DBX ETF Trust

May 31, 2023

Annual Report

DBX ETF Trust

Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)

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DBX ETF Trust

Table of Contents


	Page
Shareholder Letter		1
Management’s Discussion of Fund Performance		2
Performance Summary		4
Fees and Expenses		6
Schedule of Investments		7
Statement of Assets and Liabilities		22
Statement of Operations		23
Statements of Changes in Net Assets		24
Financial Highlights		25
Notes to Financial Statements		26
Report of Independent Registered Public Accounting Firm		34
Other Information		35
Liquidity Risk Management		36
Board Considerations in Approval of Investment Advisory Contracts		37
Board Members and Officers		40
Additional Information		43

To our Shareholders: (Unaudited)

Dear shareholder,

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

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

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

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

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

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

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

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

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

DBX ETF Trust

Management’s Discussion of Fund Performance (Unaudited)

Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)

The Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE US Dollar Hedged Index (the DBEF Index). The DBEF Index is designed to provide exposure to equity securities in developed international stock markets while at the same time mitigating exposure to fluctuation between the value of the U.S. dollar and select non-U.S. currencies. For the 12-month period ended May 31, 2023, DBEF returned 9.62%, compared to the DBEF Index return of 9.82%.

The majority of the sectors contributed positively to performance during the period with the greatest contribution coming from Consumer Discretionary, Industrials and Information Technology, while Materials, Real Estate and Communication Services sectors detracted most from the performance. From a geographical perspective, most countries contributed positively to performance with the greatest contributions coming from France, Japan and Germany. However, Australia, Hong Kong and Norway contributed negatively to the performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed positively to performance.

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

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

This Page is Intentionally Left Blank

DBX ETF Trust

Performance Summary (Unaudited)

Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)

The Xtrackers MSCI EAFE Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track developed market performance while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. The MSCI EAFE Index is an equity index which captures large- and mid-cap representation across developed markets countries around the world, excluding the United States and Canada. It is not possible to invest directly into an index.

Performance as of May 31, 2023



Average Annual Total Return

	Net Asset Value	Market Value	MSCI EAFE US Dollar Hedged Index	MSCI EAFE Index
One Year	9.62%	9.93%	9.82%	3.06%
Five Year	7.52%	7.61%	7.72%	3.21%
Ten Year	7.91%	7.99%	8.20%	4.56%

Cumulative Total Returns

	Net Asset Value	Market Value	MSCI EAFE US Dollar Hedged Index	MSCI EAFE Index
One Year	9.62%	9.93%	9.82%	3.06%
Five Year	43.71%	44.28%	45.02%	17.11%
Ten Year	114.04%	115.75%	120.02%	56.22%

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2022, was 0.35%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

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

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

DBX ETF Trust

Performance Summary (Unaudited)

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

Growth of an Assumed $10,000 Investment

LOGO

Sector Diversification* as of May 31, 2023


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

Total			100.0%

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


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

Country Diversification* as of May 31, 2023


Japan			22.4%
United Kingdom			14.1%
France			11.8%
Switzerland			11.0%
Germany			8.5%
Australia			7.2%
Netherlands			4.8%
Denmark			3.1%
Sweden			3.1%
Hong Kong			2.7%
Spain			2.6%
Italy			2.0%
Other			6.7%

Total			100.0%

* As a percent of total investments excluding securities lending collateral and cash equivalents.

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

DBX ETF Trust

Fees and Expenses (Unaudited)

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

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (December 1, 2022 to May 31, 2023).

Actual expenses

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

Hypothetical example for comparison purposes

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

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


	Beginning Account Value December 1, 2022		Ending Account Value May 31, 2023		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers MSCI EAFE Hedged Equity ETF
Actual	$	1,000.00	$	1,064.50		0.35	%	$	1.80
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.19		0.35	%	$	1.77

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

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF

May 31, 2023


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


	Number of Shares		Value
Australia (Continued)
Westpac Banking Corp.		928,603	$	12,490,929
WiseTech Global Ltd.		43,881		2,135,828
Woodside Energy Group Ltd.		502,898		11,219,878
Woolworths Group Ltd.		322,429		7,873,040

(Cost $287,413,148)				283,939,471

Austria — 0.2%
Erste Group Bank AG		89,817		2,906,085
OMV AG		38,871		1,731,773
Verbund AG		18,185		1,371,348
voestalpine AG		29,649		918,430

(Cost $6,291,105)				6,927,636

Belgium — 0.8%
Ageas SA/NV (b)		41,442		1,653,622
Anheuser-Busch InBev SA/NV		230,273		12,284,797
D’ieteren Group		5,823		1,006,455
Elia Group SA/NV		8,259		998,453
Groupe Bruxelles Lambert NV		25,328		1,951,431
KBC Group NV		66,433		4,344,409
Sofina SA		3,885		801,467
Solvay SA		19,041		1,987,668
UCB SA		33,243		2,896,688
Umicore SA (b)		53,911		1,498,263
Warehouses De Pauw CVA REIT		44,326		1,243,254

(Cost $39,007,755)				30,666,507

Chile — 0.0%
Antofagasta PLC (Cost $1,347,939)		101,206		1,683,849

Denmark — 3.1%
A.P. Moller — Maersk A/S, Class A		829		1,391,057
A.P. Moller — Maersk A/S, Class B		1,313		2,207,918
Carlsberg A/S, Class B		26,069		3,927,198
Chr Hansen Holding A/S		27,913		2,024,165
Coloplast A/S, Class B		31,477		3,962,497
Danske Bank A/S *		182,605		3,714,142
Demant A/S *		24,572		933,973
DSV A/S		49,318		9,503,767
Genmab A/S *		17,499		6,844,721
Novo Nordisk A/S, Class B		437,959		70,170,001
Novozymes A/S, Class B		52,448		2,527,297
Orsted AS, 144A		50,135		4,389,822
Pandora A/S		23,249		1,852,138
ROCKWOOL A/S, Class B		2,379		567,205
Tryg A/S		95,677		2,176,771
Vestas Wind Systems A/S *		267,335		7,611,007

(Cost $67,997,166)				123,803,679

Finland — 1.1%
Elisa OYJ		37,906		2,123,130
Fortum OYJ		124,319		1,651,757
Kesko OYJ, Class B		74,656		1,411,261
Kone OYJ, Class B		90,585		4,596,348
Metso Corp. (b)		175,823		1,923,539
Neste OYJ		109,633		4,144,897
Nokia OYJ		1,420,836		5,763,591


See Notes to Financial Statements.		7

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023


	Number of Shares		Value
Finland (Continued)
Nordea Bank Abp		859,474	$	8,449,168
Orion OYJ, Class B		27,343		1,157,095
Sampo OYJ, Class A		120,812		5,555,433
Stora Enso OYJ, Class R		154,971		1,962,108
UPM-Kymmene OYJ		138,385		4,152,110
Wartsila OYJ Abp		121,686		1,377,444

(Cost $46,958,051)				44,267,881

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


	Number of Shares		Value
France (Continued)
SEB SA		6,479	$	608,051
Societe Generale SA (b)		193,117		4,464,928
Sodexo SA		22,494		2,429,632
Teleperformance		15,153		2,265,968
Thales SA		27,409		3,817,465
TotalEnergies SE (b)		626,017		35,518,486
Unibail-Rodamco-Westfield REIT * (b)		30,872		1,412,362
Valeo		55,516		1,065,766
Veolia Environnement SA		179,908		5,296,047
Vinci SA		140,653		15,984,585
Vivendi SE		190,601		1,688,951
Wendel SE		7,500		788,047
Worldline SA, 144A *		61,204		2,378,054

(Cost $351,938,655)				465,791,903

Germany — 7.7%
adidas AG		42,896		6,946,513
Allianz SE		106,602		22,787,114
BASF SE		236,783		11,241,327
Bayer AG		260,032		14,492,230
Bayerische Motoren Werke AG		87,404		9,521,999
Bechtle AG		20,654		809,787
Beiersdorf AG		26,703		3,400,882
Brenntag SE		40,989		3,215,011
Carl Zeiss Meditec AG		10,388		1,164,227
Commerzbank AG *		273,333		2,746,359
Continental AG		28,426		1,892,351
Covestro AG, 144A *		49,757		1,917,862
Daimler Truck Holding AG *		131,600		3,980,886
Delivery Hero SE, 144A *		43,695		1,634,697
Deutsche Bank AG (c)		513,857		5,204,808
Deutsche Boerse AG		50,268		8,677,638
Deutsche Lufthansa AG *		151,828		1,486,568
Deutsche Post AG		266,593		11,982,630
Deutsche Telekom AG		857,594		19,016,587
E.ON SE		593,870		7,179,454
Evonik Industries AG *		57,690		1,155,908
Fresenius Medical Care AG & Co. KGaA		54,106		2,310,466
Fresenius SE & Co. KGaA		109,082		2,983,739
GEA Group AG		40,940		1,719,362
Hannover Rueck SE		15,966		3,416,627
Heidelberg Materials AG		38,620		2,760,870
HelloFresh SE *		45,918		1,091,088
Henkel AG & Co. KGaA		27,906		2,002,106
Infineon Technologies AG		345,864		12,839,483
Knorr-Bremse AG		18,440		1,261,080
LEG Immobilien SE *		18,892		979,595
Mercedes-Benz Group AG		226,575		16,897,331
Merck KGaA		34,250		5,958,254
MTU Aero Engines AG		14,218		3,279,649
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		37,056		13,229,469
Nemetschek SE		14,182		1,110,256
Puma SE		26,788		1,274,773
Rational AG		1,266		849,151
Rheinmetall AG		11,216		2,834,150


See Notes to Financial Statements.		8

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023


	Number of Shares		Value
Germany (Continued)
RWE AG		165,860	$	6,935,502
SAP SE		276,237		36,076,083
Scout24 SE, 144A		19,907		1,276,717
Siemens AG		201,659		33,052,969
Siemens Energy AG *		137,747		3,495,427
Siemens Healthineers AG, 144A		74,719		4,224,975
Symrise AG		35,399		3,783,045
Talanx AG		16,816		937,377
Telefonica Deutschland Holding AG		261,738		737,199
Volkswagen AG		7,887		1,183,631
Vonovia SE		190,209		3,488,878
Wacker Chemie AG		4,886		648,653
Zalando SE, 144A *		59,299		1,713,924

(Cost $308,923,299)				314,806,667

Hong Kong — 2.6%
AIA Group Ltd.		3,081,289		29,551,916
BOC Hong Kong Holdings Ltd.		956,375		2,839,648
Budweiser Brewing Co. APAC Ltd., 144A		418,131		1,050,874
CK Asset Holdings Ltd.		521,646		2,811,264
CK Hutchison Holdings Ltd.		699,512		4,229,884
CK Infrastructure Holdings Ltd.		167,096		923,990
CLP Holdings Ltd.		434,766		3,167,557
ESR Group Ltd., 144A		517,395		763,824
Futu Holdings Ltd., ADR *		15,098		556,512
Galaxy Entertainment Group Ltd. *		575,467		3,567,984
Hang Lung Properties Ltd.		500,193		792,086
Hang Seng Bank Ltd.		197,589		2,641,939
Henderson Land Development Co. Ltd.		362,162		1,149,324
HKT Trust & HKT Ltd. (a)		1,016,024		1,297,530
Hong Kong & China Gas Co. Ltd.		2,951,899		2,661,457
Hong Kong Exchanges & Clearing Ltd.		318,960		11,674,161
Hongkong Land Holdings Ltd.		286,500		1,229,085
Jardine Matheson Holdings Ltd.		41,657		1,999,953
Link REIT		656,265		3,813,326
MTR Corp. Ltd.		406,402		1,871,003
New World Development Co. Ltd.		412,961		986,198
Power Assets Holdings Ltd.		359,161		1,933,303
Prudential PLC		728,446		9,568,952
Sino Land Co. Ltd.		973,604		1,265,737
SITC International Holdings Co. Ltd.		331,593		575,914
Sun Hung Kai Properties Ltd.		375,866		4,785,656
Swire Pacific Ltd., Class A		122,500		818,184
Swire Properties Ltd.		344,397		820,700
Techtronic Industries Co. Ltd.		379,551		3,521,430
WH Group Ltd., 144A		2,061,658		1,076,845
Wharf Real Estate Investment Co. Ltd.		440,310		2,173,308
Xinyi Glass Holdings Ltd.		442,666		654,633

(Cost $114,354,067)				106,774,177

Ireland — 1.2%
AerCap Holdings NV *		43,304		2,471,792
AIB Group PLC		353,179		1,446,631
Bank of Ireland Group PLC		275,250		2,587,326
CRH PLC		195,851		9,232,127
DCC PLC		25,425		1,453,914


	Number of Shares		Value
Ireland (Continued)
Experian PLC		243,363	$	8,573,357
Flutter Entertainment PLC *		46,674		9,112,386
James Hardie Industries PLC CDI *		113,721		2,802,718
Kerry Group PLC, Class A		42,233		4,116,129
Kingspan Group PLC		39,786		2,640,094
Smurfit Kappa Group PLC		69,054		2,452,769

(Cost $35,914,079)				46,889,243

Israel — 0.6%
Azrieli Group Ltd.		11,664		613,278
Bank Hapoalim BM		325,935		2,622,119
Bank Leumi Le-Israel BM		396,867		2,781,169
Check Point Software Technologies Ltd. *		25,786		3,218,351
CyberArk Software Ltd. *		10,341		1,600,063
Elbit Systems Ltd.		7,045		1,439,188
ICL Group Ltd.		205,868		1,121,045
Israel Discount Bank Ltd., Class A		313,132		1,507,948
Mizrahi Tefahot Bank Ltd.		39,216		1,257,964
Monday.com Ltd. *		6,033		1,087,147
Nice Ltd. *		16,350		3,288,797
Teva Pharmaceutical Industries Ltd., ADR *		285,594		2,056,277
Tower Semiconductor Ltd. *		27,994		1,158,305
Wix.com Ltd. *		14,618		1,114,184

(Cost $26,625,908)				24,865,835

Italy — 2.0%
Amplifon SpA		33,181		1,144,881
Assicurazioni Generali SpA		273,434		5,177,631
Davide Campari-Milano NV		134,679		1,757,733
DiaSorin SpA		6,296		647,407
Enel SpA		2,153,392		13,483,725
Eni SpA		615,226		8,187,314
Ferrari NV		33,383		9,513,119
FinecoBank Banca Fineco SpA		156,005		2,069,416
Infrastrutture Wireless Italiane SpA, 144A		85,607		1,088,914
Intesa Sanpaolo SpA		4,275,336		9,850,441
Mediobanca Banca di Credito Finanziario SpA		152,610		1,679,371
Moncler SpA		54,673		3,700,422
Nexi SpA, 144A *		162,031		1,269,173
Poste Italiane SpA, 144A		132,334		1,371,518
Prysmian SpA		65,154		2,414,528
Recordati Industria Chimica e Farmaceutica SpA		26,497		1,150,467
Snam SpA		520,147		2,718,769
Telecom Italia SpA *(b)		2,664,075		705,643
Terna — Rete Elettrica Nazionale		373,344		3,125,498
UniCredit SpA		491,596		9,413,222

(Cost $71,419,051)				80,469,192

Japan — 21.9%
Advantest Corp.		50,700		6,517,402
Aeon Co. Ltd.		173,700		3,440,962
AGC, Inc. (b)		54,300		1,983,757


See Notes to Financial Statements.		9

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023


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


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


See Notes to Financial Statements.		10

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023


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


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


See Notes to Financial Statements.		11

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023


	Number of Shares		Value
Japan (Continued)
Toyota Tsusho Corp.		54,511	$	2,402,279
Trend Micro, Inc.		35,776		1,705,025
Unicharm Corp.		107,000		4,077,251
USS Co. Ltd.		53,700		874,540
Welcia Holdings Co. Ltd.		23,200		490,893
West Japan Railway Co.		56,206		2,356,356
Yakult Honsha Co. Ltd.		32,679		2,122,698
Yamaha Corp.		35,781		1,420,197
Yamaha Motor Co. Ltd.		77,074		1,902,993
Yamato Holdings Co. Ltd.		71,771		1,315,136
Yaskawa Electric Corp.		61,420		2,600,955
Yokogawa Electric Corp.		62,044		1,172,078
Z Holdings Corp.		683,000		1,701,556
ZOZO, Inc.		33,397		681,723

(Cost $766,128,608)				886,119,967

Jordan — 0.0%
Hikma Pharmaceuticals PLC
(Cost $1,202,209)		40,538		903,404

Luxembourg — 0.2%
ArcelorMittal SA		128,585		3,192,838
Eurofins Scientific SE (b)		34,703		2,286,478
Tenaris SA		122,350		1,526,203

(Cost $6,530,199)				7,005,519

Macau — 0.1%
Sands China Ltd. *
(Cost $2,444,564)		613,590		1,986,413

Netherlands — 4.7%
ABN AMRO Bank NV, 144A		105,893		1,539,938
Adyen NV, 144A *		5,744		9,374,195
Aegon NV		456,738		2,008,974
Akzo Nobel NV		46,031		3,465,829
Argenx SE *		14,783		5,761,249
ASM International NV		12,420		5,381,988
ASML Holding NV		106,569		76,491,700
Euronext NV, 144A		21,906		1,455,264
EXOR NV *		27,903		2,316,251
Heineken Holding NV		30,021		2,552,718
Heineken NV		68,679		6,935,875
IMCD NV		15,179		2,280,402
ING Groep NV		958,354		11,788,627
JDE Peet’s NV		33,652		977,682
Just Eat Takeaway.com NV, 144A *		55,806		839,171
Koninklijke Ahold Delhaize NV		258,415		8,192,685
Koninklijke KPN NV		854,333		2,938,669
Koninklijke Philips NV *		246,874		4,656,494
NN Group NV (b)		66,566		2,399,261
OCI NV		26,802		595,606
Prosus NV *		212,110		13,959,431
QIAGEN NV *		59,080		2,665,589
Randstad NV		30,369		1,488,682
Stellantis NV		596,130		9,036,825
Universal Music Group NV		217,025		4,291,597
Wolters Kluwer NV		68,143		7,779,110

(Cost $132,049,322)				191,173,812


	Number of Shares		Value
New Zealand — 0.2%
Auckland International Airport Ltd. *		319,314	$	1,706,865
Fisher & Paykel Healthcare Corp. Ltd.		153,782		2,153,482
Mercury NZ Ltd.		177,035		699,481
Meridian Energy Ltd.		323,146		1,033,490
Spark New Zealand Ltd.		515,043		1,600,686
Xero Ltd. *		38,055		2,721,580

(Cost $8,675,775)				9,915,584

Norway — 0.6%
Adevinta ASA *		69,156		484,083
Aker BP ASA		81,560		1,772,245
DNB Bank ASA		245,432		4,108,148
Equinor ASA		253,213		6,472,783
Gjensidige Forsikring ASA		47,799		803,095
Kongsberg Gruppen ASA		22,512		901,681
Mowi ASA		117,497		2,016,466
Norsk Hydro ASA		357,437		2,160,040
Orkla ASA		192,940		1,388,100
Salmar ASA (b)		19,443		856,528
Telenor ASA		182,063		1,869,803
Yara International ASA (b)		42,383		1,581,506

(Cost $27,944,280)				24,414,478

Portugal — 0.2%
EDP — Energias de Portugal SA		771,608		3,762,612
Galp Energia SGPS SA		133,933		1,416,722
Jeronimo Martins SGPS SA		73,138		1,765,243

(Cost $6,076,900)				6,944,577

Singapore — 1.4%
CapitaLand Ascendas REIT		860,999		1,719,069
CapitaLand Integrated Commercial Trust REIT		1,418,534		2,097,958
CapitaLand Investment Ltd.		672,200		1,645,332
City Developments Ltd.		140,500		701,305
DBS Group Holdings Ltd.		479,387		10,741,275
Genting Singapore Ltd.		1,634,278		1,220,602
Grab Holdings Ltd., Class A * (b)		496,220		1,478,736
Jardine Cycle & Carriage Ltd.		26,500		633,547
Keppel Corp. Ltd.		369,000		1,721,800
Mapletree Logistics Trust REIT		883,575		1,084,622
Mapletree Pan Asia Commercial Trust REIT		628,100		766,372
Oversea-Chinese Banking Corp. Ltd.		895,687		8,126,954
Sea Ltd., ADR *		96,593		5,545,404
Seatrium Ltd. *		10,095,160		918,217
Singapore Airlines Ltd.		370,150		1,754,538
Singapore Exchange Ltd.		214,900		1,474,726
Singapore Technologies Engineering Ltd.		445,800		1,206,558
Singapore Telecommunications Ltd.		2,146,589		3,952,530
United Overseas Bank Ltd.		334,754		6,918,860
UOL Group Ltd.		115,281		541,325
Venture Corp. Ltd.		75,100		842,466
Wilmar International Ltd.		490,166		1,417,251

(Cost $61,444,487)				56,509,447


See Notes to Financial Statements.		12

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023


	Number of Shares		Value
Spain — 2.5%
Acciona SA		6,327	$	1,023,232
ACS Actividades de Construccion y Servicios SA		54,025		1,797,098
Aena SME SA, 144A		19,956		3,118,590
Amadeus IT Group SA *		119,271		8,529,005
Banco Bilbao Vizcaya Argentaria SA		1,597,418		10,449,786
Banco Santander SA		4,357,935		14,184,220
CaixaBank SA		1,093,185		4,004,471
Cellnex Telecom SA, 144A *		150,039		6,079,885
Corp ACCIONA Energias Renovables SA *(b)		17,845		593,600
EDP Renovaveis SA		69,612		1,382,507
EDP Renovaveis SA *		913		18,132
Enagas SA		63,078		1,203,858
Endesa SA		81,906		1,771,124
Ferrovial SA		135,146		4,182,049
Grifols SA *(b)		79,488		921,443
Iberdrola SA		1,540,566		18,772,520
Industria de Diseno Textil SA (b)		288,677		9,655,064
Naturgy Energy Group SA		33,457		951,990
Red Electrica Corp. SA		104,389		1,768,009
Repsol SA		353,243		4,791,512
Telefonica SA		1,380,265		5,857,205

(Cost $112,765,014)				101,055,300

Sweden — 3.0%
Alfa Laval AB (b)		74,644		2,681,236
Assa Abloy AB, Class B		265,858		5,899,354
Atlas Copco AB, Class A		715,973		10,427,720
Atlas Copco AB, Class B		411,109		5,174,947
Beijer Ref AB		89,716		1,326,915
Boliden AB		71,231		2,169,067
Boliden AB *		70,097		74,155
Embracer Group AB *(b)		163,943		377,006
Epiroc AB, Class A		169,893		2,974,591
Epiroc AB, Class B		104,239		1,574,372
EQT AB (b)		91,861		1,736,181
Essity AB, Class B		161,836		4,300,992
Evolution AB, 144A		48,512		6,373,017
Fastighets AB Balder, Class B *(b)		187,714		630,338
Getinge AB, Class B		58,611		1,347,559
H & M Hennes & Mauritz AB, Class B (b)		174,370		2,176,291
Hexagon AB, Class B		552,165		6,400,999
Holmen AB, Class B (b)		25,260		955,298
Husqvarna AB, Class B		108,363		799,856
Industrivarden AB, Class A		33,406		898,888
Industrivarden AB, Class C (b)		44,454		1,188,384
Indutrade AB		70,396		1,655,491
Investment AB Latour, Class B (b)		35,999		712,894
Investor AB, Class A		115,609		2,376,783
Investor AB, Class B (b)		459,138		9,335,668
Kinnevik AB, Class B *		59,265		850,598
L E Lundbergforetagen AB, Class B (b)		21,164		880,354
Lifco AB, Class B		60,789		1,283,359
Nibe Industrier AB, Class B		401,401		3,830,247
Saab AB, Class B		21,236		1,156,143


	Number of Shares		Value
Sweden (Continued)
Sagax AB, Class B (b)		47,236	$	930,634
Sandvik AB		284,545		4,999,033
Securitas AB, Class B		123,786		911,644
Skandinaviska Enskilda Banken AB, Class A		428,692		4,481,755
Skanska AB, Class B (b)		87,195		1,149,015
SKF AB, Class B		99,080		1,569,496
Svenska Cellulosa AB SCA, Class B		155,180		2,057,760
Svenska Handelsbanken AB, Class A		375,639		2,967,921
Swedbank AB, Class A		225,093		3,444,285
Swedish Orphan Biovitrum AB *		43,064		865,106
Tele2 AB, Class B (b)		147,404		1,339,320
Telefonaktiebolaget LM Ericsson, Class B		775,000		4,007,907
Telia Co. AB (b)		686,928		1,599,612
Volvo AB, Class A		53,420		1,029,826
Volvo AB, Class B		403,015		7,436,900
Volvo Car AB, Class B *(b)		142,032		487,933

(Cost $116,152,150)				120,846,850

Switzerland — 10.7%
ABB Ltd.		415,703		15,181,204
Adecco Group AG		40,357		1,203,509
Alcon, Inc.		132,265		10,261,702
Bachem Holding AG		9,002		944,926
Baloise Holding AG		12,287		1,887,402
Banque Cantonale Vaudoise (b)		8,132		818,334
Barry Callebaut AG		957		1,934,490
BKW AG		5,508		987,600
Chocoladefabriken Lindt & Spruengli AG		28		3,387,977
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		267		3,192,567
Cie Financiere Richemont SA, Class A		138,115		21,920,970
Clariant AG *		52,771		760,783
Coca-Cola HBC AG *		58,434		1,735,813
DSM-Firmenich AG *		46,032		5,119,147
Dufry AG *		26,273		1,187,658
EMS-Chemie Holding AG		1,795		1,389,487
Geberit AG		8,978		4,755,407
Givaudan SA		2,476		8,145,041
Glencore PLC		2,826,330		14,465,819
Helvetia Holding AG		10,557		1,498,787
Holcim AG *		146,657		9,040,158
Julius Baer Group Ltd.		56,173		3,431,749
Kuehne + Nagel International AG		14,093		4,009,329
Logitech International SA		44,580		2,856,644
Lonza Group AG		19,728		12,333,926
Nestle SA		727,584		86,199,631
Novartis AG		542,350		51,903,624
Partners Group Holding AG		6,030		5,434,449
Roche Holding AG		185,910		58,829,824
Roche Holding AG		8,478		2,857,805
Schindler Holding AG		6,091		1,221,210
Schindler Holding AG Participation Certificates		10,849		2,246,633
SGS SA		39,766		3,529,710


See Notes to Financial Statements.		13

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023


	Number of Shares		Value
Switzerland (Continued)
SIG Group AG *		78,621	$	2,144,327
Sika AG		38,891		10,607,219
Sonova Holding AG		13,780		3,531,432
STMicroelectronics NV		181,105		7,858,513
Straumann Holding AG		29,616		4,328,180
Swatch Group AG — Bearer		7,705		2,289,292
Swatch Group AG — Registered		13,681		767,608
Swiss Life Holding AG (b)		8,154		4,709,310
Swiss Prime Site AG		19,204		1,620,453
Swiss Re AG		79,900		8,002,721
Swisscom AG		6,853		4,340,171
Temenos AG		16,429		1,384,311
UBS Group AG		839,537		15,891,977
VAT Group AG, 144A (b)		7,176		2,957,071
Zurich Insurance Group AG		39,734		18,585,434

(Cost $340,978,735)				433,691,334

United Kingdom — 13.7%
3i Group PLC		257,600		6,266,237
abrdn PLC		524,586		1,295,330
Admiral Group PLC		56,324		1,628,994
Anglo American PLC		336,838		9,316,683
Ashtead Group PLC		116,182		7,081,708
Associated British Foods PLC		92,055		2,090,414
AstraZeneca PLC		410,077		59,479,467
Auto Trader Group PLC, 144A		246,215		1,929,559
Aviva PLC		726,716		3,563,563
BAE Systems PLC		807,525		9,323,965
Barclays PLC		4,117,415		7,751,424
Barratt Developments PLC		250,798		1,443,845
Berkeley Group Holdings PLC		30,397		1,484,513
BP PLC		4,682,575		26,404,234
British American Tobacco PLC		562,291		17,867,761
British Land Co. PLC REIT		233,522		996,380
BT Group PLC		1,791,204		3,272,066
Bunzl PLC		89,570		3,503,065
Burberry Group PLC		101,543		2,720,814
Centrica PLC		1,506,801		2,205,215
CNH Industrial NV		268,969		3,435,639
Coca-Cola Europacific Partners PLC		54,561		3,404,061
Compass Group PLC		461,403		12,638,654
Croda International PLC		36,591		2,776,561
Diageo PLC		596,734		24,845,034
Endeavour Mining PLC		49,528		1,325,855
Entain PLC		156,886		2,574,140
GSK PLC		1,083,917		18,154,038
Haleon PLC		1,345,959		5,327,643
Halma PLC		100,807		3,020,860
Hargreaves Lansdown PLC		88,701		885,145
HSBC Holdings PLC		5,286,624		38,833,043
Imperial Brands PLC		232,058		4,892,934
Informa PLC		363,544		3,152,048
InterContinental Hotels Group PLC		46,520		3,048,517
Intertek Group PLC		42,739		2,208,482
J Sainsbury PLC		425,409		1,431,982
JD Sports Fashion PLC		689,780		1,304,239


	Number of Shares		Value
United Kingdom (Continued)
Johnson Matthey PLC		46,349	$	997,446
Kingfisher PLC		496,167		1,425,749
Land Securities Group PLC REIT		181,025		1,355,621
Legal & General Group PLC		1,582,698		4,490,828
Lloyds Banking Group PLC		17,530,124		9,631,978
London Stock Exchange Group PLC		106,273		11,302,959
M&G PLC		604,000		1,489,168
Mondi PLC		123,770		1,916,849
National Grid PLC		972,695		13,382,428
NatWest Group PLC		1,517,919		4,901,809
Next PLC		33,190		2,620,055
Ocado Group PLC *(b)		147,128		675,344
Pearson PLC		169,745		1,685,434
Persimmon PLC		81,590		1,219,449
Phoenix Group Holdings PLC		201,190		1,382,494
Reckitt Benckiser Group PLC		189,539		14,726,640
RELX PLC		503,369		15,716,770
Rentokil Initial PLC		658,317		5,229,583
Rio Tinto PLC		298,006		17,727,100
Rolls-Royce Holdings PLC *		2,215,379		3,949,093
Sage Group PLC		271,204		2,938,444
Schroders PLC		218,324		1,237,338
Segro PLC REIT		338,283		3,356,359
Severn Trent PLC		65,879		2,272,479
Shell PLC		1,812,019		50,051,446
Smith & Nephew PLC		231,477		3,461,110
Smiths Group PLC		98,349		1,964,801
Spirax-Sarco Engineering PLC		18,923		2,571,666
SSE PLC		288,373		6,749,350
St James’s Place PLC		143,965		1,996,801
Standard Chartered PLC		634,210		4,998,634
Taylor Wimpey PLC		952,741		1,353,456
Tesco PLC		1,941,066		6,297,251
Unilever PLC		668,338		33,496,276
United Utilities Group PLC		173,829		2,189,376
Vodafone Group PLC		6,085,776		5,781,518
Whitbread PLC		54,764		2,238,545
Wise PLC, Class A *		162,920		1,176,264
WPP PLC		284,348		3,020,017

(Cost $578,884,029)				555,862,040

TOTAL COMMON STOCKS (Cost $3,519,466,495)				3,927,314,765

PREFERRED STOCKS — 0.5%
Germany — 0.5%
Bayerische Motoren Werke AG		16,009		1,645,322
Dr Ing hc F Porsche AG, 144A *		30,165		3,745,070
Henkel AG & Co. KGaA		44,613		3,554,579
Porsche Automobil Holding SE *		39,356		2,183,312
Sartorius AG (b)		6,956		2,330,958
Volkswagen AG		54,661		6,811,442

(Cost $23,840,985)				20,270,683


See Notes to Financial Statements.		14

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023


	Number of Shares		Value
WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		255,836	$	316,020

SECURITIES LENDING COLLATERAL — 1.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.03% (d)(e) (Cost $72,167,804)		72,167,804		72,167,804


	Number of Shares		Value
CASH EQUIVALENTS — 1.3%
DWS ESG Liquidity Fund “Capital Shares”, 5.20% (d)		11,809,080	$	11,805,537
DWS Government Money Market Series “Institutional Shares”, 5.04% (d)		42,151,828		42,151,828


TOTAL CASH EQUIVALENTS
(Cost $53,960,908)				53,957,365


TOTAL INVESTMENTS — 100.6%
(Cost $3,669,436,192)			$	4,074,026,637
Other assets and liabilities, net — (0.6%)				(24,840,980	)

NET ASSETS — 100.0%			$	4,049,185,657

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


	Value ($) at 5/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2023		Value ($) at 5/31/2023
COMMON STOCKS — 0.1%
Germany — 0.1%
Deutsche Bank AG (c)
		6,384,048		1,103,479		(1,851,999	)		(3,604,957	)		3,174,237		170,231		—		513,857		5,204,808

SECURITIES LENDING COLLATERAL — 1.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.03% (d)(e)
		87,362,002		—		(15,194,198	) (f)		—			—		906,067		—		72,167,804		72,167,804

CASH EQUIVALENTS — 1.3%
DWS ESG Liquidity Fund “Capital Shares”, 5.20% (d)
		11,386,377		415,867		—			—			3,293		417,075		—		11,809,080		11,805,537
DWS Government Money Market Series “Institutional Shares”, 5.04% (d)
		—		2,078,936,348		(2,036,784,520	)		—			—		1,962,811		—		42,151,828		42,151,828

		105,132,427		2,080,455,694		(2,053,830,717	)		(3,604,957	)		3,177,530		3,456,184		—		126,642,569		131,329,977

*	Non-income producing security.

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

(b)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at May 31, 2023 amounted to $114,405,535, which is 2.8% of net assets.

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

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

(e)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $63,336,398.

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

ADR:

American Depositary Receipt

CDI:

Chess Depositary Interests

CVA:

Credit Valuation Adjustment

REIT:

Real Estate Investment Trust

144A:

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

Securities are listed in country of domicile.


See Notes to Financial Statements.		15

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023

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


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

Total net unrealized appreciation								$	110,799

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


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


See Notes to Financial Statements.		16

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023


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


See Notes to Financial Statements.		17

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023


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


See Notes to Financial Statements.		18

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023


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

Total unrealized appreciation (depreciation)						$	117,189,731	$	(13,317,641	)

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

Currency Abbreviations

AUD

Australian Dollar

CHF

Swiss Franc

DKK

Danish Krone

EUR

Euro

GBP

Pound Sterling

HKD

Hong Kong Dollar

ILS

Israeli Shekel

JPY

Japanese Yen

NOK

Norwegian Krone

NZD

New Zealand Dollar

SEK

Swedish Krona

SGD

Singapore Dollar

USD

U.S. Dollar


See Notes to Financial Statements.		19

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023

Fair Value Measurements

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

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


Assets	Level 1			Level 2			Level 3		Total
Common Stocks (a)	$	3,927,314,765		$	—		$	—	$	3,927,314,765
Preferred Stocks		20,270,683			—			—		20,270,683
Warrants		316,020			—			—		316,020
Short-Term Investments (a)		126,125,169			—			—		126,125,169
Derivatives (b)
Forward Foreign Currency Contracts		—			117,189,731			—		117,189,731
Futures Contracts		1,233,192			—			—		1,233,192

TOTAL	$	4,075,259,829		$	117,189,731		$	—	$	4,192,449,560


Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—		$	(13,317,641	)	$	—	$	(13,317,641	)
Futures Contracts		(1,122,393	)		—			—		(1,122,393	)

TOTAL	$	(1,122,393	)	$	(13,317,641	)	$	—	$	(14,440,034	)

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

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


See Notes to Financial Statements.		20

This Page is Intentionally Left Blank

DBX ETF Trust

Statements of Assets and Liabilities

May 31, 2023


	Xtrackers MSCI EAFE Hedged Equity ETF
Assets
Investment in non-affiliated securities at value	$	3,942,696,660
Investment in affiliated securities at value		5,204,808
Investment in DWS ESG Liquidity Fund		11,805,537
Investment in DWS Government Money Market Series		42,151,828
Investment in DWS Government & Agency Securities Portfolio*		72,167,804
Cash		3,217
Foreign currency at value		24,223,346
Unrealized appreciation on forward foreign currency contracts		117,189,731
Deposit with broker for futures contracts		6,690,701
Receivables:
Investment securities sold		16,284,322
Capital shares		21,283,395
Dividends		16,387,875
Interest		180,356
Securities lending income		258,010
Foreign tax reclaim		9,331,005

Total assets	$	4,285,858,595

Liabilities
Payable upon return of securities loaned	$	72,167,804
Unrealized depreciation on forward foreign currency contracts		13,317,641
Payables:
Investment securities purchased		148,184,287
Investment advisory fees		1,201,816
Variation margin on futures contracts		1,801,390

Total liabilities		236,672,938


Net Assets, at value	$	4,049,185,657


Net Assets Consist of
Paid-in capital	$	4,098,720,652
Distributable earnings (loss)		(49,534,995	)


Net Assets, at value	$	4,049,185,657


Number of Common Shares outstanding		114,150,001

Net Asset Value	$	35.47


Investment in non-affiliated securities at cost	$	3,531,364,423

Investment in affiliated securities at cost	$	11,943,057

Value of securities loaned	$	114,405,535

Investment in DWS ESG Liquidity Fund at cost	$	11,809,080

Investment in DWS Government Money Market Series at cost	$	42,151,828

Investment in DWS Government & Agency Securities Portfolio at cost*	$	72,167,804

Non-cash collateral for securities on loan	$	63,336,398

Foreign currency at cost	$	24,613,125

*	Represents collateral on securities loaned.


See Notes to Financial Statements.		22

DBX ETF Trust

Statements of Operations

For the Year Ended May 31, 2023


	Xtrackers MSCI EAFE Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	129,768,477
Affiliated dividend income		170,231
Income distributions from affiliated funds		2,379,886
Affiliated securities lending income		906,067
Other income		740,942

Total investment income**		133,965,603


Expenses
Investment advisory fees		13,981,604
Interest expense (see note 2):		496,763
Other expenses		63,612

Total expenses		14,541,979

Less fees waived (see note 3):
Waiver		(39,289	)

Net expenses		14,502,690

Net investment income (loss)		119,462,913


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(279,118,796	)
Investments in affiliates		(3,655,078	)
In-kind redemptions		40,378,643
In-kind redemptions in affiliates		50,121
Futures contracts		5,423,047
Foreign currency transactions		(1,792,314	)
Forward foreign currency contracts		58,546,963
Payments by Affiliates (see note 6)		3,701

Net realized gain (loss)		(180,163,713	)

Net change in unrealized appreciation (depreciation) on:
Investments		275,577,982
Investments in affiliates		3,177,530
Futures contracts		(536,363	)
Foreign currency translations		(368,860	)
Forward foreign currency contracts		144,184,679

Net change in unrealized appreciation (depreciation)		422,034,968

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		241,871,255


Net Increase (Decrease) in Net Assets Resulting from Operations	$	361,334,168

* Unaffiliated foreign tax withheld	$	11,851,552

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


See Notes to Financial Statements.		23

DBX ETF Trust

Statements of Changes in Net Assets


	Xtrackers MSCI EAFE Hedged Equity ETF
	Year Ended May 31, 2023			Year Ended May 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	119,462,913		$	123,933,141
Net realized gain (loss)		(180,163,713	)		495,536,392
Net change in net unrealized appreciation (depreciation)		422,034,968			(546,081,819	)

Net increase (decrease) in net assets resulting from operations		361,334,168			73,387,714

Distributions to Shareholders		(581,458,458	)		(95,706,043	)


Fund Shares Transactions
Proceeds from shares sold		182,710,242			369,115,706
Value of shares redeemed		(154,044,627	)		(61,152,615	)

Net increase (decrease) in net assets resulting from fund share transactions		28,665,615			307,963,091

Total net increase (decrease) in Net Assets		(191,458,675	)		285,644,762

Net Assets
Beginning of year	$	4,240,644,332		$	3,954,999,570

End of year	$	4,049,185,657		$	4,240,644,332


Changes in Shares Outstanding
Shares outstanding, beginning of year		113,350,800			105,350,800
Shares sold		5,200,000			9,600,000
Shares redeemed		(4,400,799	)		(1,600,000	)

Shares outstanding, end of year		114,150,001			113,350,800


See Notes to Financial Statements.		24

DBX ETF Trust

Financial Highlights


Xtrackers MSCI EAFE Hedged Equity ETF Selected Per Share Data	Years Ended May 31,
	2023			2022			2021			2020			2019
Net Asset Value, beginning of year	$	37.41		$	37.54		$	29.75		$	30.87		$	31.86

Income (loss) from investment operations:
Net investment income (loss)(a)		1.05	(b)		1.13			0.78			0.66			0.91
Net realized and unrealized gain (loss)		2.12			(0.37	)		7.82			(0.76	)		(1.00	)

Total from investment operations		3.17			0.76			8.60			(0.10	)		(0.09	)

Less distributions from:
Net investment income		(0.64	)		(0.89	)		(0.81	)		(1.02	)		(0.90	)
Net realized gains		(4.47	)		—			—			—			—

Total distributions		(5.11	)		(0.89	)		(0.81	)		(1.02	)		(0.90	)

Net Asset Value, end of year	$	35.47		$	37.41		$	37.54		$	29.75		$	30.87

Total Return (%)(c)		9.62			2.01			29.41			(0.56	)		(0.14	)

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		4,049			4,241			3,955			3,831			4,715
Ratio of expenses before fee waiver (%)		0.36			0.35			0.35			0.36			0.36
Ratio of expenses after fee waiver (%)		0.36			0.35			0.35			0.36			0.36
Ratio of net investment income (loss) (%)		2.99	(b)		2.97			2.35			2.10			2.93
Portfolio turnover rate (%)(d)		19			4			8			9			5

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

(b)

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

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

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


See Notes to Financial Statements.		25

DBX ETF Trust

Notes to Financial Statements

1. Organization

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

As of May 31, 2023, the Trust consists of thirty-nine investment series of exchange-traded funds (“ETFs”) in operation and trading. These financial statements report on Xtrackers MSCI EAFE Hedged Equity ETF (the “Fund”), a diversified series of the Trust. The Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.

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

The Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, the Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 200,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Fund’s distributor. Shares are not individually redeemable securities of the Fund, and owners of shares may acquire those shares from the Fund or tender such shares for redemption to the Fund, in Creation Units only.

The investment objective of the Fund is to seek investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE US Dollar Hedged Index (the “Underlying Index”).

MSCI is the creator of the MSCI EAFE US Dollar Hedged Index. The MSCI EAFE US Dollar Hedged Index is designed to track developed market performance while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index.

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

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

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

2. Significant Accounting Policies

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

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

DBX ETF Trust

Notes to Financial Statements (Continued)

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

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

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

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

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

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

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

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

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

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

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

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

DBX ETF Trust

Notes to Financial Statements (Continued)

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

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

The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statement of Operations. For the year ended May 31, 2023, the Fund did not incur any interest or penalties.

As of May 31, 2023, the components of accumulated earnings (losses) on a tax basis were as follows:


Undistributed Ordinary Income*		Capital and Other Gains (Losses)			Unrealized Appreciation (Depreciation)		Total Accumulated Earnings (Losses)
$	190,207,244	$	(579,679,232	)	$	339,936,993	$	(49,534,995	)

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


	Ordinary Income*		Long-Term Capital Gains
2023	$	332,800,883	$	248,657,575
2022		95,706,043		—

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

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


		Post-October Losses on Capital
		$	579,679,232

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


Distributable earnings (loss)			Paid-In Capital
$	(39,558,327	)	$	39,558,327

DBX ETF Trust

Notes to Financial Statements (Continued)

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


Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
$	3,745,892,398	$	340,686,030	$	782,998,791	$	(442,312,761	)

Foreign Taxes The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in their Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Receivables and payables related to foreign taxes as of May 31, 2023, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.

In consideration of recent decisions rendered by European courts, the Fund has filed for additional reclaims (“EU reclaims”) related to prior years. A corresponding receivable is established when both the amount is known and significant contingencies or uncertainties regarding collectability are removed. These amounts, if any, are reported in dividends and interest receivable in the Statement of Assets and Liabilities. For the year ended May 31, 2023, the Fund received reclaims and interest related to EU reclaims, which is reported in unaffiliated dividend income and other income in the Statement of Operations. Expenses incurred related to filing EU reclaims are recorded in other expenses in the Statement of Operations. For U.S. income tax purposes, EU reclaims received by the Fund, if any, reduce the amount of foreign taxes Fund shareholders can use as tax credits in their individual income tax returns. In the event that EU reclaims received by a fund during the fiscal year exceed foreign withholding taxes paid, and a fund previously passed foreign tax credits on to its shareholders, a fund must either amend historic tax reporting to shareholders or enter into a closing agreement with the Internal Revenue Service in order to pay the associated tax liability on behalf of the fund’s shareholders. For the year ended May 31, 2023, the EU reclaims received by the Fund did not exceed the foreign withholding taxes of the Fund.

Foreign Currency Translations The books and records of the Fund is maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

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

Securities Lending The Fund may lend securities to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended May 31, 2023, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.08% annualized effective rate as of May 31, 2023) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or

DBX ETF Trust

Notes to Financial Statements (Continued)

by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of May 31, 2023, the Fund had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.


Remaining Contractual Maturity of the Agreements, as of May 31, 2023

Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Common Stocks	$	70,741,282	$	—	$	100,134	$	63,236,264	$	134,077,680
Preferred Stocks		1,426,522		—		—		—		1,426,522

Total Borrowings	$	72,167,804	$	—	$	100,134	$	63,236,264	$	135,504,202

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	135,504,202

Derivatives

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

A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the year ended May 31, 2023, the Fund invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies.

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

A summary of the open forward currency contracts as of May 31, 2023 is included in a table following the Fund’s Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the Fund had to the value of non U.S currencies during the year ended May 31, 2023.

Futures Contracts The Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. The Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. The Fund will not use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the year ended May 31, 2023, the Fund utilized futures in order to simulate investment in the Fund’s Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

DBX ETF Trust

Notes to Financial Statements (Continued)

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

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

A summary of the open futures contracts as of May 31, 2023 is included in a table following the Fund’s Schedule of Investments.

The following table summarizes the value of the Fund’s derivative instruments held as of May 31, 2023 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:


	Asset Derivatives			Liability Derivatives

Equity contracts	Unrealized appreciation on futures contracts*	$	1,233,192	Unrealized depreciation on futures contracts*	$	1,122,393

Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		117,189,731	Unrealized depreciation on forward foreign currency contracts		13,317,641


	Total	$	118,422,923	Total	$	14,440,034

*	Includes cumulative appreciation or cumulative depreciation of futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Fund’s earnings during the year ended May 31, 2023 and the related location in the accompanying Statement of Operations is summarized in the following table by primary underlying risk exposure:


Net Realized Gain (Loss) from:

	Futures Contracts — Equity Contracts		Forward Foreign Currency Contracts — Foreign Exchange Contracts		Total
	$	5,423,047	$	58,546,963	$	63,970,010


Net Change in Unrealized Appreciation (Depreciation) on:

	Futures Contracts — Equity Contracts			Forward Foreign Currency Contracts — Foreign Exchange Contracts		Total
	$	(536,363	)	$	144,184,679	$	143,648,316

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


Futures Contracts (Contract Value)		Forward Foreign Currency Contracts (Contract Value)
$	88,509,089	$	(3,947,793,465	)

DBX ETF Trust

Notes to Financial Statements (Continued)

As of May 31, 2023, the Fund has transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Fund may have collateral agreements with certain counterparties to mitigate risk. Interest expense from collateral received, if any, is included in Interest expense on the Statement of Operations. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:


	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Received(a)		Net Amount of Derivatives Assets		Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Pledged(a)		Net Amount of Derivatives Liabilities
Goldman Sachs & Co.	$	38,215,161	$	(4,127,283	)	$	—	$	34,087,878	$	4,127,283	$	(4,127,283	)	$	—	$	—
JP Morgan & Chase Co.		33,522,336		(4,159,907	)		—		29,362,429		4,159,907		(4,159,907	)		—		—
RBC Capital Markets		45,452,234		(5,030,451	)		—		40,421,783		5,030,451		(5,030,451	)		—		—

	$	117,189,731	$	(13,317,641	)	$	—	$	103,872,090	$	13,317,641	$	(13,317,641	)	$	—	$	—

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

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

3. Investment Advisory and Other Agreements

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

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

The Advisor for the Fund has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated cash management vehicles. For the period from June 1, 2022 through May 31, 2023, the Advisor waived $39,289 of expenses to the Fund.

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

DBX ETF Trust

Notes to Financial Statements (Continued)

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

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

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

4. Investment Portfolio Transactions

For the year ended May 31, 2023, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:


Purchases		Sales
$	740,400,606	$	1,002,235,474

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


Purchases		Sales
$	172,925,512	$	148,666,382

5. Fund Share Transactions

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

6. Payments by Affiliates

During the year ended May 31, 2023, the Advisor agreed to reimburse Xtrackers MSCI EAFE Hedged Equity ETF $3,701 for a loss due to a FX trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.

DBX ETF Trust

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Xtrackers MSCI EAFE Hedged Equity ETF (the “Fund”), (one of the funds constituting DBX ETF Trust (the “Trust”)), including the schedule of investments, as of May 31, 2023, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting DBX ETF Trust) at May 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2023, by correspondence with the custodians, brokers and others; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

LOGO

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

New York, New York

July 25, 2023

DBX ETF Trust

Other Information (Unaudited)

Regulatory Update — Tailored Shareholder Report

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

DBX ETF Trust

Liquidity Risk Management (Unaudited)

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

In February 2023, as required by the Program and the Liquidity Rule, the Advisor provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2021 through November 30, 2022 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). As a result, the Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, your Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). The Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, the Advisor stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. The Advisor also reported that there were no material changes made to the Program during the Reporting Period.

DBX ETF Trust

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

Xtrackers MSCI EAFE Hedged Equity ETF

Board Approval of Investment Advisory Agreement with DBX Advisors LLC

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 15-16, 2023 (the “Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers International Real Estate ETF, (the “Fund”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for the Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) the Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees met with representatives of the Advisor on February 13, 2023 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held on February 15 and February 16, 2023.

The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of the Fund’s investment performance, tracking error and related financial information, presentations given by DBX, as well as its periodic reports on brokerage commissions, portfolio execution and other services provided to the Fund.

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

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

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

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

DBX ETF Trust

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

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

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

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

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

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

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

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

Costs of Services and Profitability. The Board considered the expenses of the Advisor in developing and rendering services provided to the Fund and the information provided by the Advisor to the Board regarding the Fund’s profitability. The Board considered that the Advisor had provided extensive information about the Advisor’s profitability and the Advisor’s methodology in determining profitability. While the Advisor had provided information about the Advisor’s expenses relating to marketing the Fund, the Board considered the Advisor’s profitability without accounting for such expenses. The Board determined that, although the Fund was profitable as of this time, the Advisor’s profitability with respect to the Fund was not excessive. The Board considered

DBX ETF Trust

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

whether the Advisor would benefit in other ways from its relationships with the Fund and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Fund.

Economies of Scale. The Board considered that the Fund had attracted a substantial amount of assets, but determined that the Fund was not experiencing economies of scale beyond what was reflected in the Fund’s unitary fee, which the Board noted was very competitive. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisers can share benefits of economies of scale.

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

DBX ETF Trust

Board Members and Officers (Unaudited)

Identification and Background

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

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

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

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


Independent Board Members
Name, Year of Birth, Position with the Trust and Length of Time Served⁽¹⁾	Business Experience and Directorships During the Past 5 Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Board Member
Stephen R. Byers (1953) Chairperson since 2016, and Board Member since 2011 (formerly, Lead Independent Board Member, 2015-2016)	Independent Director (2011-present); Independent Consultant (2014-present); Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer, the Dreyfus Corporation (2002-2006).	42	The Arbitrage Funds, Sierra Income Corporation, Mutual Fund Directors Forum
George O. Elston (1964) Board Member since 2011, Chairperson of the Audit Committee since 2015	Chief Financial Officer, EyePoint Pharmaceuticals, Inc. (2019-present); Chief Financial Officer, Enzyvant (2018-2019); Chief Executive Officer, 2X Oncology, Inc. (2017-2018); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013).	42	—
J. David Officer (1948) Board Member since 2011, Chairperson of the Nominating Committee since 2015	Independent Director (2010-present); Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009).	42	(Chairman of) Ilex Management Ltd; Old Westbury Funds

DBX ETF Trust

Board Members and Officers (Unaudited) (Continued)


Officers⁽²⁾
Name, Year of Birth, Position with the Trust and Length of Time Served⁽³⁾		Business Experience and Directorships During the Past 5 Years
Freddi Klassen⁽⁴⁾(1975) President and Chief Executive Officer, 2016-present		Chief Administrative Officer Investment Division Americas, of DWS Investment Management Americas, Inc. and Manager (since 2023) and Chief Operating Officer of the Advisor (2016-present). Formerly: Programmes (Head 2021-2023), of DWS Investment Management Americas, Inc.; Chief Operating Officer in the Americas for the Traditional Asset Classes Department (2014-2020); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013).
Diane Kenneally⁽⁵⁾(1966) Treasurer, Chief Financial Officer and Controller, 2019-present		Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; Chief Financial Officer and Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2018-present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present); formerly: Assistant Treasurer for the DWS funds (2007-2018).
Frank Gecsedi⁽⁴⁾(1967) Chief Compliance Officer, 2010-present		AFC Compliance US (Senior Team Lead), of DWS Investment Management Americas, Inc.; Compliance Department (2016-present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Advisor (2010-present); Chief Compliance Officer of DWS Distributors, Inc. (2019-2022); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012).
Bryan Richards⁽⁴⁾(1978) Vice President, 2016-present		Portfolio Engineering, Systematic Investments Solutions (Head), of DWS Investment Management Americas, Inc. (2018-present); Portfolio Manager in the Passive Asset Management Department at DWS (2011-present); Primary Portfolio Manager for the PowerShares DB Commodity ETFs (2011-2015).
John Millette⁽⁵⁾(1962) Secretary, 2020-present		Legal (Associate General Counsel), DWS US Retail Legal (2003-present), of DWS Investment Management Americas, Inc.; Vice President and Secretary of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (1999-present); Chief Legal Officer, DWS Investment Management Americas, Inc. (2015-present); Director and Vice President of DWS Trust Company (2016-present); Vice President, DBX Advisors LLC (2021-present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011-present); formerly: Secretary of Deutsche Investment Management Americas Inc. (2015-2017); and Assistant Secretary of DBX ETF Trust (2019-2020).

DBX ETF Trust

Board Members and Officers (Unaudited) (Continued)


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

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

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

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

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

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

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

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

DBX ETF Trust

Additional Information (Unaudited)

Proxy Voting Policies and Procedures

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

Portfolio Holdings Information

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

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

Discount & Premium Information

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

Tax Information

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its fiscal year ended May 31, 2023.


		Qualified Dividend Income*
			44%

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

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


Gross Foreign Income		Foreign Taxes Paid
	$143,032,795		$2,450,204

DBX ETF Trust

This report is intended for the shareholders of DBX ETF Trust.

This report must be preceded or accompanied by a prospectus.

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

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

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

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

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

The Funds or securities referred to herein are not sponsored, endorsed, issued, sold or promoted by MSCI, and MSCI bears no liability with respect to any such Funds or securities or any index on which such Funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX Advisors LLC and any related funds.

Copyright © 2023 DWS Group. All rights reserved. Xtrackers^TM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

Not FDIC Insured | No Bank Guarantee | May Lose Value

DBX ETF Trust


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

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

R-38753-9 (7/23) DBX005558 (7/24)