DBX ETF Trust

To our Shareholders: (Unaudited)

Dear shareholder,

We are pleased to provide this annual report for our Xtrackers International Real Estate ETF for the period ended May 31, 2022.

The global economic recovery was mired by higher inflation, fueled by soaring energy and food prices since Russia invaded Ukraine early this year, rising interest rates, and supply chain disruptions during the reporting period. Developments around fast-spreading new variants like Omicron in Q1 2022 resulted in strict lockdowns, and the subsequent resurgence in cases raised concerns over the growth outlook and supply chain constraints. Central banks turned hawkish as policymakers became anxious about inflation. The U.S. Federal Reserve has raised rates twice since March 2022 and hinted more increases are on the way. The European Central Bank (ECB) is expected to hike rates to bring the era of negative deposit rates to an end while the Bank of England raised rates in four consecutive meetings. Meanwhile, a resurgence in COVID-19 cases, weak property sector, and decelerating economic growth rattled China. The People’s Bank of China stepped in, delivering varying rate cuts to prop up its slowing economy. Global equities struggled amid uncertainties, with the major economies reeling under inflationary pressures. Developed markets outperformed emerging markets, with Japan and the UK recovering faster than other regions owing to the rapid management of the Omicron variant related cases.

The Russia-Ukraine war and China’s zero-COVID-19 policy added to supply headwinds, causing a slowdown in Europe. The latest GDP¹ data reveals the Euro Area economy matched growth in Q4 2021. Eurozone’s inflation treaded higher amid geopolitical risks and gas supply concerns. Although the labor market remained a bright spot, consumer confidence dipped significantly. The accommodative ECB pivoted to a more hawkish tone lately. President Lagarde noted the ECB could end the bond-buying program in July 2022 and steer away from negative interest rates by the end of the third quarter, chalking out plans to incorporate further hikes. Since February 2022, the European Union has imposed five packages of sanctions against Russia, including targeted restrictive measures, economic sanctions, and diplomatic measures. The UK economy grew sequentially in Q1 2022, compared with an expansion in Q4 2021.

The Bank of Japan (BoJ) continued to remain accommodative to support recovery. Japan’s economy contracted while inflation breached the BoJ’s target. The Japanese economy shrank sequentially in Q1 2022, the second contraction in the last three quarters, amid a resurgence in COVID-19 cases and multiple headwinds from overseas. Chinese equity markets were hit hard by rising COVID-19 cases, pressurized property sector, and decelerating economic growth. A zero-tolerance COVID-19 policy triggered strict lockdowns and restrictions, which hurt demand, mobility, and production. Several economic data points came in weaker than expected. Retail sales continued to fall, with many categories of goods recording significant declines in purchases.

Notably, low borrowing costs and global monetary easing have made the yield spread between global real estate markets and other asset classes extremely compelling to investors. In the U.S., prices of lumber skyrocketed, disrupting the housing market and harming housing affordability. Copper prices saw a similar uptick, due to slower mining output, which led to a shortage amid rising demand and the transition to a carbon-free world. Contrary to residential real estate, global office real estate markets remained muted because of the work-from-home trend and concerns related to the well-being of employees.

The economic damage resulting from the war in Ukraine is expected to contribute to a significant slowdown in global growth in 2022 and add to inflation. However, a fragmented recovery is anticipated, as differing circumstances and policy responses of the respective countries will likely influence their growth. The recovery of smaller and developing economies will likely hinge heavily on that of major economies and economic blocs. Growth catalysts include multilateral efforts in response to the humanitarian crisis, prevention of further economic destruction, and global liquidity.

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

¹ The gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period.

Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.

Xtrackers International Real Estate ETF (HAUZ), seeks investment results that correspond generally to the performance, before fees and expenses, of the iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index (the HAUZ Index). The HAUZ index is a free-float capitalization weighted index that provides exposure to publicly traded real estate securities in countries outside the United States, Pakistan and Vietnam. For the 12-month period ended May 31, 2022, HAUZ shares returned -11.28%, compared to the HAUZ Index return of -11.47%.

The majority of the sectors contributed negatively to performance during the period with the greatest negative contribution coming from Real Estate Operating Companies, Diversified REITs and Diversified Real Estate Activities. Other Diversified Financial Services was the only positive contributor to performance. From a geographical perspective, Taiwan, Singapore and Israel were the major positive contributors, while Japan, Germany and Hong Kong detracted from performance.

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

The Xtrackers International Real Estate ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index (the “Underlying Index”). The Underlying Index is a free-float capitalization weighted index that provides exposure to publicly traded real estate securities in countries outside the United States, excluding Pakistan and Vietnam. The MSCI ACWI ex USA Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States). It is not possible to invest directly into an index.

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

² On February 22, 2019, the Fund changed its Underlying Index from MSCI Asia Pacific ex Japan US Dollar Hedged Index to the iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index. Returns reflect performance for the MSCI Asia Pacific ex Japan US Dollar Hedged Index through February 21, 2019.

Prior to February 22, 2019, the Fund was known as Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (DBAP) and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2021, was 0.12%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

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

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

Country Diversification* as of May 31, 2022


Japan			20.8%
Hong Kong			13.5%
Australia			10.1%
United Kingdom			7.9%
Canada			6.8%
Singapore			6.8%
Sweden			4.3%
Germany			4.3%
France			2.7%
Philippines			2.3%
Belgium			2.2%
Israel			2.2%
Thailand			2.0%
Switzerland			2.0%
Other			12.1%

Total			100.0%

* As a percent of total investments excluding exchange-traded funds, securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 7.

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including unitary advisory fees and other Fund expenses. In the most resent six-month period the Fund limited these expenses; had it not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (December 1, 2021 to May 31, 2022).

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

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

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

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


	Number of Shares		Value
COMMON STOCKS — 99.3%
Australia — 10.0%
Abacus Property Group REIT		200,310	$	421,019
Arena REIT		189,174		584,884
BWP Trust REIT		272,211		806,467
Centuria Industrial REIT		301,409		741,620
Centuria Office REIT		282,425		411,273
Charter Hall Group REIT		262,858		2,502,207
Charter Hall Long Wale REIT		359,058		1,267,246
Charter Hall Retail REIT		282,400		869,067
Charter Hall Social Infrastructure REIT		191,560		498,819
Cromwell Property Group REIT		890,913		504,886
Dexus REIT		588,729		4,425,964
Dexus Industria REIT		111,073		255,767
GDI Property Group Partnership REIT		278,183		210,530
Goodman Group REIT		935,381		13,788,960
GPT Group REIT		883,944		3,050,008
Growthpoint Properties Australia Ltd. REIT		166,182		468,498
Home Consortium Ltd. REIT		150,737		605,535
HomeCo Daily Needs REIT		825,814		799,737
Ingenia Communities Group REIT		200,564		591,325
Lifestyle Communities Ltd.		54,608		542,547
Mirvac Group REIT		2,184,318		3,541,241
National Storage REIT		586,694		1,014,285
REA Group Ltd.		28,005		2,262,266
Rural Funds Group REIT		212,618		460,615
Scentre Group REIT		2,859,352		5,886,819
Shopping Centres Australasia Property Group REIT		615,656		1,311,673
Stockland REIT		1,319,984		3,787,562
US Masters Residential Property Fund REIT *		168,000		32,539
Vicinity Centres REIT		2,495,876		3,383,888
Waypoint REIT Ltd. REIT		405,252		726,769

(Cost $54,759,672)				55,754,016

Austria — 0.4%
CA Immobilien Anlagen AG		25,958		864,814
IMMOFINANZ AG *		34,215		746,252
S IMMO AG		21,916		542,331
UBM Development AG		2,563		108,726

(Cost $2,311,549)				2,262,123

Belgium — 2.2%
Aedifica SA REIT		20,045		2,319,107
Ascencio REIT		2,433		137,876
Atenor		2,818		166,033
Befimmo SA REIT		11,807		594,468
Care Property Invest NV REIT (a)		14,668		381,043
Cofinimmo SA REIT		16,205		2,114,401
Home Invest Belgium SA REIT		1,191		152,465
Immobel SA		2,371		163,064
Intervest Offices & Warehouses NV REIT		13,908		398,547
Montea NV REIT (a)		7,173		768,408
Nextensa REIT		1,399		100,561
Retail Estates NV REIT		5,540		436,796
VGP NV		5,777		1,117,664
Warehouses De Pauw CVA REIT		77,186		2,839,421


	Number of Shares		Value
Belgium (Continued)
Xior Student Housing NV REIT		12,457	$	641,207

(Cost $12,257,098)				12,331,061

Brazil — 0.5%
Aliansce Sonae Shopping Centers SA		76,905		313,391
BR Malls Participacoes SA		447,338		797,705
Cyrela Brazil Realty SA Empreendimentos e Participacoes		171,454		493,890
Ez Tec Empreendimentos e Participacoes SA		78,886		270,856
Multiplan Empreendimentos Imobiliarios SA		174,816		888,726

(Cost $3,390,676)				2,764,568

Canada — 6.8%
Allied Properties Real Estate Investment Trust REIT		70,706		2,167,829
Altus Group Ltd.		24,358		908,767
American Hotel Income Properties REIT LP (a)		35,574		107,719
Artis Real Estate Investment Trust REIT		44,501		463,358
Boardwalk Real Estate Investment Trust REIT		19,621		778,107
Canadian Apartment Properties REIT		95,137		3,723,194
Chartwell Retirement Residences		128,707		1,262,801
Choice Properties Real Estate Investment Trust REIT (a)		137,392		1,638,037
Colliers International Group, Inc.		20,585		2,505,158
Crombie Real Estate Investment Trust REIT (a)		57,201		784,176
CT Real Estate Investment Trust REIT (a)		38,959		539,638
Dream Industrial Real Estate Investment Trust REIT		121,550		1,365,557
Dream Office Real Estate Investment Trust REIT (a)		19,261		354,505
DREAM Unlimited Corp., Class A		14,046		491,613
First Capital Real Estate Investment Trust REIT		114,484		1,411,081
FirstService Corp.		20,107		2,574,796
Granite Real Estate Investment Trust REIT		35,921		2,586,903
H&R Real Estate Investment Trust REIT (a)		160,045		1,773,990
InterRent Real Estate Investment Trust REIT		78,899		853,333
Killam Apartment Real Estate Investment Trust REIT (a)		61,373		931,622
Minto Apartment Real Estate Investment Trust REIT, 144A (a)		20,807		302,683
Morguard Corp.		2,351		223,920
Morguard North American Residential Real Estate Investment Trust REIT		17,304		243,379
NorthWest Healthcare Properties Real Estate Investment Trust REIT (a)		111,746		1,167,067
Primaris Real Estate Investment Trust REIT		39,334		437,856
RioCan Real Estate Investment Trust REIT (a)		173,216		3,115,519


	Number of Shares		Value
Canada (Continued)
SmartCentres Real Estate Investment Trust REIT (a)		71,438	$	1,661,625
Summit Industrial Income REIT		88,810		1,350,915
Tricon Residential, Inc.		149,470		1,852,939
True North Commercial Real Estate Investment Trust REIT (a)		45,900		241,321

(Cost $36,440,585)				37,819,408

Chile — 0.2%
Cencosud Shopping SA		273,224		291,116
Parque Arauco SA		388,196		376,976
Plaza SA		162,321		157,777

(Cost $1,302,337)				825,869

China — 1.2%
A-Living Smart City Services Co. Ltd., 144A *		380,389		607,028
China Resources Mixc Lifestyle Services Ltd., 144A		334,291		1,648,968
China Vanke Co. Ltd., Class H		938,802		2,077,305
Guangzhou R&F Properties Co. Ltd., Class H		1,024,307		364,260
Jinke Smart Services Group Co. Ltd., Class H		146,351		357,038
Poly Property Services Co. Ltd., Class H		84,917		557,415
Powerlong Real Estate Holdings Ltd.		625,513		168,227
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B		109,500		113,880
Shanghai Lingang Holdings Corp. Ltd., Class B		71,106		73,097
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B *		611,658		568,842
Sino-Ocean Group Holding Ltd.		1,765,368		312,771

(Cost $10,112,180)				6,848,831

Denmark — 0.0%
Jeudan A/S
(Cost $213,115)		5,313		235,625

Egypt — 0.1%
Arab Developers Holding *		1,870,254		38,702
El Kahera Housing *		428,198		24,465
Emaar Misr for Development SAE *		226,940		32,324
Heliopolis Housing		6,448		1,542
Medinet Nasr Housing *		110,632		12,369
Palm Hills Developments SAE		27,794		1,602
Six of October Development & Investment		55,509		32,968
Talaat Moustafa Group		609,468		259,773

(Cost $435,601)				403,745

Finland — 0.5%
Citycon OYJ *(a)		42,345		338,855
Kojamo OYJ		126,678		2,501,022

(Cost $2,906,692)				2,839,877

France — 2.7%
Altarea SCA REIT		2,710		407,013
ARGAN SA REIT		5,484		657,971


	Number of Shares		Value
France (Continued)
Carmila SA REIT *		33,132	$	518,193
Covivio REIT		26,050		1,894,822
Gecina SA REIT		25,830		3,027,142
ICADE REIT		17,470		1,011,532
Klepierre SA REIT *		111,957		2,544,999
Mercialys SA REIT		43,651		432,541
Nexity SA (a)		22,110		636,188
Unibail-Rodamco-Westfield REIT *		58,439		4,099,858

(Cost $17,130,854)				15,230,259

Germany — 4.2%
Deutsche EuroShop AG		27,910		660,161
Deutsche Wohnen SE		27,002		743,106
DIC Asset AG		20,445		280,780
Hamborner REIT AG REIT		38,775		361,378
Instone Real Estate Group SE, 144A		28,606		392,246
LEG Immobilien SE		39,875		4,094,767
PATRIZIA AG		25,231		348,130
TAG Immobilien AG		80,502		1,453,107
Vonovia SE		403,891		15,338,096

(Cost $31,769,065)				23,671,771

Greece — 0.1%
LAMDA Development SA *
(Cost $353,350)		46,929		320,237

Hong Kong — 13.4%
C C Land Holdings Ltd.		576,085		149,059
C&D International Investment Group Ltd.		261,783		563,903
Champion REIT		1,352,294		627,407
China Jinmao Holdings Group Ltd.		3,553,997		960,350
China Motor Bus Co. Ltd.		5,134		58,927
China Overseas Grand Oceans Group Ltd.		985,353		502,375
China Overseas Land & Investment Ltd.		2,041,028		5,931,444
China Overseas Property Holdings Ltd.		714,525		831,505
China Resources Land Ltd.		1,588,505		7,086,524
China Shandong Hi-Speed Financial Group Ltd. *		3,517,531		385,579
Chinese Estates Holdings Ltd. *		232,547		64,024
CK Asset Holdings Ltd.		1,072,010		7,002,761
Emperor International Holdings Ltd.		295,550		30,890
ESR Cayman Ltd., 144A *		1,707,993		5,061,575
Far East Consortium International Ltd.		519,103		156,812
Fullshare Holdings Ltd. *		2,063,367		30,245
Hang Lung Group Ltd.		462,840		866,031
Hang Lung Properties Ltd.		1,028,455		1,921,745
Henderson Land Development Co. Ltd.		726,098		3,081,883
HKR International Ltd.		295,264		109,893
Hong Kong Ferry Holdings Co. Ltd.		77,267		69,924
Hongkong Land Holdings Ltd.		623,087		2,891,124
Hysan Development Co. Ltd.		336,820		1,000,300
K Wah International Holdings Ltd.		569,819		215,710
Kerry Properties Ltd.		309,426		802,598
Kowloon Development Co. Ltd.		195,095		257,622
Lai Sun Development Co. Ltd. *		70,244		34,291
Landing International Development Ltd. *		382,370		10,381


	Number of Shares		Value
Hong Kong (Continued)
Langham Hospitality Investments and Langham Hospitality Investments Ltd. (b)		433,111	$	51,340
Link REIT		1,158,422		10,490,773
New World Development Co. Ltd.		754,454		2,875,283
Poly Property Group Co. Ltd. (a)		926,373		221,983
Prosperity REIT		677,605		232,330
Regal Real Estate Investment Trust REIT		314,829		55,377
SEA Holdings Ltd. (a)		70,709		50,020
Shenzhen Investment Ltd.		1,276,142		274,892
Shun Tak Holdings Ltd. *		665,564		138,278
Sino Land Co. Ltd.		1,913,273		2,711,804
Sun Hung Kai Properties Ltd.		844,458		10,322,224
Suncity Group Holdings Ltd. *(c)		638,990		4,561
Sunlight Real Estate Investment Trust REIT		530,695		257,719
Swire Properties Ltd.		585,105		1,431,897
Wharf Real Estate Investment Co. Ltd.		852,712		4,119,250
Yuexiu Property Co. Ltd.		713,002		775,205

(Cost $78,442,759)				74,717,818

India — 1.4%
Brigade Enterprises Ltd.		90,059		539,000
DLF Ltd.		533,320		2,373,746
Godrej Properties Ltd. *		75,026		1,352,447
Indiabulls Real Estate Ltd. *		248,334		240,381
Macrotech Developers Ltd., 144A *		59,454		741,488
Oberoi Realty Ltd. *		65,880		683,737
Omaxe Ltd. *		128		150
Phoenix Mills Ltd.		54,377		817,305
Prestige Estates Projects Ltd.		102,464		566,390
Sobha Ltd.		11,858		83,945
Sunteck Realty Ltd.		37,870		220,724

(Cost $6,455,759)				7,619,313

Indonesia — 0.3%
PT Alam Sutera Realty Tbk *		8,999,579		102,457
PT Andalan Perkasa Abadi Tbk *		507,804		1,741
PT Bumi Serpong Damai Tbk *		5,343,584		346,320
PT Ciputra Development Tbk		5,091,400		343,943
PT Jaya Real Property Tbk		2,032,822		68,314
PT Kawasan Industri Jababeka Tbk *		8,383,665		94,870
PT Lippo Cikarang Tbk		277,833		24,961
PT Lippo Karawaci Tbk *		1,170,430		9,954
PT Pakuwon Jati Tbk *		8,704,532		304,459
PT Pollux Properties Indonesia Tbk *		18,270		677
PT PP Properti Tbk *		3,003,480		10,505
PT Puradelta Lestari Tbk		542,489		6,362
PT Summarecon Agung Tbk *		6,371,887		305,899

(Cost $1,636,528)				1,620,462

Ireland — 0.1%
Hibernia REIT PLC REIT (Cost $531,331)		374,238		640,642

Israel — 2.2%
Adgar Investment and Development Ltd. (a)		64,950		127,620
AFI Properties Ltd.		6,356		344,909


	Number of Shares		Value
Israel (Continued)
Africa Israel Residences Ltd.		3,653	$	215,015
Airport City Ltd. *		38,381		714,151
Alony Hetz Properties & Investments Ltd.		85,638		1,244,213
Alrov Properties and Lodgings Ltd. (a)		1,217		69,915
Amot Investments Ltd.		116,109		778,604
Arad Investment & Industrial Development Ltd.		2,569		300,107
Aura Investments Ltd.		258		464
Azrieli Group Ltd.		20,085		1,500,668
Big Shopping Centers Ltd.		6,237		892,485
Blue Square Real Estate Ltd.		3,010		223,719
Duniec Brothers Ltd.		6		314
Electra Real Estate Ltd.		12,741		227,122
G City Ltd.		38,740		273,511
Gav-Yam Lands Corp. Ltd.		22,768		208,129
Israel Canada T.R Ltd.		79,115		348,064
Isras Investment Co. Ltd.		1,045		216,221
Keystone REIT Ltd. REIT		50,736		121,966
Lahav L.R. Real Estate Ltd. (a)		33,547		50,009
Megureit Israel Ltd. REIT		76,809		166,768
Melisron Ltd. *		13,175		945,212
Menivim- The New REIT Ltd. REIT (a)		326,782		180,371
Mivne Real Estate KD Ltd.		365,066		1,167,571
Norstar Holdings, Inc.		4,092		45,160
Prashkovsky Investments and Construction Ltd. (a)		3,168		112,071
Property & Building Corp. Ltd. *		196		16,233
Rani Zim Shopping Centers Ltd.		96		175
Reit 1 Ltd. REIT		102,779		614,214
REIT Azorim HF Living Ltd. REIT *(a)		21,762		107,962
Sella Capital Real Estate Ltd. REIT		128,391		386,335
Summit Real Estate Holdings Ltd.		23,293		451,038
Villar International Ltd.		2,730		132,977
Vitania Ltd.		11,456		99,768

(Cost $10,856,961)				12,283,061

Italy — 0.0%
COIMA RES SpA REIT, 144A		12,639		133,635
Immobiliare Grande Distribuzione SIIQ SpA REIT		1,521		6,591

(Cost $112,441)				140,226

Japan — 20.6%
Activia Properties, Inc. REIT (a)		411		1,311,481
Advance Residence Investment Corp. REIT		765		2,143,748
Aeon Mall Co. Ltd.		52,800		639,042
AEON REIT Investment Corp. REIT		933		1,117,613
Comforia Residential REIT, Inc. REIT		366		964,468
CRE Logistics REIT, Inc. REIT		325		522,951
Daito Trust Construction Co. Ltd.		38,000		3,367,406
Daiwa House REIT Investment Corp. REIT		1,183		2,928,878
Daiwa Office Investment Corp. REIT (a)		167		902,212
Daiwa Securities Living Investments Corp. REIT		1,023		938,350
ES-Con Japan Ltd.		1,200		7,127


	Number of Shares		Value
Japan (Continued)
ESCON Japan Reit Investment Corp. REIT		197	$	206,885
Frontier Real Estate Investment Corp. REIT		288		1,188,760
Fukuoka REIT Corp. REIT		429		560,906
Global One Real Estate Investment Corp. REIT		572		490,432
GLP J REIT		2,472		3,184,037
Hankyu Hanshin REIT, Inc. REIT (a)		402		467,169
Health Care & Medical Investment Corp. REIT		180		231,288
Heiwa Real Estate Co. Ltd.		17,800		522,329
Heiwa Real Estate REIT, Inc. REIT (a)		494		559,492
Hoshino Resorts REIT, Inc. REIT		129		696,918
Hulic Co. Ltd.		379,200		3,106,820
Hulic Reit, Inc. REIT		713		898,420
Ichigo Office REIT Investment Corp. REIT		864		577,590
Ichigo, Inc.		142,800		328,569
Industrial & Infrastructure Fund Investment Corp. REIT		1,142		1,690,208
Invincible Investment Corp. REIT		3,408		1,133,837
Itochu Advance Logistics Investment Corp. REIT		327		416,614
Japan Excellent, Inc. REIT		761		763,100
Japan Hotel REIT Investment Corp. REIT		2,433		1,263,356
Japan Logistics Fund, Inc. REIT		493		1,241,650
Japan Metropolitan Fund Invest REIT		3,864		3,270,936
Japan Prime Realty Investment Corp. REIT		549		1,751,833
Japan Real Estate Investment Corp. REIT		764		3,794,908
Kabuki-Za Co. Ltd.		5,200		194,629
Keihanshin Building Co. Ltd.		27,300		263,355
Kenedix Office Investment Corp. REIT		238		1,224,735
Kenedix Residential Next Investment Corp. REIT		421		700,658
Kenedix Retail REIT Corp. REIT		345		745,808
Ki-Star Real Estate Co. Ltd.		4,800		182,269
LaSalle Logiport REIT		982		1,397,677
Leopalace21 Corp. *		136,600		311,118
LIFULL Co. Ltd.		200		275
Mirai Corp. REIT		986		396,255
Mitsubishi Estate Co. Ltd.		766,500		11,374,313
Mitsubishi Estate Logistics REIT Investment Corp. REIT		209		763,574
Mitsui Fudosan Co. Ltd.		528,700		11,577,192
Mitsui Fudosan Logistics Park, Inc. REIT		290		1,253,372
Mori Hills REIT Investment Corp. REIT		916		1,083,720
Mori Trust Hotel Reit, Inc. REIT		138		140,955
Mori Trust Sogo Reit, Inc. REIT (a)		570		637,592
Nippon Accommodations Fund, Inc. REIT		286		1,489,525
Nippon Building Fund, Inc. REIT		929		5,054,996
Nippon Kanzai Co. Ltd.		11,600		232,730
Nippon Prologis REIT, Inc. REIT (a)		1,247		3,324,816
NIPPON REIT Investment Corp. REIT		256		757,185
Nomura Real Estate Holdings, Inc.		64,000		1,604,415


	Number of Shares		Value
Japan (Continued)
Nomura Real Estate Master Fund, Inc. REIT		2,602	$	3,393,957
NTT UD REIT Investment Corp. REIT		797		942,312
One REIT, Inc. REIT		139		303,510
Open House Group Co. Ltd.		44,500		1,857,554
Orix JREIT, Inc. REIT		1,502		2,173,986
Relo Group, Inc.		64,800		1,074,417
SAMTY Co. Ltd. (a)		18,600		288,734
Samty Residential Investment Corp. REIT		270		287,326
Sankei Real Estate, Inc. REIT		308		233,433
Sekisui House Reit, Inc. REIT		2,409		1,488,713
SOSiLA Logistics REIT, Inc. REIT (a)		357		427,362
Star Asia Investment Corp. REIT		972		459,385
Starts Corp., Inc.		19,900		376,359
Starts Proceed Investment Corp. REIT		109		205,892
Sumitomo Realty & Development Co. Ltd.		263,000		7,104,240
Takara Leben Co. Ltd.		4,000		10,292
Takara Leben Real Estate Investment Corp. REIT		325		304,928
Tama Home Co. Ltd. (a)		10,700		197,373
TOC Co. Ltd.		2,400		11,529
Tokyo Tatemono Co. Ltd. (a)		115,400		1,538,427
Tokyu Fudosan Holdings Corp.		331,800		1,712,583
Tokyu REIT, Inc. REIT		524		782,059
Tosei Corp.		21,200		185,724
Tosei Reit Investment Corp. REIT		164		169,807
United Urban Investment Corp. REIT (a)		1,723		1,925,978

(Cost $128,354,368)				115,356,377

Luxembourg — 0.6%
ADLER Group SA, 144A (a)		48,048		236,769
Aroundtown SA		515,323		2,409,103
Grand City Properties SA		48,847		867,064

(Cost $5,522,542)				3,512,936

Malaysia — 0.6%
AmFIRST Real Estate Investment Trust REIT		442,600		38,918
Axis Real Estate Investment Trust REIT		633,639		289,432
Capitaland Malaysia Trust REIT		167,538		22,384
Eastern & Oriental Bhd *		106,136		12,363
Eco World Development Group Bhd		373,900		63,192
Eco World International Bhd		546,800		48,080
IGB Bhd		168,033		90,569
IGB Real Estate Investment Trust REIT		806,800		302,193
IOI Properties Group Bhd		180,500		41,636
KIP REIT		222,352		44,943
KLCCP Stapled Group (b)		116,700		182,573
KSL Holdings Bhd *		233,500		39,730
Land & General Bhd		1,121,900		26,904
LBS Bina Group Bhd		409,500		42,086
Mah Sing Group Bhd		664,000		97,056
Malton Bhd *		97,400		9,121
Matrix Concepts Holdings Bhd		300,196		165,233
MKH Bhd		125,900		37,380
Paramount Corp. Bhd		202,240		33,718


	Number of Shares		Value
Malaysia (Continued)
Pavilion Real Estate Investment Trust REIT		8,000	$	2,467
Sentral REIT		204,400		45,049
Sime Darby Property Bhd		1,229,146		144,572
SP Setia Bhd Group		858,805		165,739
Sunway Bhd		978,461		386,602
Sunway Real Estate Investment Trust REIT		834,500		297,321
Symphony Life Bhd		322,700		35,745
Titijaya Land Bhd *		340,400		19,825
Tropicana Corp. Bhd *		208,591		45,972
UEM Sunrise Bhd *		413,100		31,135
UOA Development Bhd		199,400		86,527
YNH Property Bhd *		224,100		173,507
YTL Hospitality REIT		360,700		77,025

(Cost $3,321,297)				3,098,997

Mexico — 0.9%
CFE Capital S de RL de CV REIT		464,654		593,988
Corp. Inmobiliaria Vesta SAB de CV		367,772		748,491
Fibra MTY SAPI de CV REIT		534,098		327,292
Fibra Uno Administracion SA de CV REIT		1,639,947		1,728,712
Macquarie Mexico Real Estate Management SA de CV REIT, 144A		421,898		561,375
PLA Administradora Industrial S de RL de CV REIT		430,080		642,513
Prologis Property Mexico SA de CV REIT (a)		256,479		669,398

(Cost $4,856,362)				5,271,769

Netherlands — 0.3%
Argo Properties NV *(a)		7,729		229,552
CTP NV, 144A		53,451		750,098
NSI NV REIT		10,761		440,936

(Cost $1,809,238)				1,420,586

New Zealand — 0.7%
Argosy Property Ltd.		517,068		420,732
Goodman Property Trust REIT		579,368		805,193
Kiwi Property Group Ltd.		878,799		589,216
Precinct Properties New Zealand Ltd. (a)		732,929		663,169
Property for Industry Ltd.		285,549		455,401
Stride Property Group (b)		328,622		370,076
Vital Healthcare Property Trust REIT		250,349		470,968

(Cost $4,363,330)				3,774,755

Norway — 0.2%
Entra ASA, 144A		32,135		508,310
KMC Properties ASA *		42,091		39,760
Olav Thon Eiendomsselskap ASA		14,718		278,682
Selvaag Bolig ASA		27,903		129,710

(Cost $1,160,400)				956,462

Philippines — 2.3%
8990 Holdings, Inc.		1,232,000		246,929
AC Energy Corp.		464,085		63,340
AREIT, Inc. REIT		338,640		261,798


	Number of Shares		Value
Philippines (Continued)
Ayala Corp.		156,095	$	2,076,797
Ayala Land, Inc.		4,388,896		2,479,815
Belle Corp. *		1,179,000		28,357
DDMP Reit, Inc. REIT		3,819,000		118,825
DoubleDragon Corp.		288,870		44,113
Filinvest Development Corp.		536,600		71,700
Filinvest Land, Inc.		3,870,000		68,702
Filinvest REIT Corp. REIT		895,500		121,708
GT Capital Holdings, Inc.		54,381		521,622
Megaworld Corp.		6,444,600		339,529
MREIT, Inc. REIT		442,500		138,356
Robinsons Land Corp.		1,094,661		405,372
SM Prime Holdings, Inc.		7,985,557		5,624,759
Vista Land & Lifescapes, Inc.		1,510,900		67,776

(Cost $14,245,118)				12,679,498

Poland — 0.1%
Atal SA (a)		6,175		61,803
Develia SA (a)		290,510		187,498
Dom Development SA		6,023		141,971
Echo Investment SA		80,137		58,186
Globe Trade Centre SA *(a)		94,278		130,956
MLP Group SA *		5,332		87,280

(Cost $785,859)				667,694

Romania — 0.2%
NEPI Rockcastle S.A.
(Cost $1,425,224)		217,116		1,368,282

Russia — 0.0%
LSR Group PJSC *(c)		30,984		0
PIK Group PJSC *(c)		192,287		0

(Cost $2,472,023)				0

Singapore — 6.7%
AIMS APAC REIT		309,200		311,253
Ascendas India Trust		501,300		416,866
Ascendas Real Estate Investment Trust REIT		1,812,069		3,687,849
Ascott Residence Trust		1,120,996		948,541
Bukit Sembawang Estates Ltd.		92,100		338,598
CapitaLand China Trust REIT		619,647		524,320
CapitaLand Integrated Commercial Trust REIT		2,763,392		4,414,493
Capitaland Investment Ltd.		1,360,263		3,919,351
CDL Hospitality Trusts (b)		478,681		436,466
Chip Eng Seng Corp. Ltd.		57,300		17,973
City Developments Ltd.		273,898		1,650,301
Cromwell European Real Estate Investment Trust REIT		204,619		449,356
Digital Core REIT Management Pte Ltd. REIT *		393,900		380,114
ESR-LOGOS REIT REIT		3,083,087		922,070
Far East Hospitality Trust (b)		545,800		258,786
First Real Estate Investment Trust REIT		884,600		183,902
Frasers Centrepoint Trust REIT		549,000		937,092
Frasers Hospitality Trust (b)		455,000		215,734
Frasers Logistics & Commercial Trust REIT		1,583,778		1,571,185


	Number of Shares		Value
Singapore (Continued)
Frasers Property Ltd.		250,900	$	201,320
GuocoLand Ltd.		154,400		182,455
Ho Bee Land Ltd.		126,000		257,349
Keppel REIT		1,095,300		918,809
Keppel DC REIT		723,355		1,086,958
Keppel Pacific Oak US REIT		437,654		304,170
Lendlease Global Commercial REIT		675,651		404,139
Lippo Malls Indonesia Retail Trust REIT *		2,486,400		97,940
Manulife US Real Estate Investment Trust REIT		847,526		508,516
Mapletree Commercial Trust REIT		1,188,270		1,542,870
Mapletree Industrial Trust REIT		1,081,922		1,957,230
Mapletree Logistics Trust REIT		1,728,491		2,067,784
Mapletree North Asia Commercial Trust REIT		1,197,387		1,056,852
OUE Commercial Real Estate Investment Trust REIT		1,480,239		426,504
Parkway Life Real Estate Investment Trust REIT		213,600		769,702
Prime US REIT		309,400		221,221
Singapore Land Group Ltd.		94,800		176,337
SPH REIT		517,500		356,727
Starhill Global REIT		813,609		347,189
Suntec Real Estate Investment Trust REIT		1,042,300		1,277,310
UOL Group Ltd.		263,717		1,433,140
Wing Tai Holdings Ltd.		188,600		244,882
Yanlord Land Group Ltd.		312,100		254,980

(Cost $37,481,007)				37,678,634

South Africa — 0.9%
Attacq Ltd. REIT *		342,242		149,338
Equites Property Fund Ltd. REIT (a)		372,060		461,024
Fortress REIT Ltd., Class A REIT		562,490		447,574
Fortress REIT Ltd., Class B REIT *		510,796		122,260
Growthpoint Properties Ltd. REIT (a)		1,648,494		1,523,273
Hyprop Investments Ltd. REIT		166,765		395,838
Redefine Properties Ltd. REIT (a)		3,521,823		989,851
Resilient REIT Ltd. REIT (a)		180,648		631,768
SA Corporate Real Estate Ltd. REIT		1,241,327		172,055
Vukile Property Fund Ltd. REIT		433,979		382,912

(Cost $5,271,393)				5,275,893

South Korea — 0.4%
ESR Kendall Square REIT Co. Ltd. REIT		81,396		445,402
JR Global REIT REIT		90,218		412,004
Koramco Energy Plus REIT		26,386		140,546
Korea Asset In Trust Co. Ltd.		4,814		15,155
Korea Real Estate Investment & Trust Co. Ltd.		36,560		58,806
LOTTE Reit Co. Ltd. REIT		67,995		330,852
Seobu T&D		11,787		90,413
Shinhan Alpha REIT Co. Ltd. REIT		49,827		321,789
SK D&D Co. Ltd.		9,771		244,038
SK REITs Co. Ltd. REIT		51,345		285,942

(Cost $2,261,149)				2,344,947


	Number of Shares		Value
Spain — 0.8%
Aedas Homes SA, 144A		8,133	$	193,853
Inmobiliaria Colonial Socimi SA REIT *		166,060		1,359,983
Lar Espana Real Estate Socimi SA REIT		7,864		41,700
Merlin Properties Socimi SA REIT		184,445		2,080,589
Metrovacesa SA, 144A *(a)		24,757		186,707
Neinor Homes SA, 144A *		33,010		394,640

(Cost $4,430,084)				4,257,472

Sweden — 4.3%
Atrium Ljungberg AB, Class B		25,051		420,690
Castellum AB		159,116		3,085,178
Catena AB		16,784		734,584
Cibus Nordic Real Estate AB		22,063		490,707
Corem Property Group AB, Class B *		314,571		626,657
Corem Property Group AB, Class D		66		1,858
Dios Fastigheter AB		51,986		470,516
Eastnine AB		6,316		63,588
Fabege AB		153,533		1,969,448
Fastighets AB Balder, Class B *		341,190		2,460,673
Fastighets AB Trianon		33,252		122,762
FastPartner AB, Class A		28,913		252,377
Heba Fastighets AB, Class B		45,590		260,717
Hemnet Group AB		24,539		355,156
Hufvudstaden AB, Class A		66,265		907,587
JM AB		29,821		657,158
John Mattson Fastighetsforetagen AB *		10,833		144,386
K-fast Holding AB *		946		3,595
Klarabo Sverige AB, Class B *		54,520		140,429
Nivika Fastigheter AB, Class B *		12,588		86,848
NP3 Fastigheter AB		15,196		420,918
Nyfosa AB		90,296		1,053,983
Pandox AB *		57,947		793,661
Platzer Fastigheter Holding AB, Class B		34,477		334,070
Sagax AB, Class A		4,030		110,804
Sagax AB, Class B		104,762		2,848,292
Sagax AB, Class D		65,891		204,065
Samhallsbyggnadsbolaget i Norden AB (a)		657,162		1,827,008
Samhallsbyggnadsbolaget i Norden AB, Class D		87,664		226,336
Stendorren Fastigheter AB *		7,281		173,027
Wallenstam AB, Class B		254,450		1,397,652
Wihlborgs Fastigheter AB		152,090		1,284,821

(Cost $26,646,063)				23,929,551

Switzerland — 2.0%
Allreal Holding AG		8,598		1,573,303
Fundamenta Real Estate AG *		16,576		316,458
Intershop Holding AG		728		506,573
Mobimo Holding AG		3,910		1,032,007
Peach Property Group AG *		5,714		286,132
PSP Swiss Property AG		25,167		2,998,353
Swiss Prime Site AG		41,950		4,223,228
Zug Estates Holding AG, Class B		157		335,767

(Cost $11,533,325)				11,271,821


	Number of Shares		Value
Taiwan — 1.3%
Cathay No. 1 REIT		769,726	$	480,001
Cathay No. 2 REIT		365,943		236,271
Cathay Real Estate Development Co. Ltd.		363,424		224,127
Chong Hong Construction Co. Ltd.		127,608		331,935
Farglory Land Development Co. Ltd.		151,491		342,388
Fubon No. 1 REIT		314,630		186,447
Fubon No. 2 REIT		409,357		225,376
Highwealth Construction Corp.		666,446		1,066,543
Hong Pu Real Estate Development Co. Ltd.		130,515		97,127
Huaku Development Co. Ltd.		132,875		432,159
Huang Hsiang Construction Corp.		64,643		120,934
Hung Sheng Construction Ltd.		221,721		191,356
KEE TAI Properties Co. Ltd.		141,788		64,238
Kindom Development Co. Ltd.		232,443		277,891
Kuo Yang Construction Co. Ltd.		203,597		144,500
O-Bank No1 Real Estate Investment Trust REIT		87,357		26,937
Prince Housing & Development Corp.		749,989		317,825
Radium Life Tech Co. Ltd.		12,402		4,119
Ruentex Development Co. Ltd.		778,856		2,068,899
Shining Building Business Co. Ltd. *		318,249		107,892
Sinyi Realty, Inc.		171,039		206,838
Taiwan Land Development Corp. *(c)		243,531		22,486

(Cost $5,801,440)				7,176,289

Thailand — 2.0%
Amata Corp. PCL, NVDR		488,000		286,639
Ananda Development PCL, NVDR *		2,249,000		87,410
AP Thailand PCL, NVDR		1,385,100		453,335
Asset World Corp. PCL, NVDR		4,377,000		652,329
Bangkok Land PCL, NVDR		7,274,700		214,712
Central Pattana PCL, NVDR		1,836,100		3,447,382
CP Tower Growth Leasehold Property Fund		800		194
CPN Retail Growth Leasehold REIT		1,046,400		590,167
Frasers Property Thailand Industrial Freehold & Leasehold REIT		928,800		293,134
Frasers Property Thailand PCL, NVDR		251,625		112,503
Golden Ventures Leasehold Real Estate Investment Trust REIT		13,500		3,748
Grand Canal Land PCL, NVDR *		669,800		41,496
IMPACT Growth Real Estate Investment Trust REIT		514,132		247,901
Land & Houses PCL, NVDR		4,562,400		1,193,264
LH Hotel Leasehold Real Estate Investment Trust, Class F REIT *		11,700		3,077
LPN Development PCL, NVDR		1,072,800		146,718
Noble Development PCL, NVDR		737,457		109,907
Nusasiri PCL, NVDR *		3,507,200		145,536
Origin Property PCL, NVDR		505,900		161,143
Platinum Group PCL, NVDR *		814,700		84,279
Principal Capital PCL, NVDR *		612,900		113,732
Property Perfect PCL, NVDR		4,949,606		62,196
Pruksa Holding PCL, NVDR		500,500		197,450
Quality Houses PCL, NVDR		4,580,100		297,131
Sansiri PCL, NVDR		8,008,600		266,797


	Number of Shares		Value
Thailand (Continued)
SC Asset Corp. PCL, NVDR		1,047,000	$	105,251
Singha Estate PCL, NVDR *		1,558,900		90,655
Supalai PCL, NVDR		865,200		515,783
U City PLC, NVDR *		2,443,300		102,102
U City PLC, NVDR *		15,045,000		461,638
Univentures PCL, NVDR		364,000		31,486
WHA Corp. PCL, NVDR		5,839,400		546,057
WHA Premium Growth Freehold & Leasehold Real Estate InvestmentTrust, Class F REIT		850,700		258,541

(Cost $11,552,895)				11,323,693

Turkey — 0.2%
Akfen Gayrimenkul Yatirim Ortakligi AS REIT *		189,445		25,784
AKIS Gayrimenkul Yatirimi AS REIT *		34,622		4,247
Alarko Gayrimenkul Yatirim Ortakligi AS REIT		778		1,575
Baskent Dogalgaz Dagitim Gayrimenkul Yatirim Ortakligi AS		134		111
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		1,148,152		201,117
Halk Gayrimenkul Yatirim Ortakligi AS REIT		18,679		2,474
Is Gayrimenkul Yatirim Ortakligi AS REIT *		249,733		224,820
Kiler Gayrimenkul Yatirim Ortakligi AS REIT *		2		0
Kizilbuk Gayrimenkul Yatirim Ortakligi AS *		27,453		117,288
Kuyumcukent Gayrimenkul Yatirimlari AS REIT *		75,704		31,465
Ozak Gayrimenkul Yatirim Ortakligi REIT *		247,392		73,835
Panora Gayrimenkul Yatirim Ortakligi		85		68
Reysas Gayrimenkul Yatirim Ortakligi AS, Class O REIT *		6		2
Sinpas Gayrimenkul Yatirim Ortakligi AS REIT *		60,992		31,753
Torunlar Gayrimenkul Yatirim Ortakligi AS REIT *		151,431		74,586
Vakif Gayrimenkul Yatirim Ortakligi AS REIT *		6		1
Yeni Gimat Gayrimenkul Ortakligi AS		102,264		143,929
Yesil Gayrimenkul Yatirim Ortakligi AS REIT *		720,385		34,734
Ziraat Gayrimenkul Yatirim Ortakligi AS *		147,336		27,247

(Cost $890,474)				995,036

United Kingdom — 7.9%
Assura PLC REIT		1,605,154		1,452,498
Big Yellow Group PLC REIT		102,421		1,738,725
British Land Co. PLC REIT		470,961		3,119,714
Capital & Counties Properties PLC REIT		395,269		809,507
CLS Holdings PLC REIT		94,409		272,473
Derwent London PLC REIT		55,937		2,096,595
Empiric Student Property PLC REIT		328,329		388,552


	Number of Shares		Value
United Kingdom (Continued)
Grainger PLC		410,967	$	1,600,442
Great Portland Estates PLC REIT		111,936		925,439
Hammerson PLC REIT		1,993,090		690,520
Helical PLC		65,931		355,638
Industrials REIT Ltd. REIT		142,396		334,705
Land Securities Group PLC REIT		372,185		3,596,793
LondonMetric Property PLC REIT		510,676		1,647,631
LXI REIT PLC REIT		489,617		891,042
Picton Property Income Ltd. REIT		301,467		374,240
Primary Health Properties PLC REIT		740,611		1,383,289
Rightmove PLC		471,676		3,571,479
Safestore Holdings PLC REIT		116,832		1,675,631
Savills PLC		78,200		1,087,068
Segro PLC REIT		630,616		8,806,010
Shaftesbury PLC REIT		114,923		865,405
Tritax Big Box REIT PLC REIT		1,037,876		2,663,162
UK Commercial Property REIT Ltd. REIT		424,379		456,758
UNITE Group PLC REIT, Series 6		168,563		2,460,057
Workspace Group PLC REIT		71,509		642,576

(Cost $43,619,958)				43,905,949

United States — 0.0%
Eagle Hospitality Trust *(c)
(Cost $0)		173,500		0

TOTAL COMMON STOCKS (Cost $589,222,102)				554,595,553

WARRANTS — 0.0%
Malaysia — 0.0%
Eco World Development Group Bhd *, expires 4/12/29		106,640		2,801
Paramount Corp. Bhd *, expires 7/28/24		7,840		85

(Cost $0)				2,886


	Number of Shares		Value
Thailand — 0.0%
Noble Development PCL *, expires 1/12/24
(Cost $0)		54,825	$	1,025

TOTAL WARRANTS (Cost $0)				3,911

EXCHANGE-TRADED FUNDS — 0.0%
iShares Global REIT ETF		2,500		66,175
Vanguard Global ex-U.S. Real Estate ETF		1,500		71,775

TOTAL EXCHANGE-TRADED FUNDS (Cost $125,635)				137,950

SECURITIES LENDING COLLATERAL — 1.9%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.68% (d)(e) (Cost $10,913,250)		10,913,250		10,913,250

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 0.72% (d) (Cost $620,850)		620,850		620,850


TOTAL INVESTMENTS — 101.3%
(Cost $600,881,837)			$	566,271,514
Other assets and liabilities, net — (1.3%)				(7,398,862	)

NET ASSETS — 100.0%			$	558,872,652

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2022 is as follows:

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

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, 2022 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.

During the year ended May 31, 2022, the amount of transfers from Level 1 to Level 3 was $2,492,351 and from Level 3 to Level 1 was $3,698. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity. The investment was transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs.

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

As of May 31, 2022, the Trust consists of thirty-four investment series of exchange-traded funds (“ETFs”) in operation and trading. These financial statements report on Xtrackers International Real Estate ETF (the “Fund”), a diversified series of the Trust.

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

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

The investment objective of the Fund is to track the performance, before fees and expenses, of the iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index (the “Underlying Index”).

The iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index is a free-float capitalization weighted index designed to measure the performance of international real estate securities of issuers incorporated outside the United States, excluding Pakistan and Vietnam. The iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index is rebalanced quarterly.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

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

The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statement of Operations. For the year ended May 31, 2022, the Fund did not incur any interest or penalties.

As of May 31, 2022, the components of accumulated earnings (losses) on a tax basis were as follows:

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

At May 31, 2022, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

For the fiscal year ended May 31, 2022, 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.

As of May 31, 2022, 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:

Foreign Taxes The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invest. These foreign taxes, if any, are paid by the Fund and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of May 31, 2022, if any, are disclosed in the Fund’s Statements of Assets and Liabilities.

Foreign Currency Translations The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the

prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

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

Securities Lending The Fund may lend securities to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended May 31, 2022, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.08% annualized effective rate as of May 31, 2022) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of May 31, 2022, the Fund had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

Futures Contracts The Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. The Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. The Fund will not use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the year ended May 31, 2022, the Fund utilized futures in order to simulate investment in the Fund’s Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).

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

A summary of the open futures contracts as of May 31, 2022 is included in a table following the Fund’s Schedule of Investments.

The following table summarizes the value of the Fund’s derivative instruments held as of May 31, 2022 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Fund’s earnings during the year ended May 31, 2022 and the related location in the accompanying Statement of Operations is summarized in the following table by primary underlying risk exposure:

For the year ended May 31, 2022 the average monthly volume of derivatives was as follows:

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

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

For its investment advisory services to the Fund, the Advisor is entitled to receive a unitary advisory fee from the Fund based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to 0.12%.

The Advisor for the Fund has contractually agreed, until September 30, 2022, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) from exceeding 0.10% of the Fund’s average daily net assets. This agreement may only be terminated by the Fund’s Board (and may not be terminated by the Advisor) prior to that time. For the year ended May 31, 2022, the Advisor waived $106,863 of the expenses of the Fund.

The Advisor for the Fund has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated cash management vehicles. For the period from June 1, 2021 through May 31, 2022, the Advisor waived $270 of expenses to the Fund.

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

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

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

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

For the year ended May 31, 2022, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

For the year ended May 31, 2022, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

As of May 31, 2022, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by the Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares for the Fund are disclosed in detail in the Statement of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling

representation of the securities included in the Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers International Real Estate ETF and certain other funds managed by the Advisor to borrow up to $105 million. The Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain the Fund’s status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. The Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Fund had no outstanding loans at May 31, 2022.

A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity, increased government activity, including economic stimulus measures, and supply chain interruptions. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve, including the risk of future increased rates of infection due to significant portions of the population remaining unvaccinated and/or the lack of effectiveness of current vaccines against new variants. The pandemic has affected and may continue to affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and the pandemic may result in the Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on the Fund and reflect the consequences as appropriate in the Fund’s accounting and financial reporting.

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

We have audited the accompanying statement of assets and liabilities of Xtrackers International Real Estate ETF (the “Fund”), (one of the funds constituting DBX ETF Trust (the “Trust”)), including the schedule of investments, as of May 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting DBX ETF Trust) at May 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2022, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

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

In February 2022, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2020 through November 30, 2021 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within 3 business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported that there were no material changes made to the Program during the Reporting Period.

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 16-17, 2022 (the “Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers International Real Estate ETF, (the “Fund”) as well as other affiliated funds (collectively, the (“Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Adviser”) for purposes of reviewing the agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for the Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) the Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees also took into consideration the discussions they had with management during the Meeting and among themselves during their Executive Sessions held on February 16 and February 17, 2022. The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of the Fund’s investment performance, tracking error and related financial information, presentations given by DBX, as well as its periodic reports on brokerage commissions, portfolio execution and other services provided to the Fund.

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

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

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

Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services provided and the risks incurred by the Adviser under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Adviser continuously during the prior year, in addition to the information the Adviser had provided in response to the Board’s requests prior to the Meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Fund, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Adviser, including portfolio management.

The Board considered that the Adviser provides, at its own expense, office facilities and equipment for use by the Fund and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The

Board also considered that the Adviser pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Adviser or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Fund’s operations. The Board also considered that in addition to managing the Fund’s portfolios directly, the Adviser provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Fund.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its fiscal year ended May 31, 2022.

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

Investing involves risk, including possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. There are special risks associated with an investment in real estate, including REITS. These risks include credit risk, interest rate fluctuations and the impact of varied economic conditions. Investing in foreign securities, particularly those of emerging markets, present certain risks such as currency fluctuations, political and economical changes, and market risks. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Performance of a Fund may diverge from that of an Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in any Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that fund. Please read the prospectus for more information.

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

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

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

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

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

Copyright © 2022 DWS Group. All rights reserved. Xtrackers^TM is a trademark of DWS Invesment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.


	Page
Shareholder Letter		1
Management’s Discussion of Fund Performance		3
Performance Summary		4
Fees and Expenses		6
Schedule of Investments		7
Statement of Assets and Liabilities		18
Statement of Operations		19
Statements of Changes in Net Assets		20
Financial Highlights		21
Notes to Financial Statements		22
Report of Independent Registered Public Accounting Firm		29
Liquidity Risk Management		30
Board Considerations in Approval of Investment Advisory Contracts		31
Board Members and Officers		34
Additional Information		37



Average Annual Total Return

	Net Asset Value	Market Value	iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index²	MSCI ACWI ex USA Index
One Year	-11.28%	-11.26%	-11.47%	-12.31%
Five Year	2.10%	2.16%	2.37%	4.42%
Since Inception¹	3.64%	3.63%	4.04%	3.97%

Cumulative Total Returns

	Net Asset Value	Market Value	iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index²	MSCI ACWI ex USA Index
One Year	-11.28%	-11.26%	-11.47%	-12.31%
Five Year	10.93%	11.30%	12.43%	24.16%
Since Inception¹	36.34%	36.25%	40.93%	40.21%


Real Estate Operations/Development			32.4%
Diversified			16.4%
Real Estate Management/Services			14.1%
Warehouse/Industry			9.5%
Shopping Centers			9.0%
Office Property			6.6%
Apartments			3.8%
Other			8.2%

Total			100.0%


Description	% of Net Assets
Vonovia SE (Germany)		2.7%
Goodman Group (Australia)		2.5%
Mitsui Fudosan Co. Ltd. (Japan)		2.1%
Mitsubishi Estate Co. Ltd. (Japan)		2.0%
Link (Hong Kong)		1.9%
Sun Hung Kai Properties Ltd. (Hong Kong)		1.9%
Segro PLC (United Kingdom)		1.6%
Sumitomo Realty & Development Co. Ltd. (Japan)		1.3%
China Resources Land Ltd. (Hong Kong)		1.3%
CK Asset Holdings Ltd. (Hong Kong)		1.3%


	Beginning Account Value December 1, 2021		Ending Account Value May 31, 2022		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers International Real Estate ETF
Actual	$	1,000.00	$	912.50		0.10	%	$	0.48
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.43		0.10	%	$	0.50


	Value ($) at 5/31/2021		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2022		Value ($) at 5/31/2022
SECURITIES LENDING COLLATERAL — 1.9%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.68% (d)(e)
		20,979,642		—		(10,066,392	)(f)		—		—		6,245		—		10,913,250		10,913,250

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 0.72% (d)
		61,186		59,215,857		(58,656,193	)		—		—		532		—		620,850		620,850

		21,040,828		59,215,857		(68,722,585	)		—		—		6,777		—		11,534,100		11,534,100


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation (Depreciation)
MINI TOPIX Index Futures	JPY	36	$	529,138	$	534,214	6/09/2022	$	5,076
SPI 200 Futures	AUD	6		782,085		776,029	6/16/2022		(6,056	)
EURO CAC40 10 Futures	EUR	5		339,362		345,827	6/17/2022		6,465
E-Mini S&P 500 Futures	USD	6		1,216,800		1,239,375	6/17/2022		22,575
EURO STOXX 50 Futures	EUR	27		1,055,554		1,094,475	6/17/2022		38,921

Total net unrealized appreciation								$	66,981


Assets	Level 1			Level 2		Level 3		Total
Common Stocks (a)	$	554,568,506		$	—	$	27,047	$	554,595,553
Warrants (a)		3,911			—		—		3,911
Exchange-Traded Funds		137,950			—		—		137,950
Short-Term Investments (a)		11,534,100			—		—		11,534,100
Derivatives (b)
Futures Contracts		73,037			—		—		73,037

TOTAL	$	566,317,504		$	—	$	27,047	$	566,344,551


Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (b)
Futures Contracts	$	(6,056	)	$	—	$	—	$	(6,056	)

TOTAL	$	(6,056	)	$	—	$	—	$	(6,056	)


	Xtrackers International Real Estate ETF
Assets
Investment in non-affiliated securities at value	$	554,737,414
Investment in DWS Government Money Market Series		620,850
Investment in DWS Government & Agency Securities Portfolio*		10,913,250
Foreign currency at value		765,915
Deposit with broker for futures contracts		309,738
Receivables:
Investment securities sold		389,651
Capital shares		2,468,736
Dividends		1,925,438
Interest		126
Securities lending income		18,019
Foreign tax reclaim		280,800

Total assets	$	572,429,937


Liabilities
Payable upon return of securities loaned	$	10,913,250
Payables:
Investment securities purchased		2,438,470
Investment advisory fees		45,850
Variation margin on futures contracts		41,575
Deferred foreign tax payable		118,140

Total liabilities		13,557,285

Net Assets, at value	$	558,872,652


Net Assets Consist of
Paid-in capital	$	613,966,497
Distributable earnings (loss)		(55,093,845	)

Net Assets, at value	$	558,872,652


Number of Common Shares outstanding		22,650,001

Net Asset Value	$	24.67


Investment in non-affiliated securities at cost	$	589,347,737

Value of securities loaned	$	23,362,074

Investment in DWS Government Money Market Series at cost	$	620,850

Investment in DWS Government & Agency Securities Portfolio at cost*	$	10,913,250

Non-cash collateral for securities on loan	$	14,785,233

Foreign currency at cost	$	763,549


	Xtrackers International Real Estate ETF
Investment Income
Unaffiliated dividend income*	$	18,411,792
Income distributions from affiliated funds		532
Affiliated securities lending income		6,245
Unaffiliated securities lending income, net of borrower rebates		171,242

Total investment income		18,589,811


Expenses
Investment advisory fees		641,182
Other expenses		172

Total expenses		641,354

Less fees waived (see note 3):
Waiver		(107,133	)

Net expenses		534,221

Net investment income (loss)		18,055,590


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments**		(6,787,186	)
In-kind redemptions		4,667,740
Futures contracts		49,660
Foreign currency transactions		(225,524	)

Net realized gain (loss)		(2,295,310	)

Net change in unrealized appreciation (depreciation) on:
Investments***		(83,851,122	)
Futures contracts		1,266
Foreign currency translations		(52,815	)

Net change in unrealized appreciation (depreciation)		(83,902,671	)

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(86,197,981	)


Net Increase (Decrease) in Net Assets Resulting from Operations	$	(68,142,391	)

* Unaffiliated foreign tax withheld	$	1,810,358
** Including foreign taxes	$	28,755
*** Including change in deferred foreign taxes	$	15,690


	Xtrackers International Real Estate ETF
	Year Ended May 31, 2022			Year Ended May 31, 2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	18,055,590		$	11,340,684
Net realized gain (loss)		(2,295,310	)		(7,184,905	)
Net change in net unrealized appreciation (depreciation)		(83,902,671	)		85,212,771

Net increase (decrease) in net assets resulting from operations		(68,142,391	)		89,368,550

Distributions to Shareholders		(23,945,405	)		(10,236,025	)


Fund Shares Transactions
Proceeds from shares sold		212,069,381			147,772,936
Value of shares redeemed		(18,792,278	)		—

Net increase (decrease) in net assets resulting from fund share transactions		193,277,103			147,772,936

Total net increase (decrease) in Net Assets		101,189,307			226,905,461

Net Assets
Beginning of year	$	457,683,345		$	230,777,884

End of year	$	558,872,652		$	457,683,345


Changes in Shares Outstanding
Shares outstanding, beginning of year		15,700,001			10,100,001
Shares sold		7,700,000			5,600,000
Shares redeemed		(750,000	)		—

Shares outstanding, end of year		22,650,001			15,700,001


Xtrackers International Real Estate ETF Selected Per Share Data	Years Ended May 31,
	2022			2021			2020			2019			2018
Net Asset Value, beginning of year	$	29.15		$	22.85		$	27.84		$	29.17		$	26.22

Income (loss) from investment operations:
Net investment income (loss) (a)		0.92			0.92			0.84			1.14			0.68
Net realized and unrealized gain (loss)		(4.05	)		6.28			(4.74	)		(1.98	)		3.01

Total from investment operations		(3.13	)		7.20			(3.90	)		(0.84	)		3.69

Less distributions from:
Net investment income		(1.35	)		(0.90	)		(1.09	)		(0.49	)		(0.74	)

Total distributions		(1.35	)		(0.90	)		(1.09	)		(0.49	)		(0.74	)

Net Asset Value, end of year	$	24.67		$	29.15		$	22.85		$	27.84		$	29.17

Total Return (%)		(11.26	)(b)		32.15	(b)		(14.80	)(b)		(2.78	)(b)		14.20

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		559			458			231			60			4
Ratio of expenses before fee waiver (%)		0.12			0.12			0.12			0.30			0.60
Ratio of expenses after fee waiver (%)		0.10			0.10			0.10			0.28			0.60
Ratio of net investment income (loss) (%)		3.38			3.55			3.21			4.25			2.40
Portfolio turnover rate (%) (c)		17			9			12			43			24


Undistributed Ordinary Income		Capital and Other Gains (Losses)			Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Losses)
$	3,421,462	$	(2,097,991	)	$	(56,417,316	)	$	(55,093,845	)


Short-Term		Long-Term		Total Amount
$	1,682,956	$	415,035	$	2,097,991


Distributable earnings (loss)			Paid-In Capital
$	(2,637,403	)	$	2,637,403


Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
$	622,546,613	$	(56,269,614	)	$	14,308,035	$	(70,577,649	)


Remaining Contractual Maturity of the Agreements, as of May 31, 2022

Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Common Stocks	$	10,913,250	$	—	$	—	$	14,785,233	$	25,698,483

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	25,698,483


	Asset Derivatives			Liability Derivatives

Equity contracts	Unrealized appreciation on futures contracts*	$	73,037	Unrealized depreciation on futures contracts*	$	6,056


Net Realized Gain (Loss) from:

	Futures Contracts — Equity Contracts
	$	49,660


Net Change in Unrealized Appreciation (Depreciation) on:

	Futures Contracts — Equity Contracts
	$	1,266


Independent Board Members
Name, Year of Birth, Position with the Trust and Length of Time Served⁽¹⁾	Business Experience and Directorships During the Past 5 Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Board Member
Stephen R. Byers (1953) Chairperson since 2016, and Board Member since 2011 (formerly, Lead Independent Board Member, 2015-2016)	Independent Director (2011- present); Independent Consultant (2014-present); Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer, the Dreyfus Corporation (2002-2006).	34	The Arbitrage Funds, Sierra Income Corporation, Mutual Fund Directors Forum
George O. Elston (1964) Board Member since 2011, Chairperson of the Audit Committee since 2015	Chief Financial Officer, EyePoint Pharmaceuticals, Inc. (2019- present); Chief Financial Officer, Enzyvant (2018-2019); Chief Executive Officer, 2X Oncology, Inc. (2017- 2018); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013).	34	—
J. David Officer (1948) Board Member since 2011, Chairperson of the Nominating Committee since 2015	Independent Director (2010- present); Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009).	34	(Chairman of) Ilex Management Ltd; Old Westbury Funds


Officers⁽²⁾
Name, Year of Birth, Position with the Trust and Length of Time Served⁽³⁾		Business Experience and Directorships During the Past 5 Years
Freddi Klassen⁽⁴⁾(1975) President and Chief Executive Officer, 2016-present		Programmes (Head since 2021), of DWS Investment Management Americas, Inc. and Manager and Chief Operating Officer of the Advisor (2016 -present). Formerly: Chief Operating Officer in the Americas for the Traditional Asset Classes Department (2014 -2020); Manager and Chief Operating Officer of DWS Investment Management Americas, Inc. (2018- 2020); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013- 2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013).
Diane Kenneally⁽⁵⁾(1966) Treasurer, Chief Financial Officer and Controller, 2019-present		Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; Chief Financial Officer and Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2018- present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present); formerly: Assistant Treasurer for the DWS funds (2007- 2018).
Frank Gecsedi⁽⁴⁾(1967) Chief Compliance Officer, 2010-present		AFC Compliance US (Senior Team Lead), of DWS Investment Management Americas, Inc.; Compliance Department (2016-present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Advisor (2010-present); Chief Compliance Officer of DWS Distributors, Inc. (2019-2022); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010- 2012).
Bryan Richards⁽⁴⁾(1978) Vice President, 2016-present		Portfolio Engineering, Systematic Investments Solutions (Head), of DWS Investment Management Americas, Inc.(2018-present); Portfolio Manager in the Passive Asset Management Department at DWS (2011- present); Primary Portfolio Manager for the PowerShares DB Commodity ETFs (2011-2015).
John Millette⁽⁵⁾(1962) Secretary, 2020-present		Legal (Associate General Counsel), DWS US Retail Legal (2003-present), of DWS Investment Management Americas, Inc.; Vice President and Secretary of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (1999-present); Chief Legal Officer, DWS Investment Management Americas, Inc. (2015- present); Director and Vice President of DWS Trust Company (2016-present); Vice President, DBX Advisors LLC (2021-present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011- present); formerly: Secretary of Deutsche Investment Management Americas Inc. (2015-2017); and Assistant Secretary of DBX ETF Trust (2019-2020).


Name, Year of Birth, Position with the Trust and Length of Time Served⁽³⁾		Business Experience and Directorships During the Past 5 Years
Caroline Pearson⁽⁵⁾(1962) Assistant Secretary, 2020-present		Legal (Senior Team Lead), DWS US Retail Legal, of DWS Investment Management Americas, Inc.; Chief Legal Officer of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2010-present); Chief Legal Officer, DBX Advisors LLC (2020- present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012-present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002-2017); and Secretary, Deutsche AM Service Company (2010-2017); and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021).
Paul Antosca⁽⁵⁾(1957) Assistant Treasurer, 2019-present		Fund Administration Tax (Head), of DWS Investment Management Americas, Inc.; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2007- present).
Jeffrey Berry⁽⁵⁾(1959) Assistant Treasurer, 2019-present		Fund Administration (Senior Specialist), of DWS Investment Management Americas, Inc.
Sheila Cadogan⁽⁵⁾(1966) Assistant Treasurer, 2019-present		Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2017-present); Director and Vice President, DWS Trust Company (2018- present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present).
Christina A. Morse⁽⁶⁾(1964) Assistant Secretary, 2017-present		Vice President at BNY Mellon Asset Servicing (2014- present); Vice President and Counsel at Lord Abbett & Co. LLC (2013-2014).
Christian Rijs⁽⁴⁾(1980) Anti-Money Laundering Compliance Officer, since October 21, 2021		Senior Team Lead Anti-Financial Crime and Compliance, DWS Investment Management Americas, Inc.; AML Officer, DWS Trust Company (since November 2, 2021); AML Officer, DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (since October 6, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO.


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

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