18,000		15,817
144A,3.625%, 3/1/29		10,000		8,275
144A,3.875%, 3/1/31		20,000		15,850
144A,4.00%, 10/15/33		10,000		7,606
SLM Corp., 4.20%, 10/29/25		10,000		9,179
StoneX Group, Inc., 144A,8.625%, 6/15/25		10,000		10,110
Synchrony Financial, 7.25%, 2/2/33		9,000		7,989

See Notes to Financial Statements. 44

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Principal Amount		Value
Diversified Financial Services (Continued)
United Wholesale Mortgage LLC 144A,5.75%, 6/15/27	$	10,000	$	9,030
144A,5.50%, 4/15/29		15,000		12,563
(Cost $566,624)				525,236
Insurance — 1.8%
Acrisure LLC / Acrisure Finance, Inc. 144A,7.00%, 11/15/25		32,000		30,400
144A,4.25%, 2/15/29		6,000		5,078
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 144A,5.875%, 11/1/29		10,000		8,600
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 144A,4.25%, 10/15/27		12,000		10,857
144A,6.75%, 10/15/27		20,000		18,650
AmWINS Group, Inc., 144A,4.875%, 6/30/29		15,000		13,462
AssuredPartners, Inc., 144A,5.625%, 1/15/29		10,000		8,625
BroadStreet Partners, Inc., 144A,5.875%, 4/15/29		14,000		12,077
Genworth Holdings, Inc., 7.323%, 11/15/36		5,000		3,324
Global Atlantic Fin Co., 144A,4.70%, 10/15/51		10,000		7,875
HUB International Ltd., 144A,7.00%, 5/1/26		46,000		45,540
Jones Deslauriers Insurance Management, Inc., 144A,10.50%, 12/15/30		6,000		6,023
Liberty Mutual Group, Inc. 144A,7.80%, 3/15/37		10,000		10,387
144A,4.30%, 2/1/61		10,000		5,981
MBIA, Inc., 5.70%, 12/1/34		10,000		9,275
MGIC Investment Corp., 5.25%, 8/15/28		15,000		14,288
Ohio National Financial Services, Inc., 144A,6.80%, 1/24/30		12,000		11,229
Ryan Specialty LLC, 144A,4.375%, 2/1/30		10,000		8,900
USI, Inc., 144A,6.875%, 5/1/25		10,000		9,875
(Cost $257,435)				240,446
Real Estate — 0.7%
Cushman & Wakefield US Borrower LLC, 144A,6.75%, 5/15/28		10,000		8,925
Five Point Operating Co. LP / Five Point Capital Corp., 144A,7.875%, 11/15/25		10,000		8,953
Howard Hughes Corp. 144A,5.375%, 8/1/28		20,000		17,846
144A,4.375%, 2/1/31		10,000		8,052
Hunt Cos., Inc., 144A,5.25%, 4/15/29		8,000		6,231

	Principal Amount		Value
Real Estate (Continued)
Kennedy-Wilson, Inc. 4.75%, 3/1/29	$	15,000	$	11,775
5.00%, 3/1/31		10,000		7,480
Newmark Group, Inc., 6.125%, 11/15/23		10,000		9,950
Realogy Group LLC / Realogy Co.-Issuer Corp., 144A,5.25%, 4/15/30		15,000		10,457
(Cost $106,906)				89,669
Real Estate Investment Trusts — 3.0%
Apollo Commercial Real Estate Finance, Inc., 144A,4.625%, 6/15/29		10,000		7,650
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144A,5.75%, 5/15/26		30,000		26,850
Diversified Healthcare Trust 9.75%, 6/15/25		6,000		5,850
4.375%, 3/1/31		15,000		10,875
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 144A,3.75%, 12/15/27		10,000		7,202
HAT Holdings I LLC / HAT Holdings II LLC, 144A,3.75%, 9/15/30		10,000		7,600
Iron Mountain, Inc. 144A,4.875%, 9/15/27		25,000		23,531
144A,5.25%, 7/15/30		25,000		22,500
144A,4.50%, 2/15/31		10,000		8,562
144A,5.625%, 7/15/32		20,000		17,900
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A,4.25%, 2/1/27		20,000		17,042
MPT Operating Partnership LP / MPT Finance Corp. 5.00%, 10/15/27		25,000		20,594
3.50%, 3/15/31		15,000		10,162
Office Properties Income Trust, 3.45%, 10/15/31		10,000		4,850
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 144A,7.50%, 6/1/25		10,000		10,093
144A,5.875%, 10/1/28		11,000		10,082
144A,4.875%, 5/15/29		10,000		8,625
RHP Hotel Properties LP / RHP Finance Corp., 144A,4.50%, 2/15/29		10,000		8,875
RLJ Lodging Trust LP, 144A,4.00%, 9/15/29		10,000		8,410
SBA Communications Corp. 3.875%, 2/15/27		25,000		23,172
3.125%, 2/1/29		25,000		21,063
Service Properties Trust 4.65%, 3/15/24		10,000		9,890
7.50%, 9/15/25		12,000		11,790
4.95%, 2/15/27		15,000		12,502
4.95%, 10/1/29		10,000		7,600
Starwood Property Trust, Inc. 144A,3.75%, 12/31/24		10,000		9,406
4.75%, 3/15/25		10,000		9,425
144A,4.375%, 1/15/27		10,000		8,475

See Notes to Financial Statements. 45

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Principal Amount		Value
Real Estate Investment Trusts (Continued)
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 144A,10.50%, 2/15/28	$	25,000	$	24,242
144A,4.75%, 4/15/28		13,000		10,494
144A,6.50%, 2/15/29		12,000		7,821
XHR LP, 144A,4.875%, 6/1/29		10,000		8,613
(Cost $453,070)				401,746
Venture Capital — 0.3%
Compass Group Diversified Holdings LLC, 144A,5.25%, 4/15/29		18,000		15,903
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 6.25%, 5/15/26		20,000		17,550
5.25%, 5/15/27		10,000		8,268
(Cost $49,049)				41,721
Industrial — 11.8%
Aerospace/Defense — 1.9%
Bombardier, Inc. 144A,7.50%, 3/15/25		4,000		4,010
144A,7.125%, 6/15/26		20,000		19,713
144A,7.875%, 4/15/27		20,000		19,792
144A,7.45%, 5/1/34		10,000		11,150
Howmet Aerospace, Inc. 6.875%, 5/1/25		20,000		20,538
3.00%, 1/15/29		10,000		8,775
5.95%, 2/1/37		11,000		11,110
Spirit AeroSystems, Inc. 144A,7.50%, 4/15/25		22,000		21,780
4.60%, 6/15/28		10,000		8,227
144A,9.375%, 11/30/29		15,000		16,044
TransDigm, Inc. 6.375%, 6/15/26		25,000		24,813
7.50%, 3/15/27		50,000		50,000
4.875%, 5/1/29		35,000		31,062
Triumph Group, Inc., 7.75%, 8/15/25		12,000		11,548
(Cost $258,626)				258,562
Building Materials — 1.4%
Builders FirstSource, Inc. 144A,5.00%, 3/1/30		10,000		9,312
144A,4.25%, 2/1/32		15,000		12,900
Cornerstone Building Brands, Inc., 144A,6.125%, 1/15/29		12,000		8,910
CP Atlas Buyer, Inc., 144A,7.00%, 12/1/28		10,000		7,400
Emerald Debt Merger Sub LLC, 144A,6.625%, 12/15/30		20,000		19,875
Griffon Corp., 5.75%, 3/1/28		10,000		9,242
James Hardie International Finance Dac, 144A,5.00%, 1/15/28		15,000		14,400
JELD-WEN, Inc., 144A,4.875%, 12/15/27		15,000		13,106

	Principal Amount		Value
Building Materials (Continued)
Masonite International Corp., 144A,3.50%, 2/15/30	$	10,000	$	8,500
New Enterprise Stone & Lime Co., Inc., 144A,5.25%, 7/15/28		10,000		8,875
Oscar AcquisitionCo LLC / Oscar Finance, Inc., 144A,9.50%, 4/15/30		6,000		5,115
Smyrna Ready Mix Concrete LLC, 144A,6.00%, 11/1/28		10,000		9,342
Standard Industries, Inc. 144A,4.75%, 1/15/28		20,000		18,417
144A,4.375%, 7/15/30		17,000		14,433
144A,3.375%, 1/15/31		17,000		13,356
Summit Materials LLC / Summit Materials Finance Corp., 144A,5.25%, 1/15/29		10,000		9,410
Victors Merger Corp., 144A,6.375%, 5/15/29		10,000		6,476
(Cost $204,406)				189,069
Electrical Components & Equipment — 0.4%
Energizer Holdings, Inc., 144A,4.375%, 3/31/29		15,000		12,919
WESCO Distribution, Inc., 144A,7.25%, 6/15/28		40,000		41,123
(Cost $54,908)				54,042
Electronics — 0.7%
Atkore, Inc., 144A,4.25%, 6/1/31		10,000		8,650
Coherent Corp., 144A,5.00%, 12/15/29		20,000		17,886
Imola Merger Corp., 144A,4.75%, 5/15/29		20,000		17,200
Sensata Technologies BV, 144A,4.00%, 4/15/29		22,000		19,717
Sensata Technologies, Inc., 144A,3.75%, 2/15/31		20,000		17,050
TTM Technologies, Inc., 144A,4.00%, 3/1/29		12,000		10,216
(Cost $97,753)				90,719
Engineering & Construction — 0.6%
AECOM, 5.125%, 3/15/27		10,000		9,700
Artera Services LLC, 144A,9.033%, 12/4/25		15,000		12,896
Brand Industrial Services, Inc., 144A,8.50%, 7/15/25		16,000		14,880
Cellnex Finance Co. SA, 144A,3.875%, 7/7/41		12,000		8,981
Global Infrastructure Solutions, Inc., 144A,7.50%, 4/15/32		10,000		8,550
Railworks Holdings LP / Railworks Rally, Inc., 144A,8.25%, 11/15/28		10,000		9,400
TopBuild Corp., 144A,4.125%, 2/15/32		10,000		8,500
Tutor Perini Corp., 144A,6.875%, 5/1/25		5,000		3,835
(Cost $85,012)				76,742

See Notes to Financial Statements. 46

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Principal Amount		Value
Environmental Control — 0.8%
Clean Harbors, Inc. 144A,4.875%, 7/15/27	$	11,000	$	10,574
144A,5.125%, 7/15/29		5,000		4,750
Covanta Holding Corp., 5.00%, 9/1/30		18,000		15,480
GFL Environmental, Inc. 144A,4.25%, 6/1/25		10,000		9,651
144A,3.75%, 8/1/25		10,000		9,550
144A,4.00%, 8/1/28		18,000		16,110
144A,3.50%, 9/1/28		10,000		8,975
144A,4.75%, 6/15/29		10,000		9,112
Madison IAQ LLC, 144A,5.875%, 6/30/29		20,000		15,200
Stericycle, Inc., 144A,3.875%, 1/15/29		10,000		8,850
(Cost $122,078)				108,252
Machinery-Construction & Mining — 0.2%
Terex Corp., 144A,5.00%, 5/15/29		10,000		9,317
Vertiv Group Corp., 144A,4.125%, 11/15/28		10,000		8,981
Weir Group PLC, 144A,2.20%, 5/13/26		15,000		13,444
(Cost $33,606)				31,742
Machinery-Diversified — 0.5%
Chart Industries, Inc., 144A,9.50%, 1/1/31		15,000		15,726
GrafTech Finance, Inc., 144A,4.625%, 12/15/28		5,000		4,040
Mueller Water Products, Inc., 144A,4.00%, 6/15/29		10,000		9,030
SPX FLOW, Inc., 144A,8.75%, 4/1/30		11,000		9,598
Titan Acquisition Ltd. / Titan Co-Borrower LLC, 144A,7.75%, 4/15/26		10,000		8,975
TK Elevator Holdco GmbH, 144A,7.625%, 7/15/28		10,000		8,750
TK Elevator US Newco, Inc., 144A,5.25%, 7/15/27		20,000		18,470
(Cost $74,936)				74,589
Metal Fabricate/Hardware — 0.2%
Advanced Drainage Systems, Inc., 144A,6.375%, 6/15/30		15,000		14,779
Roller Bearing Co. of America, Inc., 144A,4.375%, 10/15/29		10,000		8,875
(Cost $24,023)				23,654
Miscellaneous Manufacturing — 0.6%
Amsted Industries, Inc., 144A,5.625%, 7/1/27		10,000		9,705
Calderys Financing LLC, 144A,11.25%, 6/1/28		10,000		10,156
FXI Holdings, Inc. 144A,12.25%, 11/15/26		10,000		9,287
144A,12.25%, 11/15/26		9,000		8,123

	Principal Amount		Value
Miscellaneous Manufacturing (Continued)
Gates Global LLC / Gates Corp., 144A,6.25%, 1/15/26	$	10,000	$	9,875
Hillenbrand, Inc. 5.75%, 6/15/25		15,000		14,909
3.75%, 3/1/31		10,000		8,413
LSB Industries, Inc., 144A,6.25%, 10/15/28		15,000		13,650
(Cost $86,262)				84,118
Packaging & Containers — 3.8%
ARD Finance SA, 144A, 6.50%, 6/30/27, 6.50% Cash 7.25% PIK, PIK		18,000		14,030
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A,6.00%, 6/15/27		15,000		14,771
144A,4.00%, 9/1/29		26,000		20,489
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A,5.25%, 4/30/25		10,000		9,812
144A,4.125%, 8/15/26		22,000		20,584
144A,5.25%, 8/15/27		15,000		12,619
144A,5.25%, 8/15/27		10,000		8,430
Ball Corp. 4.00%, 11/15/23		20,000		19,800
5.25%, 7/1/25		20,000		19,984
4.875%, 3/15/26		16,000		15,680
2.875%, 8/15/30		30,000		24,916
3.125%, 9/15/31		10,000		8,291
Berry Global, Inc., 144A,5.625%, 7/15/27		10,000		9,900
Cascades, Inc./Cascades USA, Inc., 144A,5.375%, 1/15/28		8,000		7,540
Clearwater Paper Corp., 144A,4.75%, 8/15/28		10,000		8,865
Clydesdale Acquisition Holdings, Inc., 144A,8.75%, 4/15/30		20,000		17,375
Crown Americas LLC / Crown Americas Capital Corp. V,4.25%, 9/30/26		20,000		19,100
Crown Cork & Seal Co., Inc., 7.375%, 12/15/26		10,000		10,425
Graphic Packaging International LLC 4.125%, 8/15/24		46,000		45,278
144A,3.50%, 3/1/29		10,000		8,850
144A,3.75%, 2/1/30		10,000		8,825
Intelligent Packaging Ltd Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC, 144A,6.00%, 9/15/28		10,000		8,297
LABL, Inc. 144A,10.50%, 7/15/27		10,000		9,325
144A,5.875%, 11/1/28		15,000		13,612
Mauser Packaging Solutions Holding Co., 144A,7.875%, 8/15/26		25,000		24,844
OI European Group BV, 144A,4.75%, 2/15/30		10,000		9,056
Owens-Brockway Glass Container, Inc., 144A,6.625%, 5/13/27		13,000		13,049

See Notes to Financial Statements. 47

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Principal Amount		Value
Packaging & Containers (Continued)
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc., 144A,4.375%, 10/15/28	$	15,000	$	13,130
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A,4.00%, 10/15/27		20,000		17,718
Sealed Air Corp., 144A,5.50%, 9/15/25		27,000		26,933
Sealed Air Corp./Sealed Air Corp., 144A,6.125%, 2/1/28		12,000		11,917
Trident TPI Holdings, Inc., 144A,12.75%, 12/31/28		8,000		8,200
TriMas Corp., 144A,4.125%, 4/15/29		10,000		8,928
Trivium Packaging Finance BV, 144A,5.50%, 8/15/26		20,000		19,085
(Cost $542,512)				509,658
Transportation — 0.4%
Cargo Aircraft Management, Inc., 144A,4.75%, 2/1/28		10,000		8,787
First Student Bidco, Inc. / First Transit Parent, Inc., 144A,4.00%, 7/31/29		10,000		8,372
Navios South American Logistics, Inc. / Navios Logistics Finance US, Inc., 144A,10.75%, 7/1/25		10,000		9,725
Rand Parent LLC, 144A,8.50%, 2/15/30		10,000		8,650
Watco Cos. LLC / Watco Finance Corp., 144A,6.50%, 6/15/27		13,000		12,513
(Cost $52,761)				48,047
Trucking & Leasing — 0.3%
AerCap Global Aviation Trust, 144A,6.50%, 6/15/45		10,000		9,587
Fortress Transportation and Infrastructure Investors LLC 144A,6.50%, 10/1/25		10,000		9,750
144A,5.50%, 5/1/28		18,000		16,249
(Cost $38,016)				35,586
Technology — 4.8%
Computers — 1.4%
Ahead DB Holdings LLC, 144A,6.625%, 5/1/28		10,000		8,175
Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 144A,6.00%, 11/1/29		7,000		5,847
Crowdstrike Holdings, Inc., 3.00%, 2/15/29		15,000		13,144
Diebold Nixdorf, Inc., 144A,9.375%, 7/15/25		10,000		2,306
Exela Intermediate LLC / Exela Finance, Inc., 144A,11.50%, 7/15/26		15,000		1,875
McAfee Corp., 144A,7.375%, 2/15/30		20,000		16,865

	Principal Amount		Value
Computers (Continued)
NCR Corp. 144A,5.125%, 4/15/29	$	20,000	$	17,505
144A,6.125%, 9/1/29		25,000		24,924
Presidio Holdings, Inc., 144A,8.25%, 2/1/28		17,000		15,725
Seagate HDD Cayman 4.875%, 3/1/24		13,000		13,047
4.875%, 6/1/27		10,000		9,650
4.091%, 6/1/29		14,000		12,166
144A,9.625%, 12/1/32		20,625		22,584
5.75%, 12/1/34		10,000		8,651
Unisys Corp., 144A,6.875%, 11/1/27		5,000		3,792
Vericast Corp., 144A,11.00%, 9/15/26		10,000		10,475
Virtusa Corp., 144A,7.125%, 12/15/28		10,000		8,025
(Cost $224,982)				194,756
Office/Business Equipment — 0.2%
Pitney Bowes, Inc., 144A,6.875%, 3/15/27		12,000		9,299
Xerox Corp. 3.80%, 5/15/24		10,000		9,663
6.75%, 12/15/39		16,000		11,575
(Cost $37,892)				30,537
Semiconductors — 0.4%
Amkor Technology, Inc., 144A,6.625%, 9/15/27		15,000		15,066
Entegris Escrow Corp., 144A,5.95%, 6/15/30		10,000		9,685
Entegris, Inc. 144A,4.375%, 4/15/28		10,000		9,240
144A,3.625%, 5/1/29		10,000		8,680
ON Semiconductor Corp., 144A,3.875%, 9/1/28		15,000		13,621
(Cost $59,927)				56,292
Software — 2.8%
AthenaHealth Group, Inc., 144A,6.50%, 2/15/30		28,000		23,124
Black Knight InfoServ LLC, 144A,3.625%, 9/1/28		12,000		10,800
Boxer Parent Co., Inc. 144A,7.125%, 10/2/25		12,000		12,127
144A,9.125%, 3/1/26		10,000		9,863
Camelot Finance SA, 144A,4.50%, 11/1/26		15,000		14,062
Central Parent, Inc. / CDK Global, Inc., 144A,7.25%, 6/15/29		10,000		9,812
Clarivate Science Holdings Corp., 144A,4.875%, 7/1/29		20,000		17,275
Cloud Software Group, Inc. 144A,6.50%, 3/31/29		50,000		44,225
144A,9.00%, 9/30/29		50,000		42,469

See Notes to Financial Statements. 48

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Principal Amount		Value
Software (Continued)
Consensus Cloud Solutions, Inc., 144A,6.50%, 10/15/28	$	16,000	$	13,982
Fair Isaac Corp., 144A,4.00%, 6/15/28		20,000		18,500
MSCI, Inc. 144A,4.00%, 11/15/29		10,000		9,019
144A,3.875%, 2/15/31		10,000		8,634
Open Text Corp., 144A,3.875%, 12/1/29		22,000		18,480
Open Text Holdings, Inc., 144A,4.125%, 2/15/30		20,000		17,081
PTC, Inc., 144A,3.625%, 2/15/25		25,000		24,161
Rackspace Technology Global, Inc., 144A,5.375%, 12/1/28		10,000		2,650
ROBLOX Corp., 144A,3.875%, 5/1/30		10,000		8,572
Rocket Software, Inc., 144A,6.50%, 2/15/29		10,000		8,198
SS&C Technologies, Inc., 144A,5.50%, 9/30/27		20,000		19,187
Twilio, Inc., 3.875%, 3/15/31		10,000		8,546
Veritas US, Inc. / Veritas Bermuda Ltd., 144A,7.50%, 9/1/25		28,000		21,000
West Technology Group LLC, 144A,8.50%, 10/15/25		10,000		8,937
(Cost $414,779)				370,704
Utilities — 1.4%
Electric — 1.3%
Algonquin Power & Utilities Corp., 4.75%, 1/18/82		15,000		11,963
Atlantica Sustainable Infrastructure PLC, 144A,4.125%, 6/15/28		10,000		8,959
Calpine Corp. 144A,5.25%, 6/1/26		21,000		20,399
144A,5.125%, 3/15/28		15,000		13,475
144A,4.625%, 2/1/29		10,000		8,500
144A,5.00%, 2/1/31		5,000		4,044
144A,3.75%, 3/1/31		17,000		13,912
Clearway Energy Operating LLC 144A,4.75%, 3/15/28		20,000		18,675
144A,3.75%, 2/15/31		21,000		17,726
NextEra Energy Operating Partners LP, 144A,3.875%, 10/15/26		28,000		26,075
Pattern Energy Operations LP / Pattern Energy Operations, Inc., 144A,4.50%, 8/15/28		20,000		18,143
Pike Corp., 144A, 5.50%, 9/1/28		10,000		8,950
(Cost $184,666)				170,821

	Principal Amount		Value
Gas — 0.1%
AmeriGas Partners LP / AmeriGas Finance Corp., 5.875%, 8/20/26
(Cost $18,963)	$	20,000	$	18,714
TOTAL CORPORATE BONDS
(Cost $14,417,013)				13,123,756
	Number of Shares
CASH EQUIVALENTS — 0.7%
DWS Government Money Market Series “Institutional Shares”, 5.04% (c)
(Cost $91,008)		91,008		91,008
TOTAL INVESTMENTS — 98.3% (Cost $14,508,021)			$	13,214,764
Other assets and liabilities, net — 1.7%				231,762
NET ASSETS — 100.0%			$	13,446,526

See Notes to Financial Statements. 49

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2023 is as follows:

	Value ($) at 5/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2023		Value ($) at 5/31/2023
CORPORATE BONDS — 0.0%
Financial — 0.0%
Deutsche Bank AG, 4.500%, 4/01/25 (e)
		49,978		—		(46,853	)		(5,709	)		2,584			948		—		—		—
Deutsche Bank AG, 3.729%, 1/14/32 (e)
		25,278		—		(20,917	)		(3,952	)		(409	)		467		—		—		—
Deutsche Bank AG, 3.742%, 1/07/33 (e)
		24,707		—		(20,817	)		(7,330	)		3,440			429		—		—		—
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.03% (c)(d)
		302,229		—		(302,229	)(f)		—			—			6,635		—		—		—
CASH EQUIVALENTS — 0.7%
DWS Government Money Market Series “Institutional Shares”, 5.04% (c)
		412,215		2,157,760		(2,478,967	)		—			—			4,170		—		91,008		91,008
		814,407		2,157,760		(2,869,783	)		(16,991	)		5,615			12,649		—		91,008		91,008

(a) Defaulted security or security for which income has been deemed uncollectible.

(b) Perpetual, callable security with no stated maturity date.

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

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

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

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2023.

MTN: Medium Term Note

PIK: Denotes that all or a portion of the income is paid in-kind in the form of additional principal.

REIT: Real Estate Investment Trust

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, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (a)	$	—	$	13,123,756	$	—	$	13,123,756
Short-Term Investments (a)		91,008		—		—		91,008
TOTAL	$	91,008	$	13,123,756	$	—	$	13,214,764

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

See Notes to Financial Statements. 50

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF

May 31, 2023

	Principal Amount		Value
MUNICIPAL BONDS — 98.5%
Arizona — 1.7%
City of Mesa AZ Utility System Revenue, Multiple Utility Revenue, Series A, 5.00%, 7/1/43	$	500,000	$	537,335
City of Phoenix Civic Improvement Corp., Intergovernmental, Series A, 5.00%, 7/1/45		705,000		771,664
Salt River Project Agricultural Improvement & Power District, Electric, Power & Light Revenue, Series A, 5.00%, 1/1/47		500,000		536,484
Series A, 3.00%, 1/1/49		65,000		50,886
(Cost $1,994,899)				1,896,369
California — 18.9%
Bay Area Toll Authority, Highway Revenue Tolls, Sub-Series S-8, 3.00%, 4/1/54		535,000		396,643
Series F-2, 2.60%, 4/1/56		160,000		107,453
City of Los Angeles Department of Airports, Private Airport & Marina Revenue, Series A, 5.00%, 5/15/35		25,000		28,256
Series A, 5.00%, 5/15/36		35,000		39,194
5.00%, 5/15/37		45,000		49,914
Series A, 5.00%, 5/15/38		300,000		332,189
5.00%, 5/15/39		40,000		44,177
5.00%, 5/15/40		55,000		60,547
Series D, AMT, 5.00%, 5/15/43		125,000		129,947
Series A, AMT, 4.00%, 5/15/44		700,000		665,129
Series E, 5.00%, 5/15/44		25,000		26,712
Series F, AMT, 5.00%, 5/15/44		200,000		207,545
Series B, 5.00%, 5/15/45		260,000		283,877
Series C, AMT, 5.00%, 5/15/45		50,000		52,180
Series A, AMT, 5.00%, 5/15/46		600,000		627,431
Series B, 5.00%, 5/15/48		250,000		271,299
Series E, 5.00%, 5/15/48		20,000		21,289
Series F, AMT, 3.00%, 5/15/49		330,000		239,603
Series F, AMT, 4.00%, 5/15/49		200,000		184,497
Series D, AMT, 5.00%, 5/15/49		100,000		102,393
Series C, AMT, 4.00%, 5/15/50		500,000		460,720
Series A, AMT, 5.00%, 5/15/51		135,000		140,270
City of Sacramento CA Transient Occupancy Tax Revenue, Hotel Occupancy Tax, Series A, 5.00%, 6/1/48		25,000		25,926
City of San Francisco CA Public Utilities Commission Water Revenue, Water Revenue, Series D, 3.00%, 11/1/50		340,000		259,898
Series C, 4.00%, 11/1/50		600,000		586,370
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Sales Tax Revenue, Series A, 4.00%, 6/1/39		40,000		41,226
Series A, 5.00%, 7/1/44		430,000		459,872

	Principal Amount		Value
California (Continued)
Los Angeles Department of Water & Power Power System Revenue, Electric, Power & Light Revenue, Series D, 5.00%, 7/1/34	$	45,000	$	49,656
Series B, 5.00%, 7/1/40		260,000		285,387
Series D, 5.00%, 7/1/44		125,000		135,079
Series A, 5.00%, 7/1/45		60,000		64,404
Series C, 5.00%, 7/1/49		635,000		682,079
Los Angeles Department of Water & Power Water System Revenue, Water Revenue, Series A, 5.00%, 7/1/41		270,000		296,110
Series B, 5.00%, 7/1/43		315,000		337,411
Series A, 5.00%, 7/1/50		210,000		227,050
Los Angeles Department of Water & Power, Electric, Power & Light Revenue, Series B, 5.00%, 7/1/45		45,000		48,735
Series B, 5.00%, 7/1/48		500,000		542,584
Series A, 5.00%, 7/1/51		1,000,000		1,086,978
Metropolitan Water District of Southern California, Water Revenue, Series C, 5.00%, 7/1/39		25,000		27,904
Series C, 5.00%, 7/1/40		100,000		111,025
Series A, 5.00%, 10/1/45		225,000		244,959
Riverside County Transportation Commission, Highway Revenue Tolls, 4.00%, 6/1/40		50,000		47,599
Series B-1, 4.00%, 6/1/46		10,000		9,188
Series B-1, 3.00%, 6/1/49		600,000		433,461
Sacramento County Sanitation Districts Financing Authority, Intergovernmental, 5.00%, 12/1/33		30,000		35,465
Sacramento Municipal Utility District, Electric, Power & Light Revenue, Series H, 5.00%, 8/15/50		40,000		43,375
San Diego County Regional Airport Authority, Private Airport & Marina Revenue, Series A, 5.00%, 7/1/49		200,000		210,367
Series B, AMT, 4.00%, 7/1/51		250,000		230,092
Series A, 5.00%, 7/1/51		500,000		533,426
Series B, AMT, 5.00%, 7/1/51		500,000		516,000
Series A, 5.00%, 7/1/56		1,300,000		1,380,770
San Francisco City & County Airport Commission-San Francisco International Airport, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 5/1/37		515,000		542,596
Series A, AMT, 5.00%, 5/1/39		50,000		52,324
AMT, 5.00%, 5/1/43		320,000		329,240
Series A, AMT, 5.00%, 5/1/44		810,000		838,655
Series E, AMT, 5.00%, 5/1/45		1,225,000		1,266,186
Series D, AMT, 5.00%, 5/1/48		75,000		76,400
Series E, 5.00%, 5/1/48		25,000		26,263
Series D, AMT, 5.25%, 5/1/48		870,000		898,027
Series A, AMT, 4.00%, 5/1/49		1,000,000		916,809
Series A, AMT, 5.00%, 5/1/49		200,000		205,765
Series E, AMT, 5.00%, 5/1/50		370,000		380,344
Series F, 5.00%, 5/1/50		900,000		947,618

See Notes to Financial Statements. 51

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2023

	Principal Amount		Value
California (Continued)
San Francisco Municipal Transportation Agency, Transit Revenue, Series C, 4.00%, 3/1/51	$	40,000	$	38,541
Series C, 5.00%, 3/1/51		500,000		531,550
Southern California Public Power Authority, Natural Gas Revenue, Series A, 5.00%, 11/1/33		570,000		611,934
State of California Department of Water Resources, Water Revenue, Series BB, 5.00%, 12/1/33		45,000		52,356
Series BB, 5.00%, 12/1/34		25,000		29,039
Series BB, 5.00%, 12/1/35		45,000		51,918
(Cost $23,952,572)				21,219,226
Colorado — 4.2%
Arkansas River Power Authority, Electric, Power & Light Revenue, Series A, 5.00%, 10/1/43		215,000		213,892
City & County of Denver Co. Airport System Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 12/1/35		650,000		684,433
Sub-Series A, AMT, 5.00%, 12/1/36		300,000		329,311
Series A, AMT, 5.00%, 12/1/37		20,000		20,841
Series A, AMT, 5.00%, 12/1/38		320,000		332,941
Series A, AMT, 4.00%, 12/1/43		650,000		609,249
Series A, AMT, 5.00%, 12/1/43		325,000		333,946
Series A, AMT, 5.00%, 12/1/48		700,000		714,459
Sub-Series B, 5.00%, 12/1/48		40,000		41,734
Series D, 5.00%, 11/15/53		600,000		623,870
City & County of Denver Co. Dedicated Excise Tax Revenue, Hotel Occupancy Tax, Series A, 4.00%, 8/1/51		700,000		675,793
City of Colorado Springs CO Utilities System Revenue, Multiple Utility Revenue, Series B, 4.00%, 11/15/51		100,000		95,653
(Cost $5,055,188)				4,676,122
Connecticut — 0.3%
State of Connecticut Special Tax Revenue, Fuel Sales Tax Revenue, 5.00%, 5/1/34		25,000		28,174
5.00%, 5/1/37		100,000		110,146
5.00%, 5/1/38		100,000		109,593
5.00%, 5/1/40		120,000		130,472
(Cost $422,377)				378,385
Delaware — 0.3%
Delaware River & Bay Authority, Highway Revenue Tolls, 4.00%, 1/1/44 (Cost $324,011)		330,000		321,080
District of Columbia — 4.8%
District of Columbia Water & Sewer Authority, Water Revenue, Series B, 5.00%, 10/1/49		250,000		263,230

	Principal Amount		Value
District of Columbia (Continued)
District of Columbia, Income Tax Revenue, Series A, 4.00%, 3/1/39	$	110,000	$	111,049
Series C, 4.00%, 5/1/45		500,000		492,916
Series C, 5.00%, 5/1/45		170,000		183,278
Metropolitan Washington Airports Authority Aviation Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 10/1/46		850,000		882,529
Series A, AMT, 5.00%, 10/1/48		175,000		178,922
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Highway Revenue Tolls, Series B, 4.00%, 10/1/44		1,000,000		941,651
Series B, 5.00%, 10/1/47		500,000		516,715
Series B, 4.00%, 10/1/49		300,000		274,827
Series B, 3.00%, 10/1/50		600,000		445,845
Series B, 4.00%, 10/1/53		1,200,000		1,081,217
(Cost $6,191,670)				5,372,179
Florida — 9.5%
Broward County FL Water & Sewer Utility Revenue, Water Revenue, Series A, 4.00%, 10/1/47		240,000		234,927
Central Florida Expressway Authority, Highway Revenue Tolls, Series D, 5.00%, 7/1/35		40,000		45,281
City of Gainesville FL Utilities System Revenue, Multiple Utility Revenue, Series A, 5.00%, 10/1/44		380,000		402,898
Series A, 5.00%, 10/1/47		215,000		227,051
City of Tampa FL Water & Wastewater System Revenue, Water Revenue, Series A, 5.00%, 10/1/54		1,000,000		1,069,572
County of Broward FL Airport System Revenue, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 10/1/44		100,000		93,118
Series A, AMT, 4.00%, 10/1/49		150,000		135,705
County of Broward Fl Port Facilities Revenue, Private Airport & Marina Revenue, Series B, 4.00%, 9/1/49		55,000		50,526
County of Broward FL Port Facilities Revenue, Private Airport & Marina Revenue, Series B, AMT, 4.00%, 9/1/44		500,000		471,493
County of Miami-Dade FL Aviation Revenue, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 10/1/44		400,000		367,322
Series A, AMT, 5.00%, 10/1/44		1,000,000		1,029,710
Series A, AMT, 5.00%, 10/1/49		380,000		388,668
County of Miami-Dade FL Transit System, Sales Tax Revenue, Series A, 4.00%, 7/1/49		500,000		473,596
Series A, 4.00%, 7/1/50		90,000		85,368

See Notes to Financial Statements. 52

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2023

	Principal Amount		Value
Florida (Continued)
County of Miami-Dade Fl Water & Sewer System Revenue, Water Revenue, 4.00%, 10/1/51	$	100,000	$	91,396
County of Miami-Dade FL Water & Sewer System Revenue, Water Revenue, Series B, 4.00%, 10/1/44		475,000		463,169
4.00%, 10/1/46		255,000		243,392
4.00%, 10/1/48		400,000		378,155
4.00%, 10/1/48		40,000		37,816
Series B, 4.00%, 10/1/49		500,000		472,230
4.00%, 10/1/51		275,000		258,836
County of Miami-Dade Seaport Department, Private Airport & Marina Revenue, Series A, 5.25%, 10/1/52		300,000		316,362
County of Osceola Fl Transportation Revenue, Highway Revenue Tolls, Series A-1, 4.00%, 10/1/54		400,000		344,403
Greater Orlando Aviation Authority, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 10/1/44		165,000		171,007
Series A, AMT, 4.00%, 10/1/49		500,000		456,612
Series A, AMT, 4.00%, 10/1/52		300,000		275,413
Sub-Series A, AMT, 5.00%, 10/1/52		605,000		613,512
Series A, AMT, 3.25%, 10/1/54		250,000		186,292
Hillsborough County Aviation Authority, Private Airport & Marina Revenue, Series F, 5.00%, 10/1/48		195,000		204,165
Hillsborough County Aviation Authority, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 10/1/52		500,000		459,021
Putnam County Development Authority, Electric, Power & Light Revenue, 5.00%, 3/15/42		40,000		41,551
State of Florida Department of Transportation Turnpike System Revenue, Highway Revenue Tolls, Series C, 3.00%, 7/1/46		200,000		158,559
Tampa-Hillsborough County Expressway Authority, Highway Revenue Tolls, Series B, 4.00%, 7/1/42		400,000		383,095
(Cost $11,987,669)				10,630,221
Georgia — 2.6%
City of Atlanta GA Department of Aviation, Private Airport & Marina Revenue, Series B, AMT, 4.00%, 7/1/49		200,000		182,735
Development Authority of Burke County, Electric, Power & Light Revenue, Series C, 4.125%, 11/1/45		25,000		22,386
Series D, 4.125%, 11/1/45		355,000		317,883
Georgia Ports Authority, Private Airport & Marina Revenue, 4.00%, 7/1/51		765,000		747,014

	Principal Amount		Value
Georgia (Continued)
Georgia Ports Authority, Private Airport & Marina Revenue, 4.00%, 7/1/52	$	320,000	$	312,138
Main Street Natural Gas, Inc., Natural Gas Revenue, Series A, 5.00%, 5/15/43		30,000		29,699
Municipal Electric Authority of Georgia, Nuclear Revenue, Series A, 5.00%, 1/1/62		500,000		515,842
Series A, 5.50%, 7/1/63		750,000		769,425
(Cost $3,001,078)				2,897,122
Hawaii — 0.8%
State of Hawaii Airports System Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 7/1/43		400,000		410,801
State of Hawaii Airports System Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 7/1/51		500,000		517,986
(Cost $972,945)				928,787
Illinois — 6.3%
Chicago O’hare International Airport, Private Airport & Marina Revenue, Series A, 5.00%, 1/1/48		200,000		204,476
Series A, AMT, 5.00%, 1/1/55		500,000		510,868
Chicago O’Hare International Airport, Private Airport & Marina Revenue, Series A, 5.00%, 1/1/35		250,000		276,134
Series A, AMT, 4.00%, 1/1/43		115,000		108,276
Series B, 5.00%, 1/1/48		1,285,000		1,334,927
Series B, 4.00%, 1/1/53		130,000		122,696
Series A, AMT, 4.375%, 1/1/53		25,000		23,484
Series B, 5.00%, 1/1/53		500,000		516,212
Chicago Transit Authority Sales Tax Receipts Fund, Sales Tax Revenue, Series A, 5.00%, 12/1/57		1,200,000		1,234,394
City of Chicago IL Waterworks Revenue, Water Revenue, Series A, 5.50%, 11/1/62		200,000		219,896
Illinois Finance Authority, Water Revenue, 4.00%, 7/1/38		25,000		25,033
Illinois State Toll Highway Authority, Highway Revenue Tolls, Series A, 5.00%, 1/1/41		30,000		32,788
Series A, 4.00%, 1/1/44		850,000		821,665
Series A, 5.00%, 1/1/44		800,000		842,993
Series A, 5.00%, 1/1/45		775,000		824,265
(Cost $7,604,100)				7,098,107
Louisiana — 0.3%
East Baton Rouge Sewerage Commission, Sewer Revenue, Series A, 4.00%, 2/1/45		245,000		236,470

See Notes to Financial Statements. 53

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2023

	Principal Amount		Value
Louisiana (Continued)
Jefferson Sales Tax District, Sales Tax Revenue, Series B, 4.00%, 12/1/42	$	115,000	$	112,028
(Cost $409,385)				348,498
Maine — 0.0%
Maine Turnpike Authority, Highway Revenue Tolls, 5.00%, 7/1/47 (Cost $45,482)		40,000		41,993
Maryland — 0.6%
Maryland State Transportation Authority, Highway Revenue Tolls, 4.00%, 7/1/50 (Cost $751,254)		650,000		622,349
Massachusetts — 1.7%
Commonwealth of Massachusetts, Hotel Occupancy Tax, 5.50%, 1/1/34		185,000		216,258
Massachusetts Bay Transportation Authority Sales Tax Revenue, Sales Tax Revenue, Series B-1, 5.00%, 7/1/50		35,000		36,764
Series A-1, 4.00%, 7/1/51		205,000		198,855
Massachusetts Port Authority, Private Airport & Marina Revenue, Series C, AMT, 5.00%, 7/1/44		400,000		413,636
Series E, AMT, 5.00%, 7/1/46		500,000		521,427
Series E, AMT, 5.00%, 7/1/51		505,000		523,236
(Cost $2,130,135)				1,910,176
Michigan — 1.3%
Lansing Board of Water & Light, Electric, Power & Light Revenue, Series A, 5.00%, 7/1/44		600,000		634,235
Series A, 5.00%, 7/1/48		90,000		94,759
State of Michigan Trunk Line Revenue, Fuel Sales Tax Revenue, Series B, 4.00%, 11/15/45		800,000		781,609
(Cost $1,676,437)				1,510,603
Nevada — 1.6%
City of Reno NV, Sales Tax Revenue, Series A, 4.00%, 6/1/58		145,000		126,001
County of Clark NV, Fuel Sales Tax Revenue, 4.00%, 7/1/40		500,000		496,608
County of Washoe NV, Fuel Sales Tax Revenue, 5.00%, 2/1/42		50,000		52,952
Las Vegas Convention & Visitors Authority, Hotel Occupancy Tax, Series B, 5.00%, 7/1/43		840,000		873,927
Series B, 4.00%, 7/1/49		290,000		266,727
(Cost $1,904,922)				1,816,215

	Principal Amount		Value
New Jersey — 1.6%
New Jersey Turnpike Authority, Highway Revenue Tolls, Series G, 4.00%, 1/1/35	$	75,000	$	76,636
Series G, 5.00%, 1/1/37		40,000		42,774
Series G, 4.00%, 1/1/43		700,000		692,590
Series A, 4.00%, 1/1/48		45,000		43,450
Series A, 5.00%, 1/1/48		740,000		780,417
Series B, 5.25%, 1/1/52		55,000		60,489
South Jersey Transportation Authority, Highway Revenue Tolls, Series A, 4.625%, 11/1/47		100,000		101,266
(Cost $1,854,360)				1,797,622
New York — 17.8%
Long Island Power Authority, Electric, Power & Light Revenue, 5.00%, 9/1/34		50,000		55,020
5.00%, 9/1/38		90,000		96,911
Metropolitan Transportation Authority, Transit Revenue, Series D, 5.00%, 11/15/32		25,000		26,540
Series C-1, 5.00%, 11/15/33		30,000		31,804
Series C-1, 5.00%, 11/15/34		50,000		52,800
Series C-1, 4.00%, 11/15/35		30,000		29,473
Series C-1, 4.00%, 11/15/37		155,000		150,756
Series C-1, 4.00%, 11/15/38		180,000		174,336
Series D, 4.00%, 11/15/42		430,000		404,656
Series A, Sub-Series A-2, 5.00%, 11/15/44		100,000		103,368
Series E, 4.00%, 11/15/45		1,000,000		927,490
Series C-1, 4.75%, 11/15/45		500,000		506,189
Sub-Series A, 5.00%, 11/15/45		75,000		76,841
Series D, 4.00%, 11/15/46		790,000		730,597
Series D-2, 4.00%, 11/15/48		630,000		576,351
Series A-1-GROUP 1, 5.00%, 11/15/48		600,000		613,161
Series D-3, 4.00%, 11/15/49		140,000		127,468
Series A-1, 4.00%, 11/15/50		35,000		33,503
Series D-3, 4.00%, 11/15/50		250,000		226,638
Series C-1, 5.00%, 11/15/50		700,000		714,813
Series A-1, 4.00%, 11/15/52		550,000		494,706
Series B, 5.00%, 11/15/52		115,000		117,489
Series C-1, 5.25%, 11/15/55		250,000		258,186
New York City Municipal Water Finance Authority, Water Revenue, Series FF, 5.00%, 6/15/39		35,000		37,494
Series EE-2, 4.00%, 6/15/40		30,000		30,137
Series AA, 5.00%, 6/15/40		95,000		103,235
Series FF, 5.00%, 6/15/40		100,000		106,802
Sub-Series EE-2, 5.00%, 6/15/40		535,000		578,188
4.00%, 6/15/42		400,000		400,008
Series AA-2, 4.00%, 6/15/42		100,000		100,002
Series BB2, 4.00%, 6/15/42		40,000		40,001
Series CC-2, 4.00%, 6/15/42		25,000		25,000
Series BB-1, 5.00%, 6/15/44		140,000		152,413
Series BB-1, 4.00%, 6/15/45		255,000		251,743
Series BB-1, 4.00%, 6/15/49		200,000		195,572
Series CC-1, 4.00%, 6/15/49		200,000		195,572
Series FF-1, 4.00%, 6/15/49		15,000		14,668

See Notes to Financial Statements. 54

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2023

	Principal Amount		Value
New York (Continued)
Series BB-1, 5.00%, 6/15/49	$	270,000	$	287,954
Series DD-1, 5.00%, 6/15/49		400,000		421,439
Series DD-1, 5.25%, 6/15/49		70,000		74,944
Series BB-1, 4.00%, 6/15/50		285,000		277,806
Series GG-1, 4.00%, 6/15/50		305,000		297,301
Sub-Series DD-1, 4.00%, 6/15/50		600,000		584,854
Series AA-1, 5.00%, 6/15/50		140,000		149,722
Series AA-1, 3.00%, 6/15/51		300,000		222,746
Series CC-1, 5.00%, 6/15/51		250,000		268,058
Series CC-1, 5.00%, 6/15/52		100,000		107,499
New York Power Authority, Electric, Power & Light Revenue, Series A, 4.00%, 11/15/45		35,000		34,649
Series A, 4.00%, 11/15/47		115,000		110,913
Series A, 4.00%, 11/15/50		75,000		73,331
Series A, 4.00%, 11/15/55		500,000		479,892
Series A, 3.25%, 11/15/60		1,150,000		886,958
Series A, 4.00%, 11/15/60		675,000		640,010
New York State Environmental Facilities Corp., Water Revenue, Series A, 5.00%, 6/15/51		500,000		546,228
Port Authority of New York & New Jersey, Private Airport & Marina Revenue, Series 224, 4.00%, 7/15/51		15,000		14,478
Triborough Bridge & Tunnel Authority Sales Tax Revenue, Sales Tax Revenue, Series A, 4.00%, 5/15/57		1,000,000		945,163
Series A, 4.25%, 5/15/58		600,000		590,444
Series A, 4.50%, 5/15/63		450,000		450,390
Triborough Bridge & Tunnel Authority, Fuel Sales Tax Revenue, Series D-2, 5.50%, 5/15/52		300,000		338,499
Triborough Bridge & Tunnel Authority, Miscellaneous Taxes, Series C-1A, 4.00%, 5/15/46		600,000		576,061
Series C-3, 3.00%, 5/15/51		600,000		447,811
Series A-1, 5.00%, 5/15/51		2,000,000		2,138,953
Series C-1A, 5.00%, 5/15/51		225,000		241,461
(Cost $22,247,936)				19,967,495
North Carolina — 0.2%
County of Union NC Enterprise System Revenue, Water Revenue, 3.00%, 6/1/51 (Cost $241,524)		300,000		227,498
Ohio — 0.6%
Franklin County Convention Facilities Authority, Industrial Revenue, 5.00%, 12/1/51		100,000		91,609
Northeast Ohio Regional Sewer District, Sewer Revenue, 4.00%, 11/15/43		60,000		57,722
Ohio Turnpike & Infrastructure Commission, Highway Revenue Tolls, Series A, 4.00%, 2/15/46		10,000		9,604
Series A, 5.00%, 2/15/46		275,000		298,096

	Principal Amount		Value
Ohio (Continued)
Ohio Water Development Authority, Intergovernmental, 5.00%, 6/1/46	$	225,000	$	246,772
(Cost $796,553)				703,803
Oregon — 0.8%
Port of Portland OR Airport Revenue, Private Airport & Marina Revenue, Series 25B, AMT, 5.00%, 7/1/44		315,000		324,382
Series 28, AMT, 4.00%, 7/1/47		500,000		462,875
State of Oregon Department of Transportation, Fuel Sales Tax Revenue, Series A, 4.00%, 11/15/42		60,000		60,156
(Cost $883,732)				847,413
Pennsylvania — 6.8%
Allegheny County Airport Authority, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 1/1/46		700,000		653,085
Series A, AMT, 5.00%, 1/1/51		500,000		515,168
Series A, AMT, 4.00%, 1/1/56		500,000		450,457
Chester County Industrial Development Authority, Recreational Revenue, 4.00%, 12/1/51		245,000		231,997
City of Philadelphia PA Water & Wastewater, Water Revenue, Series A, 5.00%, 10/1/43		25,000		26,298
Series A, 5.00%, 11/1/45		515,000		542,727
Series A, 5.00%, 10/1/48		35,000		36,423
Series A, 5.00%, 11/1/50		500,000		524,062
Pennsylvania Turnpike Commission, Fran. Tax & Bus. LIC Fees, Series B, 5.00%, 12/1/43		115,000		120,508
Series A, 5.25%, 12/1/44		565,000		602,554
Series A, 5.00%, 12/1/48		480,000		501,531
Pennsylvania Turnpike Commission, Highway Revenue Tolls, Series A, 5.00%, 12/1/44		230,000		241,500
Series A, 4.00%, 12/1/46		20,000		19,129
Series B, 4.00%, 12/1/46		390,000		373,012
Series C, 5.00%, 12/1/46		45,000		47,701
Series A, 5.00%, 12/1/47		55,000		58,662
Sub-Series A, 4.00%, 12/1/49		285,000		274,154
Series A, 5.00%, 12/1/49		15,000		15,676
Series A, 4.00%, 12/1/50		255,000		237,179
Series B, 5.00%, 12/1/50		1,705,000		1,792,371
Series A, 4.00%, 12/1/51		65,000		61,755
Series B, 4.00%, 12/1/51		300,000		276,701
Series B, 5.00%, 12/1/51		15,000		15,795
(Cost $8,515,539)				7,618,445
South Carolina — 1.0%
South Carolina Ports Authority, Private Airport & Marina Revenue, Series B, 4.00%, 7/1/49		200,000		179,405
South Carolina Public Service Authority, Electric, Power & Light Revenue, Series A, 4.00%, 12/1/42		475,000		448,065
Series A, 4.00%, 12/1/52		600,000		543,620
(Cost $1,265,581)				1,171,090

See Notes to Financial Statements. 55

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2023

	Principal Amount		Value
Tennessee — 2.0%
Metropolitan Government of Nashville & Davidson County TN Electric Revenue, Electric, Power & Light Revenue, Series A, 5.00%, 5/15/46	$	245,000	$	266,512
Metropolitan Nashville Airport Authority, Private Airport & Marina Revenue, Series B, AMT, 5.00%, 7/1/49		125,000		128,981
Series B, AMT, 4.00%, 7/1/54		550,000		500,872
Series A, 5.00%, 7/1/54		805,000		851,702
Series B, AMT, 5.00%, 7/1/54		500,000		512,290
(Cost $2,516,280)				2,260,357
Texas — 6.3%
Central Texas Regional Mobility Authority, Highway Revenue Tolls, Series E, 5.00%, 1/1/45		100,000		104,564
Series B, 5.00%, 1/1/46		300,000		315,147
Series B, 4.00%, 1/1/51		50,000		45,686
City of Austin TX Electric Utility Revenue, Electric, Power & Light Revenue, Series B, 5.00%, 11/15/44		125,000		133,325
Series B, 5.00%, 11/15/49		125,000		132,558
City of Austin TX Water & Wastewater System Revenue, Water Revenue, Series C, 5.00%, 11/15/50		305,000		324,761
City of Dallas TX Waterworks & Sewer System Revenue, Water Revenue, Series C, 4.00%, 10/1/49		110,000		107,892
City of Georgetown TX Utility System Revenue, Multiple Utility Revenue, 4.25%, 8/15/47		500,000		494,688
City of Houston TX Airport System Revenue, Private Airport & Marina Revenue, Sub-Series A, AMT, 4.00%, 7/1/46		575,000		535,187
City of Houston TX Combined Utility System, Water Revenue, Series C, 4.00%, 11/15/43		165,000		161,599
Series D, 5.00%, 11/15/43		30,000		31,802
Series C, 3.00%, 11/15/47		145,000		109,849
Series C, 4.00%, 11/15/49		55,000		53,087
City of Lubbock TX Electric Light & Power System Revenue, Electric, Power & Light Revenue, 4.00%, 4/15/51		400,000		372,044
City of San Antonio TX Electric & Gas Systems Revenue, Electric, Power & Light Revenue, Series A, 5.00%, 2/1/46		10,000		10,671
Dallas Fort Worth International Airport, Private Airport & Marina Revenue, 4.00%, 11/1/34		60,000		62,290
4.00%, 11/1/35		85,000		87,702
Harris County Toll Road Authority, Highway Revenue Tolls, Series A, 4.00%, 8/15/48		555,000		524,115
4.00%, 8/15/50		670,000		629,109

	Principal Amount		Value
Texas (Continued)
Harris County-Houston Sports Authority, Hotel Occupancy Tax, Series A, 3.125%, 11/15/56	$	110,000	$	80,631
Lower Colorado River Authority, Intergovernmental, 5.00%, 5/15/47		250,000		265,510
North Fort Bend Water Authority, Water Revenue, Series A, 4.00%, 12/15/58		25,000		22,207
North Texas Tollway Authority, Highway Revenue Tolls, Series A, 4.00%, 1/1/37		25,000		25,193
Series A, 5.00%, 1/1/38		65,000		69,260
Series A, 5.00%, 1/1/43		385,000		402,591
Series A, 5.00%, 1/1/48		500,000		519,857
4.25%, 1/1/49		30,000		29,069
Series B, 3.00%, 1/1/51		250,000		182,815
San Antonio Water System, Water Revenue, Series A, 5.00%, 5/15/46		25,000		26,874
Series A, 4.00%, 5/15/51		335,000		308,438
Texas Water Development Board, Water Revenue, 4.00%, 10/15/45		320,000		315,490
4.00%, 4/15/51		525,000		515,792
West Harris County Regional Water Authority, Water Revenue, 3.00%, 12/15/58		85,000		57,189
(Cost $8,091,428)				7,056,992
Utah — 2.5%
City of Salt Lake City UT Airport Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 7/1/43		400,000		410,435
Series A, AMT, 5.00%, 7/1/48		1,000,000		1,019,681
Series A, AMT, 5.25%, 7/1/48		225,000		231,953
Intermountain Power Agency, Electric, Power & Light Revenue, Series A, 5.00%, 7/1/42		1,000,000		1,093,748
(Cost $2,828,275)				2,755,817
Virginia — 1.3%
Hampton Roads Transportation Accountability Commission, Appropriations, Series A, 4.00%, 7/1/45		275,000		267,549
Series A, 5.00%, 7/1/50		40,000		42,938
Series A, 4.00%, 7/1/55		700,000		671,117
Series A, 5.00%, 7/1/60		500,000		535,682
(Cost $1,774,126)				1,517,286
Washington — 2.3%
Central Puget Sound Regional Transit Authority, Sales Tax Revenue, Series S-1, 4.00%, 11/1/40		20,000		19,989
Series S-1, 4.00%, 11/1/46		700,000		677,778
County of King WA Sewer Revenue, Sewer Revenue, Series A, 4.00%, 1/1/52		500,000		473,392

See Notes to Financial Statements. 56

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2023

	Principal Amount		Value
Washington (Continued)
Energy Northwest, Nuclear Revenue, Series A, 5.00%, 7/1/38	$	300,000	$	327,205
Port of Seattle WA, Private Airport & Marina Revenue, AMT, 5.00%, 4/1/44		500,000		519,286
Series B, AMT, 5.00%, 8/1/47		500,000		520,926
(Cost $2,778,829)				2,538,576
West Virginia — 0.2%
West Virginia Parkways Authority, Highway Revenue Tolls, 5.00%, 6/1/47 (Cost $314,683)		250,000		271,630

	Principal Amount		Value
Wisconsin — 0.2%
Wisconsin Health & Educational Facilities Authority, Electric, Power & Light Revenue, 5.00%, 4/1/44 (Cost $267,593)	$	245,000	$	257,182
TOTAL MUNICIPAL BONDS
(Cost $122,800,563)				110,658,638
TOTAL INVESTMENTS — 98.5% (Cost $122,800,563)			$	110,658,638
Other assets and liabilities, net — 1.5%				1,651,766
NET ASSETS — 100.0%			$	112,310,404

AMT: Alternative Minimum Tax

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, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Municipal Bonds (a)	$	—	$	110,658,638	$	—	$	110,658,638
TOTAL	$	—	$	110,658,638	$	—	$	110,658,638

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

See Notes to Financial Statements. 57

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

May 31, 2023

	Number of Shares		Value
COMMON STOCKS — 97.3%
Australia — 7.9%
BHP Group Ltd.		13,590	$	369,556
Coles Group Ltd.		3,496		40,679
Fortescue Metals Group Ltd.		4,568		56,818
Medibank Pvt Ltd.		7,029		16,239
Rio Tinto Ltd.		1,000		69,245
Santos Ltd.		8,889		41,936
Wesfarmers Ltd.		3,049		94,061
Woodside Energy Group Ltd.		5,096		113,117
(Cost $926,370)				801,651
Austria — 0.2%
OMV AG (Cost $20,462)		386		17,152
Belgium — 0.2%
Ageas SA/NV (a) (Cost $21,248)		423		16,834
Brazil — 2.1%
Ambev SA		12,517		35,216
B3 SA — Brasil Bolsa Balcao		15,603		40,577
BB Seguridade Participacoes SA		1,870		11,293
Engie Brasil Energia SA		565		4,636
TIM SA		2,424		6,607
Vale SA		9,122		113,644
(Cost $230,303)				211,973
Canada — 3.9%
BCE, Inc.		183		8,245
Brookfield Asset Management Ltd., Class A		937		28,607
Canadian Tire Corp. Ltd., Class A		135		16,194
Great-West Lifeco, Inc.		741		20,949
IGM Financial, Inc.		242		7,100
Lundin Mining Corp.		1,715		11,973
Manulife Financial Corp.		4,975		92,048
Quebecor, Inc., Class B		432		10,288
Sun Life Financial, Inc. (a)		1,576		76,232
Suncor Energy, Inc.		3,567		99,796
TELUS Corp.		1,280		24,220
(Cost $396,578)				395,652
Cayman Islands — 0.1%
Parade Technologies Ltd. (Cost $6,871)		209		6,938
Chile — 0.2%
Antofagasta PLC		1,018		16,875
Cia Sud Americana de Vapores SA		46,532		3,404
(Cost $25,102)				20,279
China — 6.1%
Anhui Conch Cement Co. Ltd., Class A		500		1,758
Baoshan Iron & Steel Co. Ltd., Class A		3,600		2,971
China Coal Energy Co. Ltd., Class H		5,027		3,802
China Communications Services Corp. Ltd., Class H		6,134		2,915
China Conch Venture Holdings Ltd.		4,169		5,240
China Construction Bank Corp., Class A		1,500		1,347

	Number of Shares		Value
China (Continued)
China Construction Bank Corp., Class H		258,074	$	165,165
China Feihe Ltd., 144A		10,000		5,812
China Hongqiao Group Ltd.		5,933		4,214
China Lesso Group Holdings Ltd.		2,634		1,740
China Merchants Bank Co. Ltd., Class A		3,200		14,505
China Merchants Bank Co. Ltd., Class H		10,586		49,223
China Pacific Insurance Group Co. Ltd., Class A		1,200		4,690
China Pacific Insurance Group Co. Ltd., Class H		7,200		18,211
China Petroleum & Chemical Corp., Class H		66,655		41,977
China Railway Group Ltd., Class H		11,350		7,481
China Shenhua Energy Co. Ltd., Class A		1,156		4,580
China Shenhua Energy Co. Ltd., Class H		8,945		28,281
China State Construction Engineering Corp. Ltd., Class A		7,000		5,796
China Vanke Co. Ltd., Class A		900		1,799
China Vanke Co. Ltd., Class H		6,895		9,107
COSCO SHIPPING Holdings Co. Ltd., Class A		2,000		2,930
COSCO SHIPPING Holdings Co. Ltd., Class H		8,151		7,185
CRRC Corp. Ltd., Class H		10,902		6,754
Daan Gene Co. Ltd., Class A (b)		400		687
Daqin Railway Co. Ltd., Class A		2,300		2,466
Gree Electric Appliances, Inc. of Zhuhai, Class A		400		1,851
Guanghui Energy Co. Ltd., Class A		1,300		1,325
Henan Shuanghui Investment & Development Co. Ltd., Class A		600		2,070
Hengli Petrochemical Co. Ltd., Class A		944		2,092
Huaibei Mining Holdings Co. Ltd., Class A		600		1,102
Huaxin Cement Co. Ltd., Class A		459		819
Hunan Valin Steel Co. Ltd., Class A		1,600		1,091
Industrial & Commercial Bank of China Ltd., Class A		9,500		6,439
Industrial & Commercial Bank of China Ltd., Class H		152,046		81,381
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		1,253		772
Jiangsu Expressway Co. Ltd., Class H		2,966		2,868
Jiangxi Copper Co. Ltd., Class H		3,278		4,933
LB Group Co. Ltd., Class A		500		1,101
Lenovo Group Ltd.		19,695		18,517
Livzon Pharmaceutical Group, Inc., Class A (b)		107		588
New China Life Insurance Co. Ltd., Class A		300		1,549
New China Life Insurance Co. Ltd., Class H		2,455		6,351
People’s Insurance Co. Group of China Ltd., Class H		21,542		8,145
PICC Property & Casualty Co. Ltd., Class H		18,026		21,484
Pingdingshan Tianan Coal Mining Co. Ltd., Class A		600		673

See Notes to Financial Statements. 58

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Number of Shares		Value
China (Continued)
Postal Savings Bank of China Co. Ltd., Class A		4,926	$	3,553
Postal Savings Bank of China Co. Ltd., Class H, 144A		22,487		14,133
Qifu Technology, Inc., ADR		279		3,836
Shaanxi Coal Industry Co. Ltd., Class A		1,800		4,234
Shanxi Coking Coal Energy Group Co. Ltd., Class A		700		968
Sinopharm Group Co. Ltd., Class H		3,378		11,068
Topsports International Holdings Ltd., 144A		5,059		3,929
Uni-President China Holdings Ltd. (b)		3,016		2,620
Yankuang Energy Group Co. Ltd., Class A		400		1,523
Yankuang Energy Group Co. Ltd., Class H (a)		3,937		9,978
Youngor Group Co. Ltd., Class A		1,100		1,061
Zangge Mining Co. Ltd., Class A		300		967
Zhejiang NHU Co. Ltd., Class A (b)		700		1,483
Zhuzhou Kibing Group Co. Ltd., Class A (b)		800		907
(Cost $768,142)				626,047
Cyprus — 0.0%
Polymetal International PLC (b)(c) (Cost $33,157)		1,987		0
Czech Republic — 0.3%
CEZ AS		421		18,856
Komercni Banka AS		207		6,142
Moneta Money Bank AS, 144A		933		3,314
(Cost $23,777)				28,312
Denmark — 0.4%
A.P. Moller — Maersk A/S, Class A		9		15,062
A.P. Moller — Maersk A/S, Class B		13		21,802
(Cost $62,584)				36,864
Egypt — 0.0%
Eastern Co. SAE (Cost $2,753)		2,931		1,809
Finland — 1.6%
Elisa OYJ		369		20,614
Fortum OYJ		1,203		15,942
Kesko OYJ, Class B		733		13,820
Kone OYJ, Class B		915		46,306
Stora Enso OYJ, Class R		1,555		19,636
UPM-Kymmene OYJ		1,444		43,212
(Cost $172,891)				159,530
France — 9.7%
Amundi SA, 144A (a)		155		8,692
AXA SA		4,925		138,693
Bouygues SA		590		18,845
Cie Generale des Etablissements Michelin SCA		1,832		51,874
Danone SA		1,735		102,362
Sanofi (a)		3,041		307,602
TotalEnergies SE		6,341		358,828
(Cost $1,012,760)				986,896

	Number of Shares		Value
Germany — 4.6%
Allianz SE		1,082	$	230,681
Bayerische Motoren Werke AG		889		96,596
Deutsche Post AG		2,700		121,040
Evonik Industries AG (b)		550		10,991
Wacker Chemie AG		49		6,488
(Cost $468,409)				465,796
Greece — 0.2%
Hellenic Telecommunications Organization SA		516		7,877
JUMBO SA		340		7,866
OPAP SA		512		8,723
(Cost $22,930)				24,466
Hong Kong — 2.9%
Beijing Enterprises Holdings Ltd.		1,330		5,139
Bosideng International Holdings Ltd.		8,446		3,506
China Everbright Environment Group Ltd.		9,888		3,865
China Gas Holdings Ltd.		7,380		8,372
China Medical System Holdings Ltd.		3,469		4,875
China Merchants Port Holdings Co. Ltd.		3,566		5,175
China Overseas Land & Investment Ltd.		10,015		20,316
China Resources Gas Group Ltd.		2,361		7,766
China Resources Land Ltd.		8,498		31,807
China State Construction International Holdings Ltd.		5,170		5,845
China Taiping Insurance Holdings Co. Ltd.		3,936		4,103
CK Asset Holdings Ltd.		5,195		28,005
CK Infrastructure Holdings Ltd.		1,651		9,132
Guangdong Investment Ltd.		7,997		6,814
Hang Lung Properties Ltd.		5,139		8,140
Henderson Land Development Co. Ltd.		3,929		12,472
HKT Trust & HKT Ltd. (d)		9,898		12,644
Kingboard Holdings Ltd.		1,732		4,668
Kingboard Laminates Holdings Ltd.		2,763		2,527
Orient Overseas International Ltd. (a)		360		4,389
Power Assets Holdings Ltd.		3,631		19,551
Sino Land Co. Ltd.		9,321		12,121
Sun Hung Kai Properties Ltd.		3,930		50,052
Swire Properties Ltd.		3,065		7,306
Want Want China Holdings Ltd.		12,284		8,223
Xinyi Glass Holdings Ltd.		4,718		6,979
Yuexiu Property Co. Ltd. (a)		5,023		5,441
(Cost $382,987)				299,233
Hungary — 0.1%
Richter Gedeon Nyrt
(Cost $9,586)		382		9,583
India — 1.9%
Coal India Ltd.		4,026		11,740
GAIL India Ltd.		5,914		7,492
HCL Technologies Ltd.		2,602		36,015
Hero MotoCorp Ltd.		290		9,674
Indian Oil Corp. Ltd.		7,526		8,187
NTPC Ltd.		11,754		24,700
Oil & Natural Gas Corp. Ltd.		8,482		15,881
Petronet LNG Ltd.		2,143		5,850

See Notes to Financial Statements. 59

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Number of Shares		Value
India (Continued)
Power Grid Corp. of India Ltd.		9,607	$	27,155
Tata Steel Ltd.		18,912		24,185
Tech Mahindra Ltd.		1,435		19,349
(Cost $174,289)				190,228
Indonesia — 1.4%
PT Adaro Energy Indonesia Tbk		36,118		4,915
PT Astra International Tbk		52,469		22,577
PT Bank Mandiri Persero Tbk		97,152		32,730
PT Bank Rakyat Indonesia Persero Tbk		183,702		68,321
PT Indofood Sukses Makmur Tbk		11,419		5,409
PT United Tractors Tbk		4,550		6,746
(Cost $105,866)				140,698
Israel — 0.4%
Bank Leumi Le-Israel BM		4,048		28,342
ICL Group Ltd.		2,102		11,436
(Cost $56,528)				39,778
Italy — 1.1%
Assicurazioni Generali SpA		2,723		51,426
Snam SpA		5,486		28,600
Terna — Rete Elettrica Nazionale		3,678		30,710
(Cost $106,189)				110,736
Japan — 6.2%
AGC, Inc. (a)		550		20,037
Aisin Corp.		400		11,481
Asahi Kasei Corp.		3,300		22,403
Daiwa House Industry Co. Ltd.		1,600		41,708
Iida Group Holdings Co. Ltd.		400		6,596
Isuzu Motors Ltd.		1,600		18,598
Japan Tobacco, Inc.		3,200		69,628
Mitsui Chemicals, Inc.		500		12,615
Mitsui OSK Lines Ltd. (a)		900		20,452
MS&AD Insurance Group Holdings, Inc.		1,178		40,454
Nippon Yusen KK		1,269		26,999
Nomura Real Estate Holdings, Inc.		300		7,247
Obayashi Corp.		1,700		13,677
Sekisui House Ltd.		1,675		32,651
SoftBank Corp.		7,700		81,869
Sompo Holdings, Inc.		848		34,536
SUMCO Corp.		900		12,825
Sumitomo Metal Mining Co. Ltd.		650		19,679
Tokio Marine Holdings, Inc.		4,820		108,464
Tosoh Corp.		700		8,041
Yamaha Motor Co. Ltd.		800		19,697
(Cost $624,366)				629,657
Kuwait — 0.1%
Mobile Telecommunications Co. KSCP
(Cost $11,182)		5,865		9,910
Malaysia — 1.0%
Inari Amertron Bhd		7,300		3,986
Kuala Lumpur Kepong Bhd		1,200		5,429
Malayan Banking Bhd		14,711		27,570
MISC Bhd		3,500		5,536
Petronas Chemicals Group Bhd		7,700		10,944

	Number of Shares		Value
Malaysia (Continued)
Petronas Gas Bhd		2,100	$	7,616
Public Bank Bhd		38,200		31,533
RHB Bank Bhd		3,931		4,556
Sime Darby Bhd		7,500		3,364
(Cost $104,121)				100,534
Mexico — 1.0%
Arca Continental SAB de CV		1,419		14,290
Banco del Bajio SA, 144A		2,082		6,496
Coca-Cola Femsa SAB de CV		1,468		12,011
Grupo Aeroportuario del Pacifico SAB de CV, Class B		1,030		18,153
Grupo Mexico SAB de CV, Series B		8,494		37,552
Kimberly-Clark de Mexico SAB de CV, Class A		3,767		7,632
Orbia Advance Corp. SAB de CV		2,594		5,364
Promotora y Operadora de Infraestructura SAB de CV		525		5,049
(Cost $88,399)				106,547
Netherlands — 2.1%
Koninklijke Ahold Delhaize NV		2,619		82,814
NN Group NV		673		24,194
OCI NV		274		6,073
Randstad NV		310		15,156
Stellantis NV		6,020		91,019
(Cost $229,288)				219,256
New Zealand — 0.1%
Spark New Zealand Ltd. (Cost $14,433)		4,796		14,832
Norway — 0.8%
Aker BP ASA		850		18,399
Gjensidige Forsikring ASA		526		8,804
Orkla ASA		2,021		14,485
Salmar ASA		195		8,557
Telenor ASA		1,892		19,356
Yara International ASA (a)		431		16,021
(Cost $111,913)				85,622
Philippines — 0.2%
International Container Terminal Services, Inc.		2,730		9,479
Manila Electric Co.		760		4,425
Metropolitan Bank & Trust Co.		4,810		4,934
(Cost $18,848)				18,838
Poland — 0.2%
Cyfrowy Polsat SA		565		2,052
Polski Koncern Naftowy ORLEN SA (a)		1,553		21,977
(Cost $29,494)				24,029
Qatar — 0.4%
Dukhan Bank		5,044		5,425
Industries Qatar QSC		3,942		12,974
Mesaieed Petrochemical Holding Co.		11,780		6,372
Qatar Electricity & Water Co. QSC		1,214		5,703
Qatar Fuel QSC		1,620		7,059
(Cost $46,792)				37,533

See Notes to Financial Statements. 60

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Number of Shares		Value
Russia — 0.0%
Alrosa PJSC* (c)		14,479	$	0
Inter RAO UES PJSC* (c)		188,952		0
LUKOIL PJSC* (c)		2,350		0
MMC Norilsk Nickel PJSC* (c)		361		0
Mobile TeleSystems PJSC, ADR* (c)		2,615		0
Novolipetsk Steel PJSC* (c)		8,593		0
PhosAgro PJSC* (c)		258		0
PhosAgro PJSC, GDR* (c)		2		0
PhosAgro PJSC, GDR* (c)		4		0
Polyus PJSC* (c)		192		0
Severstal PAO* (c)		1,174		0
Tatneft PJSC* (c)		7,791		0
(Cost $520,076)				0
Saudi Arabia — 0.9%
Advanced Petrochemical Co.		355		4,136
Jarir Marketing Co.		1,500		7,039
SABIC Agri-Nutrients Co.		626		20,862
Saudi Telecom Co.		5,367		61,886
(Cost $92,545)				93,923
Singapore — 1.9%
Jardine Cycle & Carriage Ltd.		300		7,159
Oversea-Chinese Banking Corp. Ltd.		9,108		82,485
Singapore Exchange Ltd.		2,441		16,719
Singapore Technologies Engineering Ltd.		4,000		10,806
United Overseas Bank Ltd.		3,400		70,141
Venture Corp. Ltd.		700		7,838
(Cost $184,605)				195,148
South Africa — 1.5%
African Rainbow Minerals Ltd.		318		3,310
Anglo American Platinum Ltd.		181		10,374
Exxaro Resources Ltd.		615		4,971
FirstRand Ltd.		13,650		41,516
Impala Platinum Holdings Ltd.		2,221		17,751
Kumba Iron Ore Ltd.		162		3,544
Mr Price Group Ltd.		653		4,088
Nedbank Group Ltd.		1,277		13,415
Sanlam Ltd.		4,700		12,310
Standard Bank Group Ltd.		3,633		27,782
Vodacom Group Ltd.		1,655		9,218
(Cost $205,797)				148,279
South Korea — 1.6%
DB Insurance Co. Ltd.		116		6,468
Kia Corp.		697		45,110
Korea Zinc Co. Ltd.		22		7,965
KT Corp.		190		4,516
KT&G Corp.		286		18,014
Kumho Petrochemical Co. Ltd.		41		3,920
LG Uplus Corp.		580		4,912
POSCO Holdings, Inc.		194		52,620
Samsung Fire & Marine Insurance Co. Ltd.		79		13,422
Samsung Life Insurance Co. Ltd.		216		10,790
(Cost $158,245)				167,737

	Number of Shares		Value
Spain — 2.7%
Endesa SA		831	$	17,922
Iberdrola SA		15,647		190,167
Red Electrica Corp. SA		1,064		17,974
Repsol SA		3,588		48,541
(Cost $197,835)				274,604
Sweden — 1.4%
Boliden AB		718		21,800
Boliden AB*		718		757
Skanska AB, Class B		935		12,285
SKF AB, Class B		903		14,262
Tele2 AB, Class B		1,474		13,354
Volvo AB, Class A		550		10,572
Volvo AB, Class B		4,060		74,701
(Cost $164,053)				147,731
Switzerland — 12.0%
Adecco Group AG		437		12,984
Baloise Holding AG		125		19,130
Glencore PLC		28,651		146,106
Helvetia Holding AG		100		14,144
Holcim AG (b)		1,487		91,320
Kuehne + Nagel International AG		148		41,948
Novartis AG		5,191		494,938
Partners Group Holding AG		61		54,771
SGS SA		401		35,461
Swiss Re AG		810		80,827
Swisscom AG		68		42,906
Zurich Insurance Group AG		403		187,801
(Cost $1,177,306)				1,222,336
Taiwan — 7.5%
Acer, Inc.		8,095		8,127
ASE Technology Holding Co. Ltd.		8,283		30,056
Asia Cement Corp.		6,100		8,725
Asustek Computer, Inc.		1,923		19,088
Cathay Financial Holding Co. Ltd.		25,758		37,136
Compal Electronics, Inc.		10,834		9,819
CTBC Financial Holding Co. Ltd.		46,509		36,780
Formosa Plastics Corp.		10,399		31,846
Fubon Financial Holding Co. Ltd.		19,746		39,071
Giant Manufacturing Co. Ltd.		859		5,759
Hon Hai Precision Industry Co. Ltd.		33,526		116,200
Largan Precision Co. Ltd.		273		20,124
Lite-On Technology Corp.		5,462		15,820
MediaTek, Inc.		4,021		99,323
Micro-Star International Co. Ltd.		1,752		9,465
Nan Ya Plastics Corp.		12,914		32,655
Nien Made Enterprise Co. Ltd.		541		6,206
Novatek Microelectronics Corp.		1,550		21,464
Pegatron Corp.		5,396		13,223
Quanta Computer, Inc.		7,159		27,143
Realtek Semiconductor Corp.		1,206		14,993
Shanghai Commercial & Savings Bank Ltd.		9,786		14,379
Shin Kong Financial Holding Co. Ltd.		33,815		9,486
SinoPac Financial Holdings Co. Ltd.		28,790		16,209
Synnex Technology International Corp.		3,738		7,773

See Notes to Financial Statements. 61

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

	Number of Shares		Value
Taiwan (Continued)
Taishin Financial Holding Co. Ltd.		28,280	$	16,888
United Microelectronics Corp.		30,021		50,609
Vanguard International Semiconductor Corp.		2,532		7,655
WPG Holdings Ltd.		3,911		6,771
Yuanta Financial Holding Co. Ltd.		26,344		20,448
Zhen Ding Technology Holding Ltd.		1,771		6,686
(Cost $722,933)				759,927
Thailand — 0.3%
Intouch Holdings PCL, NVDR		3,100		6,659
PTT Exploration & Production PCL, NVDR		3,500		14,030
SCB X PCL, NVDR		2,300		6,840
Srisawad Corp. PCL, NVDR		1,900		3,044
(Cost $28,790)				30,573
Turkey — 0.2%
Akbank TAS		8,378		6,395
Haci Omer Sabanci Holding AS		2,760		5,147
Turkiye Is Bankasi AS, Class C		9,410		5,069
Yapi ve Kredi Bankasi AS		7,973		3,929
(Cost $20,545)				20,540
United Arab Emirates — 0.7%
Abu Dhabi Islamic Bank PJSC		3,824		10,411
Abu Dhabi National Oil Co. for Distribution PJSC		8,386		9,452
Emaar Properties PJSC		17,853		29,893
Emirates NBD Bank PJSC		4,918		18,277
(Cost $60,032)				68,033
United Kingdom — 9.1%
Admiral Group PLC		569		16,396
Anglo American PLC		3,410		93,973
Hargreaves Lansdown PLC		923		9,177
Imperial Brands PLC		2,379		49,978
Kingfisher PLC		5,029		14,398
National Grid PLC		9,862		135,186
Rio Tinto PLC		3,016		178,753
Schroders PLC		2,316		13,078
St James’s Place PLC		1,423		19,665
Tesco PLC		19,818		64,059
Unilever PLC		6,769		338,013
(Cost $1,099,813)				932,676
United States — 0.1%
Southern Copper Corp.
(Cost $12,854)		219		14,623
TOTAL COMMON STOCKS
(Cost $10,954,047)				9,913,343
PREFERRED STOCKS — 0.6%
Brazil — 0.2%
Cia Energetica de Minas Gerais		3,555		8,121
Gerdau SA		3,186		14,910
(Cost $20,981)				23,031

	Number of Shares		Value
Germany — 0.4%
Bayerische Motoren Werke AG		155	$	15,888
Porsche Automobil Holding SE (b)		421		23,294
(Cost $38,357)				39,182
TOTAL PREFERRED STOCKS (Cost $59,338)				62,213
EXCHANGE-TRADED FUNDS — 0.7%
WisdomTree Emerging Markets High Dividend Fund (a)		500		18,650
Xtrackers MSCI EAFE High Dividend Yield Equity ETF (a)(e)		2,250		50,737
(Cost $68,768)				69,387
SECURITIES LENDING COLLATERAL — 5.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.03% (f)(g) (Cost $595,473)		595,473		595,473
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.04% (f) (Cost $1,070)		1,070		1,070
TOTAL INVESTMENTS — 104.4% (Cost $11,678,696)			$	10,641,486
Other assets and liabilities, net — (4.4%)				(449,264	)
NET ASSETS — 100.0%			$	10,192,222

See Notes to Financial Statements. 62

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2023 is as follows:

	Value ($) at 5/31/2022		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2023		Value ($) at 5/31/2023
EXCHANGE-TRADED FUNDS — 0.5%
Xtrackers MSCI EAFE High Dividend Yield Equity ETF(e)
		5,858		222,356			(169,218	)		(8,476	)		217		1,216		—		2,250		50,737
SECURITIES LENDING COLLATERAL — 5.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.03% (f)(g)
		403,253		192,220	(h)		—			—			—		4,199		—		595,473		595,473
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.04% (f)
		89,424		1,040,459			(1,128,813	)		—			—		450		—		1,070		1,070
		498,535		1,455,035			(1,298,031	)		(8,476	)		217		5,865		—		598,793		647,280

* 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, 2023 amounted to $519,075, which is 5.1% of net assets.

(b) Company declared its annual dividend during the 12-month period ended May, 31 2023, the scheduled payment date was subsequent to May, 31 2023.

(c) Investment was valued using significant unobservable inputs.

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

(e) Affiliated fund advised by DBX Advisors LLC.

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

(g) 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 $75,041.

(h) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2023.

ADR: American Depositary Receipt

GDR: Global Depositary Receipt

KSCP: Kuwait Shareholding Company Public

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.

Securities are listed in country of domicile.

At May 31, 2023, 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	2	$	86,105	$	89,915	6/16/2023	$	3,810
MINI TOPIX Index Futures	JPY	3		43,982		45,650	6/08/2023		1,668
Total unrealized appreciation								$	5,478

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

JPY Japanese Yen

See Notes to Financial Statements. 63

DBX ETF Trust

Schedule of Investments

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

May 31, 2023

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, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	9,913,343	$	—	$	0	$	9,913,343
Preferred Stocks (a)		62,213		—		—		62,213
Exchange-Traded Funds		69,387		—		—		69,387
Short-Term Investments (a)		596,543		—		—		596,543
Derivatives (b)
Futures Contracts		5,478		—		—		5,478
TOTAL	$	10,646,964	$	—	$	0	$	10,646,964

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

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

See Notes to Financial Statements. 64

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

May 31, 2023

	Number of Shares		Value
COMMON STOCKS — 97.2%
Australia — 11.7%
BHP Group Ltd.		2,178,308	$	59,235,271
Coles Group Ltd.		717,989		8,354,347
Fortescue Metals Group Ltd.		908,441		11,299,394
Medibank Pvt Ltd.		1,477,384		3,413,239
Rio Tinto Ltd.		199,139		13,789,393
Santos Ltd.		1,771,063		8,355,387
Wesfarmers Ltd.		608,613		18,775,496
Woodside Energy Group Ltd.		1,018,580		22,609,674
(Cost $157,630,036)				145,832,201
Austria — 0.3%
OMV AG (Cost $4,002,621)		79,005		3,510,592
Belgium — 0.3%
Ageas SA/NV (a) (Cost $4,069,763)		86,513		3,443,003
Chile — 0.3%
Antofagasta PLC (Cost $3,749,090)		211,546		3,506,795
Denmark — 0.6%
A.P. Moller — Maersk A/S, Class A		1,663		2,783,094
A.P. Moller — Maersk A/S, Class B		2,695		4,519,831
(Cost $11,201,654)				7,302,925
Finland — 1.5%
Elisa OYJ		76,300		4,262,397
Fortum OYJ		240,668		3,189,243
Kesko OYJ, Class B		146,524		2,762,561
UPM-Kymmene OYJ		286,322		8,568,311
(Cost $20,386,342)				18,782,512
France — 14.6%
Amundi SA, 144A (a)		32,809		1,839,826
AXA SA (a)		984,144		27,714,519
Bouygues SA		110,483		3,528,868
Cie Generale des Etablissements Michelin SCA		363,941		10,305,217
Danone SA		344,425		20,320,384
Sanofi (a)		584,180		59,090,743
TotalEnergies SE		1,057,810		59,859,994
(Cost $177,650,146)				182,659,551
Germany — 7.5%
Allianz SE		216,357		46,127,042
Bayerische Motoren Werke AG		177,618		19,299,430
Deutsche Post AG		539,907		24,203,771
Evonik Industries AG (b)		112,498		2,248,166
Wacker Chemie AG		9,792		1,296,555
(Cost $88,612,839)				93,174,964
Hong Kong — 2.7%
CK Asset Holdings Ltd.		1,059,918		5,713,734
CK Infrastructure Holdings Ltd.		337,877		1,868,882
Hang Lung Properties Ltd.		965,295		1,529,034
Henderson Land Development Co. Ltd.		779,334		2,473,918
HKT Trust & HKT Ltd. (c)		2,032,791		2,596,737

	Number of Shares		Value
Hong Kong (Continued)
Power Assets Holdings Ltd.		743,323	$	4,002,308
Sino Land Co. Ltd.		1,959,885		2,548,670
Sun Hung Kai Properties Ltd.		777,364		9,900,449
Swire Properties Ltd.		627,648		1,496,109
Xinyi Glass Holdings Ltd.		885,000		1,309,143
(Cost $35,849,388)				33,438,984
Ireland — 0.4%
Smurfit Kappa Group PLC (Cost $4,993,352)		139,554		4,943,912
Israel — 0.5%
Bank Leumi Le-Israel BM (Cost $7,836,387)		828,173		5,798,397
Italy — 1.8%
Assicurazioni Generali SpA		543,703		10,268,357
Snam SpA		1,081,756		5,639,444
Terna — Rete Elettrica Nazionale		754,778		6,302,168
(Cost $20,329,376)				22,209,969
Japan — 10.0%
AGC, Inc. (a)		109,700		3,996,514
Aisin Corp.		79,000		2,267,401
Asahi Kasei Corp.		672,974		4,568,699
Daiwa House Industry Co. Ltd.		321,671		8,385,111
Iida Group Holdings Co. Ltd.		85,100		1,403,360
Isuzu Motors Ltd.		312,800		3,635,882
Japan Tobacco, Inc. (a)		643,700		14,005,998
Mitsui Chemicals, Inc.		91,500		2,308,539
Mitsui OSK Lines Ltd. (a)		184,500		4,192,732
MS&AD Insurance Group Holdings, Inc.		230,000		7,898,508
Nippon Yusen KK (a)		260,000		5,531,618
Obayashi Corp.		349,200		2,809,296
Sekisui House Ltd.		330,524		6,442,988
SoftBank Corp.		1,540,800		16,382,338
Sompo Holdings, Inc.		167,900		6,837,856
SUMCO Corp.		187,800		2,676,232
Sumitomo Metal Mining Co. Ltd.		132,600		4,014,587
Tokio Marine Holdings, Inc.		966,828		21,756,484
Tosoh Corp.		139,520		1,602,760
Yamaha Motor Co. Ltd.		159,700		3,932,062
(Cost $120,089,576)				124,648,965
Netherlands — 3.5%
Koninklijke Ahold Delhaize NV		523,406		16,550,379
NN Group NV (a)		134,515		4,835,667
OCI NV		56,596		1,254,407
Randstad NV		59,212		2,894,955
Stellantis NV		1,206,708		18,244,743
(Cost $42,573,305)				43,780,151
New Zealand — 0.2%
Spark New Zealand Ltd.
(Cost $3,009,843)		1,003,913		3,104,748
Norway — 1.3%
Aker BP ASA		169,523		3,669,490
Gjensidige Forsikring ASA		107,280		1,795,550

See Notes to Financial Statements. 65

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

May 31, 2023

	Number of Shares		Value
Norway (Continued)
Norsk Hydro ASA		721,444	$	4,343,057
Orkla ASA		402,907		2,887,579
Yara International ASA (a)		88,823		3,301,683
(Cost $21,130,446)				15,997,359
Portugal — 0.3%
Jeronimo Martins SGPS SA (Cost $3,179,321)		151,911		3,656,885
Singapore — 3.2%
Oversea-Chinese Banking Corp. Ltd.		1,816,507		16,450,929
Singapore Exchange Ltd.		459,850		3,149,727
Singapore Technologies Engineering Ltd.		837,500		2,262,428
United Overseas Bank Ltd.		678,300		13,993,051
Venture Corp. Ltd.		148,800		1,666,085
Wilmar International Ltd.		1,030,500		2,973,949
(Cost $39,080,684)				40,496,169
Spain — 3.8%
Enagas SA (a)		133,515		2,541,488
Endesa SA		170,389		3,674,815
Iberdrola SA		3,122,835		37,953,513
Red Electrica Corp. SA		217,698		3,677,433
(Cost $44,978,064)				47,847,249
Sweden — 2.1%
Boliden AB		146,726		4,454,924
Boliden AB *		146,884		154,933
Skanska AB, Class B		182,508		2,397,979
Tele2 AB, Class B		286,581		2,596,281
Volvo AB, Class A		107,339		2,063,225
Volvo AB, Class B		809,602		14,896,064
(Cost $28,618,721)				26,563,406
Switzerland — 15.9%
Adecco Group AG		85,839		2,550,333
Baloise Holding AG		24,569		3,759,999
Glencore PLC		5,725,806		29,198,831
Helvetia Holding AG		19,911		2,816,269
Holcim AG (b)		297,374		18,262,404
Kuehne + Nagel International AG		29,150		8,262,063
Novartis AG		638,277		60,856,778
Partners Group Holding AG		12,175		10,931,729
Swiss Re AG		161,803		16,145,785
Swisscom AG		13,895		8,767,310
Zurich Insurance Group AG		80,714		37,613,263
(Cost $185,835,048)				199,164,764
United Kingdom — 14.7%
Admiral Group PLC		113,866		3,281,170
Anglo American PLC		681,667		18,785,432
Hargreaves Lansdown PLC		190,836		1,897,382
Imperial Brands PLC		470,953		9,893,707
Kingfisher PLC		1,040,073		2,977,745
National Grid PLC		1,972,728		27,041,707
Next PLC		65,497		5,151,495
Rio Tinto PLC		603,906		35,792,389
Schroders PLC		432,709		2,443,382

	Number of Shares		Value
United Kingdom (Continued)
St James’s Place PLC		294,037	$	4,063,391
Tesco PLC		3,925,896		12,689,899
Unilever PLC		1,205,492		60,196,795
(Cost $189,787,365)				184,214,494
TOTAL COMMON STOCKS (Cost $1,214,593,367)				1,214,077,995
PREFERRED STOCKS — 0.6%
Germany — 0.6%
Bayerische Motoren Werke AG		31,868		3,266,647
Porsche Automobil Holding SE (b)		82,145		4,545,133
(Cost $7,672,884)				7,811,780
SECURITIES LENDING COLLATERAL — 7.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.03% (d)(e) (Cost $92,172,040)		92,172,040		92,172,040
CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 5.04% (d) (Cost $1,988,411)		1,988,411		1,988,411
TOTAL INVESTMENTS — 105.4% (Cost $1,316,426,702)			$	1,316,050,226
Other assets and liabilities, net — (5.4%)				(67,513,196	)
NET ASSETS — 100.0%			$	1,248,537,030

See Notes to Financial Statements. 66

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

May 31, 2023

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2023 is as follows:

	Value ($) at 5/31/2022		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2023		Value ($) at 5/31/2023
SECURITIES LENDING COLLATERAL — 7.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.03% (d)(e)
		5,263,643		86,908,397	(f)		—			—		—		329,488		—		92,172,040		92,172,040
CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 5.04% (d)
		2,365,904		63,525,635			(63,903,128	)		—		—		65,798		—		1,988,411		1,988,411
		7,629,547		150,434,032			(63,903,128	)		—		—		395,286		—		94,160,451		94,160,451

* 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, 2023 amounted to $77,093,638, which is 6.2% of net assets.

(b) Company declared its annual dividend during the 12-month period ended May, 31 2023, the scheduled payment date was subsequent to May, 31 2023.

(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 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 $16,157,243.

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2023.

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

Securities are listed in country of domicile.

At May 31, 2023, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Depreciation
FTSE 100 Index Futures	GBP	69	$	6,550,462	$	6,372,850	6/16/2023	$	(177,612	)
MSCI EAFE Futures	USD	186		19,470,740		19,096,620	6/16/2023		(374,120	)
Total unrealized depreciation								$	(551,732	)

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

GBP Pound Sterling

USD U.S. Dollar

See Notes to Financial Statements. 67

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

May 31, 2023

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, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1			Level 2		Level 3		Total
Common Stocks (a)	$	1,214,077,995		$	—	$	—	$	1,214,077,995
Preferred Stocks		7,811,780			—		—		7,811,780
Short-Term Investments (a)		94,160,451			—		—		94,160,451
TOTAL	$	1,316,050,226		$	—	$	—	$	1,316,050,226
Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (b)
Futures Contracts	$	(551,732	)	$	—	$	—	$	(551,732	)
TOTAL	$	(551,732	)	$	—	$	—	$	(551,732	)

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

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

See Notes to Financial Statements. 68

This Page is Intentionally Left Blank

69

DBX ETF Trust

Statements of Assets and Liabilities

May 31, 2023

	Xtrackers Bloomberg 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	$	2,680,337		$	16,942,200		$	13,123,756		$	110,658,638
Investment in affiliated securities at value		16,771			—			—			—
Investment in DWS Government Money Market Series		18,520			29,514			91,008			—
Cash		—			—			—			479,510
Foreign currency at value		—			43			—			—
Receivables:
Investment securities sold		24,998			76,282			173,676			—
Interest		24,813			260,585			225,282			1,406,855
Securities lending income		11			22			78			—
Total assets	$	2,765,450		$	17,308,646		$	13,613,800		$	112,545,003
Liabilities
Payables:
Investment securities purchased		32,540			34,446			164,991			220,239
Investment advisory fees		425			5,150			2,283			14,360
Total liabilities		32,965			39,596			167,274			234,599
Net Assets, at value	$	2,732,485		$	17,269,050		$	13,446,526		$	112,310,404
Net Assets Consist of
Paid-in capital	$	4,576,477		$	23,232,717		$	17,005,470		$	128,464,710
Distributable earnings (loss)		(1,843,992	)		(5,963,667	)		(3,558,944	)		(16,154,306	)
Net Assets, at value	$	2,732,485		$	17,269,050		$	13,446,526		$	112,310,404
Number of Common Shares outstanding		150,001			1,050,001			750,001			4,500,001
Net Asset Value	$	18.22		$	16.45		$	17.93		$	24.96
Investment in non-affiliated securities at cost	$	3,098,194		$	20,310,204		$	14,417,013		$	122,800,563
Investment in affiliated securities at cost	$	20,066		$	—		$	—		$	—
Investment in DWS Government Money Market Series at cost	$	18,520		$	29,514		$	91,008		$	—
Foreign currency at cost	$	—		$	43		$	—		$	—

* Represents collateral on securities loaned.

See Notes to Financial Statements. 70

DBX ETF Trust

Statements of Assets and Liabilities (Continued)

May 31, 2023

	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	$	9,994,206		$	1,221,889,775
Investment in affiliated securities at value		50,737			—
Investment in DWS Government Money Market Series		1,070			1,988,411
Investment in DWS Government & Agency Securities Portfolio*		595,473			92,172,040
Foreign currency at value		59,245			11,380,382
Deposit with broker for futures contracts		8,889			1,043,075
Receivables:
Investment securities sold		1,239,978			233,908,538
Dividends		44,435			7,671,128
Interest		47			4,339
Securities lending income		882			154,231
Foreign tax reclaim		53,588			4,116,881
Total assets	$	12,048,550		$	1,574,328,800
Liabilities
Payable upon return of securities loaned	$	595,473		$	92,172,040
Payables:
Investment securities purchased		1,252,418			180,360,059
Capital shares		—			52,770,646
Investment advisory fees		1,785			220,146
Variation margin on futures contracts		2,293			268,879
Deferred foreign tax payable		4,359			—
Total liabilities		1,856,328			325,791,770
Net Assets, at value	$	10,192,222		$	1,248,537,030
Net Assets Consist of
Paid-in capital	$	15,775,096		$	1,347,542,480
Distributable earnings (loss)		(5,582,874	)		(99,005,450	)
Net Assets, at value	$	10,192,222		$	1,248,537,030
Number of Common Shares outstanding		450,001			55,600,001
Net Asset Value	$	22.65		$	22.46
Investment in non-affiliated securities at cost	$	11,031,945		$	1,222,266,251
Investment in affiliated securities at cost	$	50,208		$	—
Value of securities loaned	$	519,075		$	77,093,638
Investment in DWS Government Money Market Series at cost	$	1,070		$	1,988,411
Investment in DWS Government & Agency Securities Portfolio at cost*	$	595,473		$	92,172,040
Non-cash collateral for securities on loan	$	75,041		$	16,157,243
Foreign currency at cost	$	60,588		$	11,624,053

* Represents collateral on securities loaned.

See Notes to Financial Statements. 71

DBX ETF Trust

Statements of Operations

For the Year Ended May 31, 2023

	Xtrackers Bloomberg 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	$	202,858		$	853,679		$	1,139,506		$	3,734,532
Affiliated interest income		1,119			—			1,844			—
Income distributions from affiliated funds		1,027			5,202			4,170			—
Affiliated securities lending income		985			7,703			6,635			—
Unaffiliated securities lending income, net of borrower rebates		—			—			953			—
Total investment income		205,989			866,584			1,153,108			3,734,532
Expenses
Investment advisory fees		9,234			59,841			34,836			190,265
Other expenses		45			45			45			58
Total expenses		9,279			59,886			34,881			190,323
Less fees waived (see note 3):
Waiver		(40	)		(120	)		(92	)		—
Net expenses		9,239			59,766			34,789			190,323
Net investment income (loss)		196,750			806,818			1,118,319			3,544,209
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(253,503	)		(1,294,345	)		(588,200	)		(2,625,485	)
Investments in affiliates		(130	)		—			(16,144	)		—
In-kind redemptions		(370,468	)		(288,108	)		(392,440	)		(4,128,537	)
In-kind redemptions in affiliates		317			—			(847	)		—
Foreign currency transactions		—			—			—			—
Payments by Affiliates (see note 7)		—			—			188			—
Net realized gain (loss)		(623,784	)		(1,582,453	)		(997,443	)		(6,754,022	)
Net change in unrealized appreciation (depreciation) on:
Investments		323,065			523,279			(120,536	)		665,530
Investments in affiliates		(843	)		—			5,615			—
Net change in unrealized appreciation (depreciation)		322,222			523,279			(114,921	)		665,530
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(301,562	)		(1,059,174	)		(1,112,364	)		(6,088,492	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(104,812	)	$	(252,356	)	$	5,955		$	(2,544,283	)

See Notes to Financial Statements. 72

DBX ETF Trust

Statements of Operations (Continued)

For the Year Ended May 31, 2023

	Xtrackers MSCI All World ex US High Dividend Yield Equity ETF			Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Investment Income
Unaffiliated dividend income*	$	538,902		$	58,914,835
Income distributions from affiliated funds		1,666			65,798
Affiliated securities lending income		4,199			329,488
Total investment income		544,767			59,310,121
Expenses
Investment advisory fees		20,260			2,149,850
Other expenses		58			1,150
Total expenses		20,318			2,151,000
Less fees waived (see note 3):
Waiver		(74	)		(1,039	)
Net expenses		20,244			2,149,961
Net investment income (loss)		524,523			57,160,160
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(293,350	)		(40,786,122	)
Investments in affiliates		(8,476	)		—
In-kind redemptions		(8,755	)		30,904,997
Futures contracts		10,915			268,738
Foreign currency transactions		(29,736	)		(230,553	)
Net realized gain (loss)		(329,402	)		(9,842,940	)
Net change in unrealized appreciation (depreciation) on:
Investments**		(532,336	)		(17,805,460	)
Investments in affiliates		217			—
Futures contracts		686			(777,169	)
Foreign currency translations		(4,564	)		(302,899	)
Net change in unrealized appreciation (depreciation)		(535,997	)		(18,885,528	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(865,399	)		(28,728,468	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(340,876	)	$	28,431,692
*   Unaffiliated foreign tax withheld	$	59,668		$	5,553,552
**   Including change in deferred foreign taxes	$	1,766		$	—

See Notes to Financial Statements. 73

DBX ETF Trust

Statements of Changes in Net Assets

	Xtrackers Bloomberg US Investment Grade Corporate ESG ETF						Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF
	Year Ended May 31,						Year Ended May 31,
	2023			2022			2023			2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	196,750		$	175,650		$	806,818		$	1,159,925
Net realized gain (loss)		(623,784	)		73,762			(1,582,453	)		(1,696,232	)
Net change in net unrealized appreciation (depreciation)		322,222			(1,009,974	)		523,279			(4,349,089	)
Net increase (decrease) in net assets resulting from operations		(104,812	)		(760,562	)		(252,356	)		(4,885,396	)
Distributions to Shareholders		(203,344	)		(180,073	)		(867,961	)		(1,220,031	)
Fund Shares Transactions
Proceeds from shares sold		—			1,097,308			1,664,481			—
Value of shares redeemed		(3,672,018	)		(1,119,611	)		(2,510,949	)		(5,144,046	)
Net increase (decrease) in net assets resulting from fund share transactions		(3,672,018	)		(22,303	)		(846,468	)		(5,144,046	)
Total net increase (decrease) in Net Assets		(3,980,174	)		(962,938	)		(1,966,785	)		(11,249,473	)
Net Assets
Beginning of year		6,712,659			7,675,597			19,235,835			30,485,308
End of year	$	2,732,485		$	6,712,659		$	17,269,050		$	19,235,835
Changes in Shares Outstanding
Shares outstanding, beginning of year		350,001			350,001			1,100,001			1,400,001
Shares sold		—			50,000			100,000			—
Shares redeemed		(200,000	)		(50,000	)		(150,000	)		(300,000	)
Shares outstanding, end of year		150,001			350,001			1,050,001			1,100,001

See Notes to Financial Statements. 74

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,
	2023			2022			2023			2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,118,319		$	1,163,039		$	3,544,209		$	3,538,149
Net realized gain (loss)		(997,443	)		(158,672	)		(6,754,022	)		(1,453,152	)
Net change in net unrealized appreciation (depreciation)		(114,921	)		(2,204,323	)		665,530			(19,965,660	)
Net increase (decrease) in net assets resulting from operations		5,955			(1,199,956	)		(2,544,283	)		(17,880,663	)
Distributions to Shareholders		(1,154,340	)		(1,190,482	)		(3,631,610	)		(3,438,355	)
Fund Shares Transactions
Proceeds from shares sold		—			7,440,810			8,803,399			45,128,404
Value of shares redeemed		(7,412,053	)		—			(52,057,833	)		—
Net increase (decrease) in net assets resulting from fund share transactions		(7,412,053	)		7,440,810			(43,254,434	)		45,128,404
Total net increase (decrease) in Net Assets		(8,560,438	)		5,050,372			(49,430,327	)		23,809,386
Net Assets
Beginning of year		22,006,964			16,956,592			161,740,731			137,931,345
End of year	$	13,446,526		$	22,006,964		$	112,310,404		$	161,740,731
Changes in Shares Outstanding
Shares outstanding, beginning of year		1,150,001			800,001			6,250,001			4,700,001
Shares sold		—			350,000			350,000			1,550,000
Shares redeemed		(400,000	)		—			(2,100,000	)		—
Shares outstanding, end of year		750,001			1,150,001			4,500,001			6,250,001

See Notes to Financial Statements. 75

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,
	2023			2022			2023			2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	524,523		$	1,166,348		$	57,160,160		$	41,752,472
Net realized gain (loss)		(329,402	)		607,009			(9,842,940	)		2,815,309
Net change in net unrealized appreciation (depreciation)		(535,997	)		(3,066,821	)		(18,885,528	)		(58,165,110	)
Net increase (decrease) in net assets resulting from operations		(340,876	)		(1,293,464	)		28,431,692			(13,597,329	)
Distributions to Shareholders		(648,129	)		(1,163,325	)		(44,880,584	)		(37,386,297	)
Fund Shares Transactions
Proceeds from shares sold		—			7,568,045			529,031,423			442,165,658
Value of shares redeemed		(1,083,943	)		(15,475,443	)		(219,450,948	)		(174,417,168	)
Net increase (decrease) in net assets resulting from fund share transactions		(1,083,943	)		(7,907,398	)		309,580,475			267,748,490
Total net increase (decrease) in Net Assets		(2,072,948	)		(10,364,187	)		293,131,583			216,764,864
Net Assets
Beginning of year		12,265,170			22,629,357			955,405,447			738,640,583
End of year	$	10,192,222		$	12,265,170		$	1,248,537,030		$	955,405,447
Changes in Shares Outstanding
Shares outstanding, beginning of year		500,001			850,001			40,700,001			29,550,001
Shares sold		—			300,000			24,950,000			18,750,000
Shares redeemed		(50,000	)		(650,000	)		(10,050,000	)		(7,600,000	)
Shares outstanding, end of year		450,001			500,001			55,600,001			40,700,001

See Notes to Financial Statements. 76

DBX ETF Trust

Financial Highlights

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF Selected Per Share Data	Years Ended May 31,
	2023			2022			2021			2020			2019
Net Asset Value, beginning of year	$	19.18		$	21.93		$	22.02		$	23.04		$	23.84
Income (loss) from investment operations:
Net investment income (loss)(a)		0.59			0.52			0.53			0.73			0.83
Net realized and unrealized gain (loss)		(0.97	)		(2.74	)		(0.10	)		(0.98	)		(0.32	)
Total from investment operations		(0.38	)		(2.22	)		0.43			(0.25	)		0.51
Less distributions from:
Net investment income		(0.58	)		(0.53	)		(0.52	)		(0.77	)		(0.83	)
Net realized gains		—			—			—			—			(0.48	)
Total distributions		(0.58	)		(0.53	)		(0.52	)		(0.77	)		(1.31	)
Net Asset Value, end of year	$	18.22		$	19.18		$	21.93		$	22.02		$	23.04
Total Return (%)(b)		(1.95	)		(10.36	)		1.95			(1.16	)		2.28
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		3			7			8			10			7
Ratio of expenses before fee waiver (%)		0.15			0.15			0.15			0.24			0.25
Ratio of expenses after fee waiver (%)		0.15			0.15			0.15			0.24			0.25
Ratio of net investment income (loss) (%)		3.20			2.42			2.34			3.18			3.53
Portfolio turnover rate (%)(c)		17			30			29			57			25
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF Selected Per Share Data	Years Ended May 31,
	2023			2022			2021			2020			2019
Net Asset Value, beginning of year	$	17.49		$	21.78		$	20.63		$	23.10		$	24.36
Income (loss) from investment operations:
Net investment income (loss)(a)		0.78			0.84			0.84			0.89			1.05
Net realized and unrealized gain (loss)		(0.99	)		(4.26	)		1.12			(2.37	)		(0.29	)
Total from investment operations		(0.21	)		(3.42	)		1.96			(1.48	)		0.76
Less distributions from:
Net investment income		(0.83	)		(0.87	)		(0.81	)		(0.99	)		(1.04	)
Net realized gains		—			—			—			—			(0.98	)
Total distributions		(0.83	)		(0.87	)		(0.81	)		(0.99	)		(2.02	)
Net Asset Value, end of year	$	16.45		$	17.49		$	21.78		$	20.63		$	23.10
Total Return (%)(b)		(1.11	)		(16.21	)		9.57			(6.79	)		3.31
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		17			19			30			14			7
Ratio of expenses before fee waiver (%)		0.35			0.35			0.35			0.44			0.45
Ratio of expenses after fee waiver (%)		0.35			0.35			0.35			0.44			0.45
Ratio of net investment income (loss) (%)		4.72			4.09			3.87			3.85			4.37
Portfolio turnover rate (%)(c)		20			24			35			26			31

(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. 77

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,
	2023			2022			2021			2020			2019
Net Asset Value, beginning of year	$	19.14		$	21.20		$	19.55		$	21.72		$	22.68
Income (loss) from investment operations:
Net investment income (loss)(a)		1.16			1.03			1.23			1.26			1.32
Net realized and unrealized gain (loss)		(1.18	)		(2.01	)		1.67			(2.19	)		(0.82	)
Total from investment operations		(0.02	)		(0.98	)		2.90			(0.93	)		0.50
Less distributions from:
Net investment income		(1.19	)		(1.08	)		(1.25	)		(1.24	)		(1.46	)
Total distributions		(1.19	)		(1.08	)		(1.25	)		(1.24	)		(1.46	)
Net Asset Value, end of year	$	17.93		$	19.14		$	21.20		$	19.55		$	21.72
Total Return (%)(b)		0.03			(4.90	)		15.22			(4.58	)		2.18
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		13			22			17			19			7
Ratio of expenses before fee waiver (%)		0.20			0.20			0.20			0.33	(c)		0.35	(c)
Ratio of expenses after fee waiver (%)		0.20			0.20			0.20			0.19	(c)		0.14	(c)
Ratio of net investment income (loss) (%)		6.42			5.03			5.94			6.06			5.91
Portfolio turnover rate (%)(d)		29			47			56			113			19
Xtrackers Municipal Infrastructure Revenue Bond ETF Selected Per Share Data	Years Ended May 31,
	2023			2022			2021			2020			2019
Net Asset Value, beginning of year	$	25.88		$	29.35		$	27.75		$	27.70		$	26.52
Income (loss) from investment operations:
Net investment income (loss)(a)		0.69			0.63			0.70			0.76			0.75
Net realized and unrealized gain (loss)		(0.91	)		(3.48	)		1.63			(0.00	)(e)		1.18
Total from investment operations		(0.22	)		(2.85	)		2.33			0.76			1.93
Less distributions from:
Net investment income		(0.70	)		(0.62	)		(0.73	)		(0.71	)		(0.75	)
Total distributions		(0.70	)		(0.62	)		(0.73	)		(0.71	)		(0.75	)
Net Asset Value, end of year	$	24.96		$	25.88		$	29.35		$	27.75		$	27.70
Total Return (%)		(0.79	)		(9.87	)		8.50			2.77			7.45	(b)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		112			162			138			97			68
Ratio of expenses (%)		0.15			0.15			0.15			0.15			0.25
Ratio of expenses after fee waiver (%)		0.15			0.15			0.15			0.15			0.22
Ratio of net investment income (loss) (%)		2.79			2.24			2.42			2.72			2.85
Portfolio turnover rate (%)(d)		12			27			10			12			25

(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) Less than 0.005.

See Notes to Financial Statements. 78

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,
	2023			2022			2021			2020			2019
Net Asset Value, beginning of year	$	24.53		$	26.62		$	20.87		$	23.69		$	25.42
Income (loss) from investment operations:
Net investment income (loss)(a)		1.14			1.22			1.16			0.94			1.21
Net realized and unrealized gain (loss)		(1.66	)		(2.13	)		5.75			(2.78	)		(1.92	)
Total from investment operations		(0.52	)		(0.91	)		6.91			(1.84	)		(0.71	)
Less distributions from:
Net investment income		(1.36	)		(1.18	)		(1.16	)		(0.98	)		(1.02	)
Total distributions		(1.36	)		(1.18	)		(1.16	)		(0.98	)		(1.02	)
Net Asset Value, end of year	$	22.65		$	24.53		$	26.62		$	20.87		$	23.69
Total Return (%)(b)		(1.68	)		(3.46	)		34.16			(8.19	)		(2.82	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		10			12			23			20			24
Ratio of expenses before fee waiver (%)		0.20			0.20			0.20			0.20			0.20
Ratio of expenses after fee waiver (%)		0.20			0.20			0.20			0.20			0.20
Ratio of net investment income (loss) (%)		5.18			4.80			4.92			3.94			4.96
Portfolio turnover rate (%)(c)		29			38			57			40			30
Xtrackers MSCI EAFE High Dividend Yield Equity ETF Selected Per Share Data	Years Ended May 31,
	2023			2022			2021			2020			2019
Net Asset Value, beginning of year	$	23.47		$	25.00		$	19.89		$	22.00		$	23.69
Income (loss) from investment operations:
Net investment income (loss)(a)		1.15			1.17			1.21			0.85			1.36
Net realized and unrealized gain (loss)		(1.14	)		(1.60	)		4.94			(2.00	)		(2.25	)
Total from investment operations		0.01			(0.43	)		6.15			(1.15	)		(0.89	)
Less distributions from:
Net investment income		(1.02	)		(1.10	)		(1.04	)		(0.96	)		(0.80	)
Total distributions		(1.02	)		(1.10	)		(1.04	)		(0.96	)		(0.80	)
Net Asset Value, end of year	$	22.46		$	23.47		$	25.00		$	19.89		$	22.00
Total Return (%)(b)		0.46			(1.72	)		31.74			(5.58	)		(3.76	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		1,249			955			739			409			244
Ratio of expenses before fee waiver (%)		0.20			0.20			0.20			0.20			0.20
Ratio of expenses after fee waiver (%)		0.20			0.20			0.20			0.20			0.20
Ratio of net investment income (loss) (%)		5.32			4.92			5.38			3.86			6.06
Portfolio turnover rate (%)(c)		29			30			57			57			20

(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. 79

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 “1940 Act”), as an open-end registered management investment company organized as a Delaware statutory trust.

As of May 31, 2023, the Trust consists of thirty-nine 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 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

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

Fund	Underlying Index
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	Bloomberg MSCI US Corporate 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

The Bloomberg 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 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 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.

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Notes to Financial Statements (Continued)

The J.P. Morgan ESG DM Corporate High Yield USD Index is designed to apply environmental, social and governance 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 performance 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). Under normal circumstances, 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. Under normal circumstances, 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.

Each Fund is a diversified series of the Trust. In addition, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF may change their 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.

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Notes to Financial Statements (Continued)

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.

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

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

Municipal debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. 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 Pricing Committee. 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 Pricing Committee and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or

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Notes to Financial Statements (Continued)

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.

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 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, 2023, the Funds did not incur any interest or penalties.

83

DBX ETF Trust

Notes to Financial Statements (Continued)

As of May 31, 2023, 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 US Investment Grade Corporate ESG ETF	$	9,084	$	(1,429,095	)	$	(423,981	)	$	(1,843,992	)
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		90,359		(2,633,001	)		(3,421,025	)		(5,963,667	)
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		91,688		(2,313,577	)		(1,337,055	)		(3,558,944	)
Xtrackers Municipal Infrastructure Revenue Bond ETF		267,980		(4,280,361	)		(12,141,925	)		(16,154,306	)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		277,983		(4,611,481	)		(1,249,376	)		(5,582,874	)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		35,388,890		(100,858,277	)		(33,536,063	)		(99,005,450	)

The tax character of dividends and distributions declared for the years ended May 31, 2023 and May 31, 2022 were as follows:

	Year Ended May 31, 2023
	Ordinary Income*		Tax-Exempt
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	$	203,344	$	—
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		867,961		—
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		1,154,340		—
Xtrackers Municipal Infrastructure Revenue Bond ETF		903		3,630,707
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		648,129		—
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		44,880,584		—
	Year Ended May 31, 2022
	Ordinary Income*		Tax-Exempt
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	$	180,073	$	—
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		1,220,031		—
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		1,190,482		—
Xtrackers Municipal Infrastructure Revenue Bond ETF		574		3,437,781
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		1,163,325		—
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		37,386,297		—

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

At May 31, 2023, 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 US Investment Grade Corporate ESG ETF	$	498,533	$	930,562	$	1,429,095
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		374,510		2,213,999		2,588,509
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		451,614		1,861,500		2,313,114
Xtrackers Municipal Infrastructure Revenue Bond ETF		2,273,188		2,007,173		4,280,361
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		999,902		3,611,579		4,611,481
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		28,086,660		72,771,617		100,858,277

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DBX ETF Trust

Notes to Financial Statements (Continued)

For the fiscal year ended May 31, 2023, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to redemptions-in-kind.

	Distributable earnings (loss)			Paid-In Capital
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	$	370,618		$	(370,618	)
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		304,305			(304,305	)
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		395,254			(395,254	)
Xtrackers Municipal Infrastructure Revenue Bond ETF		4,128,537			(4,128,537	)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		55,699			(55,699	)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		(27,318,378	)		27,318,378

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

	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	$	3,139,609	$	(423,981	)	$	3,212	$	(427,193	)
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		20,392,739		(3,421,025	)		128,733		(3,549,758	)
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		14,551,819		(1,337,055	)		128,756		(1,465,811	)
Xtrackers Municipal Infrastructure Revenue Bond ETF		122,800,563		(12,141,925	)		170,397		(12,312,322	)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		11,860,968		(1,217,814	)		485,482		(1,703,296	)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		1,349,139,956		(33,089,730	)		42,558,070		(75,647,800	)

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, 2023, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

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

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

Securities Lending    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

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Notes to Financial Statements (Continued)

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, 2023, 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 (0.08% annualized effective rate as of May 31, 2023) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of May 31, 2023, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at year end.

Remaining Contractual Maturity of the Agreements, as of May 31, 2023
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF
Common Stocks	$	528,033	$	—	$	538	$	74,503	$	603,074
Exchange-Traded Funds		67,440		—		—		—	$	67,440
Total Borrowings	$	595,473	$	—	$	538	$	74,503	$	670,514
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	670,514
Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Common Stocks	$	92,172,040	$	—	$	58,074	$	16,099,169	$	108,329,283
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	108,329,283

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, 2023, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF 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

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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, 2023 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, 2023 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*	$	5,478	Unrealized depreciation on futures contracts*	$	—
Xtrackers MSCI EAFE High Dividend Yield Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	551,732

* 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, 2023 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

Net Realized Gain (Loss) from:
	Futures Contracts — Equity Contracts
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	$	10,915
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		268,738
Net Change in Unrealized Appreciation (Depreciation) on:
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	$	686
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		(777,169	)

For the year ended May 31, 2023 the average monthly volume of derivatives was as follows:

	Futures Contracts (Contract Value)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	$	130,830
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		9,807,694

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

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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 is entitled to receive a unitary advisory fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:

	Unitary Advisory Fee
Xtrackers Bloomberg 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	%
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 Xtrackers MSCI All World ex US High Dividend Yield Equity ETF has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. For the year ended May 31, 2023, the Advisor waived $65 of the expenses of the Fund.

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the year ended May 31, 2023, the Advisor waived expenses of the Funds as follows:

	Expenses Waived
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	$	40
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		120
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		92
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		9
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		1,039

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

The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, 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).

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4. Investment Portfolio Transactions

For the year ended May 31, 2023, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

	Purchases		Sales
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	$	1,029,361	$	1,937,270
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		3,382,399		4,038,055
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		4,904,778		6,981,451
Xtrackers Municipal Infrastructure Revenue Bond ETF		15,358,715		28,034,974
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		2,922,556		3,219,831
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		383,130,860		309,006,249

For the year ended May 31, 2023, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

	Purchases		Sales
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	$	—	$	2,695,660
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		1,645,889		1,695,968
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		—		5,300,462
Xtrackers Municipal Infrastructure Revenue Bond ETF		3,892,137		31,122,303
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		—		922,967
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		445,162,438		218,817,202

5. Fund Share Transactions

As of May 31, 2023, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

6. Payments by Affiliates

During the year ended May 31, 2023, the Advisor agreed to reimburse Xtrackers J.P Morgan ESG USD High Yield Corporate Bond ETF $188 for a loss due to a FX trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.

7. Investing in Emerging Markets

Investing in emerging markets may involve special risks and considerations not typically associated with investing in developed markets. These risks include revaluation of currencies, high rates of inflation or deflation, repatriation restrictions on income and capital, and future adverse political, social and economic developments. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls or delayed settlements, and may have prices that are more volatile or less easily assessed than those of comparable securities of issuers in developed markets. There is also substantially less publicly available information about emerging market issuers than there is about issuers in developed countries. Therefore, disclosure of certain

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material information may not be made, and less information may be available to the Funds and other investors than would be the case if the Funds’ investments were restricted to securities of issuers in developed countries. Investments in emerging markets are often considered speculative.

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.

9. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Bloomberg 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 Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at May 31, 2023.

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Report of Independent Registered Public Accounting Firm

To the Shareholders of Xtrackers Bloomberg 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 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 Bloomberg 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 (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, 2023, and the related statements of operations for the year ended, the statements 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 each of the Funds (six of the funds constituting DBX ETF Trust) at May 31, 2023, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their 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, 2023, by correspondence with the custodians, brokers and others; when replies were not received from brokers, we performed other auditing procedures. 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 25, 2023

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Other Information (Unaudited)

Regulatory Update — Tailored Shareholder Report

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

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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 (the “Advisor”) 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). The Advisor has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of the Advisor 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 estimations 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 2023, as required by the Program and the Liquidity Rule, the Advisor 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, 2021 through November 30, 2022 (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, your 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, the Advisor stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. The Advisor also reported that there were no material changes made to the Program during the Reporting Period.

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Board Considerations in Approval of Investment Advisory

Contracts (Unaudited)

Xtrackers Bloomberg 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 MSCI All World ex US High Dividend Yield Equity ETF, Xtrackers MSCI EAFE High Dividend Yield Equity ETF, and Xtrackers Municipal Infrastructure Revenue Bond ETF

Board Approval of Investment Advisory Agreement with DBX Advisors LLC

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 15-16, 2023 (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 Bloomberg 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 MSCI All World ex US High Dividend Yield Equity ETF, Xtrackers MSCI EAFE High Dividend Yield Equity ETF, and Xtrackers Municipal Infrastructure Revenue Bond 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 met with representatives of the Advisor on February 13, 2023 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held on February 15 and February 16, 2023.

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 Vedder Price P.C. (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of each Fund and 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

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Contracts (Unaudited) (Continued)

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 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 many of 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, but the following Fund had advisory fees and/or total expenses (after waivers/reimbursements) that were above the average and/or median of its respective Peer Group:

— Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF

The Board considered, however, the following additional factors in connection with this Fund:

— The peer group for Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF did not include any other sovereign debt ETFs.

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Contracts (Unaudited) (Continued)

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. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisers can share benefits of economies of scale.

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

96

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) Chairperson 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).	42	The Arbitrage Funds, Sierra Income Corporation, Mutual Fund Directors Forum
George O. Elston (1964) Board Member since 2011, Chairperson of the Audit Committee since 2015	Chief Financial Officer, EyePoint Pharmaceuticals, Inc. (2019-present); Chief Financial Officer, Enzyvant (2018-2019); 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).	42	—
J. David Officer (1948) Board Member since 2011, Chairperson 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).	42	(Chairman of) Ilex Management Ltd; Old Westbury Funds

97

DBX ETF Trust

Board Members and Officers (Unaudited) (Continued)

Officers(2)
Name, Year of Birth, Position with the Trust and Length of Time Served(3)	Business Experience and Directorships During the Past 5 Years
Freddi Klassen(4) (1975) President and Chief Executive Officer, 2016-present	Chief Administrative Officer Investment Division Americas, of DWS Investment Management Americas, Inc. and Manager (since 2023) and Chief Operating Officer of the Advisor (2016-present). Formerly: Programmes (Head 2021-2023), of DWS Investment Management Americas, Inc.; Chief Operating Officer in the Americas for the Traditional Asset Classes Department (2014-2020); 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).
Diane Kenneally(4) (1966) Treasurer, Chief Financial Officer and Controller, 2019-present	Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; 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(4) (1967) Chief Compliance Officer, 2010-present	AFC Compliance US (Senior Team Lead), of DWS Investment Management Americas, Inc.; 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. (2019-2022); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012).
Bryan Richards(4) (1978) Vice President, 2016-present	Portfolio Engineering, Systematic Investments Solutions (Head), of DWS Investment Management Americas, Inc.(2018-present); 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(5) (1962) Secretary, 2020-present	Legal (Associate General Counsel), DWS US Retail Legal (2003-present), of DWS Investment Management Americas, Inc.; 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); Vice President, DBX Advisors LLC (2021-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); and Assistant Secretary of DBX ETF Trust (2019-2020).
Caroline Pearson(5) (1962) Assistant Secretary, 2020-present	Legal (Senior Team Lead), DWS US Retail Legal, of DWS Investment Management Americas, Inc.; Chief Legal Officer of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2010-present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020- 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); Secretary, Deutsche AM Service Company (2010-2017); and Chief Legal Officer, DBXStrategic Advisors LLC (2020-2021)

98

DBX ETF Trust

Board Members and Officers (Unaudited) (Continued)

Name, Year of Birth, Position with the Trust and Length of Time Served(3)	Business Experience and Directorships During the Past 5 Years
Paul Antosca(5) (1957) Assistant Treasurer, 2019-present	Fund Administration Tax (Head), of DWS Investment Management Americas, Inc.; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2007-present).
Jeffrey Berry(5) (1959) Assistant Treasurer, 2019-present	Fund Administration (Senior Specialist), of DWS Investment Management Americas, Inc.
Sheila Cadogan(5) (1966) Assistant Treasurer, 2019-present	Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; 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(6) (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).
Christian Rijs(4) (1980) Anti-Money Laundering Compliance Officer, since October 21, 2021	Senior Team Lead Anti-Financial Crime and Compliance, DWS Investment Management Americas, Inc.; AML Officer, DWS Trust Company (since November 2, 2021); AML Officer, DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (since October 6, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO.

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

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

(5) Address: 100 Summer Street, Boston, MA 02110.

(6) Address: BNY Mellon Asset Servicing, 240 Greenwich Street, New York, NY 10286.

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.

99

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, 2023.

	Qualified Dividend Income*
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		78%
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		90%

* 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	$	600,085	$	46,931
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		64,460,507		4,333,802

100

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. 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. Incorporation of ESG criteria in a fund’s investment strategy does not guarantee a return or protect against a loss, limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have an ESG focus. 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.

Environmental, social and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments: Environmental (how a company performs as a steward of nature); Social (how a company manages relationships with employee, suppliers, customers and communities); Governance (company’s leadership, executive pay, shareholder rights, etc).

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises, natural disasters, climate change and related geopolitical events have led and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the 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^®” and Bloomberg MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by DBX Advisors LLC (the “Adviser”). Bloomberg is not affiliated with the Adviser, and Bloomberg does not approve, endorse, review, or recommend the Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (the “Fund”). Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Fund.

RVNU (the “Fund”) is not sponsored, endorsed, sold or promoted by Solactive. Neither Solactive nor any other party makes any representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding advisability of investing in funds generally or in this Fund particularly or the ability of the Underlying Index to track general stock market performance. Neither Solactive nor any other party makes any express or implied warranties, and Solactive hereby expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect to the Underlying Index or any data included therein. The prospectus contains a more detailed description of the limited relationship Solactive has with DBX Advisors LLC and any related funds.

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 © 2023 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 One Manhattan West New York, NY, 10001	Legal counsel Vedder Price P.C. 1633 Broadway New York, NY 10019

R-35362-10 (7/23) DBX005559 (7/24)

(b) Not applicable

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.

(b) 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.

(c) 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 $437,583 for 2023 and $424,838 for 2022.

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 2023 and $0 for 2022.

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 $123,771 for 2023 and $181,106 for 2022.

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 2023 and $0 for 2022.

(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 2023 and $0 for 2022.

(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.

(i) Not applicable.

(j) Not applicable.

Pursuant to PCAOB Rule 3526, EY is required to describe in writing to the Funds’ Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the Xtrackers ETFs, or persons in financial reporting oversight roles at DWS that, as of the date of the communication, may reasonably be thought to bear on EY’s independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below that may reasonably be thought to bear on EY’s independence. With respect to each reported matter in the aggregate, EY advised the Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that the matters do not and will not impair EY’s ability to exercise objective and impartial judgement in connection with the audits of the financial statements for the Funds and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY also confirmed to the Audit Committee that it can continue to act as the Independent Registered Public Accounting Firm for the Funds.

• EY advised the Funds’ Audit Committee that various covered persons within EY and EY’s affiliates held investments in, or had other financial relationships with, entities within the Xtrackers ETFs “investment company complex” (as defined in Regulation S-X). EY informed the Audit Committee that these investments and financial relationships were inconsistent with Rule 2-01(c)(1) of Regulation S-X. EY reported that all breaches have been resolved and that none of the breaches involved any professionals who were part of the audit engagement team for the Funds ETFs or in the position to influence the audit engagement team for the Funds.

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(a) 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.
(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 4, 2023

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 4, 2023
By (Signature and Title)	/s/ Diane Kenneally
	Diane Kenneally
	Treasurer and Chief Financial Officer
Date August 4, 2023

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 (the “Adviser”) 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.

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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;

• 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

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• 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 (Exhibit B);

• annually thereafter affirm in writing to the Board that he has complied with the requirements of the Code (Exhibit C);

• 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;

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• 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.

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 2023

Next Review:    May 2024

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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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EXHIBIT B

Initial Acknowledgement and Certification of Obligations Under the Officer Code

1. I acknowledge and certify that I am a Covered Officer under the DWS Principal Executive and Financial Officer Code of Ethics (“Officer Code”), and therefore subject to all of its requirements and provisions.

2. I have received and read the Officer Code and I understand the requirements and provisions set forth in the Officer Code.

3. I have disclosed any conflicts of interest of which I am aware to the DWS Compliance Officer.

4. I will act in the best interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal information about Fund shareholders.

5. I will report any known or suspected violations of the Officer Code in a timely manner to the DWS Compliance Officer.

Signature	Date
Name	Title

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EXHIBIT C

Annual Acknowledgement and Certification of Obligations Under the Officer Code

1. I acknowledge and certify that I am a Covered Officer under the DWS Principal Executive and Financial Officer Code of Ethics (“Officer Code”), and therefore subject to all of its requirements and provisions.

2. I have received and read the Officer Code, and I understand the requirements and provisions set forth in the Officer Code.

3. I have adhered to the Officer Code.

4. I have not knowingly been a party to any conflict of interest, nor have I had actual knowledge about actual or apparent conflicts of interest that I did not report to the DWS Compliance Officer in accordance with the Officer Code’s requirements.

5. I have acted in the best interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal information about Fund shareholders.

6. With respect to the duties I perform for the Fund as a Fund officer, I believe that effective processes are in place to create and file public reports and documents in accordance with applicable regulations.

7. With respect to the duties I perform for the Fund as a Fund officer, I have complied to the best of my knowledge with all Applicable Laws (as that term is defined in the Officer Code) and have appropriately monitored those persons under my supervision for compliance with Applicable Laws.

8. I have reported any known or suspected violations of the Officer Code in a timely manner to the DBX Chief Compliance Officer.

Signature	Date
Name	Title

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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 4, 2023	/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 4, 2023	/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. The Form N-CSR of the DBX ETF Trust (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and;

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the DBX ETF Trust.

Date: August 4, 2023	/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. The Form N-CSR of the DBX ETF Trust (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and;

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the DBX ETF Trust.

Date: August 4, 2023	/s/ Diane Kenneally
	Diane Kenneally
	Treasurer and Chief Financial Officer