# EDGAR Filing Document

**Accession Number:** 0001503123
**File Stem:** 0001193125-25-172263
**Filing Date:** 2025-8
**Character Count:** 1277242
**Document Hash:** d086d7d1f11564cbeded0dbaf3db99e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-172263.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0001193125-25-172263

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 52

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250804

**DATE AS OF CHANGE**: 20250804

**EFFECTIVENESS DATE**: 20250804

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DBX ETF TRUST
- **CENTRAL INDEX KEY:** 0001503123

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22487
- **FILM NUMBER:** 251178436

**BUSINESS ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-6225
- **BUSINESS PHONE:** 212-454-4500

**MAIL ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-6225

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DBX ETF Trust
- **DATE OF NAME CHANGE:** 20101008

## Series and Classes Contracts Data

### Xtrackers MSCI Emerging Markets Hedged Equity ETF (Series ID: S000030998)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000096054 | Xtrackers MSCI Emerging Markets Hedged Equity ETF | DBEM            |

### Xtrackers MSCI EAFE Hedged Equity ETF (Series ID: S000030999)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000096055 | Xtrackers MSCI EAFE Hedged Equity ETF | DBEF            |

### Xtrackers MSCI Japan Hedged Equity ETF (Series ID: S000031002)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000096058 | Xtrackers MSCI Japan Hedged Equity ETF | DBJP            |

### Xtrackers Harvest CSI 300 China A-Shares ETF (Series ID: S000040415)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000125568 | Xtrackers Harvest CSI 300 China A-Shares ETF | ASHR            |

### Xtrackers Municipal Infrastructure Revenue Bond ETF (Series ID: S000040498)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000125719 | Xtrackers Municipal Infrastructure Revenue Bond ETF | RVNU            |

### Xtrackers International Real Estate ETF (Series ID: S000042011)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000130526 | Xtrackers International Real Estate ETF | HAUZ            |

### Xtrackers MSCI Europe Hedged Equity ETF (Series ID: S000042012)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000130527 | Xtrackers MSCI Europe Hedged Equity ETF | DBEU            |

### Xtrackers MSCI All World ex US Hedged Equity ETF (Series ID: S000043730)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000135616 | Xtrackers MSCI All World ex US Hedged Equity ETF | DBAW            |

### Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Series ID: S000044488)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000138395 | Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | ASHS            |

### Xtrackers MSCI Eurozone Hedged Equity ETF (Series ID: S000046156)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000144410 | Xtrackers MSCI Eurozone Hedged Equity ETF | DBEZ            |

### Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Series ID: S000050033)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000157941 | Xtrackers MSCI EAFE High Dividend Yield Equity ETF | HDEF            |

### Xtrackers Cybersecurity Select Equity ETF (Series ID: S000080469)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000242878 | Xtrackers Cybersecurity Select Equity ETF | PSWD            |

### Xtrackers Semiconductor Select Equity ETF (Series ID: S000080470)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000242879 | Xtrackers Semiconductor Select Equity ETF | CHPS            |

### Xtrackers US Green Infrastructure Select Equity ETF (Series ID: S000080471)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000242880 | Xtrackers US Green Infrastructure Select Equity ETF | UPGR            |

### Xtrackers US National Critical Technologies ETF (Series ID: S000082572)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000245888 | Xtrackers US National Critical Technologies ETF | CRTC            |

### Xtrackers California Municipal Bond ETF (Series ID: S000083046)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000246554 | Xtrackers California Municipal Bond ETF | CA              |

### Xtrackers Artificial Intelligence and Big Data ETF (Series ID: S000085311)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000250300 | Xtrackers Artificial Intelligence and Big Data ETF | XAIX            |

### Xtrackers US 0-1 Year Treasury ETF (Series ID: S000085838)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000251233 | Xtrackers US 0-1 Year Treasury ETF | TRSY            |

?xml version='1.0' encoding='ASCII'? DBX ETF Trust

### 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, 2025

------

#### Item 1. Reports to Stockholders.
(a) # Xtrackers Artificial Intelligence and Big Data ETF
XAIX: Nasdaq Stock Market

#### Annual Shareholder Report — May 31, 2025
![Image](g949197ib3155adc9fa73064a50d.jpg)

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| XAIX | $32<sup>Footnote Reference(a)</sup> | 0.35%<sup>Footnote Reference(b)</sup> |

---

<sup>(a)</sup> Based on the period August 2, 2024 (commencement of operations) through May 31, 2025. Expenses would have been higher if the Fund had been in existence for the full reporting period.

<sup>(b)</sup> Annualized.

Gross expense ratio as of the latest prospectus: 0.35%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Based on the period August 2, 2024 (commencement of operations) through May 31, 2025. Expenses would have been higher if the Fund had been in existence for the full reporting period. |
| Footnote<sup>(b)</sup> | Annualized. |

---

This annual shareholder report contains important information about the Xtrackers Artificial Intelligence and Big Data ETF (the "Fund") for the period August 2, 2024 (commencement of operations) to May 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## How did the fund perform last year and what affected its performance?
The fund seeks investment results that correspond generally to the performance, before fees and expenses, of the Nasdaq Global Artificial Intelligence and Big Data Index (the Underlying Index). The Underlying Index is designed to track the performance of a selection of companies from global developed and emerging markets engaged in the following themes and sub-themes, each as defined by Nasdaq, Inc. ("Nasdaq" or "Index Provider").

The Fund returned 17.13% for the period ended May 31, 2025. The Fund's underlying index returned 17.21% and the Fund's broad-based index the MSCI ACWI Index returned 10.87% during the same period.

All sectors contributed positively to performance during the period with the greatest contribution coming from Information Technology, Communication Services and Consumer Discretionary. From a geographical perspective, the United States, Germany and Japan were the major positive contributors, while Korea was the only that contributed negatively to performance.

## Fund Performance
Nasdaq Global Artificial Intelligence and Big Data Index is designed to track the performance of a selection of companies engaged in the sub themes of deep learning, image recognition, natural language processing, speech recognition & chatbots, big data, cloud computing and cybersecurity.

MSCI ACWI Index captures large and mid-cap representation across Developed Markets and Emerging Markets countries. The index covers approximately 85% of the global investable equity opportunity set.

MSCI ACWI Index is a required broad-based index that represents the Fund's overall equity market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g949197i31ab7269146823e2355f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers Artificial Intelligence and Big Data ETF - NAV** | **Nasdaq Global Artificial Intelligence and Big Data Index (the Underlying Index)** | **MSCI ACWI Index** |
| **8/2/24** | $10000 | $10000 | $10000 |
| **8/31/24** | $10267 | $10268 | $10390 |
| **9/30/24** | $10645 | $10648 | $10632 |
| **10/31/24** | $10595 | $10594 | $10393 |
| **11/30/24** | $11359 | $11357 | $10782 |
| **12/31/24** | $11114 | $11113 | $10527 |
| **1/31/25** | $11557 | $11559 | $10880 |
| **2/28/25** | $11249 | $11252 | $10815 |
| **3/31/25** | $10467 | $10469 | $10387 |
| **4/30/25** | $10733 | $10735 | $10484 |
| **5/31/25** | $11713 | $11721 | $11087 |

---

---

| | |
|:---|:---|
| **Fund/Index** | **Since Inception 8/2/24** |
| Xtrackers Artificial Intelligence and Big Data ETF - NAV | 17.13% |
| Nasdaq Global Artificial Intelligence and Big Data Index | 17.21% |
| MSCI ACWI Index | 10.87% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 42484460 |
| Number of Portfolio Holdings | 94 |
| Portfolio Turnover Rate (%) | 11 |
| Total Net Advisory Fees Paid ($) | 69255 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **41.9% of Net Assets** |
| SAP SE | 4.9% |
| Meta Platforms, Inc. | 4.6% |
| Microsoft Corp. | 4.6% |
| NVIDIA Corp. | 4.2% |
| Bank of America Corp. | 4.2% |
| Palantir Technologies, Inc. | 4.1% |
| Oracle Corp. | 4.1% |
| Amazon.com, Inc. | 3.9% |
| Alphabet, Inc. | 3.8% |
| Cisco Systems, Inc. | 3.5% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Software | 38% |
| Semiconductors & Semiconductor Equipment | 11% |
| Technology Hardware, Storage & Peripherals | 9% |
| Interactive Media & Services | 9% |
| IT Services | 7% |
| Diversified Telecommunication Services | 6% |
| Banks | 6% |
| Communications Equipment | 6% |
| Broadline Retail | 4% |
| Financial Services | 1% |
| Other | 1% |

---

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, and financial statements and other information, please visit dws.com/etfreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (844) 851-4255.

## Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Companies involved in artificial intelligence and big data face intense competition, may have limited product lines, markets, financial resources and personnel. Artificial intelligence and big data companies are also subject to risks of new technologies and are heavily dependent on patents and intellectual property rights and the products of these companies may face obsolescence due to rapid technological developments. Incorporation of ESG criteria in the 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. This Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. An investment in this 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.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's investment objectives, risk factors, and charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (844) 851-4255, or visit dws.com/etfreports to view or download a prospectus. Please read the prospectus carefully before you invest.** 

Nadaq Global Artificial Intelligence and Big Data Index is a registered trademark of Nasdaq, Inc, (which with its affiliates is referred to as the "Corporations") and is licensed for use by DBX Advisors LLC. The Fund has not been passed on by the Corporations as to their legality or suitability. The Fund is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

# 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.

#© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **XAIX-TSRA** 
R-106209-1 (7/25) DBX006673 (07/26)

# Xtrackers Cybersecurity Select Equity ETF
PSWD: Nasdaq Stock Market

#### Annual Shareholder Report — May 31, 2025
![Image](g949197ib3155adc9fa73064a50d.jpg)

## What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PSWD | $22 | 0.20% |

---

Gross expense ratio as of the latest prospectus: 0.20%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This annual shareholder report contains important information about the Xtrackers Cybersecurity Select Equity ETF (the "Fund") for the period June 1, 2024 to May 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## How did the fund perform last year and what affected its performance?
The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Cyber Security ESG Screened Index (the Underlying Index). The Underlying Index is comprised of companies that have business operations in the field of cybersecurity and that fulfill certain sustainability criteria.

The Fund returned 24.47% for the period ended May 31, 2025. The Fund's underlying index returned 24.67% and the Fund's broad-based index the MSCI ACWI Index returned 13.65% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Systems Software, IT Consulting & Other Services and Communication Equipment. Internet Services & Infrastructure and Research & Consulting Services were the only sectors that detracted from the performance. From a geographical perspective, the United States, Japan and Canada were the major positive contributors, while Australia, Turkey and Malaysia contributed negatively to performance.

## Fund Performance
Solactive Cyber Security ESG Screened Index is comprised of companies that have business operations in the field of cybersecurity and that fulfill certain sustainability criteria.

MSCI ACWI Index captures large and mid-cap representation across Developed Markets and Emerging Markets countries. The index covers approximately 85% of the global investable equity opportunity set.

The MSCI ACWI Index is a required broad-based index that represents the Fund's overall equity market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g949197i90a4cd295473f7ee507b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers Cybersecurity Select Equity ETF - NAV** | **Solactive Cyber Security ESG Screened Index (the Underlying Index)** | **MSCI ACWI Index** |
| **7/13/23** | $10000 | $10000 | $10000 |
| **7/31/23** | $10607 | $10520 | $9979 |
| **8/31/23** | $10507 | $10520 | $9979 |
| **9/30/23** | $10184 | $10188 | $9559 |
| **10/31/23** | $9657 | $9663 | $9241 |
| **11/30/23** | $11076 | $11071 | $10095 |
| **12/31/23** | $12109 | $12108 | $10624 |
| **1/31/24** | $12425 | $12378 | $10648 |
| **2/29/24** | $12766 | $12767 | $11093 |
| **3/31/24** | $12388 | $12388 | $11437 |
| **4/30/24** | $11739 | $11737 | $11056 |
| **5/31/24** | $11387 | $11392 | $11503 |
| **6/30/24** | $12102 | $12109 | $11837 |
| **7/31/24** | $12246 | $12255 | $12028 |
| **8/31/24** | $12881 | $12896 | $12334 |
| **9/30/24** | $13072 | $13087 | $12620 |
| **10/31/24** | $12748 | $12765 | $12337 |
| **11/30/24** | $13776 | $13800 | $12798 |
| **12/31/24** | $13334 | $13349 | $12495 |
| **1/31/25** | $14194 | $14216 | $12915 |
| **2/28/25** | $13910 | $13945 | $12837 |
| **3/31/25** | $13253 | $13280 | $12330 |
| **4/30/25** | $13727 | $13758 | $12445 |
| **5/31/25** | $14174 | $14203 | $13160 |

---

---

| | | |
|:---|:---|:---|
| **Fund/Index** | **1-Year** | **Since Inception 7/13/23** |
| Xtrackers Cybersecurity Select Equity ETF - NAV | 24.47% | 20.29% |
| Solactive Cyber Security ESG Screened Index | 24.67% | 20.43% |
| MSCI ACWI Index | 13.65% | 15.66% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 7815324 |
| Number of Portfolio Holdings | 52 |
| Portfolio Turnover Rate (%) | 49 |
| Total Net Advisory Fees Paid ($) | 13218 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **47.2% of Net Assets** |
| NEXTDC Ltd. | 5.6% |
| Zscaler, Inc. | 5.5% |
| Crowdstrike Holdings, Inc. | 5.0% |
| Trend Micro, Inc. | 4.7% |
| Varonis Systems, Inc. | 4.6% |
| Palo Alto Networks, Inc. | 4.4% |
| GDS Holdings Ltd. | 4.4% |
| Qualys, Inc. | 4.4% |
| CyberArk Software Ltd. | 4.4% |
| Check Point Software Technologies Ltd. | 4.2% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Systems Software | 57% |
| Internet Services & Infrastructure | 23% |
| IT Consulting & Other Services | 8% |
| Application Software | 6% |
| Communications Equipment | 2% |
| Research & Consulting Services | 2% |

---

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, and financial statements and other information, please visit dws.com/etfreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (844) 851-4255.

## Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Companies in the cybersecurity field face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Companies in the cybersecurity field also face heightened risk caused by obsolescence due to rapid technological developments, by potential loss or impairment of patent and intellectual property rights and by the risk of cyber-attacks. Incorporation of ESG criteria in the 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 under perform other funds that do not have an ESG focus. Regulatory changes or interpretations regarding the definitions and/or use of ESG criteria could have a material adverse effect on the fund's ability to invest in accordance with its investment policies and/or achieve its investment objective, as well as the ability of certain classes of investors to invest in funds following an ESG strategy such as the fund. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Any fund that focuses in a particular segment of the market or region of the world will generally be more volatile than a fund that invests more broadly. This Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. 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.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's investment objectives, risk factors, and charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (844) 851-4255, or visit dws.com/etfreports to view or download a prospectus. Please read the prospectus carefully before you invest.** 

# 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.

#© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **PSWD-TSRA** 
R-101067-2 (7/25) DBX006675 (07/26)

# Xtrackers International Real Estate ETF
HAUZ: NYSE Arca, Inc.

#### Annual Shareholder Report — May 31, 2025
![Image](g949197ib3155adc9fa73064a50d.jpg)

## What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| HAUZ | $11 | 0.10% |

---

Gross expense ratio as of the latest prospectus: 0.10%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This annual shareholder report contains important information about the Xtrackers International Real Estate ETF (the "Fund") for the period June 1, 2024 to May 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

#### This report describes changes to the Fund that occurred during the reporting period.

## How did the fund perform last year and what affected its performance?
The Fund 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 Fund returned 10.39% for the period ended May 31, 2025. The Fund's underlying index returned 10.16% and the Fund's broad-based index the MSCI ACWI ex USA Index returned 13.75% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Real Estate Operating Companies, Retail REITs and Diversified Real Estate Activities. The Real Estate Development, Industrial REITs and Self-Storage REITs sectors detracted from the performance. From a geographical perspective, the majority of countries contributed positively to performance during the period with the greatest contribution coming from Japan, Australia and Switzerland while Thailand, Taiwan and Philippines contributed negatively to performance.

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

MSCI ACWI ex USA Index captures large and mid-cap representation across Developed Markets countries (excluding the US) and Emerging Markets countries. The index covers approximately 85% of the global equity opportunity set outside the US.

The MSCI ACWI ex USA Index is a required broad-based index that represents the Fund's overall equity market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g949197ie550c9cfcfd881af83b1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers International Real Estate ETF - NAV** | **iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index (the Underlying Index)** | **MSCI ACWI ex USA Index** |
| **'15** | $10000 | $10000 | $10000 |
| **'15** | $9648 | $9614 | $9607 |
| **'15** | $9372 | $9324 | $9125 |
| **'15** | $8565 | $8558 | $8198 |
| **'15** | $8389 | $8397 | $8009 |
| **'15** | $8915 | $8899 | $8614 |
| **'15** | $8702 | $8682 | $8398 |
| **'15** | $8706 | $8707 | $8423 |
| **'16** | $8112 | $8132 | $7763 |
| **'16** | $8050 | $8061 | $7693 |
| **'16** | $8644 | $8659 | $8582 |
| **'16** | $8636 | $8657 | $8576 |
| **'16** | $8702 | $8724 | $8443 |
| **'16** | $8758 | $8774 | $8622 |
| **'16** | $9124 | $9169 | $9102 |
| **'16** | $9325 | $9365 | $9291 |
| **'16** | $9400 | $9464 | $9457 |
| **'16** | $9317 | $9383 | $9300 |
| **'16** | $9250 | $9319 | $9093 |
| **'16** | $9231 | $9298 | $8991 |
| **'17** | $9554 | $9641 | $9513 |
| **'17** | $9766 | $9871 | $9841 |
| **'17** | $10022 | $10138 | $10144 |
| **'17** | $10226 | $10347 | $10303 |
| **'17** | $10472 | $10598 | $10578 |
| **'17** | $10642 | $10784 | $10773 |
| **'17** | $11033 | $11194 | $11330 |
| **'17** | $11168 | $11339 | $11445 |
| **'17** | $11194 | $11371 | $11412 |
| **'17** | $11638 | $11834 | $11875 |
| **'17** | $11644 | $11846 | $11948 |
| **'17** | $11868 | $12092 | $12317 |
| **'18** | $12538 | $12764 | $13144 |
| **'18** | $12075 | $12314 | $12523 |
| **'18** | $11800 | $12036 | $12228 |
| **'18** | $12005 | $12267 | $12367 |
| **'18** | $11959 | $12219 | $12265 |
| **'18** | $11674 | $11939 | $11804 |
| **'18** | $11798 | $12072 | $11931 |
| **'18** | $11737 | $12037 | $11798 |
| **'18** | $11571 | $11870 | $11635 |
| **'18** | $10524 | $10803 | $10441 |
| **'18** | $10829 | $11119 | $10907 |
| **'18** | $10589 | $10871 | $10602 |
| **'19** | $11281 | $11592 | $11374 |
| **'19** | $11502 | $11857 | $10500 |
| **'19** | $11911 | $12287 | $10562 |
| **'19** | $11710 | $12078 | $10841 |
| **'19** | $11625 | $11995 | $10260 |
| **'19** | $12008 | $12383 | $10877 |
| **'19** | $11935 | $12307 | $10746 |
| **'19** | $11887 | $12251 | $10414 |
| **'19** | $12101 | $12473 | $10682 |
| **'19** | $12492 | $12876 | $11054 |
| **'19** | $12434 | $12816 | $11152 |
| **'19** | $12826 | $13217 | $11635 |
| **'20** | $12716 | $13108 | $11322 |
| **'20** | $11790 | $12152 | $10427 |
| **'20** | $9185 | $9461 | $8918 |
| **'20** | $9814 | $10106 | $9593 |
| **'20** | $9906 | $10198 | $9907 |
| **'20** | $10128 | $10416 | $10355 |
| **'20** | $10323 | $10616 | $10817 |
| **'20** | $10820 | $11127 | $11280 |
| **'20** | $10514 | $10814 | $11002 |
| **'20** | $10158 | $10447 | $10766 |
| **'20** | $11586 | $11919 | $12214 |
| **'20** | $12024 | $12365 | $12874 |
| **'21** | $11816 | $12151 | $12902 |
| **'21** | $12104 | $12445 | $13158 |
| **'21** | $12291 | $12633 | $13324 |
| **'21** | $12717 | $13068 | $13716 |
| **'21** | $13098 | $13459 | $14130 |
| **'21** | $13051 | $13405 | $14054 |
| **'21** | $13196 | $13553 | $13822 |
| **'21** | $13420 | $13777 | $14085 |
| **'21** | $12832 | $13183 | $13634 |
| **'21** | $13200 | $13557 | $13959 |
| **'21** | $12733 | $13081 | $13331 |
| **'21** | $13148 | $13498 | $13881 |
| **'22** | $12679 | $13015 | $13370 |
| **'22** | $12462 | $12802 | $13105 |
| **'22** | $12635 | $12968 | $13126 |
| **'22** | $11851 | $12159 | $12302 |
| **'22** | $11622 | $11916 | $12390 |
| **'22** | $10540 | $10806 | $11324 |
| **'22** | $11077 | $11357 | $11712 |
| **'22** | $10550 | $10818 | $11335 |
| **'22** | $9240 | $9464 | $10203 |
| **'22** | $9179 | $9399 | $10507 |
| **'22** | $10169 | $10412 | $11748 |
| **'22** | $10219 | $10458 | $11660 |
| **'23** | $10867 | $11121 | $12606 |
| **'23** | $10384 | $10625 | $12163 |
| **'23** | $10053 | $10288 | $12461 |
| **'23** | $10311 | $10553 | $12677 |
| **'23** | $9669 | $9893 | $12216 |
| **'23** | $9835 | $10060 | $12764 |
| **'23** | $10375 | $10615 | $13283 |
| **'23** | $10009 | $10239 | $12683 |
| **'23** | $9597 | $9821 | $12283 |
| **'23** | $9107 | $9320 | $11776 |
| **'23** | $10038 | $10277 | $12836 |
| **'23** | $10891 | $11152 | $13481 |
| **'24** | $10499 | $10753 | $13347 |
| **'24** | $10297 | $10547 | $13685 |
| **'24** | $10781 | $11043 | $14092 |
| **'24** | $10422 | $10675 | $13859 |
| **'24** | $10531 | $10778 | $14262 |
| **'24** | $10241 | $10475 | $14248 |
| **'24** | $10827 | $11078 | $14578 |
| **'24** | $11399 | $11663 | $14993 |
| **'24** | $11952 | $12235 | $15397 |
| **'24** | $11027 | $11281 | $14641 |
| **'24** | $10893 | $11141 | $14509 |
| **'24** | $10314 | $10541 | $14227 |
| **'25** | $10545 | $10775 | $14800 |
| **'25** | $10529 | $10751 | $15006 |
| **'25** | $10533 | $10759 | $14971 |
| **'25** | $11254 | $11495 | $15512 |
| **'25** | $11625 | $11874 | $16223 |

---

Yearly periods ended May 31

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1-Year** | **5-Year** | **10-Year** |
| Xtrackers International Real Estate ETF - NAV | 10.39% | 3.25% | 1.52% |
| iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index | 10.16% | 3.09% | 1.73% |
| MSCI ACWI ex USA Index | 13.75% | 10.37% | 5.47% |

---

### Average Annual Total Returns
Prior to February 22, 2019, the Fund operated with a different investment strategy, including tracking a different underlying index. Performance may have been different if the Fund's current investment strategy had been in effect. Index returns prior to February 22, 2019 reflect that of the prior underlying index.

**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 824687814 |
| Number of Portfolio Holdings | 387 |
| Portfolio Turnover Rate (%) | 8 |
| Total Net Advisory Fees Paid ($) | 737455 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **22.6% of Net Assets** |
| Goodman Group (Australia) | 4.9% |
| Mitsui Fudosan Co. Ltd. (Japan) | 3.0% |
| Mitsubishi Estate Co. Ltd. (Japan) | 2.6% |
| Vonovia SE (Germany) | 2.6% |
| Sumitomo Realty & Development Co. Ltd. (Japan) | 2.1% |
| Sun Hung Kai Properties Ltd. (Hong Kong) | 1.8% |
| Link (Hong Kong) | 1.6% |
| Scentre Group (Australia) | 1.4% |
| Segro PLC (United Kingdom) | 1.3% |
| Swiss Prime Site AG (Switzerland) | 1.3% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Real Estate Operations/Development | 33% |
| Diversified | 14% |
| Real Estate Management/Services | 13% |
| Warehouse/Industry | 12% |
| Shopping Centers | 10% |
| Office Property | 5% |
| Apartments | 4% |
| Regional Malls | 2% |
| Health Care | 2% |
| E-Commerce/Services | 1% |
| Other | 0% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| Japan | 22% |
| Australia | 13% |
| Hong Kong | 10% |
| United Kingdom | 8% |
| Canada | 6% |
| Singapore | 6% |
| Sweden | 4% |
| Germany | 4% |
| France | 4% |
| Switzerland | 3% |
| Israel | 2% |
| Other | 17% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since June 1, 2024. For more information, review the Fund's current prospectus at dws.com/etfreports, or by calling (844) 851-4255.

Effective August 13, 2024, the Fund's unitary advisory fee was reduced from 0.12% to 0.10%. At the same time, the Board terminated the contractual expense limitation that capped the fund's operating expenses at the same level because of the redundancy.

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, and financial statements and other information, please visit dws.com/etfreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (844) 851-4255.

## Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. 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, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. 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 this 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. See the prospectus for details.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's investment objectives, risk factors, and charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (844) 851-4255, or visit dws.com/etfreports to view or download a prospectus. Please read the prospectus carefully before you invest.** 

# 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.

#© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **HAUZ-TSRA** 
R-101068-2 (7/25) DBX006678 (07/26)

# Xtrackers Semiconductor Select Equity ETF
CHPS: Nasdaq Stock Market

#### Annual Shareholder Report — May 31, 2025
![Image](g949197ib3155adc9fa73064a50d.jpg)

## What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| CHPS | $14 | 0.15% |

---

Gross expense ratio as of the latest prospectus: 0.15%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This annual shareholder report contains important information about the Xtrackers Semiconductor Select Equity ETF (the "Fund") for the period June 1, 2024 to May 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## How did the fund perform last year and what affected its performance?
The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Semiconductor ESG Screened Index (the Underlying Index). The Underlying Index is comprised of companies that have business operations in the semiconductor industry and that fulfill certain sustainability criteria.

The Fund returned -11.35% for the period ended May 31, 2025. The Fund's underlying index returned -11.43% and the Fund's broad-based index the MSCI ACWI Index returned 13.65% during the same period.

The Electronic Components was the only sector that contributed positively to performance during the period. The Semiconductor Materials & Equipment, Semiconductors and Industrial Machinery & Supplies & Components sectors detracted from the performance. From a geographical perspective, Taiwan, Korea and Israel were the major positive contributors while the United States, Japan and Netherlands contributed negatively to performance.

## Fund Performance
Solactive Semiconductor ESG Screened Index is comprised of companies that have business operations in the semiconductor industry and that fulfill certain sustainability criteria.

MSCI ACWI Index captures large and mid-cap representation across Developed Markets and Emerging Markets countries. The index covers approximately 85% of the global investable equity opportunity set.

The MSCI ACWI Index is a required broad-based index that represents the fund's overall equity market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g949197ib4be7ab590e8b1c5d2ac.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers Semiconductor Select Equity ETF - NAV** | **Solactive Semiconductor ESG Screened Index (the Underlying Index)** | **MSCI ACWI Index** |
| **7/13/23** | $10000 | $10000 | $10000 |
| **7/31/23** | $10415 | $9880 | $9979 |
| **8/31/23** | $9876 | $9880 | $9979 |
| **9/30/23** | $9232 | $9234 | $9559 |
| **10/31/23** | $8733 | $8736 | $9241 |
| **11/30/23** | $10280 | $10284 | $10095 |
| **12/31/23** | $11379 | $11383 | $10624 |
| **1/31/24** | $11515 | $11520 | $10648 |
| **2/29/24** | $12764 | $12770 | $11093 |
| **3/31/24** | $13296 | $13302 | $11437 |
| **4/30/24** | $12521 | $12527 | $11056 |
| **5/31/24** | $13698 | $13705 | $11503 |
| **6/30/24** | $14406 | $14413 | $11837 |
| **7/31/24** | $13560 | $13566 | $12028 |
| **8/31/24** | $13323 | $13326 | $12334 |
| **9/30/24** | $13211 | $13210 | $12620 |
| **10/31/24** | $12570 | $12568 | $12337 |
| **11/30/24** | $12328 | $12330 | $12798 |
| **12/31/24** | $12301 | $12301 | $12495 |
| **1/31/25** | $12617 | $12691 | $12915 |
| **2/28/25** | $12265 | $12266 | $12837 |
| **3/31/25** | $11099 | $11095 | $12330 |
| **4/30/25** | $10938 | $10933 | $12445 |
| **5/31/25** | $12143 | $12139 | $13160 |

---

---

| | | |
|:---|:---|:---|
| **Fund/Index** | **1-Year** | **Since Inception 7/13/23** |
| Xtrackers Semiconductor Select Equity ETF - NAV | -11.35% | 10.83% |
| Solactive Semiconductor ESG Screened Index | -11.43% | 10.81% |
| MSCI ACWI Index | 13.65% | 15.66% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 6975779 |
| Number of Portfolio Holdings | 54 |
| Portfolio Turnover Rate (%) | 19 |
| Total Net Advisory Fees Paid ($) | 10872 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **45.3% of Net Assets** |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.2% |
| Broadcom, Inc. | 5.0% |
| ASML Holding NV | 4.6% |
| Micron Technology, Inc. | 4.6% |
| NVIDIA Corp. | 4.5% |
| SK Hynix, Inc. | 4.4% |
| Advanced Micro Devices, Inc. | 4.4% |
| Lam Research Corp. | 4.3% |
| Analog Devices, Inc. | 4.2% |
| Texas Instruments, Inc. | 4.1% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Semiconductors | 69% |
| Semiconductor Materials & Equipment | 29% |
| Electronic Components | 1% |
| Industrial Machinery & Supplies | 1% |
| Electronic Manufacturing Services | 1% |

---

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, and financial statements and other information, please visit dws.com/etfreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (844) 851-4255.

## Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Companies in the semiconductor field face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Cybersecurity companies also face heightened risk due to their dependence on the availability of materials that meet exacting standards, to reliance on a limited number of suppliers and by potential loss or impairment of patent and intellectual property rights. Incorporation of ESG criteria in the Fund's investment strategy does not guarantee a return or protect against a loss, limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have an ESG focus. Regulatory changes or interpretations regarding the definitions and/or use of ESG criteria could have a material adverse effect on the Fund's ability to invest in accordance with its investment policies and/or achieve its investment objective, as well as the ability of certain classes of investors to invest in funds following an ESG strategy such as the Fund. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Any fund that focuses in a particular segment of the market or region of the world will generally be more volatile than a fund that invests more broadly. This Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. 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.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's investment objectives, risk factors, and charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (844) 851-4255, or visit dws.com/etfreports to view or download a prospectus. Please read the prospectus carefully before you invest.** 

# 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.

#© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **CHPS-TSRA** 
R-101069-2 (7/25) DBX006687 (07/26)

# Xtrackers US Green Infrastructure Select Equity ETF
UPGR: Nasdaq Stock Market

#### Annual Shareholder Report — May 31, 2025
![Image](g949197ib3155adc9fa73064a50d.jpg)

## What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| UPGR | $32 | 0.35% |

---

Gross expense ratio as of the latest prospectus: 0.35%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This annual shareholder report contains important information about the Xtrackers US Green Infrastructure Select Equity ETF (the "Fund") for the period June 1, 2024 to May 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## How did the fund perform last year and what affected its performance?
The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive United States Green Infrastructure ESG Screened Index (the Underlying Index). The Underlying Index is comprised of companies that have business exposure in the production, generation, or distribution of green energy or are engaged in the establishment of a sustainable infrastructure to enable the use of renewable energy and that fulfill certain sustainability criteria.

The Fund returned -14.51% for the period ended May 31, 2025. The Fund's underlying index returned -14.82% and the Fund's broad-based index the S&P Composite 1500<sup>®</sup> Index returned 12.49% during the same period.

Consumer Discretionary and Materials were the only sectors that contributed positively to performance. The Industrials, Utilities and Energy sectors detracted from the performance.

## Fund Performance
Solactive United States Green Infrastructure ESG Screened Index is comprised of companies that have business exposure in the production, generation, or distribution of green energy or are engaged in the establishment of a sustainable infrastructure to enable the use of renewable energy and that fulfill certain sustainability criteria.

S&P Composite 1500<sup>®</sup> Index combines three leading indices, the S&P 500<sup>®</sup>, the S&P MidCap 400<sup>®</sup>, and the S&P SmallCap 600<sup>®</sup>, to cover approximately 90% of the U.S. market capitalization. It is designed for investors seeking to replicate the performance of the U.S. equity market or benchmark against a representative universe of tradeable stocks.

The S&P Composite 1500<sup>®</sup> Index is a required broad-based index that represents the Fund's overall equity market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g949197i608d6ee273d171b8d069.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers US Green Infrastructure Select Equity ETF - NAV** | **Solactive United States Green Infrastructure ESG Screened Index (the Underlying Index)** | **S&P Composite 1500<sup>®</sup> Index** |
| **7/13/23** | $10000 | $10000 | $10000 |
| **7/31/23** | $10154 | $9148 | $10085 |
| **8/31/23** | $9142 | $9148 | $10085 |
| **9/30/23** | $8138 | $8145 | $9599 |
| **10/31/23** | $7117 | $7125 | $9370 |
| **11/30/23** | $7581 | $7595 | $10221 |
| **12/31/23** | $8546 | $8566 | $10730 |
| **1/31/24** | $7626 | $7643 | $10873 |
| **2/29/24** | $7917 | $7939 | $11452 |
| **3/31/24** | $8017 | $8039 | $11836 |
| **4/30/24** | $7297 | $7313 | $11335 |
| **5/31/24** | $8085 | $8104 | $11893 |
| **6/30/24** | $7374 | $7389 | $12269 |
| **7/31/24** | $7978 | $7990 | $12477 |
| **8/31/24** | $7721 | $7736 | $12749 |
| **9/30/24** | $7770 | $7781 | $13011 |
| **10/31/24** | $7457 | $7463 | $12888 |
| **11/30/24** | $7934 | $7939 | $13682 |
| **12/31/24** | $7299 | $7297 | $13300 |
| **1/31/25** | $7386 | $7378 | $13678 |
| **2/28/25** | $6736 | $6727 | $13462 |
| **3/31/25** | $6169 | $6157 | $12703 |
| **4/30/25** | $6258 | $6246 | $12595 |
| **5/31/25** | $6912 | $6904 | $13379 |

---

---

| | | |
|:---|:---|:---|
| **Fund/Index** | **1-Year** | **Since Inception 7/13/23** |
| Xtrackers US Green Infrastructure Select Equity ETF - NAV | -14.51% | -17.77% |
| Solactive United States Green Infrastructure ESG Screened Index | -14.82% | -17.82% |
| S&P Composite 1500<sup>®</sup> Index | 12.49% | 16.67% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 3829011 |
| Number of Portfolio Holdings | 46 |
| Portfolio Turnover Rate (%) | 60 |
| Total Net Advisory Fees Paid ($) | 14201 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **30.0% of Net Assets** |
| Microvast Holdings, Inc. | 4.2% |
| EVgo, Inc. | 3.2% |
| PureCycle Technologies, Inc. | 3.1% |
| Array Technologies, Inc. | 3.0% |
| NEXTracker, Inc. | 3.0% |
| GE Vernova, Inc. | 3.0% |
| Shoals Technologies Group, Inc. | 2.7% |
| Tesla, Inc. | 2.7% |
| Rivian Automotive, Inc. | 2.6% |
| First Solar, Inc. | 2.5% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Industrials | 63% |
| Materials | 14% |
| Consumer Discretionary | 12% |
| Information Technology | 5% |
| Utilities | 4% |
| Energy | 2% |

---

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, and financial statements and other information, please visit dws.com/etfreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (844) 851-4255.

## Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

The Fund will be sensitive to, and its performance will depend to a great extent on, the overall condition of green or low carbon infrastructure companies. These investments are considered to be speculative and are subject to greater risk of loss, greater sensitivity to interest rate and economic changes, valuation difficulties and potential illiquidity. The Fund will be sensitive to, and its performance will depend to a greater extent on, the overall condition of green or low carbon energy companies. Such companies face enhanced risks caused by factors including changes in government regulations, the impact of adverse weather conditions and on the demand for renewable energy production. Incorporation of ESG criteria in the 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 under perform other funds that do not have an ESG focus. Regulatory changes or interpretations regarding the definitions and/or use of ESG criteria could have a material adverse effect on the Fund's ability to invest in accordance with its investment policies and/or achieve its investment objective, as well as the ability of certain classes of investors to invest in funds following an ESG strategy such as the fund. Any fund that focuses in a particular segment of the market or region of the world will generally be more volatile than a fund that invests more broadly. This Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. 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.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's investment objectives, risk factors, and charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (844) 851-4255, or visit dws.com/etfreports to view or download a prospectus. Please read the prospectus carefully before you invest.** 

# 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.

#© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **UPGR-TSRA** 
R-101070-2 (7/25) DBX006689 (07/26)

# Xtrackers US National Critical Technologies ETF
CRTC: NYSE Arca, Inc.

#### Annual Shareholder Report — May 31, 2025
![Image](g949197ib3155adc9fa73064a50d.jpg)

## What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| CRTC | $37 | 0.35% |

---

Gross expense ratio as of the latest prospectus: 0.35%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This annual shareholder report contains important information about the Xtrackers US National Critical Technologies ETF (the "Fund") for the period June 1, 2024 to May 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## How did the fund perform last year and what affected its performance?
The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Whitney U.S. Critical Technologies Index (the Underlying Index). The Underlying Index is a market-capitalization weighted index, subject to caps on the weighting of individual companies, that is designed to track companies that support critical emerging technologies across the U.S. and its allies by selecting companies from a defined investment universe that satisfy key criteria related to their association with critical technology sectors and their geopolitical risk rating.

The Fund returned 10.54% for the period ended May 31, 2025. The Fund's underlying index returned 10.48% and the Fund's broad-based index the MSCI World Index returned 13.72% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Information Technology, Industrials and Consumer Discretionary. The Energy, Materials and Real Estate sectors detracted from the performance. From a geographical perspective, the United States, the United Kingdom and Canada were the major positive contributors, while Denmark, Australia and France contributed negatively to performance.

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

MSCI World Index captures large and mid-cap representation across Developed Markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country.

The MSCI World Index is a required broad-based index that represents the Fund's overall equity market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g949197i89931a6139a09195dc3a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers US National Critical Technologies ETF - NAV** | **Solactive Whitney U.S. Critical Technologies Index (the Underlying Index)** | **MSCI World Index** |
| **11/16/23** | $10000 | $10000 | $10000 |
| **11/30/23** | $10207 | $10205 | $10170 |
| **12/31/23** | $10699 | $10699 | $10661 |
| **1/31/24** | $10979 | $10978 | $10794 |
| **2/29/24** | $11402 | $11402 | $11249 |
| **3/31/24** | $11814 | $11816 | $11597 |
| **4/30/24** | $11334 | $11335 | $11177 |
| **5/31/24** | $11770 | $11768 | $11672 |
| **6/30/24** | $12188 | $12187 | $11923 |
| **7/31/24** | $12254 | $12252 | $12133 |
| **8/31/24** | $12412 | $12408 | $12454 |
| **9/30/24** | $12657 | $12653 | $12682 |
| **10/31/24** | $12498 | $12494 | $12431 |
| **11/30/24** | $13096 | $13090 | $13001 |
| **12/31/24** | $12632 | $12626 | $12662 |
| **1/31/25** | $13082 | $13076 | $13109 |
| **2/28/25** | $12815 | $12808 | $13015 |
| **3/31/25** | $12106 | $12100 | $12435 |
| **4/30/25** | $12078 | $12071 | $12546 |
| **5/31/25** | $13011 | $13001 | $13288 |

---

---

| | | |
|:---|:---|:---|
| **Fund/Index** | **1-Year** | **Since Inception 11/16/23** |
| Xtrackers US National Critical Technologies ETF - NAV | 10.54% | 18.60% |
| Solactive Whitney U.S. Critical Technologies Index | 10.48% | 18.55% |
| MSCI World Index | 13.72% | 20.24% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 112124556 |
| Number of Portfolio Holdings | 225 |
| Portfolio Turnover Rate (%) | 29 |
| Total Net Advisory Fees Paid ($) | 242221 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **35.8% of Net Assets** |
| NVIDIA Corp. | 5.9% |
| Meta Platforms, Inc. | 5.7% |
| Microsoft Corp. | 5.5% |
| Amazon.com, Inc. | 5.2% |
| Alphabet, Inc. | 4.9% |
| Exxon Mobil Corp. | 2.4% |
| AbbVie, Inc. | 1.8% |
| Palantir Technologies, Inc. | 1.5% |
| Oracle Corp. | 1.5% |
| Cisco Systems, Inc. | 1.4% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Information Technology | 35% |
| Health Care | 17% |
| Communication Services | 16% |
| Industrials | 13% |
| Consumer Discretionary | 6% |
| Utilities | 5% |
| Energy | 5% |
| Materials | 2% |
| Financials | 1% |
| Real Estate | 0% |

---

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, and financial statements and other information, please visit dws.com/etfreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (844) 851-4255.

## Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Critical technologies are technologies that are deemed to be vital to maintaining the national security of the U.S. now and in the future. Companies involved in critical technologies may be subject to a significant amount of governmental regulation, and changes in governmental policies and the need for regulatory approvals may have a material adverse effect on the critical technologies and the companies involved with them. Critical technologies companies are heavily dependent on patent and intellectual property rights which may be difficult to protect. Investing involves risk, including the possible loss of principal. Stocks may decline in value. This Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. 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.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's investment objectives, risk factors, and charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (844) 851-4255, or visit dws.com/etfreports to view or download a prospectus. Please read the prospectus carefully before you invest.** 

# 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.

#© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **CRTC-TSRA** 
R-101071-2 (7/25) DBX006690 (07/26)

# Xtrackers Harvest CSI 300 China A-Shares ETF
ASHR: NYSE Arca, Inc.

#### Annual Shareholder Report — May 31, 2025
![Image](g949197ib3155adc9fa73064a50d.jpg)

## What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ASHR | $68 | 0.65% |

---

Gross expense ratio as of the latest prospectus: 0.65%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This annual shareholder report contains important information about the Xtrackers Harvest CSI 300 China A-Shares ETF (the "Fund") for the period June 1, 2024 to May 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## How did the fund perform last year and what affected its performance?
The Fund 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 Fund returned 9.72% for the period ended May 31, 2025. The Fund's underlying index returned 11.30% and the Fund's broad-based index the MSCI ACWI ex USA Index returned 13.75% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Financials, Consumer Discretionary and Industrials. The Consumer Staples, Materials and Energy sectors detracted from performance.

## Fund Performance
CSI 300 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.

MSCI ACWI ex USA Index captures large and mid-cap representation across Developed Markets countries (excluding the US) and Emerging Markets countries. The index covers approximately 85% of the global equity opportunity set outside the US.

The MSCI ACWI ex USA Index is a required broad-based index that represents the Fund's overall equity market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g949197i37179a1682098e8b96fa.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers Harvest CSI 300 China A-Shares ETF - NAV** | **CSI 300 Index (the Underlying Index)** | **MSCI ACWI ex USA Index** |
| **'15** | $10000 | $10000 | $10000 |
| **'15** | $9275 | $9268 | $9721 |
| **'15** | $7911 | $7952 | $9694 |
| **'15** | $6635 | $6831 | $8953 |
| **'15** | $6407 | $6526 | $8538 |
| **'15** | $7170 | $7236 | $9174 |
| **'15** | $7136 | $7222 | $8984 |
| **'15** | $7324 | $7443 | $8815 |
| **'16** | $5699 | $5804 | $8215 |
| **'16** | $5606 | $5695 | $8121 |
| **'16** | $6403 | $6450 | $8782 |
| **'16** | $6250 | $6317 | $9013 |
| **'16** | $6190 | $6253 | $8861 |
| **'16** | $6135 | $6203 | $8725 |
| **'16** | $6349 | $6351 | $9157 |
| **'16** | $6542 | $6580 | $9215 |
| **'16** | $6406 | $6447 | $9328 |
| **'16** | $6461 | $6514 | $9194 |
| **'16** | $6716 | $6792 | $8982 |
| **'16** | $6221 | $6269 | $9211 |
| **'17** | $6504 | $6509 | $9538 |
| **'17** | $6601 | $6647 | $9690 |
| **'17** | $6588 | $6632 | $9935 |
| **'17** | $6536 | $6597 | $10148 |
| **'17** | $6786 | $6785 | $10477 |
| **'17** | $7142 | $7213 | $10510 |
| **'17** | $7384 | $7462 | $10897 |
| **'17** | $7709 | $7792 | $10954 |
| **'17** | $7674 | $7744 | $11158 |
| **'17** | $8027 | $8138 | $11368 |
| **'17** | $8038 | $8162 | $11460 |
| **'17** | $8199 | $8335 | $11716 |
| **'18** | $8981 | $9140 | $12369 |
| **'18** | $8400 | $8561 | $11785 |
| **'18** | $8193 | $8338 | $11560 |
| **'18** | $7839 | $7977 | $11762 |
| **'18** | $7829 | $8013 | $11490 |
| **'18** | $7032 | $7204 | $11275 |
| **'18** | $6918 | $7051 | $11544 |
| **'18** | $6539 | $6693 | $11303 |
| **'18** | $6719 | $6854 | $11354 |
| **'18** | $6072 | $6213 | $10431 |
| **'18** | $6137 | $6273 | $10529 |
| **'18** | $5899 | $6032 | $10052 |
| **'19** | $6413 | $6559 | $10812 |
| **'19** | $7352 | $7537 | $11024 |
| **'19** | $7728 | $7910 | $11089 |
| **'19** | $7793 | $7976 | $11382 |
| **'19** | $7043 | $7247 | $10771 |
| **'19** | $7526 | $7731 | $11420 |
| **'19** | $7549 | $7779 | $11282 |
| **'19** | $7227 | $7434 | $10933 |
| **'19** | $7278 | $7499 | $11215 |
| **'19** | $7509 | $7733 | $11606 |
| **'19** | $7411 | $7627 | $11708 |
| **'19** | $7997 | $8234 | $12215 |
| **'20** | $7024 | $8094 | $11887 |
| **'20** | $7664 | $7881 | $10947 |
| **'20** | $7049 | $7283 | $9362 |
| **'20** | $7495 | $7779 | $10072 |
| **'20** | $7362 | $7600 | $10401 |
| **'20** | $8037 | $8332 | $10872 |
| **'20** | $9217 | $9565 | $11356 |
| **'20** | $9656 | $10016 | $11842 |
| **'20** | $9289 | $9606 | $11551 |
| **'20** | $9628 | $10010 | $11303 |
| **'20** | $10344 | $10739 | $12823 |
| **'20** | $10991 | $11384 | $13516 |
| **'21** | $11356 | $11825 | $13546 |
| **'21** | $11263 | $11782 | $13814 |
| **'21** | $10519 | $10988 | $13989 |
| **'21** | $10827 | $11317 | $14400 |
| **'21** | $11444 | $11941 | $14835 |
| **'21** | $11100 | $11635 | $14755 |
| **'21** | $10282 | $10765 | $14511 |
| **'21** | $10310 | $10776 | $14787 |
| **'21** | $10444 | $10910 | $14314 |
| **'21** | $10613 | $11142 | $14655 |
| **'21** | $10511 | $10999 | $13996 |
| **'21** | $10752 | $11243 | $14574 |
| **'22** | $9911 | $10407 | $14037 |
| **'22** | $10022 | $10530 | $13759 |
| **'22** | $9178 | $9657 | $13781 |
| **'22** | $8346 | $8835 | $12916 |
| **'22** | $8492 | $8934 | $13008 |
| **'22** | $9341 | $9804 | $11889 |
| **'22** | $8666 | $9118 | $12296 |
| **'22** | $8300 | $8732 | $11901 |
| **'22** | $7478 | $7923 | $10712 |
| **'22** | $6702 | $7121 | $11032 |
| **'22** | $7669 | $7964 | $12334 |
| **'22** | $7851 | $8242 | $12242 |
| **'23** | $8633 | $9111 | $13235 |
| **'23** | $8202 | $8684 | $12770 |
| **'23** | $8239 | $8739 | $13082 |
| **'23** | $8102 | $8628 | $13309 |
| **'23** | $7449 | $7936 | $12826 |
| **'23** | $7451 | $7928 | $13401 |
| **'23** | $7974 | $8469 | $13946 |
| **'23** | $7345 | $7802 | $13316 |
| **'23** | $7179 | $7634 | $12895 |
| **'23** | $6901 | $7382 | $12363 |
| **'23** | $6942 | $7421 | $13476 |
| **'23** | $6825 | $7326 | $14153 |
| **'24** | $6325 | $6778 | $14013 |
| **'24** | $6903 | $7400 | $14367 |
| **'24** | $6861 | $7376 | $14795 |
| **'24** | $7039 | $7541 | $14551 |
| **'24** | $6989 | $7506 | $14973 |
| **'24** | $6760 | $7288 | $14959 |
| **'24** | $6858 | $7363 | $15305 |
| **'24** | $6753 | $7258 | $15741 |
| **'24** | $8269 | $8886 | $16165 |
| **'24** | $7842 | $8488 | $15372 |
| **'24** | $7739 | $8418 | $15233 |
| **'24** | $7682 | $8389 | $14937 |
| **'25** | $7489 | $8191 | $15538 |
| **'25** | $7664 | $8324 | $15754 |
| **'25** | $7692 | $8362 | $15718 |
| **'25** | $7458 | $8102 | $16286 |
| **'25** | $7668 | $8354 | $17032 |

---

Yearly periods ended May 31

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1-Year** | **5-Year** | **10-Year** |
| Xtrackers Harvest CSI 300 China A-Shares ETF - NAV | 9.72% | 0.82% | -2.62% |
| CSI 300 Index | 11.30% | 1.91% | -1.78% |
| MSCI ACWI ex USA Index | 13.75% | 10.37% | 5.47% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 2014675761 |
| Number of Portfolio Holdings | 285 |
| Portfolio Turnover Rate (%) | 143 |
| Total Net Advisory Fees Paid ($) | 14257775 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **23.4% of Net Assets** |
| Kweichow Moutai Co. Ltd. | 4.7% |
| Contemporary Amperex Technology Co. Ltd. | 3.3% |
| Ping An Insurance Group Co. of China Ltd. | 2.9% |
| China Merchants Bank Co. Ltd. | 2.7% |
| Midea Group Co. Ltd. | 1.9% |
| China Yangtze Power Co. Ltd. | 1.9% |
| Industrial Bank Co. Ltd. | 1.6% |
| BYD Co. Ltd. | 1.6% |
| Zijin Mining Group Co. Ltd. | 1.5% |
| East Money Information Co. Ltd. | 1.3% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Financials | 26% |
| Industrials | 16% |
| Information Technology | 16% |
| Consumer Staples | 11% |
| Consumer Discretionary | 9% |
| Materials | 8% |
| Health Care | 6% |
| Utilities | 4% |
| Energy | 2% |
| Real Estate | 1% |
| Communication Services | 1% |

---

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, and financial statements and other information, please visit dws.com/etfreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (844) 851-4255.

## Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Funds investing in a single country 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. 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. 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 fund 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 fund to achieve its investment objective. 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.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's investment objectives, risk factors, and charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (844) 851-4255, or visit dws.com/etfreports to view or download a prospectus. Please read the prospectus carefully before you invest.** 

# 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.

#© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **ASHR-TSRA** 
R-101064-2 (7/25) DBX006676 (07/26)

# Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF
ASHS: NYSE Arca, Inc.

#### Annual Shareholder Report — May 31, 2025
![Image](g949197ib3155adc9fa73064a50d.jpg)

## What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ASHS | $68 | 0.65% |

---

Gross expense ratio as of the latest prospectus: 0.65%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This annual shareholder report contains important information about the Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (the "Fund") for the period June 1, 2024 to May 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## How did the fund perform last year and what affected its performance?
The Fund 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 Fund returned 8.21% for the period ended May 31, 2025. The Fund's underlying index returned 9.48% and the Fund's broad-based index the MSCI ACWI ex USA Index returned 13.75% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Information Technology, Consumer Discretionary and Communication Services. The Energy, Materials and Utilities sectors detracted from performance.

## Fund Performance
CSI 500 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.

MSCI ACWI ex USA Index captures large and mid-cap representation across Developed Markets countries (excluding the US) and Emerging Markets countries. The index covers approximately 85% of the global equity opportunity set outside the US.

The MSCI ACWI ex USA Index is a required broad-based index that represents the Fund's overall equity market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g949197i47fa84507963c21f0e3a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF - NAV** | **CSI 500 Index (the Underlying Index)** | **MSCI ACWI ex USA Index** |
| **'15** | $10000 | $10000 | $10000 |
| **'15** | $8884 | $8944 | $9721 |
| **'15** | $7351 | $7762 | $9694 |
| **'15** | $5856 | $6436 | $8953 |
| **'15** | $5495 | $6011 | $8538 |
| **'15** | $6643 | $6987 | $9174 |
| **'15** | $6854 | $7227 | $8984 |
| **'15** | $6951 | $7321 | $8815 |
| **'16** | $4882 | $5190 | $8215 |
| **'16** | $4805 | $5100 | $8121 |
| **'16** | $5729 | $5942 | $8782 |
| **'16** | $5554 | $5767 | $9013 |
| **'16** | $5463 | $5648 | $8861 |
| **'16** | $5574 | $5782 | $8725 |
| **'16** | $5665 | $5856 | $9157 |
| **'16** | $5822 | $6050 | $9215 |
| **'16** | $5732 | $5959 | $9328 |
| **'16** | $5752 | $5986 | $9194 |
| **'16** | $5757 | $6008 | $8982 |
| **'16** | $5401 | $5648 | $9211 |
| **'17** | $5479 | $5682 | $9538 |
| **'17** | $5661 | $5901 | $9690 |
| **'17** | $5603 | $5836 | $9935 |
| **'17** | $5414 | $5661 | $10148 |
| **'17** | $5191 | $5374 | $10477 |
| **'17** | $5468 | $5722 | $10510 |
| **'17** | $5665 | $5924 | $10897 |
| **'17** | $5930 | $6205 | $10954 |
| **'17** | $5994 | $6266 | $11158 |
| **'17** | $5968 | $6263 | $11368 |
| **'17** | $5696 | $5998 | $11460 |
| **'17** | $5770 | $6077 | $11716 |
| **'18** | $5903 | $6219 | $12369 |
| **'18** | $5700 | $6024 | $11785 |
| **'18** | $5759 | $6074 | $11560 |
| **'18** | $5543 | $5851 | $11762 |
| **'18** | $5384 | $5703 | $11490 |
| **'18** | $4706 | $5019 | $11275 |
| **'18** | $4572 | $4854 | $11544 |
| **'18** | $4221 | $4505 | $11303 |
| **'18** | $4200 | $4457 | $11354 |
| **'18** | $3687 | $3920 | $10431 |
| **'18** | $3808 | $4030 | $10529 |
| **'18** | $3676 | $3889 | $10052 |
| **'19** | $3768 | $3985 | $10812 |
| **'19** | $4532 | $4806 | $11024 |
| **'19** | $4984 | $5276 | $11089 |
| **'19** | $4760 | $5038 | $11382 |
| **'19** | $4292 | $4566 | $10771 |
| **'19** | $4366 | $4653 | $11420 |
| **'19** | $4310 | $4604 | $11282 |
| **'19** | $4144 | $4420 | $10933 |
| **'19** | $4200 | $4487 | $11215 |
| **'19** | $4233 | $4520 | $11606 |
| **'19** | $4222 | $4505 | $11708 |
| **'19** | $4589 | $4891 | $12215 |
| **'20** | $4209 | $5022 | $11887 |
| **'20** | $4731 | $5038 | $10947 |
| **'20** | $4303 | $4602 | $9362 |
| **'20** | $4579 | $4918 | $10072 |
| **'20** | $4593 | $4907 | $10401 |
| **'20** | $5044 | $5406 | $10872 |
| **'20** | $5734 | $6153 | $11356 |
| **'20** | $5929 | $6359 | $11842 |
| **'20** | $5558 | $5943 | $11551 |
| **'20** | $5554 | $5971 | $11303 |
| **'20** | $5839 | $6269 | $12823 |
| **'20** | $5947 | $6371 | $13516 |
| **'21** | $5976 | $6423 | $13546 |
| **'21** | $5955 | $6436 | $13814 |
| **'21** | $5778 | $6236 | $13989 |
| **'21** | $6076 | $6560 | $14400 |
| **'21** | $6369 | $6861 | $14835 |
| **'21** | $6413 | $6952 | $14755 |
| **'21** | $6396 | $6929 | $14511 |
| **'21** | $6854 | $7432 | $14787 |
| **'21** | $6717 | $7275 | $14314 |
| **'21** | $6673 | $7276 | $14655 |
| **'21** | $6919 | $7539 | $13996 |
| **'21** | $7015 | $7649 | $14574 |
| **'22** | $6267 | $6853 | $14037 |
| **'22** | $6576 | $7193 | $13759 |
| **'22** | $6029 | $6606 | $13781 |
| **'22** | $5134 | $5654 | $12916 |
| **'22** | $5485 | $6020 | $13008 |
| **'22** | $5901 | $6453 | $11889 |
| **'22** | $5727 | $6277 | $12296 |
| **'22** | $5481 | $6003 | $11901 |
| **'22** | $4916 | $5418 | $10712 |
| **'22** | $4847 | $5364 | $11032 |
| **'22** | $5360 | $5791 | $12334 |
| **'22** | $5203 | $5675 | $12242 |
| **'23** | $5712 | $6265 | $13235 |
| **'23** | $5610 | $6165 | $12770 |
| **'23** | $5654 | $6216 | $13082 |
| **'23** | $5526 | $6073 | $13309 |
| **'23** | $5226 | $5756 | $12826 |
| **'23** | $5100 | $5624 | $13401 |
| **'23** | $5285 | $5809 | $13946 |
| **'23** | $4892 | $5373 | $13316 |
| **'23** | $4837 | $5318 | $12895 |
| **'23** | $4669 | $5157 | $12363 |
| **'23** | $4813 | $5313 | $13476 |
| **'23** | $4723 | $5228 | $14153 |
| **'24** | $4054 | $4466 | $14013 |
| **'24** | $4601 | $5075 | $14367 |
| **'24** | $4459 | $4935 | $14795 |
| **'24** | $4650 | $5131 | $14551 |
| **'24** | $4545 | $5030 | $14973 |
| **'24** | $4244 | $4700 | $14959 |
| **'24** | $4247 | $4690 | $15305 |
| **'24** | $4113 | $4541 | $15741 |
| **'24** | $5142 | $5688 | $16165 |
| **'24** | $5156 | $5761 | $15372 |
| **'24** | $5030 | $5626 | $15233 |
| **'24** | $4862 | $5457 | $14937 |
| **'25** | $4763 | $5353 | $15538 |
| **'25** | $5020 | $5597 | $15754 |
| **'25** | $5037 | $5625 | $15718 |
| **'25** | $4837 | $5396 | $16286 |
| **'25** | $4918 | $5507 | $17032 |

---

Yearly periods ended May 31

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1-Year** | **5-Year** | **10-Year** |
| Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF - NAV | 8.21% | 1.38% | -6.85% |
| CSI 500 Index | 9.48% | 2.34% | -5.79% |
| MSCI ACWI ex USA Index | 13.75% | 10.37% | 5.47% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 26870539 |
| Number of Portfolio Holdings | 489 |
| Portfolio Turnover Rate (%) | 79 |
| Total Net Advisory Fees Paid ($) | 181855 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **6.9% of Net Assets** |
| Kuang-Chi Technologies Co. Ltd. | 1.0% |
| Anhui Jianghuai Automobile Group Corp. Ltd. | 1.0% |
| Victory Giant Technology Huizhou Co. Ltd. | 0.8% |
| Chifeng Jilong Gold Mining Co. Ltd. | 0.7% |
| Huagong Tech Co. Ltd. | 0.6% |
| Jiangsu Hoperun Software Co. Ltd. | 0.6% |
| Bank of Suzhou Co. Ltd. | 0.6% |
| Suzhou Dongshan Precision Manufacturing Co. Ltd. | 0.6% |
| Sichuan Changhong Electric Co. Ltd. | 0.5% |
| Ninebot Ltd. | 0.5% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Information Technology | 24% |
| Materials | 16% |
| Industrials | 16% |
| Health Care | 11% |
| Financials | 10% |
| Consumer Discretionary | 9% |
| Consumer Staples | 4% |
| Utilities | 3% |
| Communication Services | 3% |
| Real Estate | 2% |
| Energy | 2% |

---

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, and financial statements and other information, please visit dws.com/etfreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (844) 851-4255.

## Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Funds investing in a single country 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. 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. 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 Fund 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 fund to achieve its investment objective. 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.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's investment objectives, risk factors, and charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (844) 851-4255, or visit dws.com/etfreports to view or download a prospectus. Please read the prospectus carefully before you invest.** 

# 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.

#© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **ASHS-TSRA** 
R-101065-2 (7/25) DBX006677 (07/26)

# Xtrackers MSCI All World ex US Hedged Equity ETF
DBAW: NYSE Arca, Inc.

#### Annual Shareholder Report — May 31, 2025
![Image](g949197ib3155adc9fa73064a50d.jpg)

## What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| DBAW | $42 | 0.40% |

---

Gross expense ratio as of the latest prospectus: 0.40%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This annual shareholder report contains important information about the Xtrackers MSCI All World ex US Hedged Equity ETF (the "Fund") for the period June 1, 2024 to May 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## How did the fund perform last year and what affected its performance?
The Fund 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.

The Fund returned 10.95% for the period ended May 31, 2025. The Fund's underlying index returned 11.36% and the Fund's broad-based index the MSCI ACWI ex USA Index returned 13.75% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Financials, Industrials and Communication Services. The Energy and Materials sectors detracted from performance. From a geographical perspective, the majority of countries contributed positively to performance during the period with the greatest contribution coming from Hong Kong, Germany and Japan while Denmark, Korea and Turkey contributed negatively to performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S dollar against specified non-U.S currencies. The currency hedging strategy contributed negatively to performance.

## Fund Performance
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.

MSCI ACWI ex USA Index captures large and mid-cap representation across Developed Markets countries (excluding the US) and Emerging Markets countries. The index covers approximately 85% of the global equity opportunity set outside the US.

The MSCI ACWI ex USA Index is a required broad-based index that represents the Fund's overall equity market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g949197idc31a3440443767b517d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers MSCI All World ex US Hedged Equity ETF - NAV** | **MSCI ACWI ex USA US Dollar Hedged Index (the Underlying Index)** | **MSCI ACWI ex USA Index** |
| **'15** | $10000 | $10000 | $10000 |
| **'15** | $9600 | $9604 | $9721 |
| **'15** | $9741 | $9751 | $9694 |
| **'15** | $9022 | $9046 | $8953 |
| **'15** | $8659 | $8671 | $8538 |
| **'15** | $9256 | $9276 | $9174 |
| **'15** | $9279 | $9307 | $8984 |
| **'15** | $9044 | $9082 | $8815 |
| **'16** | $8553 | $8595 | $8215 |
| **'16** | $8329 | $8368 | $8121 |
| **'16** | $8686 | $8732 | $8782 |
| **'16** | $8784 | $8826 | $9013 |
| **'16** | $8883 | $8933 | $8861 |
| **'16** | $8667 | $8712 | $8725 |
| **'16** | $9057 | $9112 | $9157 |
| **'16** | $9181 | $9235 | $9215 |
| **'16** | $9209 | $9275 | $9328 |
| **'16** | $9297 | $9373 | $9194 |
| **'16** | $9316 | $9418 | $8982 |
| **'16** | $9626 | $9730 | $9211 |
| **'17** | $9726 | $9836 | $9538 |
| **'17** | $9906 | $10022 | $9690 |
| **'17** | $10127 | $10248 | $9935 |
| **'17** | $10293 | $10412 | $10148 |
| **'17** | $10504 | $10622 | $10477 |
| **'17** | $10480 | $10603 | $10510 |
| **'17** | $10653 | $10784 | $10897 |
| **'17** | $10710 | $10846 | $10954 |
| **'17** | $10945 | $11090 | $11157 |
| **'17** | $11292 | $11445 | $11367 |
| **'17** | $11230 | $11390 | $11460 |
| **'17** | $11407 | $11574 | $11716 |
| **'18** | $11692 | $11867 | $12368 |
| **'18** | $11300 | $11477 | $11785 |
| **'18** | $11070 | $11241 | $11560 |
| **'18** | $11469 | $11654 | $11762 |
| **'18** | $11392 | $11574 | $11491 |
| **'18** | $11325 | $11504 | $11275 |
| **'18** | $11598 | $11785 | $11544 |
| **'18** | $11447 | $11637 | $11303 |
| **'18** | $11528 | $11722 | $11354 |
| **'18** | $10768 | $10949 | $10431 |
| **'18** | $10856 | $11039 | $10529 |
| **'18** | $10323 | $10502 | $10052 |
| **'19** | $10975 | $11168 | $10812 |
| **'19** | $11287 | $11495 | $11024 |
| **'19** | $11452 | $11660 | $11089 |
| **'19** | $11833 | $12045 | $11382 |
| **'19** | $11247 | $11456 | $10771 |
| **'19** | $11740 | $11964 | $11420 |
| **'19** | $11775 | $12002 | $11282 |
| **'19** | $11522 | $11745 | $10933 |
| **'19** | $11859 | $12095 | $11215 |
| **'19** | $12088 | $12334 | $11606 |
| **'19** | $12309 | $12564 | $11708 |
| **'19** | $12620 | $12889 | $12215 |
| **'20** | $12409 | $12694 | $11887 |
| **'20** | $11594 | $11855 | $10947 |
| **'20** | $10143 | $10377 | $9362 |
| **'20** | $10826 | $11079 | $10072 |
| **'20** | $11157 | $11414 | $10401 |
| **'20** | $11570 | $11841 | $10872 |
| **'20** | $11730 | $12010 | $11356 |
| **'20** | $12129 | $12422 | $11842 |
| **'20** | $11976 | $12268 | $11551 |
| **'20** | $11697 | $11990 | $11303 |
| **'20** | $13040 | $13372 | $12823 |
| **'20** | $13500 | $13853 | $13516 |
| **'21** | $13622 | $13977 | $13546 |
| **'21** | $13920 | $14289 | $13814 |
| **'21** | $14365 | $14745 | $13989 |
| **'21** | $14570 | $14958 | $14400 |
| **'21** | $14875 | $15276 | $14835 |
| **'21** | $15040 | $15446 | $14755 |
| **'21** | $14804 | $15198 | $14511 |
| **'21** | $15115 | $15528 | $14787 |
| **'21** | $14837 | $15248 | $14314 |
| **'21** | $15136 | $15557 | $14655 |
| **'21** | $14736 | $15150 | $13996 |
| **'21** | $15238 | $15671 | $14574 |
| **'22** | $14812 | $15230 | $14037 |
| **'22** | $14471 | $14921 | $13759 |
| **'22** | $14621 | $15045 | $13781 |
| **'22** | $14299 | $14714 | $12916 |
| **'22** | $14290 | $14696 | $13008 |
| **'22** | $13457 | $13845 | $11889 |
| **'22** | $13949 | $14355 | $12296 |
| **'22** | $13767 | $14192 | $11901 |
| **'22** | $12854 | $13246 | $10712 |
| **'22** | $13248 | $13663 | $11032 |
| **'22** | $14326 | $14786 | $12334 |
| **'22** | $13918 | $14374 | $12242 |
| **'23** | $14853 | $15335 | $13235 |
| **'23** | $14701 | $15188 | $12770 |
| **'23** | $14859 | $15345 | $13082 |
| **'23** | $15108 | $15604 | $13309 |
| **'23** | $14863 | $15364 | $12826 |
| **'23** | $15412 | $15934 | $13401 |
| **'23** | $15854 | $16403 | $13946 |
| **'23** | $15457 | $16004 | $13316 |
| **'23** | $15259 | $15799 | $12895 |
| **'23** | $14762 | $15289 | $12363 |
| **'23** | $15670 | $16245 | $13476 |
| **'23** | $16167 | $16768 | $14153 |
| **'24** | $16299 | $16911 | $14013 |
| **'24** | $16876 | $17524 | $14367 |
| **'24** | $17502 | $18170 | $14795 |
| **'24** | $17486 | $18166 | $14551 |
| **'24** | $17844 | $18544 | $14973 |
| **'24** | $17987 | $18702 | $14959 |
| **'24** | $18200 | $18937 | $15305 |
| **'24** | $18300 | $19060 | $15741 |
| **'24** | $18609 | $19388 | $16165 |
| **'24** | $18333 | $19086 | $15372 |
| **'24** | $18372 | $19128 | $15233 |
| **'24** | $18455 | $19218 | $14937 |
| **'25** | $19116 | $19960 | $15538 |
| **'25** | $19342 | $20140 | $15754 |
| **'25** | $18996 | $19788 | $15718 |
| **'25** | $18969 | $19779 | $16286 |
| **'25** | $19798 | $20651 | $17032 |

---

Yearly periods ended May 31

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1-Year** | **5-Year** | **10-Year** |
| Xtrackers MSCI All World ex US Hedged Equity ETF - NAV | 10.95% | 12.15% | 7.07% |
| MSCI ACWI ex USA US Dollar Hedged Index | 11.36% | 12.59% | 7.52% |
| MSCI ACWI ex USA Index | 13.75% | 10.37% | 5.47% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 176998906 |
| Number of Portfolio Holdings | 1846 |
| Portfolio Turnover Rate (%) | 13 |
| Total Net Advisory Fees Paid ($) | 589586 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **10.9% of Net Assets** |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 2.7% |
| Tencent Holdings Ltd. (China) | 1.4% |
| SAP SE (Germany) | 1.1% |
| ASML Holding NV (Netherlands) | 1.0% |
| Nestle SA (Switzerland) | 0.9% |
| Alibaba Group Holding Ltd. (China) | 0.8% |
| Roche Holding AG (Switzerland) | 0.8% |
| AstraZeneca PLC (United Kingdom) | 0.8% |
| Novo Nordisk A/S (Denmark) | 0.7% |
| Samsung Electronics Co. Ltd. (South Korea) | 0.7% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Financials | 24% |
| Industrials | 14% |
| Information Technology | 12% |
| Consumer Discretionary | 10% |
| Health Care | 8% |
| Consumer Staples | 7% |
| Materials | 6% |
| Communication Services | 6% |
| Energy | 5% |
| Utilities | 3% |
| Real Estate | 2% |
| Other | 0% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| Japan | 14% |
| United Kingdom | 9% |
| Canada | 8% |
| China | 7% |
| France | 7% |
| Germany | 6% |
| Switzerland | 6% |
| Taiwan | 5% |
| India | 5% |
| Australia | 4% |
| Netherlands | 3% |
| Other | 20% |

---

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, and financial statements and other information, please visit dws.com/etfreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (844) 851-4255.

## Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The 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 US 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.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's investment objectives, risk factors, and charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (844) 851-4255, or visit dws.com/etfreports to view or download a prospectus. Please read the prospectus carefully before you invest.** 

# 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.

#© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **DBAW-TSRA** 
R-101072-2 (7/25) DBX006679 (07/26)

# Xtrackers MSCI EAFE Hedged Equity ETF
DBEF: NYSE Arca, Inc.

#### Annual Shareholder Report — May 31, 2025
![Image](g949197ib3155adc9fa73064a50d.jpg)

## What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| DBEF | $37 | 0.35% |

---

Gross expense ratio as of the latest prospectus: 0.35%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This annual shareholder report contains important information about the Xtrackers MSCI EAFE Hedged Equity ETF (the "Fund") for the period June 1, 2024 to May 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## How did the fund perform last year and what affected its performance?
The Fund 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 Fund returned 9.53% for the period ended May 31, 2025. The Fund's underlying index returned 9.69% and the Fund's broad-based index the MSCI EAFE Index returned 13.33% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Financials, Industrials and Communication Services. The Energy, Materials and Health Care sectors detracted from performance. From a geographical perspective, the majority of countries contributed positively to performance during the period with the greatest contribution coming from Germany, Japan and the United Kingdom while Denmark, Netherlands and Portugal contributed negatively to performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S dollar against specified non-U.S currencies. The currency hedging strategy contributed negatively to performance.

## Fund Performance
MSCI EAFE US Dollar Hedge 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.

MSCI EAFE Index is an equity index which captures large and mid-cap representation across Developed Markets countries around the world, excluding the US and Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country.

The MSCI EAFE Index is a required broad-based index that represents the Fund's overall equity market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g949197i01364d95bed67f4221f9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers MSCI EAFE Hedged Equity ETF - NAV** | **MSCI EAFE US Dollar Hedged Index (the Underlying Index)** | **MSCI EAFE Index** |
| **'15** | $10000 | $10000 | $10000 |
| **'15** | $9535 | $9549 | $9717 |
| **'15** | $9869 | $9884 | $9918 |
| **'15** | $9111 | $9127 | $9189 |
| **'15** | $8677 | $8693 | $8722 |
| **'15** | $9355 | $9381 | $9404 |
| **'15** | $9472 | $9502 | $9258 |
| **'15** | $9213 | $9245 | $9134 |
| **'16** | $8685 | $8719 | $8473 |
| **'16** | $8372 | $8408 | $8318 |
| **'16** | $8631 | $8668 | $8859 |
| **'16** | $8742 | $8779 | $9116 |
| **'16** | $8911 | $8948 | $9033 |
| **'16** | $8570 | $8604 | $8730 |
| **'16** | $8981 | $9020 | $9172 |
| **'16** | $9064 | $9112 | $9179 |
| **'16** | $9102 | $9150 | $9291 |
| **'16** | $9213 | $9266 | $9101 |
| **'16** | $9320 | $9381 | $8920 |
| **'16** | $9743 | $9814 | $9225 |
| **'17** | $9760 | $9835 | $9493 |
| **'17** | $9971 | $10052 | $9628 |
| **'17** | $10227 | $10307 | $9893 |
| **'17** | $10383 | $10464 | $10145 |
| **'17** | $10618 | $10698 | $10518 |
| **'17** | $10544 | $10626 | $10499 |
| **'17** | $10625 | $10711 | $10802 |
| **'17** | $10631 | $10721 | $10798 |
| **'17** | $10929 | $11023 | $11066 |
| **'17** | $11259 | $11359 | $11234 |
| **'17** | $11206 | $11312 | $11352 |
| **'17** | $11358 | $11467 | $11534 |
| **'18** | $11507 | $11623 | $12113 |
| **'18** | $11148 | $11265 | $11566 |
| **'18** | $10906 | $11016 | $11338 |
| **'18** | $11425 | $11539 | $11617 |
| **'18** | $11366 | $11483 | $11356 |
| **'18** | $11350 | $11470 | $11217 |
| **'18** | $11664 | $11794 | $11493 |
| **'18** | $11487 | $11618 | $11271 |
| **'18** | $11667 | $11804 | $11369 |
| **'18** | $10934 | $11068 | $10464 |
| **'18** | $10927 | $11066 | $10451 |
| **'18** | $10307 | $10439 | $9944 |
| **'19** | $10892 | $11036 | $10597 |
| **'19** | $11285 | $11438 | $10867 |
| **'19** | $11462 | $11615 | $10936 |
| **'19** | $11872 | $12029 | $11243 |
| **'19** | $11351 | $11499 | $10704 |
| **'19** | $11865 | $12022 | $11338 |
| **'19** | $11967 | $12129 | $11195 |
| **'19** | $11699 | $11861 | $10905 |
| **'19** | $12128 | $12299 | $11217 |
| **'19** | $12356 | $12532 | $11620 |
| **'19** | $12626 | $12811 | $11751 |
| **'19** | $12822 | $13011 | $12133 |
| **'20** | $12680 | $12872 | $11879 |
| **'20** | $11678 | $11863 | $10806 |
| **'20** | $10263 | $10420 | $9363 |
| **'20** | $10845 | $11003 | $9968 |
| **'20** | $11288 | $11455 | $10402 |
| **'20** | $11592 | $11765 | $10757 |
| **'20** | $11379 | $11552 | $11007 |
| **'20** | $11846 | $12032 | $11573 |
| **'20** | $11734 | $11922 | $11272 |
| **'20** | $11278 | $11461 | $10822 |
| **'20** | $12791 | $13001 | $12500 |
| **'20** | $13120 | $13337 | $13081 |
| **'21** | $13071 | $13293 | $12942 |
| **'21** | $13411 | $13644 | $13232 |
| **'21** | $14108 | $14353 | $13536 |
| **'21** | $14298 | $14543 | $13944 |
| **'21** | $14705 | $14953 | $14444 |
| **'21** | $14809 | $15063 | $14236 |
| **'21** | $14871 | $15129 | $14344 |
| **'21** | $15204 | $15474 | $14597 |
| **'21** | $15022 | $15284 | $14173 |
| **'21** | $15355 | $15628 | $14522 |
| **'21** | $14979 | $15249 | $13846 |
| **'21** | $15648 | $15928 | $14555 |
| **'22** | $15088 | $15364 | $13851 |
| **'22** | $14762 | $15035 | $13606 |
| **'22** | $15092 | $15369 | $13694 |
| **'22** | $14918 | $15182 | $12808 |
| **'22** | $14902 | $15164 | $12904 |
| **'22** | $14003 | $12721 | $11706 |
| **'22** | $14749 | $13400 | $12289 |
| **'22** | $14439 | $13123 | $11706 |
| **'22** | $13603 | $12363 | $10611 |
| **'22** | $14357 | $13046 | $11181 |
| **'22** | $15347 | $13956 | $12441 |
| **'22** | $14905 | $13563 | $12451 |
| **'23** | $15895 | $14464 | $13459 |
| **'23** | $16018 | $14583 | $13178 |
| **'23** | $16144 | $14692 | $13505 |
| **'23** | $16554 | $15063 | $13886 |
| **'23** | $16337 | $14865 | $13298 |
| **'23** | $16963 | $15432 | $13904 |
| **'23** | $17283 | $15730 | $14353 |
| **'23** | $16999 | $15481 | $13804 |
| **'23** | $16856 | $15348 | $13332 |
| **'23** | $16327 | $14873 | $12792 |
| **'23** | $17297 | $15771 | $13979 |
| **'23** | $17839 | $16268 | $14722 |
| **'24** | $18324 | $16716 | $14806 |
| **'24** | $18902 | $17253 | $15077 |
| **'24** | $19681 | $17957 | $15556 |
| **'24** | $19580 | $17862 | $15174 |
| **'24** | $20114 | $18346 | $15762 |
| **'24** | $20043 | $18284 | $15508 |
| **'24** | $20236 | $18467 | $15963 |
| **'24** | $20359 | $18585 | $16482 |
| **'24** | $20323 | $18553 | $16634 |
| **'24** | $20058 | $18320 | $15729 |
| **'24** | $20204 | $18457 | $15640 |
| **'24** | $20328 | $18569 | $15284 |
| **'25** | $21340 | $19499 | $16088 |
| **'25** | $21572 | $19717 | $16400 |
| **'25** | $21005 | $19193 | $16333 |
| **'25** | $21007 | $19194 | $17082 |
| **'25** | $22031 | $20124 | $17863 |

---

Yearly periods ended May 31

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1-Year** | **5-Year** | **10-Year** |
| Xtrackers MSCI EAFE Hedged Equity ETF - NAV | 9.53% | 14.31% | 8.22% |
| MSCI EAFE US Dollar Hedged Index | 9.69% | 14.50% | 8.47% |
| MSCI EAFE Index | 13.33% | 11.42% | 5.97% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 8031260664 |
| Number of Portfolio Holdings | 698 |
| Portfolio Turnover Rate (%) | 12 |
| Total Net Advisory Fees Paid ($) | 23771276 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **12.8% of Net Assets** |
| SAP SE (Germany) | 1.7% |
| ASML Holding NV (Netherlands) | 1.6% |
| Nestle SA (Switzerland) | 1.5% |
| Roche Holding AG (Switzerland) | 1.3% |
| AstraZeneca PLC (United Kingdom) | 1.2% |
| Novo Nordisk A/S (Denmark) | 1.2% |
| Novartis AG (Switzerland) | 1.2% |
| HSBC Holdings PLC (United Kingdom) | 1.1% |
| Shell PLC (United Kingdom) | 1.0% |
| Commonwealth Bank of Australia (Australia) | 1.0% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Financials | 23% |
| Industrials | 18% |
| Health Care | 11% |
| Consumer Discretionary | 10% |
| Consumer Staples | 8% |
| Information Technology | 8% |
| Materials | 6% |
| Communication Services | 5% |
| Utilities | 4% |
| Energy | 3% |
| Real Estate | 2% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| Japan | 21% |
| United Kingdom | 14% |
| France | 11% |
| Germany | 10% |
| Switzerland | 10% |
| Australia | 6% |
| Netherlands | 5% |
| Sweden | 4% |
| Spain | 3% |
| Italy | 3% |
| Denmark | 2% |
| Other | 9% |

---

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, and financial statements and other information, please visit dws.com/etfreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (844) 851-4255.

## Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. 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 US 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 this 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.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's investment objectives, risk factors, and charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (844) 851-4255, or visit dws.com/etfreports to view or download a prospectus. Please read the prospectus carefully before you invest.** 

# 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.

#© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **DBEF-TSRA** 
R-101066-2 (7/25) DBX006680 (07/26)

# Xtrackers MSCI Emerging Markets Hedged Equity ETF
DBEM: NYSE Arca, Inc.

#### Annual Shareholder Report — May 31, 2025
![Image](g949197ib3155adc9fa73064a50d.jpg)

## What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| DBEM | $70 | 0.66% |

---

Gross expense ratio as of the latest prospectus: 0.67%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This annual shareholder report contains important information about the Xtrackers MSCI Emerging Markets Hedged Equity ETF (the "Fund") for the period June 1, 2024 to May 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## How did the fund perform last year and what affected its performance?
The Fund 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.

The Fund returned 11.47% for the period ended May 31, 2025. The Fund's underlying index returned 12.27% and the Fund's broad-based index the MSCI Emerging Markets Index returned 13.04% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Financials, Information Technology and Communication Services. The Energy, Materials and Utilities sectors detracted from performance. From a geographical perspective, the majority of countries contributed positively to performance during the period with the greatest contribution coming from Hong Kong, Taiwan and South Africa while the United States, Korea and Turkey contributed negatively to performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S dollar against specified non-U.S currencies. The currency hedging strategy contributed negatively to performance.

## Fund Performance
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.

MSCI Emerging Markets Index captures large and mid-cap representation across Emerging Markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country.

The MSCI Emerging Markets Index is a required broad-based index that represents the fund's overall equity market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g949197if6e23855adea69f81af1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers MSCI Emerging Markets Hedged Equity ETF - NAV** | **MSCI EM US Dollar Hedged Index (the Underlying Index)** | **MSCI Emerging Markets Index** |
| **'15** | $10000 | $10000 | $10000 |
| **'15** | $9728 | $9751 | $9740 |
| **'15** | $9257 | $9309 | $9065 |
| **'15** | $8619 | $8693 | $8245 |
| **'15** | $8443 | $8521 | $7997 |
| **'15** | $8904 | $8969 | $8568 |
| **'15** | $8646 | $8708 | $8233 |
| **'15** | $8485 | $8598 | $8050 |
| **'16** | $8025 | $8137 | $7528 |
| **'16** | $8030 | $8127 | $7515 |
| **'16** | $8702 | $8817 | $8510 |
| **'16** | $8674 | $8790 | $8556 |
| **'16** | $8568 | $8701 | $8237 |
| **'16** | $8709 | $8825 | $8566 |
| **'16** | $9028 | $9183 | $8997 |
| **'16** | $9246 | $9415 | $9221 |
| **'16** | $9246 | $9436 | $9339 |
| **'16** | $9269 | $9472 | $9362 |
| **'16** | $9010 | $9250 | $8931 |
| **'16** | $9003 | $9243 | $8950 |
| **'17** | $9339 | $9598 | $9440 |
| **'17** | $9470 | $9745 | $9729 |
| **'17** | $9629 | $9918 | $9975 |
| **'17** | $9825 | $10135 | $10193 |
| **'17** | $10040 | $10371 | $10495 |
| **'17** | $10185 | $10526 | $10600 |
| **'17** | $10658 | $11031 | $11232 |
| **'17** | $10867 | $11248 | $11483 |
| **'17** | $10898 | $11286 | $11437 |
| **'17** | $11295 | $11711 | $11838 |
| **'17** | $11180 | $11601 | $11862 |
| **'17** | $11457 | $11882 | $12287 |
| **'18** | $12231 | $12686 | $13311 |
| **'18** | $11736 | $12189 | $12698 |
| **'18** | $11500 | $11936 | $12444 |
| **'18** | $11625 | $12083 | $12406 |
| **'18** | $11354 | $11816 | $11967 |
| **'18** | $11067 | $11524 | $11470 |
| **'18** | $11250 | $11715 | $11722 |
| **'18** | $11171 | $11644 | $11405 |
| **'18** | $11029 | $11502 | $11344 |
| **'18** | $10171 | $10614 | $10356 |
| **'18** | $10463 | $10931 | $10783 |
| **'18** | $10187 | $10653 | $10496 |
| **'19** | $10918 | $11426 | $11416 |
| **'19** | $11017 | $11547 | $11442 |
| **'19** | $11156 | $11701 | $11538 |
| **'19** | $11416 | $11992 | $11781 |
| **'19** | $10653 | $11201 | $10926 |
| **'19** | $11138 | $11715 | $11608 |
| **'19** | $11010 | $11592 | $11466 |
| **'19** | $10727 | $11297 | $10907 |
| **'19** | $10872 | $11457 | $11115 |
| **'19** | $11185 | $11798 | $11584 |
| **'19** | $11236 | $11859 | $11568 |
| **'19** | $11866 | $12540 | $12431 |
| **'20** | $11414 | $12125 | $11852 |
| **'20** | $11009 | $11664 | $11227 |
| **'20** | $9642 | $10218 | $9498 |
| **'20** | $10481 | $11120 | $10367 |
| **'20** | $10545 | $11182 | $10447 |
| **'20** | $11238 | $11918 | $11215 |
| **'20** | $12145 | $12884 | $12217 |
| **'20** | $12411 | $13154 | $12487 |
| **'20** | $12195 | $12930 | $12287 |
| **'20** | $12362 | $13114 | $12540 |
| **'20** | $13328 | $14138 | $13700 |
| **'20** | $14112 | $14996 | $14707 |
| **'21** | $14645 | $15552 | $15158 |
| **'21** | $14775 | $15702 | $15274 |
| **'21** | $14634 | $15554 | $15043 |
| **'21** | $14838 | $15791 | $15417 |
| **'21** | $14852 | $15822 | $15594 |
| **'21** | $15117 | $16104 | $15802 |
| **'21** | $14184 | $15112 | $14739 |
| **'21** | $14478 | $15437 | $15124 |
| **'21** | $14044 | $14990 | $14523 |
| **'21** | $14148 | $15103 | $14667 |
| **'21** | $13670 | $14601 | $14069 |
| **'21** | $13845 | $14796 | $14333 |
| **'22** | $13581 | $14515 | $14062 |
| **'22** | $13161 | $14184 | $13641 |
| **'22** | $12836 | $13768 | $13333 |
| **'22** | $12366 | $13276 | $12592 |
| **'22** | $12348 | $13240 | $12647 |
| **'22** | $11794 | $12641 | $11806 |
| **'22** | $11779 | $12649 | $11777 |
| **'22** | $11884 | $12793 | $11826 |
| **'22** | $10790 | $11610 | $10440 |
| **'22** | $10479 | $11300 | $10116 |
| **'22** | $11721 | $12650 | $11616 |
| **'22** | $11479 | $12387 | $11453 |
| **'23** | $12235 | $13198 | $12357 |
| **'23** | $11672 | $12593 | $11556 |
| **'23** | $11924 | $12863 | $11906 |
| **'23** | $11833 | $12773 | $11771 |
| **'23** | $11681 | $12641 | $11573 |
| **'23** | $12075 | $13072 | $12013 |
| **'23** | $12707 | $13770 | $12761 |
| **'23** | $12103 | $13134 | $11975 |
| **'23** | $11887 | $12901 | $11661 |
| **'23** | $11455 | $12434 | $11208 |
| **'23** | $12161 | $13217 | $12105 |
| **'23** | $12525 | $13635 | $12579 |
| **'24** | $12091 | $13166 | $11994 |
| **'24** | $12674 | $13830 | $12565 |
| **'24** | $13015 | $14203 | $12841 |
| **'24** | $13211 | $14442 | $12934 |
| **'24** | $13245 | $14513 | $13007 |
| **'24** | $13795 | $15135 | $13520 |
| **'24** | $13856 | $15227 | $13560 |
| **'24** | $13866 | $15289 | $13779 |
| **'24** | $14630 | $16149 | $14699 |
| **'24** | $14278 | $15695 | $14046 |
| **'24** | $13885 | $15268 | $13541 |
| **'24** | $14058 | $15447 | $13522 |
| **'25** | $14138 | $15684 | $13764 |
| **'25** | $14372 | $15793 | $13831 |
| **'25** | $14386 | $15837 | $13918 |
| **'25** | $14320 | $15797 | $14101 |
| **'25** | $14764 | $16294 | $14703 |

---

Yearly periods ended May 31

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1-Year** | **5-Year** | **10-Year** |
| Xtrackers MSCI Emerging Markets Hedged Equity ETF - NAV | 11.47% | 6.96% | 3.97% |
| MSCI EM US Dollar Hedged Index | 12.27% | 7.82% | 5.00% |
| MSCI Emerging Markets Index | 13.04% | 7.07% | 3.93% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 68489246 |
| Number of Portfolio Holdings | 1184 |
| Portfolio Turnover Rate (%) | 10 |
| Total Net Advisory Fees Paid ($) | 473957 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **26.8% of Net Assets** |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 9.4% |
| Tencent Holdings Ltd. (China) | 4.8% |
| Alibaba Group Holding Ltd. (China) | 2.9% |
| Samsung Electronics Co. Ltd. (South Korea) | 2.6% |
| HDFC Bank Ltd. (India) | 1.5% |
| Xiaomi Corp. (China) | 1.3% |
| Reliance Industries Ltd. (India) | 1.2% |
| ICICI Bank Ltd. (India) | 1.1% |
| Meituan (China) | 1.0% |
| China Construction Bank Corp. (China) | 1.0% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Financials | 24% |
| Information Technology | 22% |
| Consumer Discretionary | 13% |
| Communication Services | 10% |
| Industrials | 7% |
| Consumer Staples | 5% |
| Materials | 5% |
| Energy | 4% |
| Utilities | 3% |
| Health Care | 3% |
| Real Estate | 2% |
| Other | 0% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| China | 26% |
| India | 18% |
| Taiwan | 18% |
| South Korea | 9% |
| Brazil | 4% |
| Saudi Arabia | 4% |
| South Africa | 3% |
| Mexico | 2% |
| United Arab Emirates | 2% |
| Other | 12% |

---

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, and financial statements and other information, please visit dws.com/etfreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (844) 851-4255.

## Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The 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 US 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. 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. 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 this 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.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's investment objectives, risk factors, and charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (844) 851-4255, or visit dws.com/etfreports to view or download a prospectus. Please read the prospectus carefully before you invest.** 

# 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.

#© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **DBEM-TSRA** 
R-101073-2 (7/25) DBX006682 (07/26)

# Xtrackers MSCI Europe Hedged Equity ETF
DBEU: NYSE Arca, Inc.

#### Annual Shareholder Report — May 31, 2025
![Image](g949197ib3155adc9fa73064a50d.jpg)

## What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| DBEU | $47 | 0.45% |

---

Gross expense ratio as of the latest prospectus: 0.45%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This annual shareholder report contains important information about the Xtrackers MSCI Europe Hedged Equity ETF (the "Fund") for the period June 1, 2024 to May 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## How did the fund perform last year and what affected its performance?
The Fund 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.

The Fund returned 8.86% for the period ended May 31, 2025. The Fund's underlying index returned 9.02% and the Fund's broad-based index the MSCI Europe Index returned 13.39% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Financials, Industrials and Consumer Staples. The Energy, Health Care and Consumer Discretionary sectors detracted from performance. From a geographical perspective, the majority of countries contributed positively to performance during the period with the greatest contribution coming from Germany, the United Kingdom and Switzerland while Denmark, Netherlands and Portugal contributed negatively to performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S dollar against specified non-U.S currencies. The currency hedging strategy contributed negatively to performance.

## Fund Performance
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.

MSCI Europe Index captures large and mid-cap representation across Developed Markets countries in Europe. The index covers approximately 85% of the free float-adjusted market capitalization across the European Developed Markets equity universe.

The MSCI Europe Index is a required broad-based index that represents the Fund's overall equity market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g949197i5377a12549a12f459d18.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers MSCI Europe Hedged Equity ETF - NAV** | **MSCI Europe US Dollar Hedged Index (the Underlying Index)** | **MSCI Europe Index** |
| **'15** | $10000 | $10000 | $10000 |
| **'15** | $9489 | $9491 | $9693 |
| **'15** | $9900 | $9908 | $9996 |
| **'15** | $9177 | $9188 | $9284 |
| **'15** | $8820 | $8832 | $8850 |
| **'15** | $9457 | $9475 | $9484 |
| **'15** | $9634 | $9656 | $9310 |
| **'15** | $9268 | $9294 | $9071 |
| **'16** | $8822 | $8847 | $8473 |
| **'16** | $8654 | $8685 | $8321 |
| **'16** | $8836 | $8868 | $8843 |
| **'16** | $8986 | $9011 | $9059 |
| **'16** | $9154 | $9180 | $9006 |
| **'16** | $8974 | $8997 | $8605 |
| **'16** | $9335 | $9364 | $8966 |
| **'16** | $9445 | $9483 | $8992 |
| **'16** | $9493 | $9535 | $9071 |
| **'16** | $9530 | $9576 | $8775 |
| **'16** | $9471 | $9526 | $8584 |
| **'16** | $10023 | $10090 | $9034 |
| **'17** | $10000 | $10069 | $9222 |
| **'17** | $10279 | $10355 | $9332 |
| **'17** | $10658 | $10734 | $9707 |
| **'17** | $10834 | $10908 | $10049 |
| **'17** | $11145 | $11216 | $10537 |
| **'17** | $10901 | $10975 | $10422 |
| **'17** | $10980 | $11061 | $10733 |
| **'17** | $11003 | $11090 | $10739 |
| **'17** | $11313 | $11406 | $11093 |
| **'17** | $11557 | $11656 | $11146 |
| **'17** | $11359 | $11466 | $11170 |
| **'17** | $11487 | $11600 | $11338 |
| **'18** | $11627 | $11745 | $11951 |
| **'18** | $11241 | $11362 | $11249 |
| **'18** | $11052 | $11167 | $11113 |
| **'18** | $11612 | $11728 | $11421 |
| **'18** | $11573 | $11690 | $11046 |
| **'18** | $11563 | $11683 | $10972 |
| **'18** | $11960 | $12091 | $11337 |
| **'18** | $11701 | $11832 | $11021 |
| **'18** | $11758 | $11896 | $11060 |
| **'18** | $11168 | $11300 | $10216 |
| **'18** | $11079 | $11218 | $10121 |
| **'18** | $10510 | $10648 | $9653 |
| **'19** | $11121 | $11274 | $10289 |
| **'19** | $11544 | $11706 | $10635 |
| **'19** | $11792 | $11959 | $10700 |
| **'19** | $12303 | $12474 | $11082 |
| **'19** | $11793 | $11951 | $10475 |
| **'19** | $12371 | $12539 | $11179 |
| **'19** | $12472 | $12648 | $10962 |
| **'19** | $12286 | $12464 | $10686 |
| **'19** | $12684 | $12873 | $10977 |
| **'19** | $12766 | $12958 | $11329 |
| **'19** | $13076 | $13278 | $11499 |
| **'19** | $13323 | $13532 | $11948 |
| **'20** | $13126 | $13339 | $11647 |
| **'20** | $12104 | $12308 | $10567 |
| **'20** | $10498 | $10673 | $9041 |
| **'20** | $11097 | $11271 | $9577 |
| **'20** | $11534 | $11717 | $10013 |
| **'20** | $11914 | $12104 | $10420 |
| **'20** | $11739 | $11923 | $10821 |
| **'20** | $12061 | $12256 | $11266 |
| **'20** | $11953 | $12154 | $10891 |
| **'20** | $11318 | $11514 | $10276 |
| **'20** | $12947 | $13170 | $12025 |
| **'20** | $13253 | $13479 | $12591 |
| **'21** | $13123 | $13355 | $12409 |
| **'21** | $13437 | $13682 | $12712 |
| **'21** | $14241 | $14503 | $13105 |
| **'21** | $14603 | $14862 | $13700 |
| **'21** | $15030 | $15290 | $14293 |
| **'21** | $15202 | $15470 | $14077 |
| **'21** | $15425 | $15705 | $14337 |
| **'21** | $15759 | $16052 | $14554 |
| **'21** | $15306 | $15585 | $13859 |
| **'21** | $15881 | $16179 | $14483 |
| **'21** | $15520 | $15814 | $13736 |
| **'21** | $16346 | $16659 | $14643 |
| **'22** | $15849 | $16159 | $13973 |
| **'22** | $15354 | $15662 | $13578 |
| **'22** | $15500 | $15807 | $13564 |
| **'22** | $15418 | $15711 | $12784 |
| **'22** | $15384 | $15671 | $12880 |
| **'22** | $14247 | $14517 | $11599 |
| **'22** | $15168 | $15421 | $12173 |
| **'22** | $14628 | $14862 | $11414 |
| **'22** | $13799 | $14020 | $10422 |
| **'22** | $14663 | $14906 | $11169 |
| **'22** | $15744 | $16021 | $12436 |
| **'22** | $15339 | $15620 | $12438 |
| **'23** | $16453 | $16759 | $13517 |
| **'23** | $16702 | $17020 | $13433 |
| **'23** | $16759 | $17070 | $13751 |
| **'23** | $17199 | $17518 | $14323 |
| **'23** | $16736 | $17042 | $13482 |
| **'23** | $17182 | $17496 | $14128 |
| **'23** | $17457 | $17791 | $14561 |
| **'23** | $17086 | $17425 | $13984 |
| **'23** | $16889 | $17226 | $13428 |
| **'23** | $16330 | $16664 | $12926 |
| **'23** | $17330 | $17693 | $14202 |
| **'23** | $17939 | $18322 | $14912 |
| **'24** | $18183 | $18579 | $14894 |
| **'24** | $18623 | $19039 | $15126 |
| **'24** | $19471 | $19901 | $15692 |
| **'24** | $19360 | $19782 | $15394 |
| **'24** | $19995 | $20420 | $16140 |
| **'24** | $19742 | $20169 | $15777 |
| **'24** | $19965 | $20404 | $16116 |
| **'24** | $20249 | $20704 | $16751 |
| **'24** | $20135 | $20592 | $16816 |
| **'24** | $19608 | $20061 | $15825 |
| **'24** | $19726 | $20184 | $15559 |
| **'24** | $19651 | $20105 | $15178 |
| **'25** | $21023 | $21514 | $16224 |
| **'25** | $21693 | $22207 | $16820 |
| **'25** | $20930 | $21419 | $16769 |
| **'25** | $20803 | $21292 | $17502 |
| **'25** | $21766 | $22262 | $18300 |

---

Yearly periods ended May 31

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1-Year** | **5-Year** | **10-Year** |
| Xtrackers MSCI Europe Hedged Equity ETF - NAV | 8.86% | 13.54% | 8.09% |
| MSCI Europe US Dollar Hedged Index | 9.02% | 13.70% | 8.33% |
| MSCI Europe Index | 13.39% | 12.82% | 6.23% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 684512143 |
| Number of Portfolio Holdings | 404 |
| Portfolio Turnover Rate (%) | 10 |
| Total Net Advisory Fees Paid ($) | 2623619 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **18.7% of Net Assets** |
| SAP SE (Germany) | 2.5% |
| ASML Holding NV (Netherlands) | 2.3% |
| Nestle SA (Switzerland) | 2.2% |
| Roche Holding AG (Switzerland) | 1.9% |
| AstraZeneca PLC (United Kingdom) | 1.8% |
| Novo Nordisk A/S (Denmark) | 1.7% |
| Novartis AG (Switzerland) | 1.7% |
| HSBC Holdings PLC (United Kingdom) | 1.6% |
| Shell PLC (United Kingdom) | 1.6% |
| Siemens AG (Germany) | 1.4% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Financials | 22% |
| Industrials | 18% |
| Health Care | 13% |
| Consumer Staples | 10% |
| Consumer Discretionary | 8% |
| Information Technology | 7% |
| Materials | 5% |
| Utilities | 4% |
| Energy | 4% |
| Communication Services | 4% |
| Real Estate | 1% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| United Kingdom | 21% |
| France | 16% |
| Germany | 15% |
| Switzerland | 15% |
| Netherlands | 7% |
| Sweden | 5% |
| Spain | 5% |
| Italy | 4% |
| Denmark | 3% |
| Finland | 2% |
| Other | 3% |

---

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, and financial statements and other information, please visit dws.com/etfreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (844) 851-4255.

## Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. 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 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 US dollar. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. 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 this 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.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's investment objectives, risk factors, and charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (844) 851-4255, or visit dws.com/etfreports to view or download a prospectus. Please read the prospectus carefully before you invest.** 

# 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.

#© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **DBEU-TSRA** 
R-101074-2 (7/25) DBX006683 (07/26)

# Xtrackers MSCI Eurozone Hedged Equity ETF
DBEZ: NYSE Arca, Inc.

#### Annual Shareholder Report — May 31, 2025
![Image](g949197ib3155adc9fa73064a50d.jpg)

## What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| DBEZ | $48 | 0.45% |

---

Gross expense ratio as of the latest prospectus: 0.45%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This annual shareholder report contains important information about the Xtrackers MSCI Eurozone Hedged Equity ETF (the "Fund") for the period June 1, 2024 to May 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## How did the fund perform last year and what affected its performance?
The Fund 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.

The Fund returned 13.56% for the period ended May 31, 2025. The Fund's underlying index returned 13.81% and the Fund's broad-based index the MSCI EMU IMI Index returned 16.93% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Financials, Industrials and Utilities. The Consumer Discretionary and Energy sectors detracted from performance. From a geographical perspective, the majority of countries contributed positively to performance during the period with the greatest contribution coming from Germany, Spain and Italy while Netherlands and the United Kingdom were the only negative contributor to performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S dollar against specified non-U.S currencies. The currency hedging strategy contributed negatively to performance.

## Fund Performance
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.

MSCI EMU Investable Market Index (IMI) captures large, mid and small-cap representation across Developed Markets countries in the European Economic and Monetary Union (EMU). The index covers approximately 99% of the free float-adjusted market capitalization of the EMU region.

The MSCI EMU IMI Index is a required broad-based index that represents the Fund's overall equity market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g949197i6407d74aac7913b57447.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers MSCI Eurozone Hedged Equity ETF - NAV** | **MSCI EMU IMI US Dollar Hedged Index (the Underlying Index)** | **MSCI EMU IMI Index** |
| **'15** | $10000 | $10000 | $10000 |
| **'15** | $9610 | $9603 | $9763 |
| **'15** | $10060 | $10061 | $10135 |
| **'15** | $9233 | $9237 | $9412 |
| **'15** | $8815 | $8821 | $8942 |
| **'15** | $9631 | $9648 | $9707 |
| **'15** | $9908 | $9924 | $9555 |
| **'15** | $9383 | $9401 | $9264 |
| **'16** | $8791 | $8804 | $8644 |
| **'16** | $8537 | $8558 | $8416 |
| **'16** | $8816 | $8833 | $9071 |
| **'16** | $8930 | $8946 | $9226 |
| **'16** | $9155 | $9159 | $9315 |
| **'16** | $8602 | $8605 | $8722 |
| **'16** | $9062 | $9067 | $9237 |
| **'16** | $9183 | $9197 | $9322 |
| **'16** | $9209 | $9224 | $9420 |
| **'16** | $9316 | $9332 | $9288 |
| **'16** | $9286 | $9302 | $8947 |
| **'16** | $9942 | $9954 | $9508 |
| **'17** | $9879 | $9895 | $9669 |
| **'17** | $10146 | $10164 | $9758 |
| **'17** | $10705 | $10728 | $10347 |
| **'17** | $10993 | $11016 | $10796 |
| **'17** | $11220 | $11230 | $11340 |
| **'17** | $10953 | $10965 | $11215 |
| **'17** | $11023 | $11039 | $11647 |
| **'17** | $10994 | $11018 | $11702 |
| **'17** | $11499 | $11527 | $12159 |
| **'17** | $11776 | $11807 | $12260 |
| **'17** | $11551 | $11595 | $12304 |
| **'17** | $11506 | $11551 | $12317 |
| **'18** | $11902 | $11956 | $13187 |
| **'18** | $11490 | $11547 | $12438 |
| **'18** | $11274 | $11331 | $12279 |
| **'18** | $11820 | $11878 | $12631 |
| **'18** | $11690 | $11742 | $12037 |
| **'18** | $11610 | $11659 | $11924 |
| **'18** | $12011 | $12067 | $12341 |
| **'18** | $11742 | $11802 | $11972 |
| **'18** | $11709 | $11773 | $11896 |
| **'18** | $10981 | $11040 | $10836 |
| **'18** | $10892 | $10953 | $10718 |
| **'18** | $10266 | $10325 | $10172 |
| **'19** | $10959 | $11028 | $10876 |
| **'19** | $11400 | $11475 | $11208 |
| **'19** | $11580 | $11655 | $11202 |
| **'19** | $12203 | $12279 | $11753 |
| **'19** | $11534 | $11585 | $10992 |
| **'19** | $12161 | $12214 | $11801 |
| **'19** | $12204 | $12261 | $11558 |
| **'19** | $12072 | $12135 | $11286 |
| **'19** | $12521 | $12590 | $11573 |
| **'19** | $12725 | $12798 | $12000 |
| **'19** | $13089 | $13172 | $12188 |
| **'19** | $13287 | $13373 | $12562 |
| **'20** | $13079 | $13170 | $12188 |
| **'20** | $12080 | $12173 | $11137 |
| **'20** | $9984 | $10058 | $9167 |
| **'20** | $10682 | $10757 | $9778 |
| **'20** | $11212 | $11288 | $10409 |
| **'20** | $11753 | $11828 | $11004 |
| **'20** | $11620 | $11686 | $11442 |
| **'20** | $12044 | $12119 | $11990 |
| **'20** | $11852 | $11934 | $11562 |
| **'20** | $11184 | $11269 | $10834 |
| **'20** | $13166 | $13269 | $13040 |
| **'20** | $13479 | $13588 | $13639 |
| **'21** | $13344 | $13459 | $13403 |
| **'21** | $13830 | $13954 | $13875 |
| **'21** | $14699 | $14840 | $14303 |
| **'21** | $15054 | $15193 | $14982 |
| **'21** | $15535 | $15676 | $15627 |
| **'21** | $15586 | $15733 | $15260 |
| **'21** | $15809 | $15966 | $15475 |
| **'21** | $16216 | $16384 | $15801 |
| **'21** | $15702 | $15854 | $14992 |
| **'21** | $16322 | $16492 | $15565 |
| **'21** | $15792 | $15962 | $14635 |
| **'21** | $16584 | $16764 | $15501 |
| **'22** | $16015 | $16192 | $14741 |
| **'22** | $15213 | $15388 | $14030 |
| **'22** | $15147 | $15320 | $13818 |
| **'22** | $14907 | $15076 | $12864 |
| **'22** | $15019 | $15177 | $13131 |
| **'22** | $13645 | $13787 | $11589 |
| **'22** | $14633 | $14774 | $12106 |
| **'22** | $13925 | $14070 | $11339 |
| **'22** | $13058 | $13195 | $10314 |
| **'22** | $14127 | $14280 | $11231 |
| **'22** | $15350 | $15525 | $12650 |
| **'22** | $14851 | $15029 | $12664 |
| **'23** | $16330 | $16529 | $14126 |
| **'23** | $16629 | $16842 | $14038 |
| **'23** | $16708 | $16920 | $14418 |
| **'23** | $16975 | $17193 | $14857 |
| **'23** | $16607 | $16808 | $13989 |
| **'23** | $17261 | $17475 | $14845 |
| **'23** | $17642 | $17860 | $15304 |
| **'23** | $17141 | $17362 | $14615 |
| **'23** | $16615 | $16829 | $13790 |
| **'23** | $16067 | $16280 | $13300 |
| **'23** | $17404 | $17647 | $14822 |
| **'23** | $18019 | $18276 | $15511 |
| **'24** | $18369 | $18638 | $15543 |
| **'24** | $18943 | $19225 | $15954 |
| **'24** | $19808 | $20105 | $16632 |
| **'24** | $19482 | $19772 | $16173 |
| **'24** | $20086 | $20370 | $16890 |
| **'24** | $19563 | $19842 | $16214 |
| **'24** | $19694 | $19983 | $16462 |
| **'24** | $20008 | $20310 | $17081 |
| **'24** | $20220 | $20533 | $17385 |
| **'24** | $19588 | $19900 | $16349 |
| **'24** | $19617 | $19933 | $15912 |
| **'24** | $19892 | $20215 | $15807 |
| **'25** | $21315 | $21671 | $16988 |
| **'25** | $22066 | $22437 | $17574 |
| **'25** | $21433 | $21796 | $17720 |
| **'25** | $21525 | $21895 | $18708 |
| **'25** | $22810 | $23183 | $19748 |

---

Yearly periods ended May 31

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1-Year** | **5-Year** | **10-Year** |
| Xtrackers MSCI Eurozone Hedged Equity ETF - NAV | 13.56% | 15.26% | 8.60% |
| MSCI EMU IMI US Dollar Hedged Index | 13.81% | 15.48% | 8.77% |
| MSCI EMU IMI Index | 16.93% | 13.66% | 6.98% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 76427572 |
| Number of Portfolio Holdings | 595 |
| Portfolio Turnover Rate (%) | 12 |
| Total Net Advisory Fees Paid ($) | 208679 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **24.0% of Net Assets** |
| SAP SE (Germany) | 4.4% |
| ASML Holding NV (Netherlands) | 4.1% |
| Siemens AG (Germany) | 2.5% |
| Allianz SE (Germany) | 2.1% |
| LVMH Moet Hennessy Louis Vuitton SE (France) | 2.1% |
| Schneider Electric SE (France) | 1.9% |
| Deutsche Telekom AG (Germany) | 1.8% |
| Banco Santander SA (Spain) | 1.7% |
| Air Liquide SA (France) | 1.7% |
| TotalEnergies SE (France) | 1.7% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Financials | 23% |
| Industrials | 20% |
| Information Technology | 12% |
| Consumer Discretionary | 11% |
| Utilities | 6% |
| Consumer Staples | 6% |
| Health Care | 6% |
| Materials | 5% |
| Communication Services | 5% |
| Energy | 3% |
| Real Estate | 1% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| France | 29% |
| Germany | 28% |
| Netherlands | 13% |
| Italy | 9% |
| Spain | 9% |
| Finland | 3% |
| Belgium | 3% |
| Ireland | 2% |
| Other | 2% |

---

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, and financial statements and other information, please visit dws.com/etfreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (844) 851-4255.

## Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. 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 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 US dollar. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. The Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. 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 this 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.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's investment objectives, risk factors, and charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (844) 851-4255, or visit dws.com/etfreports to view or download a prospectus. Please read the prospectus carefully before you invest.** 

# 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.

#© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **DBEZ-TSRA** 
R-101114-2 (7/25) DBX006684 (07/26)

# Xtrackers MSCI Japan Hedged Equity ETF
DBJP: NYSE Arca, Inc.

#### Annual Shareholder Report — May 31, 2025
![Image](g949197ib3155adc9fa73064a50d.jpg)

## What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| DBJP | $46 | 0.45% |

---

Gross expense ratio as of the latest prospectus: 0.45%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This annual shareholder report contains important information about the Xtrackers MSCI Japan Hedged Equity ETF (the "Fund") for the period June 1, 2024 to May 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## How did the fund perform last year and what affected its performance?
The Fund 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.

The Fund returned 6.07% for the period ended May 31, 2025. The Fund's underlying index returned 6.48% and the Fund's broad-based index the MSCI Japan Index returned 11.17% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Financials, Industrials and Consumer Discretionary. The Utilities, Information Technology 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 negatively to performance.

## Fund Performance
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.

MSCI Japan Index is designed to measure the performance of the large and mid cap segments of the Japanese market. The index covers approximately 85% of the free float-adjusted market capitalization in Japan.

The MSCI Japan Index is a required broad-based index that represents the Fund's overall equity market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g949197i34aef0a50bfa851dd33d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers MSCI Japan Hedged Equity ETF - NAV** | **MSCI Japan US Dollar Hedged Index (the Underlying Index)** | **MSCI Japan Index** |
| **'15** | $10000 | $10000 | $10000 |
| **'15** | $9696 | $9691 | $9829 |
| **'15** | $9858 | $9860 | $9875 |
| **'15** | $9066 | $9070 | $9301 |
| **'15** | $8353 | $8350 | $8668 |
| **'15** | $9249 | $9257 | $9543 |
| **'15** | $9344 | $9362 | $9448 |
| **'15** | $9149 | $9170 | $9478 |
| **'16** | $8457 | $8481 | $8699 |
| **'16** | $7640 | $7667 | $8460 |
| **'16** | $7974 | $8006 | $8860 |
| **'16** | $7945 | $7979 | $9272 |
| **'16** | $8135 | $8187 | $9176 |
| **'16** | $7301 | $7337 | $8950 |
| **'16** | $7761 | $7812 | $9530 |
| **'16** | $7862 | $7923 | $9566 |
| **'16** | $7831 | $7894 | $9720 |
| **'16** | $8229 | $8301 | $9848 |
| **'16** | $8671 | $8756 | $9610 |
| **'16** | $8966 | $9058 | $9704 |
| **'17** | $8985 | $9085 | $10065 |
| **'17** | $9029 | $9137 | $10177 |
| **'17** | $8973 | $9078 | $10140 |
| **'17** | $9074 | $9188 | $10246 |
| **'17** | $9281 | $9401 | $10554 |
| **'17** | $9536 | $9664 | $10666 |
| **'17** | $9571 | $9708 | $10882 |
| **'17** | $9536 | $9678 | $10876 |
| **'17** | $9946 | $10096 | $11090 |
| **'17** | $10509 | $10672 | $11601 |
| **'17** | $10672 | $10840 | $11948 |
| **'17** | $10832 | $11008 | $12031 |
| **'18** | $10992 | $11176 | $12582 |
| **'18** | $10580 | $10765 | $12393 |
| **'18** | $10279 | $10452 | $12047 |
| **'18** | $10727 | $10910 | $12212 |
| **'18** | $10556 | $10747 | $12092 |
| **'18** | $10512 | $10704 | $11787 |
| **'18** | $10680 | $10881 | $11834 |
| **'18** | $10620 | $10825 | $11861 |
| **'18** | $11216 | $11435 | $12221 |
| **'18** | $10215 | $10421 | $11188 |
| **'18** | $10335 | $10547 | $11232 |
| **'18** | $9312 | $9510 | $10481 |
| **'19** | $9823 | $10036 | $11121 |
| **'19** | $10057 | $10278 | $11117 |
| **'19** | $10083 | $10303 | $11180 |
| **'19** | $10307 | $10537 | $11335 |
| **'19** | $9649 | $9875 | $10886 |
| **'19** | $9954 | $10191 | $11294 |
| **'19** | $10066 | $10308 | $11309 |
| **'19** | $9750 | $9990 | $11195 |
| **'19** | $10336 | $10592 | $11647 |
| **'19** | $10863 | $11133 | $12212 |
| **'19** | $11072 | $11358 | $12281 |
| **'19** | $11249 | $11540 | $12537 |
| **'20** | $11080 | $11372 | $12367 |
| **'20** | $10022 | $10295 | $11236 |
| **'20** | $9333 | $9587 | $10433 |
| **'20** | $9761 | $10025 | $10995 |
| **'20** | $10409 | $10697 | $11646 |
| **'20** | $10424 | $10715 | $11644 |
| **'20** | $10052 | $10332 | $11459 |
| **'20** | $10845 | $11154 | $12332 |
| **'20** | $10900 | $11214 | $12452 |
| **'20** | $10628 | $10930 | $12253 |
| **'20** | $11935 | $12271 | $13784 |
| **'20** | $12315 | $12663 | $14353 |
| **'21** | $12357 | $12717 | $14209 |
| **'21** | $12754 | $13136 | $14425 |
| **'21** | $13349 | $13766 | $14578 |
| **'21** | $13008 | $13409 | $14356 |
| **'21** | $13373 | $13796 | $14679 |
| **'21** | $13365 | $13795 | $14537 |
| **'21** | $13042 | $13468 | $14353 |
| **'21** | $13452 | $13898 | $14793 |
| **'21** | $14033 | $14497 | $15200 |
| **'21** | $13856 | $14326 | $14689 |
| **'21** | $13446 | $13915 | $14327 |
| **'21** | $13903 | $14386 | $14598 |
| **'22** | $13204 | $13669 | $13858 |
| **'22** | $13050 | $13513 | $13703 |
| **'22** | $13654 | $14144 | $13634 |
| **'22** | $13336 | $13814 | $12434 |
| **'22** | $13462 | $13954 | $12637 |
| **'22** | $13128 | $13609 | $11640 |
| **'22** | $13679 | $14181 | $12304 |
| **'22** | $13844 | $14365 | $11989 |
| **'22** | $13040 | $13522 | $10747 |
| **'22** | $13803 | $14323 | $11066 |
| **'22** | $14279 | $14844 | $12136 |
| **'22** | $13550 | $14099 | $12169 |
| **'23** | $14248 | $14826 | $12925 |
| **'23** | $14395 | $14990 | $12429 |
| **'23** | $14690 | $15300 | $12922 |
| **'23** | $15140 | $15771 | $12969 |
| **'23** | $15856 | $16527 | $13210 |
| **'23** | $17122 | $17843 | $13751 |
| **'23** | $17413 | $18162 | $14166 |
| **'23** | $17475 | $18240 | $13823 |
| **'23** | $17627 | $18386 | $13533 |
| **'23** | $17179 | $17932 | $12923 |
| **'23** | $18286 | $19127 | $14029 |
| **'23** | $18289 | $19136 | $14641 |
| **'24** | $19864 | $20792 | $15317 |
| **'24** | $20999 | $22002 | $15776 |
| **'24** | $21881 | $22914 | $16177 |
| **'24** | $21856 | $22893 | $15463 |
| **'24** | $22206 | $23277 | $15671 |
| **'24** | $22652 | $23746 | $15559 |
| **'24** | $22503 | $23607 | $16461 |
| **'24** | $21963 | $23043 | $16545 |
| **'24** | $21550 | $22601 | $16450 |
| **'24** | $22153 | $23260 | $15809 |
| **'24** | $22051 | $23169 | $15912 |
| **'24** | $23053 | $24239 | $15858 |
| **'25** | $23157 | $24346 | $16106 |
| **'25** | $22266 | $23427 | $15887 |
| **'25** | $22216 | $23362 | $15911 |
| **'25** | $22337 | $23486 | $16743 |
| **'25** | $23553 | $24785 | $17421 |

---

Yearly periods ended May 31

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1-Year** | **5-Year** | **10-Year** |
| Xtrackers MSCI Japan Hedged Equity ETF - NAV | 6.07% | 17.74% | 8.94% |
| MSCI Japan US Dollar Hedged Index | 6.48% | 18.30% | 9.50% |
| MSCI Japan Index | 11.17% | 8.39% | 5.71% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 389909318 |
| Number of Portfolio Holdings | 186 |
| Portfolio Turnover Rate (%) | 17 |
| Total Net Advisory Fees Paid ($) | 1841897 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **27.5% of Net Assets** |
| Toyota Motor Corp. | 4.4% |
| Sony Group Corp. | 3.9% |
| Mitsubishi UFJ Financial Group, Inc. | 3.9% |
| Hitachi Ltd. | 3.1% |
| Sumitomo Mitsui Financial Group, Inc. | 2.3% |
| Nintendo Co. Ltd. | 2.2% |
| Recruit Holdings Co. Ltd. | 2.0% |
| Keyence Corp. | 2.0% |
| Tokio Marine Holdings, Inc. | 1.9% |
| Mitsubishi Heavy Industries Ltd. | 1.8% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Industrials | 24% |
| Consumer Discretionary | 18% |
| Financials | 16% |
| Information Technology | 13% |
| Communication Services | 8% |
| Health Care | 7% |
| Consumer Staples | 5% |
| Materials | 3% |
| Real Estate | 2% |
| Utilities | 1% |
| Energy | 1% |

---

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, and financial statements and other information, please visit dws.com/etfreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (844) 851-4255.

## Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. 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 US 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 this 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.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's investment objectives, risk factors, and charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (844) 851-4255, or visit dws.com/etfreports to view or download a prospectus. Please read the prospectus carefully before you invest.** 

# 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.

#© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **DBJP-TSRA** 
R-101115-2 (7/25) DBX006685 (07/26)

# Xtrackers California Municipal Bond ETF
CA: Nasdaq Stock Market

#### Annual Shareholder Report — May 31, 2025
![Image](g949197ib3155adc9fa73064a50d.jpg)

## What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| CA | $7 | 0.07% |

---

Gross expense ratio as of the latest prospectus: 0.07%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This annual shareholder report contains important information about the Xtrackers California Municipal Bond ETF (the "Fund") for the period June 1, 2024 to May 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

#### This report describes changes to the Fund that occurred during the reporting period.

## How did the fund perform last year and what affected its performance?
The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the ICE AMT-Free Broad Liquid California Municipal Index (the Underlying Index). The Underlying Index is designed to track the performance of U.S. dollar denominated investment grade tax-exempt debt publicly issued in the U.S. domestic market by the state of California and its political subdivisions.

The Fund returned 1.48% for the period ended May 31, 2025. The Fund's underlying index returned 1.73% and the Fund's broad-based index the Bloomberg Municipal Bond Index returned 2.03% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from State General Obligation, Prepaid Energy and Water & Sewer. The Institution, State Lease and University Private sectors detracted from performance.

## Fund Performance
ICE AMT-Free Broad Liquid California Municipal Index is designed to track the performance of U.S. dollar denominated investment grade tax-exempt debt publicly issued in the U.S. domestic market by the state of California and its political subdivisions.

Bloomberg Municipal Bond Index is a market value-weighted index of investment-grade municipal bonds with maturities of one year or more.

The Bloomberg Municipal Bond Index is a required broad-based index that represents the fund's overall debt market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g949197i5fe96c496d6873d88423.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers California Municipal Bond ETF - NAV** | **ICE AMT-Free Broad Liquid California Municipal Index (the Underlying Index)** | **Bloomberg Municipal Bond Index** |
| **12/14/23** | $10000 | $10000 | $10000 |
| **12/31/23** | $10133 | $10149 | $10143 |
| **1/31/24** | $10121 | $10134 | $10123 |
| **2/29/24** | $10116 | $10135 | $10124 |
| **3/31/24** | $10101 | $10115 | $10110 |
| **4/30/24** | $9984 | $10006 | $10005 |
| **5/31/24** | $9960 | $9978 | $9978 |
| **6/30/24** | $10103 | $10124 | $10113 |
| **7/31/24** | $10176 | $10211 | $10205 |
| **8/31/24** | $10257 | $10291 | $10286 |
| **9/30/24** | $10357 | $10398 | $10387 |
| **10/31/24** | $10229 | $10263 | $10236 |
| **11/30/24** | $10383 | $10415 | $10413 |
| **12/31/24** | $10278 | $10306 | $10261 |
| **1/31/25** | $10281 | $10300 | $10313 |
| **2/28/25** | $10386 | $10408 | $10415 |
| **3/31/25** | $10209 | $10241 | $10238 |
| **4/30/25** | $10124 | $10162 | $10156 |
| **5/31/25** | $10107 | $10151 | $10162 |

---

---

| | | |
|:---|:---|:---|
| **Fund/Index** | **1-Year** | **Since Inception 12/14/23** |
| Xtrackers California Municipal Bond ETF - NAV | 1.48% | 0.73% |
| ICE AMT-Free Broad Liquid California Municipal Index | 1.73% | 1.03% |
| Bloomberg Municipal Bond Index | 2.03% | 1.11% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 21835621 |
| Number of Portfolio Holdings | 269 |
| Portfolio Turnover Rate (%) | 5 |
| Total Net Advisory Fees Paid ($) | 15275 |
| Modified duration to worst | 6.1 years |

---

Modified duration to worst is the measure of sensitivity of the prices of bonds held by the Fund to a change in interest rates, computed using each bond's nearest call or maturity date.

## What did the Fund invest in?
The quality ratings represent the highest 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.

Holdings-based data is subject to change.

### Credit Quality

---

| | |
|:---|:---|
| **Credit Rating** | **% of Net Assets** |
| AAA | 15% |
| AA | 73% |
| A | 9% |
| NR | 0% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| General | 44% |
| Education | 25% |
| Health Care | 9% |
| Water | 7% |
| Airport | 4% |
| Power | 4% |
| Transportation | 3% |
| Utilities | 1% |
| Tax | 1% |
| Communication Services | 0% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since June 1, 2024. For more information, review the Fund's current prospectus at dws.com/etfreports, or by calling (844) 851-4255.

Effective August 13, 2024, the Fund's unitary advisory fee was reduced from 0.15% to 0.07%. At the same time, the Board terminated the contractual expense limitation that capped the fund's operating expenses at the same level because of the redundancy.

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, and financial statements and other information, please visit dws.com/etfreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (844) 851-4255.

## Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

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. 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. Although the fund seeks income that is exempt from California and federal income taxes, a portion of the fund's distributions may be subject to federal, state and local taxes, including the alternative minimum tax. This Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. 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.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's investment objectives, risk factors, and charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (844) 851-4255, or visit dws.com/etfreports to view or download a prospectus. Please read the prospectus carefully before you invest.** 

ICE Data Indices, LLC, is used with permission. "ICE<sup>®</sup>" is a trade mark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA") and may not be used without BofA's prior written approval. These trademarks have been licensed, along with the ICE AMT-Free Broad Liquid California Municipal Index ("Index") for use by DBX Advisors LLC in connection with Xtrackers California Municipal Bond ETF (the "Product"). Neither Advisor, DBX ETF Trust (the "Trust") nor the Product, as applicable, is sponsored, endorsed, sold or promoted by ICE Data Indices, LLC, its affiliates or its Third Party Suppliers ("ICE Data and its Suppliers"). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in the Product particularly, the Trust or the ability of the Index to track general market performance. Past performance of an Index is not an indicator of or a guarantee of future results. ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK

# 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.

#© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **CA-TSRA** 
R-101117-2 (7/25) DBX006674 (07/26)

# Xtrackers Municipal Infrastructure Revenue Bond ETF
RVNU: NYSE Arca, Inc.

#### Annual Shareholder Report — May 31, 2025
![Image](g949197ib3155adc9fa73064a50d.jpg)

## What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| RVNU | $15 | 0.15% |

---

Gross expense ratio as of the latest prospectus: 0.15%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This annual shareholder report contains important information about the Xtrackers Municipal Infrastructure Revenue Bond ETF (the "Fund") for the period June 1, 2024 to May 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## How did the fund perform last year and what affected its performance?
The Fund 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 segment of the U.S. long term tax-exempt bond market, consisting of infrastructure revenue bonds.

The Fund returned -0.90% for the period ended May 31, 2025. The Fund's underlying index returned -0.58% and the Fund's broad-based index the Bloomberg Municipal Bond Index returned 2.03% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Transportation Services, Toll Facilities and Airlines. The Water & Sewer, Public Power and Cities, Counties & Authorities sectors detracted from performance.

## Fund Performance
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.

Bloomberg Municipal Bond Index is a market value-weighted index of investment-grade municipal bonds with maturities of one year or more.

The Bloomberg Municipal Bond Index is a required broad-based index that represents the Fund's overall debt market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g949197i84ffd1858dfc359b6a96.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers Municipal Infrastructure Revenue Bond ETF - NAV** | **Solactive Municipal Infrastructure Revenue Bond Index (the Underlying Index)** | **Bloomberg Municipal Bond Index** |
| **'15** | $10000 | $10000 | $10000 |
| **'15** | $9967 | $9966 | $9991 |
| **'15** | $10092 | $10090 | $10063 |
| **'15** | $10123 | $10128 | $10083 |
| **'15** | $10209 | $10204 | $10155 |
| **'15** | $10256 | $10255 | $10196 |
| **'15** | $10362 | $10375 | $10236 |
| **'15** | $10517 | $10526 | $10309 |
| **'16** | $10662 | $10656 | $10432 |
| **'16** | $10649 | $10679 | $10448 |
| **'16** | $10768 | $10800 | $10481 |
| **'16** | $10895 | $10928 | $10558 |
| **'16** | $10989 | $11025 | $10587 |
| **'16** | $11289 | $11305 | $10755 |
| **'16** | $11226 | $11263 | $10762 |
| **'16** | $11286 | $11324 | $10776 |
| **'16** | $11194 | $11252 | $10723 |
| **'16** | $11025 | $11088 | $10610 |
| **'16** | $10461 | $10525 | $10215 |
| **'16** | $10643 | $10699 | $10334 |
| **'17** | $10684 | $10727 | $10402 |
| **'17** | $10743 | $10790 | $10474 |
| **'17** | $10754 | $10814 | $10497 |
| **'17** | $10841 | $10911 | $10573 |
| **'17** | $11072 | $11148 | $10741 |
| **'17** | $11065 | $11145 | $10703 |
| **'17** | $11146 | $11238 | $10789 |
| **'17** | $11261 | $11359 | $10871 |
| **'17** | $11219 | $11318 | $10816 |
| **'17** | $11246 | $11363 | $10842 |
| **'17** | $11249 | $11365 | $10785 |
| **'17** | $11421 | $11538 | $10898 |
| **'18** | $11225 | $11347 | $10769 |
| **'18** | $11122 | $11252 | $10737 |
| **'18** | $11166 | $11307 | $10776 |
| **'18** | $11118 | $11260 | $10738 |
| **'18** | $11280 | $11428 | $10861 |
| **'18** | $11282 | $11429 | $10870 |
| **'18** | $11298 | $11449 | $10897 |
| **'18** | $11329 | $11473 | $10925 |
| **'18** | $11218 | $11365 | $10853 |
| **'18** | $11094 | $11245 | $10787 |
| **'18** | $11215 | $11378 | $10906 |
| **'18** | $11367 | $11542 | $11037 |
| **'19** | $11446 | $11624 | $11121 |
| **'19** | $11529 | $11708 | $11180 |
| **'19** | $11815 | $12006 | $11357 |
| **'19** | $11898 | $12099 | $11399 |
| **'19** | $12129 | $12333 | $11556 |
| **'19** | $12165 | $12373 | $11599 |
| **'19** | $12261 | $12474 | $11693 |
| **'19** | $12583 | $12783 | $11877 |
| **'19** | $12461 | $12668 | $11782 |
| **'19** | $12449 | $12659 | $11803 |
| **'19** | $12474 | $12686 | $11833 |
| **'19** | $12520 | $12736 | $11868 |
| **'20** | $12831 | $13054 | $12082 |
| **'20** | $13105 | $13332 | $12237 |
| **'20** | $12307 | $12527 | $11793 |
| **'20** | $11942 | $12164 | $11645 |
| **'20** | $12462 | $12690 | $12016 |
| **'20** | $12711 | $12934 | $12115 |
| **'20** | $12967 | $13203 | $12319 |
| **'20** | $12888 | $13119 | $12261 |
| **'20** | $12830 | $13047 | $12264 |
| **'20** | $12810 | $13034 | $12227 |
| **'20** | $13171 | $13424 | $12411 |
| **'20** | $13314 | $13570 | $12488 |
| **'21** | $13452 | $13729 | $12567 |
| **'21** | $13102 | $13384 | $12367 |
| **'21** | $13220 | $13528 | $12443 |
| **'21** | $13437 | $13750 | $12548 |
| **'21** | $13519 | $13848 | $12585 |
| **'21** | $13596 | $13938 | $12619 |
| **'21** | $13722 | $14067 | $12725 |
| **'21** | $13632 | $13976 | $12678 |
| **'21** | $13468 | $13812 | $12586 |
| **'21** | $13452 | $13792 | $12550 |
| **'21** | $13646 | $14002 | $12656 |
| **'21** | $13688 | $14041 | $12677 |
| **'22** | $13222 | $13562 | $12329 |
| **'22** | $13088 | $13424 | $12285 |
| **'22** | $12516 | $12852 | $11887 |
| **'22** | $11934 | $12271 | $11558 |
| **'22** | $12184 | $12537 | $11730 |
| **'22** | $11733 | $12087 | $11538 |
| **'22** | $12199 | $12547 | $11843 |
| **'22** | $11692 | $12024 | $11583 |
| **'22** | $11126 | $11447 | $11138 |
| **'22** | $10853 | $11175 | $11046 |
| **'22** | $11706 | $12042 | $11563 |
| **'22** | $11628 | $11962 | $11596 |
| **'23** | $12202 | $12554 | $11929 |
| **'23** | $11799 | $12140 | $11659 |
| **'23** | $12162 | $12506 | $11917 |
| **'23** | $12179 | $12530 | $11891 |
| **'23** | $12088 | $12443 | $11788 |
| **'23** | $12256 | $12611 | $11906 |
| **'23** | $12277 | $12645 | $11953 |
| **'23** | $12027 | $12383 | $11781 |
| **'23** | $11529 | $11865 | $11436 |
| **'23** | $11196 | $11537 | $11338 |
| **'23** | $12288 | $12662 | $12058 |
| **'23** | $12697 | $13101 | $12338 |
| **'24** | $12669 | $13057 | $12275 |
| **'24** | $12667 | $13055 | $12291 |
| **'24** | $12652 | $13036 | $12291 |
| **'24** | $12466 | $12848 | $12138 |
| **'24** | $12481 | $12865 | $12103 |
| **'24** | $12724 | $13114 | $12810 |
| **'24** | $12836 | $13240 | $12923 |
| **'24** | $12891 | $13296 | $13027 |
| **'24** | $13075 | $13494 | $13167 |
| **'24** | $12848 | $13244 | $12994 |
| **'24** | $13147 | $13541 | $13197 |
| **'24** | $12897 | $13299 | $13037 |
| **'25** | $12843 | $13245 | $13082 |
| **'25** | $12973 | $13390 | $13219 |
| **'25** | $12637 | $13059 | $13007 |
| **'25** | $12524 | $12950 | $12924 |
| **'25** | $12369 | $12791 | $12902 |

---

Yearly periods ended May 31

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1-Year** | **5-Year** | **10-Year** |
| Xtrackers Municipal Infrastructure Revenue Bond ETF - NAV | -0.90% | -0.15% | 2.15% |
| Solactive Municipal Infrastructure Revenue Bond Index | -0.58% | 0.16% | 2.49% |
| Bloomberg Municipal Bond Index | 2.03% | 0.55% | 2.13% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 130943119 |
| Number of Portfolio Holdings | 312 |
| Portfolio Turnover Rate (%) | 18 |
| Total Net Advisory Fees Paid ($) | 204240 |
| Modified duration to worst | 9.6 years |

---

Modified duration to worst is the measure of sensitivity of the prices of bonds held by the Fund to a change in interest rates, computed using each bond's nearest call or maturity date.

## What did the Fund invest in?
The quality ratings represent the highest 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.

Holdings-based data is subject to change.

### Credit Quality

---

| | |
|:---|:---|
| **Credit Rating** | **% of Net Assets** |
| AAA | 11% |
| AA | 64% |
| A | 23% |
| BBB | 2% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Airport | 32% |
| Water & Sewer | 19% |
| Public Power | 12% |
| Cities, Counties, & Authorities | 11% |
| Toll Facilities | 11% |
| Mass Transit | 5% |
| Sales and Special Tax | 3% |
| Seaport | 3% |
| States & US Territories | 2% |
| Other | 2% |

---

### Top Five State Allocations

---

| | |
|:---|:---|
| **Holdings** | **% of Net Assets** |
| New York | 25% |
| California | 15% |
| Florida | 9% |
| Texas | 9% |
| Illinois | 6% |

---

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, and financial statements and other information, please visit dws.com/etfreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (844) 851-4255.

## Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

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. 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. 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 this 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.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's investment objectives, risk factors, and charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (844) 851-4255, or visit dws.com/etfreports to view or download a prospectus. Please read the prospectus carefully before you invest.** 

# 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.

#© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **RVNU-TSRA** 
R-101118-2 (7/25) DBX006686 (07/26)

# Xtrackers MSCI EAFE High Dividend Yield Equity ETF
HDEF: NYSE Arca, Inc.

#### Annual Shareholder Report — May 31, 2025
![Image](g949197ib3155adc9fa73064a50d.jpg)

## What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| HDEF | $10 | 0.09% |

---

Gross expense ratio as of the latest prospectus: 0.09%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This annual shareholder report contains important information about the Xtrackers MSCI EAFE High Dividend Yield Equity ETF (the "Fund") for the period June 1, 2024 to May 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

#### This report describes changes to the Fund that occurred during the reporting period.

## How did the fund perform last year and what affected its performance?
The Fund 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.

The Fund returned 17.13% for the period ended May 31, 2025. The Fund's underlying index returned 16.95% and the Fund's broad-based index the MSCI EAFE Index returned 13.33% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Financials, Consumer Staples and Health Care. The Materials, Energy and Consumer Discretionary sectors detracted from the performance. From a geographical perspective, the majority of countries contributed positively to performance during the period with the greatest contribution coming from Switzerland, the United Kingdom and Germany while Australia, Ireland and Italy contributed negatively to performance.

## Fund Performance
MSCI EAFE High Dividend Yield 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.

MSCI EAFE Index is an equity index which captures large and mid-cap representation across Developed Markets countries around the world, excluding the US and Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country.

The MSCI EAFE Index is a required broad-based index that represents the Fund's overall equity market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g949197i4bd2fc46e13d1ea4ef87.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers MSCI EAFE High Div Yield Equity ETF - NAV** | **MSCI EAFE High Dividend Yield Index (the Underlying Index)** | **MSCI EAFE Index** |
| **8/12/15** | $10000 | $10000 | $10000 |
| **8/31/15** | $9352 | $9353 | $9330 |
| **9/30/15** | $9059 | $9060 | $8856 |
| **10/31/15** | $9612 | $9620 | $9548 |
| **11/30/15** | $9612 | $9623 | $9400 |
| **12/31/15** | $9344 | $9355 | $9273 |
| **1/31/16** | $8986 | $8998 | $8603 |
| **2/29/16** | $8912 | $8933 | $8445 |
| **3/31/16** | $9209 | $9232 | $8995 |
| **4/30/16** | $9447 | $9469 | $9255 |
| **5/31/16** | $9492 | $9513 | $9171 |
| **6/30/16** | $9484 | $9509 | $8863 |
| **7/31/16** | $9808 | $9841 | $9312 |
| **8/31/16** | $9813 | $9848 | $9319 |
| **9/30/16** | $9941 | $9980 | $9433 |
| **10/31/16** | $10008 | $10051 | $9240 |
| **11/30/16** | $9941 | $10002 | $9056 |
| **12/31/16** | $10427 | $10490 | $9366 |
| **1/31/17** | $10377 | $10447 | $9638 |
| **2/28/17** | $10682 | $10761 | $9775 |
| **3/31/17** | $11049 | $11130 | $10045 |
| **4/30/17** | $10980 | $11062 | $10300 |
| **5/31/17** | $11290 | $11377 | $10678 |
| **6/30/17** | $11032 | $11119 | $10659 |
| **7/31/17** | $10955 | $11048 | $10967 |
| **8/31/17** | $11045 | $11144 | $10963 |
| **9/30/17** | $11304 | $11409 | $11235 |
| **10/31/17** | $11556 | $11668 | $11406 |
| **11/30/17** | $11417 | $11534 | $11526 |
| **12/31/17** | $11453 | $11573 | $11711 |
| **1/31/18** | $11530 | $11655 | $12298 |
| **2/28/18** | $11244 | $11368 | $11743 |
| **3/31/18** | $11043 | $11164 | $11512 |
| **4/30/18** | $11459 | $11579 | $11795 |
| **5/31/18** | $11061 | $11172 | $11529 |
| **6/30/18** | $10950 | $11059 | $11389 |
| **7/31/18** | $11299 | $11414 | $11669 |
| **8/31/18** | $11012 | $11125 | $11444 |
| **9/30/18** | $11088 | $11203 | $11543 |
| **10/31/18** | $10410 | $10521 | $10624 |
| **11/30/18** | $10334 | $10447 | $10611 |
| **12/31/18** | $9934 | $10042 | $10096 |
| **1/31/19** | $10600 | $10717 | $10759 |
| **2/28/19** | $10936 | $11058 | $11033 |
| **3/31/19** | $10986 | $11107 | $11103 |
| **4/30/19** | $11249 | $11365 | $11415 |
| **5/31/19** | $10646 | $10741 | $10867 |
| **6/30/19** | $11334 | $11436 | $11512 |
| **7/31/19** | $11112 | $11215 | $11365 |
| **8/31/19** | $10841 | $10945 | $11071 |
| **9/30/19** | $11300 | $11408 | $11388 |
| **10/31/19** | $11830 | $11946 | $11797 |
| **11/30/19** | $11869 | $11989 | $11930 |
| **12/31/19** | $12372 | $12498 | $12318 |
| **1/31/20** | $11985 | $12107 | $12061 |
| **2/29/20** | $10874 | $10986 | $10971 |
| **3/31/20** | $9338 | $9437 | $9506 |
| **4/30/20** | $9857 | $9954 | $10121 |
| **5/31/20** | $10049 | $10143 | $10561 |
| **6/30/20** | $10410 | $10502 | $10921 |
| **7/31/20** | $10476 | $10566 | $11175 |
| **8/31/20** | $10917 | $11013 | $11750 |
| **9/30/20** | $10517 | $10607 | $11445 |
| **10/31/20** | $10089 | $10175 | $10988 |
| **11/30/20** | $11697 | $11803 | $12691 |
| **12/31/20** | $12153 | $12265 | $13281 |
| **1/31/21** | $12064 | $12175 | $13139 |
| **2/28/21** | $12199 | $12312 | $13434 |
| **3/31/21** | $12613 | $12727 | $13743 |
| **4/30/21** | $12865 | $12972 | $14157 |
| **5/31/21** | $13302 | $13410 | $14664 |
| **6/30/21** | $13035 | $13143 | $14454 |
| **7/31/21** | $13156 | $13265 | $14563 |
| **8/31/21** | $13086 | $13194 | $14819 |
| **9/30/21** | $12429 | $12531 | $14389 |
| **10/31/21** | $12666 | $12769 | $14743 |
| **11/30/21** | $12215 | $12322 | $14057 |
| **12/31/21** | $12990 | $13106 | $14777 |
| **1/31/22** | $13179 | $13301 | $14063 |
| **2/28/22** | $13148 | $13275 | $13814 |
| **3/31/22** | $13444 | $13563 | $13903 |
| **4/30/22** | $12889 | $13004 | $13003 |
| **5/31/22** | $13016 | $13120 | $13101 |
| **6/30/22** | $11846 | $11943 | $11885 |
| **7/31/22** | $12020 | $12117 | $12478 |
| **8/31/22** | $11539 | $11638 | $11885 |
| **9/30/22** | $10530 | $10622 | $10773 |
| **10/31/22** | $11093 | $11192 | $11353 |
| **11/30/22** | $12418 | $12529 | $12631 |
| **12/31/22** | $12641 | $12759 | $12641 |
| **1/31/23** | $13431 | $13556 | $13665 |
| **2/28/23** | $13085 | $13209 | $13380 |
| **3/31/23** | $13537 | $13659 | $13711 |
| **4/30/23** | $13903 | $14018 | $14099 |
| **5/31/23** | $13070 | $13168 | $13502 |
| **6/30/23** | $13740 | $13845 | $14116 |
| **7/31/23** | $14349 | $14462 | $14573 |
| **8/31/23** | $13810 | $13923 | $14015 |
| **9/30/23** | $13705 | $13824 | $13536 |
| **10/31/23** | $13227 | $13342 | $12987 |
| **11/30/23** | $14229 | $14352 | $14193 |
| **12/31/23** | $14998 | $15128 | $14947 |
| **1/31/24** | $14750 | $14878 | $15033 |
| **2/29/24** | $14629 | $14756 | $15308 |
| **3/31/24** | $15117 | $15239 | $15794 |
| **4/30/24** | $15057 | $15170 | $15407 |
| **5/31/24** | $15656 | $15765 | $16003 |
| **6/30/24** | $15282 | $15385 | $15745 |
| **7/31/24** | $15977 | $16088 | $16207 |
| **8/31/24** | $16657 | $16771 | $16734 |
| **9/30/24** | $17031 | $17149 | $16888 |
| **10/31/24** | $16049 | $16164 | $15970 |
| **11/30/24** | $15871 | $15988 | $15879 |
| **12/31/24** | $15466 | $15583 | $15518 |
| **1/31/25** | $16258 | $16380 | $16334 |
| **2/28/25** | $16649 | $16776 | $16651 |
| **3/31/25** | $17250 | $17375 | $16583 |
| **4/30/25** | $17994 | $18108 | $17343 |
| **5/31/25** | $18338 | $18437 | $18137 |

---

Yearly periods ended May 31

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index** | **1-Year** | **5-Year** | **Since Inception 8/12/15** |
| Xtrackers MSCI EAFE High Div Yield Equity ETF - NAV | 17.13% | 12.78% | 6.38% |
| MSCI EAFE High Dividend Yield Index | 16.95% | 12.70% | 6.43% |
| MSCI EAFE Index | 13.33% | 11.42% | 6.26% |

---

### Average Annual Total Returns
Prior to February 13, 2018, the Fund operated with a different investment strategy, including tracking a different underlying index. Performance may have been different if the Fund's current investment strategy had been in effect. Index returns prior to February 13, 2018 reflect that of the prior underlying index.

**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 2011112677 |
| Number of Portfolio Holdings | 113 |
| Portfolio Turnover Rate (%) | 22 |
| Total Net Advisory Fees Paid ($) | 1536952 |

---

## What did the Fund invest in?
Holdings-based data is subject to change.

### Ten Largest Equity Holdings

---

| | |
|:---|:---|
| **Holdings** | **42.1% of Net Assets** |
| Roche Holding AG (Switzerland) | 5.1% |
| Novartis AG (Switzerland) | 5.1% |
| Unilever PLC (United Kingdom) | 5.0% |
| Shell PLC (United Kingdom) | 4.9% |
| Allianz SE (Germany) | 4.9% |
| TotalEnergies SE (France) | 3.9% |
| Sanofi SA (France) | 3.6% |
| Iberdrola SA (Spain) | 3.4% |
| Zurich Insurance Group AG (Switzerland) | 3.3% |
| British American Tobacco PLC (United Kingdom) | 2.9% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Financials | 27% |
| Consumer Staples | 15% |
| Health Care | 14% |
| Energy | 12% |
| Industrials | 10% |
| Utilities | 8% |
| Consumer Discretionary | 6% |
| Communication Services | 4% |
| Materials | 3% |
| Real Estate | 1% |

---

### Geographical Diversification

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| Switzerland | 20% |
| United Kingdom | 20% |
| France | 15% |
| Germany | 7% |
| Japan | 7% |
| Singapore | 5% |
| Australia | 4% |
| Spain | 4% |
| Netherlands | 3% |
| Italy | 3% |
| Hong Kong | 2% |
| Other | 7% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since June 1, 2024. For more information, review the Fund's current prospectus at dws.com/etfreports, or by calling (844) 851-4255.

Effective August 13, 2024, the Fund's unitary advisory fee was reduced from 0.20% to 0.09%. At the same time, the Board terminated the contractual expense limitation that capped the fund's operating expenses at the same level because of the redundancy.

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, and financial statements and other information, please visit dws.com/etfreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (844) 851-4255.

## Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

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. 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 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.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's investment objectives, risk factors, and charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (844) 851-4255, or visit dws.com/etfreports to view or download a prospectus. Please read the prospectus carefully before you invest.** 

# 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.

#© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **HDEF-TSRA** 
R-101121-2 (7/25) DBX006681 (07/26)

# Xtrackers US 0-1 Year Treasury ETF
TRSY: Cboe BZX Exchange, Inc.

#### Annual Shareholder Report — May 31, 2025
![Image](g949197ib3155adc9fa73064a50d.jpg)

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| TRSY | $4<sup>Footnote Reference(a)</sup> | 0.06%<sup>Footnote Reference(b)</sup> |

---

<sup>(a)</sup> Based on the period October 9, 2024 (commencement of operations) through May 31, 2025. Expenses would have been higher if the Fund had been in existence for the full reporting period.

<sup>(b)</sup> Annualized.

Gross expense ratio as of the latest prospectus: 0.06%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Based on the period October 9, 2024 (commencement of operations) through May 31, 2025. Expenses would have been higher if the Fund had been in existence for the full reporting period. |
| Footnote<sup>(b)</sup> | Annualized. |

---

This annual shareholder report contains important information about the Xtrackers US 0-1 Year Treasury ETF (the "Fund") for the period October 9, 2024 (commencement of operations) to May 31, 2025. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851-4255.

## How did the fund perform last year and what affected its performance?
The fund seeks investment results that correspond generally to the performance, before fees and expenses, of the ICE U.S. Treasury Short Bond Index (the Underlying Index). The Underlying Index is designed to track the performance of certain U.S. Treasury securities that have a remaining maturity between one month and one year.

The Fund returned 2.78% for the period ended May 31, 2025. The Fund's underlying index returned 2.82% and the Fund's broad-based index the ICE BofA US Treasury Index returned 0.39% during the same period.

Both U.S. Treasury Bills and U.S. Treasury Notes were positive contributors to performance.

## Fund Performance
ICE U.S. Treasury Short Bond Index is designed to track the performance of certain U.S. Treasury securities that have a remaining maturity between one month and one year.

ICE BofA U.S. Treasury Index tracks the performance of U.S. Treasury securities and includes U.S. Treasury Bills, U.S. Treasury Notes and U.S. Treasury Bonds, with varying maturities.

The ICE BofA U.S. Treasury Index is a required broad-based index that represents the Fund's overall debt market.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

### **Cumulative Growth of an Assumed $10,000 Investment**![Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.](g949197i013beb1e7c3710f26f66.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Xtrackers US 0-1 Year Treasury ETF - NAV** | **ICE U.S. Treasury Short Bond Index (the Underlying Index)** | **ICE BofA US Treasury Index** |
| **10/9/24** | $10000 | $10000 | $10000 |
| **10/24** | $10027 | $10028 | $9885 |
| **11/24** | $10064 | $10065 | $9965 |
| **12/24** | $10106 | $10108 | $9798 |
| **1/25** | $10142 | $10144 | $9852 |
| **2/25** | $10176 | $10178 | $10073 |
| **3/25** | $10210 | $10214 | $10092 |
| **4/25** | $10246 | $10250 | $10148 |
| **5/25** | $10278 | $10282 | $10039 |

---

---

| | |
|:---|:---|
| **Fund/Index** | **Since Inception 10/9/24** |
| Xtrackers US 0-1 Year Treasury ETF - NAV | 2.78% |
| ICE U.S. Treasury Short Bond Index | 2.82% |
| ICE BofA US Treasury Index | 0.39% |

---

### Average Annual Total Returns
**Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. To obtain the most recent month-end performance data visit etf.dws.com/en-us/etf-products or call (844) 851-4255.** 

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets ($) | 27143854 |
| Number of Portfolio Holdings | 92 |
| Portfolio Turnover Rate (%) | 0 |
| Total Net Advisory Fees Paid ($) | 2852 |
| Modified duration to worst | 0.4 years |

---

Modified duration to worst is the measure of sensitivity of the prices of bonds held by the Fund to a change in interest rates, computed using each bond's nearest call or maturity date.

## What did the Fund invest in?
The quality ratings represent the highest 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.

Holdings-based data is subject to change.

### Asset Allocation Table

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| U.S. Treasury Obligations | 99% |
| Other Assets and Liabilities (Net) | 1% |

---

### Credit Quality

---

| | |
|:---|:---|
| **Credit Rating** | **% of Net Assets** |
| AAA | 65% |
| AA | 34% |

---

## Additional Information
If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, and financial statements and other information, please visit dws.com/etfreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (844) 851-4255.

## Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

The Fund is not a money market fund and is not subject to the strict rules that govern the quality, maturity, liquidity and other features of securities that money market funds may purchase. Under normal circumstances, the Fund's investments may be more susceptible than a money market fund's investments to credit risk, interest rate risk, valuation risk and other risks relevant to the Fund's investments. U.S. Treasury obligations are backed by the "full faith and credit" of the U.S. government. The "full faith and credit" guarantee of the US government applies to the timely repayment of interest, and does not eliminate market risk. Because of the rising US government debt burden, it is possible that the US government may not be able to meet its financial obligations or that securities issued by the US government may experience credit downgrades. An investment in this 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.

**This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's investment objectives, risk factors, and charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (844) 851-4255, or visit dws.com/etfreports to view or download a prospectus. Please read the prospectus carefully before you invest.** 

ICE Data Indices, LLC, is used with permission. "ICE<sup>®</sup>" is a trade mark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA") and may not be used without BofA's prior written approval. These trademarks have been licensed, along with the ICE AMT-Free Broad Liquid California Municipal Index ("Index") for use by DBX Advisors LLC in connection with Xtrackers California Municipal Bond ETF (the "Product"). Neither Advisor, DBX ETF Trust (the "Trust") nor the Product, as applicable, is sponsored, endorsed, sold or promoted by ICE Data Indices, LLC, its affiliates or its Third Party Suppliers ("ICE Data and its Suppliers"). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in the Product particularly, the Trust or the ability of the Index to track general market performance. Past performance of an Index is not an indicator of or a guarantee of future results. ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK

# 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.

#© 2025 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

# **TRSY-TSRA** 
R-106210-1 (7/25) DBX006688 (07/26)

------

(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.
<u>Audit Fees</u> 

(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 $461,750 for 2025 and $429,604 for 2024.

<u>Audit-Related Fees</u> 

(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 2025 and $0 for 2024.

------

<u>Tax Fees</u> 

(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 $294,986 for 2025 and $134,257 for 2024.

<u>All Other Fees</u> 

(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 2025 and $0 for 2024.

(e)(1) 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 2025 and $0 for 2024 except for items included in (a) through (d) above.

(h) The registrant's audit committee of the board of trustees 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.

------

#### Item 5. Audit Committee of Listed Registrants.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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 is included under Item 7.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ------

![LOGO](g936636dsp1.jpg)

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

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

![LOGO](g936636dsp1a.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
| &nbsp;&nbsp;&nbsp; **[Schedule of Investments](#fin936636_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers Harvest CSI 300 China A-Shares ETF](#fin936636_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF](#fin936636_3) | 8 |
| &nbsp;&nbsp;&nbsp; **[Statements of Assets and Liabilities](#fin936636_4)** | **18** |
| &nbsp;&nbsp;&nbsp; **[Statements of Operations](#fin936636_5)** | **19** |
| &nbsp;&nbsp;&nbsp; **[Statements of Changes in Net Assets](#fin936636_6)** | **20** |
| &nbsp;&nbsp;&nbsp; **[Financial Highlights](#fin936636_7)** | **21** |
| &nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#fin936636_8)** | **23** |
| &nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#fin936636_9)** | **29** |
| &nbsp;&nbsp;&nbsp; **[Board Considerations in Approval of Investment Advisory Contracts](#fin936636_10)** | **30** |
| &nbsp;&nbsp;&nbsp; **[Tax Information](#fin936636_11)** | **34** |
| &nbsp;&nbsp;&nbsp; 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. | &nbsp;&nbsp;&nbsp; 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. |

---

DBX ETF Trust \| **1** 

------

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **COMMON STOCKS — 99.8%** |  |  |
|  **Communication Services — 1.2%** | **Communication Services — 1.2%** | **Communication Services — 1.2%** |
|  37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | 1263131 | 2571737 |
|  China United Network Communications Ltd., Class A | 12128781 | 9022562 |
|  Focus Media Information Technology Co. Ltd., Class A | 7752279 | 8037073 |
|  Kunlun Tech Co. Ltd., Class A | 663418 | 3077100 |
|  Mango Excellent Media Co. Ltd., Class A | 620389 | 1925235 |
|  (Cost $22,594,448) |  | **24633707** |
|  **Consumer Discretionary — 8.7%** |  |  |
|  Beijing Roborock Technology Co. Ltd., Class A | 112181 | 3541689 |
|  BYD Co. Ltd., Class A | 661672 | 32352164 |
|  Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A | 100039 | 1940995 |
|  China Tourism Group Duty Free Corp. Ltd., Class A | 717093 | 6030098 |
|  Chongqing Changan Automobile Co. Ltd., Class A \* | 3697984 | 6338404 |
|  Fuyao Glass Industry Group Co. Ltd., Class A | 1258249 | 10123200 |
|  Great Wall Motor Co. Ltd., Class A | 991577 | 3100527 |
|  Gree Electric Appliances, Inc. of Zhuhai, Class A | 3255353 | 20972546 |
|  Guangzhou Automobile Group Co. Ltd., Class A | 1869839 | 2003408 |
|  Haier Smart Home Co. Ltd., Class A | 2858302 | 9933227 |
|  Huali Industrial Group Co. Ltd., Class A | 134560 | 988475 |
|  Huayu Automotive Systems Co. Ltd., Class A | 1213730 | 3048938 |
|  Huizhou Desay Sv Automotive Co. Ltd., Class A | 210334 | 3227420 |
|  Midea Group Co. Ltd., Class A \* | 3564605 | 39112552 |
|  Ningbo Tuopu Group Co. Ltd., Class A | 541906 | 3707821 |
|  Oppein Home Group, Inc., Class A | 145189 | 1241864 |
|  SAIC Motor Corp. Ltd., Class A | 3431956 | 7720984 |
|  Sailun Group Co. Ltd., Class A | 2054400 | 3569746 |
|  Seres Group Co. Ltd., Class A | 602500 | 11373857 |
|  Zhejiang China Commodities City Group Co. Ltd., Class A | 2070566 | 5063408 |
|  (Cost $132,531,032) |  | **175391323** |
|  **Consumer Staples — 10.7%** |  |  |
|  Anhui Gujing Distillery Co. Ltd., Class A | 114309 | 2388411 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Eastroc Beverage Group Co. Ltd., Class A | 162750 | 7228013 |
|  Foshan Haitian Flavouring & Food Co. Ltd., Class A | 1272096 | 7842353 |
|  Guangdong Haid Group Co. Ltd., Class A | 612422 | 5151611 |
|  Henan Shuanghui Investment & Development Co. Ltd., Class A | 810727 | 2739817 |
|  Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 4613654 | 19401512 |
|  Jiangsu King's Luck Brewery JSC Ltd., Class A | 478271 | 2926592 |
|  Jiangsu Yanghe Distillery Co. Ltd., Class A | 383880 | 3500328 |
|  Kweichow Moutai Co. Ltd., Class A | 450109 | 95078054 |
|  Luzhou Laojiao Co. Ltd., Class A | 534024 | 8665578 |
|  Muyuan Foods Co. Ltd., Class A | 1903092 | 10681171 |
|  New Hope Liuhe Co. Ltd., Class A \* | 1460093 | 1941305 |
|  Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 357202 | 9136653 |
|  Tsingtao Brewery Co. Ltd., Class A | 269510 | 2774285 |
|  Wens Foodstuff Group Co. Ltd., Class A | 3709418 | 8571719 |
|  Wuliangye Yibin Co. Ltd., Class A | 1409072 | 24726668 |
|  Yihai Kerry Arawana Holdings Co. Ltd., Class A | 455570 | 1916412 |
|  (Cost $158,970,113) |  | **214670482** |
|  **Energy — 2.6%** |  |  |
|  China Coal Energy Co. Ltd., Class A | 1508134 | 2241699 |
|  China Merchants Energy Shipping Co. Ltd., Class A | 2321500 | 1949270 |
|  China Oilfield Services Ltd., Class A | 310385 | 579821 |
|  China Petroleum & Chemical Corp., Class A | 10869614 | 8719466 |
|  China Shenhua Energy Co. Ltd., Class A | 2540268 | 13947095 |
|  COSCO SHIPPING Energy Transportation Co. Ltd., Class A | 862464 | 1208955 |
|  PetroChina Co. Ltd., Class A | 8168182 | 9397836 |
|  Shaanxi Coal Industry Co. Ltd., Class A | 2944269 | 8528014 |
|  Shanxi Coking Coal Energy Group Co. Ltd., Class A | 1698844 | 1419378 |
|  Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A | 811700 | 1209895 |
|  Yankuang Energy Group Co. Ltd., Class A | 1363280 | 2435070 |
|  (Cost $40,933,414) |  | **51636499** |
|  **Financials — 25.7%** |  |  |

---

See Notes to Financial Statements.

**2** \| DBX ETF Trust

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Agricultural Bank of China Ltd., Class A | 23381600 | &nbsp;&nbsp;&nbsp;&nbsp;17945158 |
|  Bank of Beijing Co. Ltd., Class A | 10564243 | 9236914 |
|  Bank of Chengdu Co. Ltd., Class A | 1861356 | 5009048 |
|  Bank of China Ltd., Class A | 15603900 | 11954190 |
|  Bank of Communications Co. Ltd., Class A | 17163949 | 18104175 |
|  Bank of Hangzhou Co. Ltd., Class A | 2644703 | 6115047 |
|  Bank of Jiangsu Co. Ltd., Class A | 11091250 | 16901715 |
|  Bank of Nanjing Co. Ltd., Class A | 3990354 | 6346641 |
|  Bank of Ningbo Co. Ltd., Class A | 2324917 | 8618452 |
|  Bank of Shanghai Co. Ltd., Class A | 7601365 | 11161567 |
|  Capital Securities Co. Ltd., Class A | 406800 | 1059725 |
|  China CITIC Bank Corp. Ltd., Class A | 2618722 | 2893013 |
|  China Construction Bank Corp., Class A | 5635775 | 7063002 |
|  China Everbright Bank Co. Ltd., Class A | 13931073 | 7675789 |
|  China Galaxy Securities Co. Ltd., Class A | 1696317 | 3722089 |
|  China International Capital Corp. Ltd., Class A | 815610 | 3745650 |
|  China Life Insurance Co. Ltd., Class A | 1294730 | 6880381 |
|  China Merchants Bank Co. Ltd., Class A | 8925033 | 53795704 |
|  China Merchants Securities Co. Ltd., Class A | 2820587 | 6333823 |
|  China Minsheng Banking Corp. Ltd., Class A | 18047297 | 10895555 |
|  China Pacific Insurance Group Co. Ltd., Class A | 2502880 | 11959830 |
|  China Zheshang Bank Co. Ltd., Class A | 10387840 | 4642256 |
|  Cinda Securities Co. Ltd., Class A | 591400 | 1180289 |
|  CITIC Securities Co. Ltd., Class A | 7204588 | 25517478 |
|  CNPC Capital Co. Ltd., Class A | 2043000 | 1925245 |
|  CSC Financial Co. Ltd., Class A | 1065561 | 3398414 |
|  East Money Information Co. Ltd., Class A | 9078257 | 25979995 |
|  Everbright Securities Co. Ltd., Class A | 1516694 | 3424786 |
|  Founder Securities Co. Ltd., Class A | 3446996 | 3640604 |
|  GF Securities Co. Ltd., Class A | 2249353 | 5085418 |
|  Guosen Securities Co. Ltd., Class A | 2258318 | 3519758 |
|  Guotai Haitong Securities Co. Ltd. | 7828465 | 18665847 |
|  Hithink RoyalFlush Information Network Co. Ltd., Class A | 159895 | 5490351 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Hongta Securities Co. Ltd., Class A | 921110 | 1039321 |
|  Huatai Securities Co. Ltd., Class A | 3922147 | 9123171 |
|  Huaxia Bank Co. Ltd., Class A | 4827193 | 5044726 |
|  Industrial & Commercial Bank of China Ltd., Class A | 25299351 | 24824284 |
|  Industrial Bank Co. Ltd., Class A | 10508670 | 33019623 |
|  Industrial Securities Co. Ltd., Class A | 4419156 | 3526591 |
|  New China Life Insurance Co. Ltd., Class A | 639253 | 4462608 |
|  Orient Securities Co. Ltd., Class A | 4047173 | 5240604 |
|  People's Insurance Co. Group of China Ltd., Class A | 2500098 | 2869529 |
|  Ping An Bank Co. Ltd., Class A | 7040656 | 11295849 |
|  Ping An Insurance Group Co. of China Ltd., Class A | 7777445 | 57510759 |
|  Postal Savings Bank of China Co. Ltd., Class A | 8095400 | 5988436 |
|  SDIC Capital Co. Ltd., Class A | 1404729 | 1358855 |
|  Shanghai Pudong Development Bank Co. Ltd., Class A | 8657879 | 14815711 |
|  Shenwan Hongyuan Group Co. Ltd., Class A | 6810887 | 4471084 |
|  Zheshang Securities Co. Ltd., Class A | 2004750 | 2904749 |
|  Zhongtai Securities Co. Ltd., Class A | 1284145 | 1085373 |
|  (Cost $418,768,267) |  | **518469182** |
|  **Health Care — 6.4%** |  |  |
|  Aier Eye Hospital Group Co. Ltd., Class A | 3593899 | 6189927 |
|  Beijing Tiantan Biological Products Corp. Ltd., Class A | 877134 | 2328782 |
|  Beijing Tong Ren Tang Co. Ltd., Class A | 542996 | 2863704 |
|  Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A | 271765 | 2613815 |
|  Changchun High-Tech Industry Group Co. Ltd., Class A \* | 206078 | 2990509 |
|  China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 384970 | 2294764 |
|  Chongqing Zhifei Biological Products Co. Ltd., Class A | 803184 | 2133560 |
|  Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 466211 | 1748946 |
|  Hangzhou Tigermed Consulting Co. Ltd., Class A | 366679 | 2521100 |
|  Huadong Medicine Co. Ltd., Class A | 735968 | 4565774 |
|  Hualan Biological Engineering, Inc., Class A | 729412 | 1630859 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **3** 

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Imeik Technology Development Co. Ltd., Class A | 89487 | 2111333 |
|  Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 3302156 | 25087092 |
|  Pharmaron Beijing Co. Ltd., Class A | 827285 | 2737217 |
|  Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 1032122 | 3634121 |
|  Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 917783 | 2346268 |
|  Shanghai RAAS Blood Products Co. Ltd., Class A | 3620334 | 3421713 |
|  Shanghai United Imaging Healthcare Co. Ltd., Class A | 312276 | 5956184 |
|  Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 439790 | 13786431 |
|  Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A | 295184 | 2457648 |
|  Sichuan Biokin Pharmaceutical Co. Ltd., Class A \* | 63192 | 2641412 |
|  Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 1006300 | 5385331 |
|  WuXi AppTec Co. Ltd., Class A | 1807228 | 15929531 |
|  Yunnan Baiyao Group Co. Ltd., Class A | 725686 | 5688416 |
|  Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 232060 | 6571808 |
|  (Cost $124,130,688) |  | **129636245** |
|  **Industrials — 16.0%** |  |  |
|  AECC Aviation Power Co. Ltd., Class A | 1363135 | 6708502 |
|  Air China Ltd., Class A \* | 2830537 | 3150584 |
|  Beijing New Building Materials PLC, Class A | 772597 | 3074175 |
|  Beijing-Shanghai High Speed Railway Co. Ltd., Class A | 22207226 | 18060919 |
|  China CSSC Holdings Ltd., Class A | 1693440 | 7208278 |
|  China Eastern Airlines Corp. Ltd., Class A \* | 5980445 | 3344926 |
|  China Energy Engineering Corp. Ltd., Class A | 12499277 | 3868456 |
|  China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A | 1867037 | 3283050 |
|  China National Chemical Engineering Co. Ltd., Class A | 3142302 | 3366767 |
|  China Railway Group Ltd., Class A | 8110292 | 6292109 |
|  China Southern Airlines Co. Ltd., Class A \* | 3716966 | 3141621 |
|  China State Construction Engineering Corp. Ltd., Class A | 16074507 | 12671672 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Contemporary Amperex Technology Co. Ltd., Class A | 1911977 | &nbsp;&nbsp;&nbsp;&nbsp;66339258 |
|  COSCO SHIPPING Holdings Co. Ltd., Class A | 5023817 | 11427749 |
|  CRRC Corp. Ltd., Class A | 9640216 | 9633125 |
|  Daqin Railway Co. Ltd., Class A | 7810655 | 7317102 |
|  Dongfang Electric Corp. Ltd., Class A | 1011664 | 2240872 |
|  Eve Energy Co. Ltd., Class A | 938873 | 5871459 |
|  FAW Jiefang Group Co. Ltd., Class A | 1311588 | 1308803 |
|  Goneo Group Co. Ltd., Class A | 198794 | 1953370 |
|  Gotion High-tech Co. Ltd., Class A | 979426 | 3328959 |
|  Jiangsu Expressway Co. Ltd., Class A | 578323 | 1313112 |
|  Jiangsu Hengli Hydraulic Co. Ltd., Class A | 418440 | 3955995 |
|  Metallurgical Corp. of China Ltd., Class A | 5879458 | 2390853 |
|  NARI Technology Co. Ltd., Class A | 3162688 | 9740059 |
|  Ningbo Deye Technology Co. Ltd., Class A | 212226 | 2426433 |
|  Power Construction Corp. of China Ltd., Class A | 6772928 | 4436764 |
|  Sany Heavy Industry Co. Ltd., Class A | 4705388 | 12296845 |
|  SF Holding Co. Ltd., Class A | 1779075 | 11394989 |
|  Shanghai International Airport Co. Ltd., Class A | 970573 | 4358978 |
|  Shanghai International Port Group Co. Ltd., Class A | 2660347 | 2156250 |
|  Shenzhen Inovance Technology Co. Ltd., Class A \* | 1603093 | 14635263 |
|  Sichuan Road & Bridge Group Co. Ltd., Class A | 1947300 | 2502602 |
|  Sieyuan Electric Co. Ltd., Class A | 535580 | 5354090 |
|  Spring Airlines Co. Ltd., Class A | 372791 | 3042221 |
|  Sungrow Power Supply Co. Ltd., Class A | 1077630 | 9031973 |
|  TBEA Co. Ltd., Class A | 3822178 | 6158728 |
|  Weichai Power Co. Ltd., Class A | 4176070 | 8716930 |
|  Wuxi Lead Intelligent Equipment Co. Ltd., Class A | 970199 | 2683589 |
|  XCMG Construction Machinery Co. Ltd., Class A | 6461387 | 7389259 |
|  YTO Express Group Co. Ltd., Class A | 1194943 | 2185801 |
|  Yutong Bus Co. Ltd., Class A | 1135200 | 3894653 |
|  Zhejiang Chint Electrics Co. Ltd., Class A | 856692 | 2605044 |
|  Zhejiang Huayou Cobalt Co. Ltd., Class A | 1062156 | 4923599 |
|  Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | 1766735 | 6338403 |
|  Zhuzhou CRRC Times Electric Co. Ltd., Class A | 229913 | 1398247 |

---

See Notes to Financial Statements.

**4** \| DBX ETF Trust

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 4192753 | 4148936 |
|  (Cost $293,883,845) |  | **323071372** |
|  **Information Technology — 15.9%** |  |  |
|  360 Security Technology, Inc., Class A | 2950768 | 4095274 |
|  ACM Research Shanghai, Inc., Class A | 131374 | 1847182 |
|  Advanced Micro-Fabrication Equipment, Inc., China, Class A \* | 348896 | 8474357 |
|  Avary Holding Shenzhen Co. Ltd., Class A | 679143 | 2664618 |
|  Beijing Kingsoft Office Software, Inc., Class A | 180253 | 7049463 |
|  BOE Technology Group Co. Ltd., Class A | 30212435 | &nbsp;&nbsp;&nbsp;&nbsp;15933723 |
|  Cambricon Technologies Corp. Ltd., Class A \* | 155665 | 13041613 |
|  Chaozhou Three-Circle Group Co. Ltd., Class A | 1276643 | 5793822 |
|  China Railway Signal & Communication Corp. Ltd., Class A | 3024261 | 2107031 |
|  China Resources Microelectronics Ltd., Class A | 522717 | 3455375 |
|  CSI Solar Co. Ltd., Class A | 1265606 | 1568548 |
|  Empyrean Technology Co. Ltd., Class A | 176800 | 3117979 |
|  Eoptolink Technology, Inc. Ltd., Class A | 715400 | 8764154 |
|  Flat Glass Group Co. Ltd., Class A | 566058 | 1128926 |
|  Foxconn Industrial Internet Co. Ltd., Class A | 3010731 | 7909891 |
|  GigaDevice Semiconductor, Inc., Class A \* | 534465 | 8330038 |
|  GoerTek, Inc., Class A | 1993921 | 5786419 |
|  Hangzhou First Applied Material Co. Ltd., Class A | 930607 | 1565369 |
|  Hangzhou Silan Microelectronics Co. Ltd., Class A \* | 1152127 | 3840797 |
|  Huaqin Technology Co. Ltd., Class A | 292214 | 2689230 |
|  Hundsun Technologies, Inc., Class A | 1277944 | 4666385 |
|  Hygon Information Technology Co. Ltd., Class A (a) | 694293 | 13117303 |
|  IEIT Systems Co. Ltd., Class A | 867887 | 5896086 |
|  Iflytek Co. Ltd., Class A | 1505020 | 9614599 |
|  JA Solar Technology Co. Ltd., Class A \* | 1601782 | 2031878 |
|  JCET Group Co. Ltd., Class A | 1296189 | 5785385 |
|  Jinko Solar Co. Ltd., Class A | 3340783 | 2411013 |
|  Lens Technology Co. Ltd., Class A | 1676777 | 4717121 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  LONGi Green Energy Technology Co. Ltd., Class A | 4635925 | 9252162 |
|  Luxshare Precision Industry Co. Ltd., Class A | 3776225 | &nbsp;&nbsp;&nbsp;&nbsp;15932333 |
|  Maxscend Microelectronics Co. Ltd., Class A | 307017 | 3002292 |
|  Montage Technology Co. Ltd., Class A | 921067 | 9756129 |
|  National Silicon Industry Group Co. Ltd., Class A | 1508610 | 3877626 |
|  NAURA Technology Group Co. Ltd., Class A | 243690 | 14156092 |
|  Ninestar Corp., Class A \* | 858264 | 2572898 |
|  Range Intelligent Computing Technology Group Co. Ltd., Class A | 554480 | 3303655 |
|  SG Micro Corp., Class A | 282117 | 3610791 |
|  Shanghai Baosight Software Co. Ltd., Class A | 797856 | 2777155 |
|  Shengyi Technology Co. Ltd., Class A | 1045398 | 3801289 |
|  Shennan Circuits Co. Ltd., Class A | 240396 | 2811232 |
|  Shenzhen Transsion Holdings Co. Ltd., Class A | 381235 | 3846054 |
|  Suzhou TFC Optical Communication Co. Ltd., Class A | 253131 | 2870221 |
|  TCL Technology Group Corp., Class A | 14679584 | 8719779 |
|  TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A | 2564748 | 2698124 |
|  Tongwei Co. Ltd., Class A | 2110889 | 4772373 |
|  Trina Solar Co. Ltd., Class A | 912262 | 1696572 |
|  Unigroup Guoxin Microelectronics Co. Ltd., Class A | 555152 | 4928743 |
|  Unisplendour Corp. Ltd., Class A | 1939435 | 6468103 |
|  Will Semiconductor Co. Ltd. Shanghai, Class A | 666763 | 11530216 |
|  Wingtech Technology Co. Ltd., Class A | 814907 | 3840817 |
|  WUS Printed Circuit Kunshan Co. Ltd., Class A | 1106599 | 4757947 |
|  Xinjiang Daqo New Energy Co. Ltd., Class A | 566854 | 1514432 |
|  Yealink Network Technology Corp. Ltd., Class A | 444472 | 2081313 |
|  Yonyou Network Technology Co. Ltd., Class A \* | 1608019 | 2912391 |
|  Zhejiang Dahua Technology Co. Ltd., Class A | 1837359 | 3886216 |
|  Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | 595091 | 2226646 |
|  Zhongji Innolight Co. Ltd., Class A | 662226 | 8598010 |
|  ZTE Corp., Class A | 2495957 | 10769754 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **5** 

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  (Cost $292,864,233) |  | **320374944** |
|  **Materials — 7.8%** |  |  |
|  Aluminum Corp. of China Ltd., Class A | 6208118 | 5634893 |
|  Anhui Conch Cement Co. Ltd., Class A | 1915867 | 6176785 |
|  Baoshan Iron & Steel Co. Ltd., Class A | 6675443 | 6244360 |
|  Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | 1366643 | 2118635 |
|  China Jushi Co. Ltd., Class A | 1745613 | 2740050 |
|  China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 2024922 | 6539621 |
|  Citic Pacific Special Steel Group Co. Ltd., Class A | 409272 | 645833 |
|  CMOC Group Ltd., Class A | 5200172 | 5196347 |
|  Ganfeng Lithium Group Co. Ltd., Class A | 857687 | 3592493 |
|  Guangzhou Tinci Materials Technology Co. Ltd., Class A | 998298 | 2334576 |
|  Hengli Petrochemical Co. Ltd., Class A \* | 1542795 | 3243910 |
|  Hoshine Silicon Industry Co. Ltd., Class A | 253914 | 1725698 |
|  Inner Mongolia BaoTou Steel Union Co. Ltd., Class A \* | 18351327 | 4431642 |
|  Jiangsu Eastern Shenghong Co. Ltd., Class A | 1605600 | 1894106 |
|  Jiangxi Copper Co. Ltd., Class A | 892901 | 2633359 |
|  LB Group Co. Ltd., Class A | 1349890 | 3096843 |
|  Ningxia Baofeng Energy Group Co. Ltd., Class A | 1819674 | 4040746 |
|  Qinghai Salt Lake Industry Co. Ltd., Class A \* | 3127989 | 6876514 |
|  Rongsheng Petrochemical Co. Ltd., Class A | 2097937 | 2501114 |
|  Satellite Chemical Co. Ltd., Class A \* | 1320487 | 3066041 |
|  Shandong Gold Mining Co. Ltd., Class A | 1350690 | 5623735 |
|  Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 1023938 | 2958710 |
|  Shandong Nanshan Aluminum Co. Ltd., Class A | 5683780 | 2958125 |
|  Shanghai Putailai New Energy Technology Co. Ltd., Class A | 857918 | 1864599 |
|  Shanjin International Gold Co. Ltd., Class A | 1333100 | 3642977 |
|  Tianqi Lithium Corp., Class A | 745009 | 2992319 |
|  Tongling Nonferrous Metals Group Co. Ltd., Class A | 5863700 | 2579758 |
|  Wanhua Chemical Group Co. Ltd., Class A | 1376954 | 10346313 |
|  Yunnan Aluminium Co. Ltd., Class A | 1653247 | 3349952 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Yunnan Energy New Material Co. Ltd., Class A | 399284 | 1539991 |
|  Zangge Mining Co. Ltd., Class A | 718501 | 3615789 |
|  Zhejiang Juhua Co. Ltd., Class A | 1068380 | 3920443 |
|  Zhejiang NHU Co. Ltd., Class A | 1380408 | 4201400 |
|  Zhongjin Gold Corp. Ltd., Class A | 2338873 | 4528233 |
|  Zijin Mining Group Co. Ltd., Class A | 11945847 | 29395011 |
|  (Cost $145,582,033) |  | **158250921** |
|  **Real Estate — 0.8%** |  |  |
|  China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 2548605 | 3070225 |
|  China Vanke Co. Ltd., Class A \* | 4789480 | 4413716 |
|  Hainan Airport Infrastructure Co. Ltd., Class A \* | 4671502 | 2236782 |
|  Poly Developments and Holdings Group Co. Ltd., Class A | 4918486 | 5549705 |
|  (Cost $19,198,056) |  | **15270428** |
|  **Utilities — 4.0%** |  |  |
|  CGN Power Co. Ltd., Class A | 6604084 | 3363772 |
|  China Longyuan Power Group Corp. Ltd., Class A | 18200 | 41450 |
|  China National Nuclear Power Co. Ltd., Class A | 6516401 | 8664056 |
|  China Three Gorges Renewables Group Co. Ltd., Class A | 10286119 | 6124304 |
|  China Yangtze Power Co. Ltd., Class A | 9017285 | 37794680 |
|  ENN Natural Gas Co. Ltd., Class A | 693109 | 1823844 |
|  GD Power Development Co. Ltd., Class A | 6704878 | 4252605 |
|  Huadian Power International Corp. Ltd., Class A | 2372233 | 1926022 |
|  Huaneng Lancang River Hydropower, Inc., Class A | 1656500 | 2315096 |
|  Huaneng Power International, Inc., Class A | 2925543 | 2935572 |
|  SDIC Power Holdings Co. Ltd., Class A | 1978086 | 4299172 |
|  Sichuan Chuantou Energy Co. Ltd., Class A | 1785542 | 4175591 |
|  Zhejiang Zheneng Electric Power Co. Ltd., Class A | 3109108 | 2308540 |
|  (Cost $63,007,689) |  | **80024704** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,712,463,818) |  | **2011429807** |
|  **TOTAL INVESTMENTS — 99.8%** | **TOTAL INVESTMENTS — 99.8%** |  |
|  (Cost $1,712,463,818) |  | **2011429807** |
|  **Other assets and liabilities, net — 0.2%** | **Other assets and liabilities, net — 0.2%** | **3245954** |
|  **NET ASSETS — 100.0%** |  | **2014675761** |

---

See Notes to Financial Statements.

**6** \| DBX ETF Trust

------

Schedule of Investments

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

May 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

(a) Investment was valued using significant unobservable inputs.

JSC: Joint Stock Company

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

The following is a summary of the inputs used as of May 31, 2025 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) | $1998312504 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;13117303 | $2011429807 |
|  **TOTAL** | $**1998312504** | $**—** | $**13117303** | $**2011429807** |

---

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

During the year ended May 31, 2025, the amount of transfers from Level 1 to Level 3 was $7,640,531. The investment was transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity. Transfers between price levels are recognized at the beginning of the reporting period.

See Notes to Financial Statements.

DBX ETF Trust \| **7** 

------

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **COMMON STOCKS — 99.7%** |  |  |
|  **Communication Services — 3.5%** |  |  |
|  Beijing Enlight Media Co. Ltd., Class A \* | 41000 | 99694 |
|  Bluefocus Intelligent Communications Group Co. Ltd., Class A | 71300 | 82034 |
|  China Film Co. Ltd., Class A | 17200 | 24587 |
|  China Science Publishing & Media Ltd., Class A | 4500 | 12647 |
|  China South Publishing & Media Group Co. Ltd., Class A | 19000 | 36627 |
|  Chinese Universe Publishing and Media Group Co. Ltd., Class A | 20489 | 30114 |
|  G-bits Network Technology Xiamen Co. Ltd., Class A | 973 | 33968 |
|  Giant Network Group Co. Ltd., Class A | 37200 | 74552 |
|  Jiangsu Broadcasting Cable Information Network Corp. Ltd., Class A | 64000 | 29578 |
|  Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A | 17600 | 28750 |
|  Kingnet Network Co. Ltd., Class A | 49000 | 108333 |
|  Oriental Pearl Group Co. Ltd., Class A | 52700 | 53539 |
|  People.cn Co. Ltd., Class A | 15900 | 43736 |
|  Perfect World Co. Ltd., Class A | 41000 | 76477 |
|  Shandong Publishing & Media Co. Ltd., Class A | 18100 | 25070 |
|  Talkweb Information System Co. Ltd., Class A \* | 28800 | 117074 |
|  Wanda Film Holding Co. Ltd., Class A \* | 35500 | 53900 |
|  (Cost $761,068) |  | **930680** |
|  **Consumer Discretionary — 8.5%** |  |  |
|  AIMA Technology Group Co. Ltd., Class A | 7208 | 36263 |
|  Anhui Jianghuai Automobile Group Corp. Ltd., Class A | 48200 | 256209 |
|  Anhui Zhongding Sealing Parts Co. Ltd., Class A | 24900 | 59405 |
|  Beiqi Foton Motor Co. Ltd., Class A \* | 128400 | 49540 |
|  Bethel Automotive Safety Systems Co. Ltd., Class A \* | 11780 | 89478 |
|  BTG Hotels Group Co. Ltd., Class A | 14945 | 30366 |
|  China Automotive Engineering Research Institute Co. Ltd., Class A | 12000 | 30444 |
|  Chow Tai Seng Jewellery Co. Ltd., Class A | 11700 | 24374 |
|  Easyhome New Retail Group Co. Ltd., Class A | 60700 | 26790 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Ecovacs Robotics Co. Ltd., Class A | 6100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45471 |
|  Hangzhou GreatStar Industrial Co. Ltd. | 19953 | 65298 |
|  Hangzhou Robam Appliances Co. Ltd., Class A | 14200 | 39001 |
|  Hisense Home Appliances Group Co. Ltd., Class A | 13300 | 51518 |
|  Hisense Visual Technology Co. Ltd., Class A | 21600 | 71557 |
|  HLA Group Corp. Ltd., Class A | 61200 | 60986 |
|  Jason Furniture Hangzhou Co. Ltd., Class A | 12600 | 43718 |
|  Jiangsu Xinquan Automotive Trim Co. Ltd., Class A | 9900 | 64921 |
|  Keboda Technology Co. Ltd., Class A | 2500 | 18597 |
|  Lao Feng Xiang Co. Ltd., Class A | 3700 | 26410 |
|  Ninebot Ltd. \* | 14108 | 128484 |
|  Ningbo Joyson Electronic Corp., Class A | 28620 | 70584 |
|  Offcn Education Technology Co. Ltd., Class A \* | 138700 | 55439 |
|  Qingdao Sentury Tire Co. Ltd., Class A | 19000 | 49021 |
|  Shandong Linglong Tyre Co. Ltd., Class A | 19691 | 39381 |
|  Shanghai Jinjiang International Hotels Co. Ltd., Class A | 11000 | 35006 |
|  Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A | 48100 | 38051 |
|  Shenzhen Kedali Industry Co. Ltd., Class A | 5500 | 84233 |
|  Shenzhen MTC Co. Ltd., Class A | 63600 | 38132 |
|  Sichuan Changhong Electric Co. Ltd., Class A | 101200 | 138907 |
|  Songcheng Performance Development Co. Ltd., Class A | 46600 | 58531 |
|  Suofeiya Home Collection Co. Ltd., Class A | 17118 | 33521 |
|  Tianneng Battery Group Co. Ltd., Class A | 4624 | 17270 |
|  Wangfujing Group Co. Ltd., Class A | 19830 | 38530 |
|  Wanxiang Qianchao Co. Ltd., Class A | 43700 | 47185 |
|  Wuchan Zhongda Group Co. Ltd., Class A | 83600 | 60681 |
|  Zhejiang Cfmoto Power Co. Ltd., Class A | 2800 | 70873 |
|  Zhejiang Semir Garment Co. Ltd., Class A | 26900 | 20273 |
|  Zhejiang Shuanghuan Driveline Co. Ltd., Class A | 19900 | 87910 |
|  Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A | 36600 | 82289 |
|  (Cost $2,028,726) |  | **2284647** |
|  **Consumer Staples — 4.4%** |  |  |

---

See Notes to Financial Statements.

**8** \| DBX ETF Trust

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Angel Yeast Co. Ltd., Class A \* | 15900 | 84075 |
|  Anhui Kouzi Distillery Co. Ltd., Class A | 8800 | 44126 |
|  Anjoy Foods Group Co. Ltd., Class A | 5500 | 63967 |
|  Beijing Dabeinong Technology Group Co. Ltd., Class A | 94562 | 53153 |
|  Beijing Yanjing Brewery Co. Ltd., Class A | 38600 | 75483 |
|  Bloomage Biotechnology Corp. Ltd., Class A | 5407 | 37851 |
|  By-health Co. Ltd., Class A | 25600 | 41498 |
|  Chacha Food Co. Ltd., Class A | 8200 | 26300 |
|  Chongqing Brewery Co. Ltd., Class A | 6100 | 48933 |
|  Chongqing Fuling Zhacai Group Co. Ltd., Class A | 24969 | 47129 |
|  COFCO Sugar Holding Co. Ltd., Class A | 32800 | 42335 |
|  DaShenLin Pharmaceutical Group Co. Ltd., Class A | 11612 | 28042 |
|  Fujian Sunner Development Co. Ltd., Class A | 17400 | 36368 |
|  Gambol Pet Group Co. Ltd., Class A | 1500 | 22475 |
|  Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A | 13700 | 46489 |
|  Heilongjiang Agriculture Co. Ltd., Class A | 21200 | 42310 |
|  Innovation New Material Technology Co. Ltd., Class A | 38000 | 20357 |
|  Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A \* | 18000 | 46641 |
|  Laobaixing Pharmacy Chain JSC, Class A | 10426 | 27840 |
|  Proya Cosmetics Co. Ltd., Class A | 6300 | 77617 |
|  Shanghai Bairun Investment Holding Group Co. Ltd., Class A \* | 15200 | 58983 |
|  Shanghai Flyco Electrical Appliance Co. Ltd., Class A \* | 1500 | 7809 |
|  Yifeng Pharmacy Chain Co. Ltd., Class A | 14976 | 54165 |
|  Yonghui Superstores Co. Ltd., Class A \* | 127500 | 88122 |
|  Yuan Longping High-tech Agriculture Co. Ltd., Class A | 25954 | 36742 |
|  Yunnan Botanee Bio-Technology Group Co. Ltd., Class A | 5000 | 30679 |
|  (Cost $1,246,357) |  | **1189489** |
|  **Energy — 2.2%** |  |  |
|  China Coal Xinji Energy Co. Ltd., Class A | 44700 | 41565 |
|  China Petroleum Engineering Corp., Class A | 53200 | 23036 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  China Suntien Green Energy Corp. Ltd., Class A | 8600 | 9525 |
|  CNOOC Energy Technology & Services Ltd., Class A | 62700 | 35939 |
|  COFCO Capital Holdings Co. Ltd., Class A | 24600 | 39262 |
|  Guangzhou Development Group, Inc., Class A | 30500 | 27895 |
|  Inner Mongolia Dian Tou Energy Corp. Ltd., Class A | 31400 | 86243 |
|  Jiangsu Xukuang Energy Co. Ltd., Class A | 33500 | 23573 |
|  Jinneng Holding Shanxi Coal Industry Co. Ltd., Class A | 23100 | 38953 |
|  Jizhong Energy Resources Co. Ltd., Class A | 21900 | 20364 |
|  Offshore Oil Engineering Co. Ltd., Class A | 51900 | 37672 |
|  Pingdingshan Tianan Coal Mining Co. Ltd., Class A \* | 42500 | 49547 |
|  Shan Xi Hua Yang Group New Energy Co. Ltd., Class A | 42705 | 39236 |
|  Sinopec Oilfield Service Corp., Class A \* | 127200 | 33189 |
|  Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 17629 | 84459 |
|  (Cost $532,529) |  | **590458** |
|  **Financials — 9.7%** |  |  |
|  Bank of Changsha Co. Ltd., Class A | 78200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106469 |
|  Bank of Guiyang Co. Ltd., Class A | 82800 | 70098 |
|  Bank of Lanzhou Co. Ltd., Class A | 87300 | 29200 |
|  Bank of Suzhou Co. Ltd., Class A | 125010 | 151290 |
|  Bank of Xi'an Co. Ltd., Class A | 43300 | 22715 |
|  Beijing Compass Technology Development Co. Ltd., Class A \* | 10310 | 83235 |
|  BOC International China Co. Ltd., Class A | 48000 | 65885 |
|  Caida Securities Co. Ltd., Class A | 40500 | 36086 |
|  Caitong Securities Co. Ltd., Class A | 89325 | 91366 |
|  Changjiang Securities Co. Ltd., Class A | 95598 | 86903 |
|  China Great Wall Securities Co. Ltd., Class A | 39900 | 44412 |
|  Chinalin Securities Co. Ltd., Class A | 8400 | 15773 |
|  Dongxing Securities Co. Ltd., Class A | 56700 | 80424 |
|  First Capital Securities Co. Ltd., Class A | 121800 | 112075 |
|  Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A \* | 43655 | 38958 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **9** 

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Guolian Minsheng Securities Co. Ltd., Class A | 38200 | 52539 |
|  Guosheng Financial Holding, Inc., Class A \* | 23187 | 38906 |
|  Guoyuan Securities Co. Ltd., Class A | 70000 | 73349 |
|  Huaan Securities Co. Ltd., Class A | 84915 | 64582 |
|  Huaxi Securities Co. Ltd., Class A | 38900 | 44432 |
|  Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A \* | 83500 | 91782 |
|  Jiangsu Financial Leasing Co. Ltd., Class A | 59620 | 49399 |
|  J-Yuan Trust Co. Ltd., Class A \* | 116400 | 43295 |
|  Minmetals Capital Co. Ltd., Class A | 64900 | 47648 |
|  Nanjing Securities Co. Ltd., Class A | 56000 | 60233 |
|  Pacific Securities Co. Ltd., Class A \* | 195900 | 97606 |
|  Polaris Bay Group Co. Ltd., Class A \* | 62100 | 56194 |
|  Qilu Bank Co. Ltd., Class A | 81600 | 75198 |
|  Qingdao Rural Commercial Bank Corp., Class A | 131700 | 63243 |
|  Sealand Securities Co. Ltd., Class A | 129470 | 67023 |
|  Shaanxi International Trust Co. Ltd., Class A | 93090 | 43798 |
|  Shanxi Securities Co. Ltd., Class A | 65440 | 50588 |
|  Sinolink Securities Co. Ltd., Class A | 70700 | 81736 |
|  SooChow Securities Co. Ltd., Class A | 107165 | 118539 |
|  Southwest Securities Co. Ltd., Class A | 106300 | 61225 |
|  SPIC Industry-Finance Holdings Co. Ltd., Class A \* | 46100 | 44339 |
|  Tianfeng Securities Co. Ltd., Class A \* | 196400 | 106305 |
|  Western Securities Co. Ltd., Class A | 77600 | 79805 |
|  Xiangcai Co. Ltd., Class A \* | 32700 | 37214 |
|  Yongan Futures Co. Ltd., Class A | 9700 | 16707 |
|  (Cost $2,811,110) |  | **2600574** |
|  **Health Care — 10.7%** |  |  |
|  Andon Health Co. Ltd., Class A | 10500 | 55041 |
|  Anhui Anke Biotechnology Group Co. Ltd., Class A | 35808 | 44230 |
|  Apeloa Pharmaceutical Co. Ltd., Class A | 16600 | 32254 |
|  APT Medical, Inc., Class A | 1597 | 87883 |
|  Asymchem Laboratories Tianjin Co. Ltd., Class A | 6300 | 82391 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Autobio Diagnostics Co. Ltd., Class A | 5500 | 29800 |
|  Betta Pharmaceuticals Co. Ltd., Class A | 7500 | 59300 |
|  BGI Genomics Co. Ltd., Class A | 7300 | 52096 |
|  Changchun BCHT Biotechnology Co. Ltd., Class A \* | 3704 | 10847 |
|  China Meheco Co. Ltd., Class A | 22721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33079 |
|  China National Medicines Corp. Ltd., Class A | 9433 | 39288 |
|  China Resources Double Crane Pharmaceutical Co. Ltd., Class A | 12349 | 33437 |
|  Chongqing Taiji Industry Group Co. Ltd., Class A | 11500 | 33884 |
|  CSPC Innovation Pharmaceutical Co. Ltd., Class A | 11900 | 85733 |
|  Dong-E-E-Jiao Co. Ltd., Class A | 11700 | 89001 |
|  Gan & Lee Pharmaceuticals Co. Ltd., Class A | 10700 | 80933 |
|  Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | 8200 | 33026 |
|  Haisco Pharmaceutical Group Co. Ltd., Class A | 10000 | 63550 |
|  Huaxia Eye Hospital Group Co. Ltd., Class A | 7300 | 19098 |
|  Hubei Jumpcan Pharmaceutical Co. Ltd., Class A | 9400 | 35250 |
|  Humanwell Healthcare Group Co. Ltd., Class A | 30800 | 94812 |
|  Intco Medical Technology Co. Ltd., Class A | 12920 | 42515 |
|  iRay Group, Class A | 2085 | 37991 |
|  Jafron Biomedical Co. Ltd., Class A | 14700 | 44536 |
|  Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A | 15600 | 50035 |
|  Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | 16685 | 87509 |
|  Jilin Aodong Pharmaceutical Group Co. Ltd., Class A | 27500 | 62555 |
|  Joincare Pharmaceutical Group Industry Co. Ltd., Class A | 29656 | 45892 |
|  Jointown Pharmaceutical Group Co. Ltd., Class A | 61348 | 44274 |
|  Lepu Medical Technology Beijing Co. Ltd., Class A | 33600 | 53627 |
|  Livzon Pharmaceutical Group, Inc., Class A | 9262 | 46790 |
|  Meinian Onehealth Healthcare Holdings Co. Ltd., Class A | 93600 | 67291 |
|  MGI Tech Co. Ltd., Class A \* | 6229 | 60965 |
|  Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A | 15412 | 24085 |
|  Ovctek China, Inc., Class A | 15037 | 31659 |

---

See Notes to Financial Statements.

**10** \| DBX ETF Trust

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Pacific Shuanglin Bio-pharmacy Co. Ltd., Class A | 11700 | 35935 |
|  Remegen Co. Ltd., Class A \* | 5335 | 43677 |
|  Shandong Buchang Pharmaceuticals Co. Ltd., Class A | 13100 | 30363 |
|  Shandong Pharmaceutical Glass Co. Ltd., Class A | 16938 | 50471 |
|  Shanghai Allist Pharmaceuticals Co. Ltd., Class A | 6396 | 86993 |
|  Shanghai Junshi Biosciences Co. Ltd., Class A \* | 15923 | 71844 |
|  Shenyang Xingqi Pharmaceutical Co. Ltd., Class A | 5600 | 40539 |
|  Shenzhen Kangtai Biological Products Co. Ltd., Class A | 20260 | 40181 |
|  Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | 14500 | 91444 |
|  Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | 22500 | 45498 |
|  Sinocelltech Group Ltd., Class A \* | 4161 | 22875 |
|  Tasly Pharmaceutical Group Co. Ltd., Class A | 25500 | 57793 |
|  Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class A | 8362 | 39435 |
|  Tonghua Dongbao Pharmaceutical Co. Ltd., Class A \* | 34100 | 36962 |
|  Topchoice Medical Corp., Class A | 8603 | 49335 |
|  Walvax Biotechnology Co. Ltd., Class A | 45000 | 64515 |
|  Winner Medical Co. Ltd., Class A | 7640 | 51299 |
|  Xiamen Amoytop Biotech Co. Ltd., Class A | 4682 | 50197 |
|  Yifan Pharmaceutical Co. Ltd., Class A | 22500 | 41157 |
|  Yili Chuanning Biotechnology Co. Ltd., Class A \* | 19200 | 34481 |
|  Zhejiang Huahai Pharmaceutical Co. Ltd., Class A | 22520 | 54039 |
|  Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A | 13917 | 29204 |
|  (Cost $2,865,604) |  | **2862894** |
|  **Industrials — 16.4%** |  |  |
|  AECC Aero-Engine Control Co. Ltd., Class A | 29800 | 80442 |
|  AVIC Chengdu UAS Co. Ltd., Class A \* | 7871 | 50217 |
|  AVICOPTER PLC, Class A | 14800 | 75609 |
|  Baimtec Material Co. Ltd., Class A | 5829 | 44308 |
|  Beijing Easpring Material Technology Co. Ltd., Class A | 12100 | 63713 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Beijing Originwater Technology Co. Ltd., Class A | 66300 | 41867 |
|  CCCC Design & Consulting Group Co. Ltd., Class A | 21700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24033 |
|  CECEP Environmental Protection Co. Ltd., Class A | 29100 | 24757 |
|  Centre Testing International Group Co. Ltd., Class A | 48200 | 74789 |
|  China Baoan Group Co. Ltd., Class A | 61580 | 68543 |
|  China First Heavy Industries Co. Ltd., Class A \* | 98100 | 36761 |
|  China International Marine Containers Group Co. Ltd., Class A | 56680 | 60807 |
|  China Railway Construction Heavy Industry Corp. Ltd., Class A | 52354 | 28774 |
|  China Railway Hi-tech Industry Co. Ltd., Class A | 35600 | 36315 |
|  China Southern Power Grid Energy Efficiency&Clean Energy Co. Ltd., Class A | 35300 | 24300 |
|  China Southern Power Grid Technology Co. Ltd., Class A | 5231 | 21141 |
|  China XD Electric Co. Ltd., Class A | 61200 | 52916 |
|  CITIC Heavy Industries Co. Ltd., Class A \* | 62900 | 38323 |
|  CITIC Metal Co. Ltd., Class A | 14300 | 14964 |
|  CNGR Advanced Material Co. Ltd., Class A | 13700 | 59076 |
|  COSCO SHIPPING Development Co. Ltd., Class A | 114000 | 39871 |
|  Dajin Heavy Industry Co. Ltd., Class A | 10300 | 39169 |
|  Deppon Logistics Co. Ltd., Class A | 9500 | 27424 |
|  Eastern Air Logistics Co. Ltd., Class A | 19100 | 34805 |
|  Fangda Carbon New Material Co. Ltd., Class A | 87900 | 56361 |
|  Farasis Energy Gan Zhou Co. Ltd., Class A \* | 22549 | 40246 |
|  GEM Co. Ltd., Class A | 144000 | 121111 |
|  Ginlong Technologies Co. Ltd., Class A | 5700 | 40417 |
|  Goldwind Science & Technology Co. Ltd., Class A | 74800 | 96027 |
|  GoodWe Technologies Co. Ltd., Class A | 5067 | 28256 |
|  Guangzhou Baiyun International Airport Co. Ltd., Class A | 36000 | 47715 |
|  Guangzhou Port Co. Ltd., Class A | 48200 | 21473 |
|  Hangcha Group Co. Ltd., Class A | 15700 | 42076 |
|  Han's Laser Technology Industry Group Co. Ltd., Class A | 26000 | 82959 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **11** 

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Hefei Meiya Optoelectronic Technology, Inc., Class A | 12100 | 29355 |
|  Henan Pinggao Electric Co. Ltd., Class A | 24100 | 51342 |
|  Hongfa Technology Co. Ltd., Class A | 24412 | 110993 |
|  Hoymiles Power Electronics, Inc., Class A | 912 | 12612 |
|  Hunan Yuneng New Energy Battery Material Co. Ltd., Class A | 13200 | 50435 |
|  Infore Environment Technology Group Co. Ltd., Class A | 37300 | 37842 |
|  JL Mag Rare-Earth Co. Ltd., Class A | 20340 | 56091 |
|  Juneyao Airlines Co. Ltd., Class A | 22540 | 43545 |
|  Keda Industrial Group Co. Ltd., Class A | 28400 | 40598 |
|  Kuang-Chi Technologies Co. Ltd., Class A | 43200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265964 |
|  Leader Harmonious Drive Systems Co. Ltd., Class A | 2948 | 47461 |
|  Liaoning Cheng Da Co. Ltd., Class A | 25958 | 38116 |
|  Liaoning Port Co. Ltd., Class A | 231720 | 47597 |
|  Ming Yang Smart Energy Group Ltd., Class A | 49600 | 69182 |
|  Ningbo Orient Wires & Cables Co. Ltd., Class A | 12200 | 80783 |
|  Ningbo Ronbay New Energy Technology Co. Ltd., Class A | 13578 | 34504 |
|  Ningbo Sanxing Medical Electric Co. Ltd., Class A | 20500 | 62593 |
|  North Industries Group Red Arrow Co. Ltd., Class A | 23647 | 54610 |
|  Qingdao TGOOD Electric Co. Ltd., Class A | 23181 | 71294 |
|  Sany Renewable Energy Co. Ltd., Class A | 7499 | 24437 |
|  Shandong Himile Mechanical Science & Technology Co. Ltd., Class A | 12200 | 103861 |
|  Shandong Hi-speed Co. Ltd., Class A | 19400 | 30802 |
|  Shanghai Construction Group Co. Ltd., Class A | 163700 | 54072 |
|  Shanghai M&G Stationery, Inc., Class A | 10800 | 44232 |
|  Shanghai Moons' Electric Co. Ltd., Class A | 4800 | 36959 |
|  Shanghai Tunnel Engineering Co. Ltd., Class A | 57000 | 47939 |
|  Shanxi Coal International Energy Group Co. Ltd., Class A \* | 23900 | 32274 |
|  Shenzhen SED Industry Co. Ltd., Class A | 13600 | 36674 |
|  Siasun Robot & Automation Co. Ltd., Class A \* | 36500 | 81862 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Sinochem International Corp., Class A \* | 54100 | 28682 |
|  Sinoma International Engineering Co., Class A | 38350 | 48009 |
|  Sinomach Heavy Equipment Group Co. Ltd., Class A \* | 99200 | 41716 |
|  Sinotrans Ltd., Class A | 47300 | 32954 |
|  State Grid Yingda Co. Ltd., Class A | 55200 | 37616 |
|  Sunwoda Electronic Co. Ltd., Class A \* | 43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110524 |
|  TangShan Port Group Co. Ltd., Class A | 86274 | 49212 |
|  Tian Di Science & Technology Co. Ltd., Class A | 51700 | 42621 |
|  Titan Wind Energy Suzhou Co. Ltd., Class A | 27000 | 24807 |
|  Wolong Electric Group Co. Ltd., Class A | 25139 | 80350 |
|  Xiamen C & D, Inc., Class A | 47500 | 65396 |
|  Xiamen ITG Group Corp. Ltd., Class A | 37548 | 32622 |
|  Xiangtan Electric Manufacturing Co. Ltd., Class A \* | 28364 | 43184 |
|  XTC New Energy Materials Xiamen Co. Ltd., Class A | 5303 | 32531 |
|  Xuji Electric Co. Ltd., Class A | 20100 | 59335 |
|  YUNDA Holding Group Co. Ltd., Class A | 35400 | 34244 |
|  Zhefu Holding Group Co. Ltd., Class A | 80400 | 36265 |
|  Zhejiang Dingli Machinery Co. Ltd., Class A | 6700 | 42086 |
|  Zhejiang Weiming Environment Protection Co. Ltd., Class A | 19888 | 53823 |
|  Zhejiang Weixing New Building Materials Co. Ltd., Class A | 18980 | 29503 |
|  Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A | 33400 | 76717 |
|  Zhuhai CosMX Battery Co. Ltd., Class A | 20430 | 38334 |
|  Zhuzhou Kibing Group Co. Ltd., Class A | 46700 | 33897 |
|  (Cost $4,338,329) |  | **4412022** |
|  **Information Technology — 23.5%** |  |  |
|  3peak, Inc., Class A \* | 2671 | 53755 |
|  Accelink Technologies Co. Ltd., Class A | 13722 | 78463 |
|  Aisino Corp., Class A | 34300 | 41653 |
|  Amlogic Shanghai Co. Ltd., Class A \* | 9569 | 88780 |
|  Anker Innovations Technology Co. Ltd., Class A | 6160 | 87202 |
|  ASR Microelectronics Co. Ltd., Class A \* | 5944 | 62118 |

---

See Notes to Financial Statements.

**12** \| DBX ETF Trust

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Beijing E-Hualu Information Technology Co. Ltd., Class A \* | 14640 | 43847 |
|  Beijing Shiji Information Technology Co. Ltd., Class A | 25809 | 29086 |
|  Beijing Sinnet Technology Co. Ltd., Class A | 42800 | 77340 |
|  Beijing Ultrapower Software Co. Ltd., Class A | 58400 | 85671 |
|  Beijing Yandong Microelectronic Co. Ltd., Class A | 7654 | 19971 |
|  Biwin Storage Technology Co. Ltd., Class A \* | 8630 | 67169 |
|  CETC Cyberspace Security Technology Co. Ltd., Class A | 17304 | 38617 |
|  China Greatwall Technology Group Co. Ltd., Class A \* | 55400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111949 |
|  China National Software & Service Co. Ltd., Class A \* | 16838 | 102846 |
|  China TransInfo Technology Co. Ltd., Class A | 27400 | 35936 |
|  China Zhenhua Group Science & Technology Co. Ltd., Class A | 11000 | 70119 |
|  CICT Mobile Communication Technology Co. Ltd., Class A \* | 42776 | 33543 |
|  DHC Software Co. Ltd., Class A | 63500 | 80462 |
|  Digital China Group Co. Ltd., Class A | 16100 | 82876 |
|  Everdisplay Optronics Shanghai Co. Ltd., Class A \* | 136463 | 44508 |
|  Fiberhome Telecommunication Technologies Co. Ltd., Class A | 21900 | 61032 |
|  Glodon Co. Ltd., Class A | 37100 | 70387 |
|  GRG Banking Equipment Co. Ltd., Class A | 40100 | 67563 |
|  Guangdong Fenghua Advanced Technology Holding Co. Ltd., Class A | 28500 | 52844 |
|  Guangzhou Haige Communications Group, Inc. Co., Class A | 59200 | 112068 |
|  Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A \* | 12100 | 55451 |
|  Guobo Electronics Co. Ltd., Class A | 1841 | 14592 |
|  Hangzhou Chang Chuan Technology Co. Ltd., Class A | 12600 | 71995 |
|  Hangzhou EZVIZ Network Co. Ltd., Class A | 4823 | 21473 |
|  Hangzhou Lion Microelectronics Co. Ltd., Class A \* | 16500 | 54226 |
|  Hebei Sinopack Electronic Technology Co. Ltd., Class A | 5280 | 35087 |
|  Hengdian Group DMEGC Magnetics Co. Ltd., Class A | 24500 | 43864 |
|  Hengtong Optic-electric Co. Ltd., Class A | 56200 | 116997 |
|  Hexing Electrical Co. Ltd., Class A | 5700 | 21336 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Hongyuan Green Energy Co. Ltd., Class A | 11800 | 22960 |
|  Huagong Tech Co. Ltd., Class A | 29059 | 170152 |
|  Hwatsing Technology Co. Ltd., Class A | 3921 | 80442 |
|  Ingenic Semiconductor Co. Ltd., Class A \* | 10000 | 88060 |
|  IRICO Display Devices Co. Ltd., Class A \* | 41300 | 35194 |
|  Isoftstone Information Technology Group Co. Ltd., Class A | 15700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113742 |
|  Jiangsu Hoperun Software Co. Ltd., Class A \* | 22500 | 157166 |
|  Jiangsu Pacific Quartz Co. Ltd., Class A \* | 8100 | 33737 |
|  Loongson Technology Corp. Ltd., Class A \* | 4660 | 83728 |
|  Newland Digital Technology Co. Ltd., Class A | 23540 | 101507 |
|  Nexchip Semiconductor Corp., Class A \* | 23232 | 65679 |
|  Piotech, Inc., Class A | 4012 | 82080 |
|  Qi An Xin Technology Group, Inc., Class A \* | 8324 | 34843 |
|  Raytron Technology Co. Ltd., Class A | 10968 | 92550 |
|  Risen Energy Co. Ltd., Class A \* | 27100 | 35505 |
|  Rockchip Electronics Co. Ltd., Class A | 5900 | 118159 |
|  Ruijie Networks Co. Ltd., Class A | 2300 | 21333 |
|  Shanghai BOCHU Electronic Technology Corp. Ltd., Class A | 2342 | 61373 |
|  Shanghai Fudan Microelectronics Group Co. Ltd., Class A | 9827 | 62192 |
|  Shanghai Longcheer Technology Co. Ltd. | 1700 | 8831 |
|  Shanghai Stonehill Technology Co. Ltd., Class A \* | 160348 | 125736 |
|  Shenzhen Fastprint Circuit Tech Co. Ltd., Class A | 49500 | 79004 |
|  Shenzhen Goodix Technology Co. Ltd., Class A | 8200 | 78503 |
|  Shenzhen Kaifa Technology Co. Ltd., Class A | 27500 | 65951 |
|  Shenzhen Kinwong Electronic Co. Ltd., Class A | 11220 | 48616 |
|  Shenzhen Longsys Electronics Co. Ltd., Class A | 3700 | 36552 |
|  Shenzhen SC New Energy Technology Corp., Class A | 8200 | 58792 |
|  Shenzhen Sunlord Electronics Co. Ltd., Class A | 22300 | 85575 |
|  Shenzhen Sunway Communication Co. Ltd., Class A | 29700 | 88540 |
|  SICC Co. Ltd., Class A \* | 5296 | 44101 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **13** 

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Sinosoft Co. Ltd., Class A | 17788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47498 |
|  Skyverse Technology Co. Ltd., Class A | 5574 | 54461 |
|  Smartsens Technology Shanghai Co. Ltd., Class A | 8205 | 103170 |
|  StarPower Semiconductor Ltd., Class A \* | 3400 | 37844 |
|  State Grid Information & Communication Co. Ltd., Class A | 17600 | 44090 |
|  SUPCON Technology Co. Ltd., Class A | 18082 | 110671 |
|  Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 38600 | 150858 |
|  Suzhou Maxwell Technologies Co. Ltd., Class A | 4100 | 38813 |
|  Suzhou Novosense Microelectronics Co. Ltd., Class A \* | 2900 | 73574 |
|  Taiji Computer Corp. Ltd., Class A | 12919 | 42870 |
|  Thunder Software Technology Co. Ltd., Class A | 10800 | 82754 |
|  Tianjin 712 Communication & Broadcasting Co. Ltd., Class A | 13900 | 39219 |
|  Tianma Microelectronics Co. Ltd., Class A \* | 39700 | 45290 |
|  Tianshui Huatian Technology Co. Ltd., Class A | 73700 | 89398 |
|  TongFu Microelectronics Co. Ltd., Class A | 28900 | 94016 |
|  United Nova Technology Co. Ltd., Class A \* | 122118 | 81691 |
|  Universal Scientific Industrial Shanghai Co. Ltd., Class A | 20600 | 38654 |
|  Vanchip Tianjin Technology Co. Ltd., Class A | 1997 | 8193 |
|  Venustech Group, Inc., Class A | 21400 | 45442 |
|  Verisilicon Microelectronics Shanghai Co. Ltd., Class A \* | 9974 | 120860 |
|  Victory Giant Technology Huizhou Co. Ltd., Class A | 17400 | 208840 |
|  Wangsu Science & Technology Co. Ltd., Class A | 67400 | 97471 |
|  Wuhan Guide Infrared Co. Ltd., Class A \* | 50300 | 61711 |
|  Wuhan Jingce Electronic Group Co. Ltd., Class A \* | 5700 | 45187 |
|  Wuxi Autowell Technology Co. Ltd., Class A | 4941 | 22767 |
|  Xiamen Faratronic Co. Ltd., Class A | 4000 | 57352 |
|  Yangzhou Yangjie Electronic Technology Co. Ltd., Class A | 9800 | 64537 |
|  Zhejiang Crystal-Optech Co. Ltd., Class A | 38562 | 97297 |
|  (Cost $5,965,533) |  | **6319957** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **Materials — 16.1%** |  |  |
|  Angang Steel Co. Ltd., Class A \* | 75600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24657 |
|  Asia - Potash International Investment Guangzhou Co. Ltd., Class A \* | 17500 | 70434 |
|  Baiyin Nonferrous Group Co. Ltd., Class A | 91500 | 35557 |
|  BBMG Corp., Class A | 97400 | 20817 |
|  Beijing Shougang Co. Ltd., Class A | 46200 | 22762 |
|  Bluestar Adisseo Co., Class A | 12800 | 17090 |
|  Canmax Technologies Co. Ltd., Class A | 17240 | 41107 |
|  Cathay Biotech, Inc., Class A | 10176 | 66660 |
|  Chengxin Lithium Group Co. Ltd., Class A \* | 18600 | 28912 |
|  Chifeng Jilong Gold Mining Co. Ltd., Class A \* | 46700 | 170200 |
|  China Hainan Rubber Industry Group Co. Ltd., Class A | 54600 | 34555 |
|  China Rare Earth Resources And Technology Co. Ltd., Class A | 21700 | 102035 |
|  Dazhong Mining Co. Ltd. | 14000 | 17274 |
|  Do-Fluoride New Materials Co. Ltd., Class A \* | 36140 | 57681 |
|  Fujian Kuncai Material Technology Co. Ltd., Class A | 5940 | 15853 |
|  Guangdong HEC Technology Holding Co. Ltd., Class A | 41705 | 54814 |
|  Guangdong Hongda Holdings Group Co. Ltd., Class A | 13500 | 57220 |
|  Hangjin Technology Co. Ltd., Class A \* | 16600 | 50915 |
|  Hangzhou Iron & Steel Co., Class A | 41110 | 50836 |
|  Hangzhou Oxygen Plant Group Co. Ltd., Class A | 14200 | 37484 |
|  Haohua Chemical Science & Technology Co. Ltd., Class A | 10700 | 35581 |
|  Hengyi Petrochemical Co. Ltd., Class A | 50100 | 41789 |
|  Hesteel Co. Ltd., Class A | 110000 | 33434 |
|  Huafon Chemical Co. Ltd., Class A | 60100 | 56219 |
|  Huaxin Cement Co. Ltd., Class A | 18672 | 32004 |
|  Hubei Dinglong Co. Ltd., Class A \* | 22800 | 87874 |
|  Hubei Feilihua Quartz Glass Co. Ltd., Class A | 14600 | 90758 |
|  Hubei Xingfa Chemicals Group Co. Ltd., Class A | 21820 | 63292 |
|  Hunan Gold Corp. Ltd., Class A | 24700 | 76891 |
|  Hunan Valin Steel Co. Ltd., Class A | 103320 | 68542 |
|  Inner Mongolia Berun Chemical Co. Ltd., Class A \* | 65600 | 45795 |
|  Inner Mongolia ERDOS Resources Co. Ltd., Class A | 16700 | 21578 |

---

See Notes to Financial Statements.

**14** \| DBX ETF Trust

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | 94900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70069 |
|  Inner Mongolia Xingye Silver&Tin Mining Co. Ltd., Class A | 35700 | 65550 |
|  JCHX Mining Management Co. Ltd., Class A | 10900 | 59180 |
|  Jiangsu Yangnong Chemical Co. Ltd., Class A | 5790 | 44349 |
|  Jiangsu Yoke Technology Co. Ltd., Class A | 8396 | 61071 |
|  Jinduicheng Molybdenum Co. Ltd., Class A | 29400 | 43047 |
|  Kingfa Sci & Tech Co. Ltd., Class A | 59700 | 85010 |
|  Levima Advanced Materials Corp., Class A | 11900 | 24971 |
|  Luxi Chemical Group Co. Ltd., Class A | 30000 | 43509 |
|  Maanshan Iron & Steel Co. Ltd., Class A \* | 68500 | 32514 |
|  MeiHua Holdings Group Co. Ltd., Class A | 56500 | 82178 |
|  Nanjing Iron & Steel Co. Ltd., Class A | 65800 | 38903 |
|  Ningbo Shanshan Co. Ltd., Class A | 26900 | 28523 |
|  Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A \* | 134600 | 46702 |
|  Red Avenue New Materials Group Co. Ltd., Class A | 7300 | 33505 |
|  Shaanxi Beiyuan Chemical Industry Group Co. Ltd., Class A | 47590 | 27608 |
|  Shaanxi Huaqin Technology Industry Co. Ltd., Class A | 1857 | 14036 |
|  Shandong Sinocera Functional Material Co. Ltd., Class A \* | 24400 | 55536 |
|  Shandong Sun Paper Industry JSC Ltd., Class A | 47500 | 92952 |
|  Shanxi Meijin Energy Co. Ltd., Class A \* | 84600 | 49196 |
|  Shanxi Taigang Stainless Steel Co. Ltd., Class A \* | 64500 | 31869 |
|  Shenghe Resources Holding Co. Ltd., Class A | 42890 | 68991 |
|  Shenzhen Capchem Technology Co. Ltd., Class A | 15480 | 65033 |
|  Shenzhen YUTO Packaging Technology Co. Ltd., Class A | 8540 | 28351 |
|  Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A | 74400 | 45949 |
|  Sichuan Hebang Biotechnology Co. Ltd., Class A | 181680 | 44126 |
|  Sinoma Science & Technology Co. Ltd., Class A | 19500 | 45548 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Sinomine Resource Group Co. Ltd., Class A \* | 20320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83110 |
|  Sinopec Shanghai Petrochemical Co. Ltd., Class A \* | 67300 | 26340 |
|  Skshu Paint Co. Ltd., Class A | 8232 | 36823 |
|  Sunresin New Materials Co. Ltd., Class A | 7550 | 47320 |
|  Tangshan Jidong Cement Co. Ltd., Class A \* | 33181 | 20815 |
|  Tianshan Aluminum Group Co. Ltd., Class A | 79200 | 84747 |
|  Tongkun Group Co. Ltd., Class A | 45600 | 68540 |
|  Weihai Guangwei Composites Co. Ltd., Class A | 17400 | 73968 |
|  Western Mining Co. Ltd., Class A \* | 47200 | 103502 |
|  Western Superconducting Technologies Co. Ltd., Class A | 12265 | 84277 |
|  Xiamen Tungsten Co. Ltd., Class A | 24520 | 66019 |
|  Xinfengming Group Co. Ltd., Class A \* | 18316 | 27657 |
|  Xinxing Ductile Iron Pipes Co. Ltd., Class A | 66050 | 32176 |
|  YongXing Special Materials Technology Co. Ltd., Class A | 9100 | 38697 |
|  Yunnan Chihong Zinc & Germanium Co. Ltd., Class A | 92300 | 65715 |
|  Yunnan Copper Co. Ltd., Class A | 40100 | 64168 |
|  Yunnan Tin Co. Ltd., Class A | 27930 | 53144 |
|  Yunnan Yuntianhua Co. Ltd., Class A | 35100 | 106197 |
|  Zhejiang Hailiang Co. Ltd., Class A | 29200 | 40648 |
|  Zhejiang JIULI Hi-tech Metals Co. Ltd., Class A | 19800 | 67710 |
|  Zhejiang Longsheng Group Co. Ltd., Class A | 69700 | 94896 |
|  Zhejiang Sanmei Chemical Industry Co. Ltd., Class A | 7060 | 46376 |
|  Zhongfu Shenying Carbon Fiber Co. Ltd., Class A \* | 2598 | 7302 |
|  Zibo Qixiang Tengda Chemical Co. Ltd., Class A | 43521 | 27543 |
|  (Cost $4,400,088) |  | **4326586** |
|  **Real Estate — 1.5%** |  |  |
|  China World Trade Center Co. Ltd., Class A | 5500 | 16457 |
|  Greenland Holdings Corp. Ltd., Class A \* | 119700 | 27743 |
|  Hangzhou Binjiang Real Estate Group Co. Ltd., Class A | 35200 | 45775 |
|  Quzhou Xin'an Development Co. Ltd., Class A \* | 115700 | 41268 |
|  Seazen Holdings Co. Ltd., Class A \* | 25000 | 43718 |
|  Shanghai Lingang Holdings Corp. Ltd., Class A | 22600 | 28260 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **15** 

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A | 21700 | 27828 |
|  Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | 20700 | 71708 |
|  Youngor Fashion Co. Ltd., Class A | 61600 | 64205 |
|  Zhongtian Financial Group Co. Ltd., Class A \* (a) | 139200 | 0 |
|  Zhuhai Huafa Properties Co. Ltd., Class A | 58140 | 39619 |
|  (Cost $474,214) |  | **406581** |
|  **Utilities — 3.2%** |  |  |
|  Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A | 131390 | 58171 |
|  Beijing Jingneng Power Co. Ltd., Class A | 59700 | 36125 |
|  CECEP Solar Energy Co. Ltd., Class A | 68600 | 41320 |
|  CECEP Wind-Power Corp., Class A | 115850 | 47110 |
|  Chengdu Xingrong Environment Co. Ltd., Class A | 45000 | 45654 |
|  China Green Electricity Investment of Tianjin Co. Ltd., Class A | 16000 | 18986 |
|  China Southern Power Grid Energy Storage Co. Ltd., Class A | 29200 | 41053 |
|  Chongqing Water Group Co. Ltd., Class A | 19400 | 12951 |
|  Datang International Power Generation Co. Ltd., Class A | 104400 | 46221 |

---

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Investment was valued using significant unobservable inputs.

JSC: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joint Stock Company

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Fujian Funeng Co. Ltd., Class A | 30700 | 41798 |
|  Guangdong Electric Power Development Co. Ltd., Class A | 13500 | 9743 |
|  Hubei Energy Group Co. Ltd., Class A | 44100 | 28460 |
|  Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A | 92200 | 51696 |
|  Jiangsu Guoxin Corp. Ltd., Class A | 13900 | 14604 |
|  Shaanxi Energy Investment Co. Ltd., Class A | 20300 | 25271 |
|  Shanghai Electric Power Co. Ltd., Class A | 39600 | 48639 |
|  Shenergy Co. Ltd., Class A | 57649 | 71849 |
|  Shenzhen Energy Group Co. Ltd., Class A | 38560 | 34786 |
|  Shenzhen Gas Corp. Ltd., Class A | 25900 | 23077 |
|  Sichuan New Energy Power Co. Ltd., Class A | 26200 | 36689 |
|  Wintime Energy Group Co. Ltd., Class A | 601000 | 112604 |
|  Zhejiang Provincial New Energy Investment Group Co. Ltd., Class A | 21100 | 22929 |
|  (Cost $888,627) |  | **869736** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $26,312,185) |  | **26793624** |
|  **TOTAL INVESTMENTS — 99.7%** | **TOTAL INVESTMENTS — 99.7%** |  |
|  (Cost $26,312,185) |  | 26793624 |
|  **Other assets and liabilities,<br>net — 0.3%** |  | **76915** |
|  **NET ASSETS — 100.0%** |  | **26870539** |

---

See Notes to Financial Statements.

**16** \| DBX ETF Trust

------

Schedule of Investments

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

May 31, 2025

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, 2025 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) | $26793624 | $— | $0 | $26793624 |
|  **TOTAL** | $**26793624** | $**—** | $**0** | $**26793624** |

---

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

See Notes to Financial Statements.

DBX ETF Trust \| **17** 

------

Statements of Assets and Liabilities

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Xtrackers<br>Harvest CSI**<br> **300 China<br> A-Shares ETF**  | **Xtrackers<br>Harvest CSI<br>500 China<br>A-Shares Small<br>Cap ETF** |
|  **Assets** |  |  |
|  Investment in non-affiliated securities at value | $2011429807 | $26793624 |
|  Cash | 123939 | 1729 |
|  Foreign currency at value<sup>†</sup> | 4202266 | 90071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $2015756012 | $26885424 |
|  **Liabilities** |  |  |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | $1080251 | $14885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1080251 | 14885 |
|  **Net Assets, at value** | $**2014675761** | $**26870539** |
|  **Net Assets Consist of** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $2866135589 | $47655934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | (851459828) | (20785395) |
|  **Net Assets, at value** | $**2014675761** | $**26870539** |
|  Number of Common Shares outstanding | 75900001 | 950001 |
| **Net Asset Value** | $26.54 | $28.28 |
|  Investment in non-affiliated securities at cost | $1712463818 | $26312185 |
| Foreign currency at cost | $4168015 | $90774 |

---

† Included in foreign currency at value is $104,156 and $10,296 respectively which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited.

See Notes to Financial Statements.

**18** \| DBX ETF Trust

------

Statements of Operations

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Xtrackers<br>Harvest CSI**<br> **300 China<br> A-Shares ETF**  | **Xtrackers<br>Harvest CSI<br>500 China<br>A-Shares Small<br>Cap ETF** |
|  **Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated interest income | $3196 | $139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income\* | 55176091 | 393957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 55179287 | 394096 |
|  **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 14257775 | 181855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 58 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 14257833 | 181913 |
|  Net investment income (loss) | 40921454 | 212183 |
|  **Realized and Unrealized Gain (Loss)** |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (318931248) | (3666841) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (3214865) | (87366) |
|  Net realized gain (loss) | (322146113) | (3754207) |
|  Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 165058387 | 4143029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 47963 | 470 |
|  Net change in unrealized appreciation (depreciation) | 165106350 | 4143499 |
|  Net realized and unrealized gain (loss) on investments and foreign currency transactions | (157039763) | 389292 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(116118309) | $601475 |
|  \* Unaffiliated foreign tax withheld | $6127638 | $43823 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **19** 

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers Harvest CSI 300 China<br>A-Shares ETF** | **Xtrackers Harvest CSI 300 China<br>A-Shares ETF** | **Xtrackers Harvest CSI 500 China<br>A-Shares Small Cap ETF** | **Xtrackers Harvest CSI 500 China<br>A-Shares Small Cap ETF** |
|  | **Year Ended<br>May 31, 2025** | **Year Ended**<br> **May 31, 2024** | **Year Ended**<br> **May 31, 2025** | **Year Ended<br>May 31, 2024** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
|  Net investment income (loss) | $40921454 | $38826152 | $212183 | $233711 |
|  Net realized gain (loss) | (322146113) | (240456368) | (3754207) | (1091827) |
|  Net change in net unrealized appreciation (depreciation) | 165106350 | 39182518 | 4143499 | (2480945) |
|  Net increase (decrease) in net assets resulting from operations | (116118309) | (162447698) | 601475 | (3339061) |
|  **Distributions to Shareholders** | (31891425) | (44647136) | (247897) | (141936) |
|  **Fund Shares Transactions** |  |  |  |  |
|  Proceeds from shares sold | 3017009958 | 792877174 | 19632094 |  |
|  Value of shares redeemed | (2904384041) | (868790090) | (14162889) | (1350738) |
| Net increase (decrease) in net assets resulting from fund share transactions | 112625917 | (75912916) | 5469205 | (1350738) |
|  Total net increase (decrease) in Net Assets | (35383817) | (283007750) | 5822783 | (4831735) |
|  **Net Assets** |  |  |  |  |
|  Beginning of year | 2050059578 | 2333067328 | 21047756 | 25879491 |
|  End of year | $2014675761 | $2050059578 | $26870539 | $21047756 |
|  **Changes in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of year | 83800001 | 87250001 | 800001 | 850001 |
|  Shares sold | 106900000 | 31950000 | 650000 |  |
|  Shares redeemed | (114800000) | (35400000) | (500000) | (50000) |
|  Shares outstanding, end of year | 75900001 | 83800001 | 950001 | 800001 |

---

See Notes to Financial Statements.

**20** \| DBX ETF Trust

------

Financial Highlights

Xtrackers Harvest CSI 300 China A-Shares ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $24.46 | $26.74 | $30.82 | $41.83 | $27.18 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.49 | 0.51 | 0.46 | 0.36 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.89 (b) | (2.20) | (4.22) | (11.02) | 14.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.38 | (1.69) | (3.76) | (10.66) | 14.97 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.30) | (0.59) | (0.32) | (0.35) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.30) | (0.59) | (0.32) | (0.35) | (0.32) |
|  Net Asset Value, end of year | $26.54 | $24.46 | $26.74 | $30.82 | $41.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)** | 9.72 | (6.18) | (12.28) | (25.67) | 55.20 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
|  Net Assets, end of year ($ millions) | 2015 | 2050 | 2333 | 1672 | 2715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses (%) | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.87 | 2.02 | 1.55 | 0.97 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%) | 143 | 50 | 69 | 95 | 78 |

---

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

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

See Notes to Financial Statements.

DBX ETF Trust \| **21** 

------

Financial Highlights (Continued)

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $26.31 | $30.45 | $32.55 | $38.36 | $27.59 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.21 | 0.28 | 0.36 | 0.28 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.95 | (4.24) | (1.88) | (5.77) | 10.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.16 | (3.96) | (1.52) | (5.49) | 10.92 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.19) | (0.18) | (0.58) | (0.32) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.19) | (0.18) | (0.58) | (0.32) | (0.15) |
|  Net Asset Value, end of year | $28.28 | $26.31 | $30.45 | $32.55 | $38.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)** | 8.21 | (13.03) | (4.71) | (14.50) | 39.64 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
|  Net Assets, end of year ($ millions) | 27 | 21 | 26 | 34 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses (%) | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 0.76 | 1.03 | 1.13 | 0.73 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%) | 79 | 25 | 41 | 62 | 34 |

---

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

See Notes to Financial Statements.

**22** \| 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, 2025, Trust consists of forty 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

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"). 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.

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 |

---

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.

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. 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.

DBX ETF Trust \| **23** 

------

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. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. 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.

In this reporting period, each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer, acts as each Fund's CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by each Fund's portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.

**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 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-end investment companies are valued at their NAV each business day and are categorized as a 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 last traded price on the exchange for securities suspended from trading; 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.

**24** \| DBX ETF Trust

------

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.

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

**Tax Information and Dividends and Distributions to Shareholders** It is each Fund's policy to comply with all requirements of the Internal Revenue Code of 1986, as amended ("the Code"). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company ("RIC") under Subchapter M of the Code. It is the policy of 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.

The Funds file tax returns with the Internal Revenue Service, the State of New York, and various other states. Specific to U.S. federal and state taxes, generally, each of the tax years in the four-year period ended May 31, 2025, remains subject to examination by taxing authorities. Specific to foreign countries in which the Funds invest, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions. The open tax years vary by each jurisdiction in which each Fund invests.

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, 2025, the Funds did not incur any interest or penalties.

As of May 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Undistributed<br>Ordinary Income<sup>\*</sup>** | **Capital and Other<br>Gains (Losses)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Total Accumulated<br>Earnings (Losses)** |
|  Xtrackers Harvest CSI 300 China A-Shares ETF | $19481622 | $(994114337) | $123172887 | $(851459828) |
|  Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF |  | (20710157) | (75238) | (20785395) |

---

The tax character of dividends and distributions declared for the years ended May 31, 2025 and May 31, 2024 were as follows:

---

| | |
|:---|:---|
|  | **Year Ended May 31,** <br>**2025** |
|  | **Ordinary Income<sup>\*</sup>** |
|  Xtrackers Harvest CSI 300 China A-Shares ETF | $31891425 |
|  Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 247897 |

---

DBX ETF Trust \| **25** 

------

---

| | |
|:---|:---|
|  | **Year Ended May 31,<br>2024** |
|  | **Ordinary Income\*** |
|  Xtrackers Harvest CSI 300 China A-Shares ETF | $44647136 |
|  Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 141936 |

---

At May 31, 2025, 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 | $636148837 | $357965500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994114337 |
|  Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 15562388 | 5121760 | 20684148 |

---

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, 2025, 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<br>Losses** |
|  Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26009 |

---

As of May 31, 2025, 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<br>Appreciation<br>(Depreciation)** | **Aggregate Gross<br>Unrealized<br>Appreciation** | **Aggregate Gross<br>Unrealized<br>(Depreciation)** |
|  Xtrackers Harvest CSI 300 China A-Shares ETF | $1888291171 | $123138636 | $298543219 | $(175404583) |
|  Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 26868159 | (74535) | 3474120 | (3548655) |

---

**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, 2025, 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

**26** \| DBX ETF Trust

------

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 Funds while realized gains from shares in non land-rich companies prior to November 17, 2014 were granted treaty relief pursuant to the PRC-US Double Taxation Arrangement.

The PRC rules for taxation of 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.

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

**Affiliated Cash Management Vehicles** The Funds may invest uninvested cash balances in DWS Government Money Market Series, an affiliated money market fund managed by DWS Investment Management Americas, Inc. ("DIMA"), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. DWS Government Money Market Series 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 and seeks to maintain a stable net asset value. The Funds indirectly bear their proportionate share of the expenses of their investment in DWS Government Money Market Series. 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 DWS Government Money Market Series.

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, and is paid by the Advisor for its services.

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:

---

| | |
|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unitary Advisory** <br> **Fee** |
|  Xtrackers Harvest CSI 300 China A-Shares ETF | 0.65% |
|  Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 0.65% |

---

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

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

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

DBX ETF Trust \| **27** 

------

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, 2025, the cost of investments purchased and proceeds from sale of investments (excluding short-term investments) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Xtrackers Harvest CSI 300 China A-Shares ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3238395221 | $3118673537 |
|  Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 26940854 | 21528418 |

---

5. Fund Share Transactions

As of May 31, 2025, 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 for Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF are generally issued in exchange for a specific amount of cash totaling the NAV of the Creation Units. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

6. Investing in China

Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others; more frequent (and potentially widespread) trading suspensions and government interventions with respect to Chinese issuers, resulting in lack of liquidity and in price volatility; currency revaluations and other currency exchange rate fluctuations or blockage; the nature and extent of intervention by the Chinese government in the Chinese securities markets (including both direct and indirect market stabilization efforts, which may affect valuations of Chinese issuers), whether such intervention will continue and the impact of such intervention or its discontinuation; the risk of nationalization or expropriation of assets; the risk that the Chinese government may decide not to continue to support economic reform programs; limitations on the use of brokers (or action by the Chinese government that discourages brokers from serving international clients); higher rates of inflation; greater political, economic and social uncertainty; higher market volatility caused by any potential regional territorial conflicts or natural disasters; the risk of increased trade tariffs, embargoes and other trade or regulatory limitations; restrictions on foreign ownership which require U.S. investors to invest in offshore special purpose companies to obtain indirect exposure to Chinese issuers; custody risks associated with investing through Stock Connect, a Qualified Foreign Investor ("QFI") 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 U.S. and other countries to restrict the ability of investors outside China to invest in Chinese issuers.

7. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap 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, 2025.

**28** \| DBX ETF Trust

------

Report of Independent Registered Public Accounting Firm

To the Shareholders of

Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap 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 and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, (collectively referred to as the "Funds"), (two of the funds constituting DBX ETF Trust (the "Trust")), including the schedules of investments, as of May 31, 2025, 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 (two of the funds constituting DBX ETF Trust) at May 31, 2025, 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, 2025, by correspondence with the custodian, 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.

![LOGO](g936636page00302.jpg)

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 23, 2025

DBX ETF Trust \| **29** 

------

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

#### 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 May 13-14, 2025 (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") for another annual period ending May 31, 2026. 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 the "Sub-Advisor") for purposes of reviewing the Investment Advisory Agreement's and Investment Sub-Advisory 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 May 13, 2025 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 during the Meeting.

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 to approve the continuation of to 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.

In reaching its decision to approve the continuation of the Investment Sub-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 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 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.

**30** \| DBX ETF Trust

------

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

**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.

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. 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 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 the Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Group and the information in the Broadridge report 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 were above or equal to the average and median of the Peer Group, many of the other ETFs in the Funds' Peer Group only invested directly in A-shares through the Stock Connect programs, rather than also utilizing the Renminbi Qualified Foreign Institutional Investor ("RQFII") program, as the Funds did using the quota allocated to the Sub-Advisor. The Board also noted that the Chinese authorities had 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 accordingly noted that each Fund's fee is competitive with the fees of the Peer Group.

The Board considered that the fee for the Funds is a unitary fee pursuant to which the Advisor pays all of the Funds' operating expenses (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

DBX ETF Trust \| **31** 

------

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

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 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 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 revisit this matter after the Fund 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 advisors 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, and discussions the Board and the Advisor had with, the Sub-Advisor regularly 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 A-shares, and their techniques for implementing such strategies while minimizing index tracking error. 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. 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.

**32** \| DBX ETF Trust

------

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

The Board also considered Harvest's financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that Harvest has the financial resources necessary to perform its obligations under the Investment Sub-Advisory Agreement.

**Reasonableness of Sub-Advisory Fee**. The Board considered that the fee paid to Harvest in respect of the Funds would be paid by the Advisor and not the Funds. 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 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 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 revisit this matter after the Fund 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 advisors 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.

DBX ETF Trust \| **33** 

------

Tax Information (Unaudited)

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, 2025.

---

| | |
|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qualified Dividend** <br> **Income<sup>\*</sup>**  |
|  Xtrackers Harvest CSI 300 China A-Shares ETF | 100% |
|  Xtrackers Harvest CSI 500 China A-Shares Small Cap 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<br>Income** | **Foreign Taxes Paid** |
|  Xtrackers Harvest CSI 300 China A-Shares ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61301958 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6117427 |
|  Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 437736 | 43774 |

---

**34** \| DBX ETF Trust

------

![LOGO](g936636page0036.jpg)

CHINA-NCSRA

------

![LOGO](g52951dsp1.jpg)

Xtrackers California Municipal Bond ETF (CA)

Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU)

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF)

Xtrackers US 0-1 Year Treasury ETF (TRSY)

![LOGO](g52951dsp1a.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
|  **Schedule of Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers California Municipal Bond ETF](#fin52951_1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers Municipal Infrastructure Revenue Bond ETF](#fin52951_2) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers MSCI EAFE High Dividend Yield Equity ETF](#fin52951_3) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers US 0-1 Year Treasury ETF](#fin52951_4) | 20 |
|  **[Statements of Assets and Liabilities](#fin52951_5)** | **22** |
|  **[Statements of Operations](#fin52951_6)** | **23** |
|  **[Statements of Changes in Net Assets](#fin52951_7)** | **24** |
|  **[Financial Highlights](#fin52951_8)** | **26** |
|  **[Notes to Financial Statements](#fin52951_9)** | **30** |
|  **[Report of Independent Registered Public Accounting Firm](#fin52951_10)** | **39** |
|  **[Board Considerations in Approval of Investment Advisory Contracts](#fin52951_11)** | **41** |
|  **[Tax Information](#fin52951_12)** | **44** |

---

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.

DBX ETF Trust \| **1**

------

Schedule of Investments

Xtrackers California Municipal Bond ETF

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  **MUNICIPAL BONDS – 97.0%** |  |  |
|  **California – 97.0%** |  |  |
|  Allan Hancock Joint Community College District<br>Series 2006-C, 0.00% - 5.60%, 8/1/47 (a) | 160000 | 112221 |
|  Anaheim Public Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, Zero Coupon, 9/1/30 | 50000 | 41743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, Zero Coupon, 9/1/32 | 150000 | 115748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, Zero Coupon, 9/1/33 | 160000 | 118229 |
|  Bay Area Toll Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F-2, 5.00%, 4/1/42 | 100000 | 105462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F-2, 5.00%, 4/1/43 | 100000 | 104787 |
|  Bay Area Toll Authority, Highway Revenue Tolls,<br>Series F-1, 5.00%, 4/1/56 | 70000 | 72967 |
|  California Community Choice Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 4.00%, 2/1/52 | 250000 | 247038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/53 | 300000 | 311839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E-1, 5.00%, 2/1/54 | 100000 | 104550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.50%, 5/1/54 | 250000 | 262292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G-1, 5.25%, 11/1/54 | 100000 | 104897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 2/1/55 | 300000 | 317411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 8/1/55 | 100000 | 104137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 5.00%, 1/1/56 | 200000 | 212739 |
|  California Educational Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V-3, 5.00%, 6/1/33 | 25000 | 28705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series U-1, 5.25%, 4/1/40 | 235000 | 269080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series U-7, 5.00%, 6/1/46 | 120000 | 129789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016, 5.00%, 10/1/49 | 75000 | 76410 |
|  California Enterprise Development Authority<br>Series A, 5.50%, 11/1/59 | 50000 | 53979 |
|  California Health Facilities Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/30 | 50000 | 50293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/32 | 75000 | 78028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/33 | 55000 | 57069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 4/1/38 | 100000 | 95651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.25%, 8/15/39 | 145000 | 128581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 8/15/39 | 100000 | 96883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/1/39 | 25000 | 25723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 6/1/41 | 75000 | 80726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/41 | 75000 | 75738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 4.00%, 11/1/44 | 25000 | 22355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/46 | 100000 | 100984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 5.00%, 11/1/47 | 100000 | 106452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 8/15/48 | 100000 | 93171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/15/48 | 70000 | 59254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/48 | 60000 | 59727 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 6/1/50 | 50000 | 41350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 8/15/50 | 100000 | 88277 |
|  California Infrastructure & Economic Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/29 | 80000 | 84485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/33 | 125000 | 132273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/1/45 | 50000 | 45696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 7/1/50 | 180000 | 157330 |
|  California Municipal Finance Authority<br>Series A, 5.00%, 9/1/49 | 35000 | 35654 |
|  California Public Finance Authority<br>Series A, 4.00%, 8/1/47 | 50000 | 45015 |
|  California School Facilities Financing Authority<br>Series A, Zero Coupon, 8/1/49 | 300000 | 83859 |
|  California State Public Works Board |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 8/1/34 | 30000 | 32719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 5/1/46 | 170000 | 155024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/1/46 | 225000 | 204967 |
|  California State University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/1/27 | 25000 | 25447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/1/29 | 40000 | 41595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/1/30 | 50000 | 50831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/1/32 | 105000 | 106592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/1/32 | 60000 | 62140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/1/34 | 30000 | 30900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/1/43 | 165000 | 165112 |
|  California Statewide Communities Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-L, 5.00%, 4/1/38 | 155000 | 166835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 7/1/48 | 25000 | 22830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.00%, 4/1/50 | 50000 | 34176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 8/15/51 | 50000 | 42953 |
|  Centinela Valley Union High School District<br>Series B, 4.00%, 8/1/50 | 30000 | 26377 |
|  Chino Valley Unified School District<br>Series 2020-B, 5.00%, 8/1/55 | 100000 | 101928 |
|  City of Irvine CA<br>4.00%, 9/1/58 | 75000 | 66331 |
|  City of Los Angeles CA Wastewater System Revenue<br>Series C, 5.00%, 6/1/28 | 100000 | 106357 |
|  City of Los Angeles Department of Airports |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.00%, 5/15/48 | 100000 | 90730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 5/15/49 | 300000 | 302678 |

---

See Notes to Financial Statements.

**2** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers California Municipal Bond ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  City of Los Angeles Department of Airports, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 5/15/36 | 30000 | 31761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 5/15/37 | 30000 | 31615 |
|  City of San Francisco CA Public Utilities Commission Water Revenue<br>Series C, 5.00%, 11/1/31 | 20000 | 22565 |
|  Coast Community College District<br>5.00%, 8/1/31 | 65000 | 65276 |
|  Coronado Community Development Agency Successor Agency<br>Series A, 5.00%, 9/1/33 | 55000 | 55213 |
|  County of Sacramento CA Airport System Revenue<br>Series A, 5.00%, 7/1/41 | 60000 | 60121 |
|  Desert Community College District<br>Series A-1, 4.00%, 8/1/51 | 100000 | 90679 |
|  East Bay Municipal Utility District Water System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 6/1/28 | 25000 | 26149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 6/1/30 | 50000 | 52173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 6/1/31 | 50000 | 52095 |
|  Folsom Cordova Unified School District<br>Series D, 4.00%, 10/1/44 | 100000 | 92743 |
|  Golden State Tobacco Securitization Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 6/1/40 | 50000 | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 6/1/45 | 85000 | 85000 |
|  Hartnell Community College District<br>Series 2002-D, 7.00%, 8/1/34 | 100000 | 108137 |
|  Hayward Area Recreation & Park District<br>Series A, 4.00%, 8/1/46 | 30000 | 27487 |
|  Hayward Unified School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/42 | 50000 | 46481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/43 | 300000 | 276676 |
|  Long Beach Bond Finance Authority<br>Series A, 5.50%, 11/15/30 | 100000 | 107278 |
|  Los Angeles County Facilities, Inc.<br>Series A, 4.00%, 12/1/48 | 130000 | 118892 |
|  Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 6/1/31 | 50000 | 56307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 6/1/33 | 30000 | 33429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 6/1/34 | 30000 | 32644 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 7/1/34 | 25000 | 26293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 7/1/35 | 50000 | 52398 |
|  Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue<br>Series A, 5.00%, 6/1/33 | 110000 | 113542 |
|  Los Angeles County Public Works Financing Authority<br>Series D, 4.00%, 12/1/40 | 60000 | 56012 |
|  Los Angeles Department of Water & Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 7/1/26 | 150000 | 152185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 7/1/26 | 100000 | 101457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/29 | 45000 | 47530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 7/1/33 | 150000 | 155130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/34 | 110000 | 111531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 7/1/51 | 20000 | 19867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 7/1/53 | 25000 | 25326 |
|  Los Angeles Department of Water & Power Power System Revenue, Electric, Power & Light Revenue,<br>Series D, 5.00%, 7/1/44 | 20000 | 19853 |
|  Los Angeles Department of Water & Power Water System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 7/1/47 | 30000 | 30155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/49 | 200000 | 200582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 7/1/52 | 50000 | 49641 |
|  Los Angeles Department of Water & Power, Electric, Power & Light Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 7/1/45 | 75000 | 75415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 7/1/51 | 45000 | 44701 |
|  Los Angeles Unified School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/27 | 60000 | 62708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 2.00%, 7/1/29 | 95000 | 88675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 7/1/29 | 25000 | 26297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/30 | 55000 | 59413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 7/1/30 | 100000 | 102108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 7/1/30 | 50000 | 55025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.00%, 7/1/35 | 20000 | 18412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 7/1/36 | 35000 | 36201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series QRR, 5.00%, 7/1/37 | 50000 | 55074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 5.25%, 7/1/42 | 25000 | 25566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M-1, 5.25%, 7/1/42 | 15000 | 15339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series RYQ, 4.00%, 7/1/44 | 75000 | 69297 |
|  Marin Healthcare District<br>Series 2021, 4.00%, 8/1/45 | 165000 | 148746 |
|  Metropolitan Water District of Southern California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 2.50%, 7/1/25 | 30000 | 29970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/27 | 40000 | 42076 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **3**

------

Schedule of Investments

Xtrackers California Municipal Bond ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/27 | 75000 | 78893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/1/27 | 40000 | 42249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/34 | 95000 | 101399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/1/49 | 30000 | 30837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/1/51 | 20000 | 20707 |
|  Mount San Antonio Community College District<br>Series A, 0.00% - 6.25%, 8/1/43 (a) | 100000 | 95690 |
|  M-S-R Energy Authority<br>Series C, 6.50%, 11/1/39 | 60000 | 70742 |
|  Municipal Improvement Corp. of Los Angeles |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/1/27 | 25000 | 25685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/1/29 | 30000 | 30721 |
|  Napa Valley Unified School District<br>Series C, 4.00%, 8/1/44 | 70000 | 65041 |
|  Northern California Sanitation Agencies Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 3.00%, 12/1/34 | 25000 | 23757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/1/45 | 55000 | 57121 |
|  Ontario International Airport Authority<br>Series A, 4.00%, 5/15/51 | 190000 | 173995 |
|  Palomar Community College District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-C, 5.00%, 8/1/44 | 70000 | 70240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-D, 4.00%, 8/1/46 | 15000 | 13733 |
|  Perris Union High School District<br>Series A, 4.00%, 9/1/48 | 50000 | 45441 |
|  Rancho Santiago Community College District<br>Series 2002-C, Zero Coupon, 9/1/30 | 60000 | 50638 |
|  Regents of The University of California Medical Center Pooled Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 5.00%, 5/15/35 | 25000 | 25314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 5.00%, 5/15/41 | 75000 | 75366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 3.00%, 5/15/42 | 255000 | 208624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series P, 5.00%, 5/15/47 | 175000 | 178639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series P, 4.00%, 5/15/53 | 25000 | 21586 |
|  Rio Hondo Community College District<br>Series A, 5.25%, 8/1/55 | 245000 | 257288 |
|  River Islands Public Financing Authority<br>Series A-1, 5.25%, 9/1/52 | 50000 | 51037 |
|  Riverside County Transportation Commission Sales Tax Revenue<br>Series B, 5.00%, 6/1/35 | 120000 | 124714 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  Sacramento City Financing Authority<br>Series E, 5.25%, 12/1/30 | 100000 | 109419 |
|  Sacramento City Unified School District<br>Series G, 4.00%, 8/1/49 | 30000 | 26722 |
|  Sacramento Municipal Utility District<br>Series G, 5.00%, 8/15/39 | 50000 | 52057 |
|  Sacramento Municipal Utility District, Electric, Power & Light Revenue,<br>Series H, 5.00%, 8/15/50 | 50000 | 51421 |
|  Sacramento Transportation Authority Sales Tax Revenue<br>Series A, 5.00%, 10/1/33 | 60000 | 69117 |
|  San Bernardino Community College District<br>Series A, 4.00%, 8/1/49 | 45000 | 46402 |
|  San Diego Community College District<br>5.00%, 8/1/31 | 100000 | 102703 |
|  San Diego County Regional Airport Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/44 | 35000 | 35642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/46 | 75000 | 76530 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego County Regional |  |  |
|  Transportation Commission<br>Series A, 5.00%, 4/1/35 | 15000 | 17036 |
|  San Diego County Water Authority<br>Series S-1, 5.00%, 5/1/28 | 100000 | 106315 |
|  San Diego Public Facilities Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 5/15/27 | 50000 | 51087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 5/15/28 | 20000 | 20414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 8/1/28 | 35000 | 35614 |
|  San Diego Unified School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-I, 4.00%, 7/1/47 | 100000 | 90128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 0.00% - 6.63%, 7/1/48 (a) | 85000 | 77609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 4.00%, 7/1/49 | 30000 | 27024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018 G-3, 4.00%, 7/1/53 | 200000 | 178515 |
|  San Francisco Bay Area Rapid Transit District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004 F-1, 3.00%, 8/1/38 | 75000 | 64711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 4.00%, 8/1/45 | 35000 | 32498 |
|  San Francisco City & County Airport Commission-San Francisco International Airport, Private Airport & Marina Revenue,<br>Series E, 5.00%, 5/1/48 | 25000 | 25173 |

---

See Notes to Financial Statements.

**4** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers California Municipal Bond ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  San Francisco City & County Airport Comm-San Francisco International Airport<br>Series D, 5.00%, 5/1/36 | 40000 | 42134 |
|  San Francisco City & County Public Utilities Commission Wastewater Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/1/27 | 50000 | 52741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/1/46 | 85000 | 87447 |
|  San Francisco Community College District<br>Series B, 5.25%, 6/15/49 | 100000 | 105283 |
|  San Francisco Municipal Transportation Agency<br>Series 2017, 4.00%, 3/1/46 | 130000 | 117629 |
|  San Joaquin Hills Transportation Corridor Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 1/1/28 | 55000 | 51164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 1/15/33 | 40000 | 43487 |
|  San Jose Redevelopment Agency Successor Agency<br>Series A, 5.00%, 8/1/35 | 45000 | 46497 |
|  San Marcos Unified School District<br>Series B, Zero Coupon, 8/1/47 | 300000 | 105442 |
|  San Mateo County Community College District<br>Series A, 5.00%, 9/1/45 | 65000 | 65337 |
|  San Mateo Foster City Public Financing Authority<br>Series B, 5.00%, 8/1/25 | 100000 | 100351 |
|  San Mateo Union High School District<br>Series 2010, 0.00% - 6.70%, 9/1/41 (a) | 130000 | 131794 |
|  Santa Clara Unified School District<br>Series 2017, 3.50%, 7/1/42 | 130000 | 111813 |
|  Santa Clara Valley Transportation Authority<br>Series A, 5.00%, 4/1/26 | 50000 | 50957 |
|  Santa Clara Valley Water District<br>Series 2023C-1, 4.00%, 6/1/26 | 50000 | 50610 |
|  Southern California Public Power Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/36 | 95000 | 101135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A1, 5.00%, 7/1/48 | 20000 | 20090 |
|  State of California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 8/1/25 | 125000 | 125453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/25 | 100000 | 100734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/25 | 50000 | 50560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/26 | 110000 | 112841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/26 | 100000 | 100338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 8/1/26 | 110000 | 112841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/26 | 50000 | 50777 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/26 | 50000 | 51482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/26 | 110000 | 113637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/27 | 100000 | 102299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/27 | 30000 | 31521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/27 | 115000 | 121028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/27 | 50000 | 52621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/27 | 50000 | 52621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/28 | 90000 | 94024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/28 | 110000 | 112661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/1/28 | 100000 | 107034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/28 | 45000 | 48302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 8/1/29 | 200000 | 204391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/29 | 25000 | 26197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/30 | 5000 | 5235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/30 | 50000 | 52030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/30 | 35000 | 38625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/30 | 30000 | 31345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/31 | 40000 | 44366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/32 | 50000 | 55998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/1/32 | 100000 | 111940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/1/32 | 125000 | 114378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/32 | 30000 | 33253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/1/32 | 30000 | 32830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/1/32 | 30000 | 32830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.375%, 9/1/33 | 50000 | 48672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/34 | 55000 | 59180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/34 | 50000 | 54153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/35 | 200000 | 183534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/35 | 95000 | 88658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/35 | 50000 | 50719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/35 | 100000 | 101148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/35 | 125000 | 126199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/35 | 5000 | 5265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/35 | 70000 | 75387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/36 | 80000 | 80622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/1/36 | 50000 | 44691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/36 | 100000 | 98616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/1/36 | 25000 | 22764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/36 | 50000 | 54829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/1/36 | 30000 | 32073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/37 | 50000 | 50142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/1/37 | 40000 | 41836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/37 | 150000 | 164803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/1/41 | 100000 | 105915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/42 | 200000 | 193020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/1/42 | 100000 | 106140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/1/43 | 25000 | 19747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/45 | 350000 | 366002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/1/45 | 25000 | 26589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/45 | 85000 | 79009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/46 | 30000 | 27366 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **5**

------

Schedule of Investments

Xtrackers California Municipal Bond ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/1/50 | 100000 | 73891 |
|  State of California Department of Water Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB, 5.00%, 12/1/26 | 130000 | 134881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AX, 5.00%, 12/1/27 | 45000 | 47670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB, 5.00%, 12/1/33 | 25000 | 27702 |
|  Sweetwater Union High School District<br>4.00%, 8/1/42 | 100000 | 93533 |
|  University of California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AY, 5.00%, 5/15/28 | 70000 | 72756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BQ, 5.00%, 5/15/29 | 25000 | 27034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AY, 5.00%, 5/15/30 | 25000 | 25886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BQ, 5.00%, 5/15/31 | 30000 | 33226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BQ, 5.00%, 5/15/33 | 25000 | 28169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BQ, 5.00%, 5/15/35 | 40000 | 44365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, 5.00%, 5/15/35 | 75000 | 76875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AY, 5.00%, 5/15/36 | 50000 | 51213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BE, 5.00%, 5/15/36 | 170000 | 180786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BE, 5.00%, 5/15/42 | 25000 | 25860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BN, 5.00%, 5/15/42 | 30000 | 31665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BS, 5.00%, 5/15/43 | 25000 | 26358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 4.00%, 5/15/46 | 50000 | 45882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q, 5.00%, 5/15/46 | 15000 | 15317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, 4.00%, 5/15/47 | 100000 | 91052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AZ, 5.00%, 5/15/48 | 100000 | 101087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q, 3.00%, 5/15/51 | 50000 | 35624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/52 | 100000 | 102363 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  Ventura County Community College District<br>3.125%, 8/1/31 | 100000 | 99021 |
|  Ventura Unified School District<br>Series A, 4.00%, 8/1/52 | 50000 | 44840 |
|  West Contra Costa Unified School District<br>Series B, 5.00%, 8/1/49 | 100000 | 102929 |
|  William S Hart Union High School District<br>Series C, 3.50%, 8/1/38 | 75000 | 69998 |
|  Yosemite Community College District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/30 | 35000 | 35123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/32 | 65000 | 65228 |
|  (Cost $22,070,096) |  | **21175475** |
|  **TOTAL MUNICIPAL BONDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $22,070,096) |  | **21175475** |
|  | **Number<br>of Shares** |  |
|  **CASH EQUIVALENTS – 1.9%** |  |  |
|  DWS Government Money Market<br>Series "Institutional Shares", 4.26% (b)<br>(Cost $424,491) | 424491 | **424491** |
|  **TOTAL INVESTMENTS – 98.9%** |  |  |
|  (Cost $22,494,587) |  | **21599966** |
|  **Other assets and liabilities,<br>net – 1.1%** | **Other assets and liabilities,<br>net – 1.1%** | **235655** |
|  **NET ASSETS – 100.0%** |  | **21835621** |

---

A summary of the Fund's transactions with affiliated investments during the year ended May 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at<br>5/31/2024** | **Purchases Cost**<br> **($)** | **Sales Proceeds<br>($)** | **Net Realized<br>Gain/(Loss)<br>($)** | **Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Income ($)** | **Capital Gain<br>Distributions<br>($)** | **Number of<br>Shares at<br>5/31/2025** | **Value ($) at<br>5/31/2025** |
|  CASH EQUIVALENTS **–**1.9% | CASH EQUIVALENTS **–**1.9% | CASH EQUIVALENTS **–**1.9% | CASH EQUIVALENTS **–**1.9% |  |  |  |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) |  |  |  |  |
| 419583  | 2955707 | (2950799) |  |  | 19053 |  | 424491 | 424491 |

---

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

See Notes to Financial Statements.

**6** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers California Municipal Bond ETF (Continued)

May 31, 2025

#### 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, 2025 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) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21175475 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $21175475 |
|  Short-Term Investments (a) | 424491 |  |  | 424491 |
|  **TOTAL** | $**424491** | $**21175475** | $**—** | $**21599966** |

---

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

See Notes to Financial Statements.

DBX ETF Trust \| **7**

------

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  **MUNICIPAL BONDS – 97.6%** |  |  |
|  **Arizona – 2.7%** |  |  |
|  City of Phoenix Civic Improvement Corp., Intergovernmental,<br>Series A, 5.00%, 7/1/45 | 705000 | 723189 |
|  Salt River Project Agricultural Improvement & Power District, Electric, Power & Light Revenue,<br>Series B, 5.25%, 1/1/53 | 2650000 | 2752688 |
|  (Cost $3,660,611) |  | **3475877** |
|  **California – 14.5%** |  |  |
|  Bay Area Toll Authority, Highway Revenue Tolls, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series S-8, 3.00%, 4/1/54 | 535000 | 374040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F-1, 5.00%, 4/1/54 | 500000 | 514913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F-2, 2.60%, 4/1/56 | 160000 | 96741 |
|  California Enterprise Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 11/1/49 | 500000 | 531847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 11/1/54 | 100000 | 105605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/1/59 | 550000 | 594288 |
|  City of Los Angeles Department of Airports, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 5/15/45 | 260000 | 267611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, AMT, 5.00%, 5/15/45 | 50000 | 50054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 5/15/46 | 600000 | 599985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 5/15/48 | 250000 | 255005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 5/15/48 | 20000 | 20227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, AMT, 3.00%, 5/15/49 | 330000 | 222698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, AMT, 5.00%, 5/15/49 | 100000 | 97876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, AMT, 4.00%, 5/15/50 | 500000 | 428522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 5/15/51 | 135000 | 133145 |
|  City of Riverside CA Electric Revenue, Electric, Power & Light Revenue,<br>Series A, 5.00%, 10/1/49 | 150000 | 156058 |
|  City of San Francisco CA Public Utilities Commission Water Revenue, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 3.00%, 11/1/50 | 340000 | 239806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 11/1/50 | 600000 | 530612 |
|  Los Angeles Department of Water & Power Power System Revenue, Electric, Power & Light Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 7/1/40 | 260000 | 265526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 7/1/49 | 635000 | 624045 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  Los Angeles Department of Water & Power Water System Revenue, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/41 | 270000 | 274936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/50 | 210000 | 209695 |
|  Los Angeles Department of Water & Power, Electric, Power & Light Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 7/1/45 | 45000 | 45269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 7/1/47 | 500000 | 503740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 7/1/48 | 500000 | 501884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/51 | 1000000 | 994787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 7/1/51 | 280000 | 278540 |
|  Metropolitan Water District of Southern California, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 7/1/39 | 25000 | 26574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 7/1/40 | 100000 | 105606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 4/1/48 | 265000 | 278626 |
|  Riverside County Transportation Commission, Highway Revenue Tolls, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 4.00%, 6/1/46 | 10000 | 8925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 3.00%, 6/1/49 | 650000 | 465489 |
|  Sacramento Municipal Utility District, Electric, Power & Light Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 5.00%, 8/15/50 | 40000 | 41159 |
|  San Diego County Regional Airport Authority, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/49 | 200000 | 202158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, 4.00%, 7/1/51 | 700000 | 585533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/51 | 500000 | 506361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 7/1/51 | 500000 | 492397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/56 | 1300000 | 1312604 |
|  San Francisco City & County Airport Commission-San Francisco International Airport, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 5/1/44 | 810000 | 807000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 5/1/48 | 75000 | 73482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 5/1/49 | 990000 | 847165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 5/1/49 | 400000 | 394751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, AMT, 5.00%, 5/1/50 | 370000 | 363779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 5/1/55 | 600000 | 623037 |
|  San Francisco City & County Public Utilities Commission Wastewater Revenue, Sewer Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/1/49 | 200000 | 207304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/1/54 | 700000 | 718218 |

---

See Notes to Financial Statements.

**8** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  San Francisco Municipal Transportation Agency, Transit Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 3/1/51 | 40000 | 35435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 3/1/51 | 500000 | 511084 |
|  Southern California Public Power Authority, Intergovernmental,<br>5.00%, 7/1/53 | 1400000 | 1389419 |
|  State of California Department of Water Resources, Water Revenue,<br>Series BB, 5.00%, 12/1/35 | 45000 | 49291 |
|  (Cost $21,663,117) |  | **18962852** |
|  **Colorado – 3.0%** |  |  |
|  Arkansas River Power Authority, Electric, Power & Light Revenue,<br>Series A, 5.00%, 10/1/43 | 215000 | 211540 |
|  City & County of Denver Co. Airport System Revenue, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/15/35 | 400000 | 438999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series A, AMT, 5.00%, 12/1/36 | 300000 | 317980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 12/1/43 | 650000 | 582771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/47 | 100000 | 99245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 12/1/48 | 700000 | 687551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series B, 5.00%, 12/1/48 | 40000 | 39884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/15/53 | 600000 | 590994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/15/53 | 300000 | 307721 |
|  City & County of Denver Co. Dedicated Excise Tax Revenue, Hotel Occupancy Tax,<br>Series A, 4.00%, 8/1/51 | 700000 | 592725 |
|  City of Colorado Springs CO Utilities System Revenue, Multiple Utility Revenue,<br>Series B, 4.00%, 11/15/51 | 100000 | 87630 |
|  (Cost $4,426,064) |  | **3957040** |
|  **Connecticut – 0.3%** |  |  |
|  State of Connecticut Special Tax Revenue, Fuel Sales Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/37 | 100000 | 105240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/38 | 100000 | 104559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/40 | 120000 | 124185 |
|  (Cost $371,434) |  | **333984** |
|  **District of Columbia – 1.9%** |  |  |
|  District of Columbia, Income Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 5/1/45 | 500000 | 454007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 5/1/45 | 170000 | 172952 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  Metropolitan Washington Airports Authority Aviation Revenue, Private Airport & Marina Revenue,<br>Series A, AMT, 5.00%, 10/1/46 | 600000 | 598400 |
|  Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Highway Revenue Tolls, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 10/1/47 | 500000 | 502740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 10/1/53 | 900000 | 744194 |
|  (Cost $2,910,010) |  | **2472293** |
|  **Florida – 8.9%** |  |  |
|  Broward County FL Water & Sewer Utility Revenue, Water Revenue,<br>Series A, 4.00%, 10/1/47 | 240000 | 217074 |
|  Central Florida Expressway Authority, Highway Revenue Tolls,<br>Series D, 5.00%, 7/1/35 | 40000 | 43044 |
|  City of Fort Lauderdale Fl Water & Sewer Revenue, Water Revenue,<br>Series B, 5.50%, 9/1/48 | 400000 | 427355 |
|  City of Gainesville Fl Utilities System Revenue, Multiple Utility Revenue,<br>Series A, 5.00%, 10/1/47 | 215000 | 217476 |
|  City of Miami Fl, Miscellaneous Taxes,<br>Series A, 5.00%, 3/1/48 | 200000 | 202580 |
|  City of Tampa FL Water & Wastewater System Revenue, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/1/54 | 1000000 | 1017430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 10/1/57 | 300000 | 311934 |
|  County of Broward FL Airport System Revenue, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 10/1/44 | 100000 | 89407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 10/1/49 | 150000 | 127787 |
|  County of Lee Fl Airport Revenue, Private Airport & Marina Revenue,<br>5.25%, 10/1/54 | 400000 | 400785 |
|  County of Manatee FL Public Utilities Revenue, Water Revenue<br>4.00%, 10/1/48 | 550000 | 493813 |
|  County of Miami-Dade FL Aviation Revenue, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 10/1/44 | 400000 | 349412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 10/1/49 | 380000 | 371848 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **9**

------

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  County of Miami-Dade FL Transit System, Sales Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 7/1/49 | 500000 | 429914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 7/1/50 | 90000 | 76746 |
|  County of Miami-Dade FL Water & Sewer System Revenue, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/46 | 255000 | 228901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/48 | 450000 | 396374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/48 | 400000 | 354882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 10/1/49 | 500000 | 427790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/51 | 275000 | 236526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/1/51 | 100000 | 82936 |
|  County of Miami-Dade Seaport Department, Private Airport & Marina Revenue,<br>Series A, 5.25%, 10/1/52 | 1200000 | 1192468 |
|  Greater Orlando Aviation Authority, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 10/1/44 | 165000 | 162772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 10/1/52 | 300000 | 251278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series A, AMT, 5.00%, 10/1/52 | 605000 | 590974 |
|  Hillsborough County Aviation Authority, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.00%, 10/1/48 | 195000 | 194159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 10/1/52 | 500000 | 418797 |
|  JEA Water & Sewer System Revenue, Water Revenue,<br>Series A, 5.25%, 10/1/49 | 1250000 | 1299171 |
|  Orlando Utilities Commission, Water Revenue,<br>Series A, 5.00%, 10/1/48 | 200000 | 204926 |
|  State of Florida Department of Transportation Turnpike System Revenue, Highway Revenue Tolls,<br>Series B, 4.00%, 7/1/51 | 500000 | 436390 |
|  Tampa Bay Water, Water Revenue, 5.00%, 10/1/52 | 400000 | 407775 |
|  (Cost $13,077,367) |  | **11662724** |
|  **Georgia – 2.0%** |  |  |
|  City of Atlanta GA Department of Aviation, Private Airport & Marina Revenue,<br>Series B, AMT, 4.00%, 7/1/49 | 200000 | 171041 |
|  Georgia Ports Authority, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/51 | 765000 | 680129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/52 | 320000 | 283249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/1/52 | 200000 | 207056 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  Main Street Natural Gas, Inc., Natural Gas Revenue,<br>Series A, 5.00%, 5/15/43 | 30000 | 30070 |
|  Municipal Electric Authority of Georgia, Nuclear Revenue,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 1/1/62 | 500000 | 504183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 7/1/63 | 750000 | 762555 |
|  (Cost $2,800,738) |  | **2638283** |
|  **Hawaii – 0.4%** |  |  |
|  State of Hawaii Airports System Revenue, Private Airport & Marina Revenue,<br>Series A, AMT, 5.00%, 7/1/51<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $530,868) | 500000 | **493817** |
|  **Illinois – 6.0%** |  |  |
|  Chicago O'Hare International Airport, Private Airport & Marina Revenue,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 1/1/43 | 115000 | 102598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.50%, 1/1/48 | 570000 | 525065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 1/1/48 | 200000 | 196509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 1/1/48 | 1000000 | 1009506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 1/1/53 | 130000 | 111342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 1/1/53 | 500000 | 496252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 1/1/53 | 110000 | 112508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 1/1/55 | 500000 | 489141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 1/1/56 | 200000 | 202561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 1/1/59 | 1150000 | 1185348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.50%, 1/1/59 | 1000000 | 1042046 |
|  Chicago Transit Authority Sales Tax Receipts Fund, Sales Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/1/52 | 160000 | 157195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/1/57 | 1200000 | 1167425 |
|  City of Chicago IL Wastewater Transmission Revenue, Sewer Revenue,<br>Series A, 5.25%, 1/1/48 | 85000 | 87759 |
|  City of Chicago IL Waterworks Revenue, Water Revenue,<br>Series A, 5.50%, 11/1/62 | 200000 | 205626 |
|  Illinois State Toll Highway Authority, Highway Revenue Tolls, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 1/1/41 | 30000 | 30809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 1/1/45 | 775000 | 783089 |
|  (Cost $8,425,129) |  | **7904779** |

---

See Notes to Financial Statements.

**10** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  **Kentucky – 0.8%** |  |  |
|  Kenton County Airport Board, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 1/1/49<br>(Cost $1,070,488) | 1000000 | **1014772** |
|  **Louisiana – 0.9%** |  |  |
|  East Baton Rouge Sewerage Commission, Sewer Revenue,<br>Series A, 4.00%, 2/1/45 | 245000 | 223972 |
|  Jefferson Sales Tax District, Sales Tax Revenue,<br>Series B, 4.00%, 12/1/42 | 115000 | 104419 |
|  Louisiana Stadium & Exposition District, Hotel Occupancy Tax, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/48 | 450000 | 453756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 7/1/53<br>| 420000 | 427995 |
|  (Cost $1,323,204) |  | **1210142** |
|  **Maryland – 0.6%** |  |  |
|  Maryland State Transportation Authority, Highway Revenue Tolls, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/50 | 650000 | 570318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/51 | 255000 | 258648 |
|  (Cost $990,964) |  | **828966** |
|  **Massachusetts – 1.5%** |  |  |
|  Massachusetts Bay Transportation Authority Sales Tax Revenue, Sales Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 4.00%, 7/1/51 | 605000 | 538711 |
|  Massachusetts Port Authority, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, AMT, 5.00%, 7/1/44 | 400000 | 401884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, AMT, 5.00%, 7/1/46 | 500000 | 498044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, AMT, 5.00%, 7/1/51 | 505000 | 495893 |
|  (Cost $2,176,875) |  | **1934532** |
|  **Michigan – 0.9%** |  |  |
|  Lansing Board of Water & Light, Electric, Power & Light Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/44 | 400000 | 405667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/48 | 90000 | 90781 |
|  State of Michigan Trunk Line Revenue, Fuel Sales Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 11/15/45 | 800000 | 728326 |
|  (Cost $1,392,099) |  | **1224774** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  **Minnesota – 0.0%** |  |  |
|  Minneapolis-St Paul Metropolitan Airports Commission, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 1/1/52<br>(Cost $42,879) | 40000 | **40307** |
|  **Nebraska – 0.3%** |  |  |
|  Omaha Airport Authority, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/54<br>(Cost $422,723) | 400000 | **404715** |
|  **Nevada – 0.7%** |  |  |
|  City of Reno NV, Sales Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 6/1/58 | 145000 | 121943 |
|  County of Clark NV, Fuel Sales Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/1/40 | 500000 | 483768 |
|  Las Vegas Convention & Visitors Authority, Hotel Occupancy Tax, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 7/1/49 | 290000 | 248163 |
|  (Cost $921,857) |  | **853874** |
|  **New Jersey – 1.4%** |  |  |
|  New Jersey Turnpike Authority, Highway Revenue Tolls, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 1/1/48 | 45000 | 39729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 1/1/48 | 740000 | 747573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 1/1/52 | 405000 | 417401 |
|  South Jersey Transportation Authority, Highway Revenue Tolls, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.625%, 11/1/47 | 100000 | 95097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 11/1/52 | 500000 | 506373 |
|  (Cost $1,892,077) |  | **1806173** |
|  **New York – 25.0%** |  |  |
|  Battery Park City Authority, Miscellaneous Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/1/48 | 65000 | 66972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/1/53 | 225000 | 230497 |
|  Long Island Power Authority, Electric, Power & Light Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 9/1/48 | 350000 | 355477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 9/1/54 | 300000 | 303914 |
|  Metropolitan Transportation Authority Dedicated Tax Fund, Fuel Sales Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-2, 5.00%, 11/15/46 | 1000000 | 1029589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-2, 5.00%, 11/15/47 | 400000 | 410404 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **11**

------

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  Metropolitan Transportation Authority, Transit Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.00%, 11/15/42 | 430000 | 380592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 4.00%, 11/15/45 | 1000000 | 861834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 4.75%, 11/15/45 | 500000 | 490707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series A, 5.00%, 11/15/45 | 75000 | 74574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.00%, 11/15/46 | 790000 | 668371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-2, 4.00%, 11/15/48 | 630000 | 533989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1-GROUP 1, 5.00%, 11/15/48 | 600000 | 598250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-3, 4.00%, 11/15/49 | 140000 | 117653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 4.00%, 11/15/50 | 85000 | 71964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-3, 4.00%, 11/15/50 | 250000 | 208635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.00%, 11/15/50 | 700000 | 695010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/52 | 115000 | 112004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1-GROUP 2, 4.00%, 11/15/54 | 60000 | 49877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.25%, 11/15/55 | 500000 | 507525 |
|  New York City Municipal Water Finance Authority, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 5.00%, 6/15/40 | 95000 | 97862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/15/42 | 400000 | 368278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA-2, 4.00%, 6/15/42 | 100000 | 92339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB2, 4.00%, 6/15/42 | 40000 | 36936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB-1, 5.00%, 6/15/44 | 140000 | 143736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB-1, 4.00%, 6/15/45 | 255000 | 229832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series GG-1, 5.00%, 6/15/48 | 210000 | 212776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB-1, 4.00%, 6/15/49 | 200000 | 173145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CC-1, 4.00%, 6/15/49 | 200000 | 173438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FF-1, 4.00%, 6/15/49 | 15000 | 12986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB-1, 5.00%, 6/15/49 | 270000 | 272985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB-1, 4.00%, 6/15/50 | 285000 | 245105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series GG-1, 4.00%, 6/15/50 | 305000 | 263636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series DD-1, 4.00%, 6/15/50 | 600000 | 517763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA-1, 5.00%, 6/15/50 | 140000 | 141744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA-1, 3.00%, 6/15/51 | 300000 | 207253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CC-1, 5.00%, 6/15/51 | 250000 | 253027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CC-1, 4.00%, 6/15/52 | 850000 | 720200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CC-1, 5.00%, 6/15/52 | 400000 | 404901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA-1, 5.25%, 6/15/52 | 505000 | 521178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series AA-1, 5.25%, 6/15/53 | 200000 | 207930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB, Sub-Series BB-1, 5.25%, 6/15/54 | 400000 | 415525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CC, Sub-Series CC-1, 5.25%, 6/15/54 | 900000 | 934599 |
|  New York Power Authority, Electric, Power & Light Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/15/45 | 35000 | 31567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/15/47 | 115000 | 101919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/15/50 | 180000 | 156197 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  New York State Environmental Facilities Corp., Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 6/15/51 | 500000 | 513215 |
|  New York Transportation Development Corp., Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/30/49 | 450000 | 445307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/30/54 | 1000000 | 1049027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/30/60 | 2100000 | 2080178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 6/30/60 | 1800000 | 1791911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/30/60 | 1300000 | 1302169 |
|  Port Authority of New York & New Jersey, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 224, 4.00%, 7/15/51 | 15000 | 12811 |
|  Triborough Bridge & Tunnel Authority Sales Tax Revenue, Sales Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 5/15/48 | 360000 | 314790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-2, 5.50%, 5/15/52 | 650000 | 681605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 5/15/53 | 95000 | 96682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 5/15/57 | 1000000 | 830702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.25%, 5/15/58 | 600000 | 526018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.50%, 5/15/63 | 450000 | 410236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-3, 5.25%, 5/15/64 | 300000 | 305107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, 5.25%, 5/15/64 | 1400000 | 1443689 |
|  Triborough Bridge & Tunnel Authority, Fuel Sales Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-2, 5.25%, 5/15/47 | 1000000 | 1037754 |
|  Triborough Bridge & Tunnel Authority, Miscellaneous Taxes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1A, 4.00%, 5/15/46 | 600000 | 529420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-3, 3.00%, 5/15/51 | 600000 | 421481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 5/15/51 | 2000000 | 2020000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1A, 5.00%, 5/15/51 | 225000 | 227412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 12/1/54 | 850000 | 880583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 12/1/59 | 1000000 | 1055603 |
|  (Cost $36,008,096) |  | **32680395** |
|  **North Carolina – 1.4%** |  |  |
|  City of Charlotte NC Airport Revenue, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/48 | 1310000 | 1342217 |
|  City of Charlotte Nc Water & Sewer System Revenue, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/49 | 10000 | 10395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/54 | 250000 | 258431 |

---

See Notes to Financial Statements.

**12** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  County of Union NC Enterprise System Revenue, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/51 | 300000 | 208042 |
|  (Cost $1,874,282) |  | **1819085** |
|  **Ohio – 1.5%** |  |  |
|  Columbus Regional Airport Authority, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 1/1/50 | 1000000 | 1033044 |
|  Franklin County Convention Facilities Authority, Industrial Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/51 | 100000 | 88963 |
|  Ohio Turnpike & Infrastructure Commission, Highway Revenue Tolls, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 2/15/39 | 350000 | 374573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 2/15/46 | 275000 | 284067 |
|  Ohio Water Development Authority, Intergovernmental, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/46 | 225000 | 230639 |
|  (Cost $2,100,092) |  | **2011286** |
|  **Oklahoma – 0.6%** |  |  |
|  Oklahoma City Water Utilities Trust, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/1/64 | 500000 | 518119 |
|  Oklahoma Turnpike Authority Highway Revenue Tolls, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/1/53 | 320000 | 334415 |
|  (Cost $903,210) |  | **852534** |
|  **Oregon – 1.2%** |  |  |
|  Port of Portland Or Airport Revenue, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 28, AMT, 5.00%, 7/1/52 | 100000 | 97837 |
|  Port of Portland OR Airport Revenue, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 25B, AMT, 5.00%, 7/1/44 | 315000 | 310033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 28, AMT, 4.00%, 7/1/47 | 500000 | 431400 |
|  State of Oregon Department of Transportation, Fuel Sales Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/40 | 700000 | 732760 |
|  (Cost $1,668,236) |  | **1572030** |
|  **Pennsylvania – 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Authority, Private Airport & |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 1/1/46 | 700000 | 607390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 1/1/51 | 500000 | 486207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 1/1/56 | 500000 | 405768 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  City of Philadelphia PA Water & Wastewater, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/1/45 | 515000 | 525795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/1/48 | 35000 | 35201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/1/50 | 500000 | 490751 |
|  Pennsylvania Turnpike Commission, Fran. Tax & Bus. LIC Fees, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/1/48 | 480000 | 482011 |
|  Pennsylvania Turnpike Commission, Highway Revenue Tolls, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/1/44 | 230000 | 231171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 12/1/46 | 20000 | 17910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 12/1/46 | 390000 | 349254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 12/1/46 | 45000 | 45942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/1/47 | 55000 | 55986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series A, 4.00%, 12/1/49 | 285000 | 248363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/1/49 | 15000 | 15119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 12/1/50 | 255000 | 222200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/1/50 | 1705000 | 1712479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 12/1/51 | 65000 | 56231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 12/1/51 | 300000 | 259306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/1/51 | 15000 | 15208 |
|  Philadelphia Gas Works Co., Natural Gas Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 8/1/54 | 300000 | 310066 |
|  (Cost $7,546,047) |  | **6572358** |
|  **South Carolina – 1.1%** |  |  |
|  Charleston County Airport District, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 7/1/54 | 200000 | 202409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 7/1/54 | 300000 | 310229 |
|  South Carolina Public Service Authority, Electric, Power & Light Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 12/1/42 | 475000 | 433910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 12/1/52 | 600000 | 502315 |
|  (Cost $1,592,218) |  | **1448863** |
|  **Tennessee – 2.2%** |  |  |
|  City of Clarksville TN Water Sewer & Gas Revenue, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 2/1/51 | 380000 | 336634 |
|  Metropolitan Government of Nashville & Davidson County TN Electric Revenue, Electric, Power & Light Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 5/15/46 | 245000 | 251330 |
|  Metropolitan Nashville Airport Authority, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, 5.25%, 7/1/47 | 400000 | 408600 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **13**

------

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 7/1/49 | 125000 | 122336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, 4.00%, 7/1/54 | 550000 | 454287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/54 | 805000 | 805605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 7/1/54 | 500000 | 488577 |
|  (Cost $3,226,988) |  | **2867369** |
|  **Texas – 8.8%** |  |  |
|  Central Texas Regional Mobility Authority, Highway Revenue Tolls, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.00%, 1/1/45 | 100000 | 101077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 1/1/46 | 300000 | 303042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 1/1/51 | 50000 | 43570 |
|  City of Austin TX Airport System Revenue, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/52 | 200000 | 195938 |
|  City of Austin TX Electric Utility Revenue, Electric, Power & Light Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/44 | 125000 | 127187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/15/49 | 125000 | 126628 |
|  City of Austin TX Water & Wastewater System Revenue, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/15/50 | 305000 | 308816 |
|  City of Corpus Christi TX Utility System Revenue, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 7/15/54 | 635000 | 563029 |
|  City of Dallas TX Waterworks & Sewer System Revenue, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 10/1/49 | 110000 | 96518 |
|  City of El Paso TX Water & Sewer Revenue, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/1/49 | 400000 | 413612 |
|  City of Georgetown TX Utility System Revenue, Multiple Utility Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/15/47 | 500000 | 458218 |
|  City of Houston TX Airport System Revenue, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-Series A, AMT, 4.00%, 7/1/46 | 575000 | 499908 |
|  City of Houston TX Combined Utility System, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 11/15/43 | 165000 | 148744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.00%, 11/15/47 | 145000 | 105399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 11/15/49 | 55000 | 47058 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  City of San Antonio TX Electric & Gas Systems Revenue, Electric, Power & Light Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 2/1/46 | 260000 | 263070 |
|  County of Harris TX Toll Road Revenue, Highway Revenue Tolls, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 8/15/49 | 500000 | 522781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 8/15/54 | 200000 | 208095 |
|  Dallas Fort Worth International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/1/47 | 600000 | 610846 |
|  Dallas Fort Worth International Airport, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 11/1/45 | 105000 | 96002 |
|  Harris County Toll Road Authority, Highway Revenue Tolls, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/15/50 | 670000 | 581276 |
|  Harris County-Houston Sports Authority, Hotel Occupancy Tax, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.125%, 11/15/56 | 110000 | 72954 |
|  Lower Colorado River Authority, Intergovernmental, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/47 | 250000 | 251810 |
|  North Fort Bend Water Authority, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 12/15/58 | 200000 | 166404 |
|  North Texas Tollway Authority, Highway Revenue Tolls, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/1/49 | 30000 | 25416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.00%, 1/1/51 | 250000 | 170237 |
|  Port Authority of Houston of Harris County Texas, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/53 | 650000 | 657445 |
|  San Antonio Water System, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 5/15/46 | 325000 | 331401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 5/15/51 | 335000 | 287823 |
|  Texas Water Development Board, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/45 | 320000 | 283802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/15/51 | 525000 | 441674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.25%, 10/15/51 | 450000 | 468016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 10/15/52 | 400000 | 394395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/53 | 1000000 | 1023204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/15/58 | 1100000 | 1116971 |
|  West Harris County Regional Water Authority, Water Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/15/58 | 85000 | 53398 |
|  (Cost $13,062,922) |  | **11565764** |

---

See Notes to Financial Statements.

**14** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  **Utah – 1.5%** |  |  |
|  City of Salt Lake City UT Airport Revenue, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 7/1/48 | 750000 | 736755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 5.25%, 7/1/48 | 225000 | 225553 |
|  Intermountain Power Agency, Electric, Power & Light Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/42 | 1000000 | 1021575 |
|  (Cost $2,096,156) |  | **1983883** |
|  **Virginia – 1.1%** |  |  |
|  Hampton Roads Transportation Accountability Commission, Appropriations, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 7/1/45 | 275000 | 251225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/50 | 40000 | 40640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 7/1/55 | 700000 | 601166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 7/1/60 | 500000 | 502574 |
|  (Cost $1,704,204) |  | **1395605** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  **Washington – 1.2%** |  |  |
|  Central Puget Sound Regional Transit Authority, Sales Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-1, 4.00%, 11/1/46 | 700000 | 629362 |
|  Port of Seattle WA, Private Airport & Marina Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMT, 5.00%, 4/1/44 | 500000 | 494598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 8/1/47 | 500000 | 485049 |
|  (Cost $1,864,341) |  | **1609009** |
|  **West Virginia – 0.2%** |  |  |
|  West Virginia Parkways Authority, Highway Revenue Tolls, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/1/47 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $299,253) | 250000 | **254057** |
|  **TOTAL MUNICIPAL BONDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $142,044,549) |  | **127852142** |
|  **TOTAL INVESTMENTS – 97.6%** |  |  |
|  (Cost $142,044,549) |  | **127852142** |
|  **Other assets and liabilities, net – 2.4%** | **Other assets and liabilities, net – 2.4%** | **3090977** |
|  **NET ASSETS – 100.0%** |  | **130943119** |

---

AMT: Alternative Minimum Tax

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, 2025 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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $127852142 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $127852142 |
|  **TOTAL** | $**—** | $**127852142** | $**—** | $**127852142** |

---

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

See Notes to Financial Statements.

DBX ETF Trust \| **15**

------

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **COMMON STOCKS – 99.0%** |  |  |
|  **Australia – 4.3%** |  |  |
|  Coles Group Ltd. | 869370 | 12084837 |
|  Fortescue Ltd. | 1097615 | 10871038 |
|  Medibank Pvt Ltd. | 1783617 | 5475230 |
|  QBE Insurance Group Ltd. | 978557 | 14585021 |
|  Santos Ltd. | 2106255 | 8932618 |
|  Suncorp Group Ltd. | 701719 | 9316330 |
|  Telstra Group Ltd. | 2608972 | 8025640 |
|  Woodside Energy Group Ltd. | 1231012 | 17626849 |
|  (Cost $94,036,570) |  | **86917563** |
|  **Austria – 0.4%** |  |  |
|  OMV AG (a) | 95503 | 5106576 |
|  Verbund AG (a) | 44115 | 3443110 |
|  (Cost $8,253,520) |  | **8549686** |
|  **Belgium – 0.3%** |  |  |
|  Ageas SA/NV |  |  |
|  (Cost $4,528,593) | 96568 | **6298181** |
|  **China – 0.1%** |  |  |
|  Yangzijiang Shipbuilding Holdings Ltd. |  |  |
|  (Cost $2,753,243) | 1674133 | **2752142** |
|  **Denmark – 0.3%** |  |  |
|  Tryg A/S |  |  |
|  (Cost $4,806,086) | 219595 | **5641310** |
|  **Finland – 1.9%** |  |  |
|  Elisa OYJ | 92136 | 4853323 |
|  Kesko OYJ, Class B | 177000 | 4280010 |
|  Kone OYJ, Class B | 220261 | 13712825 |
|  Metso Corp. | 402878 | 4861818 |
|  UPM-Kymmene OYJ | 345995 | 9580176 |
|  (Cost $33,629,756) |  | **37288152** |
|  **France – 14.9%** |  |  |
|  Amundi SA, 144A | 40762 | 3324866 |
|  AXA SA | 1148212 | 54108649 |
|  Bouygues SA | 122779 | 5350989 |
|  Cie Generale des Etablissements Michelin SCA | 434535 | 16614556 |
|  Edenred SE | 156494 | 4885649 |
|  FDJ UNITED, 144A | 72031 | 2644547 |
|  Pernod Ricard SA | 130798 | 13515428 |
|  Sanofi SA | 719581 | 71495528 |
|  Teleperformance SE | 34918 | 3529607 |
|  TotalEnergies SE | 1324262 | 77664079 |
|  Vinci SA | 320849 | 45840125 |
|  (Cost $262,316,318) |  | **298974023** |
|  **Germany – 7.1%** |  |  |
|  Allianz SE | 250269 | 99071989 |
|  Bayerische Motoren Werke AG | 187896 | 16659442 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Deutsche Post AG | 622241 | 27810956 |
|  (Cost $101,105,123) |  | **143542387** |
|  **Hong Kong – 2.4%** |  |  |
|  CK Infrastructure Holdings Ltd. | 408283 | 2642381 |
|  CLP Holdings Ltd. | 1064449 | 9033811 |
|  Hang Seng Bank Ltd. | 488011 | 6833293 |
|  Henderson Land Development Co. Ltd. | 941388 | 2947259 |
|  HKT Trust & HKT Ltd. (b) | 2457085 | 3540762 |
|  Hong Kong & China Gas Co. Ltd. | 7256623 | 6385306 |
|  Power Assets Holdings Ltd. | 897860 | 5684941 |
|  Sino Land Co. Ltd. | 2336967 | 2360347 |
|  SITC International Holdings Co. Ltd. | 870886 | 2782064 |
|  WH Group Ltd., 144A | 5406016 | 4991303 |
|  (Cost $42,734,974) |  | **47201467** |
|  **Ireland – 0.7%** |  |  |
|  AIB Group PLC | 1358288 | 10670624 |
|  DCC PLC | 64136 | 4009708 |
|  (Cost $14,827,139) |  | **14680332** |
|  **Israel – 1.8%** |  |  |
|  Bank Hapoalim BM | 812870 | 13602692 |
|  Bank Leumi Le-Israel BM | 971456 | 15635386 |
|  Mizrahi Tefahot Bank Ltd. | 100735 | 5759312 |
|  (Cost $20,381,711) |  | **34997390** |
|  **Italy – 2.6%** |  |  |
|  Banca Mediolanum SpA | 144999 | 2408248 |
|  FinecoBank Banca Fineco SpA | 396430 | 8559904 |
|  Generali (a) | 559350 | 20351834 |
|  Snam SpA | 1307488 | 7816466 |
|  Terna - Rete Elettrica Nazionale | 911979 | 9274442 |
|  Unipol Assicurazioni SpA | 232389 | 4545616 |
|  (Cost $38,332,576) |  | **52956510** |
|  **Japan – 7.1%** |  |  |
|  AGC, Inc. | 126841 | 3764047 |
|  Daito Trust Construction Co. Ltd. | 37973 | 4273755 |
|  Daiwa House Industry Co. Ltd. | 363276 | 12263193 |
|  Eisai Co. Ltd. | 170124 | 4882245 |
|  Honda Motor Co. Ltd. | 2737875 | 27854052 |
|  Isuzu Motors Ltd. | 346927 | 4711206 |
|  Komatsu Ltd. | 585591 | 17945760 |
|  Mitsui OSK Lines Ltd. | 223435 | 7935856 |
|  Obayashi Corp. | 420914 | 6360601 |
|  Ono Pharmaceutical Co. Ltd. | 242459 | 2630511 |
|  Sekisui House Ltd. | 386736 | 8799018 |
|  SoftBank Corp. | 18556749 | 28472672 |
|  Subaru Corp. | 380091 | 7056820 |
|  Yamaha Motor Co. Ltd. (a) | 598721 | 4605706 |
|  (Cost $121,351,751) |  | **141555442** |

---

See Notes to Financial Statements.

**16** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **Netherlands – 2.8%** |  |  |
|  ASR Nederland NV (a) | 95827 | 6144329 |
|  Koninklijke Ahold Delhaize NV | 591794 | 24978814 |
|  Koninklijke KPN NV | 2520982 | 11842738 |
|  NN Group NV | 174324 | 10967700 |
|  Randstad NV (a) | 70331 | 2951010 |
|  (Cost $41,837,845) |  | **56884591** |
|  **Norway – 1.0%** |  |  |
|  Aker BP ASA | 204065 | 4693606 |
|  Equinor ASA | 542621 | 12719567 |
|  Gjensidige Forsikring ASA | 132749 | 3357330 |
|  (Cost $21,658,016) |  | **20770503** |
|  **Singapore – 5.1%** |  |  |
|  DBS Group Holdings Ltd. | 1380665 | 47877899 |
|  Genting Singapore Ltd. | 3916772 | 2095667 |
|  Oversea-Chinese Banking Corp. Ltd. | 2194823 | 27622501 |
|  United Overseas Bank Ltd. | 818465 | 22473516 |
|  Wilmar International Ltd. | 1246393 | 2947812 |
|  (Cost $76,580,078) |  | **103017395** |
|  **Spain – 4.2%** |  |  |
|  Iberdrola SA | 3756911 | 68581792 |
|  Redeia Corp. SA | 262927 | 5432484 |
|  Repsol SA | 750467 | 10100085 |
|  (Cost $70,143,948) |  | **84114361** |
|  **Sweden – 2.2%** |  |  |
|  Boliden AB | 184120 | 5748868 |
|  H & M Hennes & Mauritz AB, Class B | 367090 | 5247446 |
|  Tele2 AB, Class B (a) | 354580 | 5295655 |
|  Volvo AB, Class B | 1029452 | 28498981 |
|  (Cost $36,652,954) |  | **44790950** |
|  **Switzerland – 20.1%** |  |  |
|  Baloise Holding AG | 26704 | 6344861 |
|  Helvetia Holding AG | 24041 | 5700428 |
|  Holcim AG | 337832 | 37428603 |
|  Kuehne + Nagel International AG | 31309 | 7052195 |
|  Novartis AG | 888560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101699588 |
|  Partners Group Holding AG | 14708 | 19728825 |
|  Roche Holding AG | 314703 | 101702448 |
|  SGS SA | 104402 | 10900862 |
|  Swiss Re AG | 195497 | 34563860 |
|  Swisscom AG | 16790 | 11557112 |
|  Zurich Insurance Group AG | 94856 | 66643398 |
|  (Cost $300,113,626) |  | **403322180** |
|  **United Kingdom – 19.7%** |  |  |
|  Barratt Redrow PLC | 889833 | 5529533 |
|  British American Tobacco PLC | 1284020 | 57730438 |
|  Imperial Brands PLC | 507022 | 19213239 |
|  Kingfisher PLC | 1155743 | 4326615 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Mondi PLC | 286179 | 4652351 |
|  National Grid PLC | 3174025 | 44793711 |
|  Reckitt Benckiser Group PLC | 441965 | 29991347 |
|  Schroders PLC | 469168 | 2248606 |
|  Shell PLC | 3000001 | 99098324 |
|  Tesco PLC | 4361345 | 22820210 |
|  Unilever PLC | 1581352 | 100378388 |
|  WPP PLC | 699193 | 5651728 |
|  (Cost $337,346,104) |  | **396434490** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,633,389,931) |  | **1990689055** |
|  **PREFERRED STOCKS – 0.1%** |  |  |
|  **Germany – 0.1%** |  |  |
|  Bayerische Motoren Werke AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $3,059,361) | 36292 | **3005579** |
|  **SECURITIES LENDING COLLATERAL – 1.3%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (c)(d) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $25,966,095) | 25966095 | **25966095** |
|  **CASH EQUIVALENTS – 0.3%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.26% (c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $5,250,803) | 5250803 | **5250803** |
|  **TOTAL INVESTMENTS – 100.7%** | **TOTAL INVESTMENTS – 100.7%** |  |
|  (Cost $1,667,666,190) |  | **2024911532** |
|  **Other assets and liabilities, net – (0.7%)** | **Other assets and liabilities, net – (0.7%)** | **(13798855)** |
|  **NET ASSETS – 100.0%** |  | **2011112677** |

---

See Notes to Financial Statements.

DBX ETF Trust \| **17**

------

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

May 31, 2025

A summary of the Fund's transactions with affiliated investments during the year ended May 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at<br>5/31/2024** | **Purchases Cost<br>($)** | **Sales Proceeds<br>($)** | **Net Realized<br>Gain/(Loss)**<br> **($)** | **Net Change**<br> **in Unrealized**<br> **Appreciation**<br> (Depreciation)<br> **($)** | **Income ($)** | **Capital Gain**<br> **Distributions**<br> **($)** | **Number of**<br> **Shares at**<br> **5/31/2025** | **Value ($) at<br>5/31/2025** |
|  SECURITIES LENDING COLLATERAL **—**1.3% | SECURITIES LENDING COLLATERAL **—**1.3% | SECURITIES LENDING COLLATERAL **—**1.3% |  |  |  |  |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (c)(d) |  |
| 29576000 |  | (3609905) (e) |  |  | 251573 |  | 25966095 | 25966095 |
|  CASH EQUIVALENTS **—**0.3% | CASH EQUIVALENTS **—**0.3% | CASH EQUIVALENTS **—**0.3% | CASH EQUIVALENTS **—**0.3% |  |  |  |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.26% (c) | DWS Government Money Market Series "Institutional Shares", 4.26% (c) | DWS Government Money Market Series "Institutional Shares", 4.26% (c) | DWS Government Money Market Series "Institutional Shares", 4.26% (c) | DWS Government Money Market Series "Institutional Shares", 4.26% (c) | DWS Government Money Market Series "Institutional Shares", 4.26% (c) | DWS Government Money Market Series "Institutional Shares", 4.26% (c) | DWS Government Money Market Series "Institutional Shares", 4.26% (c) |  |
| 20936447 | 91927251 | (107612895) |  |  | 280122 |  | 5250803 | 5250803 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50512447** | **91927251** | **(111222800)** |  |  | **531695** |  | **31216898** | **31216898** |

---

(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, 2025 amounted to $24,733,981, which is 1.2% 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) Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

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

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2025.

144A: Security exempt from registration under Rule 144A under 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, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract Description** | **Currency** | **Number of <br> Contracts** | **Notional <br> Amount ($)** | **Contract Value**<br> **($)** | **Expiration**<br> **Date** | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
|  CAC 40 Index | EUR | 20 | 1773671 | 1758731 | 6/20/2025 | (14940) |
|  DAX Index | EUR | 1 | 669244 | 682428 | 6/20/2025 | 13184 |
|  FTSE 100 Index | GBP | 16 | 1871914 | 1894768 | 6/20/2025 | 22854 |
|  FTSE MIB Index | EUR | 1 | 229262 | 227822 | 6/20/2025 | (1440) |
|  IBEX 35 Index | EUR | 3 | 479484 | 481975 | 6/20/2025 | 2491 |
|  MSCI EAFE Index | USD | 63 | 8026175 | 8204175 | 6/20/2025 | 178000 |
|  MSCI Singapore Index | SGD | 30 | 949873 | 955296 | 6/27/2025 | 5423 |
|  SMI Index | CHF | 17 | 2536409 | 2528842 | 6/20/2025 | (7567) |
|  SPI 200 Index | AUD | 3 | 388488 | 408188 | 6/19/2025 | 19700 |
|  **Total net unrealized appreciation** |  |  |  |  |  | **217705** |

---

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

#### Currency Abbreviations
AUD Australian Dollar

CHF Swiss Franc

---

| | |
|:---|:---|
| EUR | Euro  |

---

GBP Pound Sterling

SGD Singapore Dollar

USD U.S. Dollar

See Notes to Financial Statements.

**18** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

May 31, 2025

#### 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, 2025 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) | $1990689055 | $— | $— | $1990689055 |
|  Preferred Stocks | 3005579 |  |  | 3005579 |
|  Short-Term Investments (a) | 31216898 |  |  | 31216898 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | 241652 |  |  | 241652 |
|  **TOTAL** | $**2025153184** | $**—** | $**—** | $**2025153184** |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | $(23947) | $— | $— | $(23947) |
|  **TOTAL** | $**(23947)** | $**—** | $**—** | $**(23947)** |

---

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

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

See Notes to Financial Statements.

DBX ETF Trust \| **19**

------

Schedule of Investments

Xtrackers US 0-1 Year Treasury ETF

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
|  **U.S. TREASURY OBLIGATIONS – 99.5%** |  |  |
|  U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.679%, 7/1/25 (a) | 601600 | 599556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.682%, 7/3/25 (a) | 980000 | 976445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.681%, 7/8/25 (a) | 606600 | 604046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.682%, 7/10/25 (a) | 1192600 | 1187294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.688%, 7/15/25 (a) | 606600 | 603546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.223%, 7/17/25 (a) | 665400 | 661892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.696%, 7/22/25 (a) | 609600 | 606031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.437%, 7/24/25 (a) | 666200 | 662137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.460%, 7/29/25 (a) | 271700 | 269881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.694%, 7/31/25 (a) | 668700 | 664073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.864%, 8/5/25 (a) | 271600 | 269554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.698%, 8/7/25 (a) | 876200 | 869413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.868%, 8/12/25 (a) | 270600 | 268341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.761%, 8/14/25 (a) | 666600 | 660884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.873%, 8/19/25 (a) | 271600 | 269113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.758%, 8/21/25 (a) | 655700 | 649542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.870%, 8/26/25 (a) | 271600 | 268892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.740%, 8/28/25 (a) | 646800 | 640180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.162%, 9/2/25 (a) | 271000 | 268076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.392%, 9/4/25 (a) | 515500 | 509833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.163%, 9/9/25 (a) | 271000 | 267858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.384%, 9/11/25 (a) | 308100 | 304478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.165%, 9/16/25 (a) | 271000 | 267635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.369%, 9/18/25 (a) | 308000 | 304117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.165%, 9/23/25 (a) | 271000 | 267414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.368%, 9/25/25 (a) | 307100 | 302987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.165%, 10/2/25 (a) | 525000 | 517544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.803%, 10/9/25 (a) | 307200 | 302604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.806%, 10/16/25 (a) | 307100 | 302257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.802%, 10/23/25 (a) | 307200 | 302115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.662%, 10/30/25 (a) | 523700 | 514579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.148%, 11/6/25 (a) | 307000 | 301429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 11/13/25 (a) | 307000 | 301177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.158%, 11/20/25 (a) | 307000 | 300918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.504%, 11/28/25 (a) | 523800 | 512966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.203%, 12/26/25 (a) | 216800 | 211711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.236%, 1/22/26 (a) | 212700 | 207147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.254%, 2/19/26 (a) | 213800 | 207571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.248%, 3/19/26 (a) | 214200 | 207297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.648%, 4/16/26 (a) | 208800 | 201533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.072%, 5/14/26 (a) | 210000 | 202061 |
|  (Cost $17,817,107) |  | **17816127** |
|  U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.521%, 7/15/25 | 193800 | 193469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.460%, 7/31/25 | 183200 | 181998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.498%, 7/31/25 | 97600 | 97366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.917%, 7/31/25 | 158700 | 158806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.113%, 8/15/25 | 16300 | 16394 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount $** | **Value $** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.473%, 8/15/25 | 165600 | 165178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.496%, 8/15/25 | 221600 | 220559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.607%, 8/31/25 | 198300 | 196362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.687%, 8/31/25 | 102500 | 102119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.882%, 8/31/25 | 202900 | 203182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.409%, 9/15/25 | 182900 | 182452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.435%, 9/30/25 | 234800 | 231717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.553%, 9/30/25 | 104600 | 104157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.815%, 9/30/25 | 214500 | 214932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.381%, 10/15/25 | 177500 | 177465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.348%, 10/31/25 | 231100 | 227286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.437%, 10/31/25 | 86000 | 85540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.556%, 10/31/25 | 209900 | 210416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.510%, 11/15/25 | 263100 | 260709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.543%, 11/15/25 | 179000 | 179114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.329%, 11/30/25 | 212500 | 208411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.396%, 11/30/25 | 94900 | 94232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.536%, 11/30/25 | 214900 | 215434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419%, 12/15/25 | 174500 | 174364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.278%, 12/31/25 | 256100 | 256057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.288%, 12/31/25 | 244300 | 238910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.454%, 12/31/25 | 102300 | 101350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.405%, 1/15/26 | 174500 | 174180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.108%, 1/31/26 | 265800 | 265711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.325%, 1/31/26 | 263100 | 256439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.459%, 1/31/26 | 110400 | 109227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.085%, 2/15/26 | 217200 | 213295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.088%, 2/15/26 | 161100 | 160811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.234%, 2/15/26 | 28000 | 28341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.285%, 2/28/26 | 112700 | 111266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.312%, 2/28/26 | 244200 | 237564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.442%, 2/28/26 | 272700 | 273421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.261%, 3/15/26 | 173400 | 173918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.244%, 3/31/26 | 282800 | 283499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.257%, 3/31/26 | 114400 | 112606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.398%, 3/31/26 | 243500 | 236762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 4/15/26 | 177100 | 176433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.642%, 4/30/26 | 85700 | 84328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.643%, 4/30/26 | 251500 | 243867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.643%, 4/30/26 | 310800 | 312683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.081%, 5/15/26 | 160000 | 159216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.765%, 5/15/26 | 215000 | 209967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.077%, 5/31/26 | 106000 | 103931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.077%, 5/31/26 | 308000 | 310138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.082%, 5/31/26 | 250000 | 241764 |
|  (Cost $9,182,840) |  | **9177346** |
|  **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $26,999,947) |  | **26993473** |

---

See Notes to Financial Statements.

**20** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers US 0-1 Year Treasury ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **CASH EQUIVALENTS – 0.0%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.26% (b) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $9,530) | 9530 | **9530** |
|  **TOTAL INVESTMENTS – 99.5%** |  |  |
|  (Cost $27,009,477) |  | **27003003** |
|  **Other assets and liabilities, net – 0.5%** |  | **140851** |
|  **NET ASSETS – 100.0%** |  | **27143854** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A summary of the Fund's transactions with affiliated investments during the period ended May 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **10/9/2024<br>(Commencement**<br> **of Operations)** | **Purchases Cost**<br> **($)** | **Sales Proceeds**<br> **($)** | **Net Realized**<br> **Gain/(Loss)**<br> **($)** | **Net Change**<br> **in Unrealized**<br> **Appreciation**<br> (Depreciation)<br> **($)** | **Income ($)** | **Capital Gain**<br> **Distributions**<br> **($)** | **Number of**<br> **Shares at**<br> **5/31/2025** | **Value ($) at<br>5/31/2025** |
|  CASH EQUIVALENTS **–** 0.0% | CASH EQUIVALENTS **–** 0.0% | CASH EQUIVALENTS **–** 0.0% |  |  |  |  |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) |  |  |
|  — | 396055 | (386525) |  |  | 345 |  | 9530 | 9530 |

---

(a) Annualized yield at time of purchase; not a coupon rate.

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

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, 2025 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** |
|  U.S. Treasury Obligations (a) | $— | $26993473 | $— | $26993473 |
|  Short-Term Investments (a) | 9530 |  |  | 9530 |
|  **TOTAL** | $**9530** | $**26993473** | $**—** | $**27003003** |

---

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

See Notes to Financial Statements.

DBX ETF Trust \| **21**

------

Statements of Assets and Liabilities

May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers**<br> **California**<br> **Municipal Bond**<br> **ETF** | **Xtrackers**<br> **Municipal**<br> **Infrastructure**<br> **Revenue Bond**<br> **ETF** | **Xtrackers MSCI**<br> **EAFE High**<br> **Dividend Yield<br>Equity ETF** | **Xtrackers**<br> **US 0-1 Year<br>Treasury ETF** |
|  **Assets** |  |  |  |  |
|  Investment in non-affiliated securities at value | $21175475 | $127852142 | $1993694634 | $26993473 |
|  Investment in DWS Government Money Market Series | 424491 |  | 5250803 | 9530 |
|  Investment in DWS Government & Agency Securities Portfolio\* |  |  | 25966095 |  |
|  Cash |  | 1295081 |  |  |
|  Foreign currency at value |  |  | 29204722 |  |
|  Deposit with broker for futures contracts |  |  | 1037240 |  |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold |  |  | 240934111 | 7332526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares |  |  | 21564782 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  |  | 1990259 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends |  |  | 6404783 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 236910 | 1812707 | 18887 | 58325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income |  |  | 25641 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaim |  |  | 8972037 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $21836876 | $130959930 | $2335063994 | $34393854 |
|  **Liabilities** |  |  |  |  |
|  Payable upon return of securities loaned | $— | $— | $25966095 | $— |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased |  |  | 211827686 | 7248686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares |  |  | 86006045 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1255 | 16811 | 151491 | 1314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1255 | 16811 | 323951317 | 7250000 |
|  **Net Assets, at value** | $**21835621** | $**130943119** | $**2011112677** | $**27143854** |
|  **Net Assets Consist of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $22674560 | $152712193 | $1787464941 | $27055942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | (838939) | (21769074) | 223647736 | 87912 |
|  **Net Assets, at value** | $**21835621** | $**130943119** | $**2011112677** | $**27143854** |
|  Number of Common Shares outstanding | 900001 | 5450001 | 70150001 | 900001 |
|  **Net Asset Value** | $24.26 | $24.03 | $28.67 | $30.16 |
|  Investment in non-affiliated securities at cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22070096 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142044549 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636449292 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26999947 |
|  Value of securities loaned | $— | $— | $24733981 | $— |
|  Investment in DWS Government Money Market Series at cost | $424491 | $— | $5250803 | $9530 |
|  Investment in DWS Government & Agency Securities Portfolio at cost\* | $— | $— | $25966095 | $— |
|  Foreign currency at cost | $— | $— | $28808210 | $— |

---

\* Represents collateral on securities loaned.

See Notes to Financial Statements.

**22** \| DBX ETF Trust

------

Statements of Operations

For the Year Ended May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers**<br> **California**<br> **Municipal Bond**<br> **ETF** | **Xtrackers**<br> **Municipal**<br> **Infrastructure**<br> **Revenue Bond**<br> **ETF** | **Xtrackers MSCI**<br> **EAFE High**<br> **Dividend Yield**<br> **Equity ETF** | **Xtrackers**<br> **US 0-1 Year**<br> **Treasury ETF<sup>(1)</sup>** |
|  **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated interest income | $687880 | $4593249 | $— | $206723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income\* |  |  | 81029945 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income distributions from affiliated funds | 19053 |  | 280122 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income |  |  | 251573 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 706933 | 4593249 | 81561640 | 207068 |
|  **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 19293 | 204240 | 1884148 | 2862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 52 | 58 | 3650 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 19345 | 204298 | 1887798 | 2862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less fees waived (see note 3): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver | (4018) |  | (347196) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 15327 | 204298 | 1540602 | 2852 |
|  Net investment income (loss) | 691606 | 4388951 | 80021038 | 204216 |
|  **Realized and Unrealized Gain (Loss)** |  |  |  |  |
|  Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (3241) | (2731222) | (35310358) | (135) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  |  | 43346958 | (1256) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  | 1609194 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  |  | (82918) |  |
|  Net realized gain (loss) | (3241) | (2731222) | 9562876 | (1391) |
|  Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (349471) | (2973001) | 191365046 | (6474) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  | (317833) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations |  |  | 966469 |  |
|  Net change in unrealized appreciation (depreciation) | (349471) | (2973001) | 192013682 | (6474) |
| Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | (352712) | (5704223) | 201576558 | (7865) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338894 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1315272) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281597596 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196351 |
|  \* Unaffiliated foreign tax withheld | $— | $— | $7860783 | $— |

---

(1) For the period October 9, 2024 (commencement of operations) through May 31, 2025.

See Notes to Financial Statements.

DBX ETF Trust \| **23**

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers California Municipal**<br> **Bond ETF** | **Xtrackers California Municipal**<br> **Bond ETF** | **Xtrackers Municipal**<br> **Infrastructure Revenue Bond ETF** | **Xtrackers Municipal**<br> **Infrastructure Revenue Bond ETF** |
|  | **Year Ended**<br> **May 31, 2025** | **For the Period**<br> **December 14,**<br> **2023<sup>(1)</sup> to**<br> **May 31, 2024** | **Year Ended**<br> **May 31, 2025** | **Year Ended**<br> **May 31, 2024** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
|  Net investment income (loss) | $691606 | $279045 | $4388951 | $3418235 |
|  Net realized gain (loss) | (3241) | (612) | (2731222) | (950491) |
|  Net change in net unrealized appreciation (depreciation) | (349471) | (545150) | (2973001) | 922519 |
|  Net increase (decrease) in net assets resulting from operations | 338894 | (266717) | (1315272) | 3390263 |
|  **Distributions to Shareholders** | (706123) | (204993) | (4326490) | (3363269) |
|  **Fund Shares Transactions** |  |  |  |  |
|  Proceeds from shares sold |  | 22674535 | 8966614 | 15280869 |
|  Value of shares redeemed |  |  |  |  |
|  Net increase (decrease) in net assets resulting from fund share transactions |  | 22674535 | 8966614 | 15280869 |
|  Total net increase (decrease) in Net Assets | (367229) | 22202825 | 3324852 | 15307863 |
|  **Net Assets** |  |  |  |  |
|  Beginning of period | 22202850 | 25 | 127618267 | 112310404 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21835621 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22202850 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130943119 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127618267 |
|  **Changes in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of period | 900001 | 1 | 5100001 | 4500001 |
|  Shares sold |  | 900000 | 350000 | 600000 |
|  Shares redeemed |  |  |  |  |
|  Shares outstanding, end of period | 900001 | 900001 | 5450001 | 5100001 |

---

(1) Commencement of Operations.

See Notes to Financial Statements.

**24** \| DBX ETF Trust

------

Statements of Changes in Net Assets (Continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Xtrackers MSCI EAFE High**<br> **Dividend Yield Equity ETF** | **Xtrackers MSCI EAFE High**<br> **Dividend Yield Equity ETF** | **Xtrackers**<br> **US 0-1 Year**<br> **Treasury ETF** |
|  | **Year Ended<br>May 31, 2025** | **Year Ended<br>May 31, 2024** | **For the Period**<br> **October 9, 2024<sup>(1)</sup>**<br> **to**<br> **May 31, 2025** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |
|  Net investment income (loss) | $80021038 | $64172857 | $204216 |
|  Net realized gain (loss) | 9562876 | 20448782 | (1391) |
|  Net change in net unrealized appreciation (depreciation) | 192013682 | 167764812 | (6474) |
| Net increase (decrease) in net assets resulting from operations | 281597596 | 252386451 | 196351 |
|  **Distributions to Shareholders** | (69349174) | (69088520) | (109697) |
|  **Fund Shares Transactions** |  |  |  |
|  Proceeds from shares sold | 393551341 | 257617875 | 33076380 |
|  Value of shares redeemed | (160491090) | (123648832) | (6019210) |
| Net increase (decrease) in net assets resulting from fund share transactions | 233060251 | 133969043 | 27057170 |
|  Total net increase (decrease) in Net Assets | 445308673 | 317266974 | 27143824 |
|  **Net Assets** |  |  |  |
|  Beginning of period | 1565804004 | 1248537030 | 30 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2011112677 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565804004 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27143854 |
|  **Changes in Shares Outstanding** |  |  |  |
|  Shares outstanding, beginning of period | 61300001 | 55600001 | 1 |
|  Shares sold | 14850000 | 10700000 | 1100000 |
|  Shares redeemed | (6000000) | (5000000) | (200000) |
|  Shares outstanding, end of period | 70150001 | 61300001 | 900001 |

---

(1) Commencement of Operations.

See Notes to Financial Statements.

DBX ETF Trust \| **25**

------

Financial Highlights

Xtrackers California Municipal Bond ETF

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br> **5/31/2025** | **Period Ended**<br> **5/31/2024(a)** |
|  **Selected Per Share Data** |  |  |
|  Net Asset Value, beginning of period | $24.67 | $25.00 |
|  Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 0.77 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.40) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.37 | (0.10) |
|  Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.78) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.78) | (0.23) |
|  Net Asset Value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(c)** | 1.48 | (0.40) |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |
|  Net Assets, end of period ($ millions) | 22 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.09 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.07 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 3.08 | 3.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(d) | 5 | 2 |

---

(a) For the period December 14, 2023 (commencement of operations) through May 31, 2024.

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

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

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

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

**26** \| DBX ETF Trust

------

Financial Highlights (Continued)

Xtrackers Municipal Infrastructure Revenue Bond ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $25.02 | $24.96 | $25.88 | $29.35 | $27.75 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.81 | 0.73 | 0.69 | 0.63 | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.00) | 0.05 (b) | (0.91) | (3.48) | 1.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.19) | 0.78 | (0.22) | (2.85) | 2.33 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.80) | (0.72) | (0.70) | (0.62) | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.80) | (0.72) | (0.70) | (0.62) | (0.73) |
|  Net Asset Value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.03 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.02 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.96 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.88 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)** | (0.90) | 3.25 | (0.79) | (9.87) | 8.50 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
|  Net Assets, end of year ($ millions) | 131 | 128 | 112 | 162 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses (%) | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 3.22 | 2.94 | 2.79 | 2.24 | 2.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 18 | 9 | 12 | 27 | 10 |

---

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

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

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

See Notes to Financial Statements.

DBX ETF Trust \| **27**

------

Financial Highlights (Continued)

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $25.54 | $22.46 | $23.47 | $25.00 | $19.89 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 1.21 | 1.09 | 1.15 | 1.17 | 1.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.00 | 3.20 | (1.14) | (1.60) | 4.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 4.21 | 4.29 | 0.01 | (0.43) | 6.15 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.08) | (1.21) | (1.02) | (1.10) | (1.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (1.08) | (1.21) | (1.02) | (1.10) | (1.04) |
|  Net Asset Value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.67 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 17.13 | 19.79 | 0.46 | (1.72) | 31.74 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
|  Net Assets, end of year ($ millions) | 2011 | 1566 | 1249 | 955 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.11 | 0.20 | 0.20 | 0.20 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.09 | 0.12 | 0.20 | 0.20 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 4.66 | 4.62 | 5.32 | 4.92 | 5.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 22 | 26 | 29 | 30 | 57 |

---

(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.

**28** \| DBX ETF Trust

------

Financial Highlights (Continued)

Xtrackers US 0-1 Year Treasury ETF

---

| | |
|:---|:---|
|  | **Period Ended<br>5/31/2025(a)** |
|  **Selected Per Share Data** |  |
|  Net Asset Value, beginning of period | $30.00 |
|  Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 0.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.83 |
|  Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.67) |
|  Net Asset Value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(d)** | 2.78 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |
|  Net Assets, end of period ($ millions) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 4.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(e) | 0 |

---

(a) For the period October 9, 2024 (commencement of operations) through May 31, 2025.

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

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

(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.

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust \| **29**

------

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, 2025, the Trust consists of forty 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 California Municipal Bond ETF

Xtrackers Municipal Infrastructure Revenue Bond ETF

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

Xtrackers US 0-1 Year Treasury 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 California Municipal Bond ETF offer shares that are listed and traded on the Nasdaq Stock Market ("NASDAQ"). Xtrackers Municipal Infrastructure Revenue Bond ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF offer shares that are listed and traded on the NYSE Arca, Inc. ("NYSE Arca"). Xtrackers US 0-1 Year Treasury ETF offer shares that are listed and traded on the Cboe BZX Exchange, Inc. (Cboe). 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 except for Xtrackers US 0-1 Year Treasury ETF which lots consist of 20,000 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 California Municipal Bond ETF | ICE AMT-Free Broad Liquid California Municipal Index |
|  Xtrackers Municipal Infrastructure Revenue Bond ETF | Solactive Municipal Infrastructure Revenue Bond Index |
|  Xtrackers MSCI EAFE High Dividend Yield Equity ETF | MSCI EAFE High Dividend Yield Index |
|  Xtrackers US 0-1 Year Treasury ETF | ICE U.S. Treasury Short Bond Index |

---

The ICE AMT-Free Broad Liquid California Municipal Index is designed to track the performance of U.S. dollar denominated investment grade tax-exempt debt publicly issued in the U.S. domestic market by the state of California and its political subdivisions. The ICE AMT-Free Broad Liquid California Municipal Index is rebalanced monthly on the last business day of each month.

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 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.

**30** \| DBX ETF Trust

------

The ICE U.S. Treasury Short Bond Index is designed to track the performance of certain U.S. Treasury securities that have a remaining maturity between one month and one year. The term "U.S. Treasury securities" refers to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. The ICE U.S. Treasury Short Bond Index is rebalanced on the last calendar day of the month.

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 California Municipal Bond ETF and Xtrackers US 0-1 Year Treasury ETF are non-diversified and are not limited by the 1940 Act with regard to the percentage of their 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. 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. Xtrackers Municipal Infrastructure Revenue Bond ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF are diversified series of the Trust. In addition, Xtrackers MSCI EAFE High Dividend Yield 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 the 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. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. 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.

In this reporting period, each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer, acts as each Fund's CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by each Fund's portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.

**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.

DBX ETF Trust \| **31**

------

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 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.

**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 California Municipal Bond ETF, Xtrackers Municipal Infrastructure Revenue Bond ETF and Xtrackers US 0-1 Year Treasury ETF to pay out dividends from its net investment income monthly 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

**32** \| DBX ETF Trust

------

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.

The Funds file tax returns with the Internal Revenue Service, the State of New York, and various other states. Specific to U.S. federal and state taxes, generally, each of the tax years in the four-year period ended May 31, 2025 (or since the Fund's inception if the Fund commenced operations less than four years prior to May 31, 2025), remains subject to examination by taxing authorities. Specific to foreign countries in which the applicable Funds invest, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions. The open tax years vary by each jurisdiction in which each Fund invests.

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, 2025, the Funds did not incur any interest or penalties.

As of May 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br>Ordinary Income<sup>\*</sup>** | **Undistributed<br>Tax - Exempt<br>Income** | **Capital and Other<br>Gains (Losses)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Total Accumulated<br>Earnings (Losses)** |
|  Xtrackers California Municipal Bond ETF | $— | $59670 | $(3853) | $(894756) | $(838939) |
|  Xtrackers Municipal Infrastructure Revenue Bond ETF |  | 385407 | (7962074) | (14192407) | (21769074) |
|  Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 42926764 |  | (151238603) | &nbsp;&nbsp;&nbsp;&nbsp;331959575 | 223647736 |
|  Xtrackers US 0-1 Year Treasury ETF | 94841 |  |  | (6929) | 87912 |

---

The tax character of dividends and distributions declared for the years ended May 31, 2025 and May 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended May 31, 2025** | **Year Ended May 31, 2025** |
|  | **Ordinary Income<sup>\*</sup>** | **Tax-Exempt** |
|  Xtrackers California Municipal Bond ETF | $18640 | $687483 |
|  Xtrackers Municipal Infrastructure Revenue Bond ETF | 2408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4324082 |
|  Xtrackers MSCI EAFE High Dividend Yield Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69349174 |  |
|  Xtrackers US 0-1 Year Treasury ETF | 109697 |  |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended May 31, 2024** | **Year Ended May 31, 2024** |
|  | **Ordinary Income<sup>\*</sup>** | **Tax-Exempt** |
|  Xtrackers California Municipal Bond ETF | $8714 | $196279 |
|  Xtrackers Municipal Infrastructure Revenue Bond ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3363269 |
|  Xtrackers MSCI EAFE High Dividend Yield Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69088520 |  |

---

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

DBX ETF Trust \| **33**

------

At May 31, 2025, 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 California Municipal Bond ETF | $3273 | $580 | $3853 |
|  Xtrackers Municipal Infrastructure Revenue Bond ETF | 2333252 | 5628822 | 7962074 |
|  Xtrackers MSCI EAFE High Dividend Yield Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;30200818 | &nbsp;&nbsp;&nbsp;&nbsp;121037785 | &nbsp;&nbsp;&nbsp;&nbsp;151238603 |

---

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, 2025, the Funds had no post-October capital losses.

For the fiscal year ended May 31, 2025, 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**<br> **earnings (loss)** | **Paid-In Capital** |
|  Xtrackers MSCI EAFE High Dividend Yield Equity ETF | $&nbsp;&nbsp;&nbsp;&nbsp;(40521349) | $&nbsp;&nbsp;&nbsp;&nbsp;40521349 |
|  Xtrackers US 0-1 Year Treasury ETF | 1258 | (1258) |

---

As of May 31, 2025, 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 <br>Appreciation<br>(Depreciation)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate Gross** <br> **Unrealized<br>Appreciation** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate Gross** <br> **Unrealized<br>(Depreciation)** |
|  Xtrackers California Municipal Bond ETF | $22494587 | $(894756) | $755 | $(895511) |
|  Xtrackers Municipal Infrastructure Revenue Bond ETF | 142044549 | (14192407) | 10161 | (14202568) |
|  Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 1693904098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331018669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359645339 | (28626670) |
|  Xtrackers US 0-1 Year Treasury ETF | 27009932 | (6929) | 1679 | (8608) |

---

**Foreign Taxes.** The Xtrackers MSCI EAFE High Dividend Yield Equity ETF 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 its 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, 2025, if any, are disclosed in the Fund's 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 California Municipal Bond ETF and the Xtrackers Municipal Infrastructure Revenue Bond ETF, may lend securities to certain financial institutions under the terms of their securities lending agreement. National Financial Services LLC (Fidelity Agency Lending), serves as securities lending agent for

**35** \| DBX ETF Trust

------

Xtrackers MSCI EAFE High Dividend Yield Equity ETF. 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 or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities 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, 2025, the Funds invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.13% annualized effective rate as of May 31, 2025) 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, 2025, 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, 2025** | **Remaining Contractual Maturity of the Agreements, as of May 31, 2025** | **Remaining Contractual Maturity of the Agreements, as of May 31, 2025** | **Remaining Contractual Maturity of the Agreements, as of May 31, 2025** | **Remaining Contractual Maturity of the Agreements, as of May 31, 2025** | **Remaining Contractual Maturity of the Agreements, as of May 31, 2025** |
| **Securities Lending Transactions** | **Overnight<br>and<br>Continuous** | **<30 Days** | **Between<br>30 & 90<br>Days** | **>90 Days** | **Total** |
|  **Xtrackers MSCI EAFE High Dividend Yield Equity ETF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $25966095 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $25966095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions |  |  | $25966095 |

---

For the period ended May 31, 2025, Xtrackers US 0-1 Year Treasury ETF had no securities on loan.

#### Derivatives
**Futures Contracts.** Xtrackers MSCI EAFE High Dividend Yield Equity ETF 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, 2025, 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 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, 2025 is included in a table following the Fund's Schedule of Investments.

DBX ETF Trust \| **35**

------

The following tables summarize the value of the Funds' derivative instruments held as of May 31, 2025 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | | **Liability Derivatives** | |
|  **Xtrackers MSCI EAFE High Dividend Yield Equity ETF** | **Xtrackers MSCI EAFE High Dividend Yield Equity ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts<sup>\*</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241652 | Unrealized depreciation on futures contracts<sup>\*</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23947 |
|  | Total | $241652 | Total | $23947 |

---

\* Futures contracts are reported in the table above using cumulative appreciation or cumulative depreciation of futures contracts, as reported in the futures contracts table following each Fund's Schedule of Investments; within the Statement of Assets and Liabilities, the variation margin at period end is reported as Receivable (Payable) variation margin on futures contracts. 

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds' earnings during the year ended May 31, 2025 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**<br> **— Equity Contracts** |
|  Xtrackers MSCI EAFE High Dividend Yield Equity ETF | $1609194 |

---

---

| | |
|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on:** | **Futures Contracts<br>— Equity Contracts** |
|  Xtrackers MSCI EAFE High Dividend Yield Equity ETF | $&nbsp;&nbsp;&nbsp;&nbsp;(317833) |

---

For the year ended May 31, 2025 the average monthly volume of derivatives was as follows:

---

| | |
|:---|:---|
|  | **Futures Contracts<br>(Contract Value)** |
|  Xtrackers MSCI EAFE High Dividend Yield Equity ETF | $18545203 |

---

**Cash.** Cash consists of cash held at banks and is on deposit with major financial institutions. 18545203.00

**Affiliated Cash Management Vehicles.** The Funds may invest uninvested cash balances in DWS Government Money Market Series, an affiliated money market fund managed by DWS Investment Management Americas, Inc. ("DIMA"), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. DWS Government Money Market Series 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 and seeks to maintain a stable net asset value. The Funds indirectly bear their proportionate share of the expenses of their investment in DWS Government Money Market Series. 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 DWS Government Money Market Series.

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 (through August 12, 2024 for Xtrackers California Municipal Bond ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF), computed and accrued daily and payable monthly, at an annual rate equal to:

---

| | |
|:---|:---|
|  | **Unitary Advisory<br>Fee** |
|  Xtrackers California Municipal Bond ETF | 0.15% |
|  Xtrackers Municipal Infrastructure Revenue Bond ETF | 0.15% |
|  Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 0.20% |
|  Xtrackers US 0-1 Year Treasury ETF | 0.06% |

---

**36** \| DBX ETF Trust

------

Effective August 13, 2024, 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<br>Fee** |
|  Xtrackers California Municipal Bond ETF | 0.07% |
|  Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 0.09% |

---

The Advisor for the Xtrackers California Municipal Bond ETF had contractually agreed through August 12, 2024 to waive a portion of its fees and or reimburse fund expenses 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 0.07% of the fund's average daily net assets. For the year ended May 31, 2025, the Advisor waived $3,599 of expenses to the Fund.

The Advisor for the Xtrackers MSCI EAFE High Dividend Yield Equity ETF had contractually agreed through August 12, 2024 to waive a portion of its fees and or reimburse fund expenses 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 0.09% of the fund's average daily net assets. For the year ended May 31, 2025, the Advisor waived $340,156 of expenses to 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, 2025, the Advisor waived expenses of the Funds as follows:

---

| | |
|:---|:---|
|  | **Expenses Waived** |
|  Xtrackers California Municipal Bond ETF | $419 |
|  Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 7040 |
|  Xtrackers US 0-1 Year Treasury ETF | 10 |

---

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

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

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

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

4. Investment Portfolio Transactions

For the year ended May 31, 2025, 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 California Municipal Bond ETF | $2227911 | $982401 |
|  Xtrackers Municipal Infrastructure Revenue Bond ETF | 28485428 | 23759826 |
|  Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 432101363 | 381355090 |

---

For the year ended May 31, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Xtrackers Municipal Infrastructure Revenue Bond ETF | $5070013 | $— |
|  Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 369871497 | 158976085 |
|  Xtrackers US 0-1 Year Treasury ETF | 30307241 | 5955447 |

---

DBX ETF Trust \| **37**

------

5. Fund Share Transactions

As of May 31, 2025, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund's Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

6. Concentration of Ownership

From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At May 31, 2025, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:

---

| | |
|:---|:---|
|  | **Approximate<br>Percent of<br>Outstanding<br>Shares Held** |
|  Xtrackers California Municipal Bond ETF | 41% |
|  Xtrackers US 0-1 Year Treasury ETF | 9% |

---

7. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers MSCI EAFE High Dividend Yield Equity 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 Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at May 31, 2025.

**38** \| DBX ETF Trust

------

Report of Independent Registered Public Accounting Firm

To the Shareholders of

Xtrackers California Municipal Bond ETF, Xtrackers Municipal Infrastructure Revenue Bond ETF, Xtrackers MSCI EAFE High Dividend Yield Equity ETF, and Xtrackers US 0-1 Year Treasury 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 California Municipal Bond ETF, Xtrackers Municipal Infrastructure Revenue Bond ETF, Xtrackers MSCI EAFE High Dividend Yield Equity ETF, and Xtrackers US 0-1 Year Treasury 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, 2025, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (four of the funds constituting DBX ETF Trust) at May 31, 2025, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Individual fund constituting the DBX ETF Trust | Statement of operations | Statements of changes in <br> net assets  | Financial highlights |
| &nbsp;&nbsp;&nbsp;Xtrackers California Municipal Bond ETF | For the year ended May 31, 2025 | For the year ended May 31, 2025 and the period from December 14, 2023 (commencement of operations) through May 31, 2024 | For the year ended May 31, 2025 and the period from December 14, 2023 (commencement of operations) through May 31, 2024 |
| &nbsp;&nbsp;&nbsp;Xtrackers Municipal Infrastructure Revenue Bond ETF | For the year ended May 31, 2025 | For each of the two years in the period ended May 31, 2025 | For each of the five years in the period ended May 31, 2025 |
| &nbsp;&nbsp;&nbsp;Xtrackers MSCI EAFE High Dividend Yield Equity ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;Xtrackers US 0-1 Year Treasury ETF | For the period from October 9, 2024 (commencement of operations) through May 31, 2025 | For the period from October 9, 2024 (commencement of operations) through May 31, 2025 | For the period from October 9, 2024 (commencement of operations) through May 31, 2025 |

---

#### 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.

DBX ETF Trust \| **39**

------

Report of Independent Registered Public Accounting Firm (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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, 2025, by correspondence with the custodian, 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.

![LOGO](g52951dsp41.jpg)

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 23, 2025

**40** \| DBX ETF Trust

------

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Xtrackers California Municipal Bond ETF, Xtrackers MSCI EAFE High Dividend Yield Equity ETF, Xtrackers Municipal Infrastructure Revenue Bond ETF and Xtrackers US 0-1 Year Treasury 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 May 13-14, 2025 (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 with respect to Xtrackers California Municipal Bond ETF, Xtrackers MSCI EAFE High Dividend Yield Equity ETF, Xtrackers Municipal Infrastructure Revenue Bond ETF and Xtrackers US 0-1 Year Treasury ETF (each a "Fund," and collectively, the "Funds") for another annual period ending on May 31, 2026. 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 Investment Advisory 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) for Funds with two years of performance history as of December 31, 2024, 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 May 13, 2025 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 during the Meeting.

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 approve the continuation of 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.

DBX ETF Trust \| **41**

------

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 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, as applicable. 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 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 advisory fees and total expenses (after waivers/reimbursements, as applicable) for the Funds were below or equal to the average and/or median of the ETFs in each Fund's respective 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' operating expenses (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.

**42** \| DBX ETF Trust

------

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

**Economies of Scale.** The Board considered that Xtrackers MSCI EAFE High Dividend Yield Equity ETF and Xtrackers Municipal Infrastructure Revenue Bond ETF 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 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 advisors can share benefits of economies of scale.

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

DBX ETF Trust \| **43**

------

Tax Information (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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, 2025.

---

| | |
|:---|:---|
|  | **Qualified Dividend**<br> **Income<sup>\*</sup>** |
|  Xtrackers MSCI EAFE High Dividend Yield Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86% |

---

\* 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**<br> **Income** | **Foreign Taxes Paid** |
|  Xtrackers MSCI EAFE High Dividend Yield Equity ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88877527 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6822015 |

---

**44** \| DBX ETF Trust

------

This Page is Intentionally Left Blank

------

This Page is Intentionally Left Blank

------

![LOGO](g52951dsp48.jpg)

------

![LOGO](g777577dsp_001a.jpg)

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

Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)

Xtrackers MSCI Europe Hedged Equity ETF (DBEU)

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)

Xtrackers MSCI Japan Hedged Equity ETF (DBJP)

![LOGO](g777577dsp_001b.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
|  **Schedule of Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers MSCI All World ex US Hedged Equity ETF](#fin777577_1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers MSCI EAFE Hedged Equity ETF](#fin777577_2) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers MSCI Emerging Markets Hedged Equity ETF](#fin777577_3) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers MSCI Europe Hedged Equity ETF](#fin777577_4) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers MSCI Eurozone Hedged Equity ETF](#fin777577_5) | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers MSCI Japan Hedged Equity ETF](#fin777577_6) | 84 |
|  **[Statements of Assets and Liabilities](#fin777577_7)** | **89** |
|  **[Statements of Operations](#fin777577_8)** | **91** |
|  **[Statements of Changes in Net Assets](#fin777577_9)** | **93** |
|  **[Financial Highlights](#fin777577_10)** | **96** |
|  **[Notes to Financial Statements](#fin777577_11)** | **102** |
|  **[Report of Independent Registered Public Accounting Firm](#fin777577_12)** | **115** |
|  **[Board Considerations in Approval of Investment Advisory Contracts](#fin777577_13)** | **116** |
|  **[Tax Information](#fin777577_14)** | **119** |

---

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.

DBX ETF Trust \| **1** 

------

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **COMMON STOCKS – 96.5%** |  |  |
|  **Australia – 4.1%** |  |  |
|  ANZ Group Holdings Ltd. | 17935 | 335729 |
|  APA Group (a) | 6810 | 36391 |
|  Aristocrat Leisure Ltd. | 3489 | 140338 |
|  ASX Ltd. | 1051 | 48304 |
|  BHP Group Ltd. | 30313 | 747396 |
|  BlueScope Steel Ltd. | 2509 | 36794 |
|  Brambles Ltd. | 8465 | 126537 |
|  CAR Group Ltd. | 2214 | 50749 |
|  Cochlear Ltd. | 402 | 70354 |
|  Coles Group Ltd. | 8842 | 123110 |
|  Commonwealth Bank of Australia | 9850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117161 |
|  Computershare Ltd. | 3322 | 86126 |
|  CSL Ltd. | 2809 | 447220 |
|  Evolution Mining Ltd. | 11526 | 65752 |
|  Fortescue Ltd. | 10151 | 100702 |
|  Goodman Group REIT | 11672 | 247683 |
|  Insurance Australia Group Ltd. | 14755 | 82176 |
|  Lottery Corp. Ltd. | 14318 | 47070 |
|  Macquarie Group Ltd. | 2082 | 287482 |
|  Medibank Pvt Ltd. | 16423 | 50496 |
|  MMG Ltd. \* | 18846 | 6994 |
|  National Australia Bank Ltd. | 17961 | 439951 |
|  Northern Star Resources Ltd. | 8330 | 112652 |
|  Origin Energy Ltd. | 11382 | 79385 |
|  Pro Medicus Ltd. | 262 | 47627 |
|  Qantas Airways Ltd. | 5685 | 38881 |
|  QBE Insurance Group Ltd. | 9136 | 136391 |
|  REA Group Ltd. | 211 | 32603 |
|  Reece Ltd. | 1695 | 17110 |
|  Rio Tinto Ltd. | 2349 | 170586 |
|  Santos Ltd. | 19490 | 82792 |
|  Scentre Group REIT | 30485 | 72118 |
|  SGH Ltd. | 1278 | 41808 |
|  Sigma Healthcare Ltd. | 26866 | 54032 |
|  Sonic Healthcare Ltd. | 2771 | 47638 |
|  South32 Ltd. | 26555 | 52208 |
|  Stockland REIT | 16353 | 57555 |
|  Suncorp Group Ltd. | 6586 | 87581 |
|  Telstra Group Ltd. | 24516 | 75538 |
|  Transurban Group (a) | 18830 | 172114 |
|  Vicinity Ltd. REIT | 24133 | 38268 |
|  Washington H Soul Pattinson & Co. Ltd. | 1246 | 29661 |
|  Wesfarmers Ltd. | 6833 | 365666 |
|  Westpac Banking Corp. | 19994 | 419638 |
|  WiseTech Global Ltd. | 1375 | 94970 |
|  Woodside Energy Group Ltd. | 11372 | 163101 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Woolworths Group Ltd. | 7324 | 150365 |
|  (Cost $6,279,248) |  | **7334803** |
|  **Austria – 0.1%** |  |  |
|  Erste Group Bank AG | 1977 | 159043 |
|  OMV AG | 851 | 45511 |
|  Verbund AG | 409 | 31928 |
|  (Cost $152,730) |  | **236482** |
|  **Belgium – 0.5%** |  |  |
|  Ageas SA/NV | 872 | 56882 |
|  Anheuser-Busch InBev SA/NV | 5606 | 394905 |
|  D'ieteren Group | 149 | 30605 |
|  Elia Group SA/NV | 282 | 29874 |
|  Groupe Bruxelles Lambert NV | 509 | 41583 |
|  KBC Group NV | 1357 | 133989 |
|  Lotus Bakeries NV | 2 | 20688 |
|  Sofina SA | 98 | 28353 |
|  Syensqo SA | 442 | 33876 |
|  UCB SA | 786 | 142705 |
|  (Cost $818,853) |  | **913460** |
|  **Brazil – 0.9%** |  |  |
|  Ambev SA | 32083 | 78700 |
|  B3 SA - Brasil Bolsa Balcao | 29886 | 72893 |
|  Banco Bradesco SA | 9033 | 22079 |
|  Banco BTG Pactual S.A | 6567 | 45410 |
|  Banco do Brasil SA | 11297 | 46258 |
|  BB Seguridade Participacoes SA | 3790 | 24856 |
|  BRF SA | 3410 | 12103 |
|  Caixa Seguridade Participacoes S/A | 4395 | 11580 |
|  Centrais Eletricas Brasileiras SA | 7085 | 51978 |
|  Cia de Saneamento Basico do Estado de Sao Paulo | 2960 | 60747 |
|  CPFL Energia SA | 1773 | 12552 |
|  Embraer SA | 3734 | 42755 |
|  Energisa SA | 2580 | 21427 |
|  Engie Brasil Energia SA | 1304 | 9361 |
|  Equatorial Energia SA | 6072 | 38909 |
|  JBS SA | 4376 | 30696 |
|  Klabin SA | 4054 | 12978 |
|  Localiza Rent a Car SA | 4455 | 33462 |
|  Motiva Infraestrutura de Mobilidade SA | 5360 | 12633 |
|  Natura & Co. Holding SA \* | 5456 | 9988 |
|  NU Holdings Ltd., Class A \* | 18982 | 227974 |
|  Petroleo Brasileiro SA | 23712 | 136439 |
|  PRIO SA \* | 4353 | 29644 |
|  Raia Drogasil SA | 6634 | 17224 |
|  Rede D'Or Sao Luiz SA, 144A | 5070 | 33490 |
|  Rumo SA \* | 6691 | 22017 |
|  Suzano SA | 4224 | 36668 |
|  Telefonica Brasil SA | 4640 | 23251 |

---

See Notes to Financial Statements.

**2** \| DBX ETF Trust

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  TIM SA | 4993 | 17014 |
|  TOTVS SA | 3879 | 28627 |
|  Ultrapar Participacoes SA | 3444 | 9809 |
|  Vale SA | 21096 | 192167 |
|  Vibra Energia SA | 5454 | 19243 |
|  WEG SA | 10319 | 76407 |
|  XP, Inc., Class A | 2060 | 39882 |
|  (Cost $1,424,009) |  | **1561221** |
|  **Canada – 7.7%** |  |  |
|  Agnico Eagle Mines Ltd. | 2914 | 343497 |
|  Alamos Gold, Inc., Class A | 2217 | 57414 |
|  Alimentation Couche-Tard, Inc. | 4339 | 224957 |
|  AltaGas Ltd. | 1640 | 45818 |
|  ARC Resources Ltd. | 3645 | 76175 |
|  Bank of Montreal | 4215 | 452628 |
|  Bank of Nova Scotia | 7213 | 385944 |
|  Barrick Mining Corp. | 10926 | 209547 |
|  BCE, Inc. | 603 | 13138 |
|  Brookfield Corp. | 8176 | 472145 |
|  CAE, Inc. \* | 1906 | 49068 |
|  Cameco Corp. | 2524 | 147760 |
|  Canadian Imperial Bank of Commerce | 5662 | 385471 |
|  Canadian National Railway Co. | 3360 | 353200 |
|  Canadian Natural Resources Ltd. | 12708 | 385865 |
|  Canadian Pacific Kansas City Ltd. | 5414 | 442202 |
|  Canadian Tire Corp. Ltd., Class A | 314 | 39901 |
|  Canadian Utilities Ltd., Class A | 840 | 23492 |
|  CCL Industries, Inc., Class B | 874 | 50968 |
|  Celestica, Inc. \* | 741 | 85809 |
|  Cenovus Energy, Inc. | 8086 | 106529 |
|  CGI, Inc. | 1251 | 134485 |
|  Constellation Software, Inc. | 118 | 427835 |
|  Descartes Systems Group, Inc. \* | 564 | 65394 |
|  Dollarama, Inc. | 1640 | 210923 |
|  Element Fleet Management Corp. | 2327 | 55447 |
|  Emera, Inc. | 1672 | 76646 |
|  Empire Co. Ltd., Class A | 799 | 30840 |
|  Enbridge, Inc. | 13227 | 615593 |
|  Fairfax Financial Holdings Ltd. | 118 | 200779 |
|  First Quantum Minerals Ltd. \* | 4156 | 61567 |
|  FirstService Corp. | 266 | 46625 |
|  Fortis, Inc. | 3060 | 149505 |
|  Franco-Nevada Corp. | 1154 | 194389 |
|  George Weston Ltd. | 358 | 72077 |
|  GFL Environmental, Inc. | 1455 | 73537 |
|  Gildan Activewear, Inc. | 930 | 43303 |
|  Great-West Lifeco, Inc. | 1499 | 56897 |
|  Hydro One Ltd., 144A | 2158 | 79458 |
|  iA Financial Corp., Inc. | 597 | 60781 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  IGM Financial, Inc. | 312 | 9960 |
|  Imperial Oil Ltd. | 943 | 67326 |
|  Intact Financial Corp. | 1039 | 235722 |
|  Ivanhoe Mines Ltd., Class A \* | 4601 | 35639 |
|  Keyera Corp. | 1364 | 41576 |
|  Kinross Gold Corp. | 7762 | 114590 |
|  Loblaw Cos. Ltd. | 841 | 141886 |
|  Lundin Gold, Inc. | 631 | 30489 |
|  Lundin Mining Corp. | 4173 | 39500 |
|  Magna International, Inc. | 1425 | 51731 |
|  Manulife Financial Corp. | 10349 | 329545 |
|  Metro, Inc. | 1125 | 87747 |
|  National Bank of Canada | 2235 | 219974 |
|  Nutrien Ltd. | 3047 | 180020 |
|  Open Text Corp. | 1610 | 45589 |
|  Pan American Silver Corp. | 2192 | 53460 |
|  Pembina Pipeline Corp. | 3504 | 131315 |
|  Power Corp. of Canada | 3461 | 133941 |
|  Quebecor, Inc., Class B | 1048 | 29485 |
|  Restaurant Brands International, Inc. | 1825 | 130297 |
|  Rogers Communications, Inc., Class B | 2263 | 60749 |
|  Royal Bank of Canada | 8306 | 1052753 |
|  Saputo, Inc. | 1551 | 29882 |
|  Shopify, Inc., Class A \* | 7252 | 774900 |
|  Stantec, Inc. | 702 | 72213 |
|  Sun Life Financial, Inc. | 3291 | 211990 |
|  Suncor Energy, Inc. | 7539 | 268028 |
|  TC Energy Corp. | 6265 | 317461 |
|  Teck Resources Ltd., Class B | 2713 | 100545 |
|  TELUS Corp. | 2928 | 47963 |
|  TFI International, Inc. | 466 | 40235 |
|  Thomson Reuters Corp. | 995 | 197688 |
|  TMX Group Ltd. | 1769 | 71503 |
|  Toromont Industries Ltd. | 545 | 47262 |
|  Toronto-Dominion Bank | 10647 | 735247 |
|  Tourmaline Oil Corp. | 2213 | 99785 |
|  West Fraser Timber Co. Ltd. | 379 | 27921 |
|  Wheaton Precious Metals Corp. | 2645 | 229181 |
|  Whitecap Resources, Inc. | 7385 | 46064 |
|  WSP Global, Inc. | 820 | 168027 |
|  (Cost $9,602,129) |  | **13716798** |
|  **Chile – 0.1%** |  |  |
|  Antofagasta PLC | 2276 | 54294 |
|  Banco de Chile | 293780 | 43221 |
|  Banco de Credito e Inversiones SA | 482 | 18594 |
|  Banco Santander Chile | 358448 | 21356 |
|  Cencosud SA | 8366 | 28792 |
|  Empresas CMPC SA | 7004 | 11178 |
|  Empresas Copec SA | 2082 | 14303 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **3** 

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Enel Americas SA | 107638 | 10036 |
|  Enel Chile SA | 123794 | 8976 |
|  Falabella SA | 4372 | 20860 |
|  Latam Airlines Group SA | 1400125 | 26636 |
|  (Cost $228,701) |  | **258246** |
|  **China – 7.3%** |  |  |
|  360 Security Technology, Inc., Class A | 3700 | 5135 |
|  37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | 1900 | 3868 |
|  AAC Technologies Holdings, Inc. | 5971 | 27757 |
|  Advanced Micro-Fabrication Equipment, Inc., China, Class A \* | 350 | 8501 |
|  Agricultural Bank of China Ltd., Class A | 29100 | 22334 |
|  Agricultural Bank of China Ltd., Class H | 158759 | 102045 |
|  Aier Eye Hospital Group Co. Ltd., Class A | 4061 | 6994 |
|  Air China Ltd., Class A \* | 6900 | 7680 |
|  Akeso, Inc., 144A \* | 5053 | 54003 |
|  Alibaba Group Holding Ltd. | 100855 | 1465022 |
|  Aluminum Corp. of China Ltd., Class A | 7300 | 6626 |
|  Aluminum Corp. of China Ltd., Class H | 18664 | 10878 |
|  Anhui Conch Cement Co. Ltd., Class A | 1200 | 3869 |
|  Anhui Conch Cement Co. Ltd., Class H | 6511 | 16981 |
|  Anhui Gujing Distillery Co. Ltd., Class A | 100 | 2089 |
|  Anhui Gujing Distillery Co. Ltd., Class B | 1726 | 25090 |
|  Anhui Jianghuai Automobile Group Corp. Ltd., Class A | 1600 | 8505 |
|  ANTA Sports Products Ltd. | 7876 | 95875 |
|  Autohome, Inc., ADR | 400 | 9808 |
|  Avary Holding Shenzhen Co. Ltd., Class A | 1900 | 7455 |
|  AviChina Industry & Technology Co. Ltd., Class H | 21910 | 11037 |
|  BAIC BluePark New Energy Technology Co. Ltd., Class A \* | 7100 | 7124 |
|  Baidu, Inc., Class A \* | 12145 | 126467 |
|  Bank of Beijing Co. Ltd., Class A | 11100 | 9705 |
|  Bank of China Ltd., Class A | 7300 | 5593 |
|  Bank of China Ltd., Class H | 418774 | 243538 |
|  Bank of Communications Co. Ltd., Class A | 11800 | 12446 |
|  Bank of Communications Co. Ltd., Class H | 47334 | 41472 |
|  Bank of Hangzhou Co. Ltd., Class A | 3100 | 7168 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Bank of Jiangsu Co. Ltd., Class A | 5500 | 8381 |
|  Bank of Nanjing Co. Ltd., Class A | 3100 | 4931 |
|  Bank of Ningbo Co. Ltd., Class A | 2210 | 8192 |
|  Bank of Shanghai Co. Ltd., Class A | 5590 | 8208 |
|  Baoshan Iron & Steel Co. Ltd., Class A | 10200 | 9541 |
|  Beijing Enlight Media Co. Ltd., Class A \* | 7000 | 17021 |
|  Beijing Kingsoft Office Software, Inc., Class A | 26 | 1017 |
|  Beijing Tong Ren Tang Co. Ltd., Class A | 100 | 527 |
|  Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A | 203 | 1952 |
|  Beijing-Shanghai High Speed Railway Co. Ltd., Class A | 21700 | 17648 |
|  Bilibili, Inc., Class Z \* | 2026 | 38008 |
|  BOE Technology Group Co. Ltd., Class A | 15500 | 8175 |
|  BYD Co. Ltd., Class A | 600 | 29337 |
|  BYD Co. Ltd., Class H | 7208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361085 |
|  BYD Electronic International Co. Ltd. | 4758 | 18902 |
|  Cambricon Technologies Corp. Ltd., Class A \* | 200 | 16756 |
|  Capital Securities Co. Ltd., Class A | 2700 | 7034 |
|  CGN Power Co. Ltd., Class A | 5389 | 2745 |
|  CGN Power Co. Ltd., Class H, 144A | 57302 | 18781 |
|  Changchun High-Tech Industry Group Co. Ltd., Class A \* | 200 | 2902 |
|  Chaozhou Three-Circle Group Co. Ltd., Class A | 1100 | 4992 |
|  China CITIC Bank Corp. Ltd., Class H | 49807 | 43893 |
|  China Coal Energy Co. Ltd., Class H | 10449 | 11700 |
|  China Communications Services Corp. Ltd., Class H | 14234 | 8205 |
|  China Construction Bank Corp., Class A | 4300 | 5389 |
|  China Construction Bank Corp., Class H | 557339 | 500397 |
|  China CSSC Holdings Ltd., Class A | 1300 | 5534 |
|  China Eastern Airlines Corp. Ltd., Class A \* | 8400 | 4698 |
|  China Energy Engineering Corp. Ltd., Class A | 17700 | 5478 |
|  China Everbright Bank Co. Ltd., Class A | 14000 | 7714 |
|  China Everbright Bank Co. Ltd., Class H | 13497 | 6248 |
|  China Feihe Ltd., 144A | 21663 | 16825 |

---

See Notes to Financial Statements.

**4** \| DBX ETF Trust

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  China Galaxy Securities Co. Ltd., Class A | 1470 | 3226 |
|  China Galaxy Securities Co. Ltd., Class H | 18478 | 17863 |
|  China Hongqiao Group Ltd. | 19821 | 35440 |
|  China International Capital Corp. Ltd., Class A | 1700 | 7807 |
|  China International Capital Corp. Ltd., Class H, 144A | 8796 | 16423 |
|  China Jushi Co. Ltd., Class A | 4400 | 6907 |
|  China Life Insurance Co. Ltd., Class A | 700 | 3720 |
|  China Life Insurance Co. Ltd., Class H | 46028 | 93804 |
|  China Literature Ltd., 144A \* | 2048 | 7000 |
|  China Longyuan Power Group Corp. Ltd., Class H | 18611 | 15452 |
|  China Mengniu Dairy Co. Ltd. | 16190 | 36505 |
|  China Merchants Bank Co. Ltd., Class A | 7500 | 45206 |
|  China Merchants Bank Co. Ltd., Class H | 24581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153296 |
|  China Merchants Energy Shipping Co. Ltd., Class A | 6700 | 5626 |
|  China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A | 5300 | 9320 |
|  China Merchants Securities Co. Ltd., Class A | 4100 | 9207 |
|  China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 2300 | 2771 |
|  China Minsheng Banking Corp. Ltd., Class A | 13500 | 8150 |
|  China Minsheng Banking Corp. Ltd., Class H | 28898 | 14852 |
|  China National Building Material Co. Ltd., Class H | 31644 | 14125 |
|  China National Nuclear Power Co. Ltd., Class A | 5600 | 7446 |
|  China National Software & Service Co. Ltd., Class A \* | 1100 | 6719 |
|  China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 1300 | 4198 |
|  China Oilfield Services Ltd., Class H | 10996 | 8933 |
|  China Pacific Insurance Group Co. Ltd., Class A | 2100 | 10035 |
|  China Pacific Insurance Group Co. Ltd., Class H | 15860 | 49556 |
|  China Petroleum & Chemical Corp., Class A | 9200 | 7380 |
|  China Petroleum & Chemical Corp., Class H | 135815 | 73441 |
|  China Railway Group Ltd., Class A | 6200 | 4810 |
|  China Railway Group Ltd., Class H | 18491 | 8348 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  China Resources Microelectronics Ltd., Class A | 622 | 4112 |
|  China Resources Mixc Lifestyle Services Ltd., 144A | 3535 | 16839 |
|  China Resources Pharmaceutical Group Ltd., 144A | 14040 | 9221 |
|  China Shenhua Energy Co. Ltd., Class A | 2516 | 13814 |
|  China Shenhua Energy Co. Ltd., Class H | 20492 | 86635 |
|  China State Construction Engineering Corp. Ltd., Class A | 13900 | 10957 |
|  China Three Gorges Renewables Group Co. Ltd., Class A | 12800 | 7621 |
|  China Tourism Group Duty Free Corp. Ltd., Class A | 800 | 6727 |
|  China Tower Corp. Ltd., Class H, 144A | 27889 | 41401 |
|  China United Network Communications Ltd., Class A | 10000 | 7439 |
|  China Vanke Co. Ltd., Class A \* | 3300 | 3041 |
|  China Vanke Co. Ltd., Class H \* | 11678 | 7640 |
|  China Yangtze Power Co. Ltd., Class A | 8500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35627 |
|  Chongqing Brewery Co. Ltd., Class A | 200 | 1604 |
|  Chongqing Changan Automobile Co. Ltd., Class A \* | 3040 | 5211 |
|  Chongqing Rural Commercial Bank Co. Ltd., Class A | 7100 | 7144 |
|  Chongqing Zhifei Biological Products Co. Ltd., Class A | 1200 | 3188 |
|  CITIC Ltd. | 28361 | 35880 |
|  CITIC Securities Co. Ltd., Class A | 3430 | 12149 |
|  CITIC Securities Co. Ltd., Class H | 9345 | 23693 |
|  CMOC Group Ltd., Class A | 6163 | 6158 |
|  CMOC Group Ltd., Class H | 22003 | 17622 |
|  CNPC Capital Co. Ltd., Class A | 7900 | 7445 |
|  Contemporary Amperex Technology Co. Ltd., Class A | 1386 | 48090 |
|  Contemporary Amperex Technology Co. Ltd., Class H \* | 463 | 17915 |
|  COSCO SHIPPING Energy Transportation Co. Ltd., Class A | 2600 | 3645 |
|  COSCO SHIPPING Holdings Co. Ltd., Class A | 6330 | 14399 |
|  COSCO SHIPPING Holdings Co. Ltd., Class H | 16269 | 28093 |
|  CRRC Corp. Ltd., Class A | 8000 | 7994 |
|  CRRC Corp. Ltd., Class H | 22253 | 14247 |
|  CSC Financial Co. Ltd., Class A | 1960 | 6251 |
|  CSPC Pharmaceutical Group Ltd. | 49507 | 51142 |
|  Daqin Railway Co. Ltd., Class A | 7700 | 7213 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **5** 

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Dongfang Electric Corp. Ltd., Class A | 100 | 222 |
|  East Money Information Co. Ltd., Class A | 5434 | 15551 |
|  Eastroc Beverage Group Co. Ltd., Class A | 500 | 22206 |
|  Ecovacs Robotics Co. Ltd., Class A | 200 | 1491 |
|  ENN Energy Holdings Ltd. | 3958 | 31649 |
|  Eoptolink Technology, Inc. Ltd., Class A | 700 | 8576 |
|  Eve Energy Co. Ltd., Class A | 900 | 5628 |
|  Everbright Securities Co. Ltd., Class A | 1800 | 4065 |
|  Flat Glass Group Co. Ltd., Class A | 8300 | 16553 |
|  Focus Media Information Technology Co. Ltd., Class A | 3200 | 3318 |
|  Foshan Haitian Flavouring & Food Co. Ltd., Class A | 1821 | 11226 |
|  Fosun International Ltd. | 21044 | 12319 |
|  Foxconn Industrial Internet Co. Ltd., Class A | 4300 | 11297 |
|  Fuyao Glass Industry Group Co. Ltd., Class A | 1100 | 8850 |
|  Fuyao Glass Industry Group Co. Ltd., Class H, 144A | 3192 | 22817 |
|  Ganfeng Lithium Group Co. Ltd., Class A | 700 | 2932 |
|  Genscript Biotech Corp. \* | 6892 | 11268 |
|  GF Securities Co. Ltd., Class A | 2000 | 4522 |
|  Giant Biogene Holding Co. Ltd., 144A | 1520 | 13763 |
|  GigaDevice Semiconductor, Inc., Class A \* | 168 | 2618 |
|  GoerTek, Inc., Class A | 1500 | 4353 |
|  Goldwind Science & Technology Co. Ltd., Class A | 4300 | 5520 |
|  Gotion High-tech Co. Ltd., Class A | 1500 | 5098 |
|  Great Wall Motor Co. Ltd., Class A | 1200 | 3752 |
|  Great Wall Motor Co. Ltd., Class H \* | 12420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19293 |
|  Gree Electric Appliances, Inc. of Zhuhai, Class A | 1000 | 6442 |
|  Guangdong Haid Group Co. Ltd., Class A | 400 | 3365 |
|  Guanghui Energy Co. Ltd., Class A | 2500 | 2058 |
|  Guangzhou Automobile Group Co. Ltd., Class A | 3800 | 4071 |
|  Guangzhou Tinci Materials Technology Co. Ltd., Class A | 800 | 1871 |
|  Guolian Minsheng Securities Co. Ltd., Class A | 12600 | 17330 |
|  Guosen Securities Co. Ltd., Class A | 5900 | 9196 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Guotai Haitong Securities Co. Ltd. | 5600 | 13352 |
|  Guotai Haitong Securities Co. Ltd., Class H, 144A | 8614 | 12194 |
|  H World Group Ltd., ADR | 1339 | 47227 |
|  Haidilao International Holding Ltd., 144A | 9239 | 17768 |
|  Haier Smart Home Co. Ltd., Class A | 2100 | 7298 |
|  Haier Smart Home Co. Ltd., Class H | 13919 | 40828 |
|  Haitian International Holdings Ltd. | 4489 | 10946 |
|  Hangzhou First Applied Material Co. Ltd., Class A | 1097 | 1845 |
|  Hangzhou Silan Microelectronics Co. Ltd., Class A \* | 800 | 2667 |
|  Hansoh Pharmaceutical Group Co. Ltd., 144A | 6809 | 22447 |
|  Henan Shuanghui Investment & Development Co. Ltd., Class A | 1100 | 3717 |
|  Hengan International Group Co. Ltd. | 3819 | 10350 |
|  Hengli Petrochemical Co. Ltd., Class A \* | 1800 | 3785 |
|  Hisense Home Appliances Group Co. Ltd., Class H | 2456 | 8112 |
|  Hithink RoyalFlush Information Network Co. Ltd., Class A | 400 | 13735 |
|  Hoshine Silicon Industry Co. Ltd., Class A | 500 | 3398 |
|  Hua Hong Semiconductor Ltd., 144A | 2689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10837 |
|  Huadian Power International Corp. Ltd., Class A | 8000 | 6495 |
|  Huadong Medicine Co. Ltd., Class A | 700 | 4343 |
|  Hualan Biological Engineering, Inc., Class A | 670 | 1498 |
|  Huaneng Power International, Inc., Class A | 3500 | 3512 |
|  Huaneng Power International, Inc., Class H | 33381 | 21116 |
|  Huatai Securities Co. Ltd., Class A | 1700 | 3954 |
|  Huatai Securities Co. Ltd., Class H, 144A | 9693 | 16342 |
|  Huaxia Bank Co. Ltd., Class A | 2800 | 2926 |
|  Huayu Automotive Systems Co. Ltd., Class A | 1700 | 4270 |
|  Huizhou Desay Sv Automotive Co. Ltd., Class A | 300 | 4603 |
|  Hundsun Technologies, Inc., Class A | 1456 | 5317 |
|  Hygon Information Technology Co. Ltd., Class A (b) | 639 | 12073 |
|  Iflytek Co. Ltd., Class A | 900 | 5750 |
|  Imeik Technology Development Co. Ltd., Class A | 140 | 3303 |

---

See Notes to Financial Statements.

**6** \| DBX ETF Trust

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Industrial & Commercial Bank of China Ltd., Class A | 18571 | 18222 |
|  Industrial & Commercial Bank of China Ltd., Class H | 381862 | 278077 |
|  Industrial Bank Co. Ltd., Class A | 8400 | 26394 |
|  Industrial Securities Co. Ltd., Class A | 1950 | 1556 |
|  Ingenic Semiconductor Co. Ltd., Class A \* | 300 | 2642 |
|  Inner Mongolia BaoTou Steel Union Co. Ltd., Class A \* | 32600 | 7873 |
|  Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | 2600 | 1920 |
|  Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 2100 | 8831 |
|  Inner Mongolia Yitai Coal Co. Ltd., Class B | 6200 | 12623 |
|  Innovent Biologics, Inc., 144A \* | 9087 | 71793 |
|  J&T Global Express Ltd. \* | 20737 | 18063 |
|  JA Solar Technology Co. Ltd., Class A \* | 1764 | 2238 |
|  JD Health International, Inc., 144A \* | 5481 | 28065 |
|  JD Logistics, Inc., 144A \* | 11237 | 17828 |
|  JD.com, Inc., Class A | 14090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231626 |
|  Jiangsu Eastern Shenghong Co. Ltd., Class A | 2200 | 2595 |
|  Jiangsu Expressway Co. Ltd., Class H | 8873 | 11305 |
|  Jiangsu Hengli Hydraulic Co. Ltd., Class A | 600 | 5672 |
|  Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 2100 | 15954 |
|  Jiangsu King's Luck Brewery JSC Ltd., Class A | 1100 | 6731 |
|  Jiangsu Yanghe Distillery Co. Ltd., Class A | 700 | 6383 |
|  Jiangsu Zhongtian Technology Co. Ltd., Class A | 1300 | 2401 |
|  Jiangxi Copper Co. Ltd., Class A | 2200 | 6488 |
|  Jiangxi Copper Co. Ltd., Class H | 3974 | 7035 |
|  Jinko Solar Co. Ltd., Class A | 4383 | 3163 |
|  Kanzhun Ltd., ADR \* | 1607 | 27255 |
|  KE Holdings, Inc., ADR | 4630 | 85470 |
|  Kingdee International Software Group Co. Ltd. \* | 25866 | 40575 |
|  Kingsoft Corp. Ltd. \* | 5555 | 23662 |
|  Kuaishou Technology, 144A \* | 15794 | 107360 |
|  Kuang-Chi Technologies Co. Ltd., Class A | 1500 | 9235 |
|  Kunlun Tech Co. Ltd., Class A | 1400 | 6494 |
|  Kweichow Moutai Co. Ltd., Class A | 400 | 84493 |
|  Lenovo Group Ltd. | 47974 | 55309 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Lens Technology Co. Ltd., Class A | 2610 | 7342 |
|  Li Auto, Inc., Class A \* | 7275 | 104192 |
|  Li Ning Co. Ltd. | 11941 | 22813 |
|  Lingyi iTech Guangdong Co., Class A | 3100 | 3468 |
|  Longfor Group Holdings Ltd., 144A | 10206 | 12795 |
|  LONGi Green Energy Technology Co. Ltd., Class A | 2240 | 4470 |
|  Luxshare Precision Industry Co. Ltd., Class A | 2249 | 9489 |
|  Luzhou Laojiao Co. Ltd., Class A | 600 | 9736 |
|  Mango Excellent Media Co. Ltd., Class A | 1200 | 3724 |
|  Maxscend Microelectronics Co. Ltd., Class A | 160 | 1565 |
|  Meituan, Class B, 144A \* | 29028 | 510880 |
|  Metallurgical Corp. of China Ltd., Class A | 5900 | 2399 |
|  Midea Group Co. Ltd. \* | 1939 | 20376 |
|  Midea Group Co. Ltd., Class A \* | 1200 | 13167 |
|  MINISO Group Holding Ltd. | 2200 | 9511 |
|  Montage Technology Co. Ltd., Class A | 617 | 6535 |
|  Muyuan Foods Co. Ltd., Class A | 3934 | 22080 |
|  NARI Technology Co. Ltd., Class A | 4191 | 12907 |
|  NAURA Technology Group Co. Ltd., Class A | 200 | 11618 |
|  NetEase, Inc. | 10160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247097 |
|  New China Life Insurance Co. Ltd., Class A | 1300 | 9075 |
|  New China Life Insurance Co. Ltd., Class H | 4257 | 17400 |
|  New Hope Liuhe Co. Ltd., Class A \* | 1400 | 1861 |
|  New Oriental Education & Technology Group, Inc. | 7870 | 37337 |
|  Ninestar Corp., Class A \* | 548 | 1643 |
|  Ningbo Deye Technology Co. Ltd., Class A | 252 | 2881 |
|  Ningbo Tuopu Group Co. Ltd., Class A | 725 | 4961 |
|  Ningxia Baofeng Energy Group Co. Ltd., Class A | 4466 | 9917 |
|  NIO, Inc., Class A \* | 9362 | 33550 |
|  Nongfu Spring Co. Ltd., Class H, 144A | 12021 | 58870 |
|  Oppein Home Group, Inc., Class A | 500 | 4277 |
|  Orient Securities Co. Ltd., Class A | 2048 | 2652 |
|  People's Insurance Co. Group of China Ltd., Class A | 5600 | 6428 |
|  People's Insurance Co. Group of China Ltd., Class H | 43946 | 28751 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **7** 

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  PetroChina Co. Ltd., Class A | 7700 | 8859 |
|  PetroChina Co. Ltd., Class H | 132277 | 111171 |
|  Pharmaron Beijing Co. Ltd., Class A | 900 | 2978 |
|  PICC Property & Casualty Co. Ltd., Class H | 42336 | 80665 |
|  Ping An Bank Co. Ltd., Class A | 6600 | 10589 |
|  Ping An Insurance Group Co. of China Ltd., Class A | 4100 | 30318 |
|  Ping An Insurance Group Co. of China Ltd., Class H | 37567 | 221106 |
|  Poly Developments and Holdings Group Co. Ltd., Class A | 3900 | 4401 |
|  Pop Mart International Group Ltd., 144A | 3192 | 89722 |
|  Postal Savings Bank of China Co. Ltd., Class A | 14000 | 10356 |
|  Postal Savings Bank of China Co. Ltd., Class H, 144A | 41878 | 27238 |
|  Power Construction Corp. of China Ltd., Class A | 5900 | 3865 |
|  Qifu Technology, Inc., ADR | 545 | 22400 |
|  Qinghai Salt Lake Industry Co. Ltd., <br>Class A \* | 2400 | 5276 |
|  Range Intelligent Computing Technology Group Co. Ltd., Class A | 2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16683 |
|  Rongsheng Petrochemical Co. Ltd., Class A | 2550 | 3040 |
|  SAIC Motor Corp. Ltd., Class A | 2400 | 5399 |
|  Sanan Optoelectronics Co. Ltd., Class A | 1700 | 2933 |
|  Sany Heavy Industry Co. Ltd., Class A | 2300 | 6011 |
|  Satellite Chemical Co. Ltd., Class A \* | 2937 | 6819 |
|  SDIC Power Holdings Co. Ltd., Class A | 2500 | 5434 |
|  Seres Group Co. Ltd., Class A | 500 | 9439 |
|  SF Holding Co. Ltd., Class A | 1860 | 11913 |
|  SG Micro Corp., Class A | 195 | 2496 |
|  Shaanxi Coal Industry Co. Ltd., Class A | 4300 | 12455 |
|  Shandong Gold Mining Co. Ltd., Class A | 2200 | 9160 |
|  Shandong Gold Mining Co. Ltd., Class H, 144A | 4780 | 14905 |
|  Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 900 | 2601 |
|  Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 13432 | 9610 |
|  Shanghai Baosight Software Co. Ltd., Class A | 1310 | 4560 |
|  Shanghai Baosight Software Co. Ltd., Class B | 4867 | 6746 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Shanghai Electric Group Co. Ltd., Class A \* | 6400 | 6608 |
|  Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 1100 | 3873 |
|  Shanghai M&G Stationery, Inc., Class A | 800 | 3276 |
|  Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 1300 | 3323 |
|  Shanghai Pudong Development Bank Co. Ltd., Class A | 9300 | 15915 |
|  Shanghai Putailai New Energy Technology Co. Ltd., Class A | 1160 | 2521 |
|  Shanghai Rural Commercial Bank Co. Ltd., Class A | 7000 | 8705 |
|  Shanghai United Imaging Healthcare Co. Ltd., Class A | 246 | 4692 |
|  Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | 2100 | 7275 |
|  Shanxi Coking Coal Energy Group Co. Ltd., Class A | 1600 | 1337 |
|  Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 420 | 10743 |
|  Shenwan Hongyuan Group Co. Ltd., Class A | 11900 | 7812 |
|  Shenzhen Inovance Technology Co. Ltd., Class A \* | 1050 | 9586 |
|  Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12226 |
|  Shenzhen Transsion Holdings Co. Ltd., Class A | 368 | 3713 |
|  Shenzhou International Group Holdings Ltd. | 4293 | 31290 |
|  Sichuan Chuantou Energy Co. Ltd., Class A | 1900 | 4443 |
|  Sichuan Road & Bridge Group Co. Ltd., Class A | 3920 | 5038 |
|  Silergy Corp. | 1719 | 20076 |
|  Sinopharm Group Co. Ltd., Class H | 7555 | 18307 |
|  Sinotruk Hong Kong Ltd. | 4034 | 10186 |
|  Smoore International Holdings Ltd., 144A | 10110 | 24910 |
|  Sungrow Power Supply Co. Ltd., Class A | 700 | 5867 |
|  Sunny Optical Technology Group Co. Ltd. \* | 5632 | 43383 |
|  SUPCON Technology Co. Ltd., Class A | 248 | 1518 |
|  Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 2100 | 8207 |
|  TAL Education Group, ADR \* | 2188 | 21508 |
|  TBEA Co. Ltd., Class A | 1950 | 3142 |
|  TCL Technology Group Corp., Class A | 1280 | 760 |
|  TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A | 1375 | 1447 |

---

See Notes to Financial Statements.

**8** \| DBX ETF Trust

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Tencent Holdings Ltd. | 37802 | 2401826 |
|  Tencent Music Entertainment Group, ADR | 4605 | 77548 |
|  Tianqi Lithium Corp., Class A | 800 | 3213 |
|  Tingyi Cayman Islands Holding Corp. | 13114 | 21541 |
|  Tongcheng Travel Holdings Ltd. | 5989 | 16918 |
|  TongFu Microelectronics Co. Ltd., Class A | 2000 | 6506 |
|  Tongwei Co. Ltd., Class A | 1700 | 3843 |
|  TravelSky Technology Ltd., Class H | 4346 | 6186 |
|  Trina Solar Co. Ltd., Class A | 1184 | 2202 |
|  Tsingtao Brewery Co. Ltd., Class A | 200 | 2059 |
|  Tsingtao Brewery Co. Ltd., Class H | 3845 | 26700 |
|  Unigroup Guoxin Microelectronics Co. Ltd., Class A | 475 | 4217 |
|  Unisplendour Corp. Ltd., Class A | 1880 | 6270 |
|  Vipshop Holdings Ltd., ADR | 2109 | 29083 |
|  Wanhua Chemical Group Co. Ltd., Class A | 1021 | 7672 |
|  Weichai Power Co. Ltd., Class A | 2100 | 4383 |
|  Weichai Power Co. Ltd., Class H | 12414 | 24286 |
|  Wens Foodstuff Group Co. Ltd., Class A | 2440 | 5638 |
|  Will Semiconductor Co. Ltd., Class A | 540 | 9338 |
|  Wingtech Technology Co. Ltd., Class A | 397 | 1871 |
|  Wuliangye Yibin Co. Ltd., Class A | 1200 | 21058 |
|  WUS Printed Circuit Kunshan Co. Ltd., Class A | 1500 | 6449 |
|  WuXi AppTec Co. Ltd., Class A | 920 | 8109 |
|  WuXi AppTec Co. Ltd., Class H, 144A | 1801 | 15791 |
|  Wuxi Biologics Cayman, Inc., 144A \* | 21153 | 67308 |
|  XCMG Construction Machinery Co. Ltd., Class A | 14800 | 16925 |
|  Xiaomi Corp., Class B, 144A \* | 101825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661640 |
|  Xinjiang Daqo New Energy Co. Ltd., Class A | 1551 | 4144 |
|  Xinyi Solar Holdings Ltd. | 24571 | 7427 |
|  XPeng, Inc., Class A \* | 7114 | 69270 |
|  Yadea Group Holdings Ltd., 144A | 6987 | 10693 |
|  Yangzijiang Shipbuilding Holdings Ltd. | 16100 | 26464 |
|  Yankuang Energy Group Co. Ltd., Class A | 1365 | 2438 |
|  Yankuang Energy Group Co. Ltd., Class H | 17253 | 20507 |
|  Yealink Network Technology Corp. Ltd., Class A | 1600 | 7492 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Yifeng Pharmacy Chain Co. Ltd., Class A | 1008 | 3646 |
|  Yihai Kerry Arawana Holdings Co. Ltd., Class A | 1000 | 4207 |
|  Yonghui Superstores Co. Ltd., Class A \* | 24300 | 16795 |
|  Yonyou Network Technology Co. Ltd., Class A \* | 1700 | 3079 |
|  YTO Express Group Co. Ltd., Class A | 900 | 1646 |
|  Yum China Holdings, Inc. | 2390 | 104324 |
|  Yunnan Baiyao Group Co. Ltd., Class A | 560 | 4390 |
|  Yunnan Energy New Material Co. Ltd., Class A | 300 | 1157 |
|  Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 200 | 5664 |
|  Zhaojin Mining Industry Co. Ltd., Class H | 7875 | 19906 |
|  Zhejiang China Commodities City Group Co. Ltd., Class A | 7300 | 17852 |
|  Zhejiang Chint Electrics Co. Ltd., Class A | 1200 | 3649 |
|  Zhejiang Dahua Technology Co. Ltd., Class A | 2500 | 5288 |
|  Zhejiang Expressway Co. Ltd., Class H | 8028 | 6368 |
|  Zhejiang Huayou Cobalt Co. Ltd., Class A | 650 | 3013 |
|  Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | 600 | 2245 |
|  Zhejiang Leapmotor Technology Co. Ltd., 144A \* | 2532 | 17889 |
|  Zhejiang Zheneng Electric Power Co. Ltd., Class A | 10700 | 7945 |
|  Zhongji Innolight Co. Ltd., Class A | 340 | 4414 |
|  Zhongsheng Group Holdings Ltd. | 3824 | 5774 |
|  Zhuzhou CRRC Times Electric Co. Ltd., Class H | 3305 | 14036 |
|  Zijin Mining Group Co. Ltd., Class A | 6200 | 15256 |
|  Zijin Mining Group Co. Ltd., Class H | 35214 | 78592 |
|  Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 4400 | 4354 |
|  ZTE Corp., Class A | 1512 | 6524 |
|  ZTE Corp., Class H | 3477 | 9756 |
|  ZTO Express Cayman, Inc. | 2469 | 43548 |
|  (Cost $11,404,453) |  | **13004497** |
|  **Colombia – 0.0%** |  |  |
|  Grupo Cibest SA | 1292 | 15175 |
|  Interconexion Electrica SA ESP | 2692 | 12517 |
|  (Cost $24,936) |  | **27692** |

---

See Notes to Financial Statements.

DBX ETF Trust \| **9** 

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **Czech Republic – 0.0%** |  |  |
|  CEZ AS | 975 | 53665 |
|  Komercni Banka AS | 439 | 20322 |
|  Moneta Money Bank AS, 144A | 1946 | 12733 |
|  (Cost $52,341) |  | **86720** |
|  **Denmark – 1.4%** |  |  |
|  A.P. Moller – Maersk A/S, Class A | 15 | 26804 |
|  A.P. Moller – Maersk A/S, Class B | 26 | 47033 |
|  Carlsberg AS, Class B | 601 | 85914 |
|  Coloplast A/S, Class B | 727 | 70332 |
|  Danske Bank A/S | 4191 | 160176 |
|  Demant A/S \* | 632 | 24722 |
|  DSV A/S | 1202 | 283211 |
|  Genmab A/S \* | 368 | 77269 |
|  Novo Nordisk A/S, Class B | 18800 | 1298116 |
|  Novonesis (Novozymes) B, Class B | 1991 | 139946 |
|  Orsted AS, 144A \* | 1160 | 47371 |
|  Pandora A/S | 508 | 92515 |
|  ROCKWOOL A/S, Class B | 329 | 15591 |
|  Tryg A/S | 2127 | 54648 |
|  Vestas Wind Systems A/S | 5883 | 92812 |
|  (Cost $1,778,239) |  | **2516460** |
|  **Egypt – 0.0%** |  |  |
|  Commercial International Bank - Egypt (CIB) | 20165 | 33575 |
|  Eastern Co. SAE | 16695 | 11189 |
|  Talaat Moustafa Group | 5332 | 5893 |
|  (Cost $52,946) |  | **50657** |
|  **Finland – 0.7%** |  |  |
|  Elisa OYJ | 971 | 51157 |
|  Fortum OYJ | 2707 | 46720 |
|  Kesko OYJ, Class B | 1714 | 41453 |
|  Kone OYJ, Class B | 2136 | 133005 |
|  Metso Corp. | 4120 | 49728 |
|  Neste OYJ | 2444 | 26224 |
|  Nokia OYJ | 32552 | 169134 |
|  Nordea Bank Abp | 19015 | 275604 |
|  Orion OYJ, Class B | 669 | 45387 |
|  Sampo OYJ, Class A | 14990 | 159924 |
|  Stora Enso OYJ, Class R | 3517 | 35565 |
|  UPM-Kymmene OYJ | 3199 | 88592 |
|  Wartsila OYJ Abp | 3063 | 61315 |
|  (Cost $1,113,102) |  | **1183808** |
|  **France – 6.7%** |  |  |
|  Accor SA | 1232 | 65397 |
|  Aeroports de Paris SA | 184 | 24674 |
|  Air Liquide SA | 3405 | 705197 |
|  Airbus SE | 3543 | 652032 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Alstom SA \* | 2145 | 48479 |
|  Amundi SA, 144A | 398 | 32470 |
|  Arkema SA | 287 | 20497 |
|  AXA SA | 10573 | 498333 |
|  BioMerieux | 253 | 33926 |
|  BNP Paribas SA | 6094 | 533765 |
|  Bollore SE | 3783 | 24054 |
|  Bouygues SA | 1091 | 47557 |
|  Bureau Veritas SA | 1847 | 63083 |
|  Capgemini SE | 937 | 155598 |
|  Carrefour SA | 3323 | 49673 |
|  Cie de Saint-Gobain SA | 2677 | 300434 |
|  Cie Generale des Etablissements Michelin SCA | 4048 | 154804 |
|  Covivio SA REIT | 452 | 27098 |
|  Credit Agricole SA | 6333 | 115808 |
|  Danone SA | 4057 | 346595 |
|  Dassault Aviation SA | 122 | 44162 |
|  Dassault Systemes SE | 4241 | 158910 |
|  Edenred SE | 1509 | 47118 |
|  Eiffage SA | 463 | 63664 |
|  Engie SA | 10907 | 235117 |
|  EssilorLuxottica SA | 1749 | 485951 |
|  Eurazeo SE | 263 | 18380 |
|  FDJ UNITED, 144A | 555 | 20380 |
|  Gecina SA REIT | 281 | 30917 |
|  Getlink SE \* | 2029 | 38820 |
|  Hermes International SCA | 184 | 507265 |
|  Ipsen SA \* | 216 | 25433 |
|  Kering SA | 450 | 88068 |
|  Klepierre SA REIT | 1315 | 51453 |
|  Legrand SA | 1605 | 194906 |
|  L'Oreal SA | 1415 | 598321 |
|  LVMH Moet Hennessy Louis Vuitton SE | 1618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878621 |
|  Orange SA | 10756 | 160417 |
|  Pernod Ricard SA | 1254 | 129599 |
|  Publicis Groupe SA | 1220 | 132818 |
|  Renault SA | 1227 | 63223 |
|  Rexel SA | 1455 | 40856 |
|  Safran SA | 2147 | 637244 |
|  Sanofi SA | 6548 | 650705 |
|  Sartorius Stedim Biotech | 171 | 37667 |
|  Schneider Electric SE | 3193 | 802503 |
|  Societe Generale SA | 3970 | 215695 |
|  Sodexo SA | 542 | 37448 |
|  Teleperformance SE | 351 | 35486 |
|  Thales SA | 516 | 156668 |
|  TotalEnergies SE | 11869 | 696205 |
|  Unibail-Rodamco-Westfield REIT \* | 749 | 70979 |
|  Veolia Environnement SA | 3969 | 136460 |

---

See Notes to Financial Statements.

**10** \| DBX ETF Trust

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Vinci SA | 3054 | 436406 |
|  (Cost $8,565,974) |  | **11827339** |
|  **Germany – 6.2%** |  |  |
|  adidas AG | 1015 | 252970 |
|  Allianz SE | 2262 | 895597 |
|  BASF SE | 5307 | 255496 |
|  Bayer AG | 5540 | 155593 |
|  Bayerische Motoren Werke AG | 1721 | 152616 |
|  Beiersdorf AG | 604 | 82743 |
|  Brenntag SE | 800 | 54175 |
|  Commerzbank AG | 5224 | 158907 |
|  Continental AG | 686 | 60210 |
|  Covestro AG \* | 1188 | 81609 |
|  CTS Eventim AG & Co. KGaA | 387 | 46886 |
|  Daimler Truck Holding AG | 2807 | 121783 |
|  Delivery Hero SE, 144A \* | 1187 | 32859 |
|  Deutsche Bank AG (c) | 11041 | 305389 |
|  Deutsche Boerse AG | 1137 | 366001 |
|  Deutsche Lufthansa AG | 3773 | 30185 |
|  Deutsche Post AG | 5912 | 264282 |
|  Deutsche Telekom AG | 20443 | 772496 |
|  E.ON SE | 13611 | 238465 |
|  Evonik Industries AG | 1610 | 34843 |
|  Fresenius Medical Care AG | 1217 | 69120 |
|  Fresenius SE & Co. KGaA | 2516 | 123356 |
|  GEA Group AG | 942 | 62999 |
|  Hannover Rueck SE | 367 | 116012 |
|  Heidelberg Materials AG | 859 | 168199 |
|  Henkel AG & Co. KGaA | 743 | 54499 |
|  Infineon Technologies AG | 7952 | 309473 |
|  Knorr-Bremse AG | 451 | 45576 |
|  LEG Immobilien SE | 433 | 36751 |
|  Mercedes-Benz Group AG | 4125 | 246318 |
|  Merck KGaA | 784 | 102817 |
|  MTU Aero Engines AG | 288 | 114617 |
|  Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen | 787 | 510603 |
|  Nemetschek SE | 360 | 49992 |
|  Rational AG | 23 | 18894 |
|  Rheinmetall AG | 262 | 560765 |
|  RWE AG | 3938 | 148138 |
|  SAP SE | 6145 | 1855276 |
|  Scout24 SE, 144A | 452 | 61536 |
|  Siemens AG | 4477 | 1076667 |
|  Siemens Energy AG \* | 3981 | 386480 |
|  Siemens Healthineers AG, 144A | 1917 | 101389 |
|  Symrise AG | 837 | 99837 |
|  Talanx AG | 369 | 47890 |
|  Vonovia SE | 4472 | 146391 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Zalando SE, 144A \* | 1407 | 50244 |
|  (Cost $7,061,318) |  | **10926944** |
|  **Greece – 0.2%** |  |  |
|  Alpha Services and Holdings SA | 12672 | 40719 |
|  Eurobank Ergasias Services and Holdings SA | 11714 | 36085 |
|  Hellenic Telecommunications Organization SA | 1160 | 22378 |
|  JUMBO SA | 775 | 25185 |
|  Metlen Energy & Metals SA | 598 | 30351 |
|  National Bank of Greece SA | 5260 | 62711 |
|  OPAP SA | 1061 | 22817 |
|  Piraeus Financial Holdings SA | 6614 | 44098 |
|  Public Power Corp. SA | 1228 | 18726 |
|  (Cost $165,609) |  | **303070** |
|  **Hong Kong – 1.6%** |  |  |
|  AIA Group Ltd. | 62136 | 520237 |
|  Alibaba Health Information Technology Ltd. \* | 43731 | 25265 |
|  Beijing Enterprises Holdings Ltd. | 2297 | 9653 |
|  Beijing Enterprises Water Group Ltd. | 29600 | 9739 |
|  BOC Hong Kong Holdings Ltd. | 24416 | 103068 |
|  Bosideng International Holdings Ltd. | 27462 | 15410 |
|  C&D International Investment Group Ltd. | 5104 | 9165 |
|  China Gas Holdings Ltd. | 17761 | 16218 |
|  China Merchants Port Holdings Co. Ltd. | 8916 | 17238 |
|  China Overseas Land & Investment Ltd. | 19908 | 33514 |
|  China Power International Development Ltd. | 30065 | 12270 |
|  China Resources Beer Holdings Co. Ltd. | 7978 | 25487 |
|  China Resources Gas Group Ltd. | 5155 | 13740 |
|  China Resources Land Ltd. | 18811 | 61415 |
|  China Resources Power Holdings Co. Ltd. | 10908 | 28379 |
|  China Ruyi Holdings Ltd. \* | 32428 | 8478 |
|  China State Construction International Holdings Ltd. | 10251 | 14433 |
|  China Taiping Insurance Holdings Co. Ltd. | 8417 | 12946 |
|  Chow Tai Fook Jewellery Group Ltd. | 11774 | 16788 |
|  CK Asset Holdings Ltd. | 10118 | 41937 |
|  CK Hutchison Holdings Ltd. | 16111 | 90714 |
|  CK Infrastructure Holdings Ltd. | 3282 | 21242 |
|  CLP Holdings Ltd. | 9540 | 80969 |
|  Far East Horizon Ltd. | 11701 | 9043 |
|  Futu Holdings Ltd., ADR | 305 | 31089 |
|  Galaxy Entertainment Group Ltd. | 11600 | 49411 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **11** 

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  GCL Technology Holdings Ltd. \* | 116245 | 12157 |
|  Geely Automobile Holdings Ltd. | 37670 | 84650 |
|  Guangdong Investment Ltd. | 16239 | 13213 |
|  Hang Seng Bank Ltd. | 4647 | 65073 |
|  Henderson Land Development Co. Ltd. | 7467 | 23379 |
|  HKT Trust & HKT Ltd. (a) | 18599 | 26803 |
|  Hong Kong & China Gas Co. Ltd. | 67619 | 59503 |
|  Hong Kong Exchanges & Clearing Ltd. | 6971 | 351879 |
|  Hongkong Land Holdings Ltd. | 7792 | 40285 |
|  Jardine Matheson Holdings Ltd. | 838 | 37291 |
|  Kunlun Energy Co. Ltd. | 21049 | 21073 |
|  Link REIT | 15967 | 84813 |
|  MTR Corp. Ltd. | 7610 | 26592 |
|  Orient Overseas International Ltd. | 824 | 14197 |
|  Power Assets Holdings Ltd. | 7592 | 48073 |
|  Prudential PLC | 15197 | 172979 |
|  Sino Biopharmaceutical Ltd. | 84131 | 47746 |
|  Sino Land Co. Ltd. | 26978 | 27249 |
|  SITC International Holdings Co. Ltd. | 7015 | 22411 |
|  Sun Hung Kai Properties Ltd. | 8607 | 92479 |
|  Swire Pacific Ltd., Class A | 1744 | 14869 |
|  Techtronic Industries Co. Ltd. | 8780 | 98369 |
|  Want Want China Holdings Ltd. | 25127 | 16183 |
|  WH Group Ltd., 144A | 48213 | 44517 |
|  Wharf Holdings Ltd. | 4979 | 13240 |
|  Wharf Real Estate Investment Co. Ltd. | 9333 | 23401 |
|  (Cost $2,803,170) |  | **2760272** |
|  **Hungary – 0.1%** |  |  |
|  MOL Hungarian Oil & Gas PLC \* | 2389 | 20657 |
|  OTP Bank Nyrt | 1192 | 90404 |
|  Richter Gedeon Nyrt | 1031 | 29996 |
|  (Cost $95,240) |  | **141057** |
|  **India – 4.7%** |  |  |
|  ABB India Ltd. | 258 | 18002 |
|  Adani Enterprises Ltd. | 813 | 23940 |
|  Adani Ports & Special Economic Zone Ltd. | 2854 | 47785 |
|  Adani Power Ltd. \* | 4633 | 29441 |
|  Alkem Laboratories Ltd. | 221 | 13167 |
|  Ambuja Cements Ltd. | 3510 | 22703 |
|  APL Apollo Tubes Ltd. | 732 | 15497 |
|  Apollo Hospitals Enterprise Ltd. | 547 | 43981 |
|  Ashok Leyland Ltd. | 7955 | 21941 |
|  Asian Paints Ltd. | 2219 | 58580 |
|  AU Small Finance Bank Ltd., 144A | 2202 | 17833 |
|  Aurobindo Pharma Ltd. \* | 1299 | 17423 |
|  Avenue Supermarts Ltd., 144A \* | 910 | 42558 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Axis Bank Ltd. | 12984 | 180888 |
|  Bajaj Auto Ltd. | 359 | 36108 |
|  Bajaj Finance Ltd. | 1606 | 172292 |
|  Bajaj Finserv Ltd. | 2240 | 52807 |
|  Bajaj Holdings & Investment Ltd. | 169 | 26491 |
|  Balkrishna Industries Ltd. | 396 | 11440 |
|  Bank of Baroda | 4431 | 12922 |
|  Bharat Electronics Ltd. | 20683 | 92956 |
|  Bharat Forge Ltd. | 1373 | 19910 |
|  Bharat Heavy Electricals Ltd. | 6308 | 19153 |
|  Bharat Petroleum Corp. Ltd. | 9893 | 36809 |
|  Bharti Airtel Ltd. | 14841 | 321915 |
|  Bosch Ltd. | 25 | 9178 |
|  Britannia Industries Ltd. | 553 | 35610 |
|  CG Power & Industrial Solutions Ltd. | 3365 | 27003 |
|  Cholamandalam Investment and Finance Co. Ltd. | 2296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42955 |
|  Cipla Ltd. | 2886 | 49430 |
|  Coal India Ltd. | 9586 | 44505 |
|  Colgate-Palmolive India Ltd. | 646 | 18539 |
|  Container Corp. Of India Ltd. | 1276 | 11696 |
|  Cummins India Ltd. | 859 | 32805 |
|  Dabur India Ltd. | 2240 | 12642 |
|  Divi's Laboratories Ltd. | 726 | 56095 |
|  Dixon Technologies India Ltd. | 166 | 28500 |
|  DLF Ltd. | 3586 | 33434 |
|  Dr Reddy's Laboratories Ltd. | 2977 | 43527 |
|  Eicher Motors Ltd. | 753 | 46931 |
|  Eternal Ltd. \* | 43086 | 119986 |
|  GAIL India Ltd. | 10749 | 23841 |
|  GMR Airports Ltd. \* | 13971 | 13727 |
|  Godrej Consumer Products Ltd. | 2012 | 28952 |
|  Godrej Properties Ltd. \* | 708 | 18564 |
|  Grasim Industries Ltd. | 1431 | 42571 |
|  Havells India Ltd. | 1336 | 23840 |
|  HCL Technologies Ltd. | 5208 | 99602 |
|  HDFC Asset Management Co. Ltd., 144A | 429 | 23978 |
|  HDFC Bank Ltd. \* | 30730 | 698414 |
|  HDFC Life Insurance Co. Ltd., 144A | 4823 | 43783 |
|  Hero MotoCorp Ltd. | 637 | 32077 |
|  Hindalco Industries Ltd. | 7498 | 55507 |
|  Hindustan Aeronautics Ltd. | 1131 | 65740 |
|  Hindustan Petroleum Corp. Ltd. | 5382 | 25852 |
|  Hindustan Unilever Ltd. | 4574 | 125517 |
|  Hyundai Motor India Ltd. \* | 897 | 19362 |
|  ICICI Bank Ltd. | 29250 | 494182 |
|  ICICI Lombard General Insurance Co. Ltd., 144A | 1369 | 30002 |
|  ICICI Prudential Life Insurance Co. Ltd., 144A | 2347 | 18167 |

---

See Notes to Financial Statements.

**12** \| DBX ETF Trust

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  IDFC First Bank Ltd. \* | 21661 | 17205 |
|  Indian Hotels Co. Ltd. | 4947 | 44504 |
|  Indian Oil Corp. Ltd. | 8015 | 13297 |
|  Indian Railway Catering & Tourism Corp. Ltd. | 1366 | 12068 |
|  Indus Towers Ltd. \* | 6648 | 29843 |
|  Info Edge India Ltd. | 1700 | 28358 |
|  Infosys Ltd. | 18730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342032 |
|  InterGlobe Aviation Ltd., 144A \* | 990 | 61662 |
|  ITC Ltd. | 17041 | 83249 |
|  Jindal Stainless Ltd. | 2345 | 17668 |
|  Jindal Steel & Power Ltd. | 1718 | 19050 |
|  Jio Financial Services Ltd. \* | 15269 | 51146 |
|  JSW Energy Ltd. \* | 2972 | 16946 |
|  JSW Steel Ltd. | 3093 | 35909 |
|  Jubilant Foodworks Ltd. | 2498 | 19136 |
|  Kotak Mahindra Bank Ltd. | 6385 | 154799 |
|  Larsen & Toubro Ltd. | 3906 | 167747 |
|  LTIMindtree Ltd., 144A | 340 | 20139 |
|  Lupin Ltd. | 1226 | 28047 |
|  Macrotech Developers Ltd., 144A | 1607 | 26769 |
|  Mahindra & Mahindra Ltd. | 5401 | 187878 |
|  Mankind Pharma Ltd. \* | 582 | 16783 |
|  Marico Ltd. | 3062 | 25636 |
|  Maruti Suzuki India Ltd. | 731 | 105232 |
|  Max Healthcare Institute Ltd. | 4486 | 58985 |
|  Mphasis Ltd. | 664 | 19854 |
|  MRF Ltd. | 13 | 21096 |
|  Muthoot Finance Ltd. | 753 | 19494 |
|  Nestle India Ltd. | 1652 | 46258 |
|  NHPC Ltd. | 19812 | 20237 |
|  NMDC Ltd. | 13836 | 11507 |
|  NTPC Ltd. | 25266 | 98584 |
|  Oberoi Realty Ltd. | 674 | 13754 |
|  Oil & Natural Gas Corp. Ltd. | 16220 | 45376 |
|  Page Industries Ltd. | 24 | 13008 |
|  PB Fintech Ltd. \* | 1625 | 33451 |
|  Persistent Systems Ltd. | 463 | 30504 |
|  Petronet LNG Ltd. | 3652 | 13114 |
|  Phoenix Mills Ltd. | 552 | 9915 |
|  PI Industries Ltd. | 474 | 21180 |
|  Pidilite Industries Ltd. | 727 | 26397 |
|  Polycab India Ltd. | 304 | 21283 |
|  Power Finance Corp. Ltd. | 7689 | 36475 |
|  Power Grid Corp. of India Ltd. | 26926 | 91169 |
|  Punjab National Bank | 13880 | 17164 |
|  REC Ltd. | 6491 | 30515 |
|  Reliance Industries Ltd. | 22025 | 365706 |
|  Reliance Industries Ltd., GDR, 144A | 3159 | 207862 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Samvardhana Motherson International Ltd. | 10995 | 19673 |
|  SBI Cards & Payment Services Ltd. | 667 | 7179 |
|  SBI Life Insurance Co. Ltd., 144A | 2238 | 47394 |
|  Shree Cement Ltd. | 27 | 9338 |
|  Shriram Finance Ltd. | 7935 | 59284 |
|  Siemens Energy India Ltd. \* (b) | 511 | 14798 |
|  Siemens Ltd. | 511 | 19500 |
|  Solar Industries India Ltd. | 147 | 27663 |
|  Sona Blw Precision Forgings Ltd., 144A | 2520 | 16018 |
|  SRF Ltd. | 534 | 17853 |
|  State Bank of India | 10154 | 96384 |
|  Sun Pharmaceutical Industries Ltd. | 5302 | 103940 |
|  Sundaram Finance Ltd. | 404 | 24249 |
|  Supreme Industries Ltd. | 453 | 21948 |
|  Suzlon Energy Ltd. \* | 44929 | 37529 |
|  Tata Consultancy Services Ltd. | 5237 | 211952 |
|  Tata Consumer Products Ltd. | 3257 | 42106 |
|  Tata Motors Ltd. | 11282 | 94857 |
|  Tata Power Co. Ltd. | 7650 | 35114 |
|  Tata Steel Ltd. | 41581 | 78240 |
|  Tech Mahindra Ltd. | 2890 | 53153 |
|  Titan Co. Ltd. | 1927 | 80052 |
|  Torrent Pharmaceuticals Ltd. | 430 | 15952 |
|  Torrent Power Ltd. | 1113 | 17870 |
|  Trent Ltd. \* | 980 | 64629 |
|  Tube Investments of India Ltd. | 584 | 20897 |
|  TVS Motor Co. Ltd. | 1152 | 37435 |
|  UltraTech Cement Ltd. | 653 | 85541 |
|  United Spirits Ltd. | 1771 | 31459 |
|  UPL Ltd. | 1668 | 12239 |
|  Varun Beverages Ltd. | 8613 | 47904 |
|  Vedanta Ltd. | 7066 | 35964 |
|  Voltas Ltd. | 1270 | 18741 |
|  Wipro Ltd. | 14655 | 42757 |
|  Yes Bank Ltd. \* | 52644 | 13214 |
|  Zydus Lifesciences Ltd. | 1681 | 18269 |
|  (Cost $5,454,482) |  | **8232142** |
|  **Indonesia – 0.4%** |  |  |
|  Alamtri Resources Indonesia |  |  |
|  Tbk PT | 86503 | 11682 |
|  Amman Mineral Internasional PT \* | 40165 | 17075 |
|  GoTo Gojek Tokopedia Tbk PT \* | 5542949 | 21777 |
|  PT Astra International Tbk | 135715 | 40406 |
|  PT Bank Central Asia Tbk | 309502 | 178595 |
|  PT Bank Mandiri Persero Tbk | 220234 | 71654 |
|  PT Bank Negara Indonesia Persero Tbk | 87224 | 24042 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **13** 

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  PT Bank Rakyat Indonesia |  |  |
|  Persero Tbk | 418764 | 114395 |
|  PT Barito Pacific Tbk | 150495 | 11641 |
|  PT Chandra Asri Pacific Tbk \* | 49471 | 28319 |
|  PT Charoen Pokphand Indonesia Tbk | 48511 | 14413 |
|  PT Indofood CBP Sukses Makmur Tbk | 15943 | 10668 |
|  PT Indofood Sukses Makmur Tbk | 13766 | 6655 |
|  PT Kalbe Farma Tbk \* | 133773 | 12441 |
|  PT Sumber Alfaria Trijaya Tbk \* | 115010 | 17156 |
|  PT Telkom Indonesia Persero Tbk \* | 291473 | 50458 |
|  PT United Tractors Tbk | 11803 | 16266 |
|  (Cost $660,827) |  | **647643** |
|  **Ireland – 0.8%** |  |  |
|  AerCap Holdings NV | 1178 | 136330 |
|  AIB Group PLC | 12914 | 101470 |
|  Bank of Ireland Group PLC | 6072 | 83285 |
|  DCC PLC | 601 | 37541 |
|  Experian PLC | 5277 | 262571 |
|  James Hardie Industries PLC CDI \* | 2592 | 59213 |
|  Kerry Group PLC, Class A | 1000 | 109230 |
|  Kingspan Group PLC | 935 | 80154 |
|  PDD Holdings, Inc., ADR \* | 4063 | 392120 |
|  Ryanair Holdings PLC | 4870 | 129228 |
|  (Cost $1,092,679) |  | **1391142** |
|  **Israel – 0.6%** |  |  |
|  Azrieli Group Ltd. | 264 | 20182 |
|  Bank Hapoalim BM | 7489 | 125524 |
|  Bank Leumi Le-Israel BM | 9139 | 147327 |
|  Check Point Software Technologies Ltd. \* | 492 | 112609 |
|  CyberArk Software Ltd. \* | 264 | 101054 |
|  Elbit Systems Ltd. | 153 | 61357 |
|  ICL Group Ltd. | 4363 | 28747 |
|  Israel Discount Bank Ltd., Class A | 8332 | 70906 |
|  Mizrahi Tefahot Bank Ltd. | 1054 | 60357 |
|  Monday.com Ltd. \* | 278 | 82702 |
|  Nice Ltd. \* | 409 | 68937 |
|  Teva Pharmaceutical Industries Ltd., ADR \* | 7131 | 119658 |
|  Wix.com Ltd. \* | 297 | 44238 |
|  (Cost $723,734) |  | **1043598** |
|  **Italy – 1.9%** |  |  |
|  Banca Mediolanum SpA | 1074 | 17841 |
|  Banco BPM SpA | 6306 | 72389 |
|  BPER Banca SPA | 5995 | 53177 |
|  Davide Campari-Milano NV | 3504 | 22853 |
|  DiaSorin SpA | 160 | 16598 |
|  Enel SpA | 49162 | 451313 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Eni SpA | 13749 | 202510 |
|  Ferrari NV | 740 | 354074 |
|  FinecoBank Banca Fineco SpA | 3710 | 80122 |
|  Generali | 5292 | 192582 |
|  Infrastrutture Wireless Italiane SpA, 144A | 2255 | 26449 |
|  Intesa Sanpaolo SpA | 88582 | 493850 |
|  Leonardo SpA | 2473 | 152248 |
|  Mediobanca Banca di Credito Finanziario SpA | 2880 | 68411 |
|  Moncler SpA | 1369 | 85587 |
|  Nexi SpA, 144A | 3404 | 20470 |
|  Poste Italiane SpA, 144A | 3013 | 65378 |
|  Prysmian SpA | 1703 | 109446 |
|  Recordati Industria Chimica e Farmaceutica SpA | 659 | 39508 |
|  Snam SpA | 12444 | 74406 |
|  Telecom Italia SpA \* | 62757 | 26821 |
|  Terna - Rete Elettrica Nazionale | 7918 | 80537 |
|  UniCredit SpA | 8264 | 530723 |
|  Unipol Assicurazioni SpA | 2320 | 45388 |
|  (Cost $1,921,540) |  | **3282681** |
|  **Japan – 13.6%** |  |  |
|  Advantest Corp. | 4700 | 240626 |
|  Aeon Co. Ltd. | 3700 | 114038 |
|  AGC, Inc. | 1000 | 29758 |
|  Aisin Corp. | 3100 | 39705 |
|  Ajinomoto Co., Inc. | 5234 | 131382 |
|  ANA Holdings, Inc. | 1000 | 19855 |
|  Asahi Group Holdings Ltd. | 9100 | 120536 |
|  Asahi Kasei Corp. | 5700 | 40226 |
|  Asics Corp. | 3320 | 80361 |
|  Astellas Pharma, Inc. | 11200 | 111226 |
|  Bandai Namco Holdings, Inc. | 3400 | 108596 |
|  Bridgestone Corp. | 3100 | 133893 |
|  Canon, Inc. | 5600 | 172481 |
|  Capcom Co. Ltd. | 2100 | 62754 |
|  Central Japan Railway Co. | 4700 | 103247 |
|  Chiba Bank Ltd. | 2700 | 24655 |
|  Chubu Electric Power Co., Inc. | 4900 | 60205 |
|  Chugai Pharmaceutical Co. Ltd. | 3881 | 204522 |
|  Concordia Financial Group Ltd. | 6600 | 42518 |
|  Dai Nippon Printing Co. Ltd. | 2000 | 29626 |
|  Daifuku Co. Ltd. | 1800 | 48385 |
|  Dai-ichi Life Holdings, Inc. | 20700 | 162340 |
|  Daiichi Sankyo Co. Ltd. | 10074 | 268976 |
|  Daikin Industries Ltd. | 1613 | 185911 |
|  Daito Trust Construction Co. Ltd. | 300 | 33858 |
|  Daiwa House Industry Co. Ltd. | 3671 | 124267 |
|  Daiwa Securities Group, Inc. | 8300 | 56475 |
|  Denso Corp. | 11600 | 158125 |
|  Dentsu Group, Inc. | 1790 | 38837 |

---

See Notes to Financial Statements.

**14** \| DBX ETF Trust

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Disco Corp. | 523 | 119469 |
|  East Japan Railway Co. | 6110 | 128658 |
|  Eisai Co. Ltd. | 1200 | 34534 |
|  ENEOS Holdings, Inc. | 17393 | 82846 |
|  FANUC Corp. | 5225 | 140452 |
|  Fast Retailing Co. Ltd. | 1167 | 392122 |
|  Fuji Electric Co. Ltd. | 800 | 35743 |
|  FUJIFILM Holdings Corp. | 6500 | 148344 |
|  Fujikura Ltd. | 1400 | 65362 |
|  Fujitsu Ltd. | 10300 | 237502 |
|  Hankyu Hanshin Holdings, Inc. | 1900 | 51298 |
|  Hikari Tsushin, Inc. | 100 | 27339 |
|  Hitachi Ltd. | 27040 | 760303 |
|  Honda Motor Co. Ltd. | 25148 | 256557 |
|  Hoshizaki Corp. | 656 | 24595 |
|  Hoya Corp. | 1940 | 230745 |
|  Hulic Co. Ltd. | 2500 | 25400 |
|  Idemitsu Kosan Co. Ltd. | 6660 | 40799 |
|  IHI Corp. | 800 | 77751 |
|  Inpex Corp. | 6400 | 86797 |
|  Isuzu Motors Ltd. | 3400 | 46300 |
|  ITOCHU Corp. | 6900 | 371146 |
|  Japan Airlines Co. Ltd. | 900 | 18282 |
|  Japan Exchange Group, Inc. | 6400 | 71119 |
|  Japan Post Bank Co. Ltd. | 11100 | 119991 |
|  Japan Post Holdings Co. Ltd. | 11899 | 117051 |
|  Japan Post Insurance Co. Ltd. | 1100 | 24279 |
|  Japan Tobacco, Inc. | 7229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222956 |
|  JFE Holdings, Inc. | 4500 | 53523 |
|  Kajima Corp. | 2200 | 54490 |
|  Kansai Electric Power Co., Inc. | 6100 | 69565 |
|  Kao Corp. | 2611 | 119867 |
|  Kawasaki Kisen Kaisha Ltd. | 2100 | 31771 |
|  KDDI Corp. | 18500 | 321286 |
|  Keyence Corp. | 1158 | 488807 |
|  Kikkoman Corp. | 5000 | 45954 |
|  Kirin Holdings Co. Ltd. | 5525 | 79557 |
|  Kobe Bussan Co. Ltd. | 800 | 25296 |
|  Komatsu Ltd. | 5500 | 169019 |
|  Konami Group Corp. | 500 | 68296 |
|  Kubota Corp. | 6600 | 76299 |
|  Kyocera Corp. | 7918 | 96929 |
|  Kyowa Kirin Co. Ltd. | 1200 | 19627 |
|  Lasertec Corp. | 462 | 46892 |
|  LY Corp. | 16300 | 59131 |
|  M3, Inc. | 2442 | 34578 |
|  Makita Corp. | 1400 | 43257 |
|  Marubeni Corp. | 7800 | 159637 |
|  MatsukiyoCocokara & Co. | 1800 | 36477 |
|  MEIJI Holdings Co. Ltd. | 1500 | 33618 |
|  MINEBEA MITSUMI, Inc. | 2800 | 39569 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Mitsubishi Chemical Group Corp. | 7800 | 41771 |
|  Mitsubishi Corp. | 19919 | 406284 |
|  Mitsubishi Electric Corp. | 11500 | 232086 |
|  Mitsubishi Estate Co. Ltd. | 6400 | 117463 |
|  Mitsubishi HC Capital, Inc. | 5700 | 41930 |
|  Mitsubishi Heavy Industries Ltd. | 18700 | 435612 |
|  Mitsubishi UFJ Financial Group, Inc. | 68000 | 957184 |
|  Mitsui & Co. Ltd. | 14600 | 307331 |
|  Mitsui Fudosan Co. Ltd. | 16413 | 158547 |
|  Mitsui OSK Lines Ltd. | 1900 | 67671 |
|  Mizuho Financial Group, Inc. | 14047 | 390674 |
|  MonotaRO Co. Ltd. | 1200 | 24868 |
|  MS&AD Insurance Group Holdings, Inc. | 7927 | 190387 |
|  Murata Manufacturing Co. Ltd. | 10365 | 153572 |
|  NEC Corp. | 7625 | 200567 |
|  Nexon Co. Ltd. | 1460 | 26502 |
|  Nidec Corp. | 4928 | 96235 |
|  Nintendo Co. Ltd. | 6586 | 541682 |
|  Nippon Building Fund, Inc. REIT | 53 | 48471 |
|  Nippon Paint Holdings Co. Ltd. | 7000 | 53000 |
|  Nippon Sanso Holdings Corp. | 1000 | 35971 |
|  Nippon Steel Corp. | 5110 | 103269 |
|  Nippon Telegraph & Telephone Corp. | 185700 | 207000 |
|  Nippon Yusen KK | 2400 | 87914 |
|  Nissan Motor Co. Ltd. \* | 12000 | 30764 |
|  Nissin Foods Holdings Co. Ltd. | 1745 | 37133 |
|  Nitori Holdings Co. Ltd. | 401 | 40046 |
|  Nitto Denko Corp. | 4300 | 79055 |
|  Nomura Holdings, Inc. | 18300 | 112970 |
|  Nomura Research Institute Ltd. | 2156 | 83576 |
|  NTT Data Group Corp. | 3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108141 |
|  Obayashi Corp. | 3700 | 56068 |
|  Obic Co. Ltd. | 2000 | 73206 |
|  Olympus Corp. | 6087 | 78470 |
|  Omron Corp. | 1100 | 28629 |
|  Ono Pharmaceutical Co. Ltd. | 1700 | 18495 |
|  Oracle Corp. | 200 | 23482 |
|  Oriental Land Co. Ltd. | 7025 | 156860 |
|  ORIX Corp. | 6284 | 133894 |
|  Osaka Gas Co. Ltd. | 1808 | 46150 |
|  Otsuka Corp. | 1216 | 25060 |
|  Otsuka Holdings Co. Ltd. | 2483 | 126829 |
|  Pan Pacific International Holdings Corp. | 2100 | 69161 |
|  Panasonic Holdings Corp. | 13481 | 156269 |
|  Rakuten Group, Inc. \* | 8800 | 48839 |
|  Recruit Holdings Co. Ltd. | 8200 | 495151 |
|  Renesas Electronics Corp. | 10465 | 129672 |
|  Resona Holdings, Inc. | 11900 | 105814 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **15** 

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Ricoh Co. Ltd. | 2761 | 25913 |
|  Sanrio Co. Ltd. | 1000 | 44074 |
|  SBI Holdings, Inc. | 2117 | 64571 |
|  SCREEN Holdings Co. Ltd. | 400 | 28771 |
|  SCSK Corp. | 900 | 27464 |
|  Secom Co. Ltd. | 2310 | 84569 |
|  Sekisui Chemical Co. Ltd. | 2200 | 38375 |
|  Sekisui House Ltd. | 3700 | 84416 |
|  Seven & i Holdings Co. Ltd. | 13083 | 197843 |
|  SG Holdings Co. Ltd. | 1900 | 18558 |
|  Shimadzu Corp. | 1400 | 33984 |
|  Shimano, Inc. | 453 | 64741 |
|  Shin-Etsu Chemical Co. Ltd. | 10595 | 341717 |
|  Shionogi & Co. Ltd. | 4327 | 72410 |
|  Shiseido Co. Ltd. | 1927 | 31203 |
|  SMC Corp. | 314 | 118163 |
|  SoftBank Corp. | 177900 | 273721 |
|  SoftBank Group Corp. | 5800 | 306899 |
|  Sompo Holdings, Inc. | 5100 | 155486 |
|  Sony Group Corp. | 36200 | 958491 |
|  Subaru Corp. | 3600 | 67024 |
|  Sumitomo Corp. | 6800 | 174944 |
|  Sumitomo Electric Industries Ltd. | 4200 | 88615 |
|  Sumitomo Metal Mining Co. Ltd. | 1528 | 35244 |
|  Sumitomo Mitsui Financial Group, Inc. | 21400 | 550262 |
|  Sumitomo Mitsui Trust Holdings, Inc. | 4320 | 117776 |
|  Sumitomo Realty & Development Co. Ltd. | 1656 | 63929 |
|  Suntory Beverage & Food Ltd. | 800 | 26080 |
|  Suzuki Motor Corp. | 9700 | 124878 |
|  Sysmex Corp. | 3600 | 60857 |
|  T&D Holdings, Inc. | 2500 | 57577 |
|  Taisei Corp. | 800 | 44772 |
|  Takeda Pharmaceutical Co. Ltd. | 9253 | 277407 |
|  TDK Corp. | 11775 | 130929 |
|  Terumo Corp. | 8200 | 151640 |
|  TIS, Inc. | 1000 | 32996 |
|  Toho Co. Ltd. | 700 | 37044 |
|  Tokio Marine Holdings, Inc. | 10953 | 465233 |
|  Tokyo Electron Ltd. | 2664 | 425810 |
|  Tokyo Gas Co. Ltd. | 1900 | 63974 |
|  Tokyo Metro Co. Ltd. | 1600 | 20220 |
|  Tokyu Corp. | 3400 | 41397 |
|  TOPPAN Holdings, Inc. | 1800 | 48160 |
|  Toray Industries, Inc. | 8547 | 59285 |
|  Toyota Industries Corp. | 900 | 113301 |
|  Toyota Motor Corp. | 55720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072231 |
|  Toyota Tsusho Corp. | 3800 | 81073 |
|  Trend Micro, Inc. | 786 | 59130 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Unicharm Corp. | 7115 | 56739 |
|  West Japan Railway Co. | 2441 | 52910 |
|  Yakult Honsha Co. Ltd. | 1200 | 24343 |
|  Yamaha Motor Co. Ltd. | 5900 | 45512 |
|  Yokogawa Electric Corp. | 1461 | 36034 |
|  Zensho Holdings Co. Ltd. | 600 | 32937 |
|  ZOZO, Inc. | 2199 | 23901 |
|  (Cost $17,060,308) |  | **24003827** |
|  **Kazakhstan – 0.0%** |  |  |
|  Solidcore Resources PLC \* (b) |  |  |
|  (Cost $24,991) | 1592 | **0** |
|  **Kuwait – 0.2%** |  |  |
|  Boubyan Bank KSCP | 7376 | 16153 |
|  Gulf Bank KSCP | 8088 | 8830 |
|  Kuwait Finance House KSCP | 65912 | 161102 |
|  Mabanee Co KPSC | 4089 | 11194 |
|  Mobile Telecommunications Co. KSCP | 10296 | 16005 |
|  National Bank of Kuwait SAKP | 49355 | 153767 |
|  (Cost $283,274) |  | **367051** |
|  **Luxembourg – 0.1%** |  |  |
|  ArcelorMittal SA | 2831 | 85890 |
|  CVC Capital Partners PLC, 144A | 1308 | 24312 |
|  Eurofins Scientific SE | 799 | 53291 |
|  Reinet Investments SCA | 851 | 23058 |
|  Tenaris SA | 2740 | 45952 |
|  (Cost $204,933) |  | **232503** |
|  **Macau – 0.0%** |  |  |
|  Sands China Ltd. \* |  |  |
|  (Cost $50,469) | 13486 | **26521** |
|  **Malaysia – 0.4%** |  |  |
|  AMMB Holdings Bhd | 23387 | 28791 |
|  Axiata Group Bhd | 11876 | 5720 |
|  Celcomdigi Bhd | 20644 | 18042 |
|  CIMB Group Holdings Bhd | 45418 | 73945 |
|  Gamuda Bhd | 35349 | 37952 |
|  Genting Bhd | 15600 | 10995 |
|  Hong Leong Bank Bhd | 3524 | 16210 |
|  IHH Healthcare Bhd | 19591 | 31758 |
|  IOI Corp. Bhd | 12200 | 10318 |
|  Kuala Lumpur Kepong Bhd | 2217 | 10146 |
|  Malayan Banking Bhd | 34323 | 78863 |
|  Maxis Bhd | 12100 | 10035 |
|  MISC Bhd | 5400 | 9540 |
|  MR DIY Group M Bhd, 144A | 17400 | 6459 |
|  Nestle Malaysia Bhd | 300 | 5540 |
|  Petronas Chemicals Group Bhd | 20457 | 16437 |
|  Petronas Dagangan Bhd | 1500 | 6942 |
|  Petronas Gas Bhd | 4241 | 17895 |
|  PPB Group Bhd | 2440 | 6466 |

---

See Notes to Financial Statements.

**16** \| DBX ETF Trust

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Press Metal Aluminium Holdings Bhd | 19400 | 22971 |
|  Public Bank Bhd | 87200 | 88296 |
|  QL Resources Bhd | 12700 | 13426 |
|  RHB Bank Bhd | 10331 | 15606 |
|  SD Guthrie Bhd | 12711 | 13378 |
|  Sime Darby Bhd | 25100 | 10025 |
|  Sunway Bhd | 11200 | 12499 |
|  Telekom Malaysia Bhd | 4400 | 6750 |
|  Tenaga Nasional Bhd | 16600 | 54599 |
|  YTL Corp. Bhd | 21000 | 8979 |
|  YTL Power International Bhd | 20000 | 15036 |
|  (Cost $642,305) |  | **663619** |
|  **Mexico – 0.6%** |  |  |
|  Alfa SAB de CV, Class A | 24891 | 19442 |
|  America Movil SAB de CV, Series B | 113367 | 95797 |
|  Arca Continental SAB de CV | 3188 | 35054 |
|  Cemex SAB de CV, Series CPO | 84089 | 57574 |
|  Coca-Cola Femsa SAB de CV | 3108 | 29519 |
|  Fibra Uno Administracion SA de CV REIT | 17569 | 24720 |
|  Fomento Economico Mexicano SAB de CV | 9354 | 99515 |
|  Gruma SAB de CV, Class B | 941 | 17733 |
|  Grupo Aeroportuario del Centro Norte SAB de CV | 1330 | 16449 |
|  Grupo Aeroportuario del Pacifico SAB de CV, Class B | 2382 | 54765 |
|  Grupo Aeroportuario del Sureste SAB de CV, Class B | 1404 | 45057 |
|  Grupo Bimbo SAB de CV, Series A | 6907 | 19304 |
|  Grupo Carso SAB de CV, Series A1 | 3612 | 23021 |
|  Grupo Comercial Chedraui SA de CV | 2588 | 18724 |
|  Grupo Financiero Banorte SAB de CV, Class O | 15424 | 136348 |
|  Grupo Financiero Inbursa SAB de CV, Class O | 11446 | 28686 |
|  Grupo Mexico SAB de CV, Series B | 18980 | 104059 |
|  Industrias Penoles SAB de CV \* | 1381 | 29188 |
|  Kimberly-Clark de Mexico SAB de CV, Class A | 8343 | 14818 |
|  Prologis Property Mexico SA de CV REIT | 6518 | 24952 |
|  Promotora y Operadora de Infraestructura SAB de CV | 1145 | 12855 |
|  Qualitas Controladora SAB de CV | 1567 | 16951 |
|  Wal-Mart de Mexico SAB de CV | 32425 | 106490 |
|  (Cost $835,381) |  | **1031021** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **Netherlands – 3.0%** |  |  |
|  ABN AMRO Bank NV, 144A | 3167 | 81880 |
|  Adyen NV, 144A \* | 148 | 283932 |
|  Aegon Ltd. | 8290 | 59358 |
|  Akzo Nobel NV | 1063 | 72371 |
|  Argenx SE \* | 375 | 215622 |
|  ASM International NV | 282 | 153567 |
|  ASML Holding NV | 2308 | 1713624 |
|  ASR Nederland NV | 870 | 55793 |
|  BE Semiconductor Industries NV | 474 | 57346 |
|  Euronext NV, 144A | 532 | 86622 |
|  EXOR NV | 592 | 57001 |
|  Ferrovial SE | 3182 | 162007 |
|  Heineken Holding NV | 760 | 59198 |
|  Heineken NV | 1735 | 154488 |
|  IMCD NV | 315 | 42741 |
|  ING Groep NV | 18575 | 393980 |
|  JDE Peet's NV | 579 | 15923 |
|  Koninklijke Ahold Delhaize NV | 5588 | 235903 |
|  Koninklijke KPN NV | 23955 | 112552 |
|  Koninklijke Philips NV | 5036 | 115792 |
|  Nebius Group N.V., Class A \* (b) | 1576 | 0 |
|  NEPI Rockcastle NV \* | 4060 | 31222 |
|  NN Group NV | 1601 | 100746 |
|  Prosus NV \* | 7900 | 405447 |
|  QIAGEN NV \* | 1362 | 61473 |
|  Randstad NV | 768 | 32230 |
|  Stellantis NV | 10590 | 107799 |
|  Universal Music Group NV | 6374 | 203804 |
|  Wolters Kluwer NV | 1433 | 254316 |
|  (Cost $3,749,037) |  | **5326737** |
|  **New Zealand – 0.2%** |  |  |
|  Auckland International Airport Ltd. | 10672 | 48146 |
|  Contact Energy Ltd. | 5093 | 27877 |
|  Fisher & Paykel Healthcare Corp. Ltd. | 3453 | 75312 |
|  Infratil Ltd. | 5724 | 36068 |
|  Meridian Energy Ltd. | 8233 | 27009 |
|  Xero Ltd. \* | 779 | 92540 |
|  (Cost $251,283) |  | **306952** |
|  **Norway – 0.4%** |  |  |
|  Aker BP ASA | 1863 | 42891 |
|  DNB Bank ASA | 5302 | 141959 |
|  Equinor ASA | 5024 | 117880 |
|  Gjensidige Forsikring ASA | 1091 | 27619 |
|  Kongsberg Gruppen ASA | 500 | 88073 |
|  Mowi ASA | 2672 | 49894 |
|  Norsk Hydro ASA | 7755 | 42515 |
|  Orkla ASA | 4610 | 52209 |
|  Salmar ASA | 500 | 22288 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **17** 

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Telenor ASA | 3581 | 54939 |
|  Yara International ASA | 1190 | 42669 |
|  (Cost $562,677) |  | **682936** |
|  **Peru – 0.1%** |  |  |
|  Cia de Minas Buenaventura SAA, ADR | 1258 | 18845 |
|  Credicorp Ltd. | 397 | 84088 |
|  (Cost $81,397) |  | **102933** |
|  **Philippines – 0.1%** |  |  |
|  Ayala Corp. | 1320 | 13722 |
|  Ayala Land, Inc. | 41600 | 17148 |
|  Bank of the Philippine Islands | 11915 | 29705 |
|  BDO Unibank, Inc. | 14492 | 41818 |
|  International Container Terminal Services, Inc. | 7460 | 54818 |
|  Jollibee Foods Corp. | 1940 | 7754 |
|  Manila Electric Co. | 1820 | 17941 |
|  Metropolitan Bank & Trust Co. | 10741 | 14159 |
|  PLDT, Inc. | 455 | 9916 |
|  SM Investments Corp. | 1065 | 15938 |
|  SM Prime Holdings, Inc. | 65700 | 26553 |
|  (Cost $229,091) |  | **249472** |
|  **Poland – 0.3%** |  |  |
|  Allegro.eu SA, 144A \* | 3684 | 33902 |
|  Bank Millennium SA \* | 4264 | 16564 |
|  Bank Polska Kasa Opieki SA | 1140 | 56131 |
|  Budimex SA \* | 97 | 16166 |
|  CCC SA \* | 307 | 17913 |
|  CD Projekt SA | 404 | 23940 |
|  Dino Polska SA, 144A \* | 316 | 46399 |
|  InPost SA \* | 1212 | 19927 |
|  KGHM Polska Miedz SA | 929 | 30503 |
|  LPP SA | 6 | 23115 |
|  mBank SA \* | 107 | 23441 |
|  ORLEN SA | 3189 | 62654 |
|  PGE Polska Grupa Energetyczna SA \* | 5529 | 13793 |
|  Powszechna Kasa Oszczednosci Bank Polski SA | 5338 | 107357 |
|  Powszechny Zaklad Ubezpieczen SA | 3845 | 62846 |
|  Santander Bank Polska SA | 253 | 33836 |
|  (Cost $430,473) |  | **588487** |
|  **Portugal – 0.1%** |  |  |
|  EDP SA | 20509 | 81737 |
|  Galp Energia SGPS SA | 2834 | 45195 |
|  Jeronimo Martins SGPS SA | 1478 | 37189 |
|  (Cost $150,197) |  | **164121** |
|  **Qatar – 0.2%** |  |  |
|  Al Rayan Bank | 37307 | 22931 |
|  Barwa Real Estate Co. | 7266 | 5747 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Commercial Bank PSQC | 17134 | 21642 |
|  Dukhan Bank | 10103 | 9995 |
|  Industries Qatar QSC | 7879 | 25643 |
|  Mesaieed Petrochemical Holding Co. | 25772 | 9443 |
|  Ooredoo QPSC | 5108 | 17326 |
|  Qatar Electricity & Water Co. QSC | 2691 | 11707 |
|  Qatar Fuel QSC | 2870 | 11824 |
|  Qatar Gas Transport Co. Ltd. | 15797 | 20782 |
|  Qatar International Islamic Bank QSC | 7580 | 21880 |
|  Qatar Islamic Bank QPSC | 12137 | 70335 |
|  Qatar National Bank QPSC | 26393 | 122868 |
|  (Cost $337,438) |  | **372123** |
|  **Russia – 0.0%** |  |  |
|  Alrosa PJSC \* (b) | 15266 | 0 |
|  Gazprom PJSC \* (b) | 63321 | 0 |
|  GMK Norilskiy Nickel PAO \* (b) | 35200 | 0 |
|  Inter RAO UES PJSC \* (b) | 208853 | 0 |
|  LUKOIL PJSC \* (b) | 2194 | 0 |
|  Magnit PJSC \* (b) | 443 | 0 |
|  Mobile TeleSystems PJSC, ADR \* (b) | 3019 | 0 |
|  Moscow Exchange MICEX-RTS PJSC \* (b) | 8105 | 0 |
|  Novatek PJSC \* (b) | 5150 | 0 |
|  Novolipetsk Steel PJSC \* (b) | 7219 | 0 |
|  Ozon Holdings PLC, ADR \* (b) | 322 | 0 |
|  PhosAgro PJSC \* (b) | 217 | 0 |
|  PhosAgro PJSC, GDR \* (b) | 4 | 0 |
|  Polyus PJSC \* (b) | 2040 | 0 |
|  Rosneft Oil Co. PJSC \* (b) | 6103 | 0 |
|  Sberbank of Russia PJSC \* (b) | 57586 | 0 |
|  Severstal PAO \* (b) | 1243 | 0 |
|  Surgutneftegas PAO \* (b) | 29592 | 0 |
|  Tatneft PJSC \* (b) | 7874 | 0 |
|  TKS Holding MKPAO JSC \* (b) | 70 | 0 |
|  United Co. RUSAL International PJSC \* (b) | 21438 | 0 |
|  VK IPJSC \* (b) | 417 | 0 |
|  VK IPJSC, GDR \* (b) | 35 | 0 |
|  VTB Bank PJSC \* (b) | 3389 | 0 |
|  X5 Retail Group NV, GDR \* (b) | 635 | 0 |
|  (Cost $1,047,597) |  | **0** |
|  **Saudi Arabia – 1.0%** |  |  |
|  ACWA Power Co. \* | 942 | 65032 |
|  Ades Holding Co. | 1878 | 6988 |
|  Al Rajhi Bank | 12294 | 298531 |
|  Al Rajhi Co. For Co.-Operative Insurance \* | 183 | 5512 |
|  Alinma Bank | 7011 | 48308 |
|  Almarai Co. JSC | 3368 | 46054 |

---

See Notes to Financial Statements.

**18** \| DBX ETF Trust

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Arab National Bank | 7057 | 40743 |
|  Arabian Internet & Communications Services Co. | 132 | 9261 |
|  Bank AlBilad | 3892 | 26817 |
|  Bank Al-Jazira \* | 3888 | 13244 |
|  Banque Saudi Fransi | 6861 | 31602 |
|  Bupa Arabia for Cooperative Insurance Co. | 387 | 17227 |
|  Co. for Cooperative Insurance | 415 | 15332 |
|  Dallah Healthcare Co. | 193 | 6101 |
|  Dar Al Arkan Real Estate Development Co. \* | 3148 | 16799 |
|  Dr Sulaiman Al Habib Medical Services Group Co. | 449 | 31332 |
|  Elm Co. | 152 | 41496 |
|  Etihad Etisalat Co. | 2089 | 33186 |
|  Jarir Marketing Co. | 3200 | 10969 |
|  Mouwasat Medical Services Co. | 497 | 9618 |
|  Nahdi Medical Co. | 215 | 6992 |
|  Riyad Bank | 10107 | 78261 |
|  SABIC Agri-Nutrients Co. | 1850 | 47290 |
|  Sahara International Petrochemical Co. | 1801 | 9073 |
|  SAL Saudi Logistics Services | 155 | 7354 |
|  Saudi Arabian Mining Co. \* | 7474 | 101602 |
|  Saudi Arabian Oil Co., 144A | 36981 | 246431 |
|  Saudi Aramco Base Oil Co. | 330 | 8761 |
|  Saudi Awwal Bank | 7358 | 66193 |
|  Saudi Basic Industries Corp. | 6126 | 90951 |
|  Saudi Electricity Co. | 3192 | 12048 |
|  Saudi Industrial Investment Group | 1873 | 8257 |
|  Saudi Investment Bank | 3382 | 13342 |
|  Saudi Kayan Petrochemical Co. \* | 4663 | 6252 |
|  Saudi National Bank | 18362 | 169835 |
|  Saudi Research & Media Group \* | 223 | 8524 |
|  Saudi Tadawul Group Holding Co. | 210 | 9784 |
|  Saudi Telecom Co. | 12736 | 142241 |
|  Yanbu National Petrochemical Co. | 1411 | 11208 |
|  (Cost $1,728,236) |  | **1818551** |
|  **Singapore – 1.2%** |  |  |
|  BOC Aviation Ltd., 144A | 1235 | 9994 |
|  CapitaLand Ascendas REIT | 21708 | 44603 |
|  CapitaLand Integrated |  |  |
|  Commercial Trust REIT | 32107 | 52028 |
|  CapitaLand Investment Ltd. | 15057 | 29419 |
|  DBS Group Holdings Ltd. | 12246 | 424610 |
|  Genting Singapore Ltd. | 46800 | 25037 |
|  Grab Holdings Ltd., Class A \* | 13590 | 66183 |
|  Keppel Ltd. | 9000 | 47381 |
|  Oversea-Chinese Banking Corp. Ltd. | 20766 | 261316 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Sea Ltd., ADR \* | 2217 | 355540 |
|  Sembcorp Industries Ltd. | 3300 | 16938 |
|  Singapore Airlines Ltd. | 6750 | 37315 |
|  Singapore Exchange Ltd. | 4693 | 51015 |
|  Singapore Technologies Engineering Ltd. | 9930 | 60208 |
|  Singapore Telecommunications Ltd. | 45700 | 135001 |
|  Trip.com Group Ltd. | 3574 | 225167 |
|  United Overseas Bank Ltd. | 7922 | 217498 |
|  Wilmar International Ltd. | 11737 | 27756 |
|  (Cost $1,528,646) |  | **2087009** |
|  **South Africa – 0.8%** |  |  |
|  Absa Group Ltd. | 5163 | 49762 |
|  Aspen Pharmacare Holdings Ltd. | 2212 | 14902 |
|  Bid Corp. Ltd. | 2113 | 55969 |
|  Bidvest Group Ltd. | 1829 | 24776 |
|  Capitec Bank Holdings Ltd. | 534 | 102343 |
|  Clicks Group Ltd. | 1234 | 26638 |
|  Discovery Ltd. | 3186 | 38638 |
|  FirstRand Ltd. | 30778 | 127528 |
|  Gold Fields Ltd. | 5337 | 120306 |
|  Harmony Gold Mining Co. Ltd. | 3444 | 48981 |
|  Impala Platinum Holdings Ltd. \* | 6008 | 43139 |
|  Kumba Iron Ore Ltd. | 437 | 7161 |
|  MTN Group Ltd. | 10018 | 69637 |
|  Naspers Ltd., Class N | 949 | 272514 |
|  Nedbank Group Ltd. | 2812 | 39954 |
|  Old Mutual Ltd. | 29600 | 19209 |
|  OUTsurance Group Ltd. | 6011 | 25388 |
|  Pepkor Holdings Ltd., 144A | 11416 | 18531 |
|  Remgro Ltd. | 3631 | 32202 |
|  Sanlam Ltd. | 10396 | 51233 |
|  Sasol Ltd. \* | 3517 | 15885 |
|  Shoprite Holdings Ltd. | 3360 | 54562 |
|  Standard Bank Group Ltd. | 6405 | 83075 |
|  Valterra Platinum Ltd. | 506 | 19830 |
|  Vodacom Group Ltd. | 2978 | 22815 |
|  Woolworths Holdings Ltd. | 6047 | 19705 |
|  (Cost $1,148,089) |  | **1404683** |
|  **South Korea – 2.6%** |  |  |
|  Alteogen, Inc. \* | 240 | 57404 |
|  Amorepacific Corp. | 157 | 15214 |
|  Celltrion, Inc. | 1022 | 119259 |
|  CJ CheilJedang Corp. | 38 | 6376 |
|  Coway Co. Ltd. | 301 | 19395 |
|  DB Insurance Co. Ltd. | 263 | 19157 |
|  Doosan Bobcat, Inc. | 160 | 5450 |
|  Doosan Enerbility Co. Ltd. \* | 3020 | 88321 |
|  Ecopro BM Co. Ltd. \* | 246 | 15993 |
|  Ecopro Co. Ltd. | 529 | 16410 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **19** 

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Hana Financial Group, Inc. | 1676 | 88313 |
|  Hanjin Kal Corp. | 155 | 15874 |
|  Hankook Tire & Technology Co. Ltd. | 342 | 9543 |
|  Hanmi Semiconductor Co. Ltd. | 251 | 14627 |
|  Hanwha Aerospace Co. Ltd. | 215 | 126379 |
|  Hanwha Ocean Co. Ltd. \* | 673 | 38047 |
|  Hanwha Systems Co. Ltd. | 510 | 16782 |
|  HD Hyundai Co. Ltd. | 267 | 21616 |
|  HD Hyundai Electric Co. Ltd. | 144 | 39556 |
|  HD Hyundai Heavy Industries Co. Ltd. \* | 122 | 35856 |
|  HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 279 | 64002 |
|  HLB, Inc. \* | 676 | 26752 |
|  HMM Co. Ltd. | 1687 | 26044 |
|  HYBE Co. Ltd. \* | 180 | 34703 |
|  Hyundai Glovis Co. Ltd. | 217 | 17836 |
|  Hyundai Mobis Co. Ltd. | 329 | 60330 |
|  Hyundai Motor Co. | 851 | 114293 |
|  Hyundai Rotem Co. Ltd. | 573 | 60801 |
|  Industrial Bank of Korea | 1244 | 14192 |
|  Kakao Corp. | 1712 | 52984 |
|  KakaoBank Corp. | 701 | 11940 |
|  KB Financial Group, Inc. | 2317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175156 |
|  Kia Corp. | 1453 | 94150 |
|  Korea Aerospace Industries Ltd. | 404 | 24480 |
|  Korea Electric Power Corp. | 1465 | 32226 |
|  Korea Investment Holdings Co. Ltd. | 306 | 23953 |
|  Korea Zinc Co. Ltd. | 42 | 22253 |
|  Korean Air Lines Co. Ltd. | 983 | 16031 |
|  Krafton, Inc. \* | 155 | 41455 |
|  KT&G Corp. | 644 | 56106 |
|  LG Chem Ltd. | 290 | 41471 |
|  LG Corp. | 544 | 27994 |
|  LG Display Co. Ltd. \* | 1760 | 10983 |
|  LG Electronics, Inc. | 583 | 30044 |
|  LG Energy Solution Ltd. \* | 259 | 53688 |
|  LG H&H Co. Ltd. | 41 | 9688 |
|  LG Innotek Co. Ltd. | 79 | 8297 |
|  LG Uplus Corp. | 922 | 8554 |
|  LS Electric Co. Ltd. | 154 | 28184 |
|  Meritz Financial Group, Inc. | 541 | 43799 |
|  Mirae Asset Securities Co. Ltd. | 1783 | 20095 |
|  NAVER Corp. | 878 | 119319 |
|  NH Investment & Securities Co. Ltd. | 1593 | 19905 |
|  Orion Corp. | 110 | 8802 |
|  POSCO Future M Co. Ltd. \* | 176 | 14874 |
|  POSCO Holdings, Inc. | 433 | 78459 |
|  Posco International Corp. | 477 | 16958 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Samsung Biologics Co. Ltd., 144A \* | 96 | 71807 |
|  Samsung C&T Corp. | 454 | 49293 |
|  Samsung Electro-Mechanics Co. Ltd. | 331 | 29317 |
|  Samsung Electronics Co. Ltd. | 27538 | 1121719 |
|  Samsung Fire & Marine Insurance Co. Ltd. | 170 | 49841 |
|  Samsung Heavy Industries Co. Ltd. \* | 3612 | 44244 |
|  Samsung Life Insurance Co. Ltd. | 413 | 29605 |
|  Samsung SDI Co. Ltd. | 348 | 42601 |
|  Samsung SDS Co. Ltd. | 242 | 22837 |
|  Samyang Foods Co. Ltd. | 23 | 18521 |
|  Shinhan Financial Group Co. Ltd. | 2482 | 104519 |
|  SK Biopharmaceuticals Co. Ltd. \* | 140 | 9437 |
|  SK Hynix, Inc. | 3144 | 466006 |
|  SK Innovation Co. Ltd. | 333 | 21601 |
|  SK Square Co. Ltd. \* | 536 | 44599 |
|  SK Telecom Co. Ltd. | 188 | 7017 |
|  SK, Inc. | 186 | 22069 |
|  SKC Co. Ltd. \* | 106 | 6845 |
|  S-Oil Corp. | 343 | 13524 |
|  Woori Financial Group, Inc. | 3509 | 49010 |
|  Yuhan Corp. | 390 | 29482 |
|  (Cost $3,404,198) |  | **4534267** |
|  **Spain – 2.0%** |  |  |
|  Acciona SA | 162 | 26120 |
|  ACS Actividades de Construccion y Servicios SA | 1053 | 69167 |
|  Aena SME SA, 144A | 471 | 126747 |
|  Amadeus IT Group SA | 2831 | 235877 |
|  Banco Bilbao Vizcaya Argentaria SA | 35181 | 527690 |
|  Banco de Sabadell SA | 27639 | 88029 |
|  Banco Santander SA | 89970 | 718262 |
|  Bankinter SA | 4166 | 53641 |
|  CaixaBank SA | 22233 | 189031 |
|  Cellnex Telecom SA, 144A \* | 2677 | 102495 |
|  EDP Renovaveis SA | 1787 | 17937 |
|  Endesa SA | 1994 | 60859 |
|  Grifols SA \* | 1866 | 20065 |
|  Iberdrola SA | 34996 | 638959 |
|  Industria de Diseno Textil SA | 6574 | 356204 |
|  Redeia Corp. SA | 2510 | 51870 |
|  Repsol SA | 7391 | 99488 |
|  Telefonica SA | 20480 | 109573 |
|  (Cost $2,246,629) |  | **3492014** |
|  **Sweden – 2.3%** |  |  |
|  AddTech AB, Class B | 1530 | 52570 |
|  Alfa Laval AB | 1671 | 71062 |
|  Assa Abloy AB, Class B | 6096 | 193239 |

---

See Notes to Financial Statements.

**20** \| DBX ETF Trust

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Atlas Copco AB, Class A | 16713 | 268295 |
|  Atlas Copco AB, Class B | 9635 | 137234 |
|  Beijer Ref AB | 2158 | 31851 |
|  Boliden AB \* | 1671 | 52272 |
|  Epiroc AB, Class A | 4156 | 92987 |
|  Epiroc AB, Class B | 2474 | 48386 |
|  EQT AB | 2207 | 64596 |
|  Essity AB, Class B | 3661 | 107039 |
|  Evolution AB, 144A | 774 | 53123 |
|  Fastighets AB Balder, Class B \* | 4001 | 28037 |
|  H & M Hennes & Mauritz AB, Class B | 3246 | 46488 |
|  Hexagon AB, Class B | 13054 | 131535 |
|  Holmen AB, Class B | 450 | 18588 |
|  Industrivarden AB, Class A | 764 | 27685 |
|  Industrivarden AB, Class C | 1087 | 39265 |
|  Indutrade AB | 1577 | 42736 |
|  Investment AB Latour, Class B | 931 | 24550 |
|  Investor AB, Class B | 10410 | 306427 |
|  L E Lundbergforetagen AB, Class B | 472 | 24105 |
|  Lifco AB, Class B | 1328 | 54079 |
|  Nibe Industrier AB, Class B | 8739 | 35797 |
|  Saab AB, Class B | 1916 | 96840 |
|  Sagax AB, Class B | 1140 | 24948 |
|  Sandvik AB | 6510 | 142193 |
|  Securitas AB, Class B | 3060 | 45244 |
|  Skandinaviska Enskilda Banken AB, Class A | 9681 | 161519 |
|  Skanska AB, Class B | 1982 | 47116 |
|  SKF AB, Class B | 1939 | 42635 |
|  Spotify Technology SA \* | 902 | 599956 |
|  Svenska Cellulosa AB SCA, Class B | 3764 | 50903 |
|  Svenska Handelsbanken AB, Class A | 9509 | 127009 |
|  Swedbank AB, Class A | 5469 | 148035 |
|  Swedish Orphan Biovitrum AB \* | 1088 | 33274 |
|  Tele2 AB, Class B | 3631 | 54331 |
|  Telefonaktiebolaget LM Ericsson, Class B | 16463 | 139920 |
|  Telia Co. AB | 15545 | 60059 |
|  Trelleborg AB, Class B | 1310 | 47989 |
|  Volvo AB, Class B | 9315 | 258357 |
|  (Cost $3,224,794) |  | **4032274** |
|  **Switzerland – 6.3%** |  |  |
|  ABB Ltd. | 9351 | 528792 |
|  Alcon, Inc. | 2926 | 251359 |
|  Avolta AG \* | 579 | 31011 |
|  Baloise Holding AG | 293 | 69494 |
|  Banque Cantonale Vaudoise | 186 | 21515 |
|  Barry Callebaut AG | 17 | 17423 |
|  BKW AG | 156 | 32773 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 11 | 176829 |
|  Cie Financiere Richemont SA, Class A | 3125 | 587978 |
|  Coca-Cola HBC AG \* | 1234 | 64211 |
|  DSM-Firmenich AG | 1179 | 131219 |
|  EMS-Chemie Holding AG | 51 | 38730 |
|  Galderma Group AG | 530 | 69357 |
|  Geberit AG | 209 | 155671 |
|  Givaudan SA | 54 | 270853 |
|  Glencore PLC \* | 58388 | 222948 |
|  Helvetia Holding AG | 242 | 57280 |
|  Holcim AG \* | 3141 | 347380 |
|  Julius Baer Group Ltd. | 1174 | 77202 |
|  Kuehne + Nagel International AG | 315 | 70827 |
|  Logitech International SA | 897 | 74594 |
|  Lonza Group AG | 423 | 292554 |
|  Nestle SA | 15419 | 1643070 |
|  Novartis AG | 11257 | 1286143 |
|  Partners Group Holding AG | 136 | 182105 |
|  Roche Holding AG | 4163 | 1342985 |
|  Roche Holding AG | 188 | 63961 |
|  Sandoz Group AG | 2624 | 133049 |
|  Schindler Holding AG | 157 | 53796 |
|  Schindler Holding AG Participation Certificates | 280 | 99480 |
|  SGS SA | 935 | 97454 |
|  SIG Group AG \* | 1730 | 35315 |
|  Sika AG | 957 | 255471 |
|  Sonova Holding AG | 314 | 98282 |
|  STMicroelectronics NV | 2677 | 67190 |
|  STMicroelectronics NV, Class Y | 1046 | 26161 |
|  Straumann Holding AG | 681 | 87338 |
|  Swatch Group AG – Bearer | 179 | 30134 |
|  Swiss Life Holding AG | 176 | 175658 |
|  Swiss Prime Site AG | 578 | 82100 |
|  Swiss Re AG | 1828 | 322621 |
|  Swisscom AG | 169 | 116123 |
|  Temenos AG | 315 | 23367 |
|  UBS Group AG | 19135 | 608925 |
|  VAT Group AG, 144A | 159 | 60412 |
|  Zurich Insurance Group AG | 872 | 611566 |
|  (Cost $8,273,131) |  | **11092706** |
|  **Taiwan – 5.1%** |  |  |
|  Accton Technology Corp. | 2774 | 68960 |
|  Acer, Inc. | 18006 | 20849 |
|  Advantech Co. Ltd. | 2495 | 28473 |
|  Airtac International Group | 754 | 23474 |
|  Alchip Technologies Ltd. | 412 | 38631 |
|  ASE Technology Holding Co. Ltd. | 21264 | 97917 |
|  Asia Cement Corp. | 11867 | 16572 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **21** 

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Asia Vital Components Co. Ltd. | 1803 | 37301 |
|  Asustek Computer, Inc. | 3902 | 81377 |
|  AUO Corp. \* | 37980 | 16285 |
|  Catcher Technology Co. Ltd. | 3236 | 22676 |
|  Cathay Financial Holding Co. Ltd. | 60200 | 120125 |
|  Chailease Holding Co. Ltd. | 8109 | 32876 |
|  Chang Hwa Commercial Bank Ltd. | 45387 | 27639 |
|  Cheng Shin Rubber Industry Co. Ltd. | 9594 | 16263 |
|  China Airlines Ltd. | 17656 | 13050 |
|  China Steel Corp. | 60130 | 39627 |
|  Chunghwa Telecom Co. Ltd. | 22197 | 95918 |
|  Compal Electronics, Inc. | 42255 | 40607 |
|  CTBC Financial Holding Co. Ltd. | 101756 | 138703 |
|  Delta Electronics, Inc. | 11859 | 147998 |
|  E Ink Holdings, Inc. | 4419 | 31260 |
|  E.Sun Financial Holding Co. Ltd. | 82557 | 82093 |
|  Eclat Textile Co. Ltd. \* | 1052 | 15147 |
|  Elite Material Co. Ltd. | 2042 | 51036 |
|  eMemory Technology, Inc. | 312 | 25038 |
|  Eva Airways Corp. | 15674 | 21365 |
|  Evergreen Marine Corp. Taiwan Ltd. | 5708 | 46569 |
|  Far Eastern New Century Corp. | 19992 | 21881 |
|  Far EasTone Telecommunications Co. Ltd. | 15025 | 43368 |
|  Feng TAY Enterprise Co. Ltd. | 2494 | 10111 |
|  First Financial Holding Co. Ltd. | 70723 | 63836 |
|  Formosa Chemicals & Fibre Corp. | 18084 | 14452 |
|  Formosa Plastics Corp. | 21207 | 24555 |
|  Fortune Electric Co. Ltd. | 697 | 10687 |
|  Fubon Financial Holding Co. Ltd. | 50186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133300 |
|  Gigabyte Technology Co. Ltd. | 2797 | 25759 |
|  Global Unichip Corp. | 512 | 19904 |
|  Globalwafers Co. Ltd. | 1991 | 20927 |
|  Hon Hai Precision Industry Co. Ltd. | 71598 | 372701 |
|  Hotai Motor Co. Ltd. | 2030 | 43217 |
|  Hua Nan Financial Holdings Co. Ltd. | 58128 | 51012 |
|  Innolux Corp. | 39143 | 15935 |
|  International Games System Co. Ltd. | 1110 | 31224 |
|  Inventec Corp. | 19349 | 27214 |
|  Jentech Precision Industrial Co. Ltd. | 517 | 23376 |
|  KGI Financial Holding Co. Ltd. | 91491 | 52815 |
|  Largan Precision Co. Ltd. | 566 | 43722 |
|  Lite-On Technology Corp. | 11131 | 37699 |
|  Lotes Co. Ltd. | 502 | 22027 |
|  MediaTek, Inc. | 9174 | 385713 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Mega Financial Holding Co. Ltd. | 67454 | 89245 |
|  Micro-Star International Co. Ltd. | 4202 | 19981 |
|  Nan Ya Plastics Corp. | 31331 | 29953 |
|  Nien Made Enterprise Co. Ltd. | 740 | 10692 |
|  Novatek Microelectronics Corp. | 3526 | 60711 |
|  Pegatron Corp. | 9681 | 27103 |
|  PharmaEssentia Corp. \* | 1065 | 17769 |
|  Pou Chen Corp. | 28351 | 29516 |
|  President Chain Store Corp. | 2846 | 24264 |
|  Quanta Computer, Inc. \* | 16966 | 153704 |
|  Realtek Semiconductor Corp. | 2711 | 48940 |
|  Ruentex Development Co. Ltd. | 9137 | 9116 |
|  Shanghai Commercial & Savings Bank Ltd. | 33649 | 52267 |
|  Shin Kong Financial Holding Co. Ltd. \* | 92752 | 37295 |
|  SinoPac Financial Holdings Co. Ltd. | 65079 | 49838 |
|  Synnex Technology International Corp. | 6351 | 15089 |
|  Taishin Financial Holding Co. Ltd. | 61346 | 35106 |
|  Taiwan Business Bank | 36232 | 17833 |
|  Taiwan Cooperative Financial Holding Co. Ltd. | 69157 | 55384 |
|  Taiwan High Speed Rail Corp. | 9687 | 8873 |
|  Taiwan Mobile Co. Ltd. | 13484 | 51293 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 145913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4708206 |
|  TCC Group Holdings Co. Ltd. | 40655 | 39816 |
|  Unimicron Technology Corp. | 6931 | 24515 |
|  Uni-President Enterprises Corp. | 28405 | 75447 |
|  United Microelectronics Corp. | 65693 | 102479 |
|  Vanguard International Semiconductor Corp. | 5210 | 14534 |
|  Voltronic Power Technology Corp. | 330 | 14866 |
|  Wan Hai Lines Ltd. | 4590 | 16541 |
|  Wistron Corp. | 14896 | 57907 |
|  Wiwynn Corp. | 564 | 45544 |
|  WPG Holdings Ltd. | 9332 | 21922 |
|  Yageo Corp. | 2234 | 36527 |
|  Yang Ming Marine Transport Corp. | 9320 | 24755 |
|  Yuanta Financial Holding Co. Ltd. | 57331 | 59974 |
|  Zhen Ding Technology Holding Ltd. | 3857 | 13256 |
|  (Cost $4,562,920) |  | **8993525** |
|  **Thailand – 0.3%** |  |  |
|  Advanced Info Service PCL, NVDR | 4300 | 37463 |
|  Airports of Thailand PCL, NVDR | 26730 | 27074 |
|  Bangkok Dusit Medical Services PCL, NVDR | 64400 | 42178 |

---

See Notes to Financial Statements.

**22** \| DBX ETF Trust

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Bumrungrad Hospital PCL, |  |  |
|  NVDR | 5100 | 21750 |
|  Central Pattana PCL, NVDR | 11600 | 16078 |
|  Charoen Pokphand Foods PCL, NVDR | 25100 | 18733 |
|  CP ALL PCL, NVDR | 34500 | 49395 |
|  CP AXTRA PCL | 18581 | 10641 |
|  Delta Electronics Thailand PCL, NVDR | 18900 | 59877 |
|  Gulf Development PCL \* | 27838 | 38160 |
|  Home Product Center PCL, NVDR | 30500 | 7154 |
|  Kasikornbank PCL, NVDR | 4600 | 21579 |
|  Krung Thai Bank PCL, NVDR | 27700 | 18732 |
|  Minor International PCL, NVDR | 20194 | 15256 |
|  PTT Exploration & Production PCL, NVDR | 8793 | 26250 |
|  PTT Oil & Retail Business PCL, NVDR | 17400 | 6255 |
|  PTT PCL, NVDR | 66800 | 60538 |
|  SCB X PCL, NVDR | 7700 | 27795 |
|  Siam Cement PCL | 6000 | 30340 |
|  TMBThanachart Bank PCL, NVDR | 305800 | 17886 |
|  True Corp. PCL, NVDR \* | 69212 | 26354 |
|  (Cost $661,431) |  | **579488** |
|  **Turkey – 0.1%** |  |  |
|  Akbank TAS | 17062 | 22168 |
|  Aselsan Elektronik Sanayi Ve Ticaret AS | 10909 | 36054 |
|  BIM Birlesik Magazalar AS | 2601 | 31572 |
|  Coca-Cola Icecek AS | 6391 | 7947 |
|  Eregli Demir ve Celik Fabrikalari TAS \* | 17774 | 10624 |
|  Ford Otomotiv Sanayi AS | 3010 | 6152 |
|  Haci Omer Sabanci Holding AS | 7349 | 14487 |
|  KOC Holding AS | 5267 | 19032 |
|  Pegasus Hava Tasimaciligi AS \* | 1372 | 8439 |
|  Sasa Polyester Sanayi AS \* | 57848 | 4839 |
|  Turk Hava Yollari AO \* | 3451 | 24047 |
|  Turkcell Iletisim Hizmetleri AS | 9584 | 23181 |
|  Turkiye Is Bankasi AS, Class C | 48161 | 13203 |
|  Turkiye Petrol Rafinerileri AS | 5789 | 18306 |
|  Turkiye Sise ve Cam Fabrikalari AS | 9429 | 7935 |
|  Yapi ve Kredi Bankasi AS \* | 14459 | 9388 |
|  (Cost $246,669) |  | **257374** |
|  **United Arab Emirates – 0.5%** |  |  |
|  Abu Dhabi Commercial Bank PJSC | 20051 | 65945 |
|  Abu Dhabi Islamic Bank PJSC | 9407 | 49122 |
|  Abu Dhabi National Oil Co. for Distribution PJSC | 15036 | 14860 |
|  ADNOC Drilling Co. PJSC | 18107 | 25881 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Adnoc Gas PLC | 34516 | 30823 |
|  Aldar Properties PJSC | 23083 | 52224 |
|  Americana Restaurants International PLC – Foreign Co. | 14047 | 7802 |
|  Dubai Electricity & Water Authority PJSC | 32203 | 23935 |
|  Dubai Islamic Bank PJSC | 23280 | 52290 |
|  Emaar Development PJSC | 5442 | 19854 |
|  Emaar Properties PJSC | 42273 | 151345 |
|  Emirates NBD Bank PJSC | 12978 | 79147 |
|  Emirates Telecommunications Group Co. PJSC | 20327 | 95077 |
|  First Abu Dhabi Bank PJSC | 25639 | 112385 |
|  Multiply Group PJSC \* | 20274 | 12861 |
|  Salik Co PJSC | 10937 | 17032 |
|  (Cost $626,377) |  | **810583** |
|  **United Kingdom – 8.8%** |  |  |
|  3i Group PLC | 5832 | 319968 |
|  Admiral Group PLC | 1613 | 72805 |
|  Anglo American PLC \* | 7848 | 233157 |
|  Anglogold Ashanti PLC | 2950 | 126317 |
|  Ashtead Group PLC | 2640 | 154196 |
|  Associated British Foods PLC | 2124 | 59611 |
|  AstraZeneca PLC | 9177 | 1325490 |
|  Auto Trader Group PLC, 144A | 5790 | 61941 |
|  Aviva PLC | 15791 | 129911 |
|  BAE Systems PLC | 17482 | 447887 |
|  Barclays PLC | 86437 | 381410 |
|  Barratt Redrow PLC | 8423 | 52295 |
|  BP PLC | 95901 | 464841 |
|  British American Tobacco PLC | 11565 | 519508 |
|  BT Group PLC | 39253 | 94907 |
|  Bunzl PLC | 2032 | 65051 |
|  Centrica PLC | 30856 | 65832 |
|  Coca-Cola Europacific Partners PLC | 1354 | 124284 |
|  Compass Group PLC | 9696 | 340315 |
|  Croda International PLC | 785 | 32449 |
|  Diageo PLC | 12805 | 347990 |
|  Entain PLC | 3937 | 39816 |
|  GSK PLC | 25291 | 513523 |
|  Haleon PLC | 55727 | 310772 |
|  Halma PLC | 2368 | 92717 |
|  Hikma Pharmaceuticals PLC | 894 | 25777 |
|  HSBC Holdings PLC | 103867 | 1222003 |
|  Imperial Brands PLC | 4872 | 184457 |
|  Informa PLC | 8028 | 84953 |
|  InterContinental Hotels Group PLC | 826 | 94531 |
|  International Consolidated Airlines Group SA | 7399 | 32555 |
|  Intertek Group PLC | 802 | 51716 |
|  J Sainsbury PLC | 11007 | 42326 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **23** 

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  JD Sports Fashion PLC | 15480 | 17545 |
|  Kingfisher PLC | 11903 | 44520 |
|  Land Securities Group PLC REIT | 4325 | 36887 |
|  Legal & General Group PLC | 34449 | 115434 |
|  Lloyds Banking Group PLC | 353352 | 367541 |
|  London Stock Exchange Group PLC | 2758 | 418978 |
|  M&G PLC | 12281 | 39166 |
|  Marks & Spencer Group PLC | 12575 | 63434 |
|  Melrose Industries PLC | 8235 | 51938 |
|  Mondi PLC | 2527 | 41044 |
|  National Grid PLC | 29545 | 416585 |
|  NatWest Group PLC | 47426 | 335217 |
|  Next PLC | 704 | 122029 |
|  Pearson PLC | 3796 | 59584 |
|  Phoenix Group Holdings PLC | 3992 | 34100 |
|  Reckitt Benckiser Group PLC | 4143 | 280890 |
|  RELX PLC | 10752 | 578600 |
|  Rentokil Initial PLC | 16561 | 78454 |
|  Rio Tinto PLC | 6541 | 387949 |
|  Rolls-Royce Holdings PLC | 50883 | 593843 |
|  Sage Group PLC | 6034 | 99104 |
|  Schroders PLC | 4412 | 21127 |
|  Segro PLC REIT | 7585 | 71231 |
|  Severn Trent PLC | 1751 | 63769 |
|  Shell PLC | 34960 | 1153798 |
|  Smith & Nephew PLC | 5681 | 82245 |
|  Smiths Group PLC | 2135 | 61962 |
|  Spirax Group PLC | 409 | 31493 |
|  SSE PLC | 6896 | 163620 |
|  Standard Chartered PLC | 11797 | 184061 |
|  Tesco PLC | 41030 | 214493 |
|  Unilever PLC | 14671 | 930432 |
|  United Utilities Group PLC | 3974 | 62700 |
|  Vodafone Group PLC | 116094 | 120255 |
|  Whitbread PLC | 1089 | 42463 |
|  Wise PLC, Class A \* | 4052 | 60000 |
|  WPP PLC | 6490 | 52413 |
|  (Cost $12,250,880) |  | **15614215** |
|  **United States – 0.2%** |  |  |
|  BeOne Medicines Ltd. \* | 4485 | 86084 |
|  Brookfield Asset Management Ltd., Class A | 2297 | 129232 |
|  Brookfield Renewable Corp. | 822 | 24199 |
|  Legend Biotech Corp., ADR \* | 484 | 14012 |
|  RB Global, Inc. | 1167 | 122954 |
|  Southern Copper Corp. | 532 | 48364 |
|  (Cost $312,178) |  | **424845** |
|  **TOTAL COMMON STOCKS** |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $127,631,289) |  | **170706569** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **PREFERRED STOCKS – 0.6%** |  |  |
|  **Brazil – 0.3%** |  |  |
|  Banco Bradesco SA | 32049 | 90776 |
|  Centrais Eletricas Brasileiras SA, Class B | 958 | 7868 |
|  Cia Energetica de Minas Gerais | 9615 | 18223 |
|  Companhia Paranaense de Energia, Class B | 3634 | 8050 |
|  Gerdau SA | 7372 | 19656 |
|  Itau Unibanco Holding SA | 31659 | 207185 |
|  Itausa SA | 39459 | 76372 |
|  Petroleo Brasileiro SA | 28225 | 152488 |
|  (Cost $466,055) |  | **580618** |
|  **Chile – 0.0%** |  |  |
|  Sociedad Quimica y Minera de Chile SA, Class B \* |  |  |
|  (Cost $24,377) | 751 | **22436** |
|  **Colombia – 0.0%** |  |  |
|  Grupo Cibest SA |  |  |
|  (Cost $22,107) | 2362 | **24330** |
|  **Germany – 0.2%** |  |  |
|  Bayerische Motoren Werke AG | 349 | 28908 |
|  Dr Ing hc F Porsche AG, 144A | 740 | 35676 |
|  Henkel AG & Co. KGaA | 994 | 79546 |
|  Porsche Automobil Holding SE | 862 | 34355 |
|  Sartorius AG | 186 | 44562 |
|  Volkswagen AG | 1280 | 138594 |
|  (Cost $506,304) |  | **361641** |
|  **Russia – 0.0%** |  |  |
|  Surgutneftegas PAO \* (b) |  |  |
|  (Cost $22,479) | 41062 | **0** |
|  **South Korea – 0.1%** |  |  |
|  Hyundai Motor Co. | 104 | 11148 |
|  Hyundai Motor Co. – 2nd Preferred | 210 | 22481 |
|  Samsung Electronics Co. Ltd. | 4938 | 164994 |
|  (Cost $137,973) |  | **198623** |
|  **TOTAL PREFERRED STOCKS** |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,179,295) |  | **1187648** |
|  **RIGHTS – 0.0%** |  |  |
|  **South Korea – 0.0%** |  |  |
|  Hanwha Aerospace Co. Ltd.\* , expires 7/7/25 |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $0) | 13 | **1197** |
|  **WARRANTS – 0.0%** |  |  |
|  **Canada – 0.0%** |  |  |
|  Constellation Software, Inc.\* (b), expires 3/31/40 |  |  |
|  (Cost $0) | 108 | **0** |

---

See Notes to Financial Statements.

**24** \| DBX ETF Trust

------

Schedule of Investments

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

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **Malaysia – 0.0%** |  |  |
|  YTL Corp. Bhd\* (b), expires 12/31/99 | 4200 | 0 |
|  YTL Power International Bhd\* (b), expires 12/31/99 | 4000 | 0 |
|  (Cost $0) |  | **0** |
|  **Thailand – 0.0%** |  |  |
|  BTS Group Holdings PCL\*, expires 11/20/26 |  |  |
|  (Cost $0) | 7920 | **5** |
|  **TOTAL WARRANTS** |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $0) |  | **5** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **EXCHANGE-TRADED FUNDS – 0.1%** |  |  |
|  Xtrackers Harvest CSI 300 China A-Shares ETF (d) |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $159,480) | 6000 | **158040** |
|  **CASH EQUIVALENTS – 1.0%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.26% (e) |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,734,283) | 1734283 | **1734283** |
|  **TOTAL INVESTMENTS – 98.2%** | **TOTAL INVESTMENTS – 98.2%** |  |
|  (Cost $130,704,347) |  | **173787742** |
|  **Other assets and liabilities, net – 1.8%** |  | **3211164** |
|  **NET ASSETS – 100.0%** |  | **176998906** |

---

A summary of the Fund's transactions with affiliated investments during the year ended May 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at<br>5/31/2024** | **Purchases Cost<br>($)** | **Sales Proceeds<br>($)** | **Net Realized<br>Gain/(Loss)<br>($)** | **Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Income ($)** | **Capital Gain<br>Distributions<br>($)** | **Number of<br>Shares at<br>5/31/2025** | **Value ($) at <br>5/31/2025** |
|  COMMON STOCKS **–** 0.2% | COMMON STOCKS **–** 0.2% | COMMON STOCKS **–** 0.2% | COMMON STOCKS **–** 0.2% | COMMON STOCKS **–** 0.2% | COMMON STOCKS **–** 0.2% | COMMON STOCKS **–** 0.2% | COMMON STOCKS **–** 0.2% | COMMON STOCKS **–** 0.2% |
|  Germany **–** 0.2% | Germany **–** 0.2% | Germany **–** 0.2% | Germany **–** 0.2% | Germany **–** 0.2% | Germany **–** 0.2% | Germany **–** 0.2% | Germany **–** 0.2% | Germany **–** 0.2% |
|  Deutsche Bank AG (c) | Deutsche Bank AG (c) | Deutsche Bank AG (c) | Deutsche Bank AG (c) | Deutsche Bank AG (c) | Deutsche Bank AG (c) | Deutsche Bank AG (c) | Deutsche Bank AG (c) | Deutsche Bank AG (c) |
| 179649 | 60399 | (51306) | 15542 | 101105 | 8058 |  | 11041 | 305389 |
|  EXCHANGE-TRADED FUNDS **–** 0.1% | EXCHANGE-TRADED FUNDS **–** 0.1% | EXCHANGE-TRADED FUNDS **–** 0.1% | EXCHANGE-TRADED FUNDS **–** 0.1% | EXCHANGE-TRADED FUNDS **–** 0.1% | EXCHANGE-TRADED FUNDS **–** 0.1% | EXCHANGE-TRADED FUNDS **–** 0.1% | EXCHANGE-TRADED FUNDS **–** 0.1% | EXCHANGE-TRADED FUNDS **–** 0.1% |
|  Xtrackers Harvest CSI 300 China A-Shares ETF (d) | Xtrackers Harvest CSI 300 China A-Shares ETF (d) | Xtrackers Harvest CSI 300 China A-Shares ETF (d) | Xtrackers Harvest CSI 300 China A-Shares ETF (d) | Xtrackers Harvest CSI 300 China A-Shares ETF (d) | Xtrackers Harvest CSI 300 China A-Shares ETF (d) | Xtrackers Harvest CSI 300 China A-Shares ETF (d) | Xtrackers Harvest CSI 300 China A-Shares ETF (d) | Xtrackers Harvest CSI 300 China A-Shares ETF (d) |
|  — | 159480 |  |  | (1440) |  |  | 6000 | 158040 |
|  SECURITIES LENDING COLLATERAL **–** 0.0% | SECURITIES LENDING COLLATERAL **–** 0.0% | SECURITIES LENDING COLLATERAL **–** 0.0% | SECURITIES LENDING COLLATERAL **–** 0.0% | SECURITIES LENDING COLLATERAL **–** 0.0% | SECURITIES LENDING COLLATERAL **–** 0.0% | SECURITIES LENDING COLLATERAL **–** 0.0% | SECURITIES LENDING COLLATERAL **–** 0.0% | SECURITIES LENDING COLLATERAL **–** 0.0% |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (e)(f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (e)(f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (e)(f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (e)(f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (e)(f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (e)(f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (e)(f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (e)(f) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (e)(f) |
| 409881 |  | (409881) (g) |  |  | 2240 |  |  |  |
|  CASH EQUIVALENTS **–** 1.0% | CASH EQUIVALENTS **–** 1.0% | CASH EQUIVALENTS **–** 1.0% | CASH EQUIVALENTS **–** 1.0% | CASH EQUIVALENTS **–** 1.0% | CASH EQUIVALENTS **–** 1.0% | CASH EQUIVALENTS **–** 1.0% | CASH EQUIVALENTS **–** 1.0% | CASH EQUIVALENTS **–** 1.0% |
|  DWS Government Money Market Series "Institutional Shares", 4.26% (e) | DWS Government Money Market Series "Institutional Shares", 4.26% (e) | DWS Government Money Market Series "Institutional Shares", 4.26% (e) | DWS Government Money Market Series "Institutional Shares", 4.26% (e) | DWS Government Money Market Series "Institutional Shares", 4.26% (e) | DWS Government Money Market Series "Institutional Shares", 4.26% (e) | DWS Government Money Market Series "Institutional Shares", 4.26% (e) | DWS Government Money Market Series "Institutional Shares", 4.26% (e) | DWS Government Money Market Series "Institutional Shares", 4.26% (e) |
| 3344936 | 23588917 | (25199570) |  |  | 136297 |  | 1734283 | 1734283 |
| **3934466** | **23808796** | **(25660757)** | **15542** | **99665** | **146595** |  | **1751324** | **2197712** |

---

\* 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) Investment was valued using significant unobservable inputs.

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

(d) Affiliated fund advised by DBX Advisors LLC.

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

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

(g) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2025.

See Notes to Financial Statements.

DBX ETF Trust \| **25** 

------

Schedule of Investments

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

May 31, 2025

---

| | |
|:---|:---|
|  ADR: | American Depositary Receipt |
|  CDI: | Chess Depositary Interests |
|  CPO: | Ordinary Participation Certificates |
|  GDR: | Global Depositary Receipt |
|  JSC: | Joint Stock 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 |
|  144A: | Security exempt from registration under Rule 144A under 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, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract Description** | **Currency** | **Number of<br>Contracts** | **Notional<br>Amount ($)** | **Contract Value<br>($)** | **Expiration<br>Date** | **Unrealized<br>Appreciation ($)** |
|  MSCI EAFE Index | USD | 20 | 2480027 | 2604500 | 6/20/2025 | 124473 |
|  MSCI Emerging Markets Index | USD | 22 | 1236756 | 1264230 | 6/20/2025 | 27474 |
|  MSCI India Index | USD | 8 | 951700 | 1028240 | 6/20/2025 | 76540 |
|  S&P/TSX 60 Index Mini | CAD | 5 | 278959 | 285641 | 6/19/2025 | 6682 |
|  **Total unrealized appreciation** |  |  |  |  |  | **235169** |

---

At May 31, 2025, the Fund had the following forward foreign currency contracts outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement**<br>**Date** | **Currency To**<br>**Deliver** | **Currency To**<br>**Deliver** | **Currency To**<br>**Receive** | **Currency To**<br>**Receive** | **Unrealized**<br>**Appreciation ($)** | **Unrealized**<br>**Depreciation ($)** |
|  JP Morgan & Chase Co. | 6/2/2025 | CAD | 7822800 | USD | 5672350 |  | (27945) |
|  RBC Capital Markets | 6/2/2025 | CAD | 11717800 | USD | 8499653 |  | (38839) |
|  JP Morgan & Chase Co. | 6/2/2025 | USD | 385763 | CAD | 532000 | 1894 |  |
|  JP Morgan & Chase Co. | 6/2/2025 | USD | 5302593 | CAD | 7290800 | 10046 |  |
|  RBC Capital Markets | 6/2/2025 | USD | 8520425 | CAD | 11717800 | 18067 |  |
|  Citigroup Global Markets | 6/3/2025 | AED | 593200 | USD | 161517 | 13 |  |
|  JP Morgan & Chase Co. | 6/3/2025 | AED | 1978200 | USD | 538626 | 43 |  |
|  RBC Capital Markets | 6/3/2025 | AUD | 11798700 | USD | 7551852 |  | (53918) |
|  Goldman Sachs & Co. | 6/3/2025 | CHF | 10043300 | USD | 12268919 | 61106 |  |
|  RBC Capital Markets | 6/3/2025 | CZK | 1736400 | USD | 79162 | 38 |  |
|  Citigroup Global Markets | 6/3/2025 | DKK | 18648800 | USD | 2846495 | 7410 |  |
|  The Bank of New York Mellon | 6/3/2025 | EUR | 36102800 | USD | 41111558 | 110692 |  |
|  RBC Capital Markets | 6/3/2025 | GBP | 13073600 | USD | 17464329 |  | (150649) |
|  The Bank of New York Mellon | 6/3/2025 | HKD | 113006700 | USD | 14578500 | 162110 |  |
|  JP Morgan & Chase Co. | 6/3/2025 | HUF | 56205800 | USD | 157764 |  | (209) |
|  RBC Capital Markets | 6/3/2025 | JPY | 3700906700 | USD | 26039251 | 311010 |  |
|  JP Morgan & Chase Co. | 6/3/2025 | KWD | 115000 | USD | 375263 | 454 |  |
|  Bank of America | 6/3/2025 | MXN | 788000 | USD | 40093 |  | (519) |
|  Bank of America | 6/3/2025 | MXN | 18813500 | USD | 956133 |  | (13465) |
|  Goldman Sachs & Co. | 6/3/2025 | NOK | 7116800 | USD | 686284 |  | (10933) |
|  RBC Capital Markets | 6/3/2025 | PHP | 13434900 | USD | 240311 |  | (463) |
|  RBC Capital Markets | 6/3/2025 | PLN | 78000 | USD | 20700 |  | (138) |

---

See Notes to Financial Statements.

**26** \| DBX ETF Trust

------

Schedule of Investments

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

May 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement**<br>**Date** | **Currency To**<br>**Deliver** | **Currency To**<br>**Deliver** | **Currency To**<br>**Receive** | **Currency To**<br>**Receive** | **Unrealized**<br>**Appreciation ($)** | **Unrealized<br>Depreciation ($)** |
|  RBC Capital Markets | 6/3/2025 | PLN | 1941000 | USD | 514892 |  | (3632) |
|  JP Morgan & Chase Co. | 6/3/2025 | QAR | 1416600 | USD | 388917 |  | (162) |
|  Citigroup Global Markets | 6/3/2025 | SAR | 7164200 | USD | 1909282 |  | (260) |
|  JP Morgan & Chase Co. | 6/3/2025 | SEK | 35639200 | USD | 3701655 |  | (16485) |
|  RBC Capital Markets | 6/3/2025 | SGD | 2048500 | USD | 1571007 |  | (17585) |
|  Goldman Sachs & Co. | 6/3/2025 | TRY | 10690800 | USD | 267539 |  | (4224) |
|  Citigroup Global Markets | 6/3/2025 | USD | 161503 | AED | 593200 | 1 |  |
|  JP Morgan & Chase Co. | 6/3/2025 | USD | 538579 | AED | 1978200 | 4 |  |
|  RBC Capital Markets | 6/3/2025 | USD | 257949 | AUD | 403000 | 1836 |  |
|  RBC Capital Markets | 6/3/2025 | USD | 7333703 | AUD | 11395700 | 12283 |  |
|  Goldman Sachs & Co. | 6/3/2025 | USD | 1198010 | CHF | 981000 |  | (5587) |
|  The Bank of New York Mellon | 6/3/2025 | USD | 11030735 | CHF | 9062300 |  | (15345) |
|  RBC Capital Markets | 6/3/2025 | USD | 79040 | CZK | 1736400 | 83 |  |
|  Citigroup Global Markets | 6/3/2025 | USD | 2518251 | DKK | 16546800 | 827 |  |
|  Citigroup Global Markets | 6/3/2025 | USD | 320846 | DKK | 2102000 |  | (839) |
|  Morgan Stanley Capital | 6/3/2025 | USD | 38406416 | EUR | 33830800 | 14208 |  |
|  The Bank of New York Mellon | 6/3/2025 | USD | 2587306 | EUR | 2272000 |  | (7064) |
|  Morgan Stanley Capital | 6/3/2025 | USD | 16552912 | GBP | 12274600 |  | (14482) |
|  RBC Capital Markets | 6/3/2025 | USD | 1067358 | GBP | 799000 | 9191 |  |
|  RBC Capital Markets | 6/3/2025 | USD | 13370405 | HKD | 104844700 | 4749 |  |
|  The Bank of New York Mellon | 6/3/2025 | USD | 1052949 | HKD | 8162000 |  | (11714) |
|  JP Morgan & Chase Co. | 6/3/2025 | USD | 157939 | HUF | 56205800 | 34 |  |
|  RBC Capital Markets | 6/3/2025 | USD | 2026641 | JPY | 288036000 |  | (24251) |
|  RBC Capital Markets | 6/3/2025 | USD | 23652037 | JPY | 3412870700 | 73813 |  |
|  JP Morgan & Chase Co. | 6/3/2025 | USD | 374776 | KWD | 115000 | 32 |  |
|  Bank of America | 6/3/2025 | USD | 1010074 | MXN | 19601500 | 136 |  |
|  Goldman Sachs & Co. | 6/3/2025 | USD | 696554 | NOK | 7116800 | 663 |  |
|  JP Morgan & Chase Co. | 6/3/2025 | USD | 240989 | PHP | 13434900 |  | (214) |
|  RBC Capital Markets | 6/3/2025 | USD | 539392 | PLN | 2019000 |  | (31) |
|  JP Morgan & Chase Co. | 6/3/2025 | USD | 389069 | QAR | 1416600 | 10 |  |
|  Citigroup Global Markets | 6/3/2025 | USD | 1886157 | SAR | 7076200 |  | (70) |
|  Citigroup Global Markets | 6/3/2025 | USD | 23455 | SAR | 88000 | 1 |  |
|  JP Morgan & Chase Co. | 6/3/2025 | USD | 276284 | SEK | 2660000 | 1226 |  |
|  Morgan Stanley Capital | 6/3/2025 | USD | 3433563 | SEK | 32979200 | 7066 |  |
|  RBC Capital Markets | 6/3/2025 | USD | 1521436 | SGD | 1962500 | 464 |  |
|  RBC Capital Markets | 6/3/2025 | USD | 65902 | SGD | 86000 | 791 |  |
|  Goldman Sachs & Co. | 6/3/2025 | USD | 272108 | TRY | 10690800 |  | (345) |
|  Goldman Sachs & Co. | 6/3/2025 | USD | 1647886 | ZAR | 29732800 | 5179 |  |
|  Goldman Sachs & Co. | 6/3/2025 | ZAR | 495000 | USD | 26543 |  | (978) |
|  Goldman Sachs & Co. | 6/3/2025 | ZAR | 29237800 | USD | 1567816 |  | (57728) |
|  JP Morgan & Chase Co. | 6/4/2025 | BRL | 2565000 | USD | 449689 | 1640 |  |
|  RBC Capital Markets | 6/4/2025 | BRL | 8159600 | USD | 1430448 | 5145 |  |
|  Goldman Sachs & Co. | 6/4/2025 | CLP | 194720700 | USD | 203549 |  | (2253) |
|  JP Morgan & Chase Co. | 6/4/2025 | CNH | 14264500 | USD | 1965347 |  | (15026) |
|  Citigroup Global Markets | 6/4/2025 | EGP | 830000 | USD | 16056 |  | (597) |
|  JP Morgan & Chase Co. | 6/4/2025 | IDR | 9905307200 | USD | 596023 |  | (11925) |
|  JP Morgan & Chase Co. | 6/4/2025 | IDR | 393702000 | USD | 23700 |  | (464) |
|  JP Morgan & Chase Co. | 6/4/2025 | ILS | 89000 | USD | 24471 |  | (860) |
|  JP Morgan & Chase Co. | 6/4/2025 | ILS | 2023000 | USD | 556315 |  | (19485) |
|  JP Morgan & Chase Co. | 6/4/2025 | INR | 14701000 | USD | 173385 | 1631 |  |
|  JP Morgan & Chase Co. | 6/4/2025 | INR | 244359100 | USD | 2883463 | 28578 |  |

---

See Notes to Financial Statements.

DBX ETF Trust \| **27** 

------

Schedule of Investments

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

May 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement**<br>**Date** | **Currency To**<br>**Deliver** | **Currency To**<br>**Deliver** | **Currency To**<br>**Receive** | **Currency To**<br>**Receive** | **Unrealized**<br>**Appreciation ($)** | **Unrealized<br>Depreciation ($)** |
|  RBC Capital Markets | 6/4/2025 | INR | 429981400 | USD | 5074796 | 51256 |  |
|  JP Morgan & Chase Co. | 6/4/2025 | NZD | 42000 | USD | 24950 |  | (151) |
|  JP Morgan & Chase Co. | 6/4/2025 | NZD | 320300 | USD | 190263 |  | (1160) |
|  JP Morgan & Chase Co. | 6/4/2025 | THB | 21369700 | USD | 642215 |  | (8969) |
|  JP Morgan & Chase Co. | 6/4/2025 | TWD | 219539800 | USD | 6906591 |  | (421611) |
|  RBC Capital Markets | 6/4/2025 | TWD | 65227300 | USD | 2051437 |  | (125839) |
|  JP Morgan & Chase Co. | 6/4/2025 | USD | 447281 | BRL | 2565000 | 768 |  |
|  RBC Capital Markets | 6/4/2025 | USD | 1426878 | BRL | 8159600 |  | (1574) |
|  Goldman Sachs & Co. | 6/4/2025 | USD | 205996 | CLP | 194720700 |  | (195) |
|  JP Morgan & Chase Co. | 6/4/2025 | USD | 1885887 | CNH | 13581500 |  | (336) |
|  JP Morgan & Chase Co. | 6/4/2025 | USD | 94110 | CNH | 683000 | 713 |  |
|  Citigroup Global Markets | 6/4/2025 | USD | 16686 | EGP | 830000 |  | (33) |
|  JP Morgan & Chase Co. | 6/4/2025 | USD | 630642 | IDR | 10299009200 | 1470 |  |
|  JP Morgan & Chase Co. | 6/4/2025 | USD | 600136 | ILS | 2112000 | 995 |  |
|  JP Morgan & Chase Co. | 6/4/2025 | USD | 3027818 | INR | 259060100 |  | (1178) |
|  RBC Capital Markets | 6/4/2025 | USD | 5025390 | INR | 429981400 |  | (1850) |
|  JP Morgan & Chase Co. | 6/4/2025 | USD | 216311 | NZD | 362300 | 213 |  |
|  JP Morgan & Chase Co. | 6/4/2025 | USD | 651257 | THB | 21369700 |  | (74) |
|  JP Morgan & Chase Co. | 6/4/2025 | USD | 6725479 | TWD | 200822800 |  | (22048) |
|  JP Morgan & Chase Co. | 6/4/2025 | USD | 587642 | TWD | 18717000 | 37128 |  |
|  RBC Capital Markets | 6/4/2025 | USD | 2183194 | TWD | 65227300 |  | (5918) |
|  JP Morgan & Chase Co. | 6/5/2025 | COP | 156011000 | USD | 36728 |  | (798) |
|  RBC Capital Markets | 6/5/2025 | KRW | 6674397500 | USD | 4703024 |  | (136335) |
|  RBC Capital Markets | 6/5/2025 | MYR | 2744400 | USD | 637640 |  | (7247) |
|  JP Morgan & Chase Co. | 6/5/2025 | USD | 37532 | COP | 156011000 |  | (6) |
|  RBC Capital Markets | 6/5/2025 | USD | 4637473 | KRW | 6396068500 | 80 |  |
|  RBC Capital Markets | 6/5/2025 | USD | 195721 | KRW | 278329000 | 6085 |  |
|  RBC Capital Markets | 6/5/2025 | USD | 646195 | MYR | 2744400 |  | (1309) |
|  Citigroup Global Markets | 7/2/2025 | AED | 593200 | USD | 161516 |  | (1) |
|  Citigroup Global Markets | 7/2/2025 | AED | 546000 | USD | 148660 |  | (5) |
|  JP Morgan & Chase Co. | 7/2/2025 | AED | 1978200 | USD | 538623 |  | (4) |
|  RBC Capital Markets | 7/2/2025 | AUD | 610000 | USD | 392723 |  | (667) |
|  RBC Capital Markets | 7/2/2025 | AUD | 11395700 | USD | 7336734 |  | (12362) |
|  JP Morgan & Chase Co. | 7/2/2025 | CAD | 7290800 | USD | 5310538 |  | (10710) |
|  JP Morgan & Chase Co. | 7/2/2025 | CAD | 1058000 | USD | 770623 |  | (1567) |
|  RBC Capital Markets | 7/2/2025 | CAD | 11717800 | USD | 8533201 |  | (19128) |
|  JP Morgan & Chase Co. | 7/2/2025 | CHF | 153000 | USD | 186896 | 249 |  |
|  The Bank of New York Mellon | 7/2/2025 | CHF | 9062300 | USD | 11070216 | 15027 |  |
|  RBC Capital Markets | 7/2/2025 | CZK | 1736400 | USD | 79103 |  | (86) |
|  Citigroup Global Markets | 7/2/2025 | DKK | 16546800 | USD | 2523509 |  | (814) |
|  Citigroup Global Markets | 7/2/2025 | DKK | 689000 | USD | 105074 |  | (37) |
|  JP Morgan & Chase Co. | 7/2/2025 | EUR | 1841000 | USD | 2093856 |  | (843) |
|  Morgan Stanley Capital | 7/2/2025 | EUR | 33830800 | USD | 38477816 |  | (15032) |
|  JP Morgan & Chase Co. | 7/2/2025 | GBP | 105000 | USD | 141614 | 122 |  |
|  Morgan Stanley Capital | 7/2/2025 | GBP | 12274600 | USD | 16555121 | 14460 |  |
|  JP Morgan & Chase Co. | 7/2/2025 | HUF | 56205800 | USD | 157700 |  | (39) |
|  JP Morgan & Chase Co. | 7/2/2025 | ILS | 2112000 | USD | 600247 |  | (1052) |
|  RBC Capital Markets | 7/2/2025 | JPY | 3412870700 | USD | 23729543 |  | (74633) |
|  RBC Capital Markets | 7/2/2025 | JPY | 203174000 | USD | 1412651 |  | (4452) |
|  JP Morgan & Chase Co. | 7/2/2025 | KWD | 115000 | USD | 375045 |  | (71) |
|  Bank of America | 7/2/2025 | MXN | 19601500 | USD | 1006335 |  | (161) |

---

See Notes to Financial Statements.

**28** \| DBX ETF Trust

------

Schedule of Investments

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

May 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement**<br>**Date** | **Currency To**<br>**Deliver** | **Currency To**<br>**Deliver** | **Currency To**<br>**Receive** | **Currency To**<br>**Receive** | **Unrealized**<br>**Appreciation ($)** | **Unrealized<br>Depreciation ($)** |
|  Bank of America | 7/2/2025 | MXN | 1461000 | USD | 75006 |  | (14) |
|  Goldman Sachs & Co. | 7/2/2025 | NOK | 7116800 | USD | 696527 |  | (668) |
|  JP Morgan & Chase Co. | 7/2/2025 | NZD | 362300 | USD | 216512 |  | (234) |
|  JP Morgan & Chase Co. | 7/2/2025 | PHP | 13434900 | USD | 240756 | 135 |  |
|  RBC Capital Markets | 7/2/2025 | PLN | 199000 | USD | 53105 |  | (20) |
|  RBC Capital Markets | 7/2/2025 | PLN | 2019000 | USD | 539006 | 12 |  |
|  JP Morgan & Chase Co. | 7/2/2025 | QAR | 1416600 | USD | 389133 |  | (34) |
|  Citigroup Global Markets | 7/2/2025 | SAR | 7076200 | USD | 1885328 |  | (64) |
|  JP Morgan & Chase Co. | 7/2/2025 | SEK | 1381000 | USD | 144026 |  | (304) |
|  Morgan Stanley Capital | 7/2/2025 | SEK | 32979200 | USD | 3439539 |  | (7143) |
|  RBC Capital Markets | 7/2/2025 | SGD | 1962500 | USD | 1524153 |  | (533) |
|  JP Morgan & Chase Co. | 7/2/2025 | THB | 21369700 | USD | 651654 |  | (1020) |
|  Goldman Sachs & Co. | 7/2/2025 | TRY | 10690800 | USD | 263699 | 293 |  |
|  Citigroup Global Markets | 7/2/2025 | USD | 82336 | SAR | 309000 |  | (5) |
|  Goldman Sachs & Co. | 7/2/2025 | ZAR | 29732800 | USD | 1644377 |  | (5141) |
|  JP Morgan & Chase Co. | 7/3/2025 | BRL | 2565000 | USD | 444372 |  | (644) |
|  JP Morgan & Chase Co. | 7/3/2025 | BRL | 596000 | USD | 103380 |  | (24) |
|  RBC Capital Markets | 7/3/2025 | BRL | 8159600 | USD | 1417572 | 1916 |  |
|  Goldman Sachs & Co. | 7/3/2025 | CLP | 194720700 | USD | 206000 | 198 |  |
|  JP Morgan & Chase Co. | 7/3/2025 | CNH | 13581500 | USD | 1889771 |  | (213) |
|  JP Morgan & Chase Co. | 7/3/2025 | CNH | 417000 | USD | 58024 |  | (5) |
|  JP Morgan & Chase Co. | 7/3/2025 | COP | 156011000 | USD | 37422 | 17 |  |
|  RBC Capital Markets | 7/3/2025 | HKD | 6619000 | USD | 846515 |  | (346) |
|  RBC Capital Markets | 7/3/2025 | HKD | 104844700 | USD | 13408794 |  | (5453) |
|  JP Morgan & Chase Co. | 7/3/2025 | IDR | 10299009200 | USD | 629986 |  | (1343) |
|  JP Morgan & Chase Co. | 7/3/2025 | IDR | 1008550000 | USD | 61568 |  | (256) |
|  JP Morgan & Chase Co. | 7/3/2025 | INR | 26207000 | USD | 305781 | 75 |  |
|  JP Morgan & Chase Co. | 7/3/2025 | INR | 259060100 | USD | 3022061 | 105 |  |
|  RBC Capital Markets | 7/3/2025 | INR | 429981400 | USD | 5014764 |  | (1001) |
|  RBC Capital Markets | 7/3/2025 | KRW | 414957000 | USD | 301054 |  | (431) |
|  RBC Capital Markets | 7/3/2025 | KRW | 6396068500 | USD | 4643196 |  | (3842) |
|  RBC Capital Markets | 7/3/2025 | MYR | 2744400 | USD | 646138 | 526 |  |
|  JP Morgan & Chase Co. | 7/3/2025 | TWD | 200822800 | USD | 6770829 | 50590 |  |
|  JP Morgan & Chase Co. | 7/3/2025 | TWD | 16828000 | USD | 567191 | 4067 |  |
|  RBC Capital Markets | 7/3/2025 | TWD | 65227300 | USD | 2197907 | 15172 |  |
|  Citigroup Global Markets | 7/7/2025 | EGP | 830000 | USD | 16459 | 47 |  |
|  **Total unrealized appreciation (depreciation)** |  |  |  |  |  | **1054193** | **(1435717)** |

---

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.

DBX ETF Trust \| **29** 

------

Schedule of Investments

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

May 31, 2025

#### 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 |

---

See Notes to Financial Statements.

**30** \| DBX ETF Trust

------

Schedule of Investments

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

May 31, 2025

#### 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, 2025 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) | $170679698 | $— | $26871 | $170706569 |
|  Preferred Stocks (a) | 1187648 |  | 0 | 1187648 |
|  Rights |  | 1197 |  | 1197 |
|  Warrants (a) | 5 |  | 0 | 5 |
|  Exchange-Traded Funds | 158040 |  |  | 158040 |
|  Short-Term Investments (a) | 1734283 |  |  | 1734283 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts |  | 1054193 |  | 1054193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 235169 |  |  | 235169 |
|  **TOTAL** | $**173994843** | $**1055390** | $**26871** | $**175077104** |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(1435717) | $— | $(1435717) |
|  **TOTAL** | $**—** | $**(1435717)** | $**—** | $**(1435717)** |

---

(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, 2025, the amount of transfers from Level 1 to Level 3 was $6,271. 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. Transfers between price levels are recognized at the beginning of the reporting period.

See Notes to Financial Statements.

DBX ETF Trust \| **31** 

------

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **COMMON STOCKS – 97.1%** |  |  |
|  **Australia – 6.5%** |  |  |
|  ANZ Group Holdings Ltd. | 1263785 | 23657027 |
|  APA Group (a) | 527618 | 2819451 |
|  Aristocrat Leisure Ltd. | 236805 | 9525018 |
|  ASX Ltd. | 83163 | 3822170 |
|  BHP Group Ltd. | 2151274 | 53041710 |
|  BlueScope Steel Ltd. | 179044 | 2625618 |
|  Brambles Ltd. | 582316 | 8704620 |
|  CAR Group Ltd. | 153915 | 3528036 |
|  Cochlear Ltd. | 29271 | 5122686 |
|  Coles Group Ltd. | 570955 | 7949613 |
|  Commonwealth Bank of Australia | 711058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80646337 |
|  Computershare Ltd. | 221762 | 5749361 |
|  CSL Ltd. | 203384 | 32380720 |
|  Evolution Mining Ltd. | 860197 | 4907175 |
|  Fortescue Ltd. | 711906 | 7062389 |
|  Goodman Group REIT | 859260 | 18233699 |
|  Insurance Australia Group Ltd. | 1042218 | 5804471 |
|  Lottery Corp. Ltd. | 1000735 | 3289877 |
|  Macquarie Group Ltd. | 153420 | 21184200 |
|  Medibank Pvt Ltd. | 1261467 | 3878686 |
|  National Australia Bank Ltd. | 1305789 | 31985044 |
|  Northern Star Resources Ltd. | 574539 | 7769899 |
|  Origin Energy Ltd. | 711568 | 4962883 |
|  Pro Medicus Ltd. | 23924 | 4348992 |
|  Qantas Airways Ltd. | 331172 | 2264954 |
|  QBE Insurance Group Ltd. | 634798 | 9476860 |
|  REA Group Ltd. | 23489 | 3629452 |
|  Reece Ltd. | 97292 | 982108 |
|  Rio Tinto Ltd. | 155032 | 11258524 |
|  Santos Ltd. | 1326491 | 5634820 |
|  Scentre Group REIT | 2168072 | 5128969 |
|  SGH Ltd. | 84179 | 2753786 |
|  Sigma Healthcare Ltd. | 1962439 | 3946764 |
|  Sonic Healthcare Ltd. | 201789 | 3469052 |
|  South32 Ltd. | 2021143 | 3973628 |
|  Stockland REIT | 1001962 | 3526422 |
|  Suncorp Group Ltd. | 480304 | 6387130 |
|  Telstra Group Ltd. | 1696653 | 5227707 |
|  Transurban Group (a) | 1304978 | 11928059 |
|  Vicinity Ltd. REIT | 1650752 | 2617624 |
|  Washington H Soul Pattinson & Co. Ltd. | 95759 | 2279551 |
|  Wesfarmers Ltd. | 480208 | 25698186 |
|  Westpac Banking Corp. | 1457978 | 30600302 |
|  WiseTech Global Ltd. | 85619 | 5913610 |
|  Woodside Energy Group Ltd. | 793890 | 11386249 |
|  Woolworths Group Ltd. | 518237 | 10639671 |
|  (Cost $440,016,067) |  | **521723110** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **Austria – 0.2%** |  |  |
|  Erste Group Bank AG | 129805 | 10442382 |
|  OMV AG (b) | 63174 | 3378529 |
|  Verbund AG (b) | 28942 | 2259277 |
|  (Cost $9,435,525) |  | **16080188** |
|  **Belgium – 0.8%** |  |  |
|  Ageas SA/NV | 57374 | 3742600 |
|  Anheuser-Busch InBev SA/NV | 420416 | 29615518 |
|  D'ieteren Group | 9112 | 1871633 |
|  Elia Group SA/NV | 20780 | 2201382 |
|  Groupe Bruxelles Lambert NV | 36299 | 2965472 |
|  KBC Group NV | 96653 | 9543401 |
|  Lotus Bakeries NV | 172 | 1779160 |
|  Sofina SA | 6753 | 1953730 |
|  Syensqo SA | 31944 | 2448282 |
|  UCB SA | 53243 | 9666723 |
|  (Cost $54,671,033) |  | **65787901** |
|  **Chile – 0.0%** |  |  |
|  Antofagasta PLC |  |  |
|  (Cost $2,540,969) | 157458 | **3756137** |
|  **China – 0.0%** |  |  |
|  Yangzijiang Shipbuilding Holdings Ltd. |  |  |
|  (Cost $2,238,148) | 1137100 | **1869085** |
|  **Denmark – 2.3%** |  |  |
|  A.P. Moller – Maersk A/S, Class A (b) | 1208 | 2158588 |
|  A.P. Moller – Maersk A/S, Class B | 1800 | 3256165 |
|  Carlsberg AS, Class B | 41620 | 5949696 |
|  Coloplast A/S, Class B | 52936 | 5121175 |
|  Danske Bank A/S | 292045 | 11161720 |
|  Demant A/S \* | 37828 | 1479726 |
|  DSV A/S | 86361 | 20348071 |
|  Genmab A/S \* | 27165 | 5703823 |
|  Novo Nordisk A/S, Class B | 1366420 | 94349533 |
|  Novonesis (Novozymes) B, Class B | 147394 | 10360205 |
|  Orsted AS, 144A \* (b) | 68513 | 2797875 |
|  Pandora A/S | 34460 | 6275706 |
|  ROCKWOOL A/S, Class B | 40003 | 1895728 |
|  Tryg A/S | 143586 | 3689089 |
|  Vestas Wind Systems A/S | 424444 | 6696137 |
|  (Cost $145,192,410) |  | **181243237** |
|  **Finland – 1.0%** |  |  |
|  Elisa OYJ | 60960 | 3211672 |
|  Fortum OYJ | 195976 | 3382321 |
|  Kesko OYJ, Class B | 110566 | 2674050 |
|  Kone OYJ, Class B | 141846 | 8832484 |
|  Metso Corp. (b) | 271070 | 3271772 |
|  Neste OYJ | 200883 | 2155476 |

---

See Notes to Financial Statements.

**32** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Nokia OYJ | 2259049 | 11737618 |
|  Nordea Bank Abp | 1341212 | 19439565 |
|  Orion OYJ, Class B | 46888 | 3181031 |
|  Sampo OYJ, Class A | 1019863 | 10880608 |
|  Stora Enso OYJ, Class R | 245310 | 2480654 |
|  UPM-Kymmene OYJ | 237493 | 6577047 |
|  Wartsila OYJ Abp | 204308 | 4089837 |
|  (Cost $71,235,402) |  | **81914135** |
|  **France – 10.6%** |  |  |
|  Accor SA | 86244 | 4578032 |
|  Aeroports de Paris SA (b) | 15203 | 2038673 |
|  Air Liquide SA | 245134 | 50768776 |
|  Airbus SE | 252171 | 46408002 |
|  Alstom SA \* | 155189 | 3507450 |
|  Amundi SA, 144A | 25599 | 2088421 |
|  Arkema SA | 27554 | 1967903 |
|  AXA SA | 752383 | 35461738 |
|  BioMerieux | 18641 | 2499697 |
|  BNP Paribas SA | 431506 | 37795037 |
|  Bollore SE | 302992 | 1926582 |
|  Bouygues SA | 81786 | 3565048 |
|  Bureau Veritas SA | 138640 | 4735160 |
|  Capgemini SE | 70067 | 11635303 |
|  Carrefour SA (b) | 227086 | 3394529 |
|  Cie de Saint-Gobain SA | 190030 | 21326678 |
|  Cie Generale des Etablissements Michelin SCA | 288475 | 11031856 |
|  Covivio SA REIT | 21270 | 1275175 |
|  Credit Agricole SA (b) | 452191 | 8268961 |
|  Danone SA | 274195 | 23424840 |
|  Dassault Aviation SA | 8324 | 3013136 |
|  Dassault Systemes SE | 282458 | 10583666 |
|  Edenred SE | 107606 | 3359986 |
|  Eiffage SA | 28835 | 3964902 |
|  Engie SA | 770906 | 16618060 |
|  EssilorLuxottica SA | 126153 | 35050955 |
|  Eurazeo SE | 18642 | 1302833 |
|  FDJ UNITED, 144A | 45439 | 1668542 |
|  Gecina SA REIT | 20025 | 2203254 |
|  Getlink SE \* | 142585 | 2727986 |
|  Hermes International SCA | 13423 | 37005526 |
|  Ipsen SA \* | 17775 | 2092940 |
|  Kering SA | 31229 | 6111712 |
|  Klepierre SA REIT | 89776 | 3512722 |
|  Legrand SA | 110707 | 13443866 |
|  L'Oreal SA | 101922 | 43096888 |
|  LVMH Moet Hennessy Louis Vuitton SE | 116656 | 63347629 |
|  Orange SA | 791564 | 11805501 |
|  Pernod Ricard SA | 84613 | 8744646 |
|  Publicis Groupe SA | 98352 | 10707289 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Renault SA | 84732 | 4365965 |
|  Rexel SA | 97018 | 2724236 |
|  Safran SA | 152494 | 45261261 |
|  Sanofi SA | 473469 | 47050816 |
|  Sartorius Stedim Biotech | 12857 | 2832107 |
|  Schneider Electric SE | 232024 | 58315062 |
|  Societe Generale SA | 305142 | 16578767 |
|  Sodexo SA | 37994 | 2625088 |
|  Teleperformance SE | 24113 | 2437837 |
|  Thales SA | 39206 | 11903707 |
|  TotalEnergies SE | 866653 | 50835600 |
|  Unibail-Rodamco-Westfield REIT\* | 50964 | 4829589 |
|  Veolia Environnement SA | 269366 | 9261193 |
|  Vinci SA | 209769 | 29975251 |
|  (Cost $613,154,774) |  | **847056379** |
|  **Germany – 9.7%** |  |  |
|  adidas AG | 72251 | 18007221 |
|  Allianz SE | 164093 | 64969617 |
|  BASF SE | 375077 | 18057374 |
|  Bayer AG | 414089 | 11629845 |
|  Bayerische Motoren Werke AG | 120224 | 10661309 |
|  Beiersdorf AG | 41341 | 5663392 |
|  Brenntag SE | 56589 | 3832110 |
|  Commerzbank AG | 380243 | 11566508 |
|  Continental AG | 48331 | 4242028 |
|  Covestro AG \* | 78242 | 5374816 |
|  CTS Eventim AG & Co. KGaA | 28059 | 3399421 |
|  Daimler Truck Holding AG | 199767 | 8667006 |
|  Delivery Hero SE, 144A \* | 78853 | 2182832 |
|  Deutsche Bank AG (c) | 783618 | 21674545 |
|  Deutsche Boerse AG | 80008 | 25754598 |
|  Deutsche Lufthansa AG | 260025 | 2080300 |
|  Deutsche Post AG | 404744 | 18093148 |
|  Deutsche Telekom AG | 1483536 | 56059564 |
|  E.ON SE | 951895 | 16677205 |
|  Evonik Industries AG | 111490 | 2412832 |
|  Fresenius Medical Care AG | 91834 | 5215735 |
|  Fresenius SE & Co. KGaA | 176440 | 8650635 |
|  GEA Group AG | 65962 | 4411410 |
|  Hannover Rueck SE | 25546 | 8075333 |
|  Heidelberg Materials AG | 57575 | 11273673 |
|  Henkel AG & Co. KGaA | 47047 | 3450903 |
|  Infineon Technologies AG | 554737 | 21589019 |
|  Knorr-Bremse AG | 31217 | 3154638 |
|  LEG Immobilien SE (b) | 30965 | 2628153 |
|  Mercedes-Benz Group AG | 304956 | 18209946 |
|  Merck KGaA | 54447 | 7140428 |
|  MTU Aero Engines AG | 22597 | 8993052 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 56865 | 36893817 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **33** 

------

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Nemetschek SE | 24793 | 3442896 |
|  Rational AG | 2249 | 1847550 |
|  Rheinmetall AG | 19054 | 40781746 |
|  RWE AG | 266082 | 10009335 |
|  SAP SE | 443401 | 133870015 |
|  Scout24 SE, 144A | 32511 | 4426065 |
|  Siemens AG | 322514 | 77560899 |
|  Siemens Energy AG \* | 290164 | 28169423 |
|  Siemens Healthineers AG, 144A | 145584 | 7699835 |
|  Symrise AG | 55686 | 6642176 |
|  Talanx AG | 28155 | 3654013 |
|  Vonovia SE (b) | 313222 | 10253336 |
|  Zalando SE, 144A \* | 102056 | 3644412 |
|  (Cost $498,463,686) |  | **782694114** |
|  **Hong Kong – 2.0%** |  |  |
|  AIA Group Ltd. | 4559050 | 38170873 |
|  BOC Hong Kong Holdings Ltd. | 1545728 | 6525053 |
|  CK Asset Holdings Ltd. | 792450 | 3284568 |
|  CK Hutchison Holdings Ltd. | 1100521 | 6196580 |
|  CK Infrastructure Holdings Ltd. | 266015 | 1721731 |
|  CLP Holdings Ltd. | 686055 | 5822775 |
|  Futu Holdings Ltd., ADR | 24511 | 2498406 |
|  Galaxy Entertainment Group Ltd. | 980380 | 4176033 |
|  Hang Seng Bank Ltd. | 329143 | 4609035 |
|  Henderson Land Development Co. Ltd. | 596907 | 1868879 |
|  HKT Trust & HKT Ltd. (a) | 1673982 | 2412416 |
|  Hong Kong & China Gas Co. Ltd. | 4629416 | 4073787 |
|  Hong Kong Exchanges & Clearing Ltd. | 508890 | 25687552 |
|  Hongkong Land Holdings Ltd. | 513759 | 2656134 |
|  Jardine Matheson Holdings Ltd. | 67447 | 3001391 |
|  Link REIT | 1079534 | 5734220 |
|  MTR Corp. Ltd. | 655855 | 2291825 |
|  Power Assets Holdings Ltd. | 595317 | 3769559 |
|  Prudential PLC | 1122086 | 12772057 |
|  Sino Land Co. Ltd. | 1677955 | 1694839 |
|  SITC International Holdings Co. Ltd. | 575485 | 1838505 |
|  Sun Hung Kai Properties Ltd. | 601194 | 6459629 |
|  Swire Pacific Ltd., Class A | 181248 | 1545246 |
|  Techtronic Industries Co. Ltd. | 605500 | 6783892 |
|  WH Group Ltd., 144A | 3710880 | 3426403 |
|  Wharf Holdings Ltd. | 433308 | 1152194 |
|  Wharf Real Estate Investment Co. Ltd. | 729182 | 1828279 |
|  (Cost $150,998,752) |  | **162001861** |
|  **Ireland – 0.9%** |  |  |
|  AerCap Holdings NV | 78073 | 9035388 |
|  AIB Group PLC | 922556 | 7248817 |
|  Bank of Ireland Group PLC | 446662 | 6126526 |
|  DCC PLC | 42881 | 2678484 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Experian PLC | 387183 | 19265327 |
|  James Hardie Industries PLC CDI \* | 193430 | 4418836 |
|  Kerry Group PLC, Class A | 69018 | 7538861 |
|  Kingspan Group PLC | 66291 | 5682898 |
|  Ryanair Holdings PLC | 355517 | 9433816 |
|  (Cost $51,962,817) |  | **71428953** |
|  **Israel – 0.9%** |  |  |
|  Azrieli Group Ltd. | 18555 | 1418492 |
|  Bank Hapoalim BM | 531449 | 8907651 |
|  Bank Leumi Le-Israel BM | 645046 | 10398579 |
|  Check Point Software Technologies Ltd. \* | 37188 | 8511589 |
|  CyberArk Software Ltd. \* | 19222 | 7357797 |
|  Elbit Systems Ltd. | 11359 | 4555239 |
|  ICL Group Ltd. | 334935 | 2206844 |
|  Israel Discount Bank Ltd., Class A | 520712 | 4431276 |
|  Mizrahi Tefahot Bank Ltd. | 65859 | 3771405 |
|  Monday.com Ltd. \* | 17327 | 5154609 |
|  Nice Ltd. \* | 26788 | 4515114 |
|  Teva Pharmaceutical Industries Ltd., ADR \* | 472010 | 7920328 |
|  Wix.com Ltd. \* | 23563 | 3509709 |
|  (Cost $44,714,062) |  | **72658632** |
|  **Italy – 2.9%** |  |  |
|  Banca Mediolanum SpA | 102562 | 1703723 |
|  Banco BPM SpA | 490906 | 5635310 |
|  BPER Banca SPA | 411558 | 3650578 |
|  Davide Campari-Milano NV | 289965 | 1891160 |
|  DiaSorin SpA | 10072 | 1044817 |
|  Enel SpA | 3442895 | 31606187 |
|  Eni SpA | 921350 | 13570626 |
|  Ferrari NV | 53424 | 25562259 |
|  FinecoBank Banca Fineco SpA | 270724 | 5846630 |
|  Generali | 369021 | 13429116 |
|  Infrastrutture Wireless Italiane SpA, 144A | 137422 | 1611851 |
|  Intesa Sanpaolo SpA | 6410792 | 35740571 |
|  Leonardo SpA | 172801 | 10638345 |
|  Mediobanca Banca di Credito Finanziario SpA (b) | 204830 | 4865456 |
|  Moncler SpA | 97329 | 6084806 |
|  Nexi SpA, 144A | 213585 | 1284361 |
|  Poste Italiane SpA, 144A | 190402 | 4131431 |
|  Prysmian SpA | 117404 | 7545146 |
|  Recordati Industria Chimica e Farmaceutica SpA | 50437 | 3023789 |
|  Snam SpA | 830068 | 4963212 |
|  Telecom Italia SpA \* | 4171762 | 1782943 |
|  Terna - Rete Elettrica Nazionale | 588557 | 5986430 |
|  UniCredit SpA | 592359 | 38041944 |

---

See Notes to Financial Statements.

**34** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Unipol Assicurazioni SpA | 160459 | 3139190 |
|  (Cost $138,053,255) |  | **232779881** |
|  **Japan – 21.4%** |  |  |
|  Advantest Corp. | 325200 | 16649282 |
|  Aeon Co. Ltd. | 276700 | 8528194 |
|  AGC, Inc. | 83500 | 2484777 |
|  Aisin Corp. | 220862 | 2828790 |
|  Ajinomoto Co., Inc. | 385794 | 9684061 |
|  ANA Holdings, Inc. (b) | 66800 | 1326298 |
|  Asahi Group Holdings Ltd. | 627995 | 8318277 |
|  Asahi Kasei Corp. | 527600 | 3723394 |
|  Asics Corp. | 278800 | 6748396 |
|  Astellas Pharma, Inc. | 763032 | 7577558 |
|  Bandai Namco Holdings, Inc. | 251500 | 8032899 |
|  Bridgestone Corp. | 241076 | 10412366 |
|  Canon, Inc. | 394286 | 12144102 |
|  Capcom Co. Ltd. | 145800 | 4356927 |
|  Central Japan Railway Co. | 328270 | 7211241 |
|  Chiba Bank Ltd. | 222000 | 2027228 |
|  Chubu Electric Power Co., Inc. | 260800 | 3204381 |
|  Chugai Pharmaceutical Co. Ltd. | 285000 | 15018972 |
|  Concordia Financial Group Ltd. | 441315 | 2843038 |
|  Dai Nippon Printing Co. Ltd. | 163400 | 2420425 |
|  Daifuku Co. Ltd. | 142163 | 3821443 |
|  Dai-ichi Life Holdings, Inc. | 1494252 | 11718707 |
|  Daiichi Sankyo Co. Ltd. | 731693 | 19536221 |
|  Daikin Industries Ltd. | 111988 | 12907474 |
|  Daito Trust Construction Co. Ltd. | 24013 | 2710109 |
|  Daiwa House Industry Co. Ltd. | 237736 | 8047618 |
|  Daiwa Securities Group, Inc. | 594287 | 4043687 |
|  Denso Corp. | 800912 | 10917606 |
|  Dentsu Group, Inc. (b) | 76900 | 1668451 |
|  Disco Corp. | 38800 | 8863102 |
|  East Japan Railway Co. | 384659 | 8099773 |
|  Eisai Co. Ltd. | 109352 | 3146924 |
|  ENEOS Holdings, Inc. | 1105528 | 5265846 |
|  FANUC Corp. | 400685 | 10770698 |
|  Fast Retailing Co. Ltd. | 80951 | 27200256 |
|  Fuji Electric Co. Ltd. | 53000 | 2367956 |
|  FUJIFILM Holdings Corp. | 474662 | 10832830 |
|  Fujikura Ltd. | 110100 | 5140219 |
|  Fujitsu Ltd. | 746420 | 17211311 |
|  Hankyu Hanshin Holdings, Inc. | 96540 | 2606469 |
|  Hikari Tsushin, Inc. | 7400 | 2023114 |
|  Hitachi Ltd. | 1945305 | 54697551 |
|  Honda Motor Co. Ltd. | 1793697 | 18299087 |
|  Hoshizaki Corp. | 45200 | 1694666 |
|  Hoya Corp. | 147774 | 17576372 |
|  Hulic Co. Ltd. | 190300 | 1933483 |
|  Idemitsu Kosan Co. Ltd. | 335320 | 2054169 |
|  IHI Corp. | 62600 | 6084027 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Inpex Corp. | 355817 | 4825580 |
|  Isuzu Motors Ltd. | 223800 | 3047612 |
|  ITOCHU Corp. | 504354 | 27128809 |
|  Japan Airlines Co. Ltd. | 67273 | 1366545 |
|  Japan Exchange Group, Inc. | 420756 | 4675554 |
|  Japan Post Bank Co. Ltd. | 761958 | 8236740 |
|  Japan Post Holdings Co. Ltd. | 753413 | 7411349 |
|  Japan Post Insurance Co. Ltd. | 69800 | 1540601 |
|  Japan Tobacco, Inc. | 514541 | 15869439 |
|  JFE Holdings, Inc. | 241385 | 2871055 |
|  Kajima Corp. | 174000 | 4309642 |
|  Kansai Electric Power Co., Inc. | 394767 | 4501982 |
|  Kao Corp. | 197004 | 9044153 |
|  Kawasaki Kisen Kaisha Ltd. | 155700 | 2355599 |
|  KDDI Corp. | 1301866 | 22609285 |
|  Keyence Corp. | 82570 | 34853899 |
|  Kikkoman Corp. | 285810 | 2626802 |
|  Kirin Holdings Co. Ltd. | 323423 | 4657093 |
|  Kobe Bussan Co. Ltd. | 63500 | 2007888 |
|  Komatsu Ltd. | 381973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11738313 |
|  Konami Group Corp. | 42466 | 5800544 |
|  Kubota Corp. (b) | 414081 | 4786989 |
|  Kyocera Corp. | 542500 | 6641049 |
|  Kyowa Kirin Co. Ltd. | 100200 | 1638839 |
|  Lasertec Corp. | 34100 | 3461069 |
|  LY Corp. | 1248900 | 4530566 |
|  M3, Inc. | 194242 | 2750395 |
|  Makita Corp. | 100300 | 3099022 |
|  Marubeni Corp. | 598100 | 12240901 |
|  MatsukiyoCocokara & Co. | 152700 | 3094431 |
|  MEIJI Holdings Co. Ltd. | 95780 | 2146638 |
|  MINEBEA MITSUMI, Inc. | 151820 | 2145495 |
|  Mitsubishi Chemical Group Corp. | 574500 | 3076616 |
|  Mitsubishi Corp. | 1450875 | 29593232 |
|  Mitsubishi Electric Corp. | 806579 | 16277879 |
|  Mitsubishi Estate Co. Ltd. | 460751 | 8456467 |
|  Mitsubishi HC Capital, Inc. | 347200 | 2554023 |
|  Mitsubishi Heavy Industries Ltd. | 1370090 | 31915923 |
|  Mitsubishi UFJ Financial Group, Inc. | 4864552 | 68474583 |
|  Mitsui & Co. Ltd. | 1048120 | 22063001 |
|  Mitsui Fudosan Co. Ltd. | 1122278 | 10841005 |
|  Mitsui OSK Lines Ltd. | 150500 | 5360245 |
|  Mizuho Financial Group, Inc. | 1014258 | 28208489 |
|  MonotaRO Co. Ltd. | 109600 | 2271289 |
|  MS&AD Insurance Group Holdings, Inc. | 545563 | 13103066 |
|  Murata Manufacturing Co. Ltd. | 707031 | 10475625 |
|  NEC Corp. | 518695 | 13643703 |
|  Nexon Co. Ltd. | 146645 | 2661918 |
|  Nidec Corp. | 353692 | 6906943 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **35** 

------

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Nintendo Co. Ltd. | 468210 | 38509089 |
|  Nippon Building Fund, Inc. REIT | 2850 | 2606484 |
|  Nippon Paint Holdings Co. Ltd. | 392210 | 2969615 |
|  Nippon Sanso Holdings Corp. | 68600 | 2467588 |
|  Nippon Steel Corp. | 407909 | 8243507 |
|  Nippon Telegraph & Telephone Corp. | 12690150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14145732 |
|  Nippon Yusen KK | 190400 | 6974519 |
|  Nissan Motor Co. Ltd. \* | 939542 | 2408680 |
|  Nissin Foods Holdings Co. Ltd. | 78800 | 1676817 |
|  Nitori Holdings Co. Ltd. (b) | 33101 | 3305614 |
|  Nitto Denko Corp. | 298420 | 5486432 |
|  Nomura Holdings, Inc. | 1271654 | 7850240 |
|  Nomura Research Institute Ltd. | 159843 | 6196214 |
|  NTT Data Group Corp. | 267234 | 7410012 |
|  Obayashi Corp. | 267800 | 4058083 |
|  Obic Co. Ltd. | 137400 | 5029263 |
|  Olympus Corp. | 475316 | 6127462 |
|  Omron Corp. (b) | 75292 | 1959544 |
|  Ono Pharmaceutical Co. Ltd. (b) | 146406 | 1592818 |
|  Oracle Corp. (b) | 16600 | 1949039 |
|  Oriental Land Co. Ltd. (b) | 458800 | 10244445 |
|  ORIX Corp. | 499746 | 10648190 |
|  Osaka Gas Co. Ltd. | 153400 | 3915620 |
|  Otsuka Corp. | 95600 | 1970199 |
|  Otsuka Holdings Co. Ltd. | 187167 | 9560287 |
|  Pan Pacific International Holdings Corp. | 161072 | 5304703 |
|  Panasonic Holdings Corp. | 988785 | 11461784 |
|  Rakuten Group, Inc. \* | 637086 | 3535751 |
|  Recruit Holdings Co. Ltd. | 594953 | 35925825 |
|  Renesas Electronics Corp. | 715000 | 8859550 |
|  Resona Holdings, Inc. | 884725 | 7866887 |
|  Ricoh Co. Ltd. | 218400 | 2049753 |
|  Sanrio Co. Ltd. | 76000 | 3349609 |
|  SBI Holdings, Inc. | 111425 | 3398619 |
|  SCREEN Holdings Co. Ltd. | 33700 | 2423955 |
|  SCSK Corp. | 69400 | 2117762 |
|  Secom Co. Ltd. | 177500 | 6498280 |
|  Sekisui Chemical Co. Ltd. | 152200 | 2654866 |
|  Sekisui House Ltd. | 250651 | 5718665 |
|  Seven & i Holdings Co. Ltd. | 938428 | 14191037 |
|  SG Holdings Co. Ltd. | 155000 | 1513969 |
|  Shimadzu Corp. | 107000 | 2597387 |
|  Shimano, Inc. | 31994 | 4572477 |
|  Shin-Etsu Chemical Co. Ltd. | 766020 | 24706201 |
|  Shionogi & Co. Ltd. | 320685 | 5366479 |
|  Shiseido Co. Ltd. | 177457 | 2873448 |
|  SMC Corp. | 24182 | 9100075 |
|  SoftBank Corp. | 12078300 | 18583937 |
|  SoftBank Group Corp. | 405528 | 21457939 |
|  Sompo Holdings, Inc. | 377605 | 11512236 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Sony Group Corp. | 2609580 | 69095520 |
|  Subaru Corp. | 247734 | 4612248 |
|  Sumitomo Corp. | 461276 | 11867290 |
|  Sumitomo Electric Industries Ltd. | 309800 | 6536383 |
|  Sumitomo Metal Mining Co. Ltd. (b) | 101600 | 2343448 |
|  Sumitomo Mitsui Financial Group, Inc. | 1581145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40656288 |
|  Sumitomo Mitsui Trust Holdings, Inc. | 272962 | 7441745 |
|  Sumitomo Realty & Development Co. Ltd. | 131203 | 5065031 |
|  Suntory Beverage & Food Ltd. | 53200 | 1734328 |
|  Suzuki Motor Corp. | 682204 | 8782674 |
|  Sysmex Corp. | 205121 | 3467506 |
|  T&D Holdings, Inc. | 209500 | 4824928 |
|  Taisei Corp. | 66815 | 3739263 |
|  Takeda Pharmaceutical Co. Ltd. | 673011 | 20177000 |
|  TDK Corp. | 823160 | 9152896 |
|  Terumo Corp. | 564488 | 10438880 |
|  TIS, Inc. | 93000 | 3068654 |
|  Toho Co. Ltd. | 43400 | 2296751 |
|  Tokio Marine Holdings, Inc. | 780650 | 33158434 |
|  Tokyo Electron Ltd. | 190292 | 30416039 |
|  Tokyo Gas Co. Ltd. | 139680 | 4703079 |
|  Tokyo Metro Co. Ltd. | 104200 | 1316847 |
|  Tokyu Corp. | 225310 | 2743272 |
|  TOPPAN Holdings, Inc. | 108589 | 2905366 |
|  Toray Industries, Inc. | 609243 | 4225897 |
|  Toyota Industries Corp. | 68900 | 8673849 |
|  Toyota Motor Corp. | 4022320 | 77402301 |
|  Toyota Tsusho Corp. | 270633 | 5773955 |
|  Trend Micro, Inc. | 53376 | 4015395 |
|  Unicharm Corp. | 473300 | 3774362 |
|  West Japan Railway Co. | 200812 | 4352706 |
|  Yakult Honsha Co. Ltd. | 107358 | 2177824 |
|  Yamaha Motor Co. Ltd. (b) | 379522 | 2927617 |
|  Yokogawa Electric Corp. | 100244 | 2472400 |
|  Zensho Holdings Co. Ltd. | 38900 | 2135384 |
|  ZOZO, Inc. | 169791 | 1845465 |
|  (Cost $1,250,897,056) |  | **1715945372** |
|  **Luxembourg – 0.2%** |  |  |
|  ArcelorMittal SA | 197454 | 5990605 |
|  CVC Capital Partners PLC, 144A | 91329 | 1697562 |
|  Eurofins Scientific SE | 50988 | 3400715 |
|  Tenaris SA | 177797 | 2981764 |
|  (Cost $12,110,773) |  | **14070646** |
|  **Macau – 0.0%** |  |  |
|  Sands China Ltd. \* |  |  |
|  (Cost $3,393,026) | 1028897 | **2023389** |

---

See Notes to Financial Statements.

**36** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **Netherlands – 4.7%** |  |  |
|  ABN AMRO Bank NV, 144A | 188679 | 4878147 |
|  Adyen NV, 144A \* | 10731 | 20586969 |
|  Aegon Ltd. | 538190 | 3853522 |
|  Akzo Nobel NV | 69198 | 4711112 |
|  Argenx SE \* | 25388 | 14597904 |
|  ASM International NV | 20206 | 11003424 |
|  ASML Holding NV | 167243 | 124173120 |
|  ASR Nederland NV (b) | 63592 | 4078171 |
|  BE Semiconductor Industries NV | 35301 | 4270795 |
|  Euronext NV, 144A | 32274 | 5254970 |
|  EXOR NV | 40400 | 3889963 |
|  Ferrovial SE | 211336 | 10759879 |
|  Heineken Holding NV | 52856 | 4117055 |
|  Heineken NV | 121124 | 10785129 |
|  IMCD NV | 24176 | 3280354 |
|  ING Groep NV | 1332358 | 28259607 |
|  JDE Peet's NV | 70087 | 1927436 |
|  Koninklijke Ahold Delhaize NV | 389960 | 16462574 |
|  Koninklijke KPN NV | 1633952 | 7677116 |
|  Koninklijke Philips NV | 351758 | 8087929 |
|  NN Group NV | 111622 | 7024002 |
|  Prosus NV \* | 558040 | 28639938 |
|  QIAGEN NV \* | 96290 | 4345969 |
|  Randstad NV (b) | 47471 | 1992180 |
|  Stellantis NV | 840716 | 8557914 |
|  Universal Music Group NV (b) | 468683 | 14985808 |
|  Wolters Kluwer NV | 101205 | 17960948 |
|  (Cost $254,278,182) |  | **376161935** |
|  **New Zealand – 0.3%** |  |  |
|  Auckland International Airport Ltd. | 709452 | 3200695 |
|  Contact Energy Ltd. | 331199 | 1812837 |
|  Fisher & Paykel Healthcare Corp. Ltd. | 244979 | 5343133 |
|  Infratil Ltd. | 402043 | 2533339 |
|  Meridian Energy Ltd. | 568208 | 1864035 |
|  Xero Ltd. \* | 60609 | 7199946 |
|  (Cost $17,686,261) |  | **21953985** |
|  **Norway – 0.6%** |  |  |
|  Aker BP ASA | 147292 | 3391032 |
|  DNB Bank ASA | 374963 | 10039519 |
|  Equinor ASA | 348568 | 8178580 |
|  Gjensidige Forsikring ASA | 87906 | 2225337 |
|  Kongsberg Gruppen ASA | 38706 | 6817935 |
|  Mowi ASA | 187512 | 3501360 |
|  Norsk Hydro ASA | 636238 | 3488046 |
|  Orkla ASA | 304339 | 3446675 |
|  Salmar ASA (b) | 28380 | 1265053 |
|  Telenor ASA | 243889 | 3741699 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Yara International ASA | 71766 | 2573266 |
|  (Cost $40,159,311) |  | **48668502** |
|  **Poland – 0.0%** |  |  |
|  InPost SA \* |  |  |
|  (Cost $1,751,444) | 98548 | **1620260** |
|  **Portugal – 0.1%** |  |  |
|  EDP SA | 1314068 | 5237129 |
|  Galp Energia SGPS SA | 179792 | 2867216 |
|  Jeronimo Martins SGPS SA | 126552 | 3184249 |
|  (Cost $9,801,988) |  | **11288594** |
|  **Singapore – 1.7%** |  |  |
|  CapitaLand Ascendas REIT | 1569699 | 3225201 |
|  CapitaLand Integrated Commercial Trust REIT | 2602781 | 4217726 |
|  CapitaLand Investment Ltd. | 1095600 | 2140657 |
|  DBS Group Holdings Ltd. | 903245 | 31318563 |
|  Genting Singapore Ltd. | 2491278 | 1332802 |
|  Grab Holdings Ltd., Class A \* | 1031973 | 5025709 |
|  Keppel Ltd. | 641200 | 3375653 |
|  Oversea-Chinese Banking Corp. Ltd. | 1421087 | 17882723 |
|  Sea Ltd., ADR \* | 162667 | 26086907 |
|  Sembcorp Industries Ltd. | 434600 | 2230705 |
|  Singapore Airlines Ltd. | 689550 | 3811972 |
|  Singapore Exchange Ltd. | 370900 | 4031803 |
|  Singapore Technologies Engineering Ltd. | 655100 | 3971996 |
|  Singapore Telecommunications Ltd. | 3225889 | 9529472 |
|  United Overseas Bank Ltd. | 532654 | 14623980 |
|  Wilmar International Ltd. | 838766 | 1983513 |
|  (Cost $94,450,871) |  | **134789382** |
|  **Spain – 3.1%** |  |  |
|  Acciona SA | 10514 | 1695214 |
|  ACS Actividades de<br>Construccion y Servicios SA | 79850 | 5245013 |
|  Aena SME SA, 144A | 32278 | 8686069 |
|  Amadeus IT Group SA | 189740 | 15809018 |
|  Banco Bilbao Vizcaya Argentaria SA | 2447517 | 36711053 |
|  Banco de Sabadell SA | 2292664 | 7301996 |
|  Banco Santander SA | 6436261 | 51382952 |
|  Bankinter SA | 293931 | 3784659 |
|  CaixaBank SA | 1671529 | 14211766 |
|  Cellnex Telecom SA, 144A \* | 206186 | 7894326 |
|  EDP Renovaveis SA | 155466 | 1560472 |
|  Endesa SA | 133102 | 4062395 |
|  Grifols SA \* | 131097 | 1409649 |
|  Iberdrola SA | 2474408 | 45177861 |
|  Industria de Diseno Textil SA | 462624 | 25066685 |
|  Redeia Corp. SA | 166194 | 3434433 |
|  Repsol SA | 517587 | 6967119 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **37** 

------

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Telefonica SA (b) | 1544959 | 8265908 |
|  (Cost $164,430,407) |  | **248666588** |
|  **Sweden – 3.5%** |  |  |
|  AddTech AB, Class B | 107721 | 3701208 |
|  Alfa Laval AB | 119201 | 5069208 |
|  Assa Abloy AB, Class B | 423699 | 13430979 |
|  Atlas Copco AB, Class A | 1132787 | 18184711 |
|  Atlas Copco AB, Class B | 663207 | 9446270 |
|  Beijer Ref AB | 170914 | 2522630 |
|  Boliden AB \* | 120569 | 3771652 |
|  Epiroc AB, Class A | 287029 | 6422034 |
|  Epiroc AB, Class B | 152785 | 2988144 |
|  EQT AB (b) | 154660 | 4526736 |
|  Essity AB, Class B | 257102 | 7517061 |
|  Evolution AB, 144A | 61775 | 4239925 |
|  Fastighets AB Balder, Class B \* | 320340 | 2244764 |
|  H & M Hennes & Mauritz AB,<br>Class B (b) | 236662 | 3389367 |
|  Hexagon AB, Class B | 878988 | 8856857 |
|  Holmen AB, Class B (b) | 34143 | 1410316 |
|  Industrivarden AB, Class A | 49839 | 1806004 |
|  Industrivarden AB, Class C | 55006 | 1986928 |
|  Indutrade AB | 122749 | 3326417 |
|  Investment AB Latour, Class B | 60983 | 1608072 |
|  Investor AB, Class B | 730144 | 21492408 |
|  L E Lundbergforetagen AB, Class B | 32140 | 1641371 |
|  Lifco AB, Class B | 99847 | 4065972 |
|  Nibe Industrier AB, Class B (b) | 644430 | 2639710 |
|  Saab AB, Class B | 135476 | 6847318 |
|  Sagax AB, Class B | 97068 | 2124228 |
|  Sandvik AB | 443564 | 9688410 |
|  Securitas AB, Class B | 216329 | 3198581 |
|  Skandinaviska Enskilda Banken AB, Class A | 671782 | 11208104 |
|  Skanska AB, Class B | 149171 | 3546078 |
|  SKF AB, Class B | 148016 | 3254609 |
|  Spotify Technology SA \* | 65244 | 43396394 |
|  Svenska Cellulosa AB SCA, Class B | 246710 | 3336405 |
|  Svenska Handelsbanken AB, Class A | 619766 | 8278028 |
|  Swedbank AB, Class A | 359209 | 9723086 |
|  Swedish Orphan Biovitrum AB \* | 90748 | 2775368 |
|  Tele2 AB, Class B | 227758 | 3407954 |
|  Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179007 | 10020443 |
|  Telia Co. AB | 1051406 | 4062197 |
|  Trelleborg AB, Class B | 87870 | 3218953 |
|  Volvo AB, Class B | 671696 | 18629905 |
|  (Cost $215,196,338) |  | **283004805** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **Switzerland – 9.9%** |  |  |
|  ABB Ltd. | 671059 | 37947856 |
|  Alcon, Inc. | 211495 | 18168525 |
|  Avolta AG \* | 34449 | 1845093 |
|  Baloise Holding AG | 17121 | 4060777 |
|  Banque Cantonale Vaudoise | 11408 | 1319613 |
|  Barry Callebaut AG (b) | 1584 | 1623456 |
|  BKW AG | 10389 | 2182574 |
|  Chocoladefabriken Lindt & Spruengli AG | 45 | 7064399 |
|  Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 383 | 6156853 |
|  Cie Financiere Richemont SA, Class A | 227951 | 42889687 |
|  Coca-Cola HBC AG \* | 96293 | 5010578 |
|  DSM-Firmenich AG | 78711 | 8760289 |
|  EMS-Chemie Holding AG | 3361 | 2552400 |
|  Galderma Group AG | 45520 | 5956870 |
|  Geberit AG | 14152 | 10540919 |
|  Givaudan SA | 3907 | 19596714 |
|  Glencore PLC \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4367522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16676916 |
|  Helvetia Holding AG | 16305 | 3859312 |
|  Holcim AG \* | 219859 | 24315390 |
|  Julius Baer Group Ltd. | 86549 | 5691412 |
|  Kuehne + Nagel International AG | 20923 | 4704497 |
|  Logitech International SA | 63947 | 5317780 |
|  Lonza Group AG | 30613 | 21172442 |
|  Nestle SA | 1112630 | 118563367 |
|  Novartis AG | 809868 | 92529633 |
|  Partners Group Holding AG | 9604 | 12859791 |
|  Roche Holding AG | 13935 | 4740948 |
|  Roche Holding AG | 297988 | 96131001 |
|  Sandoz Group AG | 176535 | 8951161 |
|  Schindler Holding AG | 11037 | 3781815 |
|  Schindler Holding AG Participation Certificates | 16900 | 6004326 |
|  SGS SA | 68530 | 7142774 |
|  SIG Group AG \* | 144442 | 2948512 |
|  Sika AG | 63601 | 16978299 |
|  Sonova Holding AG | 21332 | 6676942 |
|  STMicroelectronics NV | 150397 | 3774835 |
|  STMicroelectronics NV, Class Y | 132215 | 3306697 |
|  Straumann Holding AG | 46630 | 5980312 |
|  Swatch Group AG – Bearer (b) | 12238 | 2060237 |
|  Swiss Life Holding AG | 12100 | 12076476 |
|  Swiss Prime Site AG | 32826 | 4662648 |
|  Swiss Re AG | 128051 | 22599523 |
|  Swisscom AG | 10978 | 7543207 |
|  Temenos AG | 25829 | 1915991 |
|  UBS Group AG | 1396461 | 44439020 |
|  VAT Group AG, 144A | 12178 | 4627048 |

---

See Notes to Financial Statements.

**38** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Zurich Insurance Group AG | 62211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43630850 |
|  (Cost $591,505,740) |  | **791339765** |
|  **United Kingdom – 13.8%** |  |  |
|  3i Group PLC | 411832 | 22594808 |
|  Admiral Group PLC | 112952 | 5098231 |
|  Anglo American PLC \* | 534330 | 15874460 |
|  Ashtead Group PLC | 183284 | 10705192 |
|  Associated British Foods PLC | 143873 | 4037842 |
|  AstraZeneca PLC | 657533 | 94971467 |
|  Auto Trader Group PLC, 144A | 399377 | 4272523 |
|  Aviva PLC | 1175025 | 9666844 |
|  BAE Systems PLC | 1274390 | 32649722 |
|  Barclays PLC | 6077341 | 26816724 |
|  Barratt Redrow PLC | 593095 | 3682286 |
|  BP PLC | 6812709 | 33021854 |
|  British American Tobacco PLC | 842450 | 37843434 |
|  BT Group PLC | 2698289 | 6523982 |
|  Bunzl PLC | 148500 | 4753940 |
|  Centrica PLC | 2241478 | 4782262 |
|  Coca-Cola Europacific Partners PLC | 98202 | 9013962 |
|  Compass Group PLC | 721263 | 25315248 |
|  Croda International PLC | 57132 | 2361650 |
|  Diageo PLC | 941829 | 25595214 |
|  Entain PLC | 263037 | 2660150 |
|  GSK PLC | 1752624 | 35586298 |
|  Haleon PLC | 3834588 | 21384295 |
|  Halma PLC | 158777 | 6216759 |
|  Hikma Pharmaceuticals PLC | 73961 | 2132541 |
|  HSBC Holdings PLC | 7497970 | 88214145 |
|  Imperial Brands PLC | 333580 | 12629528 |
|  Informa PLC | 562944 | 5957128 |
|  InterContinental Hotels Group PLC | 65960 | 7548727 |
|  International Consolidated Airlines Group SA | 500000 | 2199936 |
|  Intertek Group PLC | 70996 | 4578122 |
|  J Sainsbury PLC | 757771 | 2913887 |
|  JD Sports Fashion PLC | 1037685 | 1176104 |
|  Kingfisher PLC | 835034 | 3123233 |
|  Land Securities Group PLC REIT | 305798 | 2608069 |
|  Legal & General Group PLC | 2385472 | 7993388 |
|  Lloyds Banking Group PLC | 25692999 | 26724704 |
|  London Stock Exchange Group PLC | 202538 | 30768326 |
|  M&G PLC | 1058968 | 3377240 |
|  Marks & Spencer Group PLC | 888985 | 4484470 |
|  Melrose Industries PLC | 564284 | 3558911 |
|  Mondi PLC | 204599 | 3323162 |
|  National Grid PLC | 2063372 | 29093607 |
|  NatWest Group PLC | 3425025 | 24208776 |
|  Next PLC | 50807 | 8806719 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Pearson PLC | 270961 | 4253178 |
|  Phoenix Group Holdings PLC | 308766 | 2637543 |
|  Reckitt Benckiser Group PLC | 290025 | 19663321 |
|  RELX PLC | 785890 | 42291260 |
|  Rentokil Initial PLC | 1053576 | 4991092 |
|  Rio Tinto PLC | 481680 | 28568633 |
|  Rolls-Royce Holdings PLC | 3603722 | 42058160 |
|  Sage Group PLC | 422381 | 6937275 |
|  Schroders PLC | 348640 | 1669458 |
|  Segro PLC REIT | 568206 | 5336044 |
|  Severn Trent PLC | 103848 | 3782030 |
|  Shell PLC | 2530584 | 83517793 |
|  Smith & Nephew PLC | 342091 | 4952550 |
|  Smiths Group PLC | 151891 | 4408172 |
|  Spirax Group PLC | 31691 | 2440242 |
|  SSE PLC | 454628 | 10786892 |
|  Standard Chartered PLC | 866654 | 13521819 |
|  Tesco PLC | 2850410 | 14901153 |
|  Unilever PLC | 1056299 | 66990292 |
|  United Utilities Group PLC | 307523 | 4851939 |
|  Vodafone Group PLC | 8168004 | 8460775 |
|  Whitbread PLC | 79091 | 3083943 |
|  Wise PLC, Class A \* | 290466 | 4301043 |
|  WPP PLC | 473124 | 3820960 |
|  (Cost $873,795,974) |  | **1109075437** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $5,752,134,271) |  | **7799602273** |
|  **PREFERRED STOCKS – 0.3%** | **PREFERRED STOCKS – 0.3%** |  |
|  **Germany – 0.3%** |  |  |
|  Bayerische Motoren Werke AG | 25870 | 2142841 |
|  Dr Ing hc F Porsche AG, 144A | 49440 | 2383564 |
|  Henkel AG & Co. KGaA | 68587 | 5488782 |
|  Porsche Automobil Holding SE | 66873 | 2665178 |
|  Sartorius AG | 11396 | 2730255 |
|  Volkswagen AG | 86519 | 9367982 |
|  (Cost $30,651,860) |  | **24778602** |
|  **EXCHANGE-TRADED FUNDS – 0.0%** | **EXCHANGE-TRADED FUNDS – 0.0%** |  |
|  iShares Currency Hedged MSCI EAFE ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $2,605,500) | 75000 | **2832750** |
|  **SECURITIES LENDING** |  |  |
|  **COLLATERAL – 1.1%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (d)(e) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $87,680,530) | 87680530 | **87680530** |

---

See Notes to Financial Statements.

DBX ETF Trust \| **39** 

------

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **CASH EQUIVALENTS – 1.2%** |  |  |
|  DWS Government Money Market Series "Institutional Shares",<br>4.26% (d) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $95,373,226) | 95373226 | **95373226** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **TOTAL INVESTMENTS – 99.7%** | **TOTAL INVESTMENTS – 99.7%** |  |
|  (Cost $5,968,445,387) |  | **8010267381** |
|  **Other assets and liabilities,<br>net – 0.3%** | **Other assets and liabilities,<br>net – 0.3%** | **20993283** |
|  **NET ASSETS – 100.0%** |  | **8031260664** |

---

A summary of the Fund's transactions with affiliated investments during the year ended May 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at<br>5/31/2024** | **Purchases Cost<br>($)** | **Sales Proceeds<br>($)** | **Net Realized<br>Gain/(Loss)<br>($)** | **Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Income ($)** | **Capital Gain<br>Distributions<br>($)** | **Number of<br>Shares at<br>5/31/2025** | **Value ($) at<br>5/31/2025** |
|  COMMON STOCKS **–** 0.2% | COMMON STOCKS **–** 0.2% | COMMON STOCKS **–** 0.2% | COMMON STOCKS **–** 0.2% | COMMON STOCKS **–** 0.2% | COMMON STOCKS **–** 0.2% | COMMON STOCKS **–** 0.2% | COMMON STOCKS **–** 0.2% | COMMON STOCKS **–** 0.2% |
|  Germany **–** 0.2% | Germany **–** 0.2% | Germany **–** 0.2% | Germany **–** 0.2% | Germany **–** 0.2% | Germany **–** 0.2% | Germany **–** 0.2% | Germany **–** 0.2% | Germany **–** 0.2% |
|  Deutsche Bank AG (c) | Deutsche Bank AG (c) | Deutsche Bank AG (c) | Deutsche Bank AG (c) | Deutsche Bank AG (c) | Deutsche Bank AG (c) | Deutsche Bank AG (c) | Deutsche Bank AG (c) | Deutsche Bank AG (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11115151 | 4557109 | (2946919) | (1352250) | 10301454 | 605516 |  | 783618 | 21674545 |
|  SECURITIES LENDING COLLATERAL **–** 1.1% | SECURITIES LENDING COLLATERAL **–** 1.1% | SECURITIES LENDING COLLATERAL **–** 1.1% | SECURITIES LENDING COLLATERAL **–** 1.1% | SECURITIES LENDING COLLATERAL **–** 1.1% | SECURITIES LENDING COLLATERAL **–** 1.1% | SECURITIES LENDING COLLATERAL **–** 1.1% | SECURITIES LENDING COLLATERAL **–** 1.1% | SECURITIES LENDING COLLATERAL **–** 1.1% |
|  DWS Government & Agency Securities Portfolio " DWS Government Cash Institutional Shares", 4.22% (d)(e) | DWS Government & Agency Securities Portfolio " DWS Government Cash Institutional Shares", 4.22% (d)(e) | DWS Government & Agency Securities Portfolio " DWS Government Cash Institutional Shares", 4.22% (d)(e) | DWS Government & Agency Securities Portfolio " DWS Government Cash Institutional Shares", 4.22% (d)(e) | DWS Government & Agency Securities Portfolio " DWS Government Cash Institutional Shares", 4.22% (d)(e) | DWS Government & Agency Securities Portfolio " DWS Government Cash Institutional Shares", 4.22% (d)(e) | DWS Government & Agency Securities Portfolio " DWS Government Cash Institutional Shares", 4.22% (d)(e) | DWS Government & Agency Securities Portfolio " DWS Government Cash Institutional Shares", 4.22% (d)(e) | DWS Government & Agency Securities Portfolio " DWS Government Cash Institutional Shares", 4.22% (d)(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49090266 | 38590264 (f) |  |  |  | 828727 |  | 87680530 | 87680530 |
|  CASH EQUIVALENTS **–** 1.2% | CASH EQUIVALENTS **–** 1.2% | CASH EQUIVALENTS **–** 1.2% | CASH EQUIVALENTS **–** 1.2% | CASH EQUIVALENTS **–** 1.2% | CASH EQUIVALENTS **–** 1.2% | CASH EQUIVALENTS **–** 1.2% | CASH EQUIVALENTS **–** 1.2% | CASH EQUIVALENTS **–** 1.2% |
|  DWS ESG Liquidity Fund "Capital Shares" (g) | DWS ESG Liquidity Fund "Capital Shares" (g) | DWS ESG Liquidity Fund "Capital Shares" (g) | DWS ESG Liquidity Fund "Capital Shares" (g) | DWS ESG Liquidity Fund "Capital Shares" (g) | DWS ESG Liquidity Fund "Capital Shares" (g) | DWS ESG Liquidity Fund "Capital Shares" (g) | DWS ESG Liquidity Fund "Capital Shares" (g) | DWS ESG Liquidity Fund "Capital Shares" (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12467188 |  | (12467188) | (1247) | 1247 | 27407 |  |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.26% (d) | DWS Government Money Market Series "Institutional Shares", 4.26% (d) | DWS Government Money Market Series "Institutional Shares", 4.26% (d) | DWS Government Money Market Series "Institutional Shares", 4.26% (d) | DWS Government Money Market Series "Institutional Shares", 4.26% (d) | DWS Government Money Market Series "Institutional Shares", 4.26% (d) | DWS Government Money Market Series "Institutional Shares", 4.26% (d) | DWS Government Money Market Series "Institutional Shares", 4.26% (d) | DWS Government Money Market Series "Institutional Shares", 4.26% (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131771708 | 460170611 | (496569093) |  |  | 4565983 |  | 95373226 | 95373226 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204444313**<br>| **503317984**  | **(511983200)** <br>  | **(1353497)** <br>  | **10302701**  | **6027633**  |  | **183837374**  | **204728301**  |

---

\* 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, 2025 amounted to $83,154,499, which is 1.0% 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.

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2025.

(g) Affiliated fund managed by DWS Investment Management Americas, Inc.

---

| | |
|:---|:---|
| ADR: | American Depositary Receipt |
| CDI: | Chess Depositary Interests |
| REIT: | Real Estate Investment Trust |
| 144A: | Security exempt from registration under Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| <br> Securities are listed in country of domicile. | <br> Securities are listed in country of domicile. |

---

See Notes to Financial Statements.

**40** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2025

At May 31, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract Description** | **Currency** | **Number of<br>Contracts** | **Notional<br>Amount ($)** | **Contract Value<br>($)** | **Expiration<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation) ($)** |
|  CAC 40 Index | EUR | 155 | 13744824 | 13632563 | 6/20/2025 | (112261) |
|  DAX Index | EUR | 10 | 6651649 | 6825479 | 6/20/2025 | 173830 |
|  EURO STOXX 50 Index | EUR | 635 | 38003297 | 38703883 | 6/20/2025 | 700586 |
|  FTSE 100 Index | GBP | 260 | 30209850 | 30762587 | 6/20/2025 | 552737 |
|  FTSE MIB Index | EUR | 5 | 1067703 | 1139311 | 6/20/2025 | 71608 |
|  IBEX 35 Index | EUR | 18 | 2815353 | 2892361 | 6/20/2025 | 77008 |
|  MSCI EAFE Index | USD | 215 | 26922623 | 27998375 | 6/20/2025 | 1075752 |
|  MSCI Singapore Index | SGD | 125 | 3957336 | 3979938 | 6/27/2025 | 22602 |
|  OMXS30 Index | SEK | 325 | 8568345 | 8454722 | 6/19/2025 | (113623) |
|  SMI Index | CHF | 45 | 6777901 | 6682199 | 6/20/2025 | (95702) |
|  SPI 200 Index | AUD | 125 | 16200907 | 17035571 | 6/19/2025 | 834664 |
|  TOPIX Index | JPY | 235 | 43839741 | 45686959 | 6/12/2025 | 1847218 |
|  **Total net unrealized appreciation** |  |  |  |  |  | **5034419** |

---

At May 31, 2025, the Fund had the following forward foreign currency contracts outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Date** | **Currency To**<br> **Deliver** | **Currency To**<br> **Deliver** | **Currency To<br>Receive** | **Currency To<br>Receive** | **Unrealized<br>Appreciation ($)** | **Unrealized<br>Depreciation ($)** |
|  RBC Capital Markets | 6/3/2025 | AUD | 823371142 | USD | 527005286 |  | (3762657) |
|  Goldman Sachs & Co. | 6/3/2025 | CHF | 695013500 | USD | 849030109 | 4228649 |  |
|  Citigroup Global Markets | 6/3/2025 | DKK | 1289006400 | USD | 196749963 | 512155 |  |
|  The Bank of New York Mellon | 6/3/2025 | EUR | 2492981400 | USD | 2838847668 | 7643561 |  |
|  RBC Capital Markets | 6/3/2025 | GBP | 910649000 | USD | 1216487735 |  | (10493543) |
|  The Bank of New York Mellon | 6/3/2025 | HKD | 1103224800 | USD | 142322204 | 1582594 |  |
|  RBC Capital Markets | 6/3/2025 | JPY | 259619164700 | USD | 1826657412 | 21817432 |  |
|  Goldman Sachs & Co. | 6/3/2025 | NOK | 302750700 | USD | 29194719 |  | (465107) |
|  JP Morgan & Chase Co. | 6/3/2025 | NOK | 7366900 | USD | 710398 |  | (11321) |
|  RBC Capital Markets | 6/3/2025 | NOK | 211411000 | USD | 20376202 |  | (335273) |
|  JP Morgan & Chase Co. | 6/3/2025 | SEK | 2508489900 | USD | 260543555 |  | (1160308) |
|  Goldman Sachs & Co. | 6/3/2025 | SGD | 48250200 | USD | 37012757 |  | (404805) |
|  RBC Capital Markets | 6/3/2025 | SGD | 94329900 | USD | 72342154 |  | (809769) |
|  RBC Capital Markets | 6/3/2025 | USD | 19056834 | AUD | 29773000 | 135670 |  |
|  RBC Capital Markets | 6/3/2025 | USD | 510113217 | AUD | 792655142 | 854339 |  |
|  RBC Capital Markets | 6/3/2025 | USD | 604249 | AUD | 943000 | 3635 |  |
|  Goldman Sachs & Co. | 6/3/2025 | USD | 7660245 | CHF | 6300000 |  | (2481) |
|  Goldman Sachs & Co. | 6/3/2025 | USD | 74992245 | CHF | 61408000 |  | (349712) |
|  The Bank of New York Mellon | 6/3/2025 | USD | 763563386 | CHF | 627305500 |  | (1062223) |
|  Citigroup Global Markets | 6/3/2025 | USD | 171533143 | DKK | 1127101400 | 56314 |  |
|  Citigroup Global Markets | 6/3/2025 | USD | 24712952 | DKK | 161905000 |  | (64601) |
|  Morgan Stanley Capital | 6/3/2025 | USD | 2636435804 | EUR | 2322339400 | 975308 |  |
|  The Bank of New York Mellon | 6/3/2025 | USD | 150408792 | EUR | 132079000 |  | (410638) |
|  The Bank of New York Mellon | 6/3/2025 | USD | 43763568 | EUR | 38563000 | 31273 |  |
|  Morgan Stanley Capital | 6/3/2025 | USD | 1138238233 | GBP | 844046000 |  | (995850) |
|  RBC Capital Markets | 6/3/2025 | USD | 88972750 | GBP | 66603000 | 766144 |  |
|  RBC Capital Markets | 6/3/2025 | USD | 128040859 | HKD | 1004038800 | 45483 |  |
|  The Bank of New York Mellon | 6/3/2025 | USD | 12795620 | HKD | 99186000 |  | (142352) |

---

See Notes to Financial Statements.

DBX ETF Trust \| **41** 

------

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Date** | **Currency To**<br> **Deliver** | **Currency To**<br> **Deliver** | **Currency To<br>Receive** | **Currency To<br>Receive** | **Unrealized<br>Appreciation ($)** | **Unrealized<br>Depreciation ($)** |
|  RBC Capital Markets | 6/3/2025 | USD | 13472560 | JPY | 1919346000 |  | (129507) |
|  RBC Capital Markets | 6/3/2025 | USD | 146500831 | JPY | 20821401000 |  | (1753054) |
|  RBC Capital Markets | 6/3/2025 | USD | 1641625959 | JPY | 236878417700 | 5123191 |  |
|  Goldman Sachs & Co. | 6/3/2025 | USD | 2798347 | NOK | 29018000 | 44484 |  |
|  Goldman Sachs & Co. | 6/3/2025 | USD | 26240263 | NOK | 268100700 | 24979 |  |
|  Goldman Sachs & Co. | 6/3/2025 | USD | 541398 | NOK | 5632000 | 10357 |  |
|  JP Morgan & Chase Co. | 6/3/2025 | USD | 721029 | NOK | 7366900 | 690 |  |
|  RBC Capital Markets | 6/3/2025 | USD | 20708195 | NOK | 211411000 | 3280 |  |
|  JP Morgan & Chase Co. | 6/3/2025 | USD | 1107038 | SEK | 10681000 | 7281 |  |
|  JP Morgan & Chase Co. | 6/3/2025 | USD | 24932370 | SEK | 240043000 | 110657 |  |
|  Morgan Stanley Capital | 6/3/2025 | USD | 235062744 | SEK | 2257765900 | 483773 |  |
|  Goldman Sachs & Co. | 6/3/2025 | USD | 31064826 | SGD | 40061200 | 2246 |  |
|  Goldman Sachs & Co. | 6/3/2025 | USD | 6282230 | SGD | 8189000 | 68260 |  |
|  RBC Capital Markets | 6/3/2025 | USD | 73129622 | SGD | 94329900 | 22300 |  |
|  JP Morgan & Chase Co. | 6/4/2025 | ILS | 8837000 | USD | 2429814 |  | (85433) |
|  JP Morgan & Chase Co. | 6/4/2025 | ILS | 139402500 | USD | 38335020 |  | (1342660) |
|  JP Morgan & Chase Co. | 6/4/2025 | NZD | 15135400 | USD | 8990670 |  | (54825) |
|  RBC Capital Markets | 6/4/2025 | NZD | 10227000 | USD | 6074593 |  | (37454) |
|  JP Morgan & Chase Co. | 6/4/2025 | USD | 42123068 | ILS | 148239500 | 69858 |  |
|  JP Morgan & Chase Co. | 6/4/2025 | USD | 765126 | NZD | 1288000 | 4632 |  |
|  JP Morgan & Chase Co. | 6/4/2025 | USD | 8267590 | NZD | 13847400 | 8147 |  |
|  RBC Capital Markets | 6/4/2025 | USD | 6105008 | NZD | 10227000 | 7039 |  |
|  RBC Capital Markets | 7/2/2025 | AUD | 792655142 | USD | 510324063 |  | (859853) |
|  RBC Capital Markets | 7/2/2025 | AUD | 41790000 | USD | 26904736 |  | (45667) |
|  JP Morgan & Chase Co. | 7/2/2025 | CHF | 8934000 | USD | 10913241 | 14566 |  |
|  The Bank of New York Mellon | 7/2/2025 | CHF | 627305500 | USD | 766296328 | 1040190 |  |
|  Citigroup Global Markets | 7/2/2025 | DKK | 1127101400 | USD | 171891274 |  | (55428) |
|  Citigroup Global Markets | 7/2/2025 | DKK | 76474000 | USD | 11662475 |  | (4134) |
|  JP Morgan & Chase Co. | 7/2/2025 | EUR | 128196000 | USD | 145803336 |  | (58692) |
|  Morgan Stanley Capital | 7/2/2025 | EUR | 2322339400 | USD | 2641337101 |  | (1031892) |
|  JP Morgan & Chase Co. | 7/2/2025 | GBP | 20517000 | USD | 27671463 | 23739 |  |
|  Morgan Stanley Capital | 7/2/2025 | GBP | 844046000 | USD | 1138390162 | 994300 |  |
|  JP Morgan & Chase Co. | 7/2/2025 | ILS | 148239500 | USD | 42130849 |  | (73850) |
|  RBC Capital Markets | 7/2/2025 | JPY | 236878417700 | USD | 1647005450 |  | (5180060) |
|  RBC Capital Markets | 7/2/2025 | JPY | 15000436000 | USD | 104296712 |  | (328704) |
|  Goldman Sachs & Co. | 7/2/2025 | NOK | 15624000 | USD | 1529134 |  | (1466) |
|  Goldman Sachs & Co. | 7/2/2025 | NOK | 268100700 | USD | 26239241 |  | (25150) |
|  JP Morgan & Chase Co. | 7/2/2025 | NOK | 7366900 | USD | 721001 |  | (695) |
|  RBC Capital Markets | 7/2/2025 | NOK | 211411000 | USD | 20707388 |  | (3416) |
|  JP Morgan & Chase Co. | 7/2/2025 | NZD | 13847400 | USD | 8275262 |  | (8948) |
|  RBC Capital Markets | 7/2/2025 | NZD | 10227000 | USD | 6110673 |  | (7632) |
|  JP Morgan & Chase Co. | 7/2/2025 | SEK | 79576000 | USD | 8299044 |  | (17506) |
|  Morgan Stanley Capital | 7/2/2025 | SEK | 2257765900 | USD | 235471837 |  | (489043) |
|  Goldman Sachs & Co. | 7/2/2025 | SGD | 3611000 | USD | 2805096 |  | (328) |
|  Goldman Sachs & Co. | 7/2/2025 | SGD | 40061200 | USD | 31120329 |  | (3636) |
|  RBC Capital Markets | 7/2/2025 | SGD | 94329900 | USD | 73260252 |  | (25635) |
|  JP Morgan & Chase Co. | 7/2/2025 | USD | 1591339 | ILS | 5598000 | 2447 |  |
|  RBC Capital Markets | 7/3/2025 | HKD | 1004038800 | USD | 128408487 |  | (52216) |
|  RBC Capital Markets | 7/3/2025 | HKD | 136007000 | USD | 17394159 |  | (7115) |
|  **Total unrealized appreciation (depreciation)** | **Total unrealized appreciation (depreciation)** |  |  |  |  | **46718973** | **(32154639)** |

---

See Notes to Financial Statements.

**42** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2025

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** | **Currency Abbreviations** |
| **Currency Abbreviations** | **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 |

---

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, 2025 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) | $7799602273 | $— | $— | $7799602273 |
|  Preferred Stocks | 24778602 |  |  | 24778602 |
|  Exchange-Traded Funds | 2832750 |  |  | 2832750 |
|  Short-Term Investments (a) | 183053756 |  |  | 183053756 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts |  | 46718973 |  | 46718973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 5356005 |  |  | 5356005 |
|  **TOTAL** | $**8015623386** | $**46718973** | $**—** | $**8062342359** |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $— | $(32154639) | $— | $(32154639) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (321586) |  |  | (321586) |
|  **TOTAL** | $**(321586)** | $**(32154639)** | $**—** | $**(32476225)** |

---

(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.

DBX ETF Trust \| **43** 

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **COMMON STOCKS – 96.0%** |  |  |
|  **Australia – 0.0%** |  |  |
|  MMG Ltd. \* |  |  |
|  (Cost $15,230) | 31146 | **11559** |
|  **Brazil – 3.1%** |  |  |
|  Ambev SA | 37208 | 91272 |
|  B3 SA – Brasil Bolsa Balcao | 42093 | 102666 |
|  Banco Bradesco SA | 11633 | 28434 |
|  Banco BTG Pactual S.A | 9080 | 62788 |
|  Banco do Brasil SA | 13621 | 55775 |
|  BB Seguridade Participacoes SA | 5376 | 35257 |
|  BRF SA | 3755 | 13327 |
|  Caixa Seguridade Participacoes S/A | 5437 | 14326 |
|  Centrais Eletricas Brasileiras SA | 10088 | 74009 |
|  Cia de Saneamento Basico do Estado de Sao Paulo | 3801 | 78007 |
|  CPFL Energia SA | 2098 | 14852 |
|  Embraer SA | 5729 | 65599 |
|  Energisa SA | 2330 | 19350 |
|  Eneva SA \* | 6793 | 16592 |
|  Engie Brasil Energia SA | 1711 | 12283 |
|  Equatorial Energia SA | 9096 | 58286 |
|  JBS SA | 6279 | 44045 |
|  Klabin SA | 5807 | 18590 |
|  Localiza Rent a Car SA | 7806 | 58632 |
|  Motiva Infraestrutura de Mobilidade SA | 8375 | 19739 |
|  Natura & Co. Holding SA \* | 8243 | 15089 |
|  NU Holdings Ltd., Class A \* | 25749 | 309245 |
|  Petroleo Brasileiro SA | 29176 | 167879 |
|  PRIO SA \* | 6061 | 41276 |
|  Raia Drogasil SA | 9682 | 25138 |
|  Rede D'Or Sao Luiz SA, 144A | 6422 | 42420 |
|  Rumo SA \* | 11443 | 37653 |
|  Suzano SA | 5824 | 50557 |
|  Telefonica Brasil SA | 6240 | 31268 |
|  TIM SA | 7661 | 26106 |
|  TOTVS SA | 4235 | 31254 |
|  Ultrapar Participacoes SA | 4665 | 13287 |
|  Vale SA | 29523 | 268931 |
|  Vibra Energia SA | 8349 | 29458 |
|  WEG SA | 13736 | 101708 |
|  XP, Inc., Class A | 2956 | 57228 |
|  (Cost $1,595,880) |  | **2132326** |
|  **Chile – 0.4%** |  |  |
|  Banco de Chile | 358062 | 52678 |
|  Banco de Credito e Inversiones SA | 640 | 24689 |
|  Banco Santander Chile | 488880 | 29126 |
|  Cencosud SA | 9797 | 33717 |
|  Empresas CMPC SA | 9695 | 15473 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Empresas Copec SA | 3581 | 24601 |
|  Enel Americas SA | 183232 | 17085 |
|  Enel Chile SA | 168928 | 12248 |
|  Falabella SA | 5055 | 24119 |
|  Latam Airlines Group SA | 1826707 | 34752 |
|  (Cost $224,803) |  | **268488** |
|  **China – 25.9%** |  |  |
|  360 Security Technology, Inc., Class A | 2016 | 2798 |
|  37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | 1600 | 3258 |
|  AAC Technologies Holdings, Inc. | 6614 | 30746 |
|  Advanced Micro-Fabrication Equipment, Inc., China, Class A \* | 139 | 3376 |
|  AECC Aviation Power Co. Ltd., Class A | 1200 | 5906 |
|  Agricultural Bank of China Ltd., Class A | 43400 | 33309 |
|  Agricultural Bank of China Ltd., Class H | 225286 | 144806 |
|  Aier Eye Hospital Group Co. Ltd., Class A | 4684 | 8067 |
|  Air China Ltd., Class A \* | 7800 | 8682 |
|  Akeso, Inc., 144A \* | 5319 | 56846 |
|  Alibaba Group Holding Ltd., ADR | 1322 | 150497 |
|  Alibaba Group Holding Ltd. | 127970 | 1858895 |
|  Aluminum Corp. of China Ltd., Class A | 7412 | 6728 |
|  Aluminum Corp. of China Ltd., Class H | 31419 | 18312 |
|  Anhui Conch Cement Co. Ltd., Class A | 1500 | 4836 |
|  Anhui Conch Cement Co. Ltd., Class H | 10622 | 27703 |
|  Anhui Gujing Distillery Co. Ltd., Class A | 272 | 5683 |
|  Anhui Gujing Distillery Co. Ltd., Class B | 645 | 9376 |
|  Anhui Jianghuai Automobile Group Corp. Ltd., Class A | 1300 | 6910 |
|  Anhui Yingjia Distillery Co. Ltd., Class A | 492 | 2759 |
|  Anker Innovations Technology Co. Ltd., Class A | 200 | 2831 |
|  ANTA Sports Products Ltd. | 10371 | 126247 |
|  Autohome, Inc., ADR | 485 | 11892 |
|  Avary Holding Shenzhen Co. Ltd., Class A | 730 | 2864 |
|  AviChina Industry & Technology Co. Ltd., Class H | 25697 | 12945 |
|  BAIC BluePark New Energy Technology Co. Ltd., Class A \* | 5000 | 5017 |
|  Baidu, Inc., Class A \* | 17764 | 184978 |
|  Bank of Beijing Co. Ltd., Class A | 12500 | 10929 |

---

See Notes to Financial Statements.

**44** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Bank of Changsha Co. Ltd., Class A | 4992 | 6797 |
|  Bank of Chengdu Co. Ltd., Class A | 2451 | 6596 |
|  Bank of China Ltd., Class A | 15400 | 11798 |
|  Bank of China Ltd., Class H | 571091 | 332119 |
|  Bank of Communications Co. Ltd., Class A | 19300 | 20357 |
|  Bank of Communications Co. Ltd., Class H | 74629 | 65386 |
|  Bank of Hangzhou Co. Ltd., Class A | 3560 | 8231 |
|  Bank of Jiangsu Co. Ltd., Class A | 10354 | 15778 |
|  Bank of Nanjing Co. Ltd., Class A | 5700 | 9066 |
|  Bank of Ningbo Co. Ltd., Class A | 2170 | 8044 |
|  Bank of Shanghai Co. Ltd., Class A | 7740 | 11365 |
|  Baoshan Iron & Steel Co. Ltd., Class A | 12500 | 11693 |
|  Beijing Kingsoft Office Software, Inc., Class A | 252 | 9855 |
|  Beijing New Building Materials PLC, Class A | 1470 | 5849 |
|  Beijing Tiantan Biological Products Corp. Ltd., Class A | 44 | 117 |
|  Beijing Tong Ren Tang Co. Ltd., Class A | 900 | 4747 |
|  Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A | 609 | 5857 |
|  Beijing Yanjing Brewery Co. Ltd., Class A | 3600 | 7040 |
|  Beijing-Shanghai High Speed Railway Co. Ltd., Class A | 20550 | 16713 |
|  Bilibili, Inc., Class Z \* | 1997 | 37464 |
|  BOC International China Co. Ltd., Class A | 2100 | 2882 |
|  BOE Technology Group Co. Ltd., Class A | 18900 | 9968 |
|  BYD Co. Ltd., Class A | 900 | 44005 |
|  BYD Co. Ltd., Class H | 9865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494187 |
|  BYD Electronic International Co. Ltd. | 6393 | 25397 |
|  Caitong Securities Co. Ltd., Class A | 3204 | 3277 |
|  Cambricon Technologies Corp. Ltd., Class A \* | 218 | 18264 |
|  CCOOP Group Co. Ltd., Class A \* | 13900 | 4746 |
|  CGN Power Co. Ltd., Class A | 5565 | 2835 |
|  CGN Power Co. Ltd., Class H, 144A | 77193 | 25301 |
|  Changchun High-Tech Industry Group Co. Ltd., Class A \* | 360 | 5224 |
|  Changjiang Securities Co. Ltd., Class A | 1400 | 1273 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A | 328 | 6364 |
|  Chaozhou Three-Circle Group Co. Ltd., Class A | 64 | 290 |
|  China CITIC Bank Corp. Ltd., Class H | 66619 | 58708 |
|  China Coal Energy Co. Ltd., Class H | 16450 | 18420 |
|  China Communications Services Corp. Ltd., Class H | 23581 | 13593 |
|  China Construction Bank Corp., Class A | 7000 | 8773 |
|  China Construction Bank Corp., Class H | 773454 | 694433 |
|  China CSSC Holdings Ltd., Class A | 2412 | 10267 |
|  China Eastern Airlines Corp. Ltd., Class A \* | 11535 | 6452 |
|  China Energy Engineering Corp. Ltd., Class A | 23840 | 7378 |
|  China Everbright Bank Co. Ltd., Class A | 23100 | 12728 |
|  China Everbright Bank Co. Ltd., Class H | 31032 | 14366 |
|  China Feihe Ltd., 144A | 29189 | 22670 |
|  China Galaxy Securities Co. Ltd., Class A | 3700 | 8119 |
|  China Galaxy Securities Co. Ltd., Class H | 30839 | 29812 |
|  China Greatwall Technology Group Co. Ltd., Class A \* | 700 | 1415 |
|  China Hongqiao Group Ltd. | 22985 | 41098 |
|  China International Capital Corp. Ltd., Class A | 1549 | 7114 |
|  China International Capital Corp. Ltd., Class H, 144A | 13134 | 24522 |
|  China Jushi Co. Ltd., Class A | 3804 | 5971 |
|  China Life Insurance Co. Ltd., Class A | 1900 | 10097 |
|  China Life Insurance Co. Ltd., Class H | 58254 | 118720 |
|  China Literature Ltd., 144A \* | 3453 | 11802 |
|  China Longyuan Power Group Corp. Ltd., Class H | 27101 | 22500 |
|  China Mengniu Dairy Co. Ltd. | 24190 | 54543 |
|  China Merchants Bank Co. Ltd., Class A | 9263 | 55833 |
|  China Merchants Bank Co. Ltd., Class H | 31964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199339 |
|  China Merchants Energy Shipping Co. Ltd., Class A | 4324 | 3631 |
|  China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A | 4300 | 7561 |
|  China Merchants Securities Co. Ltd., Class A | 3700 | 8309 |

---

See Notes to Financial Statements.

DBX ETF Trust **\| 45** 

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 3800 | 4578 |
|  China Minsheng Banking Corp. Ltd., Class A | 19400 | 11712 |
|  China Minsheng Banking Corp. Ltd., Class H | 57153 | 29374 |
|  China National Building Material Co. Ltd., Class H | 29966 | 13376 |
|  China National Chemical Engineering Co. Ltd., Class A | 4000 | 4286 |
|  China National Nuclear Power Co. Ltd., Class A | 11900 | 15822 |
|  China National Software & Service Co. Ltd., Class A \* | 10 | 61 |
|  China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 1400 | 4521 |
|  China Oilfield Services Ltd., Class H | 16263 | 13212 |
|  China Pacific Insurance Group Co. Ltd., Class A | 3900 | 18636 |
|  China Pacific Insurance Group Co. Ltd., Class H | 21459 | 67050 |
|  China Petroleum & Chemical Corp., Class A | 11300 | 9065 |
|  China Petroleum & Chemical Corp., Class H | 205577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111164 |
|  China Railway Group Ltd., Class A | 12300 | 9543 |
|  China Railway Group Ltd., Class H | 30220 | 13643 |
|  China Railway Signal & Communication Corp. Ltd., Class A | 1147 | 799 |
|  China Rare Earth Resources And Technology Co. Ltd., Class A | 1300 | 6113 |
|  China Resources Microelectronics Ltd., Class A | 893 | 5903 |
|  China Resources Mixc Lifestyle Services Ltd., 144A | 5666 | 26989 |
|  China Resources Pharmaceutical Group Ltd., 144A | 17884 | 11746 |
|  China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 330 | 1967 |
|  China Shenhua Energy Co. Ltd., Class A | 3329 | 18278 |
|  China Shenhua Energy Co. Ltd., Class H | 27121 | 114660 |
|  China Southern Airlines Co. Ltd., Class A \* | 300 | 254 |
|  China State Construction Engineering Corp. Ltd., Class A | 22600 | 17816 |
|  China Three Gorges Renewables Group Co. Ltd., Class A | 14675 | 8737 |
|  China Tourism Group Duty Free Corp. Ltd., Class A | 1200 | 10091 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  China Tower Corp. Ltd., Class H, 144A | 34185 | 50747 |
|  China United Network Communications Ltd., Class A | 18499 | 13761 |
|  China Vanke Co. Ltd., Class A \* | 400 | 369 |
|  China Vanke Co. Ltd., Class H \* | 18643 | 12197 |
|  China Yangtze Power Co. Ltd., Class A | 12200 | 51135 |
|  China Zheshang Bank Co. Ltd., Class A | 5070 | 2266 |
|  Chongqing Brewery Co. Ltd., Class A | 500 | 4011 |
|  Chongqing Changan Automobile Co. Ltd., Class A \* | 4862 | 8334 |
|  Chongqing Rural Commercial Bank Co. Ltd., Class A | 2544 | 2560 |
|  Chongqing Rural Commercial Bank Co. Ltd., Class H | 21729 | 17929 |
|  Chongqing Zhifei Biological Products Co. Ltd., Class A | 1435 | 3812 |
|  CITIC Ltd. | 27964 | 35378 |
|  CITIC Securities Co. Ltd., Class A | 6210 | 21995 |
|  CITIC Securities Co. Ltd., Class H | 13391 | 33951 |
|  CMOC Group Ltd., Class A | 10100 | 10093 |
|  CMOC Group Ltd., Class H | 23373 | 18720 |
|  CNGR Advanced Material Co. Ltd., Class A | 840 | 3622 |
|  CNPC Capital Co. Ltd., Class A | 7300 | 6879 |
|  Contemporary Amperex Technology Co. Ltd., Class A | 2073 | 71926 |
|  Contemporary Amperex Technology Co. Ltd., Class H \* | 672 | 26002 |
|  COSCO SHIPPING Energy Transportation Co. Ltd., Class A | 2100 | 2944 |
|  COSCO SHIPPING Holdings Co. Ltd., Class A | 7230 | 16446 |
|  COSCO SHIPPING Holdings Co. Ltd., Class H | 22362 | 38615 |
|  CRRC Corp. Ltd., Class A | 12300 | 12291 |
|  CRRC Corp. Ltd., Class H | 37163 | 23792 |
|  CSC Financial Co. Ltd., Class A | 2433 | 7760 |
|  CSPC Pharmaceutical Group Ltd. | 61905 | 63949 |
|  Daqin Railway Co. Ltd., Class A | 7015 | 6572 |
|  Dong-E-E-Jiao Co. Ltd., Class A | 200 | 1521 |
|  Dongfang Electric Corp. Ltd., Class A | 2280 | 5050 |
|  Dongxing Securities Co. Ltd., Class A | 600 | 851 |
|  East Money Information Co. Ltd., Class A | 7480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21406 |
|  Eastroc Beverage Group Co. Ltd., Class A | 263 | 11680 |
|  Ecovacs Robotics Co. Ltd., Class A | 500 | 3727 |

---

See Notes to Financial Statements.

**46** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Empyrean Technology Co. Ltd., Class A | 400 | 7054 |
|  ENN Energy Holdings Ltd. | 6113 | 48882 |
|  ENN Natural Gas Co. Ltd., Class A | 100 | 263 |
|  Eoptolink Technology, Inc. Ltd., Class A | 560 | 6860 |
|  Eve Energy Co. Ltd., Class A | 1428 | 8930 |
|  Everbright Securities Co. Ltd., Class A | 2000 | 4516 |
|  Flat Glass Group Co. Ltd., Class A | 700 | 1396 |
|  Focus Media Information Technology Co. Ltd., Class A | 8020 | 8315 |
|  Foshan Haitian Flavouring & Food Co. Ltd., Class A | 2451 | 15110 |
|  Fosun International Ltd. | 19610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11479 |
|  Founder Securities Co. Ltd., Class A | 1900 | 2007 |
|  Foxconn Industrial Internet Co. Ltd., Class A | 4833 | 12697 |
|  Fuyao Glass Industry Group Co. Ltd., Class A | 600 | 4827 |
|  Fuyao Glass Industry Group Co. Ltd., Class H, 144A | 4704 | 33625 |
|  Ganfeng Lithium Group Co. Ltd., Class A | 480 | 2011 |
|  GD Power Development Co. Ltd., Class A | 7854 | 4981 |
|  Genscript Biotech Corp. \* | 10369 | 16953 |
|  GF Securities Co. Ltd., Class A | 3600 | 8139 |
|  Giant Biogene Holding Co. Ltd., 144A | 2558 | 23162 |
|  GigaDevice Semiconductor, Inc., Class A \* | 133 | 2073 |
|  GoerTek, Inc., Class A | 1900 | 5514 |
|  Goldwind Science & Technology Co. Ltd., Class A | 1138 | 1461 |
|  Goneo Group Co. Ltd., Class A | 498 | 4893 |
|  Gotion High-tech Co. Ltd., Class A | 1200 | 4079 |
|  Great Wall Motor Co. Ltd., Class A | 1576 | 4928 |
|  Great Wall Motor Co. Ltd., Class H \* | 19305 | 29988 |
|  Gree Electric Appliances, Inc. of Zhuhai, Class A | 800 | 5154 |
|  Guangdong Haid Group Co. Ltd., Class A | 901 | 7579 |
|  Guanghui Energy Co. Ltd., Class A | 3641 | 2997 |
|  Guangzhou Automobile Group Co. Ltd., Class A | 2900 | 3107 |
|  Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 600 | 2251 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Guangzhou Haige Communications Group, Inc. Co., Class A | 3500 | 6626 |
|  Guangzhou Tinci Materials Technology Co. Ltd., Class A | 1940 | 4537 |
|  Guolian Minsheng Securities Co. Ltd., Class A | 1900 | 2613 |
|  Guosen Securities Co. Ltd., Class A | 500 | 779 |
|  Guotai Haitong Securities Co. Ltd. | 7592 | 18102 |
|  Guotai Haitong Securities Co. Ltd., Class H, 144A | 13717 | 19418 |
|  Guoyuan Securities Co. Ltd., Class A | 30 | 31 |
|  H World Group Ltd., ADR | 1731 | 61052 |
|  Haidilao International Holding Ltd., 144A | 13953 | 26834 |
|  Haier Smart Home Co. Ltd., Class A | 1900 | 6603 |
|  Haier Smart Home Co. Ltd., Class H | 21222 | 62250 |
|  Hainan Airlines Holding Co. Ltd., Class A \* | 3364 | 630 |
|  Haitian International Holdings Ltd. | 6127 | 14940 |
|  Hangzhou First Applied Material Co. Ltd., Class A | 1600 | 2691 |
|  Hangzhou Silan Microelectronics Co. Ltd., Class A \* | 1300 | 4334 |
|  Hangzhou Tigermed Consulting Co. Ltd., Class A | 174 | 1196 |
|  Hansoh Pharmaceutical Group Co. Ltd., 144A | 8552 | 28194 |
|  Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A | 621 | 1423 |
|  Henan Shuanghui Investment & Development Co. Ltd., Class A | 1808 | 6110 |
|  Hengan International Group Co. Ltd. | 5475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14838 |
|  Hengli Petrochemical Co. Ltd., Class A \* | 3502 | 7363 |
|  Hengtong Optic-electric Co. Ltd., Class A | 1900 | 3955 |
|  Hisense Home Appliances Group Co. Ltd., Class H | 1862 | 6150 |
|  Hithink RoyalFlush Information Network Co. Ltd., Class A | 195 | 6696 |
|  Hoshine Silicon Industry Co. Ltd., Class A | 500 | 3398 |
|  Hua Hong Semiconductor Ltd., 144A | 5718 | 23044 |
|  Huadian Power International Corp. Ltd., Class A | 6600 | 5359 |
|  Huadong Medicine Co. Ltd., Class A | 1300 | 8065 |
|  Huafon Chemical Co. Ltd., Class A | 2500 | 2339 |

---

See Notes to Financial Statements.

DBX ETF Trust **\| 47** 

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Huaibei Mining Holdings Co. Ltd., Class A | 2156 | 3719 |
|  Hualan Biological Engineering, Inc., Class A | 2141 | 4787 |
|  Huaneng Lancang River Hydropower, Inc., Class A | 400 | 559 |
|  Huaneng Power International, Inc., Class A | 6000 | 6021 |
|  Huaneng Power International, Inc., Class H | 34712 | 21958 |
|  Huaqin Technology Co. Ltd., Class A | 500 | 4601 |
|  Huatai Securities Co. Ltd., Class A | 3400 | 7909 |
|  Huatai Securities Co. Ltd., Class H, 144A | 10359 | 17465 |
|  Huaxia Bank Co. Ltd., Class A | 9300 | 9719 |
|  Huayu Automotive Systems Co. Ltd., Class A | 1600 | 4019 |
|  Huizhou Desay Sv Automotive Co. Ltd., Class A | 400 | 6138 |
|  Humanwell Healthcare Group Co. Ltd., Class A | 1500 | 4617 |
|  Hunan Valin Steel Co. Ltd., Class A | 4600 | 3052 |
|  Hundsun Technologies, Inc., Class A | 389 | 1420 |
|  Hygon Information Technology Co. Ltd., Class A (a) | 1117 | 21104 |
|  IEIT Systems Co. Ltd., Class A | 921 | 6257 |
|  Iflytek Co. Ltd., Class A | 1250 | 7985 |
|  Imeik Technology Development Co. Ltd., Class A | 232 | 5474 |
|  Industrial & Commercial Bank of China Ltd., Class A | 30500 | 29927 |
|  Industrial & Commercial Bank of China Ltd., Class H | 526248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383221 |
|  Industrial Bank Co. Ltd., Class A | 9759 | 30664 |
|  Industrial Securities Co. Ltd., Class A | 6700 | 5347 |
|  Inner Mongolia BaoTou Steel Union Co. Ltd., Class A \* | 32500 | 7848 |
|  Inner Mongolia Dian Tou Energy Corp. Ltd., Class A | 8 | 22 |
|  Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | 2800 | 2067 |
|  Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 3500 | 14718 |
|  Inner Mongolia Yitai Coal Co. Ltd., Class B | 7863 | 16009 |
|  Innovent Biologics, Inc., 144A \* | 10011 | 79094 |
|  Isoftstone Information Technology Group Co. Ltd., Class A | 330 | 2391 |
|  J&T Global Express Ltd. \* | 19401 | 16899 |
|  JA Solar Technology Co. Ltd., Class A \* | 2276 | 2887 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  JCET Group Co. Ltd., Class A | 1300 | 5802 |
|  JD Health International, Inc., 144A \* | 7822 | 40052 |
|  JD Logistics, Inc., 144A \* | 16457 | 26109 |
|  JD.com, Inc., Class A | 19597 | 322155 |
|  Jiangsu Eastern Shenghong Co. Ltd., Class A | 1992 | 2350 |
|  Jiangsu Expressway Co. Ltd., Class H | 7196 | 9168 |
|  Jiangsu Hengli Hydraulic Co. Ltd., Class A | 804 | 7601 |
|  Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 3478 | 26423 |
|  Jiangsu Hoperun Software Co. Ltd., Class A \* | 800 | 5588 |
|  Jiangsu King's Luck Brewery JSC Ltd., Class A | 778 | 4761 |
|  Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A | 3656 | 5972 |
|  Jiangsu Yanghe Distillery Co. Ltd., Class A | 800 | 7295 |
|  Jiangsu Yoke Technology Co. Ltd., Class A | 500 | 3637 |
|  Jiangsu Zhongtian Technology Co. Ltd., Class A | 2496 | 4611 |
|  Jiangxi Copper Co. Ltd., Class A | 1400 | 4129 |
|  Jiangxi Copper Co. Ltd., Class H | 10376 | 18367 |
|  Jinko Solar Co. Ltd., Class A | 5688 | 4105 |
|  Kanzhun Ltd., ADR \* | 2277 | 38618 |
|  KE Holdings, Inc., ADR | 5469 | 100958 |
|  Kingdee International Software Group Co. Ltd. \* | 24296 | 38112 |
|  Kingsoft Corp. Ltd. \* | 7835 | 33374 |
|  Kuaishou Technology, 144A \* | 21302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144801 |
|  Kuang-Chi Technologies Co. Ltd., Class A | 1500 | 9235 |
|  Kunlun Tech Co. Ltd., Class A | 200 | 928 |
|  Kweichow Moutai Co. Ltd., Class A | 639 | 134978 |
|  LB Group Co. Ltd., Class A | 1916 | 4396 |
|  Lenovo Group Ltd. | 67259 | 77543 |
|  Lens Technology Co. Ltd., Class A | 3076 | 8653 |
|  Li Auto, Inc., Class A \* | 10188 | 145912 |
|  Li Ning Co. Ltd. | 17115 | 32697 |
|  Lingyi iTech Guangdong Co., Class A | 2590 | 2897 |
|  Longfor Group Holdings Ltd., 144A | 15038 | 18852 |
|  LONGi Green Energy Technology Co. Ltd., Class A | 3054 | 6095 |
|  Luxshare Precision Industry Co. Ltd., Class A | 3270 | 13797 |
|  Luzhou Laojiao Co. Ltd., Class A | 800 | 12982 |
|  Mango Excellent Media Co. Ltd., Class A | 1803 | 5595 |

---

See Notes to Financial Statements.

**48** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Maxscend Microelectronics Co. Ltd., Class A | 448 | 4381 |
|  Meituan, Class B, 144A \* | 40003 | 704036 |
|  Metallurgical Corp. of China Ltd., Class A | 16000 | 6506 |
|  Midea Group Co. Ltd. \* | 2331 | 24496 |
|  Midea Group Co. Ltd., Class A \* | 1800 | 19750 |
|  MINISO Group Holding Ltd. | 3343 | 14453 |
|  Montage Technology Co. Ltd., Class A | 489 | 5180 |
|  Muyuan Foods Co. Ltd., Class A | 1964 | 11023 |
|  NARI Technology Co. Ltd., Class A | 4223 | 13005 |
|  National Silicon Industry Group Co. Ltd., Class A | 907 | 2331 |
|  NAURA Technology Group Co. Ltd., Class A | 235 | 13651 |
|  NetEase, Inc. | 14034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341315 |
|  New China Life Insurance Co. Ltd., Class A | 1100 | 7679 |
|  New China Life Insurance Co. Ltd., Class H | 6815 | 27856 |
|  New Hope Liuhe Co. Ltd., Class A \* | 2400 | 3191 |
|  New Oriental Education & Technology Group, Inc. | 9778 | 46389 |
|  Nexchip Semiconductor Corp., Class A \* | 1745 | 4933 |
|  Ninestar Corp., Class A \* | 1200 | 3597 |
|  Ningbo Deye Technology Co. Ltd., Class A | 504 | 5762 |
|  Ningbo Orient Wires & Cables Co. Ltd., Class A | 600 | 3973 |
|  Ningbo Tuopu Group Co. Ltd., Class A | 1078 | 7376 |
|  Ningxia Baofeng Energy Group Co. Ltd., Class A | 3956 | 8785 |
|  NIO, Inc., Class A \* | 12707 | 45538 |
|  Nongfu Spring Co. Ltd., Class H, 144A | 16493 | 80771 |
|  OFILM Group Co. Ltd., Class A \* | 3200 | 5218 |
|  Oppein Home Group, Inc., Class A | 460 | 3935 |
|  Orient Securities Co. Ltd., Class A | 3238 | 4193 |
|  People's Insurance Co. Group of China Ltd., Class A | 6700 | 7690 |
|  People's Insurance Co. Group of China Ltd., Class H | 68091 | 44548 |
|  PetroChina Co. Ltd., Class A | 7632 | 8781 |
|  PetroChina Co. Ltd., Class H | 174020 | 146254 |
|  Pharmaron Beijing Co. Ltd., Class A | 1575 | 5211 |
|  PICC Property & Casualty Co. Ltd., Class H | 54515 | 103870 |
|  Ping An Bank Co. Ltd., Class A | 10700 | 17167 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Ping An Insurance Group Co. of China Ltd., Class A | 5117 | 37838 |
|  Ping An Insurance Group Co. of China Ltd., Class H | 54718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322051 |
|  Piotech, Inc., Class A | 94 | 1923 |
|  Poly Developments and Holdings Group Co. Ltd., Class A | 7100 | 8011 |
|  Pop Mart International Group Ltd., 144A | 4409 | 123930 |
|  Postal Savings Bank of China Co. Ltd., Class A | 16616 | 12291 |
|  Postal Savings Bank of China Co. Ltd., Class H, 144A | 73073 | 47528 |
|  Power Construction Corp. of China Ltd., Class A | 7801 | 5110 |
|  Qifu Technology, Inc., ADR | 846 | 34771 |
|  Qinghai Salt Lake Industry Co. Ltd., Class A \* | 1900 | 4177 |
|  Range Intelligent Computing Technology Group Co. Ltd., Class A | 800 | 4767 |
|  Rongsheng Petrochemical Co. Ltd., Class A | 6975 | 8315 |
|  SAIC Motor Corp. Ltd., Class A | 4500 | 10124 |
|  Sailun Group Co. Ltd., Class A | 2700 | 4692 |
|  Sanan Optoelectronics Co. Ltd., Class A | 3400 | 5865 |
|  Sany Heavy Industry Co. Ltd., Class A | 3164 | 8269 |
|  Satellite Chemical Co. Ltd., Class A \* | 2190 | 5085 |
|  SDIC Capital Co. Ltd., Class A | 1400 | 1354 |
|  SDIC Power Holdings Co. Ltd., Class A | 4100 | 8911 |
|  Seres Group Co. Ltd., Class A | 830 | 15669 |
|  SF Holding Co. Ltd., Class A | 2675 | 17133 |
|  SG Micro Corp., Class A | 197 | 2521 |
|  Shaanxi Coal Industry Co. Ltd., Class A | 4200 | 12165 |
|  Shandong Gold Mining Co. Ltd., Class A | 1736 | 7228 |
|  Shandong Gold Mining Co. Ltd., Class H, 144A | 5865 | 18288 |
|  Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 1296 | 3745 |
|  Shandong Nanshan Aluminum Co. Ltd., Class A | 6800 | 3539 |
|  Shandong Sun Paper Industry JSC Ltd., Class A | 64 | 125 |
|  Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 21669 | 15503 |
|  Shanghai Baosight Software Co. Ltd., Class A | 1004 | 3495 |
|  Shanghai Baosight Software Co. Ltd., Class B | 7090 | 9827 |

---

See Notes to Financial Statements.

DBX ETF Trust **\| 49** 

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Shanghai BOCHU Electronic Technology Corp. Ltd., Class A | 32 | 839 |
|  Shanghai Electric Group Co. Ltd., Class A \* | 6300 | 6505 |
|  Shanghai International Airport Co. Ltd., Class A | 900 | 4042 |
|  Shanghai M&G Stationery, Inc., Class A | 275 | 1126 |
|  Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 1900 | 4857 |
|  Shanghai Pudong Development Bank Co. Ltd., Class A | 13300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22760 |
|  Shanghai Putailai New Energy Technology Co. Ltd., Class A | 942 | 2047 |
|  Shanghai RAAS Blood Products Co. Ltd., Class A | 5600 | 5293 |
|  Shanghai Rural Commercial Bank Co. Ltd., Class A | 1988 | 2472 |
|  Shanghai United Imaging Healthcare Co. Ltd., Class A | 494 | 9422 |
|  Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | 1700 | 5889 |
|  Shanjin International Gold Co. Ltd., Class A | 1992 | 5444 |
|  Shanxi Coking Coal Energy Group Co. Ltd., Class A | 1740 | 1454 |
|  Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A | 2300 | 3428 |
|  Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 580 | 14835 |
|  Shengyi Technology Co. Ltd., Class A | 135 | 491 |
|  Shennan Circuits Co. Ltd., Class A | 455 | 5321 |
|  Shenwan Hongyuan Group Co. Ltd., Class A | 14400 | 9453 |
|  Shenzhen Inovance Technology Co. Ltd., Class A \* | 383 | 3497 |
|  Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 683 | 21411 |
|  Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A | 314 | 2614 |
|  Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | 200 | 1261 |
|  Shenzhen Transsion Holdings Co. Ltd., Class A | 441 | 4449 |
|  Shenzhou International Group Holdings Ltd. | 6900 | 50291 |
|  Sichuan Changhong Electric Co. Ltd., Class A | 3600 | 4941 |
|  Sichuan Chuantou Energy Co. Ltd., Class A | 1900 | 4443 |
|  Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 400 | 2141 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Sichuan Road & Bridge Group Co. Ltd., Class A | 5708 | 7336 |
|  Sieyuan Electric Co. Ltd., Class A | 232 | 2319 |
|  Silergy Corp. | 2840 | 33168 |
|  Sinopharm Group Co. Ltd., Class H | 11651 | 28232 |
|  Sinotruk Hong Kong Ltd. | 6665 | 16830 |
|  Smoore International Holdings Ltd., 144A | 14604 | 35983 |
|  SooChow Securities Co. Ltd., Class A | 1352 | 1496 |
|  Sungrow Power Supply Co. Ltd., Class A | 1153 | 9664 |
|  Sunny Optical Technology Group Co. Ltd. \* | 6036 | 46495 |
|  Sunwoda Electronic Co. Ltd., Class A \* | 1800 | 4627 |
|  SUPCON Technology Co. Ltd., Class A | 582 | 3562 |
|  Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 898 | 3510 |
|  Suzhou TFC Optical Communication Co. Ltd., Class A | 500 | 5669 |
|  TAL Education Group, ADR \* | 3424 | 33658 |
|  TBEA Co. Ltd., Class A | 2130 | 3432 |
|  TCL Technology Group Corp., Class A | 11716 | 6959 |
|  TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A | 3361 | 3536 |
|  Tencent Holdings Ltd. | 51967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3301827 |
|  Tencent Music Entertainment Group, ADR | 5882 | 99053 |
|  Tianqi Lithium Corp., Class A | 1200 | 4820 |
|  Tianshan Aluminum Group Co. Ltd., Class A | 774 | 828 |
|  Tingyi Cayman Islands Holding Corp. | 17099 | 28087 |
|  Tongcheng Travel Holdings Ltd. | 10149 | 28670 |
|  TongFu Microelectronics Co. Ltd., Class A | 340 | 1106 |
|  Tongling Nonferrous Metals Group Co. Ltd., Class A | 2600 | 1144 |
|  Tongwei Co. Ltd., Class A | 3200 | 7235 |
|  TravelSky Technology Ltd., Class H | 8468 | 12052 |
|  Trina Solar Co. Ltd., Class A | 1708 | 3176 |
|  Tsingtao Brewery Co. Ltd., Class A | 500 | 5147 |
|  Tsingtao Brewery Co. Ltd., Class H | 5173 | 35922 |
|  Unigroup Guoxin Microelectronics Co. Ltd., Class A | 773 | 6863 |
|  Unisplendour Corp. Ltd., Class A | 1954 | 6517 |

---

See Notes to Financial Statements.

**50** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Vipshop Holdings Ltd., ADR | 2752 | 37950 |
|  Wanhua Chemical Group Co. Ltd., Class A | 1758 | 13209 |
|  Weichai Power Co. Ltd., Class A | 3100 | 6471 |
|  Weichai Power Co. Ltd., Class H | 16021 | 31343 |
|  Wens Foodstuff Group Co. Ltd., Class A | 3606 | 8333 |
|  Western Securities Co. Ltd., Class A | 900 | 926 |
|  Western Superconducting Technologies Co. Ltd., Class A | 789 | 5421 |
|  Will Semiconductor Co. Ltd., Class A | 586 | 10134 |
|  Wingtech Technology Co. Ltd., Class A | 1014 | 4779 |
|  Wuliangye Yibin Co. Ltd., Class A | 1907 | 33464 |
|  WUS Printed Circuit Kunshan Co. Ltd., Class A | 632 | 2717 |
|  WuXi AppTec Co. Ltd., Class A | 782 | 6893 |
|  WuXi AppTec Co. Ltd., Class H, 144A | 2715 | 23805 |
|  Wuxi Biologics Cayman, Inc., 144A \* | 26992 | 85887 |
|  XCMG Construction Machinery Co. Ltd., Class A | 7200 | 8234 |
|  Xiamen C & D, Inc., Class A | 1600 | 2203 |
|  Xiamen Tungsten Co. Ltd., Class A | 1800 | 4846 |
|  Xiaomi Corp., Class B, 144A \* | 138067 | 897134 |
|  Xinjiang Daqo New Energy Co. Ltd., Class A | 1567 | 4186 |
|  Xinyi Solar Holdings Ltd. | 34651 | 10473 |
|  XPeng, Inc., Class A \* | 10255 | 99855 |
|  Yadea Group Holdings Ltd., 144A | 10831 | 16576 |
|  Yankuang Energy Group Co. Ltd., Class A | 3273 | 5846 |
|  Yankuang Energy Group Co. Ltd., Class H | 27014 | 32109 |
|  Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 1100 | 5270 |
|  Yealink Network Technology Corp. Ltd., Class A | 1044 | 4889 |
|  Yifeng Pharmacy Chain Co. Ltd., Class A | 1024 | 3704 |
|  Yihai Kerry Arawana Holdings Co. Ltd., Class A | 900 | 3786 |
|  Yonghui Superstores Co. Ltd., Class A \* | 3300 | 2281 |
|  Yonyou Network Technology Co. Ltd., Class A \* | 2697 | 4885 |
|  Youngor Fashion Co. Ltd., Class A | 500 | 521 |
|  YTO Express Group Co. Ltd., Class A | 2500 | 4573 |
|  Yum China Holdings, Inc. | 3038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132609 |
|  Yunnan Aluminium Co. Ltd., Class A | 464 | 940 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Yunnan Baiyao Group Co. Ltd., Class A | 400 | 3135 |
|  Yunnan Energy New Material Co. Ltd., Class A | 760 | 2931 |
|  Yunnan Yuntianhua Co. Ltd., Class A | 1500 | 4538 |
|  Yutong Bus Co. Ltd., Class A | 1700 | 5832 |
|  Zangge Mining Co. Ltd., Class A | 1300 | 6542 |
|  Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 300 | 8496 |
|  Zhaojin Mining Industry Co. Ltd., Class H | 12462 | 31500 |
|  Zhejiang China Commodities City Group Co. Ltd., Class A | 3300 | 8070 |
|  Zhejiang Chint Electrics Co. Ltd., Class A | 100 | 304 |
|  Zhejiang Dahua Technology Co. Ltd., Class A | 1632 | 3452 |
|  Zhejiang Expressway Co. Ltd., Class H | 11479 | 9106 |
|  Zhejiang Huayou Cobalt Co. Ltd., Class A | 27 | 125 |
|  Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | 1100 | 4116 |
|  Zhejiang Juhua Co. Ltd., Class A | 1740 | 6385 |
|  Zhejiang Leapmotor Technology Co. Ltd., 144A \* | 4112 | 29053 |
|  Zhejiang NHU Co. Ltd., Class A | 1483 | 4514 |
|  Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | 1800 | 6458 |
|  Zhejiang Supor Co. Ltd., Class A | 68 | 513 |
|  Zhejiang Weiming Environment Protection Co. Ltd., Class A | 1500 | 4060 |
|  Zhejiang Zheneng Electric Power Co. Ltd., Class A | 9300 | 6905 |
|  Zheshang Securities Co. Ltd., Class A | 2100 | 3043 |
|  Zhongji Innolight Co. Ltd., Class A | 311 | 4038 |
|  Zhongjin Gold Corp. Ltd., Class A | 1800 | 3485 |
|  Zhongsheng Group Holdings Ltd. | 8027 | 12121 |
|  Zhongtai Securities Co. Ltd., Class A | 4000 | 3381 |
|  Zhuzhou CRRC Times Electric Co. Ltd., Class A | 771 | 4689 |
|  Zhuzhou CRRC Times Electric Co. Ltd., Class H | 3178 | 13497 |
|  Zijin Mining Group Co. Ltd., Class A | 10800 | 26575 |
|  Zijin Mining Group Co. Ltd., Class H | 46039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102751 |
|  Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 5076 | 5023 |
|  ZTE Corp., Class A | 1900 | 8198 |
|  ZTE Corp., Class H | 7087 | 19884 |

---

See Notes to Financial Statements.

DBX ETF Trust **\| 51** 

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  ZTO Express Cayman, Inc. | 3268 | 57640 |
|  (Cost $13,037,422) |  | **17760544** |
|  **Colombia – 0.1%** |  |  |
|  Grupo Cibest SA | 1983 | 23290 |
|  Interconexion Electrica SA ESP | 4027 | 18725 |
|  (Cost $36,089) |  | **42015** |
|  **Czech Republic – 0.2%** |  |  |
|  CEZ AS | 1359 | 74801 |
|  Komercni Banka AS | 638 | 29535 |
|  Moneta Money Bank AS, 144A | 1836 | 12013 |
|  (Cost $65,157) |  | **116349** |
|  **Egypt – 0.1%** |  |  |
|  Commercial International Bank - Egypt (CIB) | 17827 | 29682 |
|  Eastern Co. SAE | 9146 | 6130 |
|  Talaat Moustafa Group | 8338 | 9216 |
|  (Cost $47,506) |  | **45028** |
|  **Greece – 0.6%** |  |  |
|  Alpha Services and Holdings SA | 17421 | 55979 |
|  Eurobank Ergasias Services and Holdings SA | 19515 | 60116 |
|  Hellenic Telecommunications Organization SA | 1311 | 25291 |
|  JUMBO SA | 945 | 30709 |
|  Metlen Energy & Metals SA | 745 | 37812 |
|  National Bank of Greece SA | 6753 | 80511 |
|  OPAP SA | 1394 | 29979 |
|  Piraeus Financial Holdings SA | 8985 | 59906 |
|  Public Power Corp. SA | 1659 | 25298 |
|  (Cost $202,079) |  | **405601** |
|  **Hong Kong – 1.1%** |  |  |
|  Alibaba Health Information Technology Ltd. \* | 47156 | 27243 |
|  Beijing Enterprises Holdings Ltd. | 3838 | 16128 |
|  Beijing Enterprises Water Group Ltd. | 33642 | 11070 |
|  Bosideng International Holdings Ltd. | 34590 | 19410 |
|  C&D International Investment Group Ltd. | 6953 | 12485 |
|  China Gas Holdings Ltd. | 21274 | 19426 |
|  China Merchants Port Holdings Co. Ltd. | 11902 | 23012 |
|  China Overseas Land & Investment Ltd. | 30837 | 51912 |
|  China Power International Development Ltd. | 27605 | 11266 |
|  China Resources Beer Holdings Co. Ltd. | 11999 | 38333 |
|  China Resources Gas Group Ltd. | 7379 | 19668 |
|  China Resources Land Ltd. | 24891 | 81265 |
|  China Resources Power Holdings Co. Ltd. | 16643 | 43300 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  China Ruyi Holdings Ltd. \* | 53136 | 13892 |
|  China State Construction International Holdings Ltd. | 15813 | 22264 |
|  China Taiping Insurance Holdings Co. Ltd. | 13216 | 20327 |
|  Chow Tai Fook Jewellery Group Ltd. | 16477 | 23493 |
|  Far East Horizon Ltd. | 13100 | 10124 |
|  GCL Technology Holdings Ltd. \* | 200448 | 20962 |
|  Geely Automobile Holdings Ltd. | 47603 | 106970 |
|  Guangdong Investment Ltd. | 25556 | 20794 |
|  Kunlun Energy Co. Ltd. | 31616 | 31652 |
|  Orient Overseas International Ltd. | 1113 | 19177 |
|  Sino Biopharmaceutical Ltd. | 85083 | 48287 |
|  Want Want China Holdings Ltd. | 35970 | 23166 |
|  (Cost $732,316) |  | **735626** |
|  **Hungary – 0.3%** |  |  |
|  MOL Hungarian Oil & Gas PLC \* | 3593 | 31068 |
|  OTP Bank Nyrt | 1817 | 137804 |
|  Richter Gedeon Nyrt | 1058 | 30782 |
|  (Cost $101,615) |  | **199654** |
|  **India – 18.2%** |  |  |
|  ABB India Ltd. | 387 | 27003 |
|  Adani Enterprises Ltd. | 1195 | 35189 |
|  Adani Ports & Special Economic Zone Ltd. | 4234 | 70891 |
|  Adani Power Ltd. \* | 4906 | 31176 |
|  Alkem Laboratories Ltd. | 357 | 21270 |
|  Ambuja Cements Ltd. | 4573 | 29578 |
|  APL Apollo Tubes Ltd. | 1363 | 28856 |
|  Apollo Hospitals Enterprise Ltd. | 860 | 69147 |
|  Ashok Leyland Ltd. | 11448 | 31575 |
|  Asian Paints Ltd. | 3208 | 84688 |
|  Astral Ltd. | 717 | 12552 |
|  AU Small Finance Bank Ltd., 144A | 2338 | 18935 |
|  Aurobindo Pharma Ltd. \* | 2236 | 29991 |
|  Avenue Supermarts Ltd., 144A \* | 1359 | 63557 |
|  Axis Bank Ltd. | 18374 | 255980 |
|  Bajaj Auto Ltd. | 537 | 54011 |
|  Bajaj Finance Ltd. | 2223 | 238484 |
|  Bajaj Finserv Ltd. | 3012 | 71007 |
|  Bajaj Holdings & Investment Ltd. | 194 | 30410 |
|  Balkrishna Industries Ltd. | 557 | 16091 |
|  Bank of Baroda | 9222 | 26893 |
|  Bharat Electronics Ltd. | 29134 | 130937 |
|  Bharat Forge Ltd. | 1882 | 27290 |
|  Bharat Heavy Electricals Ltd. | 9304 | 28250 |
|  Bharat Petroleum Corp. Ltd. | 11409 | 42450 |
|  Bharti Airtel Ltd. | 20727 | 449588 |
|  Bosch Ltd. | 54 | 19824 |

---

See Notes to Financial Statements.

**52** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Britannia Industries Ltd. | 916 | 58985 |
|  BSE Ltd. | 1671 | 52214 |
|  Canara Bank | 15649 | 20986 |
|  CG Power & Industrial Solutions Ltd. | 4587 | 36809 |
|  Cholamandalam Investment and Finance Co. Ltd. | 3303 | 61795 |
|  Cipla Ltd. | 4567 | 78222 |
|  Coal India Ltd. | 15132 | 70253 |
|  Colgate-Palmolive India Ltd. | 1133 | 32516 |
|  Container Corp. Of India Ltd. | 1680 | 15399 |
|  Coromandel International Ltd. | 945 | 25282 |
|  Cummins India Ltd. | 1184 | 45217 |
|  Dabur India Ltd. | 3916 | 22100 |
|  Divi's Laboratories Ltd. | 1001 | 77343 |
|  Dixon Technologies India Ltd. | 294 | 50476 |
|  DLF Ltd. | 6184 | 57656 |
|  Dr Reddy's Laboratories Ltd. | 4898 | 71614 |
|  Eicher Motors Ltd. | 1051 | 65504 |
|  Eternal Ltd. \* | 38666 | 107677 |
|  FSN E-Commerce Ventures Ltd. \* | 8889 | 21113 |
|  GAIL India Ltd. | 19410 | 43050 |
|  GMR Airports Ltd. \* | 23095 | 22692 |
|  Godrej Consumer Products Ltd. | 3145 | 45256 |
|  Godrej Properties Ltd. \* | 1314 | 34453 |
|  Grasim Industries Ltd. | 2190 | 65151 |
|  Havells India Ltd. | 1750 | 31227 |
|  HCL Technologies Ltd. | 7483 | 143110 |
|  HDFC Asset Management Co. Ltd., 144A | 772 | 43149 |
|  HDFC Bank Ltd. \* | 45676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038098 |
|  HDFC Life Insurance Co. Ltd., 144A | 7634 | 69301 |
|  Hero MotoCorp Ltd. | 1002 | 50458 |
|  Hindalco Industries Ltd. | 10483 | 77604 |
|  Hindustan Aeronautics Ltd. | 1628 | 94628 |
|  Hindustan Petroleum Corp. Ltd. | 7892 | 37908 |
|  Hindustan Unilever Ltd. | 6615 | 181525 |
|  Hyundai Motor India Ltd. \* | 1333 | 28774 |
|  ICICI Bank Ltd. | 42595 | 719648 |
|  ICICI Lombard General Insurance Co. Ltd., 144A | 2093 | 45869 |
|  ICICI Prudential Life Insurance Co. Ltd., 144A | 3178 | 24600 |
|  IDFC First Bank Ltd. \* | 32142 | 25530 |
|  Indian Hotels Co. Ltd. | 6721 | 60463 |
|  Indian Oil Corp. Ltd. | 23519 | 39018 |
|  Indian Railway Catering & Tourism Corp. Ltd. | 1549 | 13684 |
|  Indus Towers Ltd. \* | 10630 | 47719 |
|  IndusInd Bank Ltd. | 4878 | 46568 |
|  Info Edge India Ltd. | 2873 | 47925 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Infosys Ltd. | 26812 | 489619 |
|  InterGlobe Aviation Ltd., 144A \* | 1576 | 98160 |
|  ITC Ltd. | 24603 | 120190 |
|  Jindal Stainless Ltd. | 2384 | 17962 |
|  Jindal Steel & Power Ltd. | 3367 | 37335 |
|  Jio Financial Services Ltd. \* | 23786 | 79676 |
|  JSW Energy Ltd. \* | 3733 | 21286 |
|  JSW Steel Ltd. | 4954 | 57514 |
|  Jubilant Foodworks Ltd. | 2997 | 22959 |
|  Kalyan Jewellers India Ltd. | 3561 | 23320 |
|  Kotak Mahindra Bank Ltd. | 8963 | 217301 |
|  Larsen & Toubro Ltd. | 5475 | 235129 |
|  LTIMindtree Ltd., 144A | 607 | 35955 |
|  Lupin Ltd. | 1881 | 43032 |
|  Macrotech Developers Ltd., 144A | 2258 | 37614 |
|  Mahindra & Mahindra Ltd. | 7495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260720 |
|  Mankind Pharma Ltd. \* | 1080 | 31144 |
|  Marico Ltd. | 4478 | 37491 |
|  Maruti Suzuki India Ltd. | 1026 | 147698 |
|  Max Healthcare Institute Ltd. | 6195 | 81456 |
|  Mphasis Ltd. | 852 | 25476 |
|  MRF Ltd. | 20 | 32455 |
|  Muthoot Finance Ltd. | 1113 | 28814 |
|  Nestle India Ltd. | 2781 | 77871 |
|  NHPC Ltd. | 24205 | 24724 |
|  NMDC Ltd. | 18974 | 15780 |
|  NTPC Ltd. | 35200 | 137345 |
|  Oberoi Realty Ltd. | 1075 | 21937 |
|  Oil & Natural Gas Corp. Ltd. | 24435 | 68358 |
|  Oil India Ltd. | 4107 | 20483 |
|  Oracle Financial Services Software Ltd. | 184 | 18196 |
|  Page Industries Ltd. | 48 | 26015 |
|  PB Fintech Ltd. \* | 2847 | 58607 |
|  Persistent Systems Ltd. | 847 | 55804 |
|  Petronet LNG Ltd. | 5900 | 21187 |
|  Phoenix Mills Ltd. | 1655 | 29727 |
|  PI Industries Ltd. | 564 | 25201 |
|  Pidilite Industries Ltd. | 1160 | 42119 |
|  Polycab India Ltd. | 455 | 31854 |
|  Power Finance Corp. Ltd. | 11639 | 55213 |
|  Power Grid Corp. of India Ltd. | 37410 | 126667 |
|  Prestige Estates Projects Ltd. | 1501 | 25724 |
|  Punjab National Bank | 20720 | 25622 |
|  Rail Vikas Nigam Ltd. | 4271 | 20241 |
|  REC Ltd. | 9996 | 46993 |
|  Reliance Industries Ltd., GDR, 144A | 2377 | 156407 |
|  Reliance Industries Ltd. | 39842 | 661542 |
|  Samvardhana Motherson International Ltd. | 26668 | 47717 |

---

See Notes to Financial Statements.

DBX ETF Trust **\| 53** 

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  SBI Cards & Payment Services Ltd. | 2332 | 25099 |
|  SBI Life Insurance Co. Ltd., 144A | 3606 | 76363 |
|  Shree Cement Ltd. | 77 | 26629 |
|  Shriram Finance Ltd. | 11452 | 85560 |
|  Siemens Energy India Ltd. \* (a) | 798 | 23109 |
|  Siemens Ltd. | 768 | 29307 |
|  Solar Industries India Ltd. | 210 | 39519 |
|  Sona Blw Precision Forgings Ltd., 144A | 3844 | 24434 |
|  SRF Ltd. | 1094 | 36575 |
|  State Bank of India | 14511 | 137742 |
|  Sun Pharmaceutical Industries Ltd. | 7834 | 153577 |
|  Sundaram Finance Ltd. | 577 | 34633 |
|  Supreme Industries Ltd. | 445 | 21561 |
|  Suzlon Energy Ltd. \* | 78211 | 65329 |
|  Tata Communications Ltd. | 951 | 18628 |
|  Tata Consultancy Services Ltd. | 7269 | 294192 |
|  Tata Consumer Products Ltd. | 4915 | 63540 |
|  Tata Elxsi Ltd. | 254 | 19113 |
|  Tata Motors Ltd. | 16121 | 135543 |
|  Tata Power Co. Ltd. | 13561 | 62247 |
|  Tata Steel Ltd. | 59759 | 112444 |
|  Tech Mahindra Ltd. | 4228 | 77762 |
|  Thermax Ltd. | 230 | 9106 |
|  Titan Co. Ltd. | 2863 | 118936 |
|  Torrent Pharmaceuticals Ltd. | 896 | 33240 |
|  Torrent Power Ltd. | 1617 | 25963 |
|  Trent Ltd. \* | 1501 | 98988 |
|  Tube Investments of India Ltd. | 912 | 32634 |
|  TVS Motor Co. Ltd. | 1908 | 62001 |
|  UltraTech Cement Ltd. | 927 | 121433 |
|  Union Bank of India Ltd. | 13496 | 23150 |
|  United Spirits Ltd. | 2205 | 39168 |
|  UPL Ltd. | 3475 | 25498 |
|  Varun Beverages Ltd. | 10982 | 61080 |
|  Vedanta Ltd. | 11712 | 59610 |
|  Vodafone Idea Ltd. \* | 206018 | 16660 |
|  Voltas Ltd. | 1728 | 25499 |
|  Wipro Ltd. | 10212 | 29794 |
|  Wipro Ltd., ADR | 12024 | 34629 |
|  Yes Bank Ltd. \* | 122907 | 30851 |
|  Zydus Lifesciences Ltd. | 1637 | 17790 |
|  (Cost $6,985,400) |  | **12446768** |
|  **Indonesia – 1.3%** |  |  |
|  Alamtri Resources Indonesia Tbk PT | 75789 | 10235 |
|  Amman Mineral Internasional PT \* | 60008 | 25510 |
|  GoTo Gojek Tokopedia Tbk PT \* | 7309228 | 28716 |
|  PT Astra International Tbk | 173374 | 51618 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  PT Bank Central Asia Tbk | 451829 | 260724 |
|  PT Bank Mandiri Persero Tbk | 296391 | 96432 |
|  PT Bank Negara Indonesia Persero Tbk | 118770 | 32737 |
|  PT Bank Rakyat Indonesia Persero Tbk | 545347 | 148974 |
|  PT Barito Pacific Tbk | 171633 | 13276 |
|  PT Chandra Asri Pacific Tbk \* | 69810 | 39962 |
|  PT Charoen Pokphand Indonesia Tbk | 42108 | 12511 |
|  PT Indofood CBP Sukses Makmur Tbk | 21265 | 14229 |
|  PT Indofood Sukses Makmur Tbk | 34636 | 16744 |
|  PT Kalbe Farma Tbk \* | 194327 | 18073 |
|  PT Sumber Alfaria Trijaya Tbk \* | 143418 | 21394 |
|  PT Telkom Indonesia Persero Tbk \* | 412611 | 71428 |
|  PT United Tractors Tbk | 11700 | 16124 |
|  (Cost $862,679) |  | **878687** |
|  **Ireland – 0.8%** |  |  |
|  PDD Holdings, Inc., ADR \* |  |  |
|  (Cost $537,795) | 5597 | **540167** |
|  **Kazakhstan – 0.0%** |  |  |
|  Solidcore Resources PLC \* (a) |  |  |
|  (Cost $66,377) | 4065 | **0** |
|  **Kuwait – 0.7%** |  |  |
|  Boubyan Bank KSCP | 10412 | 22802 |
|  Gulf Bank KSCP | 14631 | 15973 |
|  Kuwait Finance House KSCP | 90657 | 221583 |
|  Mabanee Co KPSC | 6225 | 17041 |
|  Mobile Telecommunications Co. KSCP | 16952 | 26352 |
|  National Bank of Kuwait SAKP | 66097 | 205927 |
|  (Cost $336,787) |  | **509678** |
|  **Luxembourg – 0.1%** |  |  |
|  Reinet Investments SCA | 1236 | 33489 |
|  Zabka Group SA \* | 2535 | 15313 |
|  (Cost $38,270) |  | **48802** |
|  **Malaysia – 1.3%** |  |  |
|  AMMB Holdings Bhd | 17546 | 21600 |
|  Axiata Group Bhd | 25099 | 12088 |
|  Celcomdigi Bhd | 24660 | 21552 |
|  CIMB Group Holdings Bhd | 63889 | 104018 |
|  Gamuda Bhd | 34521 | 37064 |
|  Genting Bhd | 19267 | 13579 |
|  Hong Leong Bank Bhd | 5441 | 25029 |
|  IHH Healthcare Bhd | 15750 | 25532 |
|  IOI Corp. Bhd | 23994 | 20293 |
|  Kuala Lumpur Kepong Bhd | 3239 | 14823 |
|  Malayan Banking Bhd | 44818 | 102977 |
|  Maxis Bhd | 15696 | 13017 |

---

See Notes to Financial Statements.

**54** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  MISC Bhd | 12700 | 22437 |
|  MR DIY Group M Bhd, 144A | 21900 | 8129 |
|  Nestle Malaysia Bhd | 483 | 8919 |
|  Petronas Chemicals Group Bhd | 24024 | 19303 |
|  Petronas Dagangan Bhd | 1704 | 7886 |
|  Petronas Gas Bhd | 5790 | 24430 |
|  PPB Group Bhd | 4462 | 11825 |
|  Press Metal Aluminium Holdings Bhd | 32350 | 38305 |
|  Public Bank Bhd | 119910 | 121417 |
|  QL Resources Bhd | 16650 | 17602 |
|  RHB Bank Bhd | 13681 | 20667 |
|  SD Guthrie Bhd | 18323 | 19285 |
|  Sime Darby Bhd | 24923 | 9954 |
|  Sunway Bhd | 21400 | 23881 |
|  Telekom Malaysia Bhd | 10645 | 16331 |
|  Tenaga Nasional Bhd | 21105 | 69416 |
|  YTL Corp. Bhd | 29500 | 12614 |
|  YTL Power International Bhd | 22000 | 16539 |
|  (Cost $798,929) |  | **880512** |
|  **Mexico – 2.0%** |  |  |
|  Alfa SAB de CV, Class A | 31202 | 24372 |
|  America Movil SAB de CV, |  |  |
|  Series B | 147234 | 124416 |
|  Arca Continental SAB de CV | 4073 | 44785 |
|  Cemex SAB de CV, Series CPO | 118334 | 81021 |
|  Coca-Cola Femsa SAB de CV | 4436 | 42132 |
|  Fibra Uno Administracion SA de CV REIT | 20991 | 29534 |
|  Fomento Economico Mexicano SAB de CV | 14234 | 151433 |
|  Gruma SAB de CV, Class B | 1263 | 23801 |
|  Grupo Aeroportuario del Centro Norte SAB de CV | 2201 | 27221 |
|  Grupo Aeroportuario del Pacifico SAB de CV, Class B | 3214 | 73894 |
|  Grupo Aeroportuario del Sureste SAB de CV, Class B | 1453 | 46629 |
|  Grupo Bimbo SAB de CV, Series A | 11636 | 32521 |
|  Grupo Carso SAB de CV, Series A1 | 4826 | 30758 |
|  Grupo Comercial Chedraui SA de CV | 1992 | 14412 |
|  Grupo Financiero Banorte SAB de CV, Class O | 20399 | 180326 |
|  Grupo Financiero Inbursa SAB de CV, Class O | 13829 | 34658 |
|  Grupo Mexico SAB de CV, Series B | 24982 | 136966 |
|  Industrias Penoles SAB de CV \* | 1708 | 36099 |
|  Kimberly-Clark de Mexico SAB de CV, Class A | 12084 | 21463 |
|  Prologis Property Mexico SA de CV REIT | 9222 | 35303 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Promotora y Operadora de Infraestructura SAB de CV | 1457 | 16358 |
|  Qualitas Controladora SAB de CV | 1667 | 18033 |
|  Wal-Mart de Mexico SAB de CV | 41171 | 135213 |
|  (Cost $1,142,003) |  | **1361348** |
|  **Netherlands – 0.0%** |  |  |
|  Nebius Group N.V., Class A \* (a) | 4277 | 0 |
|  NEPI Rockcastle NV \* | 4274 | 32868 |
|  (Cost $352,476) |  | **32868** |
|  **Peru – 0.2%** |  |  |
|  Cia de Minas Buenaventura SAA, ADR | 1414 | 21182 |
|  Credicorp Ltd. | 530 | 112259 |
|  (Cost $105,780) |  | **133441** |
|  **Philippines – 0.5%** |  |  |
|  Ayala Corp. | 2324 | 24159 |
|  Ayala Land, Inc. | 45224 | 18642 |
|  Bank of the Philippine Islands | 17186 | 42846 |
|  BDO Unibank, Inc. | 20663 | 59624 |
|  International Container Terminal Services, Inc. | 8501 | 62468 |
|  Jollibee Foods Corp. | 3123 | 12482 |
|  Manila Electric Co. | 2360 | 23264 |
|  Metropolitan Bank & Trust Co. | 15952 | 21028 |
|  PLDT, Inc. | 456 | 9938 |
|  SM Investments Corp. | 1923 | 28779 |
|  SM Prime Holdings, Inc. | 70379 | 28444 |
|  (Cost $292,076) |  | **331674** |
|  **Poland – 1.1%** |  |  |
|  Allegro.eu SA, 144A \* | 4904 | 45128 |
|  Bank Millennium SA \* | 4782 | 18576 |
|  Bank Polska Kasa Opieki SA | 1499 | 73808 |
|  Budimex SA \* | 98 | 16332 |
|  CCC SA \* | 430 | 25090 |
|  CD Projekt SA | 510 | 30221 |
|  Dino Polska SA, 144A \* | 384 | 56384 |
|  KGHM Polska Miedz SA | 1209 | 39696 |
|  LPP SA | 8 | 30820 |
|  mBank SA \* | 121 | 26508 |
|  ORLEN SA | 4748 | 93284 |
|  PGE Polska Grupa Energetyczna SA \* | 7490 | 18686 |
|  Powszechna Kasa Oszczednosci Bank Polski SA | 7147 | 143740 |
|  Powszechny Zaklad Ubezpieczen SA | 4851 | 79289 |
|  Santander Bank Polska SA | 337 | 45071 |
|  (Cost $597,181) |  | **742633** |
|  **Qatar – 0.7%** |  |  |
|  Al Rayan Bank | 48069 | 29546 |
|  Barwa Real Estate Co. | 19846 | 15698 |

---

See Notes to Financial Statements.

DBX ETF Trust **\| 55** 

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Commercial Bank PSQC | 28547 | 36058 |
|  Dukhan Bank | 10641 | 10527 |
|  Industries Qatar QSC | 11237 | 36572 |
|  Mesaieed Petrochemical Holding Co. | 39417 | 14442 |
|  Ooredoo QPSC | 7304 | 24775 |
|  Qatar Electricity & Water Co. QSC | 3702 | 16105 |
|  Qatar Fuel QSC | 5395 | 22226 |
|  Qatar Gas Transport Co. Ltd. | 21403 | 28157 |
|  Qatar International Islamic Bank QSC | 8835 | 25503 |
|  Qatar Islamic Bank QPSC | 14061 | 81485 |
|  Qatar National Bank QPSC | 36362 | 169277 |
|  (Cost $419,909) |  | **510371** |
|  **Russia – 0.0%** |  |  |
|  Alrosa PJSC \* (a) | 34709 | 0 |
|  Gazprom PJSC \* (a) | 164723 | 0 |
|  GMK Norilskiy Nickel PAO \* (a) | 88300 | 0 |
|  Inter RAO UES PJSC \* (a) | 490959 | 0 |
|  LUKOIL PJSC \* (a) | 5651 | 0 |
|  Magnit PJSC \* (a) | 933 | 0 |
|  Mobile TeleSystems PJSC,<br>ADR \* (a) | 6594 | 0 |
|  Moscow Exchange MICEX-RTS PJSC \* (a) | 20735 | 0 |
|  Novatek PJSC \* (a) | 12810 | 0 |
|  Novolipetsk Steel PJSC \* (a) | 21183 | 0 |
|  Ozon Holdings PLC, ADR \* (a) | 700 | 0 |
|  PhosAgro PJSC \* (a) | 713 | 0 |
|  PhosAgro PJSC, GDR \* (a) | 13 | 0 |
|  Polyus PJSC \* (a) | 4760 | 0 |
|  Rosneft Oil Co. PJSC \* (a) | 14582 | 0 |
|  Sberbank of Russia PJSC \* (a) | 146997 | 0 |
|  Severstal PAO \* (a) | 707 | 0 |
|  Severstal PAO, GDR \* (a) | 2248 | 0 |
|  Surgutneftegas PAO \* (a) | 68300 | 0 |
|  Surgutneftegas PAO, ADR \* (a) | 2000 | 0 |
|  Tatneft PJSC \* (a) | 17973 | 0 |
|  TKS Holding MKPAO JSC \* (a) | 58 | 0 |
|  United Co. RUSAL International |  |  |
|  PJSC \* (a) | 39327 | 0 |
|  VK IPJSC, GDR \* (a) | 1643 | 0 |
|  VK IPJSC \* (a) | 48 | 0 |
|  VTB Bank PJSC \* (a) | 9756 | 0 |
|  X5 Retail Group NV, GDR \* (a) | 1749 | 0 |
|  (Cost $2,514,228) |  | **0** |
|  **Saudi Arabia – 3.5%** |  |  |
|  ACWA Power Co. \* | 1208 | 83396 |
|  Ades Holding Co. | 3069 | 11420 |
|  Al Rajhi Bank | 15672 | 380558 |
|  Al Rajhi Co. For Co.-Operative Insurance \* | 355 | 10693 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Alinma Bank | 10194 | 70240 |
|  Almarai Co. JSC | 4075 | 55721 |
|  Arab National Bank | 7581 | 43769 |
|  Arabian Internet & Communications Services Co. | 212 | 14873 |
|  Bank AlBilad | 6327 | 43595 |
|  Bank Al-Jazira \* | 4880 | 16624 |
|  Banque Saudi Fransi | 9483 | 43678 |
|  Bupa Arabia for Cooperative Insurance Co. | 708 | 31516 |
|  Co. for Cooperative Insurance | 669 | 24715 |
|  Dallah Healthcare Co. | 315 | 9958 |
|  Dar Al Arkan Real Estate Development Co. \* | 4069 | 21713 |
|  Dr Sulaiman Al Habib Medical Services Group Co. | 656 | 45777 |
|  Elm Co. | 184 | 50232 |
|  Etihad Etisalat Co. | 2828 | 44927 |
|  Jarir Marketing Co. | 5755 | 19727 |
|  Mouwasat Medical Services Co. | 925 | 17900 |
|  Nahdi Medical Co. | 371 | 12065 |
|  Riyad Bank | 11952 | 92547 |
|  SABIC Agri-Nutrients Co. | 1940 | 49590 |
|  Sahara International Petrochemical Co. | 3209 | 16166 |
|  SAL Saudi Logistics Services | 227 | 10770 |
|  Saudi Arabian Mining Co. \* | 10846 | 147441 |
|  Saudi Arabian Oil Co., 144A | 48769 | 324984 |
|  Saudi Aramco Base Oil Co. | 379 | 10062 |
|  Saudi Awwal Bank | 7693 | 69206 |
|  Saudi Basic Industries Corp. | 6882 | 102176 |
|  Saudi Electricity Co. | 5648 | 21317 |
|  Saudi Industrial Investment Group | 3178 | 14011 |
|  Saudi Investment Bank | 5435 | 21441 |
|  Saudi Kayan Petrochemical Co. \* | 3480 | 4666 |
|  Saudi National Bank | 24058 | 222519 |
|  Saudi Research & Media Group \* | 302 | 11543 |
|  Saudi Tadawul Group Holding Co. | 441 | 20547 |
|  Saudi Telecom Co. | 16249 | 181476 |
|  Yanbu National Petrochemical Co. | 2602 | 20668 |
|  (Cost $1,989,384) |  | **2394227** |
|  **Singapore – 0.5%** |  |  |
|  BOC Aviation Ltd., 144A | 1785 | 14444 |
|  Trip.com Group Ltd. | 4965 | 312802 |
|  (Cost $185,394) |  | **327246** |
|  **South Africa – 2.8%** |  |  |
|  Absa Group Ltd. | 6889 | 66398 |
|  Aspen Pharmacare Holdings Ltd. | 3360 | 22637 |
|  Bid Corp. Ltd. | 2848 | 75438 |
|  Bidvest Group Ltd. | 2528 | 34244 |

---

See Notes to Financial Statements.

**56** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Capitec Bank Holdings Ltd. | 688 | 131858 |
|  Clicks Group Ltd. | 1958 | 42266 |
|  Discovery Ltd. | 4415 | 53542 |
|  FirstRand Ltd. | 39954 | 165548 |
|  Gold Fields Ltd. | 7178 | 161806 |
|  Harmony Gold Mining Co. Ltd. | 4740 | 67413 |
|  Impala Platinum Holdings Ltd. \* | 7340 | 52703 |
|  Kumba Iron Ore Ltd. | 583 | 9553 |
|  MTN Group Ltd. | 13676 | 95065 |
|  Naspers Ltd., Class N | 1329 | 381635 |
|  Nedbank Group Ltd. | 3760 | 53423 |
|  Old Mutual Ltd. | 31528 | 20460 |
|  OUTsurance Group Ltd. | 7728 | 32640 |
|  Pepkor Holdings Ltd., 144A | 19738 | 32040 |
|  Remgro Ltd. | 3790 | 33612 |
|  Sanlam Ltd. | 14145 | 69708 |
|  Sasol Ltd. \* | 4920 | 22222 |
|  Shoprite Holdings Ltd. | 3913 | 63541 |
|  Standard Bank Group Ltd. | 10406 | 134970 |
|  Valterra Platinum Ltd. | 745 | 29196 |
|  Vodacom Group Ltd. | 4796 | 36744 |
|  Woolworths Holdings Ltd. | 7525 | 24522 |
|  (Cost $2,032,176) |  | **1913184** |
|  **South Korea – 9.0%** |  |  |
|  Alteogen, Inc. \* | 328 | 78452 |
|  Amorepacific Corp. | 226 | 21901 |
|  Celltrion, Inc. | 1259 | 146915 |
|  CJ CheilJedang Corp. | 72 | 12081 |
|  Coway Co. Ltd. | 495 | 31895 |
|  DB Insurance Co. Ltd. | 400 | 29137 |
|  Doosan Bobcat, Inc. | 506 | 17237 |
|  Doosan Enerbility Co. Ltd. \* | 3722 | 108852 |
|  Ecopro BM Co. Ltd. \* | 361 | 23470 |
|  Ecopro Co. Ltd. | 872 | 27050 |
|  Hana Financial Group, Inc. | 2256 | 118875 |
|  Hanjin Kal Corp. | 173 | 17718 |
|  Hankook Tire & Technology Co. Ltd. | 508 | 14176 |
|  Hanmi Semiconductor Co. Ltd. | 395 | 23018 |
|  Hanwha Aerospace Co. Ltd. | 276 | 162235 |
|  Hanwha Ocean Co. Ltd. \* | 806 | 45566 |
|  Hanwha Systems Co. Ltd. | 609 | 20040 |
|  HD Hyundai Co. Ltd. | 307 | 24855 |
|  HD Hyundai Electric Co. Ltd. | 197 | 54115 |
|  HD Hyundai Heavy Industries Co. Ltd. \* | 183 | 53784 |
|  HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 347 | 79601 |
|  HLB, Inc. \* | 866 | 34271 |
|  HMM Co. Ltd. | 2180 | 33655 |
|  HYBE Co. Ltd. \* | 170 | 32775 |
|  Hyundai Glovis Co. Ltd. | 343 | 28192 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Hyundai Mobis Co. Ltd. | 468 | 85819 |
|  Hyundai Motor Co. | 1083 | 145452 |
|  Hyundai Rotem Co. Ltd. | 649 | 68865 |
|  Industrial Bank of Korea | 2475 | 28235 |
|  Kakao Corp. | 2451 | 75855 |
|  KakaoBank Corp. | 1538 | 26196 |
|  KB Financial Group, Inc. | 3009 | 227469 |
|  Kia Corp. | 1939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125641 |
|  Korea Aerospace Industries Ltd. | 556 | 33690 |
|  Korea Electric Power Corp. | 2211 | 48637 |
|  Korea Investment Holdings Co. Ltd. | 290 | 22701 |
|  Korea Zinc Co. Ltd. | 34 | 18014 |
|  Korean Air Lines Co. Ltd. | 1584 | 25832 |
|  Krafton, Inc. \* | 239 | 63920 |
|  KT&G Corp. | 776 | 67605 |
|  LG Chem Ltd. | 413 | 59060 |
|  LG Corp. | 628 | 32317 |
|  LG Display Co. Ltd. \* | 2523 | 15745 |
|  LG Electronics, Inc. | 899 | 46328 |
|  LG Energy Solution Ltd. \* | 384 | 79600 |
|  LG H&H Co. Ltd. | 67 | 15831 |
|  LG Innotek Co. Ltd. | 128 | 13443 |
|  LG Uplus Corp. | 1105 | 10251 |
|  LS Electric Co. Ltd. | 122 | 22327 |
|  Meritz Financial Group, Inc. | 658 | 53271 |
|  Mirae Asset Securities Co. Ltd. | 1655 | 18653 |
|  NAVER Corp. | 1165 | 158322 |
|  NH Investment & Securities Co. Ltd. | 1085 | 13558 |
|  Orion Corp. | 154 | 12323 |
|  POSCO Future M Co. Ltd. \* | 291 | 24593 |
|  POSCO Holdings, Inc. | 588 | 106545 |
|  Posco International Corp. | 431 | 15323 |
|  Samsung Biologics Co. Ltd., 144A \* | 141 | 105466 |
|  Samsung C&T Corp. | 688 | 74699 |
|  Samsung Electro-Mechanics Co. Ltd. | 471 | 41716 |
|  Samsung Electronics Co. Ltd. | 38169 | 1554757 |
|  Samsung Fire & Marine Insurance Co. Ltd. | 250 | 73295 |
|  Samsung Heavy Industries Co. Ltd. \* | 5492 | 67272 |
|  Samsung Life Insurance Co. Ltd. | 614 | 44013 |
|  Samsung SDI Co. Ltd. | 491 | 60107 |
|  Samsung SDS Co. Ltd. | 337 | 31802 |
|  Samyang Foods Co. Ltd. | 33 | 26573 |
|  Shinhan Financial Group Co. Ltd. | 3454 | 145450 |
|  SK Biopharmaceuticals Co. Ltd.\* | 295 | 19885 |
|  SK Hynix, Inc. | 4395 | 651430 |
|  SK Innovation Co. Ltd. | 572 | 37105 |

---

See Notes to Financial Statements.

DBX ETF Trust **\| 57** 

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  SK Square Co. Ltd. \* | 771 | 64152 |
|  SK Telecom Co. Ltd. | 470 | 17544 |
|  SK, Inc. | 292 | 34645 |
|  SKC Co. Ltd. \* | 185 | 11947 |
|  S-Oil Corp. | 343 | 13524 |
|  Woori Financial Group, Inc. | 5248 | 73298 |
|  Yuhan Corp. | 440 | 33262 |
|  (Cost $3,577,380) |  | **6183229** |
|  **Taiwan – 17.9%** |  |  |
|  Accton Technology Corp. | 4347 | 108064 |
|  Acer, Inc. | 22359 | 25889 |
|  Advantech Co. Ltd. | 4166 | 47542 |
|  Airtac International Group | 1201 | 37390 |
|  Alchip Technologies Ltd. | 682 | 63948 |
|  ASE Technology Holding Co. Ltd. | 26055 | 119979 |
|  Asia Cement Corp. | 19771 | 27609 |
|  Asia Vital Components Co. Ltd. | 2880 | 59583 |
|  Asustek Computer, Inc. | 6014 | 125423 |
|  AUO Corp. \* | 42118 | 18059 |
|  Catcher Technology Co. Ltd. | 4902 | 34350 |
|  Cathay Financial Holding Co. Ltd. | 75612 | 150878 |
|  Chailease Holding Co. Ltd. | 12313 | 49920 |
|  Chang Hwa Commercial Bank Ltd. | 49566 | 30184 |
|  Cheng Shin Rubber Industry Co. Ltd. | 11914 | 20196 |
|  China Airlines Ltd. | 18002 | 13305 |
|  China Steel Corp. | 89914 | 59256 |
|  Chunghwa Telecom Co. Ltd. | 29772 | 128651 |
|  Compal Electronics, Inc. | 27941 | 26851 |
|  CTBC Financial Holding Co. Ltd. | 135026 | 184054 |
|  Delta Electronics, Inc. | 16064 | 200475 |
|  E Ink Holdings, Inc. | 6948 | 49151 |
|  E.Sun Financial Holding Co. Ltd. | 111563 | 110936 |
|  Eclat Textile Co. Ltd. \* | 1653 | 23801 |
|  Elite Material Co. Ltd. | 2516 | 62882 |
|  eMemory Technology, Inc. | 533 | 42774 |
|  Eva Airways Corp. | 19709 | 26865 |
|  Evergreen Marine Corp. Taiwan Ltd. | 8688 | 70882 |
|  Far Eastern New Century Corp. | 25694 | 28122 |
|  Far EasTone Telecommunications Co. Ltd. | 15325 | 44233 |
|  Feng TAY Enterprise Co. Ltd. | 4388 | 17790 |
|  First Financial Holding Co. Ltd. | 91398 | 82497 |
|  Formosa Chemicals & Fibre Corp. | 22831 | 18246 |
|  Formosa Plastics Corp. | 32231 | 37320 |
|  Fortune Electric Co. Ltd. | 867 | 13293 |
|  Fubon Financial Holding Co. Ltd. | 67408 | 179044 |
|  Gigabyte Technology Co. Ltd. | 4487 | 41324 |
|  Global Unichip Corp. | 774 | 30089 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Globalwafers Co. Ltd. | 1704 | 17911 |
|  Hon Hai Precision Industry Co. Ltd. | 99633 | 518636 |
|  Hotai Motor Co. Ltd. | 2515 | 53542 |
|  Hua Nan Financial Holdings Co. Ltd. | 72929 | 64002 |
|  Innolux Corp. | 64932 | 26433 |
|  International Games System Co. Ltd. | 2170 | 61041 |
|  Inventec Corp. | 23145 | 32553 |
|  Jentech Precision Industrial Co. Ltd. | 742 | 33549 |
|  KGI Financial Holding Co. Ltd. | 124192 | 71693 |
|  Largan Precision Co. Ltd. | 890 | 68750 |
|  Lite-On Technology Corp. | 17660 | 59812 |
|  Lotes Co. Ltd. | 741 | 32515 |
|  MediaTek, Inc. | 12354 | 519413 |
|  Mega Financial Holding Co. Ltd. | 92480 | 122356 |
|  Micro-Star International Co. Ltd. | 6111 | 29058 |
|  Nan Ya Plastics Corp. | 40807 | 39012 |
|  Nien Made Enterprise Co. Ltd. | 1519 | 21947 |
|  Novatek Microelectronics Corp. | 4965 | 85488 |
|  Pegatron Corp. | 14533 | 40687 |
|  PharmaEssentia Corp. \* | 2100 | 35037 |
|  Pou Chen Corp. | 20336 | 21172 |
|  President Chain Store Corp. | 5004 | 42662 |
|  Quanta Computer, Inc. \* | 21366 | 193565 |
|  Realtek Semiconductor Corp. | 4281 | 77282 |
|  Ruentex Development Co. Ltd. | 9601 | 9579 |
|  Shanghai Commercial & Savings |  |  |
|  Bank Ltd. | 28517 | 44295 |
|  Shin Kong Financial Holding Co. Ltd. \* | 120583 | 48485 |
|  SinoPac Financial Holdings Co. Ltd. | 84596 | 64784 |
|  Synnex Technology International Corp. | 11129 | 26441 |
|  Taishin Financial Holding Co. Ltd. | 92087 | 52698 |
|  Taiwan Business Bank | 60875 | 29962 |
|  Taiwan Cooperative Financial Holding Co. Ltd. | 80617 | 64561 |
|  Taiwan High Speed Rail Corp. | 10015 | 9173 |
|  Taiwan Mobile Co. Ltd. | 14741 | 56075 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 198527 | 6405913 |
|  TCC Group Holdings Co. Ltd. | 56348 | 55185 |
|  Unimicron Technology Corp. | 9795 | 34645 |
|  Uni-President Enterprises Corp. | 37645 | 99990 |
|  United Microelectronics Corp. | 92638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144513 |
|  Vanguard International Semiconductor Corp. | 8994 | 25090 |
|  Voltronic Power Technology Corp. | 541 | 24371 |
|  Wan Hai Lines Ltd. | 4683 | 16876 |

---

See Notes to Financial Statements.

**58** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Wistron Corp. | 21648 | 84155 |
|  Wiwynn Corp. | 842 | 67993 |
|  WPG Holdings Ltd. | 13102 | 30778 |
|  Yageo Corp. | 3397 | 55543 |
|  Yang Ming Marine Transport Corp. | 14261 | 37879 |
|  Yuanta Financial Holding Co. Ltd. | 82276 | 86069 |
|  Zhen Ding Technology Holding Ltd. | 4188 | 14394 |
|  (Cost $4,021,695) |  | **12268418** |
|  **Thailand – 1.0%** |  |  |
|  Advanced Info Service PCL, NVDR | 8573 | 74690 |
|  Airports of Thailand PCL, NVDR | 34800 | 35248 |
|  Bangkok Dusit Medical Services PCL, NVDR | 90900 | 59534 |
|  Bumrungrad Hospital PCL, NVDR | 5200 | 22177 |
|  Central Pattana PCL, NVDR | 17300 | 23978 |
|  Charoen Pokphand Foods PCL, NVDR | 34269 | 25576 |
|  CP ALL PCL, NVDR | 41749 | 59773 |
|  CP AXTRA PCL | 17016 | 9745 |
|  Delta Electronics Thailand PCL, NVDR | 25580 | 81039 |
|  Gulf Development PCL \* | 34211 | 46897 |
|  Home Product Center PCL, NVDR | 30100 | 7060 |
|  Kasikornbank PCL, NVDR | 4003 | 18779 |
|  Krung Thai Bank PCL, NVDR | 32329 | 21863 |
|  Minor International PCL, NVDR | 27447 | 20735 |
|  PTT Exploration & Production PCL, NVDR | 10083 | 30101 |
|  PTT Oil & Retail Business PCL, NVDR | 26200 | 9418 |
|  PTT PCL | 500 | 457 |
|  PTT PCL, NVDR | 79780 | 72301 |
|  SCB X PCL, NVDR | 6698 | 24178 |
|  Siam Cement PCL | 2878 | 14553 |
|  Siam Cement PCL | 2558 | 12935 |
|  TMBThanachart Bank PCL, NVDR | 206800 | 12095 |
|  True Corp. PCL, NVDR \* | 91272 | 34754 |
|  (Cost $824,855) |  | **717886** |
|  **Turkey – 0.5%** |  |  |
|  Akbank TAS | 27174 | 35307 |
|  Aselsan Elektronik Sanayi Ve Ticaret AS | 10043 | 33191 |
|  BIM Birlesik Magazalar AS | 3707 | 44997 |
|  Coca-Cola Icecek AS | 7027 | 8738 |
|  Eregli Demir ve Celik Fabrikalari TAS \* | 32759 | 19581 |
|  Ford Otomotiv Sanayi AS | 5738 | 11728 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Haci Omer Sabanci Holding AS | 9274 | 18281 |
|  KOC Holding AS | 5990 | 21645 |
|  Pegasus Hava Tasimaciligi AS \* | 1826 | 11234 |
|  Sasa Polyester Sanayi AS \* | 72384 | 6054 |
|  Turk Hava Yollari AO \* | 4501 | 31364 |
|  Turkcell Iletisim Hizmetleri AS | 10062 | 24338 |
|  Turkiye Is Bankasi AS, Class C | 80043 | 21943 |
|  Turkiye Petrol Rafinerileri AS | 6827 | 21588 |
|  Turkiye Sise ve Cam Fabrikalari AS | 12908 | 10863 |
|  Yapi ve Kredi Bankasi AS \* | 25797 | 16749 |
|  (Cost $366,723) |  | **337601** |
|  **United Arab Emirates – 1.5%** |  |  |
|  Abu Dhabi Commercial Bank PJSC | 23911 | 78640 |
|  Abu Dhabi Islamic Bank PJSC | 11117 | 58052 |
|  Abu Dhabi National Oil Co. for Distribution PJSC | 27496 | 27174 |
|  ADNOC Drilling Co. PJSC | 26026 | 37200 |
|  Adnoc Gas PLC | 50240 | 44864 |
|  Aldar Properties PJSC | 32279 | 73030 |
|  Americana Restaurants International PLC - Foreign Co. | 18057 | 10029 |
|  Dubai Electricity & Water Authority PJSC | 46777 | 34768 |
|  Dubai Islamic Bank PJSC | 23995 | 53896 |
|  Emaar Development PJSC | 8831 | 32218 |
|  Emaar Properties PJSC | 54209 | 194078 |
|  Emirates NBD Bank PJSC | 15116 | 92186 |
|  Emirates Telecommunications Group Co. PJSC | 27899 | 130494 |
|  First Abu Dhabi Bank PJSC | 35333 | 154876 |
|  Multiply Group PJSC \* | 25358 | 16086 |
|  Salik Co PJSC | 15085 | 23492 |
|  (Cost $678,439) |  | **1061083** |
|  **United Kingdom – 0.3%** |  |  |
|  Anglogold Ashanti PLC |  |  |
|  (Cost $61,042) | 4023 | **172263** |
|  **United States – 0.3%** |  |  |
|  BeOne Medicines Ltd. \* | 6390 | 122648 |
|  Legend Biotech Corp., ADR \* | 576 | 16675 |
|  Southern Copper Corp. | 738 | 67092 |
|  (Cost $163,224) |  | **206415** |
|  **TOTAL COMMON STOCKS** |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $45,008,299) |  | **65715691** |
|  **PREFERRED STOCKS – 1.7%** | **PREFERRED STOCKS – 1.7%** |  |
|  **Brazil – 1.2%** |  |  |
|  Banco Bradesco SA | 43448 | 123063 |
|  Centrais Eletricas Brasileiras SA, Class B | 1548 | 12713 |
|  Cia Energetica de Minas Gerais | 14238 | 26985 |

---

See Notes to Financial Statements.

DBX ETF Trust **\| 59** 

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value $** |
|  Companhia Paranaense de Energia, Class B | 10199 | 22593 |
|  Gerdau SA | 9692 | 25842 |
|  Itau Unibanco Holding SA | 43051 | 281738 |
|  Itausa SA | 49355 | 95526 |
|  Klabin SA | 2 | 1 |
|  Petroleo Brasileiro SA | 38561 | 208328 |
|  (Cost $589,085) |  | **796789** |
|  **Chile – 0.0%** |  |  |
|  Sociedad Quimica y Minera de Chile SA, Class B \* |  |  |
|  (Cost $22,842) | 1243 | **37134** |
|  **Colombia – 0.1%** |  |  |
|  Grupo Cibest SA |  |  |
|  (Cost $35,584) | 3821 | **39359** |
|  **Russia – 0.0%** |  |  |
|  Surgutneftegas PAO \* (a) |  |  |
|  (Cost $55,822) | 101715 | **0** |
|  **South Korea – 0.4%** |  |  |
|  Hyundai Motor Co. | 192 | 20582 |
|  Hyundai Motor Co. - 2nd Preferred | 321 | 34363 |
|  Samsung Electronics Co. Ltd. | 6553 | 218956 |
|  (Cost $137,172) |  | **273901** |
|  **TOTAL PREFERRED STOCKS** |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $840,505) |  | **1147183** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **RIGHTS – 0.0%** |  |  |
|  **South Korea – 0.0%** |  |  |
|  Hanwha Aerospace Co. Ltd. \* , expires 7/7/25 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $0) | 18 | **1657** |
|  **WARRANTS – 0.0%** |  |  |
|  **Malaysia – 0.0%** |  |  |
|  YTL Corp. Bhd \* (a), expires 12/31/99 | 5900 | 0 |
|  YTL Power International Bhd \* (a), expires 12/31/99 | 4400 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $0) |  | **0** |
|  **Thailand – 0.0%** |  |  |
|  BTS Group Holdings PCL \* , expires 11/20/26 | 23669 | 15 |
|  Srisawad Corp. PCL \* , expires 8/29/25 | 432 | 2 |
|  (Cost $0) |  | **17** |
|  **TOTAL WARRANTS** |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $0) |  | **17** |
|  **CASH EQUIVALENTS – 1.2%** |  |  |
|  DWS Government Money Market |  |  |
|  Series "Institutional Shares", 4.26% (b) |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $855,034) | 855034 | **855034** |
|  **TOTAL INVESTMENTS – 98.9%** | **TOTAL INVESTMENTS – 98.9%** |  |
|  (Cost $46,703,838) |  | **67719582** |
|  **Other assets and liabilities,<br>net – 1.1%** |  | **769664** |
|  **NET ASSETS – 100.0%** |  | **68489246** |

---

A summary of the Fund's transactions with affiliated investments during the year ended May 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at<br>5/31/2024** | **Purchases Cost<br>($)** | **Sales Proceeds**<br> **($)** | **Net Realized<br>Gain/(Loss)<br>($)** | **Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Income ($)** | **Capital Gain<br>Distributions<br>($)** | **Number of<br>Shares at<br>5/31/2025** | **Value ($) at<br>5/31/2025** |
|  SECURITIES LENDING COLLATERAL – 0.0% | SECURITIES LENDING COLLATERAL – 0.0% | SECURITIES LENDING COLLATERAL – 0.0% | SECURITIES LENDING COLLATERAL – 0.0% | SECURITIES LENDING COLLATERAL – 0.0% | SECURITIES LENDING COLLATERAL – 0.0% | SECURITIES LENDING COLLATERAL – 0.0% | SECURITIES LENDING COLLATERAL – 0.0% | SECURITIES LENDING COLLATERAL – 0.0% |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) |
| 13930 |  | (13930) (d) |  |  | 625 |  |  |  |
|  CASH EQUIVALENTS – 1.2% | CASH EQUIVALENTS – 1.2% |  |  |  |  |  |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) |
| 1063663 | 15369282 | (15577911) |  |  | 50886 |  | 855034 | 855034 |
| **1077593**<br>| **15369282**  | **(15591841)** <br>  |  |  | **51511**  |  | **855034**  | **855034**  |

---

\* Non-income producing security.

(a) Investment was valued using significant unobservable inputs.

(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, 2025.

See Notes to Financial Statements.

**60** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025

---

| | |
|:---|:---|
|  ADR: | American Depositary Receipt |
|  CPO: | Ordinary Participation Certificates |
|  GDR: | Global Depositary Receipt |
|  JSC: | Joint Stock 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 |
|  144A: | Security exempt from registration under Rule 144A under 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, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract Description** | **Currency** | **Number of<br>Contracts** | **Notional<br>Amount ($)** | **Contract Value<br>($)** | **Expiration<br>Date** | **Unrealized<br>Appreciation ($)** |
|  MSCI Emerging Markets Index | USD | 36 | 2036711 | 2068740 | 6/20/2025 | 32029 |

---

At May 31, 2025, the Fund had the following forward foreign currency contracts outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement**<br>**Date** | **Currency To**<br>**Deliver** | **Currency To**<br>**Deliver** | **Currency To**<br>**Receive** | **Currency To**<br>**Receive** | **Unrealized**<br>**Appreciation ($)** | **Unrealized**<br>**Depreciation ($)** |
|  Citigroup Global Markets | 6/3/2025 | AED | 506000 | USD | 137774 | 11 |  |
|  JP Morgan & Chase Co. | 6/3/2025 | AED | 3200500 | USD | 871435 | 70 |  |
|  RBC Capital Markets | 6/3/2025 | CZK | 2629610 | USD | 119883 | 57 |  |
|  The Bank of New York Mellon | 6/3/2025 | EUR | 385800 | USD | 439324 | 1183 |  |
|  The Bank of New York Mellon | 6/3/2025 | HKD | 138222100 | USD | 17831428 | 198282 |  |
|  RBC Capital Markets | 6/3/2025 | HUF | 78082600 | USD | 219096 |  | (364) |
|  JP Morgan & Chase Co. | 6/3/2025 | KWD | 177000 | USD | 577578 | 699 |  |
|  Bank of America | 6/3/2025 | MXN | 1019000 | USD | 51846 |  | (671) |
|  Bank of America | 6/3/2025 | MXN | 27225600 | USD | 1383650 |  | (19486) |
|  JP Morgan & Chase Co. | 6/3/2025 | PHP | 6924000 | USD | 123846 |  | (243) |
|  RBC Capital Markets | 6/3/2025 | PHP | 13373600 | USD | 239215 |  | (461) |
|  RBC Capital Markets | 6/3/2025 | PLN | 219000 | USD | 58118 |  | (386) |
|  RBC Capital Markets | 6/3/2025 | PLN | 2663300 | USD | 706497 |  | (4984) |
|  JP Morgan & Chase Co. | 6/3/2025 | QAR | 2081400 | USD | 571433 |  | (238) |
|  Citigroup Global Markets | 6/3/2025 | SAR | 10925000 | USD | 2911548 |  | (396) |
|  Goldman Sachs & Co. | 6/3/2025 | TRY | 15267200 | USD | 382064 |  | (6033) |
|  Citigroup Global Markets | 6/3/2025 | USD | 137762 | AED | 506000 | 1 |  |
|  JP Morgan & Chase Co. | 6/3/2025 | USD | 37386 | AED | 137300 |  | (5) |
|  JP Morgan & Chase Co. | 6/3/2025 | USD | 833978 | AED | 3063200 | 7 |  |
|  RBC Capital Markets | 6/3/2025 | USD | 119699 | CZK | 2629610 | 126 |  |
|  Morgan Stanley Capital | 6/3/2025 | USD | 405398 | EUR | 357100 | 150 |  |
|  The Bank of New York Mellon | 6/3/2025 | USD | 17082 | EUR | 15000 |  | (47) |
|  The Bank of New York Mellon | 6/3/2025 | USD | 15518 | EUR | 13700 | 41 |  |
|  RBC Capital Markets | 6/3/2025 | USD | 15703031 | HKD | 123136100 | 5578 |  |
|  The Bank of New York Mellon | 6/3/2025 | USD | 605464 | HKD | 4736000 |  | (1287) |
|  The Bank of New York Mellon | 6/3/2025 | USD | 1335215 | HKD | 10350000 |  | (14854) |
|  RBC Capital Markets | 6/3/2025 | USD | 219413 | HUF | 78082600 | 47 |  |

---

See Notes to Financial Statements.

DBX ETF Trust \| **61** 

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement**<br>**Date** | **Currency To**<br>**Deliver** | **Currency To**<br>**Deliver** | **Currency To**<br>**Receive** | **Currency To**<br>**Receive** | **Unrealized**<br>**Appreciation ($)** | **Unrealized**<br>**Depreciation ($)** |
|  JP Morgan & Chase Co. | 6/3/2025 | USD | 26149 | KWD | 8000 |  | (75) |
|  JP Morgan & Chase Co. | 6/3/2025 | USD | 550758 | KWD | 169000 | 48 |  |
|  Bank of America | 6/3/2025 | USD | 1401551 | MXN | 27198500 | 188 |  |
|  Bank of America | 6/3/2025 | USD | 53897 | MXN | 1046100 | 17 |  |
|  JP Morgan & Chase Co. | 6/3/2025 | USD | 350604 | PHP | 19545800 |  | (312) |
|  RBC Capital Markets | 6/3/2025 | USD | 13500 | PHP | 751800 |  | (26) |
|  RBC Capital Markets | 6/3/2025 | USD | 28478 | PLN | 106800 | 53 |  |
|  RBC Capital Markets | 6/3/2025 | USD | 741498 | PLN | 2775500 |  | (43) |
|  JP Morgan & Chase Co. | 6/3/2025 | USD | 19227 | QAR | 70000 |  | (1) |
|  JP Morgan & Chase Co. | 6/3/2025 | USD | 20440 | QAR | 74500 | 22 |  |
|  JP Morgan & Chase Co. | 6/3/2025 | USD | 531969 | QAR | 1936900 | 13 |  |
|  Citigroup Global Markets | 6/3/2025 | USD | 2786241 | SAR | 10453000 |  | (104) |
|  Citigroup Global Markets | 6/3/2025 | USD | 125803 | SAR | 472000 | 4 |  |
|  Goldman Sachs & Co. | 6/3/2025 | USD | 16473 | TRY | 658000 | 253 |  |
|  Goldman Sachs & Co. | 6/3/2025 | USD | 13773 | TRY | 541100 |  | (18) |
|  Goldman Sachs & Co. | 6/3/2025 | USD | 358069 | TRY | 14068100 |  | (454) |
|  Citigroup Global Markets | 6/3/2025 | USD | 230098 | ZAR | 4155000 | 909 |  |
|  Goldman Sachs & Co. | 6/3/2025 | USD | 2007155 | ZAR | 36215100 | 6308 |  |
|  Goldman Sachs & Co. | 6/3/2025 | USD | 86384 | ZAR | 1552700 |  | (58) |
|  Citigroup Global Markets | 6/3/2025 | ZAR | 380000 | USD | 20376 |  | (751) |
|  Citigroup Global Markets | 6/3/2025 | ZAR | 3775000 | USD | 202417 |  | (7463) |
|  Goldman Sachs & Co. | 6/3/2025 | ZAR | 37767800 | USD | 2025219 |  | (74570) |
|  JP Morgan & Chase Co. | 6/4/2025 | BRL | 7227700 | USD | 1267142 | 4620 |  |
|  RBC Capital Markets | 6/4/2025 | BRL | 8818600 | USD | 1545977 | 5560 |  |
|  Goldman Sachs & Co. | 6/4/2025 | CLP | 159278000 | USD | 166499 |  | (1843) |
|  RBC Capital Markets | 6/4/2025 | CLP | 160863300 | USD | 168031 |  | (1987) |
|  JP Morgan & Chase Co. | 6/4/2025 | CNH | 20163400 | USD | 2778091 |  | (21240) |
|  Citigroup Global Markets | 6/4/2025 | EGP | 2317000 | USD | 44820 |  | (1666) |
|  JP Morgan & Chase Co. | 6/4/2025 | IDR | 6458547000 | USD | 388624 |  | (7775) |
|  RBC Capital Markets | 6/4/2025 | IDR | 8065795800 | USD | 485382 |  | (9664) |
|  JP Morgan & Chase Co. | 6/4/2025 | INR | 493584800 | USD | 5824353 | 57724 |  |
|  JP Morgan & Chase Co. | 6/4/2025 | INR | 41618000 | USD | 490848 | 4618 |  |
|  RBC Capital Markets | 6/4/2025 | INR | 577425800 | USD | 6814989 | 68832 |  |
|  JP Morgan & Chase Co. | 6/4/2025 | THB | 24850600 | USD | 746825 |  | (10429) |
|  RBC Capital Markets | 6/4/2025 | THB | 3559100 | USD | 106921 |  | (1533) |
|  JP Morgan & Chase Co. | 6/4/2025 | TWD | 254001200 | USD | 7990726 |  | (487791) |
|  RBC Capital Markets | 6/4/2025 | TWD | 155108600 | USD | 4878258 |  | (299241) |
|  JP Morgan & Chase Co. | 6/4/2025 | USD | 1260356 | BRL | 7227700 | 2165 |  |
|  RBC Capital Markets | 6/4/2025 | USD | 1438192 | BRL | 8224300 |  | (1586) |
|  RBC Capital Markets | 6/4/2025 | USD | 105025 | BRL | 594300 |  | (1213) |
|  Goldman Sachs & Co. | 6/4/2025 | USD | 168501 | CLP | 159278000 |  | (159) |
|  RBC Capital Markets | 6/4/2025 | USD | 12525 | CLP | 11857100 | 7 |  |
|  RBC Capital Markets | 6/4/2025 | USD | 157837 | CLP | 149006200 |  | (352) |
|  JP Morgan & Chase Co. | 6/4/2025 | USD | 2637965 | CNH | 18997700 |  | (471) |
|  JP Morgan & Chase Co. | 6/4/2025 | USD | 59938 | CNH | 435000 | 454 |  |
|  JP Morgan & Chase Co. | 6/4/2025 | USD | 101552 | CNH | 730700 |  | (107) |
|  Citigroup Global Markets | 6/4/2025 | USD | 46580 | EGP | 2317000 |  | (93) |
|  JP Morgan & Chase Co. | 6/4/2025 | USD | 856433 | IDR | 13986404200 | 1997 |  |
|  RBC Capital Markets | 6/4/2025 | USD | 32896 | IDR | 537938600 | 121 |  |
|  JP Morgan & Chase Co. | 6/4/2025 | USD | 6255292 | INR | 535202800 |  | (2434) |
|  RBC Capital Markets | 6/4/2025 | USD | 481106 | INR | 41208500 | 339 |  |

---

See Notes to Financial Statements.

**62** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement**<br>**Date** | **Currency To**<br>**Deliver** | **Currency To**<br>**Deliver** | **Currency To**<br>**Receive** | **Currency To**<br>**Receive** | **Unrealized**<br>**Appreciation ($)** | **Unrealized**<br>**Depreciation ($)** |
|  RBC Capital Markets | 6/4/2025 | USD | 6267018 | INR | 536217300 |  | (2307) |
|  JP Morgan & Chase Co. | 6/4/2025 | USD | 725274 | THB | 23798400 |  | (82) |
|  JP Morgan & Chase Co. | 6/4/2025 | USD | 32240 | THB | 1052200 |  | (177) |
|  RBC Capital Markets | 6/4/2025 | USD | 108443 | THB | 3559100 | 11 |  |
|  JP Morgan & Chase Co. | 6/4/2025 | USD | 757873 | TWD | 24139000 | 47883 |  |
|  JP Morgan & Chase Co. | 6/4/2025 | USD | 477214 | TWD | 14258200 |  | (1278) |
|  JP Morgan & Chase Co. | 6/4/2025 | USD | 7220496 | TWD | 215604000 |  | (23671) |
|  RBC Capital Markets | 6/4/2025 | USD | 5191572 | TWD | 155108600 |  | (14073) |
|  Goldman Sachs & Co. | 6/5/2025 | COP | 388992400 | USD | 91676 |  | (1890) |
|  JP Morgan & Chase Co. | 6/5/2025 | KRW | 4377350700 | USD | 3086467 |  | (87388) |
|  RBC Capital Markets | 6/5/2025 | KRW | 5315974600 | USD | 3745830 |  | (108587) |
|  RBC Capital Markets | 6/5/2025 | MYR | 4304500 | USD | 1000117 |  | (11366) |
|  Goldman Sachs & Co. | 6/5/2025 | USD | 93401 | COP | 388992400 | 165 |  |
|  JP Morgan & Chase Co. | 6/5/2025 | USD | 200997 | KRW | 285824000 | 6243 |  |
|  JP Morgan & Chase Co. | 6/5/2025 | USD | 2965756 | KRW | 4091526700 | 859 |  |
|  RBC Capital Markets | 6/5/2025 | USD | 3601724 | KRW | 4967548600 | 62 |  |
|  RBC Capital Markets | 6/5/2025 | USD | 253856 | KRW | 348426000 |  | (1225) |
|  RBC Capital Markets | 6/5/2025 | USD | 976004 | MYR | 4145100 |  | (1977) |
|  RBC Capital Markets | 6/5/2025 | USD | 37576 | MYR | 159400 |  | (120) |
|  Citigroup Global Markets | 7/2/2025 | AED | 506000 | USD | 137773 |  | (1) |
|  Citigroup Global Markets | 7/2/2025 | AED | 504000 | USD | 137225 |  | (5) |
|  JP Morgan & Chase Co. | 7/2/2025 | AED | 3063200 | USD | 834046 |  | (6) |
|  RBC Capital Markets | 7/2/2025 | CZK | 2629610 | USD | 119793 |  | (130) |
|  JP Morgan & Chase Co. | 7/2/2025 | EUR | 23000 | USD | 26159 |  | (10) |
|  Morgan Stanley Capital | 7/2/2025 | EUR | 357100 | USD | 406151 |  | (159) |
|  RBC Capital Markets | 7/2/2025 | HUF | 78082600 | USD | 219082 |  | (54) |
|  JP Morgan & Chase Co. | 7/2/2025 | KWD | 169000 | USD | 551153 |  | (104) |
|  Bank of America | 7/2/2025 | MXN | 478000 | USD | 24540 |  | (4) |
|  Bank of America | 7/2/2025 | MXN | 27198500 | USD | 1396363 |  | (223) |
|  JP Morgan & Chase Co. | 7/2/2025 | PHP | 19545800 | USD | 350264 | 197 |  |
|  RBC Capital Markets | 7/2/2025 | PLN | 168000 | USD | 44832 |  | (17) |
|  RBC Capital Markets | 7/2/2025 | PLN | 2775500 | USD | 740967 | 17 |  |
|  JP Morgan & Chase Co. | 7/2/2025 | QAR | 1936900 | USD | 532057 |  | (47) |
|  Citigroup Global Markets | 7/2/2025 | SAR | 10453000 | USD | 2785016 |  | (94) |
|  JP Morgan & Chase Co. | 7/2/2025 | THB | 23798400 | USD | 725716 |  | (1136) |
|  RBC Capital Markets | 7/2/2025 | THB | 3559100 | USD | 108509 |  | (193) |
|  Goldman Sachs & Co. | 7/2/2025 | TRY | 14068100 | USD | 347003 | 386 |  |
|  JP Morgan & Chase Co. | 7/2/2025 | USD | 13050 | KWD | 4000 |  | (3) |
|  Citigroup Global Markets | 7/2/2025 | USD | 270721 | SAR | 1016000 |  | (17) |
|  JP Morgan & Chase Co. | 7/2/2025 | USD | 21369 | THB | 700000 | 11 |  |
|  Citigroup Global Markets | 7/2/2025 | ZAR | 4155000 | USD | 229607 |  | (904) |
|  Goldman Sachs & Co. | 7/2/2025 | ZAR | 36215100 | USD | 2002881 |  | (6262) |
|  JP Morgan & Chase Co. | 7/3/2025 | BRL | 7227700 | USD | 1252159 |  | (1816) |
|  RBC Capital Markets | 7/3/2025 | BRL | 8224300 | USD | 1428812 | 1932 |  |
|  Goldman Sachs & Co. | 7/3/2025 | CLP | 159278000 | USD | 168504 | 162 |  |
|  RBC Capital Markets | 7/3/2025 | CLP | 149006200 | USD | 157841 | 354 |  |
|  JP Morgan & Chase Co. | 7/3/2025 | CNH | 18997700 | USD | 2643397 |  | (297) |
|  JP Morgan & Chase Co. | 7/3/2025 | CNH | 663000 | USD | 92254 |  | (8) |
|  Goldman Sachs & Co. | 7/3/2025 | COP | 388992400 | USD | 93127 |  | (137) |
|  RBC Capital Markets | 7/3/2025 | HKD | 123136100 | USD | 15748117 |  | (6404) |
|  RBC Capital Markets | 7/3/2025 | HKD | 5929000 | USD | 758270 |  | (310) |

---

See Notes to Financial Statements.

DBX ETF Trust \| **63** 

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement**<br>**Date** | **Currency To**<br>**Deliver** | **Currency To**<br>**Deliver** | **Currency To**<br>**Receive** | **Currency To**<br>**Receive** | **Unrealized**<br>**Appreciation ($)** | **Unrealized**<br>**Depreciation ($)** |
|  JP Morgan & Chase Co. | 7/3/2025 | IDR | 13986404200 | USD | 855542 |  | (1824) |
|  JP Morgan & Chase Co. | 7/3/2025 | IDR | 1018318000 | USD | 62165 |  | (258) |
|  JP Morgan & Chase Co. | 7/3/2025 | INR | 535202800 | USD | 6243398 | 217 |  |
|  JP Morgan & Chase Co. | 7/3/2025 | INR | 16417000 | USD | 191552 | 47 |  |
|  RBC Capital Markets | 7/3/2025 | INR | 536217300 | USD | 6253766 |  | (1249) |
|  JP Morgan & Chase Co. | 7/3/2025 | KRW | 4091526700 | USD | 2971269 |  | (1413) |
|  JP Morgan & Chase Co. | 7/3/2025 | KRW | 363502000 | USD | 263790 |  | (311) |
|  RBC Capital Markets | 7/3/2025 | KRW | 4967548600 | USD | 3606168 |  | (2984) |
|  RBC Capital Markets | 7/3/2025 | MYR | 4145100 | USD | 975918 | 794 |  |
|  JP Morgan & Chase Co. | 7/3/2025 | TWD | 215604000 | USD | 7269184 | 54313 |  |
|  JP Morgan & Chase Co. | 7/3/2025 | TWD | 15716000 | USD | 529711 | 3798 |  |
|  RBC Capital Markets | 7/3/2025 | TWD | 155108600 | USD | 5226559 | 36078 |  |
|  Citigroup Global Markets | 7/7/2025 | EGP | 2317000 | USD | 45946 | 130 |  |
|  **Total unrealized appreciation (depreciation)** |  |  |  |  |  | **514163** | **(1263435)** |

---

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** | **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 |

---

See Notes to Financial Statements.

**64** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025

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, 2025 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) | $65671478 | $— | $44213 | $65715691 |
|  Preferred Stocks (a) | 1147183 |  | 0 | 1147183 |
|  Rights |  | 1657 |  | 1657 |
|  Warrants (a) | 17 |  | 0 | 17 |
|  Short-Term Investments (a) | 855034 |  |  | 855034 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts |  | 514163 |  | 514163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 32029 |  |  | 32029 |
|  **TOTAL** | $**67705741** | $**515820** | $**44213** | $**68265774** |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $— | $(1263435) | $— | $(1263435) |
|  **TOTAL** | $**—** | $**(1263435)** | $**—** | $**(1263435)** |

---

(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, 2025, the amount of transfers from Level 1 to Level 3 was $12,013. 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. Transfers between price levels are recognized at the beginning of the reporting period.

See Notes to Financial Statements.

DBX ETF Trust \| **65** 

------

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **COMMON STOCKS – 96.1%** |  |  |
|  **Austria – 0.3%** |  |  |
|  Erste Group Bank AG | 17051 | 1371696 |
|  OMV AG (a) | 7376 | 394467 |
|  Verbund AG (a) | 3732 | 291328 |
|  (Cost $1,422,914) |  | **2057491** |
|  **Belgium – 1.2%** |  |  |
|  Ageas SA/NV | 8813 | 574886 |
|  Anheuser-Busch InBev SA/NV | 53769 | 3787669 |
|  D'ieteren Group | 1051 | 215879 |
|  Elia Group SA/NV | 2671 | 282959 |
|  Groupe Bruxelles Lambert NV | 4210 | 343939 |
|  KBC Group NV | 12287 | 1213204 |
|  Lotus Bakeries NV | 21 | 217223 |
|  Sofina SA | 767 | 221903 |
|  Syensqo SA | 4032 | 309024 |
|  UCB SA | 6656 | 1208454 |
|  (Cost $7,977,633) |  | **8375140** |
|  **Chile – 0.1%** |  |  |
|  Antofagasta PLC |  |  |
|  (Cost $489,400) | 22498 | **536687** |
|  **Denmark – 3.4%** |  |  |
|  A.P. Moller - Maersk A/S, Class A | 154 | 275184 |
|  A.P. Moller - Maersk A/S, Class B | 228 | 412447 |
|  Carlsberg AS, Class B | 4956 | 708474 |
|  Coloplast A/S, Class B | 6765 | 654465 |
|  Danske Bank A/S | 36547 | 1396796 |
|  Demant A/S \* | 5228 | 204505 |
|  DSV A/S | 11032 | 2599321 |
|  Genmab A/S \* | 3382 | 710117 |
|  Novo Nordisk A/S, Class B | 172822 | 11933135 |
|  Novonesis (Novozymes) B, Class B | 18672 | 1312440 |
|  Orsted AS, 144A \* | 9397 | 383747 |
|  Pandora A/S | 4479 | 815696 |
|  ROCKWOOL A/S, Class B | 4533 | 214817 |
|  Tryg A/S | 18277 | 469583 |
|  Vestas Wind Systems A/S | 53688 | 846996 |
|  (Cost $24,046,132) |  | **22937723** |
|  **Finland – 1.5%** |  |  |
|  Elisa OYJ | 7391 | 389394 |
|  Fortum OYJ | 25065 | 432593 |
|  Kesko OYJ, Class B | 13711 | 331602 |
|  Kone OYJ, Class B | 17922 | 1115969 |
|  Metso Corp. | 35600 | 429686 |
|  Neste OYJ | 22310 | 239387 |
|  Nokia OYJ | 284077 | 1476014 |
|  Nordea Bank Abp | 169963 | 2463449 |
|  Orion OYJ, Class B | 6203 | 420831 |
|  Sampo OYJ, Class A | 130005 | 1386984 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Stora Enso OYJ, Class R | 33884 | 342646 |
|  UPM-Kymmene OYJ | 29364 | 813196 |
|  Wartsila OYJ Abp | 28572 | 571954 |
|  (Cost $10,764,421) |  | **10413705** |
|  **France – 15.7%** |  |  |
|  Accor SA | 10518 | 558320 |
|  Aeroports de Paris SA | 1833 | 245799 |
|  Air Liquide SA | 31187 | 6459022 |
|  Airbus SE | 32061 | 5900310 |
|  Alstom SA \* | 19216 | 434304 |
|  Amundi SA, 144A | 3321 | 270934 |
|  Arkema SA | 3108 | 221973 |
|  AXA SA | 95699 | 4510539 |
|  BioMerieux | 2459 | 329744 |
|  BNP Paribas SA | 54945 | 4812560 |
|  Bollore SE | 39339 | 250138 |
|  Bouygues SA | 10544 | 459612 |
|  Bureau Veritas SA | 17899 | 611329 |
|  Capgemini SE | 8838 | 1467635 |
|  Carrefour SA (a) | 28230 | 421988 |
|  Cie de Saint-Gobain SA | 24224 | 2718610 |
|  Cie Generale des Etablissements Michelin SCA | 36061 | 1379044 |
|  Covivio SA REIT | 3514 | 210671 |
|  Credit Agricole SA | 58012 | 1060833 |
|  Danone SA | 34869 | 2978904 |
|  Dassault Aviation SA | 981 | 355104 |
|  Dassault Systemes SE | 35651 | 1335838 |
|  Edenred SE | 12357 | 385846 |
|  Eiffage SA | 3939 | 541625 |
|  Engie SA | 98296 | 2118921 |
|  EssilorLuxottica SA | 16072 | 4465522 |
|  Eurazeo SE | 2663 | 186109 |
|  FDJ UNITED, 144A | 5286 | 194104 |
|  Gecina SA REIT | 2196 | 241615 |
|  Getlink SE \* | 16991 | 325078 |
|  Hermes International SCA | 1707 | 4705985 |
|  Ipsen SA \* | 1988 | 234079 |
|  Kering SA | 4119 | 806114 |
|  Klepierre SA REIT | 12012 | 470001 |
|  Legrand SA | 13986 | 1698410 |
|  L'Oreal SA | 12970 | 5484259 |
|  LVMH Moet Hennessy Louis Vuitton SE | 14819 | 8047152 |
|  Orange SA | 99714 | 1487149 |
|  Pernod Ricard SA | 10715 | 1107382 |
|  Publicis Groupe SA | 12263 | 1335036 |
|  Renault SA | 9815 | 505735 |
|  Rexel SA | 12503 | 351080 |
|  Safran SA | 19440 | 5769925 |
|  Sanofi SA | 60078 | 5970230 |

---

See Notes to Financial Statements.

**66** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Sartorius Stedim Biotech | 1483 | 326671 |
|  Schneider Electric SE | 29521 | 7419573 |
|  Societe Generale SA | 38875 | 2112130 |
|  Sodexo SA | 4942 | 341454 |
|  Teleperformance SE | 3143 | 317759 |
|  Thales SA | 5008 | 1520527 |
|  TotalEnergies SE | 110685 | 6492493 |
|  Unibail-Rodamco-Westfield REIT \* | 7182 | 680600 |
|  Veolia Environnement SA | 34258 | 1177840 |
|  Vinci SA | 26777 | 3826339 |
|  (Cost $95,989,003) |  | **107639954** |
|  **Germany – 14.5%** |  |  |
|  adidas AG | 9195 | 2291683 |
|  Allianz SE | 20900 | 8274972 |
|  BASF SE | 48065 | 2313999 |
|  Bayer AG | 52935 | 1486699 |
|  Bayerische Motoren Werke AG | 15299 | 1356696 |
|  Beiersdorf AG | 5434 | 744415 |
|  Brenntag SE | 6367 | 431162 |
|  Commerzbank AG | 48124 | 1463871 |
|  Continental AG | 6194 | 543650 |
|  Covestro AG \* | 9572 | 657546 |
|  CTS Eventim AG & Co. KGaA | 3531 | 427790 |
|  Daimler Truck Holding AG | 25671 | 1113751 |
|  Delivery Hero SE, 144A \* | 10345 | 286373 |
|  Deutsche Bank AG (b) | 99815 | 2760841 |
|  Deutsche Boerse AG | 10175 | 3275335 |
|  Deutsche Lufthansa AG | 30073 | 240596 |
|  Deutsche Post AG | 51870 | 2318729 |
|  Deutsche Telekom AG | 188430 | 7120355 |
|  E.ON SE | 121117 | 2121970 |
|  Evonik Industries AG | 14226 | 307875 |
|  Fresenius Medical Care AG | 11902 | 675977 |
|  Fresenius SE & Co. KGaA | 22361 | 1096332 |
|  GEA Group AG | 8818 | 589731 |
|  Hannover Rueck SE | 3198 | 1010918 |
|  Heidelberg Materials AG | 7380 | 1445067 |
|  Henkel AG & Co. KGaA | 5447 | 399538 |
|  Infineon Technologies AG | 70189 | 2731586 |
|  Knorr-Bremse AG | 3969 | 401088 |
|  LEG Immobilien SE (a) | 4124 | 350024 |
|  Mercedes-Benz Group AG | 39009 | 2329358 |
|  Merck KGaA | 6808 | 892832 |
|  MTU Aero Engines AG | 2977 | 1184773 |
|  Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen | 7244 | 4699882 |
|  Nemetschek SE | 3037 | 421735 |
|  Rational AG | 288 | 236592 |
|  Rheinmetall AG | 2417 | 5173165 |
|  RWE AG | 33659 | 1266167 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  SAP SE | 56356 | 17014798 |
|  Scout24 SE, 144A | 4143 | 564030 |
|  Siemens AG | 41023 | 9865559 |
|  Siemens Energy AG \* | 36771 | 3569767 |
|  Siemens Healthineers AG, 144A | 18394 | 972846 |
|  Symrise AG | 6961 | 830302 |
|  Talanx AG | 3237 | 420104 |
|  Vonovia SE (a) | 39275 | 1285669 |
|  Zalando SE, 144A \* | 12023 | 429340 |
|  (Cost $77,084,381) |  | **99395488** |
|  **Hong Kong – 0.2%** |  |  |
|  Prudential PLC |  |  |
|  (Cost $2,397,572) | 142015 | **1616475** |
|  **Ireland – 1.3%** |  |  |
|  AerCap Holdings NV | 10017 | 1159267 |
|  AIB Group PLC | 111608 | 876940 |
|  Bank of Ireland Group PLC | 54638 | 749428 |
|  DCC PLC | 5659 | 353479 |
|  Experian PLC | 49486 | 2462308 |
|  Kerry Group PLC, Class A | 8833 | 964832 |
|  Kingspan Group PLC | 8532 | 731419 |
|  Ryanair Holdings PLC | 45997 | 1220553 |
|  (Cost $7,001,544) |  | **8518226** |
|  **Italy – 4.3%** |  |  |
|  Banca Mediolanum SpA | 12595 | 209224 |
|  Banco BPM SpA | 62072 | 712550 |
|  BPER Banca SPA (a) | 55226 | 489862 |
|  Davide Campari-Milano NV | 32056 | 209070 |
|  DiaSorin SpA | 1276 | 132366 |
|  Enel SpA | 438651 | 4026869 |
|  Eni SpA | 120224 | 1770787 |
|  Ferrari NV | 6806 | 3256528 |
|  FinecoBank Banca Fineco SpA | 33576 | 725117 |
|  Generali (a) | 47543 | 1730147 |
|  Infrastrutture Wireless Italiane SpA, 144A | 15115 | 177287 |
|  Intesa Sanpaolo SpA | 819081 | 4566428 |
|  Leonardo SpA | 22282 | 1371772 |
|  Mediobanca Banca di Credito Finanziario SpA | 25721 | 610967 |
|  Moncler SpA | 12462 | 779098 |
|  Nexi SpA, 144A | 25986 | 156263 |
|  Poste Italiane SpA, 144A | 25243 | 547734 |
|  Prysmian SpA | 15147 | 973445 |
|  Recordati Industria Chimica e Farmaceutica SpA | 5693 | 341306 |
|  Snam SpA | 108429 | 648328 |
|  Telecom Italia SpA \* | 521752 | 222988 |
|  Terna - Rete Elettrica Nazionale | 78960 | 803131 |
|  UniCredit SpA | 75417 | 4843362 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **67** 

------

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Unipol Assicurazioni SpA | 18276 | 357548 |
|  (Cost $20,198,215) |  | **29662177** |
|  **Luxembourg – 0.3%** |  |  |
|  ArcelorMittal SA | 25070 | 760605 |
|  CVC Capital Partners PLC, 144A | 11815 | 219609 |
|  Eurofins Scientific SE | 5995 | 399845 |
|  Tenaris SA | 20234 | 339337 |
|  (Cost $1,609,217) |  | **1719396** |
|  **Netherlands – 7.0%** |  |  |
|  ABN AMRO Bank NV, 144A | 23740 | 613779 |
|  Adyen NV, 144A \* | 1363 | 2614858 |
|  Aegon Ltd. | 74922 | 536453 |
|  Akzo Nobel NV | 9709 | 661004 |
|  Argenx SE \* | 3269 | 1879650 |
|  ASM International NV | 2503 | 1363039 |
|  ASML Holding NV | 21242 | 15771574 |
|  ASR Nederland NV | 7482 | 479823 |
|  BE Semiconductor Industries NV | 4558 | 551437 |
|  Euronext NV, 144A | 4224 | 687767 |
|  EXOR NV | 4929 | 474595 |
|  Ferrovial SE | 27660 | 1408270 |
|  Heineken Holding NV | 7009 | 545944 |
|  Heineken NV | 15380 | 1369467 |
|  IMCD NV | 3129 | 424563 |
|  ING Groep NV | 169894 | 3603489 |
|  JDE Peet's NV | 7955 | 218767 |
|  Koninklijke Ahold Delhaize NV | 49790 | 2101938 |
|  Koninklijke KPN NV | 215421 | 1012155 |
|  Koninklijke Philips NV | 45136 | 1037807 |
|  NN Group NV | 14468 | 910423 |
|  Prosus NV \* | 70829 | 3635112 |
|  QIAGEN NV \* | 12274 | 553977 |
|  Randstad NV | 5253 | 220449 |
|  Stellantis NV | 106564 | 1084749 |
|  Universal Music Group NV | 59521 | 1903142 |
|  Wolters Kluwer NV | 12874 | 2284761 |
|  (Cost $42,154,026) |  | **47948992** |
|  **Norway – 0.9%** |  |  |
|  Aker BP ASA | 15854 | 364999 |
|  DNB Bank ASA | 48424 | 1296538 |
|  Equinor ASA | 46939 | 1101347 |
|  Gjensidige Forsikring ASA (a) | 10821 | 273933 |
|  Kongsberg Gruppen ASA | 4708 | 829299 |
|  Mowi ASA | 23835 | 445065 |
|  Norsk Hydro ASA | 74683 | 409434 |
|  Orkla ASA | 37360 | 423106 |
|  Salmar ASA | 3959 | 176474 |
|  Telenor ASA | 31780 | 487563 |
|  Yara International ASA | 8913 | 319588 |
|  (Cost $5,604,336) |  | **6127346** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **Poland – 0.0%** |  |  |
|  InPost SA \* |  |  |
|  (Cost $184,712) | 10394 | **170891** |
|  **Portugal – 0.2%** |  |  |
|  EDP SA | 171070 | 681788 |
|  Galp Energia SGPS SA | 24427 | 389547 |
|  Jeronimo Martins SGPS SA | 15930 | 400824 |
|  (Cost $1,499,324) |  | **1472159** |
|  **Spain – 4.6%** |  |  |
|  Acciona SA | 1121 | 180743 |
|  ACS Actividades de Construccion y Servicios SA | 9688 | 636364 |
|  Aena SME SA, 144A | 4186 | 1126460 |
|  Amadeus IT Group SA | 24256 | 2020995 |
|  Banco Bilbao Vizcaya Argentaria SA | 311489 | 4672118 |
|  Banco de Sabadell SA | 297513 | 947561 |
|  Banco Santander SA | 818829 | 6537002 |
|  Bankinter SA | 36421 | 468957 |
|  CaixaBank SA | 213227 | 1812911 |
|  Cellnex Telecom SA, 144A \* | 26419 | 1011515 |
|  EDP Renovaveis SA | 16932 | 169953 |
|  Endesa SA | 17278 | 527341 |
|  Grifols SA \* | 13285 | 142850 |
|  Iberdrola SA | 314611 | 5744183 |
|  Industria de Diseno Textil SA | 58751 | 3183347 |
|  Redeia Corp. SA | 22592 | 466868 |
|  Repsol SA | 64302 | 865554 |
|  Telefonica SA (a) | 196375 | 1050654 |
|  (Cost $23,996,362) |  | **31565376** |
|  **Sweden – 5.3%** |  |  |
|  AddTech AB, Class B | 13668 | 469622 |
|  Alfa Laval AB | 14951 | 635815 |
|  Assa Abloy AB, Class B | 53851 | 1707041 |
|  Atlas Copco AB, Class A | 145235 | 2331468 |
|  Atlas Copco AB, Class B | 83319 | 1186739 |
|  Beijer Ref AB | 20042 | 295813 |
|  Boliden AB \* | 15437 | 482902 |
|  Epiroc AB, Class A | 35023 | 783610 |
|  Epiroc AB, Class B | 20650 | 403869 |
|  EQT AB | 19646 | 575018 |
|  Essity AB, Class B | 32687 | 955691 |
|  Evolution AB, 144A | 8479 | 581956 |
|  Fastighets AB Balder, Class B \* | 42329 | 296618 |
|  H & M Hennes & Mauritz AB, Class B | 32624 | 467226 |
|  Hexagon AB, Class B | 114894 | 1157695 |
|  Holmen AB, Class B | 4493 | 185588 |
|  Industrivarden AB, Class A | 6151 | 222892 |
|  Industrivarden AB, Class C | 8752 | 316140 |
|  Indutrade AB | 15131 | 410040 |

---

See Notes to Financial Statements.

**68** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Investment AB Latour, Class B | 7964 | 210004 |
|  Investor AB, Class B | 92554 | 2724405 |
|  L E Lundbergforetagen AB, Class B | 4207 | 214849 |
|  Lifco AB, Class B | 13005 | 529590 |
|  Nibe Industrier AB, Class B | 78672 | 322256 |
|  Saab AB, Class B | 16679 | 843001 |
|  Sagax AB, Class B | 12628 | 276350 |
|  Sandvik AB | 56925 | 1243367 |
|  Securitas AB, Class B | 26992 | 399096 |
|  Skandinaviska Enskilda Banken AB, Class A | 85104 | 1419887 |
|  Skanska AB, Class B | 17200 | 408877 |
|  SKF AB, Class B | 19871 | 436928 |
|  Spotify Technology SA \* | 8308 | 5525983 |
|  Svenska Cellulosa AB SCA, Class B | 30573 | 413457 |
|  Svenska Handelsbanken AB, Class A | 79756 | 1065277 |
|  Swedbank AB, Class A | 44883 | 1214895 |
|  Swedish Orphan Biovitrum AB \* | 11539 | 352900 |
|  Tele2 AB, Class B | 30555 | 457196 |
|  Telefonaktiebolaget LM Ericsson, Class B | 153679 | 1306126 |
|  Telia Co. AB | 130560 | 504430 |
|  Trelleborg AB, Class B | 10836 | 396957 |
|  Volvo AB, Class B | 85498 | 2371340 |
|  (Cost $32,815,935) |  | **36102914** |
|  **Switzerland – 14.7%** |  |  |
|  ABB Ltd. | 85154 | 4815391 |
|  Alcon, Inc. | 26993 | 2318840 |
|  Avolta AG \* | 5370 | 287618 |
|  Baloise Holding AG | 2363 | 560459 |
|  Banque Cantonale Vaudoise | 1653 | 191210 |
|  Barry Callebaut AG (a) | 206 | 211131 |
|  BKW AG | 1229 | 258195 |
|  Chocoladefabriken Lindt & Spruengli AG | 6 | 941920 |
|  Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 50 | 803767 |
|  Cie Financiere Richemont SA, Class A | 28946 | 5446280 |
|  Coca-Cola HBC AG \* | 11864 | 617340 |
|  DSM-Firmenich AG | 10325 | 1149140 |
|  EMS-Chemie Holding AG | 368 | 279465 |
|  Galderma Group AG | 5805 | 759658 |
|  Geberit AG | 1777 | 1323573 |
|  Givaudan SA | 498 | 2497866 |
|  Glencore PLC \* | 555773 | 2122160 |
|  Helvetia Holding AG | 1865 | 441436 |
|  Holcim AG \* | 28088 | 3106403 |
|  Julius Baer Group Ltd. | 11523 | 757746 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Kuehne + Nagel International AG | 2503 | 562795 |
|  Logitech International SA | 8056 | 669930 |
|  Lonza Group AG | 3900 | 2697303 |
|  Nestle SA | 141308 | 15057973 |
|  Novartis AG | 102932 | 11760262 |
|  Partners Group Holding AG | 1215 | 1626889 |
|  Roche Holding AG | 37911 | 12230098 |
|  Roche Holding AG | 1749 | 595042 |
|  Sandoz Group AG | 22561 | 1143950 |
|  Schindler Holding AG | 1256 | 430367 |
|  Schindler Holding AG Participation Certificates | 2311 | 821065 |
|  SGS SA | 8793 | 916481 |
|  SIG Group AG \* | 16972 | 346451 |
|  Sika AG | 8120 | 2167635 |
|  Sonova Holding AG | 2702 | 845729 |
|  STMicroelectronics NV | 18581 | 466367 |
|  STMicroelectronics NV, Class Y | 18616 | 465586 |
|  Straumann Holding AG | 6116 | 784379 |
|  Swatch Group AG - Bearer (a) | 1685 | 283666 |
|  Swiss Life Holding AG | 1532 | 1529022 |
|  Swiss Prime Site AG | 4107 | 583364 |
|  Swiss Re AG | 16260 | 2869702 |
|  Swisscom AG | 1442 | 990827 |
|  Temenos AG | 3382 | 250876 |
|  UBS Group AG | 177276 | 5641383 |
|  VAT Group AG, 144A | 1511 | 574107 |
|  Zurich Insurance Group AG | 7882 | 5527935 |
|  (Cost $86,543,312) |  | **100728782** |
|  **United Kingdom – 20.6%** |  |  |
|  3i Group PLC | 52420 | 2875978 |
|  Admiral Group PLC | 14003 | 632043 |
|  Anglo American PLC \* | 68226 | 2026933 |
|  Ashtead Group PLC | 23463 | 1370419 |
|  Associated British Foods PLC | 18273 | 512838 |
|  AstraZeneca PLC | 83702 | 12089586 |
|  Auto Trader Group PLC, 144A | 49815 | 532919 |
|  Aviva PLC | 142215 | 1169992 |
|  BAE Systems PLC | 162445 | 4161822 |
|  Barclays PLC | 776150 | 3424820 |
|  Barratt Redrow PLC | 76490 | 474895 |
|  BP PLC | 867620 | 4205437 |
|  British American Tobacco PLC | 107152 | 4813342 |
|  BT Group PLC | 315808 | 763567 |
|  Bunzl PLC | 16781 | 537211 |
|  Centrica PLC | 260314 | 555388 |
|  Coca-Cola Europacific Partners PLC | 12407 | 1138839 |
|  Compass Group PLC | 91009 | 3194279 |
|  Croda International PLC | 7971 | 329495 |
|  Diageo PLC | 119927 | 3259145 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **69** 

------

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Entain PLC | 35740 | 361446 |
|  GSK PLC | 223808 | 4544328 |
|  Haleon PLC | 490020 | 2732688 |
|  Halma PLC | 21059 | 824545 |
|  Hikma Pharmaceuticals PLC | 9463 | 272850 |
|  HSBC Holdings PLC | 955106 | 11236889 |
|  Imperial Brands PLC | 42548 | 1610891 |
|  Informa PLC | 69097 | 731191 |
|  InterContinental Hotels Group PLC | 7989 | 914293 |
|  International Consolidated Airlines Group SA | 68241 | 300252 |
|  Intertek Group PLC | 8182 | 527610 |
|  J Sainsbury PLC | 103086 | 396401 |
|  JD Sports Fashion PLC | 142287 | 161267 |
|  Kingfisher PLC | 88456 | 330847 |
|  Land Securities Group PLC REIT | 33934 | 289414 |
|  Legal & General Group PLC | 312027 | 1045560 |
|  Lloyds Banking Group PLC | 3271244 | 3402601 |
|  London Stock Exchange Group PLC | 25739 | 3910110 |
|  M&G PLC | 127736 | 407373 |
|  Marks & Spencer Group PLC | 111716 | 563549 |
|  Melrose Industries PLC | 64091 | 404219 |
|  Mondi PLC | 23877 | 387818 |
|  National Grid PLC | 262945 | 3707532 |
|  NatWest Group PLC | 436353 | 3084232 |
|  Next PLC | 6272 | 1087168 |
|  Pearson PLC | 30995 | 486517 |
|  Phoenix Group Holdings PLC | 37483 | 320188 |
|  Reckitt Benckiser Group PLC | 36936 | 2504213 |
|  RELX PLC | 100172 | 5390576 |
|  Rentokil Initial PLC | 136210 | 645266 |
|  Rio Tinto PLC | 60580 | 3593024 |
|  Rolls-Royce Holdings PLC | 458818 | 5354753 |
|  Sage Group PLC | 53818 | 883918 |
|  Schroders PLC | 43557 | 208572 |
|  Segro PLC REIT | 70719 | 664125 |
|  Severn Trent PLC | 15158 | 552038 |
|  Shell PLC | 323118 | 10663982 |
|  Smith & Nephew PLC | 44476 | 643892 |
|  Smiths Group PLC | 18404 | 534120 |
|  Spirax Group PLC | 4133 | 318246 |
|  SSE PLC | 58589 | 1390133 |
|  Standard Chartered PLC | 110679 | 1726850 |
|  Tesco PLC | 363538 | 1900476 |
|  Unilever PLC | 135010 | 8562310 |
|  United Utilities Group PLC | 38177 | 602337 |
|  Vodafone Group PLC | 1063082 | 1101187 |
|  Whitbread PLC | 9011 | 351360 |
|  Wise PLC, Class A \* | 37386 | 553589 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  WPP PLC | 61415 | 495989 |
|  (Cost $125,433,940) |  | **140751683** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $567,212,379) |  | **657740605** |
|  **PREFERRED STOCKS – 0.5%** |  |  |
|  **Germany – 0.5%** |  |  |
|  Bayerische Motoren Werke AG | 3446 | 285436 |
|  Dr Ing hc F Porsche AG, 144A | 6470 | 311927 |
|  Henkel AG & Co. KGaA | 9604 | 768575 |
|  Porsche Automobil Holding SE | 8407 | 335055 |
|  Sartorius AG | 1507 | 361047 |
|  Volkswagen AG | 11009 | 1192017 |
|  (Cost $5,048,883) |  | **3254057** |
|  **SECURITIES LENDING** |  |  |
|  **COLLATERAL – 0.8%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (c)(d) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $5,319,270) | 5319270 | **5319270** |
|  **CASH EQUIVALENTS – 2.0%** |  |  |
|  DWS Government Money Market |  |  |
|  Series "Institutional Shares", 4.26% (c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $14,028,943) | 14028943 | **14028943** |
|  **TOTAL INVESTMENTS – 99.4%** |  |  |
|  (Cost $591,609,475) |  | **680342875** |
|  **Other assets and liabilities,<br>net – 0.6%** |  | **4169268** |
|  **NET ASSETS – 100.0%** |  | **684512143** |

---

See Notes to Financial Statements.

**70** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2025

A summary of the Fund's transactions with affiliated investments during the year ended May 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **5/31/2024** | **Purchases Cost<br>($)** | **Sales Proceeds<br>($)** | **Net Realized<br>Gain/(Loss)<br>($)** | **Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Income ($)** | **Capital Gain<br>Distributions<br>($)** | **Number of<br>Shares at<br>5/31/2025** | **Value ($) at** <br> **5/31/2025**  |
|  COMMON STOCKS **–** 0.4% | COMMON STOCKS **–** 0.4% | COMMON STOCKS **–** 0.4% | COMMON STOCKS **–** 0.4% | COMMON STOCKS **–** 0.4% | COMMON STOCKS **–** 0.4% | COMMON STOCKS **–** 0.4% | COMMON STOCKS **–** 0.4% | COMMON STOCKS **–** 0.4% |
|  Germany **–** 0.4% | Germany **–** 0.4% | Germany **–** 0.4% | Germany **–** 0.4% | Germany **–** 0.4% | Germany **–** 0.4% | Germany **–** 0.4% | Germany **–** 0.4% | Germany **–** 0.4% |
|  Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) |
| 1534518 | 554546 | (427573) | (76895) | 1176245 | 75322 |  | 99815 | 2760841 |
|  SECURITIES LENDING COLLATERAL **–** 0.8% | SECURITIES LENDING COLLATERAL **–** 0.8% | SECURITIES LENDING COLLATERAL **–** 0.8% | SECURITIES LENDING COLLATERAL **–** 0.8% | SECURITIES LENDING COLLATERAL **–** 0.8% | SECURITIES LENDING COLLATERAL **–** 0.8% | SECURITIES LENDING COLLATERAL **–** 0.8% | SECURITIES LENDING COLLATERAL **–** 0.8% | SECURITIES LENDING COLLATERAL **–** 0.8% |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (c)(d) |
| 2725326 | 2593944 (e) |  |  |  | 74699 |  | 5319270 | 5319270 |
|  CASH EQUIVALENTS **–** 2.0% | CASH EQUIVALENTS **–** 2.0% | CASH EQUIVALENTS **–** 2.0% | CASH EQUIVALENTS **–** 2.0% | CASH EQUIVALENTS **–** 2.0% | CASH EQUIVALENTS **–** 2.0% | CASH EQUIVALENTS **–** 2.0% | CASH EQUIVALENTS **–** 2.0% | CASH EQUIVALENTS **–** 2.0% |
|  DWS Government Money Market Series "Institutional Shares", 4.26% (c) | DWS Government Money Market Series "Institutional Shares", 4.26% (c) | DWS Government Money Market Series "Institutional Shares", 4.26% (c) | DWS Government Money Market Series "Institutional Shares", 4.26% (c) | DWS Government Money Market Series "Institutional Shares", 4.26% (c) | DWS Government Money Market Series "Institutional Shares", 4.26% (c) | DWS Government Money Market Series "Institutional Shares", 4.26% (c) | DWS Government Money Market Series "Institutional Shares", 4.26% (c) | DWS Government Money Market Series "Institutional Shares", 4.26% (c) |
| 7222795 | 48944560 | (42138412) |  |  | 414173 |  | 14028943 | 14028943 |
|  DWS ESG Liquidity Fund "Capital Shares", 2.56% (c),(f) | DWS ESG Liquidity Fund "Capital Shares", 2.56% (c),(f) | DWS ESG Liquidity Fund "Capital Shares", 2.56% (c),(f) | DWS ESG Liquidity Fund "Capital Shares", 2.56% (c),(f) | DWS ESG Liquidity Fund "Capital Shares", 2.56% (c),(f) | DWS ESG Liquidity Fund "Capital Shares", 2.56% (c),(f) | DWS ESG Liquidity Fund "Capital Shares", 2.56% (c),(f) | DWS ESG Liquidity Fund "Capital Shares", 2.56% (c),(f) | DWS ESG Liquidity Fund "Capital Shares", 2.56% (c),(f) |
| 701999 |  | (701999) | (70) | 70 | 1543 |  |  |  |
| **12184638** | **52093050** | **(43267984)** | **(76965)** | **1176315** | **565737** |  | **19448028** | **22109054** |

---

See Notes to Financial Statements.

DBX ETF Trust \| **71** 

------

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2025

\* 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, 2025 amounted to $5,024,027, which is 0.7% of net assets.

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

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

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

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2025.

(f) Affiliated fund managed by DWS Investment Management Americas, Inc.

---

| | |
|:---|:---|
|  REIT: | Real Estate Investment Trust |
|  144A: | Security exempt from registration under Rule 144A under 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, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract Description** | **Currency** | **Number of<br>Contracts** | **Notional<br>Amount ($)** | **Contract Value<br>($)** | **Expiration<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation) ($)** |
|  CAC 40 Index | EUR | 30 | 2662070 | 2638560 | 6/20/2025 | (23510) |
|  DAX Index | EUR | 3 | 1912131 | 2047643 | 6/20/2025 | 135512 |
|  EURO STOXX 50 Index | EUR | 62 | 3670986 | 3778962 | 6/20/2025 | 107976 |
|  FTSE 100 Index | GBP | 43 | 4981558 | 5087659 | 6/20/2025 | 106101 |
|  FTSE MIB Index | EUR | 4 | 864753 | 911449 | 6/20/2025 | 46696 |
|  IBEX 35 Index | EUR | 8 | 1251157 | 1285494 | 6/20/2025 | 34337 |
|  MSCI EUROPE Index | EUR | 54 | 2259043 | 2268631 | 6/20/2025 | 9588 |
|  OMXS30 Index | SEK | 56 | 1476400 | 1456814 | 6/19/2025 | (19586) |
|  SMI Index | CHF | 23 | 3474241 | 3415346 | 6/20/2025 | (58895) |
|  **Total net unrealized appreciation** |  |  |  |  |  | **338219** |

---

At May 31, 2025, the Fund had the following forward foreign currency contracts outstanding:

At May 31, 2025, the Fund had the following forward foreign currency contracts outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement**<br>**Date** | **Currency To**<br>**Deliver** | **Currency To**<br>**Deliver** | **Currency To**<br>**Receive** | **Currency To**<br>**Receive** | **Unrealized**<br>**Appreciation ($)** | **Unrealized**<br>**Depreciation ($)** |
|  Goldman Sachs & Co. | 6/3/2025 | CHF | 537200 | USD | 652719 |  | (258) |
|  Goldman Sachs & Co. | 6/3/2025 | CHF | 1074400 | USD | 1309821 | 3868 |  |
|  Goldman Sachs & Co. | 6/3/2025 | CHF | 86655039 | USD | 105857997 | 527233 |  |
|  Goldman Sachs & Co. | 6/3/2025 | CHF | 268600 | USD | 324766 |  | (1722) |
|  Citigroup Global Markets | 6/3/2025 | DKK | 160756642 | USD | 24537398 | 63873 |  |
|  Citigroup Global Markets | 6/3/2025 | DKK | 1916300 | USD | 292024 | 288 |  |
|  Citigroup Global Markets | 6/3/2025 | DKK | 479100 | USD | 72788 |  | (150) |
|  Citigroup Global Markets | 6/3/2025 | DKK | 958200 | USD | 146011 | 136 |  |
|  The Bank of New York Mellon | 6/3/2025 | EUR | 3958900 | USD | 4500632 | 4628 |  |
|  The Bank of New York Mellon | 6/3/2025 | EUR | 308102496 | USD | 350847404 | 944652 |  |
|  The Bank of New York Mellon | 6/3/2025 | EUR | 1979400 | USD | 2249988 | 2043 |  |
|  The Bank of New York Mellon | 6/3/2025 | EUR | 989700 | USD | 1121718 |  | (2255) |

---

See Notes to Financial Statements.

**72** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement**<br>**Date** | **Currency To**<br>**Deliver** | **Currency To**<br>**Deliver** | **Currency To**<br>**Receive** | **Currency To**<br>**Receive** | **Unrealized**<br>**Appreciation ($)** | **Unrealized**<br>**Depreciation ($)** |
|  RBC Capital Markets | 6/3/2025 | GBP | 112723324 | USD | 150581114 |  | (1298928) |
|  RBC Capital Markets | 6/3/2025 | GBP | 1432600 | USD | 1938981 | 8739 |  |
|  RBC Capital Markets | 6/3/2025 | GBP | 358200 | USD | 483750 | 1122 |  |
|  RBC Capital Markets | 6/3/2025 | GBP | 716300 | USD | 966604 | 1482 |  |
|  Goldman Sachs & Co. | 6/3/2025 | NOK | 65435791 | USD | 6310075 |  | (100527) |
|  Goldman Sachs & Co. | 6/3/2025 | NOK | 822700 | USD | 81499 | 901 |  |
|  JP Morgan & Chase Co. | 6/3/2025 | SEK | 1929100 | USD | 201851 | 593 |  |
|  JP Morgan & Chase Co. | 6/3/2025 | SEK | 964600 | USD | 100303 |  | (331) |
|  JP Morgan & Chase Co. | 6/3/2025 | SEK | 3858300 | USD | 405371 | 2845 |  |
|  JP Morgan & Chase Co. | 6/3/2025 | SEK | 312184486 | USD | 32424949 |  | (144402) |
|  Goldman Sachs & Co. | 6/3/2025 | USD | 9531567 | CHF | 7805000 |  | (44449) |
|  Goldman Sachs & Co. | 6/3/2025 | USD | 510683 | CHF | 420000 |  | (165) |
|  The Bank of New York Mellon | 6/3/2025 | USD | 97754536 | CHF | 80310239 |  | (135990) |
|  Citigroup Global Markets | 6/3/2025 | USD | 21800440 | DKK | 143245242 | 7157 |  |
|  Citigroup Global Markets | 6/3/2025 | USD | 3184804 | DKK | 20865000 |  | (8325) |
|  Morgan Stanley Capital | 6/3/2025 | USD | 335948284 | EUR | 295924496 | 124279 |  |
|  The Bank of New York Mellon | 6/3/2025 | USD | 3972007 | EUR | 3500000 | 2838 |  |
|  The Bank of New York Mellon | 6/3/2025 | USD | 17771785 | EUR | 15606000 |  | (48520) |
|  Morgan Stanley Capital | 6/3/2025 | USD | 144412746 | GBP | 107087424 |  | (126347) |
|  RBC Capital Markets | 6/3/2025 | USD | 10877965 | GBP | 8143000 | 93670 |  |
|  Goldman Sachs & Co. | 6/3/2025 | USD | 5958853 | NOK | 60882491 | 5672 |  |
|  Goldman Sachs & Co. | 6/3/2025 | USD | 51141 | NOK | 532000 | 978 |  |
|  Goldman Sachs & Co. | 6/3/2025 | USD | 467130 | NOK | 4844000 | 7426 |  |
|  JP Morgan & Chase Co. | 6/3/2025 | USD | 55969 | SEK | 540000 | 368 |  |
|  JP Morgan & Chase Co. | 6/3/2025 | USD | 3114949 | SEK | 29990000 | 13825 |  |
|  Morgan Stanley Capital | 6/3/2025 | USD | 30026860 | SEK | 288406486 | 61797 |  |
|  JP Morgan & Chase Co. | 7/2/2025 | CHF | 1107000 | USD | 1352245 | 1805 |  |
|  The Bank of New York Mellon | 7/2/2025 | CHF | 80310239 | USD | 98104418 | 133169 |  |
|  Citigroup Global Markets | 7/2/2025 | DKK | 10360000 | USD | 1579926 |  | (560) |
|  Citigroup Global Markets | 7/2/2025 | DKK | 143245242 | USD | 21845956 |  | (7044) |
|  JP Morgan & Chase Co. | 7/2/2025 | EUR | 16863000 | USD | 19179082 |  | (7720) |
|  Morgan Stanley Capital | 7/2/2025 | EUR | 295924496 | USD | 336572833 |  | (131489) |
|  JP Morgan & Chase Co. | 7/2/2025 | GBP | 2506000 | USD | 3379865 | 2899 |  |
|  Morgan Stanley Capital | 7/2/2025 | GBP | 107087424 | USD | 144432021 | 126151 |  |
|  Goldman Sachs & Co. | 7/2/2025 | NOK | 60882491 | USD | 5958621 |  | (5711) |
|  Goldman Sachs & Co. | 7/2/2025 | NOK | 2171000 | USD | 212478 |  | (204) |
|  JP Morgan & Chase Co. | 7/2/2025 | SEK | 10218000 | USD | 1065643 |  | (2248) |
|  Morgan Stanley Capital | 7/2/2025 | SEK | 288406486 | USD | 30079117 |  | (62470) |
|  **Total unrealized appreciation (depreciation)** |  |  |  |  |  | **2144437** | **(2129815)** |

---

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.

DBX ETF Trust \| **73** 

------

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2025

---

| | |
|:---|:---|
|  **Currency Abbreviations** | **Currency Abbreviations** |
|  **Currency Abbreviations** | **Currency Abbreviations** |
|  CHF | Swiss Franc |
|  DKK | Danish Krone |
|  EUR | Euro |
|  GBP | Pound Sterling |
|  NOK | Norwegian Krone |
|  SEK | Swedish Krona |
|  USD | U.S. Dollar |

---

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, 2025 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) | $657740605 | $— | $— | $657740605 |
|  Preferred Stocks | 3254057 |  |  | 3254057 |
|  Short-Term Investments (a) | 19348213 |  |  | 19348213 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts |  | 2144437 |  | 2144437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 440210 |  |  | 440210 |
|  **TOTAL** | $**680783085** | $**2144437** | $**—** | $**682927522** |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $— | $(2129815) | $— | $(2129815) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (101991) |  |  | (101991) |
|  **TOTAL** | $**(101991)** | $**(2129815)** | $**—** | $**(2231806)** |

---

(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.

**74** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **COMMON STOCKS – 97.2%** |  |  |
|  **Austria – 1.1%** |  |  |
|  ANDRITZ AG | 774 | 53477 |
|  BAWAG Group AG, 144A \* | 824 | 102450 |
|  CA Immobilien Anlagen AG (a) | 410 | 11266 |
|  CPI Europe AG \* | 347 | 7037 |
|  DO & CO AG \* | 87 | 16951 |
|  Erste Group Bank AG | 3286 | 264348 |
|  EVN AG | 347 | 9318 |
|  Kontron AG \* | 382 | 9968 |
|  Lenzing AG \* | 194 | 5815 |
|  Oesterreichische Post AG | 377 | 12863 |
|  OMV AG (a) | 1562 | 83535 |
|  Palfinger AG | 143 | 4822 |
|  Porr AG | 85 | 2809 |
|  Raiffeisen Bank International AG | 1394 | 42546 |
|  Schoeller-Bleckmann Oilfield Equipment AG | 143 | 4961 |
|  UNIQA Insurance Group AG | 1049 | 14555 |
|  Verbund AG (a) | 778 | 60733 |
|  Vienna Insurance Group AG Wiener Versicherung Gruppe | 355 | 17413 |
|  voestalpine AG | 1250 | 32900 |
|  Wienerberger AG | 1037 | 38385 |
|  (Cost $636,049) |  | **796152** |
|  **Belgium – 2.8%** |  |  |
|  Ackermans & van Haaren NV | 234 | 59516 |
|  Aedifica SA REIT (a) | 499 | 37678 |
|  Ageas SA/NV | 1572 | 102544 |
|  Anheuser-Busch InBev SA/NV | 10403 | 732822 |
|  Azelis Group NV | 1917 | 31714 |
|  Barco NV | 629 | 9213 |
|  Bekaert SA | 375 | 15201 |
|  Cofinimmo SA REIT | 448 | 38558 |
|  Colruyt Group NV | 381 | 17183 |
|  Deme Group NV | 85 | 13203 |
|  D'ieteren Group | 210 | 43135 |
|  Elia Group SA/NV | 553 | 58583 |
|  Fagron | 678 | 16667 |
|  Galapagos NV \* | 524 | 15267 |
|  Groupe Bruxelles Lambert NV | 875 | 71484 |
|  KBC Ancora | 438 | 31829 |
|  KBC Group NV | 2467 | 243589 |
|  Kinepolis Group NV | 143 | 5642 |
|  Lotus Bakeries NV | 4 | 41376 |
|  Melexis NV | 208 | 13958 |
|  Montea NV REIT | 173 | 12768 |
|  Ontex Group NV \* | 678 | 6036 |
|  Proximus SADP | 1706 | 14867 |
|  Recticel SA \* | 411 | 5255 |
|  Retail Estates NV REIT \* | 121 | 8875 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Sofina SA | 175 | 50630 |
|  Solvay SA | 761 | 24937 |
|  Syensqo SA | 819 | 62771 |
|  Tessenderlo Group SA | 225 | 6885 |
|  UCB SA | 1350 | 245104 |
|  Umicore SA | 2172 | 23799 |
|  Vastned NV REIT | 117 | 4158 |
|  VGP NV | 119 | 11390 |
|  Warehouses De Pauw CVA REIT | 2031 | 49489 |
|  X-Fab Silicon Foundries SE, 144A \* | 440 | 2568 |
|  Xior Student Housing NV REIT | 318 | 10760 |
|  (Cost $1,938,130) |  | **2139454** |
|  **Finland – 3.1%** |  |  |
|  Citycon OYJ \* | 1241 | 5278 |
|  Elisa OYJ | 1451 | 76446 |
|  Finnair OYJ \* | 696 | 2328 |
|  Fortum OYJ | 4549 | 78511 |
|  Harvia OYJ | 173 | 9439 |
|  Hiab OYJ | 406 | 21860 |
|  Huhtamaki OYJ | 1131 | 41762 |
|  Kalmar OYJ, Class B | 406 | 14300 |
|  Kemira OYJ | 1250 | 27464 |
|  Kempower OYJ \* | 172 | 2154 |
|  Kesko OYJ, Class B | 2701 | 65324 |
|  Kojamo OYJ \* | 1354 | 16250 |
|  Kone OYJ, Class B | 3599 | 224103 |
|  Konecranes OYJ | 745 | 58199 |
|  Mandatum OYJ | 5253 | 30860 |
|  Marimekko OYJ | 265 | 4026 |
|  Metsa Board OYJ, Class B | 1789 | 6614 |
|  Metso Corp. | 6196 | 74785 |
|  Neste OYJ | 4874 | 52298 |
|  Nokia OYJ | 56876 | 295518 |
|  Nokian Renkaat OYJ | 1224 | 9131 |
|  Nordea Bank Abp | 32881 | 476578 |
|  Orion OYJ, Class B | 1102 | 74763 |
|  Outokumpu OYJ (a) | 4500 | 17423 |
|  Puuilo OYJ | 983 | 14543 |
|  QT Group OYJ \* | 198 | 13287 |
|  Revenio Group OYJ | 231 | 7069 |
|  Sampo OYJ, Class A | 25201 | 268862 |
|  Stora Enso OYJ, Class R | 6439 | 65113 |
|  TietoEVRY OYJ | 1095 | 19993 |
|  Tokmanni Group Corp. | 500 | 6268 |
|  UPM-Kymmene OYJ | 5574 | 154364 |
|  Valmet OYJ | 1619 | 52814 |
|  Wartsila OYJ Abp | 5474 | 109579 |
|  YIT OYJ \* | 1194 | 3679 |
|  (Cost $2,309,712) |  | **2400985** |

---

See Notes to Financial Statements.

DBX ETF Trust \| **75** 

------

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **France – 28.9%** |  |  |
|  Accor SA | 2016 | 107014 |
|  Aeroports de Paris SA | 383 | 51359 |
|  Air France-KLM \* | 1137 | 12500 |
|  Air Liquide SA | 6106 | 1264591 |
|  Airbus SE | 6268 | 1153524 |
|  Alstom SA \* | 3725 | 84189 |
|  Altarea SCA REIT | 60 | 7003 |
|  Alten SA | 285 | 23688 |
|  Amundi SA, 144A | 692 | 56455 |
|  Antin Infrastructure Partners SA | 350 | 4507 |
|  Arkema SA | 573 | 40924 |
|  Assystem SA (a) | 169 | 7963 |
|  Aubay | 32 | 1853 |
|  AXA SA | 18711 | 881897 |
|  Beneteau SACA | 580 | 5545 |
|  BioMerieux | 442 | 59271 |
|  BNP Paribas SA | 10701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937286 |
|  Bollore SE | 7474 | 47524 |
|  Bouygues SA | 1914 | 83431 |
|  Bureau Veritas SA | 3353 | 114520 |
|  Capgemini SE | 1707 | 283464 |
|  Carmila SA REIT \* | 693 | 14683 |
|  Carrefour SA (a) | 5544 | 82873 |
|  Cie de Saint-Gobain SA | 4706 | 528145 |
|  Cie des Alpes | 356 | 7381 |
|  Cie Generale des Etablissements Michelin SCA | 7178 | 274501 |
|  Clariane SE \* | 137 | 587 |
|  Coface SA | 1180 | 22067 |
|  Covivio SA REIT | 633 | 37950 |
|  Credit Agricole SA | 11282 | 206308 |
|  Danone SA | 6870 | 586913 |
|  Dassault Aviation SA | 199 | 72034 |
|  Dassault Systemes SE | 7182 | 269109 |
|  Derichebourg SA | 1022 | 6997 |
|  Edenred SE | 2477 | 77344 |
|  Eiffage SA | 733 | 100790 |
|  Elior Group SA, 144A \* | 919 | 3251 |
|  Elis SA | 1665 | 45335 |
|  Emeis SA \* | 868 | 10043 |
|  Engie SA | 19106 | 411859 |
|  Equasens | 60 | 3372 |
|  Eramet SA | 88 | 5176 |
|  EssilorLuxottica SA | 3138 | 871877 |
|  Esso SA Francaise | 28 | 4305 |
|  Etablissements Maurel et Prom SA | 460 | 2500 |
|  Eurazeo SE | 438 | 30611 |
|  Eutelsat Communications SACA \* (a) | 1759 | 6551 |
|  Exail Technologies SA \* | 120 | 9156 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Exosens SAS | 279 | 13733 |
|  FDJ UNITED, 144A | 1130 | 41494 |
|  Fnac Darty SA | 143 | 4936 |
|  Forvia SE | 1572 | 14772 |
|  Gaztransport Et Technigaz SA | 350 | 65056 |
|  Gecina SA REIT | 523 | 57543 |
|  Getlink SE \* | 3230 | 61797 |
|  Havas NV \* | 8083 | 14148 |
|  Hermes International SCA | 334 | 920796 |
|  ICADE REIT | 377 | 10342 |
|  ID Logistics Group SACA \* | 31 | 14766 |
|  Imerys SA | 318 | 10616 |
|  Interparfums SA | 236 | 10097 |
|  Ipsen SA \* | 361 | 42506 |
|  IPSOS SA | 407 | 20768 |
|  JCDecaux SE | 609 | 10455 |
|  Kaufman & Broad SA | 116 | 4412 |
|  Kering SA | 777 | 152064 |
|  Klepierre SA REIT | 2307 | 90267 |
|  Legrand SA | 2804 | 340508 |
|  LISI SA | 146 | 5413 |
|  L'Oreal SA | 2535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071904 |
|  Louis Hachette Group | 8083 | 15065 |
|  LVMH Moet Hennessy Louis Vuitton SE | 2898 | 1573699 |
|  Manitou BF SA | 85 | 2017 |
|  Mercialys SA REIT | 1270 | 15949 |
|  Mersen SA | 199 | 4621 |
|  Metropole Television SA | 231 | 3252 |
|  Nexans SA | 380 | 43708 |
|  Nexity SA \* | 377 | 4289 |
|  Opmobility | 525 | 6420 |
|  Orange SA | 19915 | 297015 |
|  Pernod Ricard SA | 2158 | 223027 |
|  Peugeot Invest SA | 32 | 2667 |
|  Pierre Et Vacances SA \* | 726 | 1180 |
|  Planisware SA \* | 193 | 5369 |
|  Pluxee NV | 919 | 20661 |
|  Publicis Groupe SA | 2443 | 265962 |
|  Quadient SA | 318 | 5943 |
|  Remy Cointreau SA | 234 | 12536 |
|  Renault SA | 1945 | 100220 |
|  Rexel SA | 2521 | 70789 |
|  Rubis SCA | 827 | 26931 |
|  Safran SA | 3805 | 1129350 |
|  Sanofi SA | 11728 | 1165466 |
|  Sartorius Stedim Biotech | 322 | 70929 |
|  Schneider Electric SE | 5760 | 1447672 |
|  SCOR SE | 1687 | 55473 |
|  SEB SA | 231 | 22924 |
|  Seche Environnement SACA | 24 | 2665 |
|  Societe BIC SA | 231 | 14269 |

---

See Notes to Financial Statements.

**76** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Societe Generale SA | 7682 | 417373 |
|  Sodexo SA | 894 | 61768 |
|  SOITEC \* | 246 | 12128 |
|  Sopra Steria Group \* | 159 | 34266 |
|  SPIE SA | 1455 | 73914 |
|  Technip Energies NV | 1440 | 54513 |
|  Teleperformance SE | 571 | 57728 |
|  Television Francaise 1 SA | 353 | 3413 |
|  Thales SA | 988 | 299976 |
|  TotalEnergies SE | 21521 | 1262366 |
|  Trigano SA | 84 | 12313 |
|  Ubisoft Entertainment SA \* | 1195 | 13677 |
|  Unibail-Rodamco-Westfield REIT \* | 1289 | 122152 |
|  Valeo SE | 2671 | 28084 |
|  Vallourec SACA | 1857 | 31449 |
|  Veolia Environnement SA | 6628 | 227880 |
|  Verallia SA, 144A | 747 | 23715 |
|  Vicat SACA | 177 | 11516 |
|  Vinci SA | 5211 | 744634 |
|  Virbac SACA | 36 | 13612 |
|  Vivendi SE \* | 8083 | 27249 |
|  Voltalia SA \* | 289 | 2889 |
|  VusionGroup | 52 | 13438 |
|  Wavestone | 60 | 3474 |
|  Wendel SE | 293 | 28495 |
|  Worldline SA, 144A \* | 2500 | 14846 |
|  (Cost $20,674,304) |  | **22105555** |
|  **Germany – 27.1%** |  |  |
|  1&1 AG | 380 | 7870 |
|  Adesso SE | 28 | 2795 |
|  adidas AG | 1815 | 452355 |
|  AIXTRON SE | 1138 | 15712 |
|  Allianz SE | 4069 | 1611046 |
|  AlzChem Group AG | 68 | 9651 |
|  Atoss Software SE | 111 | 16359 |
|  Aurubis AG | 324 | 28438 |
|  Auto1 Group SE, 144A \* | 1332 | 35693 |
|  BASF SE | 9434 | 454182 |
|  Bayer AG | 10472 | 294110 |
|  Bayerische Motoren Werke AG | 3049 | 270381 |
|  Bechtle AG | 865 | 37695 |
|  Beiersdorf AG | 1079 | 147815 |
|  Bilfinger SE | 370 | 32748 |
|  Brenntag SE | 1263 | 85528 |
|  CANCOM SE | 350 | 11187 |
|  Carl Zeiss Meditec AG | 409 | 26424 |
|  CECONOMY AG \* | 1589 | 4790 |
|  Cewe Stiftung & Co. KGaA | 32 | 3630 |
|  Commerzbank AG | 9346 | 284293 |
|  Continental AG | 1118 | 98127 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Covestro AG \* | 1832 | 125849 |
|  CTS Eventim AG & Co. KGaA | 623 | 75478 |
|  CureVac NV \* | 1194 | 5466 |
|  Daimler Truck Holding AG | 5048 | 219010 |
|  Delivery Hero SE, 144A \* | 2052 | 56804 |
|  Dermapharm Holding SE | 172 | 6845 |
|  Deutsche Bank AG (b) | 19704 | 545004 |
|  Deutsche Boerse AG | 1982 | 638006 |
|  Deutsche Lufthansa AG | 6896 | 55171 |
|  Deutsche Pfandbriefbank AG, 144A \* | 1253 | 8188 |
|  Deutsche Post AG | 10184 | 455252 |
|  Deutsche Telekom AG | 36869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393198 |
|  Deutz AG | 1647 | 13829 |
|  Douglas AG \* | 346 | 4746 |
|  Duerr AG | 519 | 13495 |
|  E.ON SE | 23947 | 419552 |
|  Eckert & Ziegler SE | 143 | 10034 |
|  Elmos Semiconductor SE | 86 | 6611 |
|  Energiekontor AG \* | 58 | 2809 |
|  Evonik Industries AG | 2791 | 60402 |
|  Evotec SE \* | 1489 | 11754 |
|  Fielmann Group AG | 317 | 20157 |
|  flatexDEGIRO AG | 900 | 24996 |
|  Formycon AG \* | 92 | 2476 |
|  Fraport AG Frankfurt Airport Services Worldwide \* | 377 | 26155 |
|  Freenet AG | 1384 | 45698 |
|  Fresenius Medical Care AG | 2344 | 133128 |
|  Fresenius SE & Co. KGaA | 4459 | 218619 |
|  Friedrich Vorwerk Group SE | 133 | 9182 |
|  GEA Group AG | 1614 | 107941 |
|  Gerresheimer AG | 371 | 26686 |
|  GFT Technologies SE | 172 | 4697 |
|  GRENKE AG | 261 | 4119 |
|  Hamborner REIT AG REIT \* | 757 | 5656 |
|  Hannover Rueck SE | 636 | 201046 |
|  Heidelberg Materials AG | 1398 | 273740 |
|  HelloFresh SE \* | 1646 | 19540 |
|  Henkel AG & Co. KGaA | 1050 | 77018 |
|  Hensoldt AG | 669 | 69885 |
|  Hornbach Holding AG & Co. KGaA | 92 | 9287 |
|  HUGO BOSS AG | 571 | 26452 |
|  Hypoport SE \* | 49 | 10905 |
|  Infineon Technologies AG | 13707 | 533443 |
|  IONOS Group SE \* | 570 | 26374 |
|  Jenoptik AG | 612 | 13432 |
|  JOST Werke SE, 144A | 116 | 6704 |
|  K+S AG | 1937 | 35256 |
|  KION Group AG | 756 | 35109 |
|  Kloeckner & Co. SE | 616 | 4392 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **77** 

------

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Knorr-Bremse AG | 809 | 81754 |
|  Krones AG | 143 | 22504 |
|  LANXESS AG | 904 | 27878 |
|  LEG Immobilien SE (a) | 767 | 65099 |
|  MBB SE | 3 | 523 |
|  Mercedes-Benz Group AG | 7695 | 459494 |
|  Merck KGaA | 1361 | 178488 |
|  MTU Aero Engines AG | 570 | 226846 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 1411 | 915452 |
|  Mutares SE & Co. KGaA | 150 | 5612 |
|  Nagarro SE \* | 85 | 5607 |
|  Nemetschek SE | 584 | 81098 |
|  Nordex SE \* | 1324 | 26865 |
|  Norma Group SE | 233 | 3291 |
|  Northern Data AG \* | 144 | 4542 |
|  PATRIZIA SE | 382 | 3565 |
|  Pfeiffer Vacuum Technology AG | 32 | 5799 |
|  PNE AG (a) | 321 | 5577 |
|  ProSiebenSat.1 Media SE | 1646 | 13223 |
|  Puma SE | 1209 | 31299 |
|  Rational AG | 58 | 47647 |
|  RENK Group AG | 787 | 70040 |
|  Rheinmetall AG | 473 | 1012374 |
|  RWE AG | 6753 | 254031 |
|  SAF-Holland SE | 513 | 9506 |
|  Salzgitter AG | 294 | 7010 |
|  SAP SE | 11032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3330741 |
|  Schaeffler AG | 2151 | 10356 |
|  Schott Pharma AG & Co. KGaA (a) | 409 | 13235 |
|  Scout24 SE, 144A | 776 | 105645 |
|  Secunet Security Networks AG | 28 | 6518 |
|  SGL Carbon SE \* | 897 | 3758 |
|  Siemens AG | 8011 | 1926553 |
|  Siemens Energy AG \* | 7190 | 698013 |
|  Siemens Healthineers AG, 144A | 3491 | 184637 |
|  Siltronic AG | 173 | 7111 |
|  Sixt SE | 143 | 13574 |
|  Stabilus SE | 236 | 6847 |
|  Stroeer SE & Co. KGaA | 379 | 21947 |
|  Suedzucker AG | 611 | 7819 |
|  SUSS MircoTec SE | 210 | 9123 |
|  Symrise AG | 1369 | 163293 |
|  TAG Immobilien AG | 2062 | 34839 |
|  Takkt AG | 289 | 2300 |
|  Talanx AG | 657 | 85267 |
|  TeamViewer SE, 144A \* | 1707 | 19886 |
|  thyssenkrupp AG | 5466 | 53263 |
|  Thyssenkrupp Nucera AG & Co. KGaA, 144A \* | 290 | 3080 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  TUI AG \* | 5328 | 44514 |
|  United Internet AG | 977 | 25448 |
|  Vonovia SE (a) | 7852 | 257036 |
|  Vossloh AG | 90 | 7838 |
|  Wacker Chemie AG | 199 | 14133 |
|  Wacker Neuson SE | 260 | 6613 |
|  Wuestenrot & Wuerttembergische AG | 172 | 2707 |
|  Zalando SE, 144A \* | 2324 | 82990 |
|  (Cost $16,742,395) |  | **20744633** |
|  **Ireland – 1.6%** |  |  |
|  AerCap Holdings NV | 1934 | 223822 |
|  AIB Group PLC | 22490 | 176711 |
|  Bank of Ireland Group PLC | 10071 | 138136 |
|  Cairn Homes PLC | 6749 | 16744 |
|  Dalata Hotel Group PLC | 1880 | 12274 |
|  Glanbia PLC | 2082 | 30259 |
|  Glenveagh Properties PLC, 144A \* | 6427 | 13121 |
|  Irish Residential Properties REIT PLC REIT | 4808 | 5853 |
|  Kerry Group PLC, Class A | 1754 | 191590 |
|  Kingspan Group PLC | 1617 | 138620 |
|  Ryanair Holdings PLC | 8871 | 235396 |
|  Uniphar PLC | 2404 | 9854 |
|  (Cost $1,033,500) |  | **1192380** |
|  **Italy – 9.0%** |  |  |
|  A2A SpA | 16667 | 43224 |
|  ACEA SpA | 464 | 11159 |
|  AMCO - Asset Management Co SpA, Class B \* (c) | 13 | 0 |
|  Amplifon SpA | 1441 | 33100 |
|  Ariston Holding NV \* | 484 | 2627 |
|  Arnoldo Mondadori Editore SpA | 818 | 2002 |
|  Ascopiave SpA | 435 | 1534 |
|  Azimut Holding SpA | 1271 | 37089 |
|  Banca Generali SpA | 616 | 35916 |
|  Banca IFIS SpA | 235 | 6180 |
|  Banca Mediolanum SpA | 2319 | 38522 |
|  Banca Monte dei Paschi di Siena SpA | 9082 | 74980 |
|  Banca Popolare di Sondrio SpA | 3629 | 48952 |
|  Banco BPM SpA | 11995 | 137696 |
|  BFF Bank SpA, 144A \* | 1880 | 19383 |
|  BPER Banca SPA | 10840 | 96152 |
|  Brembo NV | 1443 | 13206 |
|  Brunello Cucinelli SpA | 387 | 47655 |
|  Buzzi SpA | 972 | 49907 |
|  Carel Industries SpA, 144A | 692 | 16265 |
|  Cembre SpA | 6 | 379 |
|  Cementir Holding NV | 460 | 7281 |
|  CIR SpA-Compagnie Industriali \* | 6632 | 4601 |

---

See Notes to Financial Statements.

**78** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Credito Emiliano SpA | 790 | 10854 |
|  Danieli & C Officine Meccaniche SpA | 114 | 4660 |
|  Danieli & C Officine Meccaniche SpA-RSP | 354 | 11327 |
|  Davide Campari-Milano NV | 6892 | 44950 |
|  De' Longhi SpA | 818 | 26768 |
|  DiaSorin SpA | 240 | 24896 |
|  El.En. SpA | 409 | 4988 |
|  Enav SpA, 144A \* | 2581 | 12350 |
|  Enel SpA | 85926 | 788811 |
|  Eni SpA | 23303 | 343231 |
|  ERG SpA | 674 | 14234 |
|  Ferrari NV | 1326 | 634463 |
|  Ferretti SpA (a) | 1531 | 4972 |
|  Fila SpA | 201 | 2189 |
|  Fincantieri SpA \* | 814 | 14520 |
|  FinecoBank Banca Fineco SpA | 6458 | 139469 |
|  Generali | 9241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336291 |
|  GVS SpA, 144A \* | 587 | 2843 |
|  Hera SpA | 8361 | 41506 |
|  Industrie De Nora SpA | 318 | 2365 |
|  Infrastrutture Wireless Italiane SpA, 144A | 3824 | 44853 |
|  Intercos SpA | 526 | 8529 |
|  Interpump Group SpA | 895 | 34897 |
|  Intesa Sanpaolo SpA | 159065 | 886797 |
|  Iren SpA | 5743 | 17854 |
|  Italgas SpA | 5132 | 42130 |
|  Iveco Group NV | 1850 | 36865 |
|  Juventus Football Club SpA \* (a) | 1237 | 4416 |
|  Leonardo SpA | 4310 | 265341 |
|  Lottomatica Group SpA | 1966 | 51700 |
|  LU-VE SpA | 178 | 6174 |
|  Maire SpA | 1370 | 17469 |
|  MARR SpA | 318 | 3448 |
|  Mediobanca Banca di Credito Finanziario SpA | 5100 | 121144 |
|  MFE-MediaForEurope NV, Class A | 1428 | 5250 |
|  MFE-MediaForEurope NV, Class B | 440 | 2117 |
|  Moncler SpA | 2395 | 149730 |
|  Nexi SpA, 144A | 5383 | 32370 |
|  OVS SpA, 144A | 1999 | 8580 |
|  Pharmanutra SpA | 31 | 1758 |
|  Piaggio & C SpA | 1471 | 3038 |
|  Pirelli & C SpA, 144A | 4796 | 34307 |
|  Poste Italiane SpA, 144A | 4825 | 104695 |
|  Prysmian SpA | 2995 | 192478 |
|  RAI Way SpA, 144A | 918 | 6150 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Recordati Industria Chimica e Farmaceutica SpA | 1267 | 75959 |
|  Reply SpA | 253 | 42659 |
|  Saipem SpA | 14633 | 36271 |
|  Salvatore Ferragamo SpA \* | 842 | 5464 |
|  Sanlorenzo SpA | 116 | 4004 |
|  Sesa SpA | 85 | 7895 |
|  Snam SpA | 21506 | 128590 |
|  SOL SpA | 356 | 18513 |
|  Tamburi Investment Partners SpA | 984 | 8994 |
|  Technogym SpA, 144A | 1422 | 19262 |
|  Technoprobe SpA \* | 1976 | 15425 |
|  Telecom Italia SpA \* | 104017 | 44455 |
|  Terna - Rete Elettrica Nazionale | 14588 | 148380 |
|  UniCredit SpA | 14764 | 948160 |
|  Unipol Assicurazioni SpA | 3958 | 77434 |
|  Webuild SpA | 6166 | 25134 |
|  Wiit SpA | 56 | 1090 |
|  Zignago Vetro SpA | 318 | 3008 |
|  (Cost $5,235,151) |  | **6886284** |
|  **Luxembourg – 0.6%** |  |  |
|  APERAM SA | 469 | 14240 |
|  ArcelorMittal SA | 4949 | 150149 |
|  Aroundtown SA \* | 8547 | 27154 |
|  Befesa SA, 144A | 344 | 10640 |
|  CVC Capital Partners PLC, 144A | 2486 | 46208 |
|  d'Amico International Shipping SA | 492 | 1841 |
|  Eurofins Scientific SE | 1231 | 82103 |
|  Grand City Properties SA \* | 698 | 8861 |
|  RTL Group SA | 362 | 13872 |
|  SES SA | 3948 | 22504 |
|  Shurgard Self Storage Ltd. REIT | 383 | 15590 |
|  Tenaris SA | 4053 | 67971 |
|  (Cost $479,452) |  | **461133** |
|  **Netherlands – 12.8%** |  |  |
|  Aalberts NV | 927 | 32356 |
|  ABN AMRO Bank NV, 144A | 4676 | 120894 |
|  Adyen NV, 144A \* | 266 | 510310 |
|  Aegon Ltd. | 13388 | 95860 |
|  Akzo Nobel NV | 1741 | 118530 |
|  AMG Critical Materials NV | 289 | 6153 |
|  Arcadis NV | 833 | 43016 |
|  Argenx SE \* | 638 | 366845 |
|  ASM International NV | 497 | 270647 |
|  ASML Holding NV | 4162 | 3090165 |
|  ASR Nederland NV | 1609 | 103186 |
|  Basic-Fit NV, 144A \* | 500 | 13114 |
|  BE Semiconductor Industries NV | 825 | 99810 |
|  Brunel International NV | 231 | 2368 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **79** 

------

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Corbion NV | 552 | 11927 |
|  Eurocommercial Properties NV REIT | 411 | 12787 |
|  Euronext NV, 144A | 804 | 130910 |
|  EXOR NV | 887 | 85406 |
|  Ferrovial SE | 5462 | 278090 |
|  Flow Traders Ltd. | 289 | 9615 |
|  Fugro NV | 1308 | 16589 |
|  Heineken Holding NV | 1323 | 103051 |
|  Heineken NV | 3022 | 269085 |
|  IMCD NV | 604 | 81955 |
|  ING Groep NV | 33386 | 708124 |
|  JDE Peet's NV | 1823 | 50134 |
|  Just Eat Takeaway.com NV, 144A \* | 1937 | 42811 |
|  Koninklijke Ahold Delhaize NV | 9695 | 409285 |
|  Koninklijke BAM Group NV | 3012 | 25188 |
|  Koninklijke Heijmans N.V. | 283 | 17995 |
|  Koninklijke KPN NV | 40359 | 189627 |
|  Koninklijke Philips NV | 8817 | 202728 |
|  Koninklijke Vopak NV | 529 | 24242 |
|  NN Group NV | 2798 | 176069 |
|  OCI NV \* | 1063 | 9239 |
|  Pharming Group NV \* (a) | 8198 | 9155 |
|  Pharvaris NV \* (a) | 195 | 3237 |
|  PostNL NV (a) | 4756 | 5163 |
|  Prosus NV \* | 13846 | 710610 |
|  QIAGEN NV \* | 2283 | 103041 |
|  Randstad NV | 1254 | 52626 |
|  Redcare Pharmacy NV, 144A \* | 169 | 21952 |
|  SBM Offshore NV | 1428 | 32785 |
|  Signify NV, 144A | 1520 | 37176 |
|  Sligro Food Group NV | 231 | 3599 |
|  Stellantis NV | 21085 | 214631 |
|  TKH Group NV | 410 | 17700 |
|  TomTom NV \* | 616 | 3371 |
|  Universal Music Group NV | 11583 | 370358 |
|  Van Lanschot Kempen NV | 319 | 19777 |
|  Wereldhave NV REIT | 347 | 6848 |
|  Wolters Kluwer NV | 2523 | 447759 |
|  (Cost $8,728,722) |  | **9787899** |
|  **Poland – 0.1%** |  |  |
|  InPost SA \* |  |  |
|  (Cost $38,238) | 2631 | **43257** |
|  **Portugal – 0.5%** |  |  |
|  Altri SGPS SA | 558 | 3364 |
|  Banco Comercial Portugues SA, Class R | 93647 | 72943 |
|  Corticeira Amorim SGPS SA | 437 | 3831 |
|  CTT-Correios de Portugal SA | 1124 | 9444 |
|  EDP SA | 32159 | 128168 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Galp Energia SGPS SA | 4133 | 65911 |
|  Jeronimo Martins SGPS SA | 3133 | 78831 |
|  Mota-Engil SGPS SA \* | 831 | 4237 |
|  Navigator Co. SA | 2201 | 8607 |
|  NOS SGPS SA | 2261 | 9884 |
|  REN - Redes Energeticas Nacionais SGPS SA | 4118 | 13747 |
|  Semapa-Sociedade de Investimento e Gestao | 207 | 4141 |
|  Sonae SGPS SA | 5931 | 8216 |
|  (Cost $371,315) |  | **411324** |
|  **Spain – 8.7%** |  |  |
|  Acciona SA | 237 | 38212 |
|  Acerinox SA | 1684 | 19905 |
|  ACS Actividades de Construccion y Servicios SA | 1851 | 121584 |
|  Aedas Homes SA, 144A | 233 | 7196 |
|  Aena SME SA, 144A | 786 | 211514 |
|  Almirall SA | 1013 | 12836 |
|  Amadeus IT Group SA | 4796 | 399600 |
|  Atresmedia Corp. de Medios de Comunicacion SA | 744 | 5026 |
|  Audax Renovables SA \* | 2572 | 4737 |
|  Banco Bilbao Vizcaya Argentaria SA | 60801 | 911973 |
|  Banco de Sabadell SA | 57972 | 184637 |
|  Banco Santander SA | 159924 | 1276730 |
|  Bankinter SA | 6979 | 89862 |
|  CaixaBank SA | 41175 | 350080 |
|  Cellnex Telecom SA, 144A \* | 5182 | 198405 |
|  CIE Automotive SA | 494 | 13602 |
|  Construcciones y Auxiliar de Ferrocarriles SA | 172 | 9521 |
|  Distribuidora Internacional de Alimentacion SA \* | 115 | 3369 |
|  EDP Renovaveis SA | 2932 | 29430 |
|  eDreams ODIGEO SA \* | 670 | 5896 |
|  Enagas SA | 2529 | 40676 |
|  Ence Energia y Celulosa SA (a) | 949 | 3114 |
|  Endesa SA | 3278 | 100048 |
|  Fluidra SA | 1021 | 25041 |
|  Gestamp Automocion SA, 144A | 2690 | 8961 |
|  Grenergy Renovables SA \* | 197 | 15636 |
|  Grifols SA \* | 3471 | 37323 |
|  HBX Group International PLC \* | 797 | 8959 |
|  Iberdrola SA | 61489 | 1122669 |
|  Indra Sistemas SA (a) | 768 | 31602 |
|  Industria de Diseno Textil SA | 11448 | 620295 |
|  Inmobiliaria Colonial Socimi SA REIT | 2991 | 20818 |
|  Laboratorios Farmaceuticos Rovi SA | 253 | 15642 |
|  Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | 5864 | 9109 |

---

See Notes to Financial Statements.

**80** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Logista Integral SA | 698 | 22540 |
|  Melia Hotels International SA | 949 | 7279 |
|  Merlin Properties Socimi SA REIT | 4371 | 54097 |
|  Neinor Homes SA, 144A \* | 147 | 2360 |
|  Pharma Mar SA \* | 144 | 13898 |
|  Prosegur Cash SA, 144A | 4491 | 4115 |
|  Prosegur Cia de Seguridad SA | 2290 | 7085 |
|  Redeia Corp. SA | 4167 | 86112 |
|  Repsol SA | 12132 | 163306 |
|  Sacyr SA | 6049 | 24479 |
|  Solaria Energia y Medio Ambiente SA \* | 803 | 6933 |
|  Talgo SA, 144A \* | 934 | 3505 |
|  Tecnicas Reunidas SA \* | 343 | 7236 |
|  Telefonica SA | 38637 | 206717 |
|  Unicaja Banco SA, 144A | 11586 | 25482 |
|  Vidrala SA | 217 | 23210 |
|  Viscofan SA | 431 | 31027 |
|  (Cost $5,122,585) |  | **6643389** |
|  **Switzerland – 0.5%** |  |  |
|  DSM-Firmenich AG | 1925 | 214246 |
|  STMicroelectronics NV | 2947 | 73967 |
|  STMicroelectronics NV, Class Y | 4072 | 101841 |
|  (Cost $361,546) |  | **390054** |
|  **United Kingdom – 0.4%** |  |  |
|  Allfunds Group PLC | 3543 | 22227 |
|  Coca-Cola Europacific Partners PLC | 2484 | 228006 |
|  International Consolidated Airlines Group SA | 12597 | 55425 |
|  (Cost $264,035) |  | **305658** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $63,935,134) |  | **74308157** |
|  **PREFERRED STOCKS – 1.0%** |  |  |
|  **Germany – 1.0%** |  |  |
|  Bayerische Motoren Werke AG | 642 | 53178 |
|  Dr Ing hc F Porsche AG, 144A | 1176 | 56696 |
|  Draegerwerk AG & Co. KGaA | 119 | 9066 |
|  Einhell Germany AG | 85 | 7596 |
|  FUCHS SE | 697 | 35170 |
|  Henkel AG & Co. KGaA | 1845 | 147649 |
|  Jungheinrich AG | 616 | 24760 |
|  Porsche Automobil Holding SE | 1685 | 67155 |
|  Sartorius AG | 286 | 68520 |
|  Sixt SE | 230 | 15695 |
|  STO SE & Co. KGaA | 28 | 3688 |
|  Volkswagen AG | 2198 | 237992 |
|  (Cost $862,611) |  | **727165** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **RIGHTS – 0.0%** |  |  |
|  **Spain – 0.0%** |  |  |
|  Almirall SA \* , expires 6/16/25 | 971 | 224 |
|  Viscofan SA \* , expires 6/5/25 (c) | 413 | 792 |
|  (Cost $980) |  | **1016** |
|  **TOTAL RIGHTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $980) |  | **1016** |
|  **WARRANTS – 0.0%** |  |  |
|  **Italy – 0.0%** |  |  |
|  Webuild SpA \* (c), expires 8/2/30 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $0) | 38 | **124** |
|  **EXCHANGE-TRADED FUNDS**<br> **– 0.1%** |  |  |
|  iShares Currency Hedged MSCI Eurozone ETF | 1000 | 41100 |
|  iShares MSCI Eurozone ETF | 50 | 2950 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $37,844) |  | **44050** |
|  **SECURITIES LENDING**<br> **COLLATERAL – 0.9%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (d)(e) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $700,075) | 700075 | **700075** |
|  **CASH EQUIVALENTS – 0.2%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.26% (d) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $166,743) | 166743 | **166743** |
|  **TOTAL INVESTMENTS – 99.4%** |  |  |
|  (Cost $65,703,387) |  | **75947330** |
|  **Other assets and liabilities,<br>net – 0.6%** |  | **480242** |
|  **NET ASSETS – 100.0%** |  | **76427572** |

---

See Notes to Financial Statements.

DBX ETF Trust \| **81** 

------

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2025

A summary of the Fund's transactions with affiliated investments during the year ended May 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **5/31/2024** | **Purchases Cost<br>($)** | **Sales Proceeds<br>($)** | **Net Realized<br>Gain/(Loss)<br>($)** | **Net Change**<br> **in Unrealized**<br> **Appreciation**<br> (Depreciation)<br> **($)** | **Income ($)** | **Capital Gain**<br> **Distributions<br>($)** | **Number of**<br> **Shares at**<br> **5/31/2025** | **Value ($) at**<br> **5/31/2025** |
|  COMMON STOCKS **–** 0.7% | COMMON STOCKS **–** 0.7% | COMMON STOCKS **–** 0.7% | COMMON STOCKS **–** 0.7% | COMMON STOCKS **–** 0.7% | COMMON STOCKS **–** 0.7% | COMMON STOCKS **–** 0.7% | COMMON STOCKS **–** 0.7% | COMMON STOCKS **–** 0.7% |
|  Germany **–** 0.7% | Germany **–** 0.7% | Germany **–** 0.7% | Germany **–** 0.7% | Germany **–** 0.7% | Germany **–** 0.7% | Germany **–** 0.7% | Germany **–** 0.7% | Germany **–** 0.7% |
|  Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) | Deutsche Bank AG (b) |
| 196005 | 274280 | (94122) | 20753 | 148088 | 15121 |  | 19704 | 545004 |
|  SECURITIES LENDING COLLATERAL **–** 0.9% | SECURITIES LENDING COLLATERAL **–** 0.9% | SECURITIES LENDING COLLATERAL **–** 0.9% | SECURITIES LENDING COLLATERAL **–** 0.9% | SECURITIES LENDING COLLATERAL **–** 0.9% | SECURITIES LENDING COLLATERAL **–** 0.9% | SECURITIES LENDING COLLATERAL **–** 0.9% | SECURITIES LENDING COLLATERAL **–** 0.9% | SECURITIES LENDING COLLATERAL **–** 0.9% |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (d)(e) |
| 27401 | 672674 (f) |  |  |  | 5874 |  | 700075 | 700075 |
|  CASH EQUIVALENTS **–** 0.2% | CASH EQUIVALENTS **–** 0.2% | CASH EQUIVALENTS **–** 0.2% | CASH EQUIVALENTS **–** 0.2% | CASH EQUIVALENTS **–** 0.2% | CASH EQUIVALENTS **–** 0.2% | CASH EQUIVALENTS **–** 0.2% | CASH EQUIVALENTS **–** 0.2% | CASH EQUIVALENTS **–** 0.2% |
|  DWS Government Money Market Series "Institutional Shares", 4.26% (d) | DWS Government Money Market Series "Institutional Shares", 4.26% (d) | DWS Government Money Market Series "Institutional Shares", 4.26% (d) | DWS Government Money Market Series "Institutional Shares", 4.26% (d) | DWS Government Money Market Series "Institutional Shares", 4.26% (d) | DWS Government Money Market Series "Institutional Shares", 4.26% (d) | DWS Government Money Market Series "Institutional Shares", 4.26% (d) | DWS Government Money Market Series "Institutional Shares", 4.26% (d) | DWS Government Money Market Series "Institutional Shares", 4.26% (d) |
| 9347 | 2051138 | (1893742) |  |  | 6075 |  | 166743 | 166743 |
| **232753** | **2998092** | **(1987864)** | **20753** | **148088** | **27070** |  | **886522** | **1411822** |

---

\* 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, 2025 amounted to $657,382, which is 0.9% 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.

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2025.

---

| | |
|:---|:---|
|  CVA: | Certificaten Van Aandelen (Dutch Certificate) |
|  REIT: | Real Estate Investment Trust |
|  RSP: | Risparmio (Convertible Savings Shares) |
|  144A: | Security exempt from registration under Rule 144A under 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, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract Description** | **Currency** | **Number of**<br> **Contracts** | **Notional**<br> **Amount ($)** | **Contract Value<br>($)** | **Expiration**<br> **Date** | **Unrealized**<br> **Appreciation ($)** |
|  EURO STOXX 50 Index | EUR | 21 | 1255463 | 1279971 | 6/20/2025 | 24508 |

---

At May 31, 2025, the Fund had the following forward foreign currency contracts outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement**<br>**Date** |  | **Currency To**<br>**Deliver** |  | **Currency To**<br>**Receive** | **Unrealized**<br>**Appreciation ($)** | **Unrealized**<br>**Depreciation ($)** |
|  RBC Capital Markets | 6/3/2025 | EUR | 2158500 | USD | 2408638 |  | (42705) |
|  RBC Capital Markets | 6/3/2025 | EUR | 428700 | USD | 487503 | 642 |  |
|  The Bank of New York Mellon | 6/3/2025 | EUR | 64453830 | USD | 73395897 | 197617 |  |
|  Morgan Stanley Capital | 6/3/2025 | USD | 71550301 | EUR | 63026030 | 26469 |  |
|  The Bank of New York Mellon | 6/3/2025 | USD | 4572198 | EUR | 4015000 |  | (12483) |

---

See Notes to Financial Statements.

**82** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement**<br>**Date** | | **Currency To**<br>**Deliver** | | **Currency To**<br>**Receive** | **Unrealized**<br>**Appreciation ($)** | **Unrealized**<br>**Depreciation ($)** |
|  JP Morgan & Chase Co. | 7/2/2025 | EUR | 3264000 | USD | 3712301 |  | (1494) |
|  Morgan Stanley Capital | 7/2/2025 | EUR | 63026030 | USD | 71683317 |  | (28005) |
|  JP Morgan & Chase Co. | 7/2/2025 | USD | 516492 | EUR | 454000 | 71 |  |
|  **Total unrealized appreciation (depreciation)** |  |  |  |  |  | **224799** | **(84687)** |

---

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, 2025 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) | $74308157 | $— | $0 | $74308157 |
|  Preferred Stocks | 727165 |  |  | 727165 |
|  Rights | 224 |  | 792 | 1016 |
|  Warrants |  |  | 124 | 124 |
|  Exchange-Traded Funds | 44050 |  |  | 44050 |
|  Short-Term Investments (a) | 866818 |  |  | 866818 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts |  | 224799 |  | 224799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 24508 |  |  | 24508 |
|  **TOTAL** | $**75970922** | $**224799** | $**916** | $**76196637** |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $— | $(84687) | $— | $(84687) |
|  **TOTAL** | $**—** | $**(84687)** | $**—** | $**(84687)** |

---

(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.

DBX ETF Trust \| **83** 

------

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **COMMON STOCKS – 97.4%** | **COMMON STOCKS – 97.4%** | **COMMON STOCKS – 97.4%** |
|  **Communication Services – 7.8%** | **Communication Services – 7.8%** | **Communication Services – 7.8%** |
|  Capcom Co. Ltd. | 32300 | 965218 |
|  Dentsu Group, Inc. (a) | 19236 | 417351 |
|  KDDI Corp. | 287130 | 4986538 |
|  Konami Group Corp. | 9277 | 1267170 |
|  LY Corp. | 265728 | 963967 |
|  Nexon Co. Ltd. | 30164 | 547541 |
|  Nintendo Co. Ltd. | 103769 | 8534738 |
|  Nippon Telegraph & Telephone Corp. | 2806500 | 3128410 |
|  SoftBank Corp. | 2681900 | 4126430 |
|  SoftBank Group Corp. | 89971 | 4760688 |
|  Toho Co. Ltd. (a) | 10398 | 550268 |
|  (Cost $22,997,505) |  | **30248319** |
|  **Consumer Discretionary – 17.7%** |  |  |
|  Aisin Corp. | 50741 | 649888 |
|  Asics Corp. | 61600 | 1491037 |
|  Bandai Namco Holdings, Inc. | 56021 | 1789308 |
|  Bridgestone Corp. | 53107 | 2293756 |
|  Denso Corp. | 178140 | 2428310 |
|  Fast Retailing Co. Ltd. | 17943 | 6029008 |
|  Honda Motor Co. Ltd. | 398135 | 4061727 |
|  Isuzu Motors Ltd. | 49198 | 669957 |
|  Nissan Motor Co. Ltd. \* | 212147 | 543876 |
|  Nitori Holdings Co. Ltd. | 7347 | 733704 |
|  Oriental Land Co. Ltd. (a) | 102125 | 2280327 |
|  Pan Pacific International Holdings Corp. | 35300 | 1162561 |
|  Panasonic Holdings Corp. | 219844 | 2548385 |
|  Rakuten Group, Inc. \* | 142739 | 792184 |
|  Sanrio Co. Ltd. | 17100 | 753662 |
|  Sekisui House Ltd. | 55187 | 1259105 |
|  Shimano, Inc. | 7084 | 1012422 |
|  Sony Group Corp. | 577665 | 15295206 |
|  Subaru Corp. | 54708 | 1018539 |
|  Sumitomo Electric Industries Ltd. | 66213 | 1397009 |
|  Suzuki Motor Corp. | 148856 | 1916368 |
|  Toyota Motor Corp. | 888165 | 17091135 |
|  Yamaha Motor Co. Ltd. | 87880 | 677903 |
|  Zensho Holdings Co. Ltd. | 9000 | 494048 |
|  ZOZO, Inc. | 38702 | 420653 |
|  (Cost $57,662,922) |  | **68810078** |
|  **Consumer Staples – 5.2%** |  |  |
|  Aeon Co. Ltd. | 61602 | 1898640 |
|  Ajinomoto Co., Inc. | 85102 | 2136199 |
|  Asahi Group Holdings Ltd. | 134442 | 1780788 |
|  Japan Tobacco, Inc. | 113189 | 3490968 |
|  Kao Corp. | 43484 | 1996284 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Kikkoman Corp. | 64662 | 594291 |
|  Kirin Holdings Co. Ltd. | 73589 | 1059637 |
|  Kobe Bussan Co. Ltd. | 14100 | 445846 |
|  MatsukiyoCocokara & Co. | 30800 | 624155 |
|  MEIJI Holdings Co. Ltd. | 22586 | 506201 |
|  Nissin Foods Holdings Co. Ltd. | 18810 | 400266 |
|  Seven & i Holdings Co. Ltd. | 208006 | 3145495 |
|  Shiseido Co. Ltd. | 38707 | 626758 |
|  Suntory Beverage & Food Ltd. | 12834 | 418390 |
|  Unicharm Corp. | 103922 | 828733 |
|  Yakult Honsha Co. Ltd. | 23593 | 478599 |
|  (Cost $19,732,910) |  | **20431250** |
|  **Energy – 0.7%** |  |  |
|  ENEOS Holdings, Inc. | 254037 | 1210028 |
|  Idemitsu Kosan Co. Ltd. | 76700 | 469863 |
|  Inpex Corp. | 82244 | 1115391 |
|  (Cost $2,647,814) |  | **2795282** |
|  **Financials – 16.0%** |  |  |
|  Chiba Bank Ltd. | 53760 | 490918 |
|  Concordia Financial Group Ltd. | 95938 | 618052 |
|  Dai-ichi Life Holdings, Inc. | 331276 | 2598040 |
|  Daiwa Securities Group, Inc. | 123144 | 837905 |
|  Japan Exchange Group, Inc. | 92330 | 1025996 |
|  Japan Post Bank Co. Ltd. | 168125 | 1817426 |
|  Japan Post Holdings Co. Ltd. | 169270 | 1665115 |
|  Japan Post Insurance Co. Ltd. | 18600 | 410533 |
|  Mitsubishi HC Capital, Inc. | 80016 | 588602 |
|  Mitsubishi UFJ Financial Group, Inc. | 1076942 | 15159290 |
|  Mizuho Financial Group, Inc. | 224312 | 6238553 |
|  MS&AD Insurance Group Holdings, Inc. | 121167 | 2910130 |
|  Nomura Holdings, Inc. | 279677 | 1726516 |
|  ORIX Corp. | 109983 | 2343430 |
|  Resona Holdings, Inc. | 194576 | 1730150 |
|  SBI Holdings, Inc. | 24899 | 759455 |
|  Sompo Holdings, Inc. | 84225 | 2567810 |
|  Sumitomo Mitsui Financial Group, Inc. | 346316 | 8904890 |
|  Sumitomo Mitsui Trust Holdings, Inc. | 60424 | 1647336 |
|  T&D Holdings, Inc. | 45349 | 1044418 |
|  Tokio Marine Holdings, Inc. | 172813 | 7340304 |
|  (Cost $41,009,785) |  | **62424869** |
|  **Health Care – 7.1%** |  |  |
|  Astellas Pharma, Inc. | 168035 | 1668731 |
|  Chugai Pharmaceutical Co. Ltd. | 63335 | 3337637 |
|  Daiichi Sankyo Co. Ltd. | 161471 | 4311280 |
|  Eisai Co. Ltd. | 24312 | 699649 |
|  Hoya Corp. | 32501 | 3865698 |
|  Kyowa Kirin Co. Ltd. | 21960 | 359171 |

---

See Notes to Financial Statements.

**84** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  M3, Inc. | 42684 | 604390 |
|  Olympus Corp. | 108276 | 1395823 |
|  Ono Pharmaceutical Co. Ltd. | 36183 | 393651 |
|  Otsuka Holdings Co. Ltd. | 41100 | 2099343 |
|  Shionogi & Co. Ltd. | 70324 | 1176832 |
|  Sysmex Corp. | 46432 | 784918 |
|  Takeda Pharmaceutical Co. Ltd. | 149823 | 4491722 |
|  Terumo Corp. | 126004 | 2330148 |
|  (Cost $28,309,789) |  | **27518993** |
|  **Industrials – 23.5%** |  |  |
|  AGC, Inc. | 17762 | 528558 |
|  ANA Holdings, Inc. | 15618 | 310092 |
|  Central Japan Railway Co. | 73060 | 1604939 |
|  Dai Nippon Printing Co. Ltd. | 38358 | 568193 |
|  Daifuku Co. Ltd. | 29900 | 803733 |
|  Daikin Industries Ltd. | 24948 | 2875448 |
|  East Japan Railway Co. | 84255 | 1774159 |
|  FANUC Corp. | 89345 | 2401657 |
|  Fuji Electric Co. Ltd. | 12294 | 549276 |
|  Fujikura Ltd. | 23400 | 1092472 |
|  Hankyu Hanshin Holdings, Inc. | 21840 | 589655 |
|  Hikari Tsushin, Inc. | 1652 | 451647 |
|  Hitachi Ltd. | 429510 | 12076844 |
|  Hoshizaki Corp. | 9708 | 363978 |
|  IHI Corp. | 13900 | 1350926 |
|  ITOCHU Corp. | 111279 | 5985611 |
|  Japan Airlines Co. Ltd. | 13154 | 267203 |
|  Kajima Corp. | 40376 | 1000035 |
|  Kawasaki Kisen Kaisha Ltd. | 33500 | 506824 |
|  Komatsu Ltd. | 85337 | 2622469 |
|  Kubota Corp. (a) | 90863 | 1050423 |
|  Makita Corp. | 21903 | 676749 |
|  Marubeni Corp. | 133187 | 2725847 |
|  MINEBEA MITSUMI, Inc. | 35031 | 495052 |
|  Mitsubishi Corp. | 319873 | 6524391 |
|  Mitsubishi Electric Corp. | 179326 | 3619047 |
|  Mitsubishi Heavy Industries Ltd. | 301520 | 7023837 |
|  Mitsui & Co. Ltd. | 232542 | 4895026 |
|  Mitsui OSK Lines Ltd. | 32100 | 1143282 |
|  MonotaRO Co. Ltd. | 23500 | 487001 |
|  Nidec Corp. | 78480 | 1532568 |
|  Nippon Yusen KK | 40636 | 1488532 |
|  Obayashi Corp. | 60208 | 912357 |
|  Recruit Holdings Co. Ltd. | 132291 | 7988300 |
|  Secom Co. Ltd. | 38944 | 1425741 |
|  Sekisui Chemical Co. Ltd. | 35752 | 623632 |
|  SG Holdings Co. Ltd. | 29100 | 284235 |
|  SMC Corp. | 5415 | 2037751 |
|  Sumitomo Corp. | 102973 | 2649196 |
|  Taisei Corp. | 14752 | 825587 |
|  Tokyo Metro Co. Ltd. | 26600 | 336162 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Tokyu Corp. | 47622 | 579824 |
|  TOPPAN Holdings, Inc. | 22039 | 589667 |
|  Toyota Industries Corp. | 15199 | 1913408 |
|  Toyota Tsusho Corp. | 59293 | 1265016 |
|  West Japan Railway Co. | 41458 | 898624 |
|  (Cost $67,908,854) |  | **91714974** |
|  **Information Technology – 12.8%** |  |  |
|  Advantest Corp. | 72200 | 3696427 |
|  Canon, Inc. | 88197 | 2716488 |
|  Disco Corp. | 8700 | 1987345 |
|  FUJIFILM Holdings Corp. | 104171 | 2377411 |
|  Fujitsu Ltd. | 165654 | 3819729 |
|  Keyence Corp. | 18298 | 7723830 |
|  Kyocera Corp. | 119232 | 1459586 |
|  Lasertec Corp. | 7304 | 741339 |
|  Murata Manufacturing Co. Ltd. | 157735 | 2337058 |
|  NEC Corp. | 115865 | 3047702 |
|  Nomura Research Institute Ltd. | 35222 | 1365359 |
|  NTT Data Group Corp. | 58840 | 1631548 |
|  Obic Co. Ltd. | 30135 | 1103034 |
|  Omron Corp. | 16417 | 427268 |
|  Oracle Corp. (a) | 3572 | 419396 |
|  Otsuka Corp. | 20620 | 424953 |
|  Renesas Electronics Corp. | 159424 | 1975420 |
|  Ricoh Co. Ltd. | 49734 | 466769 |
|  SCREEN Holdings Co. Ltd. | 7700 | 553841 |
|  SCSK Corp. | 15000 | 457730 |
|  Shimadzu Corp. | 22636 | 549481 |
|  TDK Corp. | 180720 | 2009465 |
|  TIS, Inc. | 19700 | 650027 |
|  Tokyo Electron Ltd. | 42142 | 6735926 |
|  Trend Micro, Inc. | 11859 | 892134 |
|  Yokogawa Electric Corp. | 20779 | 512489 |
|  (Cost $43,630,087) |  | **50081755** |
|  **Materials – 3.4%** |  |  |
|  Asahi Kasei Corp. | 115084 | 812174 |
|  JFE Holdings, Inc. | 55519 | 660348 |
|  Mitsubishi Chemical Group Corp. | 129396 | 692954 |
|  Nippon Paint Holdings Co. Ltd. | 90915 | 688362 |
|  Nippon Sanso Holdings Corp. | 16280 | 585603 |
|  Nippon Steel Corp. | 90237 | 1823616 |
|  Nitto Denko Corp. | 65555 | 1205224 |
|  Shin-Etsu Chemical Co. Ltd. | 169560 | 5468765 |
|  Sumitomo Metal Mining Co. Ltd. | 22959 | 529559 |
|  Toray Industries, Inc. | 127996 | 887820 |
|  (Cost $13,363,699) |  | **13354425** |
|  **Real Estate – 2.3%** |  |  |
|  Daito Trust Construction Co. Ltd. | 5451 | 615200 |
|  Daiwa House Industry Co. Ltd. | 52117 | 1764216 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **85** 

------

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Hulic Co. Ltd. | 44610 | 453246 |
|  Mitsubishi Estate Co. Ltd. | 100724 | 1848654 |
|  Mitsui Fudosan Co. Ltd. | 249346 | 2408638 |
|  Nippon Building Fund, Inc. REIT | 726 | 663968 |
|  Sumitomo Realty & Development Co. Ltd. | 28750 | 1109880 |
|  (Cost $7,666,519) |  | **8863802** |
|  **Utilities – 0.9%** |  |  |
|  Chubu Electric Power Co., Inc. | 61849 | 759922 |
|  Kansai Electric Power Co., Inc. | 88038 | 1003999 |
|  Osaka Gas Co. Ltd. | 33989 | 867588 |
|  Tokyo Gas Co. Ltd. | 31465 | 1059439 |
|  (Cost $3,395,039) |  | **3690948** |
|  **TOTAL COMMON STOCKS** |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $308,324,923) |  | **379934695** |
|  **EXCHANGE-TRADED FUNDS – 0.1%** | **EXCHANGE-TRADED FUNDS – 0.1%** |  |
|  iShares Currency Hedged MSCI Japan ETF (a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $182,462) | 4500 | **197010** |
| **SECURITIES LENDING**<br> **COLLATERAL – 1.3%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares",<br>4.22% (b)(c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $4,866,100) | 4866100 | **4866100** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **CASH EQUIVALENTS – 1.2%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.26% (b) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $4,747,890) | 4747890 | **4747890** |
|  **TOTAL INVESTMENTS**<br> **– 100.0%** | **TOTAL INVESTMENTS**<br> **– 100.0%** |  |
|  (Cost $318,121,375) |  | **389745695** |
|  **Other assets and liabilities,<br>net – 0.0%** |  | **163623** |
|  **NET ASSETS – 100.0%** |  | **389909318** |

---

A summary of the Fund's transactions with affiliated investments during the year ended May 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **5/31/2024** | **Purchases Cost**<br> **($)** | **Sales Proceeds**<br> **($)** | **Net Realized**<br> **Gain/(Loss)**<br> **($)** | **Net Change**<br> **in Unrealized**<br> **Appreciation**<br> (Depreciation)<br> **($)** | **Income ($)** | **Capital Gain**<br> **Distributions**<br> **($)** | **Number of**<br> **Shares at**<br> **5/31/2025** | **Value ($) at** <br> **5/31/2025**  |
|  SECURITIES LENDING COLLATERAL **—** 1.3% | SECURITIES LENDING COLLATERAL **—** 1.3% | SECURITIES LENDING COLLATERAL **—** 1.3% | SECURITIES LENDING COLLATERAL **—** 1.3% | SECURITIES LENDING COLLATERAL **—** 1.3% | SECURITIES LENDING COLLATERAL **—** 1.3% | SECURITIES LENDING COLLATERAL **—** 1.3% | SECURITIES LENDING COLLATERAL **—** 1.3% | SECURITIES LENDING COLLATERAL **—** 1.3% |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) |
| 849800 | 4016300 (d) |  |  |  | 38371 |  | 4866100 | 4866100 |
|  CASH EQUIVALENTS **—** 1.2% | CASH EQUIVALENTS **—** 1.2% | CASH EQUIVALENTS **—** 1.2% | CASH EQUIVALENTS **—** 1.2% | CASH EQUIVALENTS **—** 1.2% | CASH EQUIVALENTS **—** 1.2% | CASH EQUIVALENTS **—** 1.2% | CASH EQUIVALENTS **—** 1.2% | CASH EQUIVALENTS **—** 1.2% |
|  DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) |
| 4531945 | 32364011 | (32148066) |  |  | 243029 |  | 4747890 | 4747890 |
|  DWS ESG Liquidity Fund "Capital Shares" (e) | DWS ESG Liquidity Fund "Capital Shares" (e) | DWS ESG Liquidity Fund "Capital Shares" (e) | DWS ESG Liquidity Fund "Capital Shares" (e) | DWS ESG Liquidity Fund "Capital Shares" (e) | DWS ESG Liquidity Fund "Capital Shares" (e) | DWS ESG Liquidity Fund "Capital Shares" (e) | DWS ESG Liquidity Fund "Capital Shares" (e) | DWS ESG Liquidity Fund "Capital Shares" (e) |
| 129095 |  | (129095) | (11) | 11 | 284 |  |  |  |
| **5510840** | **36380311** | **(32277161)** | **(11)** | **11** | **281684** |  | **9613990** | **9613990** |

---

See Notes to Financial Statements.

**86** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

May 31, 2025

\* 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, 2025 amounted to $4,631,616, which is 1.2% of net assets.

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

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

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2025.

(e) Affiliated fund managed by DWS Investment Management Americas, Inc.

 <br> REIT: Real Estate Investment Trust

At May 31, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract Description** | **Currency** | **Number of**<br> **Contracts** | **Notional**<br> **Amount<br>($)** | **Contract Value<br>($)** | **Expiration**<br> **Date** | **Unrealized**<br> **Appreciation ($)** |
|  MSCI Japan Index | USD | 8 | 730080 | 754640 | 6/20/2025 | 24560 |
|  Nikkei 225 Index | JPY | 5 | 1278628 | 1319017 | 6/12/2025 | 40389 |
|  TOPIX Index | JPY | 40 | 7526412 | 7776504 | 6/12/2025 | 250092 |
|  **Total unrealized appreciation** |  |  |  |  |  | **315041** |

---

At May 31, 2025, the Fund had the following forward foreign currency contracts outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement**<br>**Date** | **Currency To**<br>**Deliver** | **Currency To**<br>**Deliver** | **Currency To**<br>**Receive** | **Currency To**<br>**Receive** | **Unrealized**<br>**Appreciation ($)** | **Unrealized**<br>**Depreciation ($)** |
|  RBC Capital Markets | 6/3/2025 | JPY | 58652031750 | USD | 412670492 | 4928899 |  |
|  RBC Capital Markets | 6/3/2025 | USD | 33455027 | JPY | 4754789000 |  | (400328) |
|  RBC Capital Markets | 6/3/2025 | USD | 3584147 | JPY | 518242700 | 18612 |  |
|  RBC Capital Markets | 6/3/2025 | USD | 3522974 | JPY | 518242700 | 79784 |  |
|  RBC Capital Markets | 6/3/2025 | USD | 7156731 | JPY | 1036485400 | 48786 |  |
|  RBC Capital Markets | 6/3/2025 | USD | 359155008 | JPY | 51824271950 | 1120852 |  |
|  RBC Capital Markets | 7/2/2025 | JPY | 51824271950 | USD | 360331934 |  | (1133294) |
|  RBC Capital Markets | 7/2/2025 | JPY | 3921073000 | USD | 27262876 |  | (85922) |
|  **Total unrealized appreciation (depreciation)** |  |  |  |  |  | **6196933** | **(1619544)** |

---

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.

DBX ETF Trust \| **87** 

------

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

May 31, 2025

#### 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, 2025 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) | $379934695 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379934695 |
|  Exchange-Traded Funds | 197010 |  |  | 197010 |
|  Short-Term Investments (a) | 9613990 |  |  | 9613990 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts |  | 6196933 |  | 6196933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 315041 |  |  | 315041 |
|  **TOTAL** | $**390060736** | $**6196933** | $**—** | $**396257669** |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $— | $(1619544) | $— | $(1619544) |
|  **TOTAL** | $**—** | $**(1619544)** | $**—** | $**(1619544)** |

---

(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

------

Statements of Assets and Liabilities

May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers MSCI**<br> **All World ex US**<br> **Hedged Equity**<br> **ETF** | **Xtrackers MSCI**<br> **EAFE Hedged**<br> **Equity ETF** | **Xtrackers MSCI**<br> **Emerging**<br> **Markets**<br> **Hedged Equity**<br> **ETF** | **Xtrackers MSCI**<br> **Europe Hedged**<br> **Equity ETF** |
|  **Assets** |  |  |  |  |
|  Investment in non-affiliated securities at value | $171590030 | $7805539080 | $66864548 | $658233821 |
|  Investment in affiliated securities at value | 463429 | 21674545 |  | 2760841 |
|  Investment in DWS Government Money Market Series | 1734283 | 95373226 | 855034 | 14028943 |
|  Investment in DWS Government & Agency Securities Portfolio\* |  | 87680530 |  | 5319270 |
|  Cash | 335 |  | 475 |  |
|  Foreign currency at value | 1038454 | 52774254 | 182831 | 5743025 |
| Receivable for return of collateral pledged for forward foreign currency contracts | 470000 |  | 760000 |  |
|  Unrealized appreciation on forward foreign currency contracts | 1054193 | 46718973 | 514163 | 2144437 |
|  Deposit with broker for futures contracts | 275268 | 13932284 | 90329 | 1682396 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 4276909 | 53794405 | 1772401 | 3443105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares |  |  |  | 4427622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  |  |  | 171007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 541085 | 31640322 | 116670 | 1416698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 6110 | 410493 | 1950 | 75511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income | 371 | 144221 | 3 | 13694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaim | 237036 | 16916208 | 584 | 3012865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $181687503 | $8226598541 | $71158988 | $702473235 |
|  **Liabilities** |  |  |  |  |
|  Payable upon return of securities loaned | $— | $87680530 | $— | $5319270 |
|  Unrealized depreciation on forward foreign currency contracts | 1435717 | 32154639 | 1263435 | 2129815 |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 2734326 | 72865024 | 718270 | 10039542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 59016 | 2335164 | 38645 | 250965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 65872 | 281020 | 35841 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign tax | 393666 |  | 613551 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IRS closing agreement fee |  |  |  | 180000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other expenses |  | 21500 |  | 41500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 4688597 | 195337877 | 2669742 | 17961092 |
|  **Net Assets, at value** | $**176998906** | $**8031260664** | $**68489246** | $**684512143** |
|  **Net Assets Consist of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $151001226 | $6752002384 | $68106740 | $706692670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | 25997680 | 1279258280 | 382506 | (22180527) |
|  **Net Assets, at value** | $**176998906** | $**8031260664** | $**68489246** | $**684512143** |
|  Number of Common Shares outstanding | 4850001 | 178150001 | 2600001 | 14950001 |
|  **Net Asset Value** | $36.49 | $45.08 | $26.34 | $45.79 |
|  Investment in non-affiliated securities at cost | $128659338 | $5771990216 | $45848804 | $570046098 |
|  Investment in affiliated securities at cost | $310726 | $13401415 | $— | $2215164 |
|  Value of securities loaned | $— | $83154499 | $— | $5024027 |
| Investment in DWS Government Money Market Series at cost | $1734283 | $95373226 | $855034 | $14028943 |
| Investment in DWS Government & Agency Securities Portfolio at cost\* | $— | $87680530 | $— | $5319270 |
|  Foreign currency at cost | $1059525 | $51935335 | $232044 | $5619869 |

---

\* Represents collateral on securities loaned.

See Notes to Financial Statements.

DBX ETF Trust \| **89** 

------

Statements of Assets and Liabilities (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Xtrackers**<br> **MSCI Eurozone**<br> **Hedged Equity**<br> **ETF** | **Xtrackers MSCI**<br> **Japan Hedged**<br> **Equity ETF** |
|  **Assets** |  |  |
|  Investment in non-affiliated securities at value | $74535508 | $380131705 |
|  Investment in affiliated securities at value | 545004 |  |
|  Investment in DWS Government Money Market Series | 166743 | 4747890 |
|  Investment in DWS Government & Agency Securities Portfolio\* | 700075 | 4866100 |
|  Foreign currency at value | 876246 | 696860 |
|  Unrealized appreciation on forward foreign currency contracts | 224799 | 6196933 |
|  Deposit with broker for futures contracts | 92129 | 587256 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 1348519 | 1557907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares | 12102 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 91292 | 3560937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 589 | 17508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income | 749 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaim | 61038 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $78654793 | $402363621 |
|  **Liabilities** |  |  |
|  Payable upon return of securities loaned | $700075 | $4866100 |
|  Unrealized depreciation on forward foreign currency contracts | 84687 | 1619544 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 876495 | 5784220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares | 527225 | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 28127 | 147941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 10612 | 35704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2227221 | 12454303 |
|  **Net Assets, at value** | $**76427572** | $**389909318** |
|  **Net Assets Consist of** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $69271887 | $437585905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | 7155685 | (47676587) |
|  **Net Assets, at value** | $**76427572** | $**389909318** |
|  Number of Common Shares outstanding | 1450001 | 5000001 |
|  **Net Asset Value** | $52.71 | $77.98 |
|  Investment in non-affiliated securities at cost | $64458912 | $308507385 |
|  Investment in affiliated securities at cost | $377657 | $— |
|  Value of securities loaned | $657382 | $4631616 |
|  Investment in DWS Government Money Market Series at cost | $166743 | $4747890 |
|  Investment in DWS Government & Agency Securities Portfolio at cost\* | $700075 | $4866100 |
|  Foreign currency at cost | $864913 | $694842 |

---

\* Represents collateral on securities loaned.

See Notes to Financial Statements.

**90** \| DBX ETF Trust

------

Statements of Operations

For the Year Ended May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers MSCI**<br> **All World ex US**<br> **Hedged Equity**<br> **ETF** | **Xtrackers MSCI**<br> **EAFE Hedged**<br> **Equity ETF** | **Xtrackers MSCI**<br> **Emerging**<br> **Markets**<br> **Hedged Equity**<br> **ETF** | **Xtrackers MSCI**<br> **Europe Hedged**<br> **Equity ETF** |
|  **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income\* | $4302988 | $212304856 | $2013996 | $19043571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 8058 | 605516 |  | 75322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income distributions from affiliated funds | 136297 | 4593390 | 50886 | 415716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income | 2240 | 828727 | 625 | 74699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income |  | 128829 |  | 28361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 4449583 | 218461318 | 2065507 | 19637669 |
|  **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 592996 | 23877843 | 475082 | 2633419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense (see note 2): | 1299 | 6886 | 5730 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 1150 | 55150 | 58 | 23150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 595445 | 23939879 | 480870 | 2657359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less fees waived (see note 3): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver | (3410) | (106567) | (1125) | (9800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 592035 | 23833312 | 479745 | 2647559 |
|  Net investment income (loss) | 3857548 | 194628006 | 1585762 | 16990110 |
|  **Realized and Unrealized Gain (Loss)** |  |  |  |  |
|  Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments\*\* | (2684186) | (178674303) | 1108117 | (18973946) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates | 2834 | (1475610) |  | (106832) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 6105647 | 77087918 | 564772 | 12130680 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions in affiliates | 12708 | 122113 |  | 29867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 642 | 5592866 | 73906 | 1179763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 60783 | 1936425 | 44607 | 331338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (5660108) | (397693889) | 49727 | (39497480) |
|  Net realized gain (loss) | (2161680) | (493104480) | 1841129 | (44906610) |
|  Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments\*\*\* | 12845256 | 864790688 | 4935510 | 67466453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates | 99665 | 10302701 |  | 1176315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 197448 | 2061104 | 31815 | 236872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (2551) | 2221724 | (55885) | 227692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 967527 | 80425623 | (485400) | 8608543 |
|  Net change in unrealized appreciation (depreciation) | 14107345 | 959801840 | 4426040 | 77715875 |
| Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 11945665 | 466697360 | 6267169 | 32809265 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $15803213 | $661325366 | $7852931 | $49799375 |
|  \* Unaffiliated foreign tax withheld | $490845 | $19086463 | $238696 | $1818292 |
|  \*\* Including foreign taxes | $77861 | $— | $354491 | $— |
|  \*\*\* Including (Net of) change in deferred foreign taxes | $(88257) | $— | $75931 | $— |

---

† Total investment income includes $2,296,389 and $558,644 of non-recurring foreign dividend reclaims, and $128,829 and $28,361 of non-recurring related interest which are included in Unaffiliated dividend income and Other income, respectively for Xtrackers MSCI EAFE Hedged Equity ETF and Xtrackers MSCI Europe Hedged Equity ETF, respectively.

See Notes to Financial Statements.

DBX ETF Trust \| **91** 

------

Statements of Operations (Continued)

For the Year Ended May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Xtrackers**<br> **MSCI Eurozone**<br> **Hedged Equity**<br> **ETF** | **Xtrackers MSCI**<br> **Japan Hedged**<br> **Equity ETF** |
|  **Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income\* | $1751106 | $8785815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 15121 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income distributions from affiliated funds | 6075 | 243313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income | 5874 | 38371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated securities lending income, net of borrower rebates | 260 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 1778436 | 9067499 |
|  **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 208811 | 1847556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 173 | 2150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 208984 | 1849706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less fees waived (see note 3): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver | (132) | (5659) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 208852 | 1844047 |
|  Net investment income (loss) | 1569584 | 7223452 |
|  **Realized and Unrealized Gain (Loss)** |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (1189929) | (13600019) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates | (7024) | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 2587379 | 31392485 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions in affiliates | 27777 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (5835) | (460957) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 17846 | (204842) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (3521282) | (25907502) |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments by Affiliates (see note 6) |  | 3631 |
|  Net realized gain (loss) | (2091068) | (8777215) |
|  Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 5987717 | 18492891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates | 148088 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 26780 | 303234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 12022 | 217256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 666888 | 3122055 |
|  Net change in unrealized appreciation (depreciation) | 6841495 | 22135447 |
|  Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 4750427 | 13358232 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $6320011 | $20581684 |
|  \* Unaffiliated foreign tax withheld | $285458 | $975322 |

---

See Notes to Financial Statements.

**92** \| DBX ETF Trust

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers MSCI All World ex US** | **Xtrackers MSCI All World ex US** | **Xtrackers MSCI EAFE Hedged** | **Xtrackers MSCI EAFE Hedged** |
|  | **Hedged Equity ETF** | **Hedged Equity ETF** | **Equity ETF** | **Equity ETF** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **May 31, 2025** | **May 31, 2024** | **May 31, 2025** | **May 31, 2024** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
|  Net investment income (loss) | $3857548 | $3664416 | $194628006 | $136625119 |
|  Net realized gain (loss) | (2161680) | 5822194 | (493104480) | 281609450 |
|  Net change in net unrealized appreciation (depreciation) | 14107345 | 16332214 | 959801840 | 595776833 |
| Net increase (decrease) in net assets resulting from operations | 15803213 | 25818824 | 661325366 | 1014011402 |
|  **Distributions to Shareholders** | (2397520) | (4798675) | (82236139) | (191362884) |
|  **Fund Shares Transactions** |  |  |  |  |
|  Proceeds from shares sold | 31504679 |  | 1635716705 | 1111866112 |
|  Value of shares redeemed | (21830648) |  | (167245555) |  |
| Net increase (decrease) in net assets resulting from fund share transactions | 9674031 |  | 1468471150 | 1111866112 |
|  Total net increase (decrease) in Net Assets | 23079724 | 21020149 | 2047560377 | 1934514630 |
|  **Net Assets** |  |  |  |  |
|  Beginning of year | 153919182 | 132899033 | 5983700287 | 4049185657 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176998906 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153919182 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8031260664 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5983700287 |
|  **Changes in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of year | 4600001 | 4600001 | 143550001 | 114150001 |
|  Shares sold | 900000 |  | 38600000 | 29400000 |
|  Shares redeemed | (650000) |  | (4000000) |  |
|  Shares outstanding, end of year | 4850001 | 4600001 | 178150001 | 143550001 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **93** 

------

Statements of Changes in Net Assets (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers MSCI Emerging** | **Xtrackers MSCI Emerging** | **Xtrackers MSCI Europe Hedged** | **Xtrackers MSCI Europe Hedged** |
|  | **Markets Hedged Equity ETF** | **Markets Hedged Equity ETF** | **Equity ETF** | **Equity ETF** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **May 31, 2025** | **May 31, 2024** | **May 31, 2025** | **May 31, 2024** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
|  Net investment income (loss) | $1585762 | $2185338 | $16990110 | $14450769 |
|  Net realized gain (loss) | 1841129 | 4372699 | (44906610) | 46104664 |
|  Net change in net unrealized appreciation (depreciation) | 4426040 | 5394102 | 77715875 | 40667873 |
|  Net increase (decrease) in net assets resulting from operations | 7852931 | 11952139 | 49799375 | 101223306 |
|  **Distributions to Shareholders** | (1740485) | (2456982) | (390610) | (17261146) |
|  **Fund Shares Transactions** |  |  |  |  |
|  Proceeds from shares sold |  | 6775025 | 133081049 | 157074836 |
|  Value of shares redeemed | (10265473) | (32417391) | (55218970) | (142479345) |
| Net increase (decrease) in net assets resulting from fund share transactions | (10265473) | (25642366) | 77862079 | 14595491 |
|  Total net increase (decrease) in Net Assets | (4153027) | (16147209) | 127270844 | 98557651 |
|  **Net Assets** |  |  |  |  |
|  Beginning of year | 72642273 | 88789482 | 557241299 | 458683648 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68489246 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72642273 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684512143 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557241299 |
|  **Changes in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of year | 3000001 | 4050001 | 13250001 | 12550001 |
|  Shares sold |  | 300000 | 3050000 | 4250000 |
|  Shares redeemed | (400000) | (1350000) | (1350000) | (3550000) |
|  Shares outstanding, end of year | 2600001 | 3000001 | 14950001 | 13250001 |

---

See Notes to Financial Statements.

**94** \| DBX ETF Trust

------

Statements of Changes in Net Assets (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers MSCI Eurozone Hedged** | **Xtrackers MSCI Eurozone Hedged** | **Xtrackers MSCI Japan Hedged** | **Xtrackers MSCI Japan Hedged** |
|  | **Equity ETF** | **Equity ETF** | **Equity ETF** | **Equity ETF** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **May 31, 2025** | **May 31, 2024** | **May 31, 2025** | **May 31, 2024** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
|  Net investment income (loss) | $1569584 | $934958 | $7223452 | $5397629 |
|  Net realized gain (loss) | (2091068) | 3459457 | (8777215) | 68488599 |
|  Net change in net unrealized appreciation (depreciation) | 6841495 | 2671579 | 22135447 | 35899155 |
|  Net increase (decrease) in net assets resulting from operations | 6320011 | 7065994 | 20581684 | 109785383 |
|  **Distributions to Shareholders** | (241630) | (693739) | (12059378) | (16910387) |
|  **Fund Shares Transactions** |  |  |  |  |
|  Proceeds from shares sold | 38709313 | 13945201 | 48707187 | 94852083 |
|  Value of shares redeemed | (8056979) | (8185401) | (98541867) | (47515291) |
| Net increase (decrease) in net assets resulting from fund share transactions | 30652334 | 5759800 | (49834680) | 47336792 |
|  Total net increase (decrease) in Net Assets | 36730715 | 12132055 | (41312374) | 140211788 |
|  **Net Assets** |  |  |  |  |
|  Beginning of year | 39696857 | 27564802 | 431221692 | 291009904 |
|  End of year | $76427572 | $39696857 | $389909318 | $431221692 |
|  **Changes in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of year | 850001 | 700001 | 5700001 | 5100001 |
|  Shares sold | 760000 | 350000 | 650000 | 1400000 |
|  Shares redeemed | (160000) | (200000) | (1350000) | (800000) |
|  Shares outstanding, end of year | 1450001 | 850001 | 5000001 | 5700001 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **95** 

------

Financial Highlights

Xtrackers MSCI All World ex US Hedged Equity ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $33.46 | $28.89 | $31.45 | $33.37 | $25.63 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.90 | 0.80 | 0.81 | 0.88 | 0.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.71 | 4.81 | 0.25 | (2.11) | 7.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.61 | 5.61 | 1.06 | (1.23) | 8.37 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.58) | (1.04) | (0.62) | (0.69) | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  |  | (3.00) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.58) | (1.04) | (3.62) | (0.69) | (0.63) |
|  Net Asset Value, end of year | $36.49 | $33.46 | $28.89 | $31.45 | $33.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 10.95 | 20.06 | 4.02 | (3.79) | 33.10 |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
|  Net Assets, end of year ($ millions) | 177 | 154 | 133 | 156 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.40 | 0.40 | 0.41 | 0.40 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.40 | 0.40 | 0.41 | 0.40 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 2.60 | 2.63 | 2.77 | 2.69 | 2.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 13 | 9 | 14 | 6 | 14 |

---

(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.

**96** \| DBX ETF Trust

------

Financial Highlights (Continued)

Xtrackers MSCI EAFE Hedged Equity ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $41.68 | $35.47 | $37.41 | $37.54 | $29.75 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 1.20 | 1.08 | 1.05 (b) | 1.13 | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.73 | 6.78 | 2.12 | (0.37) | 7.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.93 | 7.86 | 3.17 | 0.76 | 8.60 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.53) | (1.65) | (0.64) | (0.89) | (0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  |  | (4.47) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.53) | (1.65) | (5.11) | (0.89) | (0.81) |
|  Net Asset Value, end of year | $45.08 | $41.68 | $35.47 | $37.41 | $37.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(c)** | 9.53 | 23.12 | 9.62 | 2.01 | 29.41 |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
|  Net Assets, end of year ($ millions) | 8031 | 5984 | 4049 | 4241 | 3955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.35 | 0.35 | 0.36 | 0.35 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.35 | 0.35 | 0.36 | 0.35 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 2.85 | 2.91 | 2.99 (b) | 2.97 | 2.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(d) | 12 | 11 | 19 | 4 | 8 |

---

(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.

DBX ETF Trust \| **97** 

------

Financial Highlights (Continued)

Xtrackers MSCI Emerging Markets Hedged Equity ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $24.21 | $21.92 | $23.77 | $29.36 | $21.03 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.55 | 0.52 | 0.52 | 0.53 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.20 | 2.36 | (1.80) | (5.65) | 8.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.75 | 2.88 | (1.28) | (5.12) | 8.81 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.62) | (0.59) | (0.57) | (0.47) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.62) | (0.59) | (0.57) | (0.47) | (0.48) |
|  Net Asset Value, end of year | $26.34 | $24.21 | $21.92 | $23.77 | $29.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 11.47 | 13.39 | (5.40) | (17.67) | 42.20 |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
|  Net Assets, end of year ($ millions) | 68 | 73 | 89 | 97 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.66 | 0.67 | 0.66 | 0.65 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.66 | 0.67 | 0.66 | 0.65 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 2.17 | 2.30 | 2.33 | 2.00 | 1.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 10 | 17 | 16 | 14 | 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.

**98** \| DBX ETF Trust

------

Financial Highlights (Continued)

Xtrackers MSCI Europe Hedged Equity ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $42.06 | $36.55 | $34.31 | $34.02 | $26.91 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 1.24 | 1.04 | 1.04 (b) | 0.97 | 0.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.52 | 5.85 | 1.85 | (0.00)(c) | 7.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.76 | 6.89 | 2.89 | 0.97 | 7.84 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.03) | (1.38) | (0.65) | (0.68) | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.03) | (1.38) | (0.65) | (0.68) | (0.73) |
|  Net Asset Value, end of year | $45.79 | $42.06 | $36.55 | $34.31 | $34.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(d)** | 8.86 | 19.47 | 8.77 | 2.85 | 29.68 |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
|  Net Assets, end of year ($ millions) | 685 | 557 | 459 | 527 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.45 | 0.45 | 0.48 | 0.45 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.45 | 0.45 | 0.48 | 0.45 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 2.90 | 2.77 | 3.06 (b) | 2.77 | 2.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(e) | 10 | 12 | 13 | 5 | 9 |

---

(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.

DBX ETF Trust \| **99** 

------

Financial Highlights (Continued)

Xtrackers MSCI Eurozone Hedged Equity ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $46.70 | $39.38 | $36.25 | $37.92 | $28.10 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 1.61 | 1.02 | 1.35 | 0.88 | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.68 | 7.07 | 2.37 | (1.90) | 9.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 6.29 | 8.09 | 3.72 | (1.02) | 10.47 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.28) | (0.77) | (0.59) | (0.65) | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.28) | (0.77) | (0.59) | (0.65) | (0.65) |
|  Net Asset Value, end of year | $52.71 | $46.70 | $39.38 | $36.25 | $37.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 13.56 | 20.95 | 10.57 | (2.77) | 37.79 |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
|  Net Assets, end of year ($ millions) | 76 | 40 | 28 | 13 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 3.38 | 2.46 | 3.65 | 2.32 | 2.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 12 | 14 | 14 | 7 | 10 |

---

(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.

**100** \| DBX ETF Trust

------

Financial Highlights (Continued)

Xtrackers MSCI Japan Hedged Equity ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $75.65 | $57.06 | $48.84 | $49.08 | $39.80 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 1.30 | 1.08 | 1.00 | 0.79 | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.15 | 20.74 | 7.61 | 0.13 | 9.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 4.45 | 21.82 | 8.61 | 0.92 | 10.44 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (2.12) | (3.23) | (0.39) | (1.16) | (1.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (2.12) | (3.23) | (0.39) | (1.16) | (1.16) |
|  Net Asset Value, end of year | $77.98 | $75.65 | $57.06 | $48.84 | $49.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 6.07 | 40.04 | 17.78 | 1.87 | 26.96 |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
|  Net Assets, end of year ($ millions) | 390 | 431 | 291 | 191 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.45 | 0.45 | 0.47 | 0.45 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.45 | 0.45 | 0.46 | 0.45 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.76 | 1.66 | 1.98 | 1.61 | 1.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 17 | 15 | 18 | 6 | 12 |

---

(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.

DBX ETF Trust \| **101** 

------

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, 2025, the Trust consists of forty 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 EAFE Hedged Equity ETF

Xtrackers MSCI Emerging Markets Hedged Equity ETF

Xtrackers MSCI Europe Hedged Equity ETF

Xtrackers MSCI Eurozone 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, except for Xtrackers MSCI EAFE Hedged Equity ETF which lots consist of 200,000 shares and Xtrackers MSCI Eurozone Hedged Equity ETF which lots consists of 10,000 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 EAFE Hedged Equity ETF | MSCI EAFE 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 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 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 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 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.

**102** \| DBX ETF Trust

------

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

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

Each Fund is a diversified series of the Trust. 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. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. 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.

In this reporting period, each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer, acts as each Fund's CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by each Fund's portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.

**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

DBX ETF Trust \| **103** 

------

significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

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

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

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

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.

**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.

**104** \| DBX ETF Trust

------

The Funds file tax returns with the Internal Revenue Service, the State of New York, and various other states. Specific to

U.S. federal and state taxes, generally, each of the tax years in the four-year period ended May 31, 2024, remains subject to examination by taxing authorities. Specific to foreign countries in which the Funds invest, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions. The open tax years vary by each jurisdiction in which each Fund invests.

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, 2025, the Funds did not incur any interest or penalties.

As of May 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Undistributed<br>Ordinary Income<sup>\*</sup>** | **Capital and Other<br>Gains (Losses)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Total Accumulated<br>Earnings (Losses)** |
|  Xtrackers MSCI All World ex US Hedged Equity ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3769579 | $(17277448) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39505549 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25997680 |
|  Xtrackers MSCI EAFE Hedged Equity ETF | 249980930 | (789072733) | 1818350083 | 1279258280 |
|  Xtrackers MSCI Emerging Markets Hedged Equity ETF | 466214 | (15940083) | 15856375 | 382506 |
|  Xtrackers MSCI Europe Hedged Equity ETF | 21314500 | (115033229) | 71538202 | (22180527) |
|  Xtrackers MSCI Eurozone Hedged Equity ETF | 2291363 | (4131389) | 8995711 | 7155685 |
|  Xtrackers MSCI Japan Hedged Equity ETF | 13265154 | (118397363) | 57455622 | (47676587) |

---

The tax character of dividends and distributions declared for the years ended May 31, 2025 and May 31, 2024 were as follows:

---

| | |
|:---|:---|
|  | **Year Ended May 31, <br>2025** |
|  | **Ordinary Income<sup>\*</sup>** |
|  Xtrackers MSCI All World ex US Hedged Equity ETF | $2397520 |
|  Xtrackers MSCI EAFE Hedged Equity ETF | 82236139 |
|  Xtrackers MSCI Emerging Markets Hedged Equity ETF | 1740485 |
|  Xtrackers MSCI Europe Hedged Equity ETF | 390610 |
|  Xtrackers MSCI Eurozone Hedged Equity ETF | 241630 |
|  Xtrackers MSCI Japan Hedged Equity ETF | 12059378 |
|  | <br> **Year Ended May 31, <br>2024** |
|  | **Ordinary Income<sup>\*</sup>** |
|  Xtrackers MSCI All World ex US Hedged Equity ETF | $4798675 |
|  Xtrackers MSCI EAFE Hedged Equity ETF | 191362884 |
|  Xtrackers MSCI Emerging Markets Hedged Equity ETF | 2456982 |
|  Xtrackers MSCI Europe Hedged Equity ETF | 17261146 |
|  Xtrackers MSCI Eurozone Hedged Equity ETF | 693739 |
|  Xtrackers MSCI Japan Hedged Equity ETF | 16910387 |

---

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

DBX ETF Trust \| **105** 

------

At May 31, 2025, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term** | **Long-Term** | **Total Amount** |
|  Xtrackers MSCI All World ex US Hedged Equity ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2928317 | $14349131 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17277448 |
|  Xtrackers MSCI EAFE Hedged Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199324525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589748208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789072733 |
|  Xtrackers MSCI Emerging Markets Hedged Equity ETF | 6846323 | 9093760 | 15940083 |
|  Xtrackers MSCI Europe Hedged Equity ETF | 15798353 | 99234876 | 115033229 |
|  Xtrackers MSCI Eurozone Hedged Equity ETF | 1412864 | 2718525 | 4131389 |
|  Xtrackers MSCI Japan Hedged Equity ETF | 43989300 | 74408063 | 118397363 |

---

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, 2025, the Funds had no post-October capital losses.

For the fiscal year ended May 31, 2025, 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<br>earnings (loss)** | **Paid-In Capital** |
|  Xtrackers MSCI All World ex US Hedged Equity ETF | $(5713671) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5713671 |
|  Xtrackers MSCI EAFE Hedged Equity ETF | (72973673) | 72973673 |
|  Xtrackers MSCI Emerging Markets Hedged Equity ETF | (449788) | 449788 |
|  Xtrackers MSCI Europe Hedged Equity ETF | (10728677) | 10728677 |
|  Xtrackers MSCI Eurozone Hedged Equity ETF | (2504723) | 2504723 |
|  Xtrackers MSCI Japan Hedged Equity ETF | (26133686) | 26133686 |

---

As of May 31, 2025, 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<br>Appreciation<br>(Depreciation)** | **Aggregate Gross<br>Unrealized<br>Appreciation** | **Aggregate Gross <br>Unrealized<br>(Depreciation)** |
|  Xtrackers MSCI All World ex US Hedged Equity ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133633914 | $39904095 | $48624417 | $(8720322) |
|  Xtrackers MSCI EAFE Hedged Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6202265565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816367860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041444838 | (225076978) |
|  Xtrackers MSCI Emerging Markets Hedged Equity ETF | 50643822 | 16531858 | 25355457 | &nbsp;&nbsp;&nbsp;&nbsp;(8823599) |
|  Xtrackers MSCI Europe Hedged Equity ETF | 609015678 | 71305698 | 120294270 | &nbsp;&nbsp;&nbsp;&nbsp;(48988572) |
|  Xtrackers MSCI Eurozone Hedged Equity ETF | 66992848 | 8981592 | 12551718 | &nbsp;&nbsp;&nbsp;&nbsp;(3570126) |
|  Xtrackers MSCI Japan Hedged Equity ETF | 333810377 | 57346651 | 77270551 | &nbsp;&nbsp;&nbsp;&nbsp;(19923900) |

---

**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, 2025, if any, are disclosed in the Funds' Statements of Assets and Liabilities.

In consideration of recent decisions rendered by European courts, Xtrackers MSCI EAFE Hedged Equity ETF and Xtrackers MSCI Europe Hedged Equity ETF have 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, 2025, Xtrackers MSCI EAFE Hedged Equity ETF and Xtrackers MSCI Europe Hedged Equity ETF 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 Funds, if any, reduce the amount of foreign taxes Fund shareholders can use as tax credits in their individual income tax returns. In the event

**106** \| DBX ETF Trust

------

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. For the year ended May 31, 2025, the EU reclaims received by the Funds did not exceed the foreign withholding taxes of the Funds. During the fiscal year ended May 31, 2023, the EU reclaims received for Xtrackers MSCI Europe Hedged Equity ETF exceeded the foreign withholding taxes of the Fund. As a result, the Fund entered into a closing agreement with the IRS and recognized a closing agreement fee of $180,000.

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

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

**Securities Lending.** National Financial Services LLC (Fidelity Agency Lending), serves as securities lending agent for

Xtrackers MSCI EAFE Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. Deutsche Bank AG, serves as securities lending agent for Xtrackers MSCI All World ex US Hedged Equity ETF and Xtrackers MSCI Emerging Markets Hedged Equity ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities 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, 2025, the Funds invested the cash collateral, if any into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.13% annualized effective rate as of May 31, 2025) 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, 2025, 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, 2025** | **Remaining Contractual Maturity of the Agreements, as of May 31, 2025** | | | | |
| **Securities Lending Transactions** | **Overnight<br>and<br>Continuous** | **<30 Days** | **Between**<br> **30 & 90**<br> **Days** | **>90 Days** | **Total** |
|  **Xtrackers MSCI EAFE Hedged Equity ETF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84787252 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84787252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $2883650 | $— | $— | $— | $2883650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rights | $9628 | $— | $— | $— | $9628 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Borrowings** | $87680530 | $— | $— | $— | $87680530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions |  |  | $87680530 |
|  **Xtrackers MSCI Europe Hedged Equity ETF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $5319270 | $— | $— | $— | $5319270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions |  |  | $5319270 |
|  **Xtrackers MSCI Eurozone Hedged Equity ETF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $700075 | $— | $— | $— | $700075 |

---

DBX ETF Trust \| **107** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions |  | $700075 |
|  **Xtrackers MSCI Japan Hedged Equity ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4696050 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4696050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $170050 | $— | $| $170050 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Borrowings** | $4886100 | $— | $| $4886100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and cash collateral for securities lending transactions |  | $4886100 |

---

As of May 31, 2025, Xtrackers MSCI All World ex US Hedged Equity ETF and Xtrackers MSCI Emerging Markets 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, 2025, Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI EAFE 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 Japan Hedged Equity ETF invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against 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, 2025 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, 2025.

**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, 2025, Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI EAFE 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 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, 2025 is included in a table following the Funds' Schedule of

Investments.

**108** \| DBX ETF Trust

------

The following tables summarize the value of the Funds' derivative instruments held as of May 31, 2025 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** | **Xtrackers MSCI All World ex US Hedged Equity ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures<br> contracts<sup>\*</sup>  | $235169 | Unrealized depreciation on futures<br> contracts<sup>\*</sup>  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts | Unrealized appreciation on forward<br> foreign currency contracts | 1054193 | Unrealized depreciation on forward<br> foreign currency contracts | 1435717 |
|  | Total | $1289362 | Total | $1435717 |
|  **Xtrackers MSCI EAFE Hedged Equity ETF** | **Xtrackers MSCI EAFE Hedged Equity ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures<br> contracts<sup>\*</sup>  | $5356005 | Unrealized depreciation on futures<br> contracts<sup>\*</sup>  | $321586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts | Unrealized appreciation on forward<br> foreign currency contracts | 46718973 | Unrealized depreciation on forward<br> foreign currency contracts | 32154639 |
|  | Total | $52074978 | Total | $32476225 |
|  **Xtrackers MSCI Emerging Markets Hedged Equity ETF** | **Xtrackers MSCI Emerging Markets Hedged Equity ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures<br> contracts<sup>\*</sup>  | $32029 | Unrealized depreciation on futures<br> contracts<sup>\*</sup>  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts | Unrealized appreciation on forward<br> foreign currency contracts | 514163 | Unrealized depreciation on forward<br> foreign currency contracts | 1263435 |
|  | Total | $546192 | Total | $1263435 |
|  **Xtrackers MSCI Europe Hedged Equity ETF** | **Xtrackers MSCI Europe Hedged Equity ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures<br> contracts<sup>\*</sup>  | $440210 | Unrealized depreciation on futures<br> contracts<sup>\*</sup>  | $101991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts | Unrealized appreciation on forward<br> foreign currency contracts | 2144437 | Unrealized depreciation on forward<br> foreign currency contracts | 2129815 |
|  | Total | $2584647 | Total | $2231806 |
|  **Xtrackers MSCI Eurozone Hedged Equity ETF** | **Xtrackers MSCI Eurozone Hedged Equity ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures<br> contracts<sup>\*</sup>  | $24508 | Unrealized depreciation on futures<br> contracts<sup>\*</sup>  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts | Unrealized appreciation on forward<br> foreign currency contracts | 224799 | Unrealized depreciation on forward<br> foreign currency contracts | 84687 |
|  | Total | $249307 | Total | $84687 |
|  **Xtrackers MSCI Japan Hedged Equity ETF** | **Xtrackers MSCI Japan Hedged Equity ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures<br> contracts<sup>\*</sup>  | $315041 | Unrealized depreciation on futures<br> contracts<sup>\*</sup>  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts | Unrealized appreciation on forward<br> foreign currency contracts | 6196933 | Unrealized depreciation on forward<br> foreign currency contracts | 1619544 |
|  | Total | $6511974 | Total | $1619544 |

---

\* Futures contracts are reported in the table above using cumulative appreciation or cumulative depreciation of futures contracts, as reported in the futures contracts table following each Fund's Schedule of Investments; within the Statement of Assets and Liabilities, the variation margin at period end is reported as Receivable (Payable) variation margin on futures contracts. 

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds' earnings during the year ended May 31, 2025 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:** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts**<br> **– Equity Contracts** | **Forward Foreign**<br> **Currency Contracts**<br> **– Foreign Exchange**<br> **Contracts** | **Total** |
|  Xtrackers MSCI All World ex US Hedged Equity ETF | $642 | $(5660108) | $(5659466) |
|  Xtrackers MSCI EAFE Hedged Equity ETF | 5592866 | (397693889) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(392101023) |
|  Xtrackers MSCI Emerging Markets Hedged Equity ETF | 73906 | 49727 | 123633 |
|  Xtrackers MSCI Europe Hedged Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179763 | (39497480) | (38317717) |
|  Xtrackers MSCI Eurozone Hedged Equity ETF | (5835) | (3521282) | (3527117) |
|  Xtrackers MSCI Japan Hedged Equity ETF | (460957) | (25907502) | (26368459) |

---

DBX ETF Trust \| **109** 

------

---

| | | | |
|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on:** | **Futures Contracts<br>– Equity Contracts** | **Forward Foreign<br>Currency Contracts<br>– Foreign Exchange<br>Contracts** | **Total** |
|  Xtrackers MSCI All World ex US Hedged Equity ETF | $197448 | $967527 | $1164975 |
|  Xtrackers MSCI EAFE Hedged Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80425623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82486727 |
|  Xtrackers MSCI Emerging Markets Hedged Equity ETF | 31815 | (485400) | (453585) |
|  Xtrackers MSCI Europe Hedged Equity ETF | 236872 | 8608543 | 8845415 |
|  Xtrackers MSCI Eurozone Hedged Equity ETF | 26780 | 666888 | 693668 |
|  Xtrackers MSCI Japan Hedged Equity ETF | 303234 | 3122055 | 3425289 |

---

For the year ended May 31, 2025 the average monthly volume of derivatives was as follows:

---

| | | |
|:---|:---|:---|
|  | **Futures Contracts<br>(Contract Value)** | **Forward Foreign<br>Currency Contracts<br>(Contract Value)** |
|  Xtrackers MSCI All World ex US Hedged Equity ETF | $3708047 | $(148875754) |
|  Xtrackers MSCI EAFE Hedged Equity ETF | 142614879 | (6741373833) |
|  Xtrackers MSCI Emerging Markets Hedged Equity ETF | 1344920 | (73317981) |
|  Xtrackers MSCI Europe Hedged Equity ETF | 12991963 | (583802027) |
|  Xtrackers MSCI Eurozone Hedged Equity ETF | 394628 | (47422604) |
|  Xtrackers MSCI Japan Hedged Equity ETF | 7193208 | (411197983) |

---

**110** \| DBX ETF Trust

------

As of May 31, 2025, 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**<br> **Amounts**<br> **of Assets**<br> **Presented**<br> **in the**<br> **Statement**<br> **of Assets**<br> **and**<br> **Liabilities**<br> **($)** | **Financial<br>Instruments<br>and**<br> **Derivatives<br>Available for<br>Offset**<br> **($)** | **Collateral**<br> **Received<br>($)(a)** | **Net<br>Amount of**<br> **Derivative**<br> **Assets**<br> **($)** | **Gross<br>Amounts of<br>Liabilities<br>Presented<br>in the<br>Statements<br>of Assets<br>and<br>Liabilities<br>($)** | **Financial<br>Instruments<br>and<br>Derivatives<br>Available for**<br> **Offset**<br> **($)** | **Collateral**<br> **Pledged<br>($)(a)** | **Net<br>Amount of<br>Derivatives<br>Liabilities<br>($)** |
|  **Xtrackers MSCI All World ex US Hedged Equity ETF** | **Xtrackers MSCI All World ex US Hedged Equity ETF** | **Xtrackers MSCI All World ex US Hedged Equity ETF** | **Xtrackers MSCI All World ex US Hedged Equity ETF** | **Xtrackers MSCI All World ex US Hedged Equity ETF** | **Xtrackers MSCI All World ex US Hedged Equity ETF** | **Xtrackers MSCI All World ex US Hedged Equity ETF** | **Xtrackers MSCI All World ex US Hedged Equity ETF** | **Xtrackers MSCI All World ex US Hedged Equity ETF** |
|  Bank of America | 136 | (136) |  |  | 14159 | (136) |  | 14023 |
|  Citigroup Global Markets | 8299 | (2725) |  | 5574 | 2725 | (2725) |  |  |
|  Goldman Sachs & Co. | 67439 | (67439) |  |  | 88052 | (67439) |  | 20613 |
|  JP Morgan & Chase Co. | 142239 | (142239) |  |  | 567469 | (142239) | (300000) | 125230 |
|  Morgan Stanley Capital | 35734 | (35734) |  |  | 36657 | (35734) |  | 923 |
|  RBC Capital Markets | 512517 | (512517) |  |  | 692532 | (512517) | (170000) | 10015 |
|  The Bank of New York Mellon | 287829 | (34123) |  | 253706 | 34123 | (34123) |  |  |
|  | 1054193 | (794913) |  | 259280 | 1435717 | (794913) | (470000) | 170804 |
|  **Xtrackers MSCI EAFE Hedged Equity ETF** | **Xtrackers MSCI EAFE Hedged Equity ETF** | **Xtrackers MSCI EAFE Hedged Equity ETF** | **Xtrackers MSCI EAFE Hedged Equity ETF** | **Xtrackers MSCI EAFE Hedged Equity ETF** | **Xtrackers MSCI EAFE Hedged Equity ETF** | **Xtrackers MSCI EAFE Hedged Equity ETF** | **Xtrackers MSCI EAFE Hedged Equity ETF** | **Xtrackers MSCI EAFE Hedged Equity ETF** |
|  Citigroup Global Markets | 568469 | (124163) |  | 444306 | 124163 | (124163) |  |  |
|  Goldman Sachs & Co. | 4378975 | (1252685) |  | 3126290 | 1252685 | (1252685) |  |  |
|  JP Morgan & Chase Co. | 242017 | (242017) |  |  | 2814238 | (242017) |  | 2572221 |
|  Morgan Stanley Capital | 2453381 | (2453381) |  |  | 2516785 | (2453381) |  | 63404 |
|  RBC Capital Markets | 28778513 | (23831555) |  | 4946958 | 23831555 | (23831555) |  |  |
|  The Bank of New York Mellon | 10297618 | (1615213) |  | 8682405 | 1615213 | (1615213) |  |  |
|  | 46718973 | (29519014) |  | 17199959 | 32154639 | (29519014) |  | 2635625 |
|  **Xtrackers MSCI Emerging Markets Hedged Equity ETF** | **Xtrackers MSCI Emerging Markets Hedged Equity ETF** | **Xtrackers MSCI Emerging Markets Hedged Equity ETF** | **Xtrackers MSCI Emerging Markets Hedged Equity ETF** | **Xtrackers MSCI Emerging Markets Hedged Equity ETF** | **Xtrackers MSCI Emerging Markets Hedged Equity ETF** | **Xtrackers MSCI Emerging Markets Hedged Equity ETF** | **Xtrackers MSCI Emerging Markets Hedged Equity ETF** | **Xtrackers MSCI Emerging Markets Hedged Equity ETF** |
|  Bank of America | 205 | (205) |  |  | 20384 | (205) |  | 20179 |
|  Citigroup Global Markets | 1055 | (1055) |  |  | 11494 | (1055) |  | 10439 |
|  Goldman Sachs & Co. | 7274 | (7274) |  |  | 91424 | (7274) |  | 84150 |
|  JP Morgan & Chase Co. | 186005 | (186005) |  |  | 650950 | (186005) | (560000) | 95055 |
|  Morgan Stanley Capital | 150 | (150) |  |  | 159 | (150) |  | 9 |
|  RBC Capital Markets | 119968 | (119968) |  |  | 472836 | (119968) | (200000) | 152868 |
|  The Bank of New York Mellon | 199506 | (16188) |  | 183318 | 16188 | (16188) |  |  |
|  | 514163 | (330845) |  | 183318 | 1263435 | (330845) | (760000) | 172590 |
|  **Xtrackers MSCI Europe Hedged Equity ETF** | **Xtrackers MSCI Europe Hedged Equity ETF** | **Xtrackers MSCI Europe Hedged Equity ETF** | **Xtrackers MSCI Europe Hedged Equity ETF** | **Xtrackers MSCI Europe Hedged Equity ETF** | **Xtrackers MSCI Europe Hedged Equity ETF** | **Xtrackers MSCI Europe Hedged Equity ETF** | **Xtrackers MSCI Europe Hedged Equity ETF** | **Xtrackers MSCI Europe Hedged Equity ETF** |
|  Citigroup Global Markets | 71454 | (16079) |  | 55375 | 16079 | (16079) |  |  |
|  Goldman Sachs & Co. | 546078 | (153036) |  | 393042 | 153036 | (153036) |  |  |
|  JP Morgan & Chase Co. | 22335 | (22335) |  |  | 154701 | (22335) |  | 132366 |
|  Morgan Stanley Capital | 312227 | (312227) |  |  | 320306 | (312227) |  | 8079 |
|  RBC Capital Markets | 105013 | (105013) |  |  | 1298928 | (105013) |  | 1193915 |
|  The Bank of New York Mellon | 1087330 | (186765) |  | 900565 | 186765 | (186765) |  |  |
|  | 2144437 | (795455) |  | 1348982 | 2129815 | (795455) |  | 1334360 |
|  **Xtrackers MSCI Eurozone Hedged Equity ETF** | **Xtrackers MSCI Eurozone Hedged Equity ETF** | **Xtrackers MSCI Eurozone Hedged Equity ETF** | **Xtrackers MSCI Eurozone Hedged Equity ETF** | **Xtrackers MSCI Eurozone Hedged Equity ETF** | **Xtrackers MSCI Eurozone Hedged Equity ETF** | **Xtrackers MSCI Eurozone Hedged Equity ETF** | **Xtrackers MSCI Eurozone Hedged Equity ETF** | **Xtrackers MSCI Eurozone Hedged Equity ETF** |
|  JP Morgan & Chase Co. | 71 | (71) |  |  | 1494 | (71) |  | 1423 |
|  Morgan Stanley Capital | 26469 | (26469) |  |  | 28005 | (26469) |  | 1536 |
|  RBC Capital Markets | 642 | (642) |  |  | 42705 | (642) |  | 42063 |
|  The Bank of New York Mellon | 197617 | (12483) |  | 185134 | 12483 | (12483) |  |  |
|  | 224799 | (39665) |  | 185134 | 84687 | (39665) |  | 45022 |

---

DBX ETF Trust \| **111** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross**<br> **Amounts**<br> **of Assets**<br> **Presented**<br> **in the**<br> **Statement**<br> **of Assets**<br> **and**<br> **Liabilities**<br> **($)** | **Financial**<br> **Instruments**<br> **and**<br> **Derivatives**<br> **Available for**<br> **Offset ($)** | **Collateral**<br> **Received**<br> **($)(a)** | **Net**<br> **Amount of**<br> **Derivative**<br> **Assets ($)** | **Gross**<br> **Amounts of**<br> **Liabilities**<br> **Presented**<br> **in the**<br> **Statements**<br> **of Assets**<br> **and**<br> **Liabilities**<br> **($)** | **Financial**<br> **Instruments**<br> **and**<br> **Derivatives**<br> **Available for**<br> **Offset**<br> **($)** | **Collateral**<br> **Pledged**<br> **($)(a)** | **Net**<br> **Amount of**<br> **Derivatives**<br> **Liabilities**<br> **($)** |
|  **Xtrackers MSCI Japan Hedged Equity ETF** | **Xtrackers MSCI Japan Hedged Equity ETF** | **Xtrackers MSCI Japan Hedged Equity ETF** | **Xtrackers MSCI Japan Hedged Equity ETF** | **Xtrackers MSCI Japan Hedged Equity ETF** | **Xtrackers MSCI Japan Hedged Equity ETF** | **Xtrackers MSCI Japan Hedged Equity ETF** | **Xtrackers MSCI Japan Hedged Equity ETF** | **Xtrackers MSCI Japan Hedged Equity ETF** |
|  RBC Capital Markets | 6196933 | (1619544) |  | 4577389 | 1619544 | (1619544) |  |  |
|  | 6196933 | (1619544) |  | 4577389 | 1619544 | (1619544) |  |  |

---

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

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

**Affiliated Cash Management Vehicles.** The Funds may invest uninvested cash balances in DWS Government Money Market Series and, prior to August 14, 2024, 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 net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. 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. DWS ESG Liquidity

Fund liquidated on August 14, 2024.

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 <br>Fee** |
|  Xtrackers MSCI All World ex US Hedged Equity ETF | 0.40% |
|  Xtrackers MSCI EAFE Hedged Equity ETF | 0.35% |
|  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 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, 2025, the Advisor waived expenses of the Funds as follows:

---

| | |
|:---|:---|
|  | **Expenses Waived** |
|  Xtrackers MSCI All World ex US Hedged Equity ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3410 |
|  Xtrackers MSCI EAFE Hedged Equity ETF | 106567 |
|  Xtrackers MSCI Emerging Markets Hedged Equity ETF | 1125 |
|  Xtrackers MSCI Europe Hedged Equity ETF | 9800 |
|  Xtrackers MSCI Eurozone Hedged Equity ETF | 132 |
|  Xtrackers MSCI Japan Hedged Equity ETF | 5659 |

---

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.

**112** \| DBX ETF Trust

------

The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as

Administrator, Custodian, Accounting Agent and Transfer Agent for each Fund.

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

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

**Affiliated Securities Lending Agent Fees.** Deutsche Bank AG serves as securities lending agent for the funds listed below. For the year ended May 31, 2025, the Funds incurred securities lending agent fees to Deutsche Bank AG as follows:

---

| | |
|:---|:---|
|  | **Securities Lending<br>Agent Fees** |
|  Xtrackers MSCI All World ex US Hedged Equity ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 |
|  Xtrackers MSCI Emerging Markets Hedged Equity ETF | 46 |

---

4. Investment Portfolio Transactions

For the year ended May 31, 2025, 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 | $19740228 | $21834060 |
|  Xtrackers MSCI EAFE Hedged Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813568341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934424177 |
|  Xtrackers MSCI Emerging Markets Hedged Equity ETF | 6815588 | 17371609 |
|  Xtrackers MSCI Europe Hedged Equity ETF | 58777355 | 78602539 |
|  Xtrackers MSCI Eurozone Hedged Equity ETF | 5587521 | 8935171 |
|  Xtrackers MSCI Japan Hedged Equity ETF | 67913843 | 97252028 |

---

For the year ended May 31, 2025, 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 | $22848346 | $15915496 |
|  Xtrackers MSCI EAFE Hedged Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552268407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165493729 |
|  Xtrackers MSCI Emerging Markets Hedged Equity ETF | 9022 | 2292975 |
|  Xtrackers MSCI Europe Hedged Equity ETF | 126615504 | 54188911 |
|  Xtrackers MSCI Eurozone Hedged Equity ETF | 39717341 | 8353054 |
|  Xtrackers MSCI Japan Hedged Equity ETF | 47331151 | 96102256 |

---

5. Fund Share Transactions

As of May 31, 2025, 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, 2025, the Advisor agreed to reimburse Xtrackers MSCI Japan Hedged Equity ETF $3,631 for a loss due to a 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.

DBX ETF Trust \| **113** 

------

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, future adverse political, social and economic developments, and US and foreign government actions such as the imposition of tariffs, economic and trade sanctions or embargoes. 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 or regulatory limitations; restrictions on foreign ownership which require U.S. investors to invest in offshore special purpose companies to obtain indirect exposure to Chinese issuers; custody risks associated with investing through Stock Connect, a Qualified Foreign Investor ("QFI") 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 U.S. and other countries to restrict the ability of investors outside China to invest in Chinese issuers.

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, 2025.

**114** \| DBX ETF Trust

------

Report of Independent Registered Public Accounting Firm

To the Shareholders of

Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI EAFE 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 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 MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI EAFE 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 (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, 2025, 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, 2025, 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, 2025, by correspondence with the custodian, 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.

![LOGO](g777577dsp_116.jpg)

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 23, 2025

DBX ETF Trust \| **115** 

------

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

**Xtrackers MSCI All World ex-US Hedged Equity ETF, Xtrackers MSCI EAFE 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** 

#### 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 May 13-14, 2025 (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 with respect to Xtrackers MSCI All World ex-US Hedged Equity ETF, Xtrackers MSCI EAFE 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 (each a "Fund," and collectively, the "Funds") for another annual period ending on May 31, 2026. 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 Investment Advisory 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) for Funds with two years of performance history as of December 31, 2024, 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 May 13, 2025 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 during the Meeting.

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 approve the continuation of 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.

**116** \| 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 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 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 each Fund had advisory fees and/ or total expenses (after waivers/reimbursements, as applicable) that were above the average and/or median of its respective

Peer Group.

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

The Peer Group for each of Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF, Xtrackers MSCI EAFE 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. <br>

Xtrackers MSCI Japan Hedged Equity ETF had advisory fees and total expenses that were competitive with other currency-hedged ETFs in its Peer Group. <br>

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' operating expenses (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.

DBX ETF Trust \| **117** 

------

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

(Continued)

**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 Xtrackers MSCI All World ex-US Hedged Equity ETF, Xtrackers MSCI EAFE Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF 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 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 advisors 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.

**118** \| DBX ETF Trust

------

Tax Information (Unaudited)

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, 2025.

---

| | |
|:---|:---|
|  | **Qualified Dividend** |
|  | **Income<sup>\*</sup>** |
|  Xtrackers MSCI All World ex US Hedged Equity ETF | 88% |
|  Xtrackers MSCI EAFE Hedged Equity ETF | 73% |
|  Xtrackers MSCI Emerging Markets Hedged Equity ETF | 100% |
|  Xtrackers MSCI Europe Hedged Equity ETF | 86% |
|  Xtrackers MSCI Eurozone Hedged Equity ETF | 79% |
|  Xtrackers MSCI Japan Hedged Equity ETF | 49% |

---

\* 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4791749 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488905 |
|  Xtrackers MSCI EAFE Hedged Equity ETF | 231303264 | 15546103 |
|  Xtrackers MSCI Emerging Markets Hedged Equity ETF | 2242405 | 237871 |
|  Xtrackers MSCI Europe Hedged Equity ETF | 20962118 | 1601169 |
|  Xtrackers MSCI Eurozone Hedged Equity ETF | 2047049 | 281351 |
|  Xtrackers MSCI Japan Hedged Equity ETF | 9751003 | 858992 |

---

DBX ETF Trust \| **119** 

------

This Page is Intentionally Left Blank

------

This Page is Intentionally Left Blank

------

This Page is Intentionally Left Blank

------

![LOGO](g777577dsp_124.jpg)

------

![LOGO](g26337dsp1a.jpg)

May 31, 2025 Annual Financial Statements and Other Information DBX ETF Trust

Xtrackers Artificial Intelligence and Big Data ETF (XAIX)

Xtrackers Cybersecurity Select Equity ETF (PSWD)

Xtrackers International Real Estate ETF (HAUZ)

Xtrackers Semiconductor Select Equity ETF (CHPS)

Xtrackers US Green Infrastructure Select Equity ETF (UPGR)

Xtrackers US National Critical Technologies ETF (CRTC)

![LOGO](g26337dsp1b.jpg)

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
| &nbsp;&nbsp;&nbsp; **Schedule of Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers Artificial Intelligence and Big Data ETF](#fin26337_1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers Cybersecurity Select Equity ETF](#fin26337_2) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers International Real Estate ETF](#fin26337_3) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers Semiconductor Select Equity ETF](#fin26337_4) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers US Green Infrastructure Select Equity ETF](#fin26337_5) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Xtrackers US National Critical Technologies ETF](#fin26337_6) | 21 |
| &nbsp;&nbsp;&nbsp; **[Statements of Assets and Liabilities](#fin26337_7)** | **26** |
| &nbsp;&nbsp;&nbsp; **[Statements of Operations](#fin26337_8)** | **28** |
| &nbsp;&nbsp;&nbsp; **[Statements of Changes in Net Assets](#fin26337_9)** | **30** |
| &nbsp;&nbsp;&nbsp; **[Financial Highlights](#fin26337_10)** | **33** |
| &nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#fin26337_11)** | **39** |
| &nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#fin26337_12)** | **49** |
| &nbsp;&nbsp;&nbsp; **[Board Considerations in Approval of Investment Advisory Contracts](#fin26337_13)** | **51** |
| &nbsp;&nbsp;&nbsp; **[Tax Information](#fin26337_14)** | **54** |
| &nbsp;&nbsp;&nbsp;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. | &nbsp;&nbsp;&nbsp;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. |

---

DBX ETF Trust \| **1** 

------

Schedule of Investments

Xtrackers Artificial Intelligence and Big Data ETF

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares** | **Value $** |
|  **COMMON STOCKS – 98.1%** |  |  |
|  **Communication Services – 15.3%**  |  |  |
| **Diversified Telecommunication Services – 6.2%** |  |  |
|  AT&T, Inc. | 43061 | 1197096 |
|  BT Group PLC | 41223 | 99758 |
|  China Tower Corp. Ltd., Class H, 144A | 102984 | 152869 |
|  Verizon Communications, Inc. | 26593 | 1169028 |
|  (Cost $2,287,103) |  | **2618751** |
|  **Entertainment – 0.1%** |  |  |
|  Kingsoft Corp. Ltd. \* |  |  |
|  (Cost $27,265) | 6353 | **27060** |
|  **Interactive Media & Services – 8.7%** |  |  |
|  Alphabet, Inc., Class A | 9377 | 1610406 |
|  Kakao Corp. | 1665 | 51530 |
|  Meitu, Inc., 144A \* | 19644 | 16509 |
|  Meta Platforms, Inc., Class A | 3041 | 1969017 |
|  Snap, Inc., Class A \* | 7447 | 61438 |
|  (Cost $3,644,802) |  | **3708900** |
|  **Internet Software & Services – 0.3%** |  |  |
|  NAVER Corp. |  |  |
|  (Cost $134,902) | 932 | **126658** |
|  **Consumer Discretionary – 4.4%** |  |  |
|  **Broadline Retail – 4.4%** |  |  |
|  Amazon.com, Inc. \* | 8135 | 1667756 |
|  eBay, Inc. | 2893 | 211681 |
|  (Cost $1,905,207) |  | **1879437** |
|  **Financials – 7.0%** |  |  |
|  **Banks – 6.0%** |  |  |
|  Bank of America Corp. | 40550 | 1789472 |
|  Toronto-Dominion Bank | 11000 | 758188 |
|  (Cost $2,422,204) |  | **2547660** |
|  **Financial Services – 1.0%** |  |  |
|  PayPal Holdings, Inc. \* |  |  |
|  (Cost $570,514) | 6341 | **445645** |
|  **Industrials – 0.1%** |  |  |
|  **Ground Transportation – 0.1%** |  |  |
|  Lyft, Inc., Class A \* |  |  |
|  (Cost $32,125) | 2250 | **34290** |
|  **Information Technology – 71.3%** |  |  |
|  **Communications Equipment – 5.6%** |  |  |
|  Arista Networks, Inc. \* | 6699 | 580401 |
|  Ciena Corp. \* | 722 | 57803 |
|  Cisco Systems, Inc. | 23615 | 1488690 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares** | **Value $** |
|  Extreme Networks, Inc. \* | 716 | 11220 |
|  F5, Inc. \* | 317 | 90465 |
|  NetScout Systems, Inc. \* | 358 | 8177 |
|  Nokia OYJ, ADR | 35804 | 186897 |
|  (Cost $2,369,785) |  | **2423653** |
| **Electronic Equipment, Instruments & Components – 0.5%** |  |  |
|  Itron, Inc. \* | 243 | 28091 |
|  Keysight Technologies, Inc. \* | 957 | 150287 |
|  (Cost $179,961) |  | **178378** |
|  **IT Services – 6.7%** |  |  |
|  Cloudflare, Inc., Class A \* | 1698 | 281681 |
|  Fujitsu Ltd. | 13200 | 303528 |
|  International Business Machines Corp. | 5491 | 1422498 |
|  Kingsoft Cloud Holdings Ltd., ADR \* | 1454 | 16241 |
|  Kyndryl Holdings, Inc. \* | 1325 | 51728 |
|  NEC Corp. | 8800 | 230833 |
|  Samsung SDS Co. Ltd. | 175 | 16514 |
|  Snowflake, Inc., Class A \* | 2099 | 431701 |
|  Twilio, Inc., Class A \* | 934 | 109932 |
|  (Cost $2,297,975) |  | **2864656** |
| **Semiconductors & Semiconductor Equipment – 10.7%** |  |  |
|  Advanced Micro Devices, Inc. \* | 9725 | 1076849 |
|  Ambarella, Inc. \* | 250 | 13160 |
|  Intel Corp. | 25112 | 490940 |
|  Micron Technology, Inc. | 6685 | 631465 |
|  NVIDIA Corp. | 13256 | 1791283 |
|  Realtek Semiconductor Corp. | 3110 | 56143 |
|  SK Hynix, Inc. | 3375 | 500245 |
|  Synaptics, Inc. \* | 238 | 13985 |
|  (Cost $4,800,122) |  | **4574070** |
|  **Software – 38.3%** |  |  |
|  Adobe, Inc. \* | 2596 | 1077574 |
|  Alarm.com Holdings, Inc. \* | 239 | 13719 |
|  Asana, Inc., Class A \* | 750 | 13432 |
|  Atlassian Corp., Class A \* | 1576 | 327225 |
|  C3.ai, Inc., Class A \* | 600 | 15954 |
|  Commvault Systems, Inc. \* | 245 | 44872 |
|  Crowdstrike Holdings, Inc., Class A \* | 1555 | 732980 |
|  CyberArk Software Ltd. \* | 312 | 119427 |
|  Dassault Systemes SE | 4573 | 171320 |
|  Dropbox, Inc., Class A \* | 1810 | 52237 |
|  Fortinet, Inc. \* | 4024 | 409563 |
|  Intuit, Inc. | 1680 | 1265830 |
|  Jamf Holding Corp. \* | 385 | 4042 |
|  JFrog Ltd. \* | 606 | 26022 |

---

See Notes to Financial Statements.

**2** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Artificial Intelligence and Big Data ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares** | **Value $** |
|  Microsoft Corp. | 4223 | 1944100 |
|  MicroStrategy, Inc., Class A \* | 1399 | 516315 |
|  Nice Ltd., ADR \* | 392 | 65045 |
|  Nutanix, Inc., Class A \* | 1323 | 101461 |
|  Open Text Corp. | 1450 | 40981 |
|  Oracle Corp. | 10400 | 1721512 |
|  Palantir Technologies, Inc., Class A \* | 13075 | 1723023 |
|  Palo Alto Networks, Inc. \* | 3935 | 757173 |
|  Qualys, Inc. \* | 209 | 28957 |
|  Radware Ltd. \* | 234 | 5457 |
|  Rapid7, Inc. \* | 200 | 4590 |
|  RingCentral, Inc., Class A \* | 200 | 5186 |
|  Salesforce, Inc. | 5324 | 1412830 |
|  SAP SE | 6904 | 2084064 |
|  SenseTime Group, Inc., Class B, 144A \* | 204282 | 36472 |
|  SentinelOne, Inc., Class A \* | 1764 | 31064 |
|  ServiceNow, Inc. \* | 1235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248696 |
|  SoundHound AI, Inc., Class A \* | 2250 | 22748 |
|  Tenable Holdings, Inc. \* | 605 | 19493 |
|  UiPath, Inc., Class A \* | 3435 | 45720 |
|  Zscaler, Inc. \* | 626 | 172588 |
|  (Cost $14,892,405) |  | **16261672** |
| **Technology Hardware, Storage & Peripherals – 9.5%** |  |  |
|  Apple, Inc. | 7092 | 1424428 |
|  Dell Technologies, Inc., Class C | 4346 | 483579 |
|  Getac Holdings Corp. \* | 2201 | 8923 |
|  Hewlett Packard Enterprise Co. | 7798 | 134749 |
|  HTC Corp. \* | 4039 | 5236 |
|  Lenovo Group Ltd. | 55607 | 64106 |
|  NetApp, Inc. | 1000 | 99160 |
|  Pure Storage, Inc., Class A \* | 1703 | 91264 |
|  Samsung Electronics Co. Ltd. | 33204 | 1352515 |
|  Sandisk Corp. \* | 699 | 26345 |
|  Seagate Technology Holdings PLC | 1146 | 135159 |
|  Western Digital Corp. \* | 2097 | 108100 |
|  Wistron Corp. | 17797 | 69184 |
|  (Cost $4,299,541) |  | **4002748** |
|  **TOTAL COMMON STOCKS** |  |  |
|  (Cost $39,863,911) |  | **41693578** |
|  **EXCHANGE-TRADED FUNDS – 1.3%** |  |  |
|  Technology Select Sector SPDR Fund | 1900 | 438729 |
|  Xtrackers MSCI USA Selection Equity ETF (a) | 2250 | 122690 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $522,188) |  | **561419** |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **of Shares** | **Value $** |
|  **CASH EQUIVALENTS – 0.3%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.26% (b)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $107,192) | 107192 | **107192** |
|  **TOTAL INVESTMENTS – 99.7%** |  |  |
|  (Cost $40,493,291) |  | **42362189** |
|  **Other assets and liabilities, net – 0.3%** |  | **122271** |
|  **NET ASSETS – 100.0%** |  | **42484460** |

---

See Notes to Financial Statements.

DBX ETF Trust \| **3** 

------

Schedule of Investments

Xtrackers Artificial Intelligence and Big Data ETF (Continued)

May 31, 2025

A summary of the Fund's transactions with affiliated investments during the period ended May 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **8/2/2024**<br> **(Commencement<br>of Operations)** | **Purchases Cost<br>($)** | **Sales Proceeds<br>($)** | **Net Realized<br>Gain/(Loss)<br>($)** | **Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Income<br>($)** | **Capital Gain<br>Distributions<br>($)** | **Number of<br>Shares at<br>5/31/2025** | **Value ($) at <br>5/31/2025** |
|  EXCHANGE-TRADED FUNDS **–** 0.3% | EXCHANGE-TRADED FUNDS **–** 0.3% | EXCHANGE-TRADED FUNDS **–** 0.3% | EXCHANGE-TRADED FUNDS **–** 0.3% | EXCHANGE-TRADED FUNDS **–** 0.3% |  |  |  |  |
|  Xtrackers MSCI USA Selection Equity ETF (a) | Xtrackers MSCI USA Selection Equity ETF (a) | Xtrackers MSCI USA Selection Equity ETF (a) | Xtrackers MSCI USA Selection Equity ETF (a) | Xtrackers MSCI USA Selection Equity ETF (a) |  |  |  |  |
|  —  | 122148 | (6810) | (31) | 7383 | 62 |  | 2250 | 122690 |
|  SECURITIES LENDING COLLATERAL **–** 0.0% | SECURITIES LENDING COLLATERAL **–** 0.0% | SECURITIES LENDING COLLATERAL **–** 0.0% | SECURITIES LENDING COLLATERAL **–** 0.0% | SECURITIES LENDING COLLATERAL **–** 0.0% | SECURITIES LENDING COLLATERAL **–** 0.0% |  |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) |
|  —  |  |  |  |  | 0 |  |  |  |
|  CASH EQUIVALENTS **–** 0.3% | CASH EQUIVALENTS **–** 0.3% | CASH EQUIVALENTS **–** 0.3% | CASH EQUIVALENTS **–** 0.3% | CASH EQUIVALENTS **–** 0.3% | CASH EQUIVALENTS **–** 0.3% | CASH EQUIVALENTS **–** 0.3% | CASH EQUIVALENTS **–** 0.3% |  |
|  DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) |
|  —  | 2311054 | (2203862) |  |  | 2609 |  | 107192 | 107192 |
|  **—**  | **2433202** | **(2210672)** | **(31)** | **7383** | **2671** |  | **109442** | **229882** |

---

\* Non-income producing security.

(a) Affiliated fund advised by DBX Advisors LLC.

(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.

ADR: American Depositary Receipt

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

At May 31, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract Description** | **Currency** | **Number of<br>Contracts** | **Notional<br>Amount ($)** | **Contract Value<br>($)** | **Expiration<br>Date** | **Unrealized<br>Appreciation ($)** |
|  Micro E-mini NASDAQ 100 Index | USD | 3 | 120216 | 128261 | 6/20/2025 | 8045 |
|  Micro E-Mini S&P 500 Index | USD | 3 | 81664 | 88740 | 6/20/2025 | 7076 |
|  **Total unrealized appreciation** |  |  |  |  |  | **15121** |

---

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.

USD &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Dollar

See Notes to Financial Statements.

**4** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Artificial Intelligence and Big Data ETF (Continued)

May 31, 2025

#### 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, 2025 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) | $41693578 | $— | $— | $41693578 |
|  Exchange-Traded Funds | 561419 |  |  | 561419 |
|  Short-Term Investments (a) | 107192 |  |  | 107192 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 15121 |  |  | 15121 |
|  **TOTAL** | $**42377310** | $**—** | $**—** | $**42377310** |

---

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

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

See Notes to Financial Statements.

DBX ETF Trust \| **5** 

------

Schedule of Investments

Xtrackers Cybersecurity Select Equity ETF

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value $** |
|  **COMMON STOCKS – 98.2%** |  |  |
|  **Application Software – 6.4%** |  |  |
|  Alarm.com Holdings, Inc. \* | 1277 | 73300 |
|  Clear Secure, Inc., Class A | 2656 | 65736 |
|  Datadog, Inc., Class A \* | 692 | 81573 |
|  Dynatrace, Inc. \* | 1499 | 80961 |
|  InterDigital, Inc. | 345 | 74955 |
|  MIA Teknoloji AS \* | 33019 | 25950 |
|  Systena Corp. | 17322 | 47778 |
|  TeamViewer SE, 144A \* | 5478 | 63806 |
|  (Cost $455,706) |  | **514059** |
|  **Communications Equipment – 2.0%** |  |  |
|  F5, Inc. \* | 268 | 76482 |
|  NetScout Systems, Inc. \* | 3384 | 77291 |
|  (Cost $115,767) |  | **153773** |
|  **Internet Services & Infrastructure – 22.6%** |  |  |
|  Akamai Technologies, Inc. \* | 4074 | 309339 |
|  Fastly, Inc., Class A \* | 16516 | 120236 |
|  GDS Holdings Ltd., Class A \* | 114727 | 346015 |
|  Hennge KK | 2048 | 22099 |
|  NEXTDC Ltd. \* | 51510 | 434587 |
|  Okta, Inc. \* | 3092 | 319002 |
|  OVH Groupe SAS \* | 1750 | 27834 |
|  SUNeVision Holdings Ltd. | 77000 | 65987 |
|  Vnet Group, Inc., ADR \* | 21376 | 114148 |
|  (Cost $1,800,143) |  | **1759247** |
|  **IT Consulting & Other Services – 8.3%** |  |  |
|  Change Holdings, Inc. (a) | 3787 | 31310 |
|  DXC Technology Co. \* | 4337 | 65922 |
|  Future Corp. | 3255 | 48567 |
|  NCC Group PLC | 19133 | 40302 |
|  NEC Corp. | 3793 | 99494 |
|  Netcompany Group A/S, 144A \* | 1652 | 76582 |
|  Otsuka Corp. | 3499 | 71910 |
|  Systex Corp. | 22990 | 89372 |
|  TechMatrix Corp. | 3966 | 58214 |
|  TietoEVRY OYJ | 4164 | 76013 |
|  (Cost $583,468) |  | **657686** |
|  **Research & Consulting Services – 1.8%** |  |  |
|  My EG Services Bhd |  |  |
|  (Cost $115,693) | 643750 | **139140** |
|  **Systems Software – 57.1%** |  |  |
|  A10 Networks, Inc. | 5296 | 91409 |
|  Ahnlab, Inc. | 690 | 30957 |
|  BlackBerry Ltd. \* (a) | 47382 | 187467 |
|  Check Point Software |  |  |
|  Technologies Ltd. \* | 1423 | 325696 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br>of Shares** | **Value $** |
|  Crowdstrike Holdings, Inc., Class A \* | 831 | 391708 |
|  CyberArk Software Ltd. \* | 889 | 340291 |
|  Digital Arts, Inc. | 1209 | 61080 |
|  Fortinet, Inc. \* | 3132 | 318775 |
|  N-able, Inc. \* | 6000 | 46740 |
|  OneSpan, Inc. | 3125 | 49781 |
|  Palo Alto Networks, Inc. \* | 1805 | 347318 |
|  Qualys, Inc. \* | 2477 | 343188 |
|  Radware Ltd. \* | 1271 | 29640 |
|  Rapid7, Inc. \* | 7328 | 168178 |
|  SentinelOne, Inc., Class A \* | 16526 | 291023 |
|  Tenable Holdings, Inc. \* | 8378 | 269939 |
|  Trend Micro, Inc. | 4909 | 368273 |
|  Varonis Systems, Inc. \* | 7541 | 359555 |
|  Zscaler, Inc. \* | 1557 | 429265 |
|  (Cost $3,511,958) |  | **4450283** |
|  **TOTAL COMMON STOCKS**  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,582,735) |  | **7674188** |
|  **EXCHANGE-TRADED FUNDS – 0.1%** |  |  |
|  Global X Cybersecurity ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $5,267) | 160 | **5586** |
|  **SECURITIES LENDING COLLATERAL – 6.7%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $520,072) | 520072 | **520072** |
|  **CASH EQUIVALENTS – 0.1%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.26% (b)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $11,360) | 11360 | **11360** |
|  **TOTAL INVESTMENTS – 105.1%** |  |  |
|  (Cost $7,119,434) |  | **8211206** |
|  **Other assets and liabilities, net – (5.1%)** |  | **(395882)** |
|  **NET ASSETS – 100.0%** |  | **7815324** |

---

See Notes to Financial Statements.

**6** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Cybersecurity Select Equity ETF (Continued)

May 31, 2025

A summary of the Fund's transactions with affiliated investments during the year ended May 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at<br>5/31/2024** | **Purchases Cost<br>($)** | **Sales Proceeds<br>($)** | **Net Realized<br>Gain/(Loss)<br>($)** | **Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Income<br>($)** | **Capital Gain<br>Distributions<br>($)** | **Number of<br>Shares at<br>5/31/2025** | **Value ($) at <br>5/31/2025** |
|  SECURITIES LENDING COLLATERAL **–** 6.7% | SECURITIES LENDING COLLATERAL **–** 6.7% | SECURITIES LENDING COLLATERAL **–** 6.7% | SECURITIES LENDING COLLATERAL **–** 6.7% | SECURITIES LENDING COLLATERAL **–** 6.7% | SECURITIES LENDING COLLATERAL **–** 6.7% | SECURITIES LENDING COLLATERAL **–** 6.7% | SECURITIES LENDING COLLATERAL **–** 6.7% | SECURITIES LENDING COLLATERAL **–** 6.7% |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) |
| 116100  | 403972 (d) |  |  |  | 633 |  | 520072 | 520072 |
|  CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% |
|  DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) |
| 1845  | 674630 | (665115) |  |  | 334 |  | 11360 | 11360 |
| **117945**  | **1078602** | **(665115)** |  |  | **967** |  | **531432** | **531432** |

---

\* Non-income producing security.

(a) All or a portion of these securities were on loan. In addition, Other Assets and Liabilities, Net includes pending sales amounting to $241,330 that are also on loan. The value of securities loaned at May 31, 2025 amounted to $448,612, which is 5.7% of net assets.

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

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

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2025.

ADR: American Depositary Receipt

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

At May 31, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract Description** | **Currency** | **Number of<br>Contracts** | **Notional<br>Amount ($)** | **Contract Value<br>($)** | **Expiration<br>Date** | **Unrealized<br> Appreciation ($)** |
|  Micro E-mini NASDAQ 100 Index | USD | 2 | 81770 | 85507 | 6/20/2025 | 3737 |
|  Micro E-Mini S&P 500 Index | USD | 1 | 27140 | 29580 | 6/20/2025 | 2440 |
|  **Total unrealized appreciation** |  |  |  |  |  | **6177** |

---

#### Currency Abbreviations
USD U.S. Dollar

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.

USD U.S. Dollar

See Notes to Financial Statements.

DBX ETF Trust \| **7** 

------

Schedule of Investments

Xtrackers Cybersecurity Select Equity ETF (Continued)

May 31, 2025

#### 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, 2025 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) | $7674188 | $— | $— | $7674188 |
|  Exchange-Traded Funds | 5586 |  |  | 5586 |
|  Short-Term Investments (a) | 531432 |  |  | 531432 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 6177 |  |  | 6177 |
|  **TOTAL** | $**8217383** | $**—** | $**—** | $**8217383** |

---

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

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

See Notes to Financial Statements.

**8** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers International Real Estate ETF

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **COMMON STOCKS – 98.6%** |  |  |
|  **Australia – 13.4%** |  |  |
|  Arena REIT | 376354 | 908260 |
|  BWP Trust REIT | 505183 | 1150891 |
|  Centuria Industrial REIT | 497550 | 986211 |
|  Centuria Office REIT | 437438 | 343446 |
|  Charter Hall Group REIT | 438094 | 5122767 |
|  Charter Hall Long Wale REIT | 589496 | 1566799 |
|  Charter Hall Retail REIT | 491420 | 1246038 |
|  Charter Hall Social Infrastructure REIT | 324838 | 618787 |
|  Dexus REIT | 1000313 | 4506261 |
|  DigiCo Infrastructure REIT REIT \* | 407411 | 901932 |
|  Goodman Group REIT | 1894586 | 40138074 |
|  GPT Group REIT | 1792438 | 5536914 |
|  Growthpoint Properties Australia Ltd. REIT | 256316 | 405782 |
|  Healthco REIT | 414784 | 237572 |
|  HMC Capital Ltd. REIT | 287725 | 935086 |
|  HomeCo Daily Needs REIT | 1720907 | 1412050 |
|  Ingenia Communities Group REIT | 352865 | 1298934 |
|  Lifestyle Communities Ltd. | 94339 | 415876 |
|  Mirvac Group REIT | 3691293 | 5487479 |
|  National Storage REIT | 1297498 | 1928862 |
|  REA Group Ltd. | 47374 | 7308169 |
|  Region RE Ltd. REIT | 1098757 | 1675839 |
|  Rural Funds Trust REIT | 354031 | 399853 |
|  Scentre Group REIT | 4866889 | 11494760 |
|  Stockland REIT | 2240647 | 7873149 |
|  Vicinity Ltd. REIT | 3628170 | 5743877 |
|  Waypoint REIT Ltd. REIT | 619160 | 1035997 |
|  (Cost $94,787,820) |  | **110679665** |
|  **Austria – 0.2%** |  |  |
|  CA Immobilien Anlagen AG (a) | 39943 | 1097357 |
|  CPI Europe AG \* (a) | 32926 | 667594 |
|  (Cost $1,919,030) |  | **1764951** |
|  **Belgium – 1.8%** |  |  |
|  Aedifica SA REIT (a) | 44346 | 3347865 |
|  Cofinimmo SA REIT | 35592 | 3062764 |
|  Montea NV REIT | 19697 | 1453467 |
|  Retail Estates NV REIT \* | 11369 | 833771 |
|  VGP NV | 12542 | 1200290 |
|  Warehouses De Pauw CVA REIT (a) | 167336 | 4076721 |
|  Xior Student Housing NV REIT | 34391 | 1163464 |
|  (Cost $17,428,501) |  | **15138342** |
|  **Brazil – 0.5%** |  |  |
|  Allos SA | 379976 | 1472958 |
|  Cyrela Brazil Realty SA Empreendimentos e Participacoes | 263675 | 1148623 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Ez Tec Empreendimentos e Participacoes SA | 139012 | 323275 |
|  Multiplan Empreendimentos Imobiliarios SA | 295462 | 1385546 |
|  (Cost $4,432,007) |  | **4330402** |
|  **Canada – 6.1%** |  |  |
|  Allied Properties Real Estate Investment Trust REIT (a) | 118770 | 1363097 |
|  Altus Group Ltd. | 42691 | 1692178 |
|  Artis Real Estate Investment Trust<br>REIT (a) | 61091 | 319462 |
|  Boardwalk Real Estate Investment Trust REIT (a) | 37576 | 1914943 |
|  Canadian Apartment Properties REIT (a) | 156201 | 5084953 |
|  Chartwell Retirement Residences (a) | 254806 | 3448809 |
|  Choice Properties Real Estate Investment Trust REIT (a) | 235167 | 2560420 |
|  Colliers International Group, Inc. | 40546 | 4881621 |
|  Crombie Real Estate Investment Trust REIT (a) | 100748 | 1085187 |
|  CT Real Estate Investment Trust REIT (a) | 67120 | 776668 |
|  Dream Industrial Real Estate Investment Trust REIT (a) | 260056 | 2114569 |
|  First Capital Real Estate Investment Trust REIT (a) | 181342 | 2341045 |
|  FirstService Corp. | 35433 | 6199068 |
|  Granite Real Estate Investment Trust REIT (a) | 58646 | 2998519 |
|  H&R Real Estate Investment Trust<br>REIT (a) | 247711 | 1879069 |
|  InterRent Real Estate Investment Trust REIT (a) | 138174 | 1371741 |
|  Killam Apartment Real Estate Investment Trust REIT (a) | 109169 | 1545095 |
|  Minto Apartment Real Estate Investment Trust REIT, 144A (a) | 37111 | 387318 |
|  Nexus Industrial REIT (a) | 40327 | 215574 |
|  NorthWest Healthcare Properties Real Estate Investment Trust REIT (a) | 210353 | 737410 |
|  Primaris Real Estate Investment Trust REIT (a) | 70202 | 783227 |
|  RioCan Real Estate Investment Trust REIT (a) | 280022 | 3531460 |
|  Slate Grocery, Class U REIT (a) | 54711 | 590900 |
|  SmartCentres Real Estate Investment Trust REIT (a) | 122889 | 2311291 |
|  (Cost $52,222,342) |  | **50133624** |
|  **Chile – 0.4%** |  |  |
|  Cencosud Shopping SA | 425135 | 870271 |
|  Parque Arauco SA | 671072 | 1391463 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **9** 

------

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Plaza SA | 592507 | 1291240 |
|  (Cost $2,679,847) |  | **3552974** |
|  **China – 0.7%** |  |  |
|  A-Living Smart City Services Co. Ltd., 144A | 683818 | 242428 |
|  China Resources Mixc Lifestyle Services Ltd., 144A | 590516 | 2812680 |
|  China Vanke Co. Ltd., Class H \* (a) | 2100369 | 1374077 |
|  Guangzhou R&F Properties Co. Ltd., Class H \* (a) | 1429296 | 178627 |
|  Onewo, Inc., Class H | 229115 | 591666 |
|  Poly Property Services Co. Ltd.,<br>Class H \* (a) | 151670 | 590893 |
|  (Cost $10,246,572) |  | **5790371** |
|  **Egypt – 0.1%** |  |  |
|  Palm Hills Developments SAE \* | 957417 | 154434 |
|  Talaat Moustafa Group | 799207 | 884079 |
|  (Cost $532,121) |  | **1038513** |
|  **Finland – 0.3%** |  |  |
|  Citycon OYJ \* (a) | 87797 | 373370 |
|  Kojamo OYJ \* | 168997 | 2027897 |
|  (Cost $3,159,261) |  | **2401267** |
|  **France – 3.6%** |  |  |
|  ARGAN SA REIT | 11614 | 849101 |
|  Carmila SA REIT \* | 51354 | 1087872 |
|  Covivio SA REIT | 51871 | 3109213 |
|  Gecina SA REIT | 44361 | 4879968 |
|  ICADE REIT | 29107 | 798337 |
|  Klepierre SA REIT | 207820 | 8130074 |
|  Mercialys SA REIT | 88260 | 1108181 |
|  Unibail-Rodamco-Westfield REIT \* | 99832 | 9458887 |
|  (Cost $24,557,244) |  | **29421633** |
|  **Germany – 3.8%** |  |  |
|  Deutsche Wohnen SE | 48548 | 1262114 |
|  LEG Immobilien SE (a) | 69578 | 5904390 |
|  TAG Immobilien AG | 164329 | 2775933 |
|  Vonovia SE (a) | 653426 | 21386166 |
|  (Cost $34,777,784) |  | **31328603** |
|  **Greece – 0.1%** |  |  |
|  LAMDA Development SA \* |  |  |
|  (Cost $558,956) | 77374 | **576223** |
|  **Hong Kong – 10.3%** |  |  |
|  C&D International Investment Group Ltd. | 674296 | 1210741 |
|  China Jinmao Holdings Group Ltd. | 7542079 | 1029136 |
|  China Overseas Grand Oceans Group Ltd. | 1630938 | 355657 |
|  China Overseas Land & Investment Ltd. | 3466780 | 5835772 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  China Overseas Property Holdings Ltd. | 1162659 | 775447 |
|  China Resources Land Ltd. | 2701000 | 8817848 |
|  CK Asset Holdings Ltd. | 1916032 | 7941165 |
|  ESR Group Ltd., 144A | 1930114 | 3155506 |
|  Fortune Real Estate Investment Trust REIT | 1354964 | 772384 |
|  Hang Lung Group Ltd. | 799585 | 1148157 |
|  Hang Lung Properties Ltd. | 1588183 | 1255713 |
|  Henderson Land Development Co. Ltd. | 1227111 | 3841788 |
|  Hongkong Land Holdings Ltd. | 963241 | 4979956 |
|  Hysan Development Co. Ltd. | 559432 | 920312 |
|  Kerry Properties Ltd. | 539712 | 1296705 |
|  Link REIT | 2409045 | 12795522 |
|  New World Development Co. Ltd. \* (a) | 1234932 | 754356 |
|  Poly Property Group Co. Ltd. | 1737653 | 316882 |
|  Shandong Hi-Speed Holdings Group<br>Ltd. \* (a) | 1747723 | 2768167 |
|  Shanghai Industrial Holdings Ltd. | 358754 | 571880 |
|  Sun Hung Kai Properties Ltd. | 1415071 | 15203593 |
|  Swire Properties Ltd. | 935065 | 2051013 |
|  Wharf Holdings Ltd. | 912902 | 2427327 |
|  Wharf Real Estate Investment Co. Ltd. | 1444843 | 3622449 |
|  Yuexiu Property Co. Ltd. (a) | 1333175 | 746362 |
|  (Cost $108,986,873) |  | **84593838** |
|  **India – 1.5%** |  |  |
|  DLF Ltd. | 878190 | 8187717 |
|  Godrej Properties Ltd. \* | 137925 | 3616432 |
|  SignatureGlobal India Ltd. \* | 37000 | 524118 |
|  (Cost $8,073,820) |  | **12328267** |
|  **Indonesia – 0.2%** |  |  |
|  Bangun Kosambi Sukses PT | 561952 | 217329 |
|  PT Bumi Serpong Damai Tbk \* | 6463536 | 353134 |
|  PT Ciputra Development Tbk | 7874519 | 476145 |
|  PT Kawasan Industri Jababeka Tbk \* | 14703055 | 164270 |
|  PT Pakuwon Jati Tbk | 13133974 | 322504 |
|  PT Summarecon Agung Tbk | 9216792 | 228581 |
|  (Cost $2,072,222) |  | **1761963** |
|  **Ireland – 0.1%** |  |  |
|  Irish Residential Properties REIT PLC REIT |  |  |
|  (Cost $489,004) | 497091 | **604954** |
|  **Israel – 2.1%** |  |  |
|  Africa Israel Residences Ltd. | 5939 | 380559 |
|  Airport City Ltd. \* | 54343 | 850550 |
|  Alony Hetz Properties & Investments Ltd. | 174670 | 1478601 |
|  Amot Investments Ltd. | 218557 | 1216638 |

---

See Notes to Financial Statements.

**10** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Aura Investments Ltd. | 138117 | 682510 |
|  Azrieli Group Ltd. | 34091 | 2602004 |
|  Big Shopping Centers Ltd. \* | 15149 | 2440353 |
|  Electra Real Estate Ltd. \* | 20230 | 246498 |
|  G City Ltd. | 85855 | 301541 |
|  Israel Canada T.R Ltd. | 153002 | 484768 |
|  Isras Investment Co. Ltd. | 1205 | 279648 |
|  Melisron Ltd. | 22887 | 2135769 |
|  Menivim- The New REIT Ltd. REIT | 732380 | 400825 |
|  Mivne Real Estate KD Ltd. | 533675 | 1628708 |
|  Prashkovsky Investments and Construction Ltd. | 8003 | 195575 |
|  Reit 1 Ltd. REIT | 187987 | 1079050 |
|  Sella Capital Real Estate Ltd. REIT | 197940 | 530911 |
|  (Cost $14,709,241) |  | **16934508** |
|  **Japan – 21.9%** |  |  |
|  Activia Properties, Inc. REIT (a) | 1416 | 1129503 |
|  Advance Residence Investment Corp. REIT | 2010 | 2063003 |
|  Aeon Mall Co. Ltd. | 90400 | 1800231 |
|  AEON REIT Investment Corp. REIT | 1622 | 1406232 |
|  Comforia Residential REIT, Inc. REIT | 680 | 1336013 |
|  CRE Logistics REIT, Inc. REIT | 602 | 617040 |
|  Daito Trust Construction Co. Ltd. | 61300 | 6899144 |
|  Daiwa House REIT Investment Corp. REIT | 2142 | 3561217 |
|  Daiwa Office Investment Corp. REIT (a) | 511 | 1067719 |
|  Daiwa Securities Living Investments Corp. REIT | 1869 | 1218843 |
|  Dear Life Co. Ltd. | 23200 | 183291 |
|  ES-Con Japan Ltd. | 49600 | 338928 |
|  Frontier Real Estate Investment Corp. REIT | 2352 | 1343115 |
|  Fukuoka REIT Corp. REIT | 733 | 834623 |
|  Global One Real Estate Investment Corp. REIT | 710 | 612107 |
|  GLP J REIT | 4496 | 3960231 |
|  Goldcrest Co. Ltd. | 13200 | 322464 |
|  Hankyu Hanshin REIT, Inc. REIT (a) | 644 | 660536 |
|  Health Care & Medical Investment Corp. REIT | 373 | 290552 |
|  Heiwa Real Estate Co. Ltd. | 20300 | 627451 |
|  Heiwa Real Estate REIT, Inc. REIT (a) | 672 | 594715 |
|  Hoshino Resorts REIT, Inc. REIT | 566 | 930422 |
|  Hulic Co. Ltd. | 640200 | 6486520 |
|  Hulic Reit, Inc. REIT | 775 | 812623 |
|  Ichigo Hotel REIT Investment Corp. REIT | 262 | 222426 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Ichigo Office REIT Investment Corp. REIT | 931 | 555522 |
|  Ichigo, Inc. | 190400 | 504056 |
|  Industrial & Infrastructure Fund Investment Corp. REIT | 2365 | 1934024 |
|  Invincible Investment Corp. REIT | 7203 | 3060008 |
|  JALCO Holdings, Inc. (a) | 64800 | 135173 |
|  Japan Excellent, Inc. REIT | 732 | 663541 |
|  Japan Hotel REIT Investment Corp. REIT | 4772 | 2470414 |
|  Japan Logistics Fund, Inc. REIT | 1950 | 1237881 |
|  Japan Metropolitan Fund Invest REIT | 6730 | 4598759 |
|  Japan Prime Realty Investment Corp. REIT | 639 | 1592020 |
|  Japan Real Estate Investment Corp. REIT | 4970 | 4029869 |
|  JINUSHI Co. Ltd. | 16400 | 242428 |
|  Kasumigaseki Capital Co. Ltd. (a) | 5800 | 545452 |
|  KDX Realty Investment Corp. REIT | 3814 | 4009729 |
|  Ki-Star Real Estate Co. Ltd. | 7600 | 256502 |
|  LaSalle Logiport REIT | 1658 | 1543154 |
|  Leopalace21 Corp. | 182100 | 821561 |
|  Loadstar Capital KK | 10400 | 193376 |
|  Mirai Corp. REIT | 1831 | 543101 |
|  Mirarth Holdings, Inc. | 110831 | 299554 |
|  Mitsubishi Estate Co. Ltd. | 1169000 | 21395953 |
|  Mitsubishi Estate Logistics REIT Investment Corp. REIT | 1425 | 1154458 |
|  Mitsui Fudosan Co. Ltd. | 2596800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25015087 |
|  Mitsui Fudosan Logistics Park, Inc. REIT | 3004 | 2115156 |
|  Mori Hills REIT Investment Corp. REIT | 1541 | 1394744 |
|  Mori Trust Sogo Reit, Inc. REIT | 2388 | 1097227 |
|  Mugen Estate Co. Ltd. | 12100 | 173582 |
|  Nippon Accommodations Fund, Inc. REIT | 1677 | 1335371 |
|  Nippon Building Fund, Inc. REIT | 5910 | 5390041 |
|  Nippon Prologis REIT, Inc. REIT (a) | 6753 | 3603597 |
|  NIPPON REIT Investment Corp. REIT | 1168 | 701796 |
|  Nomura Real Estate Holdings, Inc. | 502600 | 2952660 |
|  Nomura Real Estate Master Fund, Inc. REIT | 2872 | 2880061 |
|  NTT UD REIT Investment Corp. REIT | 947 | 861715 |
|  One REIT, Inc. REIT | 205 | 349919 |
|  Open House Group Co. Ltd. | 76900 | 3328185 |
|  Orix JREIT, Inc. REIT | 1890 | 2344572 |
|  Relo Group, Inc. | 96200 | 1147706 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **11** 

------

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Samty Residential Investment Corp. REIT | 432 | 275735 |
|  Sankei Real Estate, Inc. REIT | 472 | 289163 |
|  Sekisui House Reit, Inc. REIT | 2963 | 1583196 |
|  SOSiLA Logistics REIT, Inc. REIT (a) | 707 | 538965 |
|  SRE Holdings Corp. (a) | 9000 | 243564 |
|  Star Asia Investment Corp. REIT | 2505 | 977383 |
|  Starts Corp., Inc. | 29300 | 860958 |
|  Starts Proceed Investment Corp. REIT | 200 | 240757 |
|  Sumitomo Realty & Development Co. Ltd. | 444000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17092900 |
|  Sun Frontier Fudousan Co. Ltd. | 24100 | 346230 |
|  Takara Leben Real Estate Investment Corp. REIT | 866 | 522739 |
|  Tokyo Tatemono Co. Ltd. | 196500 | 3498448 |
|  Tokyu Fudosan Holdings Corp. | 567700 | 4154622 |
|  Tokyu REIT, Inc. REIT | 602 | 771822 |
|  Tosei Corp. | 35200 | 618156 |
|  Tosei Reit Investment Corp. REIT | 256 | 229397 |
|  United Urban Investment Corp. REIT (a) | 2047 | 2144956 |
|  (Cost $177,661,425) |  | **180185894** |
|  **Luxembourg – 0.5%** |  |  |
|  Aroundtown SA \* | 660673 | 2098583 |
|  Grand City Properties SA \* | 64736 | 821636 |
|  Shurgard Self Storage Ltd. REIT | 29168 | 1187101 |
|  (Cost $5,098,025) |  | **4107320** |
|  **Malaysia – 0.9%** |  |  |
|  Eastern & Oriental Bhd | 889500 | 173449 |
|  Eco World Development Group Bhd | 1168100 | 521412 |
|  IGB Real Estate Investment Trust REIT | 1413500 | 770426 |
|  IOI Properties Group Bhd | 1020487 | 457919 |
|  Mah Sing Group Bhd | 1222100 | 292856 |
|  Matrix Concepts Holdings Bhd | 1091541 | 359017 |
|  Sime Darby Property Bhd | 3439246 | 1131198 |
|  SP Setia Bhd Group | 1880917 | 512596 |
|  Sunway Bhd | 2030361 | 2265762 |
|  Tanco Holdings Bhd \* | 2215920 | 520597 |
|  UEM Sunrise Bhd | 1330530 | 228189 |
|  (Cost $4,207,482) |  | **7233421** |
|  **Mexico – 1.5%** |  |  |
|  Corp. Inmobiliaria Vesta SAB de CV | 818416 | 2358334 |
|  FIBRA Macquarie Mexico REIT, 144A | 751071 | 1232691 |
|  Fibra MTY SAPI de CV REIT (a) | 2241338 | 1605411 |
|  Fibra Uno Administracion SA de CV REIT | 2580632 | 3629055 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Prologis Property Mexico SA de CV REIT | 995138 | 3807534 |
|  (Cost $10,008,941) |  | **12633025** |
|  **Netherlands – 0.8%** |  |  |
|  CTP NV, 144A (a) | 119268 | 2269289 |
|  Eurocommercial Properties NV REIT | 41399 | 1287752 |
|  NEPI Rockcastle NV \* | 430143 | 3294170 |
|  (Cost $5,607,202) |  | **6851211** |
|  **New Zealand – 0.4%** |  |  |
|  Goodman Property Trust REIT | 989001 | 1127823 |
|  Kiwi Property Group Ltd. | 1474595 | 792366 |
|  Precinct Properties Group (b) | 1443981 | 1000070 |
|  (Cost $3,674,719) |  | **2920259** |
|  **Norway – 0.1%** |  |  |
|  Entra ASA, 144A \* |  |  |
|  (Cost $939,881) | 67729 | **788845** |
|  **Philippines – 1.6%** |  |  |
|  AREIT, Inc. REIT | 1332861 | 956736 |
|  Ayala Corp. | 306994 | 3191263 |
|  Ayala Land, Inc. | 7037128 | 2900868 |
|  SM Prime Holdings, Inc. | 15517487 | 6271518 |
|  (Cost $18,675,927) |  | **13320385** |
|  **Russia – 0.0%** |  |  |
|  LSR Group PJSC \* (c) | 30984 | 0 |
|  PIK-Spetsializirovannyy Zastroyshchik<br>PAO \* (c) | 192287 | 0 |
|  (Cost $2,472,023) |  | **0** |
|  **Singapore – 5.9%** |  |  |
|  AIMS APAC REIT | 684400 | 689919 |
|  CapitaLand Ascendas REIT | 3325269 | 6833098 |
|  CapitaLand Ascott Trust (b) | 2521710 | 1671884 |
|  CapitaLand China Trust REIT | 1077247 | 576381 |
|  Capitaland India Trust (a) | 916617 | 700115 |
|  CapitaLand Integrated Commercial Trust REIT | 5257055 | 8519886 |
|  CapitaLand Investment Ltd. | 2334163 | 4561175 |
|  CDL Hospitality Trusts (a)(b) | 778844 | 458996 |
|  City Developments Ltd. | 435650 | 1635039 |
|  Digital Core REIT Management Pte Ltd. REIT | 822100 | 411050 |
|  ESR-REIT REIT | 672091 | 1156980 |
|  Frasers Centrepoint Trust REIT | 1078118 | 1839221 |
|  Frasers Logistics & Commercial Trust REIT | 2675578 | 1649414 |
|  Keppel REIT | 2205808 | 1453890 |
|  Keppel DC REIT | 1733308 | 2943505 |
|  Lendlease Global Commercial REIT | 1691851 | 623162 |
|  Mapletree Industrial Trust REIT | 1971078 | 2949892 |
|  Mapletree Logistics Trust REIT | 3133417 | 2697032 |

---

See Notes to Financial Statements.

**12** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Mapletree Pan Asia Commercial Trust REIT | 2097718 | 1919438 |
|  Parkway Life Real Estate Investment Trust REIT | 420862 | 1328248 |
|  Suntec Real Estate Investment Trust REIT (a) | 1741100 | 1525623 |
|  UOL Group Ltd. | 436417 | 1932336 |
|  Yanlord Land Group Ltd. \* (a) | 521300 | 185948 |
|  (Cost $54,183,269) |  | **48262232** |
|  **South Africa – 0.9%** |  |  |
|  Equites Property Fund Ltd. REIT | 597084 | 551205 |
|  Fortress Real Estate Investments Ltd., Class B | 871304 | 973718 |
|  Growthpoint Properties Ltd. REIT | 2544627 | 1900984 |
|  Hyprop Investments Ltd. REIT | 273684 | 666875 |
|  Redefine Properties Ltd. REIT (a) | 5383406 | 1395229 |
|  Resilient REIT Ltd. REIT | 255825 | 871569 |
|  Vukile Property Fund Ltd. REIT | 976990 | 1082629 |
|  (Cost $6,503,935) |  | **7442209** |
|  **South Korea – 0.1%** |  |  |
|  ESR Kendall Square REIT Co. Ltd. REIT | 135696 | 431273 |
|  SK Eternix Co. Ltd. \* | 13829 | 195452 |
|  SK REITs Co. Ltd. REIT | 149942 | 523824 |
|  (Cost $1,293,950) |  | **1150549** |
|  **Spain – 0.8%** |  |  |
|  Inmobiliaria Colonial Socimi SA REIT | 230764 | 1605907 |
|  Merlin Properties Socimi SA REIT | 353665 | 4376334 |
|  Neinor Homes SA, 144A \* | 33623 | 539732 |
|  (Cost $5,707,031) |  | **6521973** |
|  **Sweden – 4.4%** |  |  |
|  Atrium Ljungberg AB, Class B | 221501 | 753061 |
|  Castellum AB (a) | 412332 | 5108565 |
|  Catena AB | 40128 | 1970272 |
|  Cibus Nordic Real Estate AB (a) | 58008 | 1087391 |
|  Corem Property Group AB, Class B (a) | 589451 | 312678 |
|  Dios Fastigheter AB | 99441 | 687963 |
|  Fabege AB (a) | 213483 | 1837008 |
|  Fastighets AB Balder, Class B \* | 654417 | 4577196 |
|  Hemnet Group AB | 80890 | 2558512 |
|  Hufvudstaden AB, Class A | 105899 | 1346209 |
|  Logistea AB, Class B | 197230 | 308013 |
|  NP3 Fastigheter AB | 31274 | 843312 |
|  Nyfosa AB | 151533 | 1374138 |
|  Pandox AB | 101098 | 1692519 |
|  Platzer Fastigheter Holding AB, Class B | 71016 | 558223 |
|  Sagax AB, Class B (a) | 205056 | 4479018 |
|  Sagax AB, Class D | 110588 | 385707 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Samhallsbyggnadsbolaget i Norden AB (a) | 1218865 | 713938 |
|  Swedish Logistic Property AB, Class B \* | 174563 | 698801 |
|  Wallenstam AB, Class B (a) | 460462 | 2315505 |
|  Wihlborgs Fastigheter AB | 258719 | 2595284 |
|  (Cost $37,265,777) |  | **36203313** |
|  **Switzerland – 2.9%** |  |  |
|  Allreal Holding AG | 14413 | 3301718 |
|  Mobimo Holding AG | 6776 | 2626932 |
|  PSP Swiss Property AG | 42725 | 7525175 |
|  Swiss Prime Site AG | 74791 | 10642162 |
|  (Cost $17,130,765) |  | **24095987** |
|  **Taiwan – 1.3%** |  |  |
|  Advancetek Enterprise Co. Ltd. | 263886 | 620784 |
|  Cathay Real Estate Development Co. Ltd. | 595017 | 385182 |
|  Chong Hong Construction Co. Ltd. | 200184 | 613875 |
|  Da-Li Development Co. Ltd. | 311999 | 520545 |
|  Delpha Construction Co. Ltd. | 453079 | 487572 |
|  Farglory Land Development Co. Ltd. | 239330 | 489545 |
|  Highwealth Construction Corp. | 1684492 | 2248350 |
|  Huaku Development Co. Ltd. | 255204 | 958021 |
|  Huang Hsiang Construction Corp. | 114062 | 200580 |
|  Hung Sheng Construction Ltd. | 352210 | 299106 |
|  JSL Construction & Development Co Ltd. \* | 184269 | 467920 |
|  Kindom Development Co. Ltd. | 361353 | 669206 |
|  Radium Life Tech Co. Ltd. \* | 549506 | 249371 |
|  Ruentex Development Co. Ltd. | 1812564 | 1808421 |
|  Sakura Development Co. Ltd. | 350798 | 712868 |
|  Taiwan Land Development Corp. \* (c) | 243531 | 0 |
|  (Cost $9,782,214) |  | **10731346** |
|  **Thailand – 1.2%** |  |  |
|  Amata Corp. PCL | 763600 | 337284 |
|  Amata Corp. PCL, NVDR | 45384 | 20046 |
|  AP Thailand PCL, NVDR | 2296800 | 475767 |
|  Asset World Corp. PCL, NVDR | 7428800 | 448070 |
|  Central Pattana PCL, NVDR | 3208300 | 4446810 |
|  CPN Retail Growth Leasehold REIT REIT | 1883800 | 694356 |
|  Land & Houses PCL, NVDR | 7024000 | 860147 |
|  MBK PCL | 1028000 | 544885 |
|  Origin Property PCL, NVDR | 750100 | 39759 |
|  Quality Houses PCL | 573300 | 24973 |
|  Quality Houses PCL, NVDR | 6887700 | 300035 |
|  Sansiri PCL | 775700 | 31664 |
|  Sansiri PCL, NVDR | 13746400 | 561120 |
|  SC Asset Corp. PCL, NVDR | 359100 | 17831 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **13** 

------

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Supalai PCL, NVDR | 1138865 | 503040 |
|  WHA Corp. PCL, NVDR | 9342296 | 910680 |
|  (Cost $13,448,735) |  | **10216467** |
|  **Turkey – 0.4%** |  |  |
|  AKIS Gayrimenkul Yatirimi AS REIT | 1119097 | 172249 |
|  Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT \* | 1818641 | 647897 |
|  Is Gayrimenkul Yatirim Ortakligi AS REIT \* | 348861 | 128550 |
|  Kiler Holding AS \* | 221972 | 317048 |
|  Kuyumcukent Gayrimenkul Yatirimlari AS REIT \* | 318168 | 397287 |
|  LYDIA HOLDING AS \* | 66536 | 153531 |
|  Ozak Gayrimenkul Yatirim Ortakligi REIT \* | 342448 | 86830 |
|  Pera Yatirim Holding AS REIT \* | 514209 | 202975 |
|  Reysas Gayrimenkul Yatirim Ortakligi AS REIT \* | 493392 | 161691 |
|  Ronesans Gayrimenkul Yatirim AS \* | 42264 | 131073 |
|  Sinpas Gayrimenkul Yatirim Ortakligi AS REIT \* | 1823667 | 160330 |
|  Torunlar Gayrimenkul Yatirim Ortakligi AS REIT | 129419 | 203816 |
|  Ziraat Gayrimenkul Yatirim Ortakligi AS | 831128 | 533305 |
|  (Cost $2,160,711) |  | **3296582** |
|  **United Kingdom – 7.8%** |  |  |
|  Assura PLC REIT | 2831505 | 1890123 |
|  Big Yellow Group PLC REIT | 183889 | 2469918 |
|  British Land Co. PLC REIT | 948411 | 4993141 |
|  Derwent London PLC REIT | 99503 | 2647468 |
|  Empiric Student Property PLC REIT | 637459 | 828699 |
|  Grainger PLC | 623950 | 1872178 |
|  Great Portland Estates PLC REIT | 341451 | 1558671 |
|  Hammerson PLC REIT | 456422 | 1741889 |
|  Land Securities Group PLC REIT | 700431 | 5979110 |
|  LondonMetric Property PLC REIT | 1825065 | 4951922 |
|  Picton Property Income Ltd. REIT | 525559 | 549276 |
|  Primary Health Properties PLC REIT | 1254280 | 1701610 |
|  Rightmove PLC | 742743 | 7464125 |
|  Safestore Holdings PLC REIT | 200331 | 1774929 |
|  Savills PLC | 127198 | 1670732 |
|  Segro PLC REIT | 1154494 | 10851554 |
|  Shaftesbury Capital PLC REIT | 1380237 | 2738002 |
|  Tritax Big Box REIT PLC REIT | 2092992 | 4146263 |
|  UNITE Group PLC REIT, Series 6 | 347589 | 4035865 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  Workspace Group PLC REIT | 133689 | 751794 |
|  (Cost $66,528,383) |  | **64617269** |
|  **TOTAL COMMON STOCKS** |  |  |
|  (Cost $823,983,040) |  | **812958385** |
|  **RIGHTS – 0.0%** |  |  |
|  **South Korea – 0.0%** |  |  |
|  ESR Kendall Square REIT Co. Ltd.\* , expires 7/9/25 |  |  |
|  (Cost $0) | 21014 | **1142** |
|  **WARRANTS – 0.0%** |  |  |
|  **Malaysia – 0.0%** |  |  |
|  Eco World Development Group Bhd\* , expires 4/12/29 |  |  |
|  (Cost $0) | 106640 | **18540** |
|  **Thailand – 0.0%** |  |  |
|  Origin Property PCL\* , expires 5/18/28 | 187250 | 1141 |
|  Stella X PCL\* (c), expires 7/5/25 | 1291580 | 393 |
|  (Cost $0) |  | **1534** |
|  **TOTAL WARRANTS** |  |  |
|  (Cost $0) |  | **20074** |
|  **EXCHANGE-TRADED FUNDS – 0.2%** |  |  |
|  Vanguard Global ex-U.S. Real Estate ETF |  |  |
|  (Cost $1,866,336) | 45000 | **1987650** |
|  **SECURITIES LENDING** |  |  |
|  **COLLATERAL – 10.8%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (d)(e) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $89,001,092) | 89001092 | **89001092** |
|  **CASH EQUIVALENTS – 0.1%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.26% (d) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $834,418) | 834418 | **834418** |
|  **TOTAL INVESTMENTS – 109.7%** |  |  |
|  (Cost $915,684,886) |  | **904802761** |
|  **Other assets and liabilities, net – (9.7%)** |  | **(80114947)** |
|  **NET ASSETS – 100.0%** |  | **824687814** |

---

See Notes to Financial Statements.

**14** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A summary of the Fund's transactions with affiliated investments during the year ended May 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at<br>5/31/2024** | **Purchases Cost<br>($)** | **Sales Proceeds**<br> **($)** | **Net Realized<br>Gain/(Loss)<br>($)** | **Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Income ($)** | **Capital Gain<br>Distributions<br>($)** | **Number of<br>Shares at**<br> **5/31/2025** | **Value ($) at** <br> **5/31/2025**  |
|  SECURITIES LENDING COLLATERAL **–** 10.8% | SECURITIES LENDING COLLATERAL **–** 10.8% | SECURITIES LENDING COLLATERAL **–** 10.8% | SECURITIES LENDING COLLATERAL **–** 10.8% | SECURITIES LENDING COLLATERAL **–** 10.8% | SECURITIES LENDING COLLATERAL **–** 10.8% | SECURITIES LENDING COLLATERAL **–** 10.8% | SECURITIES LENDING COLLATERAL **–** 10.8% | SECURITIES LENDING COLLATERAL **–** 10.8% |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (d)(e) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (d)(e) |
| 31483119 | 57,517,973 (f) |  |  |  | 73015 |  | 89001092 | 89001092 |
|  CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% |
|  DWS Government Money Market Series "Institutional Shares", 4.26% (d) | DWS Government Money Market Series "Institutional Shares", 4.26% (d) | DWS Government Money Market Series "Institutional Shares", 4.26% (d) | DWS Government Money Market Series "Institutional Shares", 4.26% (d) | DWS Government Money Market Series "Institutional Shares", 4.26% (d) | DWS Government Money Market Series "Institutional Shares", 4.26% (d) | DWS Government Money Market Series "Institutional Shares", 4.26% (d) | DWS Government Money Market Series "Institutional Shares", 4.26% (d) | DWS Government Money Market Series "Institutional Shares", 4.26% (d) |
| 1564194 | 45764129 | (46493905) |  |  | 422744 |  | 834418 | 834418 |
| **33047313** | **103282102** | **(46493905)** |  |  | **495759** |  | **89835510** | **89835510** |

---

\* 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, 2025 amounted to $81,484,618, which is 9.9% of net assets.

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

(c) Investment was valued using significant unobservable inputs.

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

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

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2025.

CVA: Certificaten Van Aandelen (Dutch Certificate)

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 under 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, 2025, open futures contracts purchased were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract Description** | **Currency** | **Number of<br>Contracts** | **Notional<br>Amount ($)** | **Contract Value**<br> **($)** | **Expiration**<br> **Date** | **Unrealized**<br> **Appreciation**<br> (Depreciation) ($) |
|  CAC 40 Index | EUR | 6 | 532209 | 527619 | 6/20/2025 | (4590) |
|  E-Mini S&P 500 Index | USD | 10 | 2830566 | 2958000 | 6/20/2025 | 127434 |
|  EURO STOXX 50 Index | EUR | 35 | 2091280 | 2132909 | 6/20/2025 | 41629 |
|  S&P/TSX 60 Index Mini | CAD | 2 | 107359 | 114041 | 6/19/2025 | 6682 |
|  SPI 200 Index | AUD | 16 | 2073559 | 2177001 | 6/19/2025 | 103442 |
|  TOPIX Index | JPY | 10 | 1866819 | 1938737 | 6/12/2025 | 71918 |
|  **Total net unrealized appreciation** |  |  |  |  |  | **346515** |

---

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.

See Notes to Financial Statements.

DBX ETF Trust \| **15** 

------

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Currency Abbreviations

---

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

---

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

The following is a summary of the inputs used as of May 31, 2025 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) | $812958385 | $— | $0 | $812958385 |
|  Rights |  | 1142 |  | 1142 |
|  Warrants (a) | 19681 |  | 393 | 20074 |
|  Exchange-Traded Funds | 1987650 |  |  | 1987650 |
|  Short-Term Investments (a) | 89835510 |  |  | 89835510 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 351105 |  |  | 351105 |
|  **TOTAL** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905152331 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905153866 |
| Liabilities | Level 1 | Level 2 | Level 3 | Total |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | $(4590) | $— | $— | $(4590) |
|  **TOTAL** | $(4590) | $— | $— | $(4590) |

---

(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, 2025, the amount of transfers from Level 1 to Level 3 was $2,457. 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. Transfers between price levels are recognized at the beginning of the reporting period.

See Notes to Financial Statements.

**16** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers Semiconductor Select Equity ETF

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  **COMMON STOCKS — 99.3%** |  |  |
| **Electronic Components — 0.9%** |  |  |
|  Kyocera Corp. |  |  |
|  (Cost $65,752) | 5084 | **62064** |
| **Electronic Manufacturing Services — 0.5%** |  |  |
|  Fabrinet \* |  |  |
|  (Cost $24,944) | 138 | **32136** |
| **Industrial Machinery & Supplies — 0.6%** |  |  |
|  VAT Group AG, 144A |  |  |
|  (Cost $42,505) | 103 | **39204** |
| **Semiconductor Materials & Equipment — 28.8%** |  |  |
|  Advantest Corp. | 2813 | 143618 |
|  Applied Materials, Inc. | 1781 | 279172 |
|  ASM International NV | 176 | 95826 |
|  ASML Holding NV | 436 | 323661 |
|  BE Semiconductor Industries NV | 296 | 35804 |
|  Disco Corp. | 342 | 77907 |
|  Enphase Energy, Inc. \* | 486 | 20116 |
|  Entegris, Inc. | 578 | 39732 |
|  KLA Corp. | 379 | 286858 |
|  Lam Research Corp. | 3751 | 303043 |
|  Lasertec Corp. | 301 | 30466 |
|  Nova Ltd. \* | 112 | 23503 |
|  Onto Innovation, Inc. \* | 187 | 17193 |
|  SCREEN Holdings Co. Ltd. | 323 | 23168 |
|  Teradyne, Inc. | 619 | 48653 |
|  Tokyo Electron Ltd. | 1735 | 276552 |
| (Cost $1,927,366) |  | **2025272** |
|  **Semiconductors — 68.5%** | **Semiconductors — 68.5%** |  |
|  Advanced Micro Devices, Inc. \* | 2754 | 304950 |
|  Alchip Technologies Ltd. | 300 | 28130 |
|  Analog Devices, Inc. | 1357 | 290371 |
|  ASE Technology Holding Co. Ltd. | 14118 | 65011 |
|  Broadcom, Inc. | 1440 | 348581 |
|  Cirrus Logic, Inc. \* | 203 | 19967 |
|  Credo Technology Group Holding Ltd. \* | 548 | 33406 |
|  First Solar, Inc. \* | 390 | 61651 |
|  Infineon Technologies AG | 4994 | 194320 |
|  Intel Corp. | 12386 | 242146 |
|  Lattice Semiconductor Corp. \* | 521 | 23414 |
|  Marvell Technology, Inc. | 3304 | 198868 |
|  MediaTek, Inc. | 5618 | 236204 |
|  Microchip Technology, Inc. | 2020 | 117241 |
|  Micron Technology, Inc. | 3425 | 323525 |
|  Monolithic Power Systems, Inc. | 177 | 117156 |
|  Novatek Microelectronics Corp. | 2175 | 37449 |
|  NVIDIA Corp. | 2333 | 315258 |

---

---

| | | |
|:---|:---|:---|
|  | **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Shares** | **Value $** |
|  NXP Semiconductors NV | 971 | 185587 |
|  ON Semiconductor Corp. \* | 1610 | 67652 |
|  Qorvo, Inc. \* | 357 | 27139 |
|  QUALCOMM, Inc. | 1858 | 269782 |
|  Rambus, Inc. \* | 409 | 21869 |
|  Realtek Semiconductor Corp. | 1785 | 32223 |
|  Renesas Electronics Corp. | 6200 | 76611 |
|  SK Hynix, Inc. | 2062 | 305631 |
|  Skyworks Solutions, Inc. | 587 | 40521 |
|  STMicroelectronics NV | 96 | 2409 |
|  STMicroelectronics NV, Class Y | 2454 | 61375 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 11221 | 362070 |
|  Texas Instruments, Inc. | 1574 | 287806 |
|  United Microelectronics Corp. | 44352 | 69188 |
|  (Cost $4,289,734) |  | **4767511** |
|  **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $6,350,301) |  | **6926187** |
|  **EXCHANGE-TRADED FUNDS — 0.6%** | **EXCHANGE-TRADED FUNDS — 0.6%** |  |
|  Invesco PHLX Semiconductor ETF | 1010 | 37845 |
|  SPDR S&P Semiconductor ETF | 10 | 2211 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $39,536) |  | **40056** |
|  **CASH EQUIVALENTS — 0.0%** | **CASH EQUIVALENTS — 0.0%** |  |
|  DWS Government Money Market Series "Institutional Shares", 4.26% (a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,387) | 1387 | **1387** |
|  **TOTAL INVESTMENTS — 99.9%** | **TOTAL INVESTMENTS — 99.9%** |  |
|  (Cost $6,391,224) |  | **6967630** |
| **Other assets and liabilities, net — 0.1%** |  | **8149** |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **6975779** |

---

See Notes to Financial Statements.

DBX ETF Trust \| **17** 

------

Schedule of Investments

Xtrackers Semiconductor Select Equity ETF (Continued)

May 31, 2025

A summary of the Fund's transactions with affiliated investments during the year ended May 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at<br>5/31/2024** | **Purchases Cost<br>($)** | **Sales Proceeds**<br> **($)** | **Net Realized<br>Gain/(Loss)<br>($)** | **Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Income ($)** | **Capital Gain<br>Distributions<br>($)** | **Number of<br>Shares at**<br> **5/31/2025** | **Value ($) at** <br> **5/31/2025**  |
|  SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% | SECURITIES LENDING COLLATERAL **—** 0.0% |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (a)(b) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (a)(b) |
|  —  |  |  |  |  | 24 |  |  |  |
|  CASH EQUIVALENTS **—** 0.0% | CASH EQUIVALENTS **—** 0.0% | CASH EQUIVALENTS **—** 0.0% | CASH EQUIVALENTS **—** 0.0% | CASH EQUIVALENTS **—** 0.0% | CASH EQUIVALENTS **—** 0.0% | CASH EQUIVALENTS **—** 0.0% | CASH EQUIVALENTS **—** 0.0% | CASH EQUIVALENTS **—** 0.0% |
|  DWS Government Money Market Series "Institutional Shares", 4.26% (a) | DWS Government Money Market Series "Institutional Shares", 4.26% (a) | DWS Government Money Market Series "Institutional Shares", 4.26% (a) | DWS Government Money Market Series "Institutional Shares", 4.26% (a) | DWS Government Money Market Series "Institutional Shares", 4.26% (a) | DWS Government Money Market Series "Institutional Shares", 4.26% (a) | DWS Government Money Market Series "Institutional Shares", 4.26% (a) | DWS Government Money Market Series "Institutional Shares", 4.26% (a) | DWS Government Money Market Series "Institutional Shares", 4.26% (a) |
| 1039  | 410755 | (410407) |  |  | 213 |  | 1387 | 1387 |
| **1039**  | **410755** | **(410407)** |  |  | **237** |  | **1387** | **1387** |

---

\* Non-income producing security.

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

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

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

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, 2025 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) | $6926187 | $— | $— | $6926187 |
|  Exchange-Traded Funds | 40056 |  |  | 40056 |
|  Short-Term Investments (a) | 1387 |  |  | 1387 |
|  **TOTAL** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6967630 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6967630 |

---

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

See Notes to Financial Statements.

**18** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers US Green Infrastructure Select Equity ETF

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  **COMMON STOCKS – 99.8%** |  |  |
| **Consumer Discretionary – 12.3%** |  |  |
|  EVgo, Inc. \* | 30720 | 121344 |
|  Lucid Group, Inc. \* (a) | 31196 | 69567 |
|  QuantumScape Corp. \* | 19640 | 78560 |
|  Rivian Automotive, Inc., Class A \* | 6792 | 98688 |
|  Tesla, Inc. \* | 292 | 101166 |
|  (Cost $491,134) |  | **469325** |
| **Energy – 2.1%** |  |  |
|  Green Plains, Inc. \* |  |  |
|  (Cost $229,775) | 19598 | **81528** |
| **Industrials – 62.5%** |  |  |
|  A O Smith Corp. | 1272 | 81802 |
|  Array Technologies, Inc. \* | 17563 | 115916 |
|  AZZ, Inc. | 945 | 85702 |
|  Bloom Energy Corp., Class A \* (a) | 4452 | 82229 |
|  Carrier Global Corp. | 1309 | 93201 |
|  Casella Waste Systems, Inc., Class A \* | 716 | 83922 |
|  ChargePoint Holdings, Inc. \* | 133376 | 92776 |
|  Clean Harbors, Inc. \* | 402 | 91170 |
|  EnerSys | 925 | 77358 |
|  Eos Energy Enterprises, Inc. \* (a) | 20612 | 85746 |
|  Fluence Energy, Inc. \* (a) | 18000 | 84600 |
|  GE Vernova, Inc. | 243 | 114934 |
|  Graco, Inc. | 1008 | 85337 |
|  IDEX Corp. | 458 | 82857 |
|  Ingersoll Rand, Inc. | 1082 | 88335 |
|  Lennox International, Inc. | 142 | 80152 |
|  Microvast Holdings, Inc. \* | 44446 | 159561 |
|  NEXTracker, Inc., Class A \* | 2028 | 114967 |
|  Parker-Hannifin Corp. | 133 | 88405 |
|  Plug Power, Inc. \* | 65751 | 58038 |
|  Republic Services, Inc. | 333 | 85678 |
|  Shoals Technologies Group, Inc., Class A \* | 21739 | 102608 |
|  Sunrun, Inc. \* | 12374 | 92681 |
|  Veralto Corp. | 873 | 88199 |
|  Waste Management, Inc. | 355 | 85544 |
|  Xylem, Inc. | 720 | 90749 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  (Cost $2,396,634) |  | 2392467 |
| **Information Technology – 4.9%** |  |  |
|  First Solar, Inc. \* | 614 | 97061 |
|  Itron, Inc. \* | 799 | 92364 |
|  (Cost $166,131) |  | **189425** |
|  **Materials – 13.6%** |  |  |
|  Ecolab, Inc. | 335 | 88983 |
|  PureCycle Technologies, Inc. \* (a) | 12240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116402 |
|  Radius Recycling, Inc. | 2732 | 80894 |
|  Reliance, Inc. | 284 | 83161 |
|  Ryerson Holding Corp. | 3450 | 71622 |
|  Worthington Steel, Inc. | 3231 | 80452 |
|  (Cost $461,038) |  | **521514** |
|  **Utilities – 4.4%** |  |  |
|  Ormat Technologies, Inc. | 1146 | 85182 |
|  XPLR Infrastructure LP | 9252 | 81603 |
|  (Cost $255,269) |  | **166785** |
|  **TOTAL COMMON STOCKS** |  |  |
|  (Cost $3,999,981) |  | **3821044** |
| **EXCHANGE-TRADED FUNDS – 0.2%** |  |  |
|  Global X US Infrastructure |  |  |
|  Development ETF | 10 | 415 |
|  Vaneck Green Infrastructure ETF | 200 | 4941 |
|  (Cost $5,030) |  | **5356** |
| **SECURITIES LENDING COLLATERAL – 10.7%** |  |  |
|  DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c) |  |  |
|  (Cost $410,100) | 410100 | **410100** |
| **CASH EQUIVALENTS – 0.0%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.26% (b) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,769) | 1769 | **1769** |
| **TOTAL INVESTMENTS – 110.7%** |  |  |
|  (Cost $4,416,880) |  | **4238269** |
| **Other assets and liabilities, net – (10.7%)** |  | **(409258)** |
|  **NET ASSETS – 100.0%** |  | **3829011** |

---

A summary of the Fund's transactions with affiliated investments during the year ended May 31, 2025 is as follows:

See Notes to Financial Statements.

DBX ETF Trust \| **19** 

------

Schedule of Investments

Xtrackers US Green Infrastructure Select Equity ETF (Continued)

May 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **5/31/2024** | **Purchases Cost<br>($)** | **Sales Proceeds<br>($)** | **Net Realized<br>Gain/(Loss)<br>($)** | **Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Income ($)** | **Capital Gain<br>Distributions<br>($)** | **Number of<br>Shares at<br>5/31/2025** | **Value ($) at<br>5/31/2025** |
| SECURITIES LENDING COLLATERAL **–** 10.7% | SECURITIES LENDING COLLATERAL **–** 10.7% | SECURITIES LENDING COLLATERAL **–** 10.7% | SECURITIES LENDING COLLATERAL **–** 10.7% | SECURITIES LENDING COLLATERAL **–** 10.7% | SECURITIES LENDING COLLATERAL **–** 10.7% |  |  |  |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c)  | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c)  | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c)  | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c)  | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c)  | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c)  | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (b)(c)  |  |  |
| 603600 |  | (193500) (d) |  |  | 34649 |  | 410100 | 410100 |
| CASH EQUIVALENTS **–** 0.0% | CASH EQUIVALENTS **–** 0.0% | CASH EQUIVALENTS **–** 0.0% | CASH EQUIVALENTS **–** 0.0% | CASH EQUIVALENTS **–** 0.0% | CASH EQUIVALENTS **–** 0.0% |  |  |  |
| DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) | DWS Government Money Market Series "Institutional Shares", 4.26% (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 89470 | (87701) |  |  | 114 |  | 1769 | 1769 |
| **603600** | **89470** | **(281201)** |  |  | **34763** |  | **411869** | **411869** |

---

\* 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, 2025 amounted to $377,692, which is 9.9% of net assets.

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

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

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2025.

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, 2025 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** | **Total** |
|  Common Stocks (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3821044 | $— | $— | $— | 3821044 |
|  Exchange-Traded Funds | 5356 |  |  |  | 5356 |
|  Short-Term Investments (a) | 411869 |  |  |  | 411869 |
|  **TOTAL** | $**4238269** | $— | $— | $— | **4238269** |

---

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

See Notes to Financial Statements.

**20** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers US National Critical Technologies ETF

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
| **COMMON STOCKS – 99.6%** |  |  |
| **Communication Services – 16.3%** |  |  |
|  Alphabet, Inc., Class A | 32327 | 5551839 |
|  AT&T, Inc. | 43996 | 1223089 |
|  Auto Trader Group PLC, 144A | 5694 | 60969 |
|  BCE, Inc. | 5463 | 118800 |
|  BT Group PLC | 28044 | 67866 |
|  CAR Group Ltd. | 3143 | 71926 |
|  Charter Communications, Inc., Class A \* | 596 | 236177 |
|  Comcast Corp., Class A | 22990 | 794764 |
|  Electronic Arts, Inc. | 1445 | 207762 |
|  Meta Platforms, Inc., Class A | 9847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6375834 |
|  Pinterest, Inc., Class A \* | 3854 | 119898 |
|  Quebecor, Inc., Class B | 2342 | 65766 |
|  Rightmove PLC | 6160 | 61904 |
|  ROBLOX Corp., Class A \* | 3367 | 292862 |
|  Rogers Communications, Inc., Class B | 2284 | 61197 |
|  Snap, Inc., Class A \* | 8941 | 73763 |
|  Spark New Zealand Ltd. | 47994 | 63900 |
|  Take-Two Interactive Software, Inc. \* | 998 | 225828 |
|  Telstra Group Ltd. | 69324 | 213252 |
|  TELUS Corp. | 9802 | 160260 |
|  T-Mobile US, Inc. | 2826 | 684457 |
|  TPG Telecom Ltd. | 19483 | 64572 |
|  Trade Desk, Inc., Class A \* | 2661 | 200160 |
|  Verizon Communications, Inc. | 25891 | 1138168 |
|  Warner Bros Discovery, Inc. \* | 14682 | 146380 |
|  (Cost $17,996,976) |  | **18281393** |
| **Consumer Discretionary – 5.7%** |  |  |
|  Amazon.com, Inc. \* | 28538 | 5850575 |
|  DoorDash, Inc., Class A \* | 2054 | 428567 |
|  Expedia Group, Inc. | 704 | 117392 |
|  (Cost $6,214,633) |  | **6396534** |
| **Energy – 5.2%** |  |  |
|  Ampol Ltd. | 4201 | 69022 |
|  BP PLC | 92663 | 449547 |
|  Chevron Corp. | 10706 | 1463510 |
|  Exxon Mobil Corp. | 26504 | 2711359 |
|  Imperial Oil Ltd. | 877 | 62496 |
|  Marathon Petroleum Corp. | 1918 | 308299 |
|  Phillips 66 | 2501 | 283813 |
|  Suncor Energy, Inc. | 7621 | 270431 |
|  Valero Energy Corp. | 1933 | 249299 |
|  (Cost $6,361,189) |  | **5867776** |
| **Financials – 0.9%** |  |  |
|  Adyen NV, 144A \* | 185 | 354852 |
|  Block, Inc. \* | 3288 | 203034 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Fidelity National Information Services, Inc. | 3256 | 259210 |
|  Global Payments, Inc. | 1473 | 111373 |
|  Wise PLC, Class A \* | 4400 | 65211 |
|  (Cost $989,136) |  | **993680** |
| **Health Care – 16.7%** |  |  |
|  Abbott Laboratories | 10557 | 1410204 |
|  AbbVie, Inc. | 10833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016130 |
|  Agilent Technologies, Inc. | 1727 | 193286 |
|  Alnylam Pharmaceuticals, Inc. \* | 763 | 232379 |
|  Amgen, Inc. | 3293 | 948977 |
|  Argenx SE, ADR \* | 373 | 213826 |
|  Astellas Pharma, Inc. | 10800 | 106956 |
|  Avantor, Inc. \* | 4326 | 55849 |
|  Biogen, Inc. \* | 833 | 108115 |
|  Boston Scientific Corp. \* | 9019 | 949340 |
|  Bristol-Myers Squibb Co. | 12456 | 601376 |
|  CSL Ltd. | 2925 | 464930 |
|  Danaher Corp. | 3983 | 756372 |
|  Dexcom, Inc. \* | 2349 | 201544 |
|  GE HealthCare Technologies, Inc. | 2918 | 205836 |
|  Gilead Sciences, Inc. | 7623 | 839140 |
|  GSK PLC | 22866 | 464698 |
|  Haleon PLC | 52805 | 294739 |
|  Hikma Pharmaceuticals PLC | 2688 | 77573 |
|  ICON PLC \* | 435 | 56672 |
|  IDEXX Laboratories, Inc. \* | 496 | 254626 |
|  Illumina, Inc. \* | 1017 | 83638 |
|  Intuitive Surgical, Inc. \* | 2181 | 1204653 |
|  IQVIA Holdings, Inc. \* | 1078 | 151276 |
|  Labcorp Holdings, Inc. | 499 | 124236 |
|  Medtronic PLC | 7850 | 651393 |
|  Mettler-Toledo International, Inc. \* | 130 | 150218 |
|  Moderna, Inc. \* | 2309 | 61327 |
|  Novo Nordisk A/S, Class B | 19343 | 1335457 |
|  Ono Pharmaceutical Co. Ltd. | 4900 | 53162 |
|  Pfizer, Inc. | 34795 | 817334 |
|  Pro Medicus Ltd. | 456 | 82758 |
|  Quest Diagnostics, Inc. \* | 647 | 112151 |
|  Regeneron Pharmaceuticals, Inc. | 646 | 316721 |
|  ResMed, Inc. | 898 | 219821 |
|  Royalty Pharma PLC, Class A | 1993 | 65530 |
|  Takeda Pharmaceutical Co. Ltd. | 9200 | 275053 |
|  Teva Pharmaceutical Industries Ltd. \* | 7437 | 131341 |
|  Thermo Fisher Scientific, Inc. | 2311 | 930917 |
|  Veeva Systems, Inc., Class A \* | 917 | 256485 |
|  Vertex Pharmaceuticals, Inc. \* | 1574 | 695787 |
|  Waters Corp. \* | 356 | 124329 |
|  Zoetis, Inc. | 2730 | 460360 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **21** 

------

Schedule of Investments

Xtrackers US National Critical Technologies ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  (Cost $19,126,044) |  | **18756515** |
| **Industrials – 12.8%** |  |  |
|  AMETEK, Inc. | 1415 | 252917 |
|  Atlas Arteria Ltd. (a) | 19757 | 67515 |
|  Auckland International Airport Ltd. | 12118 | 54625 |
|  Automatic Data Processing, Inc. | 2493 | 811546 |
|  BAE Systems PLC | 17980 | 461056 |
|  Boeing Co. \* | 4608 | 955331 |
|  Broadridge Financial Solutions, Inc. | 697 | 169253 |
|  CAE, Inc. \* | 2584 | 66397 |
|  Carrier Global Corp. | 4957 | 352938 |
|  Dover Corp. | 812 | 144333 |
|  Eaton Corp. PLC | 2404 | 769761 |
|  Emerson Electric Co. | 3458 | 412816 |
|  Expeditors International of |  |  |
|  Washington, Inc. | 801 | 90297 |
|  Experian PLC | 5548 | 276301 |
|  Fortive Corp. | 2057 | 144381 |
|  GE Vernova, Inc. | 1678 | 793660 |
|  General Dynamics Corp. | 1639 | 456445 |
|  Honeywell International, Inc. | 3946 | 894440 |
|  Howmet Aerospace, Inc. | 2453 | 416740 |
|  Illinois Tool Works, Inc. | 1806 | 442614 |
|  Ingersoll Rand, Inc. | 2454 | 200345 |
|  Johnson Controls International PLC | 4054 | 410954 |
|  L3Harris Technologies, Inc. | 1151 | 281235 |
|  Leidos Holdings, Inc. | 771 | 114509 |
|  Lockheed Martin Corp. | 1437 | 693180 |
|  Mainfreight Ltd. | 1961 | 82308 |
|  Melrose Industries PLC | 10207 | 64432 |
|  Northrop Grumman Corp. | 883 | 428052 |
|  PACCAR, Inc. | 3179 | 298349 |
|  Parker-Hannifin Corp. | 791 | 525778 |
|  Rockwell Automation, Inc. | 682 | 215205 |
|  Rolls-Royce Holdings PLC | 50351 | 588158 |
|  RTX Corp. | 8187 | 1117362 |
|  Smiths Group PLC | 2571 | 74682 |
|  SS&C Technologies Holdings, Inc. | 1414 | 114265 |
|  Thomson Reuters Corp. | 845 | 167568 |
|  TransDigm Group, Inc. | 338 | 496329 |
|  Transurban Group (a) | 18469 | 168540 |
|  Vertiv Holdings Co., Class A | 2270 | 245001 |
|  (Cost $12,428,456) |  | **14319618** |
| **Information Technology – 35.0%** |  |  |
|  Adobe, Inc. \* | 2608 | 1082555 |
|  Amdocs Ltd. | 752 | 69004 |
|  Analog Devices, Inc. | 3029 | 648145 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  ANSYS, Inc. \* | 535 | 176989 |
|  Applied Materials, Inc. | 4968 | 778734 |
|  AppLovin Corp., Class A \* | 1283 | 504219 |
|  Arista Networks, Inc. \* | 6324 | 547911 |
|  Atlassian Corp., Class A \* | 974 | 202232 |
|  Autodesk, Inc. \* | 1308 | 387325 |
|  Cadence Design Systems, Inc. \* | 1678 | 481703 |
|  Capgemini SE | 1013 | 168189 |
|  Celestica, Inc. \* | 763 | 88189 |
|  Cellebrite DI Ltd. \* | 3267 | 54494 |
|  CGI, Inc. | 1163 | 124788 |
|  Check Point Software Technologies Ltd. \* | 490 | 112151 |
|  Cisco Systems, Inc. | 24304 | 1532124 |
|  Cloudflare, Inc., Class A \* | 1861 | 308721 |
|  Cognizant Technology Solutions Corp., Class A | 3008 | 243618 |
|  Constellation Software, Inc. | 119 | 430645 |
|  Crowdstrike Holdings, Inc., Class A \* | 1455 | 685843 |
|  CyberArk Software Ltd. \* | 313 | 119810 |
|  Datadog, Inc., Class A \* | 1844 | 217371 |
|  Dell Technologies, Inc., Class C | 1888 | 210078 |
|  Fair Isaac Corp. \* | 144 | 248584 |
|  Fortinet, Inc. \* | 3916 | 398570 |
|  Gen Digital, Inc. | 3699 | 105348 |
|  Halma PLC | 2352 | 92172 |
|  Hewlett Packard Enterprise Co. | 7702 | 133091 |
|  HubSpot, Inc. \* | 305 | 179920 |
|  International Business Machines Corp. | 5679 | 1471202 |
|  Intuit, Inc. | 1676 | 1262816 |
|  Keysight Technologies, Inc. \* | 1021 | 160338 |
|  KLA Corp. | 811 | 613830 |
|  Lam Research Corp. | 7834 | 632909 |
|  Microchip Technology, Inc. | 3155 | 183116 |
|  Microsoft Corp. | 13291 | 6118645 |
|  MicroStrategy, Inc., Class A \* | 1505 | 555435 |
|  Monday.com Ltd. \* | 273 | 81215 |
|  MongoDB, Inc. \* | 480 | 90638 |
|  Motorola Solutions, Inc. | 1017 | 422441 |
|  Nice Ltd., ADR \* | 97 | 16095 |
|  Nice Ltd. \* | 319 | 53681 |
|  NVIDIA Corp. | 49249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6655017 |
|  Open Text Corp. | 2690 | 76027 |
|  Oracle Corp. | 10112 | 1673839 |
|  Palantir Technologies, Inc., Class A \* | 13024 | 1716303 |
|  Palo Alto Networks, Inc. \* | 4021 | 773721 |
|  Roper Technologies, Inc. | 656 | 374097 |
|  Sage Group PLC | 6324 | 103959 |
|  Salesforce, Inc. | 5745 | 1524551 |
|  ServiceNow, Inc. \* | 1268 | 1282062 |

---

See Notes to Financial Statements.

**22** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers US National Critical Technologies ETF (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  Shopify, Inc., Class A \* | 7432 | 792631 |
|  Snowflake, Inc., Class A \* | 1915 | 393858 |
|  Synopsys, Inc. \* | 948 | 439853 |
|  Technology One Ltd. | 3358 | 88732 |
|  Teradyne, Inc. | 1032 | 81115 |
|  Trimble, Inc. \* | 1624 | 115742 |
|  VeriSign, Inc. | 573 | 156125 |
|  WiseTech Global Ltd. | 1169 | 80610 |
|  Wix.com Ltd. \* | 445 | 66283 |
|  Workday, Inc., Class A \* | 1310 | 324500 |
|  Xero Ltd. \* | 938 | 111247 |
|  Zebra Technologies Corp., Class A \* | 337 | 97653 |
|  Zoom Communications, Inc. \* | 1523 | 123744 |
|  Zscaler, Inc. \* | 565 | 155771 |
|  (Cost $35,216,746) |  | **39202324** |
| **Materials – 1.7%** |  |  |
|  Antofagasta PLC | 2810 | 67092 |
|  BHP Group Ltd. | 28794 | 708787 |
|  Croda International PLC | 1826 | 75548 |
|  Dow, Inc. | 4102 | 113789 |
|  First Quantum Minerals Ltd. \* | 4853 | 71756 |
|  Freeport-McMoRan, Inc. | 8815 | 339201 |
|  Fresnillo PLC | 4537 | 71157 |
|  Lundin Mining Corp. | 7681 | 72567 |
|  Lynas Rare Earths Ltd. \* | 10856 | 55123 |
|  Northern Star Resources Ltd. | 7433 | 100358 |
|  Orica Ltd. | 5957 | 72034 |
|  Pilbara Minerals Ltd. \* | 70544 | 56294 |
|  South32 Ltd. | 38665 | 75893 |
|  (Cost $1,981,671) |  | **1879599** |
| **Real Estate – 0.2%** |  |  |
|  CoStar Group, Inc. \* |  |  |
|  (Cost $191,876) | 2473 | **181914** |
| **Utilities – 5.1%** |  |  |
|  American Electric Power Co., Inc. | 3359 | 347623 |
|  Constellation Energy Corp. | 1922 | 588420 |
|  Dominion Energy, Inc. | 5259 | 298028 |
|  Edison International | 2269 | 126270 |
|  Emera, Inc. | 1807 | 82678 |
|  Energix-Renewable Energies Ltd. | 20964 | 66601 |
|  Entergy Corp. | 2637 | 219609 |
|  Exelon Corp. | 6222 | 272648 |
|  FirstEnergy Corp. | 3430 | 143854 |
|  Fortis, Inc. | 3241 | 158049 |
|  Hydro One Ltd., 144A | 2016 | 74089 |
|  Iberdrola SA | 38441 | 701734 |
|  Mercury NZ Ltd. | 17282 | 60981 |
|  Meridian Energy Ltd. | 17252 | 56549 |
|  National Grid PLC | 28804 | 406499 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value $** |
|  NextEra Energy, Inc. | 12619 | 891406 |
|  PPL Corp. | 4395 | 152726 |
|  Southern Co. | 6753 | 607770 |
|  SSE PLC | 6146 | 145955 |
|  Vistra Corp. | 2063 | 331256 |
|  (Cost $5,051,966) |  | **5732745** |
| **TOTAL COMMON STOCKS** |  |  |
|  (Cost $105,558,693) |  | **111612098** |
| **EXCHANGE-TRADED FUNDS – 0.1%** |  |  |
|  Xtrackers Artificial Intelligence and Big Data ETF (b) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $123,674) | 3700 | **129944** |
| **CASH EQUIVALENTS – 0.1%** |  |  |
|  DWS Government Money Market Series "Institutional Shares", 4.26% (c)<br>(Cost $123,604) | 123604 | **123604** |
| **TOTAL INVESTMENTS – 99.8%** |  |  |
|  (Cost $105,805,971) |  | **111865646** |
| **Other assets and liabilities, net – 0.2%** |  | **258910** |
| **NET ASSETS – 100.0%** |  | **112124556** |

---

See Notes to Financial Statements.

DBX ETF Trust \| **23** 

------

Schedule of Investments

Xtrackers US National Critical Technologies ETF (Continued)

May 31, 2025

A summary of the Fund's transactions with affiliated investments during the year ended May 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at**<br> **5/31/2024** | **Purchases Cost<br>($)** | **Sales Proceeds**<br> **($)** | **Net Realized<br>Gain/(Loss)<br>($)** | **Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Income ($)** | **Capital Gain<br>Distributions<br>($)** | **Number of<br>Shares at<br>5/31/2025** | **Value ($) at** <br> **5/31/2025**  |
| EXCHANGE-TRADED FUNDS **–** 0.1% | EXCHANGE-TRADED FUNDS **–** 0.1% | EXCHANGE-TRADED FUNDS **–** 0.1% | EXCHANGE-TRADED FUNDS **–** 0.1% | EXCHANGE-TRADED FUNDS **–** 0.1% | EXCHANGE-TRADED FUNDS **–** 0.1% |  |  |  |
| Xtrackers Artificial Intelligence and Big Data ETF (b) | Xtrackers Artificial Intelligence and Big Data ETF (b) | Xtrackers Artificial Intelligence and Big Data ETF (b) | Xtrackers Artificial Intelligence and Big Data ETF (b) | Xtrackers Artificial Intelligence and Big Data ETF (b) | Xtrackers Artificial Intelligence and Big Data ETF (b) | Xtrackers Artificial Intelligence and Big Data ETF (b) | Xtrackers Artificial Intelligence and Big Data ETF (b) | Xtrackers Artificial Intelligence and Big Data ETF (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 265756 | (137413) | (4669) | 6270 | 73 |  | 3700 | 129944 |
| SECURITIES LENDING COLLATERAL **–** 0.0% | SECURITIES LENDING COLLATERAL **–** 0.0% | SECURITIES LENDING COLLATERAL **–** 0.0% | SECURITIES LENDING COLLATERAL **–** 0.0% | SECURITIES LENDING COLLATERAL **–** 0.0% | SECURITIES LENDING COLLATERAL **–** 0.0% | SECURITIES LENDING COLLATERAL **–** 0.0% | SECURITIES LENDING COLLATERAL **–** 0.0% |  |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (c)(d) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 4.22% (c)(d) |  |
| 18550  |  | (18550) (e) |  |  | 1110 |  |  |  |
| CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% | CASH EQUIVALENTS **–** 0.1% |  |
| DWS Government Money Market Series "Institutional Shares", 4.26% (c) | DWS Government Money Market Series "Institutional Shares", 4.26% (c) | DWS Government Money Market Series "Institutional Shares", 4.26% (c) | DWS Government Money Market Series "Institutional Shares", 4.26% (c) | DWS Government Money Market Series "Institutional Shares", 4.26% (c) | DWS Government Money Market Series "Institutional Shares", 4.26% (c) | DWS Government Money Market Series "Institutional Shares", 4.26% (c) | DWS Government Money Market Series "Institutional Shares", 4.26% (c) | DWS Government Money Market Series "Institutional Shares", 4.26% (c) |
| 68548  | 2469574 | (2414518) |  |  | 3037 |  | 123604 | 123604 |
| **87098**  | **2735330** | **(2570481)** | **(4669)** | **6270** | **4220** |  | **127304** | **253548** |

---

\* Non-income producing security.

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

(b) Affiliated fund 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, 2025.

---

| | |
|:---|:---|
| ADR: | American Depositary Receipt |
| 144A: | Security exempt from registration under Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| At May 31, 2025, open futures contracts purchased were as follows: | At May 31, 2025, open futures contracts purchased were as follows: |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract Description** | **Currency** | **Number of<br>Contracts** | **Notional<br>Amount ($)** | **Contract Value<br>($)** | **Expiration<br>Date** | **Unrealized** <br> **Appreciation ($)**  |
|  Micro E-mini NASDAQ 100 Index | USD | 8 | 317276 | 342028 | 6/20/2025 | 24752 |

---

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

See Notes to Financial Statements.

**24** \| DBX ETF Trust

------

Schedule of Investments

Xtrackers US National Critical Technologies ETF (Continued)

May 31, 2025

#### 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, 2025 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) | $111612098 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $111612098 |
|  Exchange-Traded Funds | 129944 |  |  | 129944 |
|  Short-Term Investments (a) | 123604 |  |  | 123604 |
|  Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 24752 |  |  | 24752 |
|  **TOTAL** | $**111890398** | $**—** | $**—** | $**111890398** |

---

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

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

See Notes to Financial Statements.

DBX ETF Trust \| **25** 

------

Statements of Assets and Liabilities

May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers<br>Artificial<br>Intelligence<br>and Big Data<br>ETF** | **Xtrackers<br>Cybersecurity<br>Select Equity<br>ETF** | **Xtrackers<br>International<br>Real Estate<br>ETF** | **Xtrackers<br>Semiconductor<br>Select Equity<br>ETF** |
|  **Assets** |  |  |  |  |
|  Investment in non-affiliated securities at value | $42132307 | $7679774 | $814967251 | $6966243 |
|  Investment in affiliated securities at value | 122690 |  |  |  |
|  Investment in DWS Government Money Market Series | 107192 | 11360 | 834418 | 1387 |
|  Investment in DWS Government & Agency Securities Portfolio\* |  | 520072 | 89001092 |  |
|  Foreign currency at value | 94102 | 3905 | 4015203 | 3606 |
|  Deposit with broker for futures contracts | 17237 | 9229 | 735413 |  |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold |  | 107810 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 20405 | 3298 | 4253680 | 5395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 490 | 110 | 2386 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income |  | 46 | 37025 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaim | 2442 | 1241 | 559958 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 64 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $42496929 | $8336845 | $914406426 | $6976651 |
|  **Liabilities** |  |  |  |  |
|  Payable upon return of securities loaned | $— | $520072 | $89001092 | $— |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 12237 | 1321 | 68382 | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 232 | 128 | 55141 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign tax |  |  | 593997 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 12469 | 521521 | 89718612 | 872 |
|  **Net Assets, at value** | $**42484460** | $**7815324** | $**824687814** | $**6975779** |
|  **Net Assets Consist of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $40708331 | $6796371 | $911128001 | $6512746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | 1776129 | 1018953 | (86440187) | 463033 |
|  **Net Assets, at value** | $**42484460** | $**7815324** | $**824687814** | $**6975779** |
|  Number of Common Shares outstanding | 1210001 | 225001 | 36950001 | 235001 |
|  **Net Asset Value** | $35.11 | $34.73 | $22.32 | $29.68 |
|  Investment in non-affiliated securities at cost | $40270792 | $6588002 | $825849376 | $6389837 |
|  Investment in affiliated securities at cost | $115307 | $— | $— | $— |
|  Value of securities loaned | $— | $448612 | $81484618 | $— |
|  Investment in DWS Government Money Market Series at cost | $107192 | $11360 | $834418 | $1387 |
|  Investment in DWS Government & Agency Securities Portfolio at cost\* | $— | $520072 | $89001092 | $— |
|  Foreign currency at cost | $92460 | $3902 | $3929393 | $3584 |

---

\* Represents collateral on securities loaned.

See Notes to Financial Statements.

**26** \| DBX ETF Trust

------

Statements of Assets and Liabilities (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Xtrackers<br>US Green<br>Infrastructure<br>Select Equity<br>ETF** | **Xtrackers<br>US National<br>Critical<br>Technologies<br>ETF** |
|  **Assets** |  |  |
|  Investment in non-affiliated securities at value | $3826400 | $111612098 |
|  Investment in affiliated securities at value |  | 129944 |
|  Investment in DWS Government Money Market Series | 1769 | 123604 |
|  Investment in DWS Government & Agency Securities Portfolio\* | 410100 |  |
|  Foreign currency at value |  | 65889 |
|  Deposit with broker for futures contracts |  | 27848 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 1027 | 193826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 5 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income | 941 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaim |  | 3274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $4240242 | $112157147 |
|  **Liabilities** |  |  |
|  Payable upon return of securities loaned | $410100 | $— |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1131 | 32187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 411231 | 32591 |
|  **Net Assets, at value** | $**3829011** | $**112124556** |
|  **Net Assets Consist of** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6014774 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107511661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | (2185763) | 4612895 |
|  **Net Assets, at value** | $**3829011** | $**112124556** |
|  Number of Common Shares outstanding | 225001 | 3500001 |
|  **Net Asset Value** | $17.02 | $32.04 |
|  Investment in non-affiliated securities at cost | $4005011 | $105558693 |
|  Investment in affiliated securities at cost | $— | $123674 |
|  Value of securities loaned | $377692 | $— |
|  Investment in DWS Government Money Market Series at cost | $1769 | $123604 |
|  Investment in DWS Government & Agency Securities Portfolio at cost\* | $410100 | $— |
|  Foreign currency at cost | $— | $64510 |

---

\* Represents collateral on securities loaned.

See Notes to Financial Statements.

DBX ETF Trust \| **27** 

------

Statements of Operations

May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers<br>Artificial<br>Intelligence<br>and Big Data<br>ETF<sup>(1)</sup>** | **Xtrackers<br>Cybersecurity<br>Select Equity<br>ETF** | **Xtrackers<br>International<br>Real Estate ETF** | **Xtrackers<br>Semiconductor<br>Select Equity<br>ETF** |
|  **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income\* | $222722 | $29272 | $27176537 | $85088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 62 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income distributions from affiliated funds | 2609 | 334 | 73015 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income | 0 | 633 | 422744 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 225393 | 30239 | 27672296 | 85325 |
|  **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 69341 | 13227 | 767082 | 10878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses |  | 58 | 403 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 69341 | 13285 | 767485 | 10936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less fees waived (see note 3): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver | (86) | (9) | (29627) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 69255 | 13276 | 737858 | 10930 |
|  Net investment income (loss) | 156138 | 16963 | 26934438 | 74395 |
|  **Realized and Unrealized Gain (Loss)** |  |  |  |  |
|  Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments\*\* | (239186) | 51858 | (23968601) | (112587) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates | (31) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 26668 | 661929 | 1626694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (8011) | (862) | 76782 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (1366) | 4642 | 30136 | (1485) |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments by Affiliates (see note 6) | 451 |  |  |  |
|  Net realized gain (loss) | (221475) | 717567 | (22234989) | 377536 |
|  Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments\*\*\* | 1861515 | 781594 | 70927896 | (1213202) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates | 7383 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 15121 | 6177 | 272458 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 1738 | 4002 | 187846 | 127 |
|  Net change in unrealized appreciation (depreciation) | 1885757 | 791773 | 71388200 | (1213075) |
| Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 1664282 | 1509340 | 49153211 | (835539) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820420 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526303 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76087649 | $(761144) |
|  \* Unaffiliated foreign tax withheld | $11295 | $3511 | $2772503 | $8755 |
|  \*\* Including foreign taxes | $— | $— | $40034 | $— |
|  \*\*\* Net of change in deferred foreign taxes | $— | $— | $(37502) | $— |

---

(1) For the period August 2, 2024 (commencement of operations) through May 31, 2025.

See Notes to Financial Statements.

**28** \| DBX ETF Trust

------

Statements of Operations (Continued)

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Xtrackers<br>US Green<br>Infrastructure<br>Select Equity<br>ETF** | **Xtrackers<br>US National<br>Critical<br>Technologies<br>ETF** |
|  **Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26989 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income |  | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income distributions from affiliated funds | 114 | 3037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated securities lending income | 34649 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated securities lending income, net of borrower rebates |  | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 61752 | 1151537 |
|  **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 14203 | 242487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 58 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 14261 | 242531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less fees waived (see note 3): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver | (2) | (266) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 14259 | 242265 |
|  Net investment income (loss) | 47493 | 909272 |
|  **Realized and Unrealized Gain (Loss)** |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (1273475) | (1765568) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates |  | (4669) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 338254 | 1257983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | 5160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (1744) |
|  Net realized gain (loss) | (935221) | (508838) |
|  Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 224229 | 4374580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates |  | 6270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | 24349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations |  | 2189 |
|  Net change in unrealized appreciation (depreciation) | 224229 | 4407388 |
| Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | (710992) | 3898550 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(663499) | $4807822 |
|  \* Unaffiliated foreign tax withheld | $511 | $16606 |

---

See Notes to Financial Statements.

DBX ETF Trust \| **29** 

------

Statements of Changes in Net Assets

---

| | | | |
|:---|:---|:---|:---|
|  | **Xtrackers<br>Artificial<br>Intelligence and<br>Big Data ETF** | **Xtrackers Cybersecurity Select<br>Equity ETF** | **Xtrackers Cybersecurity Select<br>Equity ETF** |
|  | **For the Period<br>August 2, 2024<sup>(1)</sup>to**<br> **May 31, 2025** | **Year Ended<br>May 31, 2025** | **For the Period<br>July 13, 2023<sup>(1)</sup> to<br>May 31, 2024** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |
|  Net investment income (loss) | $156138 | $16963 | $38751 |
|  Net realized gain (loss) | (221475) | 717567 | 344941 |
|  Net change in net unrealized appreciation (depreciation) | 1885757 | 791773 | 310047 |
| Net increase (decrease) in net assets resulting from operations | 1820420 | 1526303 | 693739 |
|  **Distributions to Shareholders** | (19894) | (90861) | (40336) |
|  **Fund Shares Transactions** |  |  |  |
|  Proceeds from shares sold | 41030578 | 2443179 | 6436453 |
|  Value of shares redeemed | (346674) | (1718684) | (1434494) |
| Net increase (decrease) in net assets resulting from fund share transactions | 40683904 | 724495 | 5001959 |
|  Total net increase (decrease) in Net Assets | 42484430 | 2159937 | 5655362 |
|  **Net Assets** |  |  |  |
|  Beginning of period | 30 | 5655387 | 25 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42484460 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7815324 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5655387 |
|  **Changes in Shares Outstanding** |  |  |  |
|  Shares outstanding, beginning of period | 1 | 200001 | 1 |
|  Shares sold | 1220000 | 75000 | 250000 |
|  Shares redeemed | (10000) | (50000) | (50000) |
|  Shares outstanding, end of period | 1210001 | 225001 | 200001 |

---

(1) Commencement of Operations.

See Notes to Financial Statements.

**30** \| DBX ETF Trust

------

Statements of Changes in Net Assets (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers International Real**<br> **Estate ETF** | **Xtrackers International Real**<br> **Estate ETF** | **Xtrackers Semiconductor Select**<br> **Equity ETF** | **Xtrackers Semiconductor Select**<br> **Equity ETF** |
|  | **Year Ended<br>May 31, 2025** | **Year Ended<br>May 31, 2024** | **Year Ended<br>May 31, 2025** | **For the Period<br>July 13, 2023<sup>(1)</sup> to<br>May 31, 2024** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
|  Net investment income (loss) | $26934438 | $24747681 | $74395 | $49403 |
|  Net realized gain (loss) | (22234989) | (21539092) | 377536 | 36654 |
|  Net change in net unrealized appreciation (depreciation) | 71388200 | 51903689 | (1213075) | 1789576 |
|  Net increase (decrease) in net assets resulting from operations | 76087649 | 55112278 | (761144) | 1875633 |
|  **Distributions to Shareholders** | (30376054) | (22772407) | (122553) | (31304) |
|  **Fund Shares Transactions** |  |  |  |  |
|  Proceeds from shares sold | 84681908 | 116414059 | 2133240 | 5818749 |
|  Value of shares redeemed | (7420764) | (6807337) | (1936867) |  |
| Net increase (decrease) in net assets resulting from fund share transactions | 77261144 | 109606722 | 196373 | 5818749 |
|  Total net increase (decrease) in Net Assets | 122972739 | 141946593 | (687324) | 7663078 |
|  **Net Assets** |  |  |  |  |
|  Beginning of period | 701715075 | 559768482 | 7663103 | 25 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824687814 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701715075 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6975779 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7663103 |
|  **Changes in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of period | 33200001 | 27800001 | 225001 | 1 |
|  Shares sold | 4100000 | 5750000 | 70000 | 225000 |
|  Shares redeemed | (350000) | (350000) | (60000) |  |
|  Shares outstanding, end of period | 36950001 | 33200001 | 235001 | 225001 |

---

(1) Commencement of Operations.

See Notes to Financial Statements.

DBX ETF Trust \| **31** 

------

Statements of Changes in Net Assets (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Xtrackers US Green<br>Infrastructure Select Equity ETF** | **Xtrackers US Green<br>Infrastructure Select Equity ETF** | **Xtrackers US National Critical<br>Technologies ETF** | **Xtrackers US National Critical<br>Technologies ETF** |
|  | **Year Ended<br>May 31, 2025** | **For the Period<br>July 13, 2023<sup>(1)</sup> to<br>May 31, 2024** | **Year Ended<br>May 31, 2025** | **For the Period<br>November 16,**<br> **2023<sup>(1)</sup> to**<br> **May 31, 2024** |
|  **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
|  Net investment income (loss) | $47493 | $29598 | $909272 | $186903 |
|  Net realized gain (loss) | (935221) | (717287) | (508838) | 344955 |
|  Net change in net unrealized appreciation (depreciation) | 224229 | (402840) | 4407388 | 1679399 |
|  Net increase (decrease) in net assets resulting from operations | (663499) | (1090529) | 4807822 | 2211257 |
|  **Distributions to Shareholders** | (40957) | (24484) | (722401) | (80354) |
|  **Fund Shares Transactions** |  |  |  |  |
|  Proceeds from shares sold | 916153 | 6246667 | 68827582 | 43302231 |
|  Value of shares redeemed | (906363) | (608002) | (4764954) | (1456652) |
| Net increase (decrease) in net assets resulting from fund share transactions | 9790 | 5638665 | 64062628 | 41845579 |
|  Total net increase (decrease) in Net Assets | (694666) | 4523652 | 68148049 | 43976482 |
|  **Net Assets** |  |  |  |  |
|  Beginning of period | 4523677 | 25 | 43976507 | 25 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3829011 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4523677 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112124556 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43976507 |
|  **Changes in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of period | 225001 | 1 | 1500001 | 1 |
|  Shares sold | 50000 | 250000 | 2150000 | 1550000 |
|  Shares redeemed | (50000) | (25000) | (150000) | (50000) |
|  Shares outstanding, end of period | 225001 | 225001 | 3500001 | 1500001 |

---

(1) Commencement of Operations.

See Notes to Financial Statements.

**32** \| DBX ETF Trust

------

Financial Highlights

Xtrackers Artificial Intelligence and Big Data ETF

---

| | |
|:---|:---|
|  | **Period Ended<br>5/31/2025(a)** |
|  **Selected Per Share Data** |  |
|  Net Asset Value, beginning of period | $30.00 |
|  Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 5.14 |
|  Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.03) |
|  Net Asset Value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(c)** | 17.13 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |
|  Net Assets, end of period ($ millions) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(d) | 11 |

---

(a) For the period August 2, 2024 (commencement of operations) through May 31, 2025.

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

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

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

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust \| **33** 

------

Financial Highlights (Continued)

Xtrackers Cybersecurity Select Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br> **5/31/2025** | **Period Ended**<br> **5/31/2024(a)** |
|  **Selected Per Share Data** |  |  |
|  Net Asset Value, beginning of period | $28.28 | $25.00 |
|  Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 0.08 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 6.82 | 3.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 6.90 | 3.48 |
|  Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.07) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.38) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.45) | (0.20) |
|  Net Asset Value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.73 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(c)** | 24.47 | 13.87 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |
|  Net Assets, end of period ($ millions) | 8 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.20 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.20 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 0.26 | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(d) | 49 | 41 |

---

(a) For the period July 13, 2023 (commencement of operations) through May 31, 2024.

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

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

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

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

**34** \| DBX ETF Trust

------

Financial Highlights (Continued)

Xtrackers International Real Estate ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** | **Years Ended May 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Selected Per Share Data** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $21.14 | $20.14 | $24.67 | $29.15 | $22.85 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(a) | 0.77 | 0.80 | 0.80 | 0.92 | 0.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.30 | 0.97 | (4.91) | (4.05) | 6.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.07 | 1.77 | (4.11) | (3.13) | 7.20 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.89) | (0.77) | (0.42) | (1.35) | (0.90) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.89) | (0.77) | (0.42) | (1.35) | (0.90) |
|  Net Asset Value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.67 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(b)** | 10.39 | 8.91 | (16.76) | (11.26) | 32.15 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
|  Net Assets, end of year ($millions) | 825 | 702 | 560 | 559 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.10 | 0.12 | 0.12 | 0.12 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 3.64 | 3.86 | 3.70 | 3.38 | 3.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(c) | 8 | 15 | 8 | 17 | 9 |

---

(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.

DBX ETF Trust \| **35** 

------

Financial Highlights (Continued)

Xtrackers Semiconductor Select Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br> **5/31/2025** | **Period Ended**<br> **5/31/2024(a)** |
|  **Selected Per Share Data** |  |  |
|  Net Asset Value, beginning of period | $34.06 | $25.00 |
|  Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 0.32 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.17) | 8.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (3.85) | 9.22 |
|  Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.31) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.22) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.53) | (0.16) |
|  Net Asset Value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.68 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(c)** | (11.35) | 36.98 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |
|  Net Assets, end of period ($millions) | 7 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.15 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.15 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.03 | 0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(d) | 19 | 18 |

---

(a) For the period July 13, 2023 (commencement of operations) through May 31, 2024.

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

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

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

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

**36** \| DBX ETF Trust

------

Financial Highlights (Continued)

Xtrackers US Green Infrastructure Select Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br> **5/31/2025** | **Period Ended**<br> **5/31/2024(a)** |
|  **Selected Per Share Data** |  |  |
|  Net Asset Value, beginning of period | $20.11 | $25.00 |
|  Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 0.21 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.12) | (4.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.91) | (4.78) |
|  Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.18) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.18) | (0.11) |
|  Net Asset Value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.02 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)** | (14.51)(c) | (19.15) |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |
|  Net Assets, end of period ($millions) | 4 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.35 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.35 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.17 | 0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(d) | 60 | 55 |

---

(a) For the period July 13, 2023 (commencement of operations) through May 31, 2024.

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

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

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

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust \| **37** 

------

Financial Highlights (Continued)

Xtrackers US National Critical Technologies ETF

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br> **5/31/2025** | **Period Ended**<br> **5/31/2024(a)** |
|  **Selected Per Share Data** |  |  |
|  Net Asset Value, beginning of period | $29.32 | $25.00 |
|  Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 0.40 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.68 | 4.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.08 | 4.42 |
|  Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.35) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from distributions | (0.36) | (0.10) |
|  Net Asset Value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.04 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Return (%)(c)** | 10.54 | 17.70 |
|  **Ratios to Average Net Assets and Supplemental Data** |  |  |
|  Net Assets, end of period ($millions) | 112 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses before fee waiver (%) | 0.35 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses after fee waiver (%) | 0.35 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) (%) | 1.31 | 1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate (%)(d) | 29 | 6 |

---

(a) For the period November 16, 2023 (commencement of operations) through May 31, 2024.

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

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

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

\* Annualized.

\*\* Not Annualized.

See Notes to Financial Statements.

**38** \| 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, 2025, the Trust consists of forty 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 Artificial Intelligence and Big Data ETF

Xtrackers Cybersecurity Select Equity ETF

Xtrackers International Real Estate ETF

Xtrackers Semiconductor Select Equity ETF

Xtrackers US Green Infrastructure Select Equity ETF

Xtrackers US National Critical Technologies ETF

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

Xtrackers Artificial Intelligence and Big Data ETF, Xtrackers Cybersecurity Select Equity ETF, Xtrackers Semiconductor Select Equity ETF and Xtrackers US Green Infrastructure Select Equity ETF offer shares that are listed and traded on the Nasdaq Stock Market ("NASDAQ"). Xtrackers International Real Estate ETF and Xtrackers US National Critical Technologies ETF offer shares that are listed and traded on the NYSE Arca, Inc. ("NYSE Arca"). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value ("NAV"), only in large specified lots consisting of 10,000 shares, except for Xtrackers International Real Estate ETF which lots consist of 50,000 shares and Xtrackers US Green Infrastructure Select Equity ETF which lots consist of 25,000 shares each called a "Creation Unit", to authorized participants who have entered into agreements with the Fund's distributor. Shares are not individually redeemable securities of the Fund, and owners of the shares may acquire those shares from the Fund, or tender such shares for redemption to the Fund, in Creation Units only.

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

---

| | |
|:---|:---|
| **Fund** | **Underlying Index** |
|  Xtrackers Artificial Intelligence and Big Data ETF | Nasdaq Global Artificial Intelligence and Big Data Index |
|  Xtrackers Cybersecurity Select Equity ETF | Solactive Cyber Security ESG Screened Index |
|  Xtrackers International Real Estate ETF | iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index |
|  Xtrackers Semiconductor Select Equity ETF | Solactive Semiconductor ESG Screened Index |
|  Xtrackers US Green Infrastructure Select Equity ETF | Solactive United States Green Infrastructure ESG Screened Index |
|  Xtrackers US National Critical Technologies ETF | Solactive Whitney U.S. Critical Technologies Index |

---

Nasdaq Global Artificial Intelligence and Big Data Index is comprised of a selection of companies engaged in the sub-themes of deep learning, image recognition, natural language processing (NLP), speech recognition & chatbots, big data, cloud computing and cybersecurity. The Underlying Index is rebalanced semi-annually.

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

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

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

The Solactive United States Green Infrastructure ESG Screened Index which is comprised of companies that have business exposure in the production, generation, or distribution of green energy or are engaged in the establishment of a sustainable infrastructure to enable the use of renewable energy and that fulfill certain sustainability criteria. The Underlying Index is rebalanced quarterly.

DBX ETF Trust \| **39** 

------

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

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

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

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

2. Significant Accounting Policies

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. 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.

In this reporting period, each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer, acts as each Fund's CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by each Fund's portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.

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

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

**40** \| DBX ETF Trust

------

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

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

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

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

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the 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.

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

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

DBX ETF Trust \| **41** 

------

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.

The Funds file tax returns with the Internal Revenue Service, the State of New York, and various other states. Specific to U.S. federal and state taxes, generally, each of the tax years in the four-year period ended May 31, 2025 (or since the Fund's inception if the Fund commenced operations less than four years prior to May 31, 2025), remains subject to examination by taxing authorities. Specific to foreign countries in which the applicable Funds invest, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions. The open tax years vary by each jurisdiction in which each Fund invests.

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, 2025, the Funds did not incur any interest or penalties.

As of May 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Undistributed<br>Ordinary Income<sup>\*</sup>** | **Capital and Other<br>Gains (Losses)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Total Accumulated<br>Earnings (Losses)** |
|  Xtrackers Artificial Intelligence and Big Data ETF | $136183 | $(153942) | $1793888 | $1776129 |
|  Xtrackers Cybersecurity Select Equity ETF | 7777 |  | 1011176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018953 |
|  Xtrackers International Real Estate ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16742741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38458739) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64724189) | (86440187) |
|  Xtrackers Semiconductor Select Equity ETF | 15952 | (95911) | 542992 | 463033 |
|  Xtrackers US Green Infrastructure Select Equity ETF |  | (1847919) | (337844) | (2185763) |
|  Xtrackers US National Critical Technologies ETF | 311631 | (503091) | 4804355 | 4612895 |

---

The tax character of dividends and distributions declared for the years ended May 31, 2025 and May 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended May 31, 2025** | **Year Ended May 31, 2025** |
|  | **Ordinary Income\*** | **Long Term Capital**<br> **Gains** |
|  Xtrackers Artificial Intelligence and Big Data ETF | $19894 | $— |
|  Xtrackers Cybersecurity Select Equity ETF | 21022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69839 |
|  Xtrackers International Real Estate ETF | 30376054 |  |
|  Xtrackers Semiconductor Select Equity ETF | 113806 | 8747 |
|  Xtrackers US Green Infrastructure Select Equity ETF | 40957 |  |
|  Xtrackers US National Critical Technologies ETF | 722401 |  |

---

---

| | |
|:---|:---|
|  | **Period Ended May 31,**<br>**2024** |
|  | **Ordinary Income<sup>\*</sup>** |
|  Xtrackers Cybersecurity Select Equity ETF | 40336 |
|  Xtrackers International Real Estate ETF | 22772407 |
|  Xtrackers Semiconductor Select Equity ETF | 31304 |
|  Xtrackers US Green Infrastructure Select Equity ETF | 24484 |
|  Xtrackers US National Critical Technologies ETF | 80354 |

---

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

**42** \| DBX ETF Trust

------

At May 31, 2025, 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 Artificial Intelligence and Big Data ETF | $153942 | $— | $153942 |
|  Xtrackers International Real Estate ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5917135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32541604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38458739 |
|  Xtrackers US Green Infrastructure Select Equity ETF | 1170453 | 677466 | 1847919 |
|  Xtrackers US National Critical Technologies ETF | 331702 | 171389 | 503091 |

---

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, 2025, the following Fund incurred and will elect to defer post-October capital losses.

---

| | |
|:---|:---|
|  | **Post-October**<br> **Losses on Capital**  |
|  Xtrackers Semiconductor Select Equity ETF | $95911 |

---

For the fiscal year ended May 31, 2025, 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<br>earnings (loss)** | **Paid-In Capital** |
|  Xtrackers Artificial Intelligence and Big Data ETF | $(24397) | $24397 |
|  Xtrackers Cybersecurity Select Equity ETF | (709007) | 709007 |
|  Xtrackers International Real Estate ETF | (909223) | 909223 |
|  Xtrackers Semiconductor Select Equity ETF | (497599) | 497599 |
|  Xtrackers US Green Infrastructure Select Equity ETF | (329447) | 329447 |
|  Xtrackers US National Critical Technologies ETF | (1234768) | 1234768 |

---

As of May 31, 2025, 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<br>Appreciation<br>(Depreciation)** | **Aggregate Gross<br>Unrealized<br>Appreciation** | **Aggregate Gross<br>Unrealized<br>(Depreciation)** |
|  Xtrackers Artificial Intelligence and Big Data ETF | $40570039 | $1792150 | $3555865 | $(1763715) |
|  Xtrackers Cybersecurity Select Equity ETF | 7203901 | 1007305 | 1422112 | (414807) |
|  Xtrackers International Real Estate ETF | 969249781 | (64269568) | 70057667 | (134327235) |
|  Xtrackers Semiconductor Select Equity ETF | 6424733 | 542897 | 1053121 | (510224) |
|  Xtrackers US Green Infrastructure Select Equity ETF | 4576113 | (337844) | 583311 | (921155) |
|  Xtrackers US National Critical Technologies ETF | 107063651 | 4801995 | 9802038 | (5000043) |

---

**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, 2025, 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

DBX ETF Trust \| **43** 

------

realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

**Securities Lending** National Financial Services LLC (Fidelity Agency Lending), as securities lending agent, for Xtrackers Cybersecurity Select Equity ETF, Xtrackers International Real Estate ETF, Xtrackers Semiconductor Select Equity ETF, Xtrackers US Green Infrastructure Select Equity ETF and Xtrackers US National Critical Technologies ETF, lends securities of the Funds to certain financial institutions under the terms of its securities lending agreement. Deutsche Bank AG serves as securities lending agent for Xtrackers Artificial Intelligence and Big Data ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities 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, 2025, 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 (0.13% annualized effective rate as of May 31, 2025) 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, 2025, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Remaining Contractual Maturity of the Agreements, as of May 31, 2025** | **Remaining Contractual Maturity of the Agreements, as of May 31, 2025** | **Remaining Contractual Maturity of the Agreements, as of May 31, 2025** | **Remaining Contractual Maturity of the Agreements, as of May 31, 2025** | **Remaining Contractual Maturity of the Agreements, as of May 31, 2025** | **Remaining Contractual Maturity of the Agreements, as of May 31, 2025** |
| **Securities Lending Transactions** | **Overnight**<br> **and<br>Continuous** | **<30 Days** | **Between**<br> **30 & 90**<br> **Days** | **>90 Days** | **Total** |
|  **Xtrackers Cybersecurity Select Equity ETF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $520072 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $520072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and non-cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |  |  |  | $520072 |
|  **Xtrackers International Real Estate ETF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $89001092 | $— | $— | $— | $89001092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and non-cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |  |  |  | $89001092 |
|  **Xtrackers US Green Infrastructure Select Equity ETF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $410100 | $— | $— | $— | $410100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and non-cash collateral for securities lending transactions | &nbsp;&nbsp;&nbsp;&nbsp; Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |  |  |  | $410100 |

---

As of May 31, 2025, Xtrackers Artificial Intelligence and Big Data ETF, Xtrackers Semiconductor Select Equity ETF and Xtrackers US National Critical Technologies ETF had no securities on loan.

#### Derivatives
**Futures Contracts** Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the year ended May 31, 2025, the Xtrackers Artificial Intelligence and Big Data ETF, Xtrackers Cybersecurity Select, Xtrackers International Real Estate ETF and Xtrackers US National Critical Technologies ETF utilized futures in order to simulate investment in the Funds' Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts

**44** \| DBX ETF Trust

------

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, 2025 is included in a table following the Funds' Schedule of Investments.

The following table summarizes the value of the Funds' derivative instruments held as of May 31, 2025 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | | **Liability Derivatives** | |
|  **Xtrackers Artificial Intelligence and Big Data ETF** | **Xtrackers Artificial Intelligence and Big Data ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts\* | $15121 | Unrealized depreciation on futures contracts\* | $— |
|  | Total | $15121 | Total | $— |
|  **Xtrackers Cybersecurity Select Equity ETF** | **Xtrackers Cybersecurity Select Equity ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts\* | $6177 | Unrealized depreciation on futures contracts\* | $— |
|  | Total | $6177 | Total | $— |
|  **Xtrackers International Real Estate ETF** | **Xtrackers International Real Estate ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts\* | $351105 | Unrealized depreciation on futures contracts\* | $4590 |
|  | Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351105 | Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4590 |
|  **Xtrackers US National Critical Technologies ETF** | **Xtrackers US National Critical Technologies ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts\* | $24752 | Unrealized depreciation on futures contracts\* | $— |
|  | Total | $24752 | Total | $— |

---

\* Futures contracts are reported in the table above using cumulative appreciation or cumulative depreciation of futures contracts, as reported in the futures contracts table following each Fund's Schedule of Investments; within the Statement of Assets and Liabilities, the variation margin at period end is reported as Receivable (Payable) variation margin on futures contracts. 

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds' earnings during the year ended May 31, 2025 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**<br> **— Equity Contracts** |
|  Xtrackers Artificial Intelligence and Big Data ETF | $(8011) |
|  Xtrackers Cybersecurity Select Equity ETF | (862) |
|  Xtrackers International Real Estate ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76782 |
|  Xtrackers US National Critical Technologies ETF | 5160 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** | **Futures Contracts**<br> **— Equity Contracts** |
|  Xtrackers Artificial Intelligence and Big Data ETF | $15121 |
|  Xtrackers Cybersecurity Select Equity ETF | 6177 |
|  Xtrackers International Real Estate ETF | 272458 |
|  Xtrackers US National Critical Technologies ETF | 24349 |

---

DBX ETF Trust \| **45** 

------

For the year ended May 31, 2025 the average monthly volume of derivatives was as follows:

---

| | |
|:---|:---|
|  | **Futures Contracts<br>(Contract Value)** |
|  Xtrackers Artificial Intelligence and Big Data ETF | $67605 |
|  Xtrackers Cybersecurity Select Equity ETF | 118538 |
|  Xtrackers International Real Estate ETF | 6348253 |
|  Xtrackers US National Critical Technologies ETF | 93383 |

---

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

**Affiliated Cash Management Vehicles** The Funds may invest uninvested cash balances in DWS Government Money Market Series, an affiliated money market fund managed by DWS Investment Management Americas, Inc. ("DIMA"), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. DWS Government Money Market Series 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 and seeks to maintain a stable net asset value. The Funds indirectly bear their proportionate share of the expenses of their investment in DWS Government Money Market Series. 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 DWS Government Money Market Series.

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, (through August 12, 2024 for the Xtrackers International Real Estate ETF) computed and accrued daily and payable monthly, at an annual rate equal to:

---

| | |
|:---|:---|
|  | **Unitary Advisory**<br> **Fee** |
|  Xtrackers Artificial Intelligence and Big Data ETF | 0.35% |
|  Xtrackers Cybersecurity Select Equity ETF | 0.20% |
|  Xtrackers International Real Estate ETF | 0.12% |
|  Xtrackers Semiconductor Select Equity ETF | 0.15% |
|  Xtrackers US Green Infrastructure Select Equity ETF | 0.35% |
|  Xtrackers US National Critical Technologies ETF | 0.35% |

---

Effective August 13, 2024, for its investment advisory services to the Fund below, the Advisor was entitled to receive a unitary advisory fee based on the Fund's average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:

---

| | |
|:---|:---|
|  | **Unitary Advisory<br>Fee** |
|  Xtrackers International Real Estate ETF | 0.10% |

---

The Advisor for the Xtrackers International Real Estate ETF had contractually agreed, until August 12, 2024, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) from exceeding 0.10% of the Fund's average daily net assets. For the year ended May 31, 2025, the Advisor waived $27,976 of the expenses of the Fund.

**46** \| DBX ETF Trust

------

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund's fees and expenses attributable to the Funds' investments in affiliated Funds. For the year ended May 31, 2025, the Advisor waived expenses of the Funds as follows:

---

| | |
|:---|:---|
|  | **Expenses Waived** |
|  Xtrackers Artificial Intelligence and Big Data ETF | $86 |
|  Xtrackers Cybersecurity Select Equity ETF | 9 |
|  Xtrackers International Real Estate ETF | 1651 |
|  Xtrackers Semiconductor Select Equity ETF | 6 |
|  Xtrackers US Green Infrastructure Select Equity ETF | 2 |
|  Xtrackers US National Critical Technologies ETF | 266 |

---

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

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

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

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

4. Investment Portfolio Transactions

For the year ended May 31, 2025, 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 Artificial Intelligence and Big Data ETF | $9291815 | $2633954 |
|  Xtrackers Cybersecurity Select Equity ETF | 3954566 | 3192957 |
|  Xtrackers International Real Estate ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71029990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62195514 |
|  Xtrackers Semiconductor Select Equity ETF | 1427009 | 1362818 |
|  Xtrackers US Green Infrastructure Select Equity ETF | 2456513 | 2496792 |
|  Xtrackers US National Critical Technologies ETF | 20003753 | 19951407 |

---

For the year ended May 31, 2025, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Xtrackers Artificial Intelligence and Big Data ETF | $34279943 | $339206 |
|  Xtrackers Cybersecurity Select Equity ETF | 1514348 | 1741738 |
|  Xtrackers International Real Estate ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69859177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6140791 |
|  Xtrackers Semiconductor Select Equity ETF | 1830287 | 1746581 |
|  Xtrackers US Green Infrastructure Select Equity ETF | 916144 | 856687 |
|  Xtrackers US National Critical Technologies ETF | 68706386 | 4665002 |

---

5. Fund Share Transactions

As of May 31, 2025, 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

DBX ETF Trust \| **47** 

------

a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. As of May 31, 2024, transaction fees for the creation or redemption of a Creation Unit of Xtrackers US National Critical Technologies ETF are paid by the Fund's Advisor.

6. Payments by Affiliates

During the year ended May 31, 2025, the Advisor agreed to reimburse Xtrackers Artificial Intelligence and Big Data ETF $451 for a loss due to a 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. Concentration of Ownership

From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At May 31, 2025, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:

---

| | |
|:---|:---|
|  | **Approximate** |
|  | **Percent of** |
|  | **Outstanding** |
|  | **Shares Held** |
|  Xtrackers Artificial Intelligence and Big Data ETF | 3% |
|  Xtrackers Cybersecurity Select Equity ETF | 67% |
|  Xtrackers Semiconductor Select Equity ETF | 55% |
|  Xtrackers US Green Infrastructure Select Equity ETF | 89% |
|  Xtrackers US National Critical Technologies ETF | 28% |

---

8. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers International Real Estate ETF, and certain other funds managed by the Advisor to borrow up to $105 million. The Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds' status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Fund had no outstanding loans at May 31, 2025.

**48** \| DBX ETF Trust

------

Report of Independent Registered Public Accounting Firm

To the Shareholders of

Xtrackers Artificial Intelligence and Big Data ETF, Xtrackers Cybersecurity Select Equity ETF, Xtrackers International Real Estate ETF, Xtrackers Semiconductor Select Equity ETF, Xtrackers US Green Infrastructure Select Equity ETF and Xtrackers US National Critical Technologies ETF and the Board of Trustees of DBX ETF Trust

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Xtrackers Artificial Intelligence and Big Data ETF, Xtrackers Cybersecurity Select Equity ETF, Xtrackers International Real Estate ETF, Xtrackers Semiconductor Select Equity ETF, Xtrackers US Green Infrastructure Select Equity ETF and Xtrackers US National Critical Technologies 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, 2025, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (six of the funds constituting DBX ETF Trust) at May 31, 2025, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Individual fund constituting the<br>DBX ETF Trust | <br> Statement of operations | <br> Statements of changes in<br>net assets | <br> Financial highlights |
| &nbsp;&nbsp;&nbsp;Xtrackers International Real Estate ETF | For the year ended May 31, 2025 | For each of the two years in the period ended May 31, 2025 | For each of the five years in the period ended May 31, 2025 |
| &nbsp;&nbsp;&nbsp;Xtrackers US National Critical Technologies ETF | For the year ended May 31, 2025 | For the year ended May 31, 2025 and the period from November 16, 2023 (commencement of operations) through May 31, 2024 | For the year ended May 31, 2025 and the period from November 16, 2023 (commencement of operations) through May 31, 2024 |
| &nbsp;&nbsp;&nbsp; Xtrackers Cybersecurity Select Equity ETF<br>Xtrackers Semiconductor Select Equity ETF<br>Xtrackers US Green Infrastructure Select Equity ETF | For the year ended May 31, 2025 | For the year ended May 31, 2025 and the period from July 13, 2023 (commencement of operations) through May 31, 2024 | For the year ended May 31, 2025 and the period from July 13, 2023 (commencement of operations) through May 31, 2024 |
| &nbsp;&nbsp;&nbsp;Xtrackers Artificial Intelligence and Big Data ETF | For the period from August 2, 2024 (commencement of operations) through May 31, 2025 | For the period from August 2, 2024 (commencement of operations) through May 31, 2025 | For the period from August 2, 2024 (commencement of operations) through May 31, 2025 |

---

#### 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.

DBX ETF Trust \| **49** 

------

Report of Independent Registered Public Accounting Firm (Continued)

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with the custodian, 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.

![LOGO](g26337dsp50.jpg)

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 23, 2025

**50** \| DBX ETF Trust

------

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

**Xtrackers Artificial Intelligence and Big Data ETF, Xtrackers Cybersecurity Select Equity ETF, Xtrackers International Real Estate ETF, Xtrackers Semiconductor Select Equity ETF, Xtrackers US Green Infrastructure Select Equity ETF and Xtrackers US National Critical Technologies 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 May 13-14, 2025 (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 with respect to Xtrackers Artificial Intelligence and Big Data ETF, Xtrackers Cybersecurity Select Equity ETF, Xtrackers International Real Estate ETF, Xtrackers Semiconductor Select Equity ETF, Xtrackers US Green Infrastructure Select Equity ETF and Xtrackers US National Critical Technologies ETF (each a "Fund," and collectively, the "Funds") for another annual period ending on May 31, 2026. 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 Investment Advisory 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) for Funds with two years of performance history as of December 31, 2024, 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 May 13, 2025 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 during the Meeting.

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 approve the continuation of 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.

DBX ETF Trust \| **51** 

------

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 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, as applicable. 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 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 advisory fees and total expenses (after waivers/reimbursements, as applicable) for the Funds were below or equal to the average and/or median of the ETFs in each Fund's respective 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' operating expenses (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.

**52** \| DBX ETF Trust

------

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

**Economies of Scale.** The Board considered that Xtrackers International Real Estate 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 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 advisors can share benefits of economies of scale.

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

DBX ETF Trust \| **53** 

------

Tax Information (Unaudited)

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, 2025.

---

| | | |
|:---|:---|:---|
|  | **Qualified Dividend <br>Income\*** | **Dividends** <br> **Received** <br> **Reduction\***  |
|  Xtrackers Artificial Intelligence and Big Data ETF | 100% | 99% |
|  Xtrackers Cybersecurity Select Equity ETF | 54% | 8% |
|  Xtrackers International Real Estate ETF | 64% | —% |
|  Xtrackers Semiconductor Select Equity ETF | 81% | 35% |
|  Xtrackers US Green Infrastructure Select Equity ETF | 84% | 74% |
|  Xtrackers US National Critical Technologies ETF | 100% | 92% |

---

\* 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** <br> **Income** | **Foreign Taxes Paid** |
|  Xtrackers International Real Estate ETF | $29898502 | $1648648 |

---

**54** \| DBX ETF Trust

------

![LOGO](g26337dsp56.jpg)

------

(b) The Financial Highlights are included with the Financial Statements under Item 7(a).

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Not Applicable. The Independent Trustees are paid by the Advisor out of the unitary advisory fee. See Note 3 to the Financial Statements under Item 7.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included under Item 7.

------

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

I**tem 16. Controls and Procedures.**

(a) The registrant's principal executive officer and principal financial officer have 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 have materially affected, or are reasonably likely to materially affect, the registrant's internal controls over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not Applicable.

------

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | [The registrant's Code of Ethics is attached hereto.](d949197dex99codeeth.htm) |
| (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.](d949197dex99cert.htm) |
| (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.](d949197dex99906cert.htm) |

---

------

#### 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 |
|  | Principal Executive Officer |

---

Date August 4, 2025

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 |
|  | Principal Executive Officer |

---

Date August 4, 2025

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Diane Kenneally |
|  | Diane Kenneally |
|  | Principal Financial Officer |

---

Date August 4, 2025

## Ex-99.Code

**DBX ETF TRUST** 

**<u>CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS</u>**

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

\* \* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his personal influence or personal relationships improperly to influence investment decisions or
financial reporting by a Fund whereby the Covered Officer<sup>1</sup> would benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

<sup>1</sup> Any activity or relationship that would present a conflict for a Covered Officer would also present a conflict for the Covered Officer if a member of a Covered Officer's family (spouse, minor children and any account over which a Covered Officer is deemed to have beneficial interest) engages in such an activity or has such a relationship. 

------

There are some potential conflict of interest situations that should be discussed with the Funds' Chief Compliance Officer ("CCO") or designee in order to determine whether these situations pose a material risk of causing detriment to the Fund(s). Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• familiarize himself with the disclosure requirements generally applicable to each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm in writing to the Board that he has complied with the requirements of the Code
(Exhibit C);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually disclose affiliations and other relationships related to conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the CCO will take all appropriate action to investigate any potential violations reported;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the CCO believes that no violation has occurred, the CCO is not required to take
any further action;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the CCO will be responsible for granting waivers, as appropriate, and will provide a report annually to the Board
describing any waivers granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 2025

Next Review: May 2026

------

**EXHIBIT A** 

**<u>PERSONS COVERED BY CODE OF ETHICS</u>**

Freddi Klassen – President and Chief Executive Officer

Diane Kenneally – Treasurer, Chief Financial Officer and Controller

------

**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 |

---

------

**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 |

---

## 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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, 2025 | /s/ Freddi Klassen |
|  |  | Freddi Klassen |
|  |  | Principal 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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, 2025 | /s/ Diane Kenneally |
|  |  | Diane Kenneally |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act** 

**Principal Executive Officer** 

**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, 2025 | /s/ Freddi Klassen |
|  |  | Freddi Klassen |
|  |  | Principal Executive Officer |

---

**Principal 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, 2025 | /s/ Diane Kenneally |
|  |  | Diane Kenneally |
|  |  | Principal Financial Officer |

---