DBX ETF Trust

 

Xtrackers Artificial Intelligence and Big Data ETF

XAIX: Nasdaq Stock Market

Annual Shareholder Report — May 31, 2026

Image

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
XAIX
$47
0.35%

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

This annual shareholder report contains important information about the Xtrackers Artificial Intelligence and Big Data ETF (the "Fund") for the period June 1, 2025 to May 31, 2026. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

How did the fund perform last year and what affected its performance?

The fund seeks investment results that correspond generally to the performance, before fees and expenses, of the Nasdaq Global Artificial Intelligence and Big Data Index (the Underlying Index). The Underlying Index is designed to track the performance of a selection of companies engaged in the sub-themes of deep learning, image recognition, natural language processing (NLP), speech recognition & chatbots, big data, cloud computing and cybersecurity.

The Fund returned 67.27% for the period ended May 31, 2026. The Fund's underlying index returned 67.64% and the Fund's broad-based index the MSCI ACWI Index returned 30.27% during the same period.

All sectors contributed positively to performance during the period with the greatest contribution coming from Information Technology, Communication Services and Financials. From a geographical perspective, Untied States, Korea and France were the positive contributors, while Germany, Japan and Hong Kong contributed negatively to performance. 

Fund Performance

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

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

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

 

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

Cumulative Growth of an Assumed $10,000 Investment

Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund’s inception.
Table Summary
Xtrackers Artificial Intelligence and Big Data ETF - NAV
Nasdaq Global Artificial Intelligence and Big Data Index (the Underlying Index)
MSCI ACWI Index
8/2/24
$10,000
$10,000
$10,000
8/31/24
$10,267
$10,268
$10,390
9/30/24
$10,645
$10,648
$10,632
10/31/24
$10,595
$10,594
$10,393
11/30/24
$11,359
$11,357
$10,782
12/31/24
$11,114
$11,113
$10,527
1/31/25
$11,557
$11,559
$10,880
2/28/25
$11,249
$11,252
$10,815
3/31/25
$10,467
$10,469
$10,387
4/30/25
$10,733
$10,735
$10,484
5/31/25
$11,713
$11,721
$11,087
6/30/25
$12,787
$12,798
$11,585
7/31/25
$12,984
$12,994
$11,742
8/31/25
$12,979
$12,989
$12,032
9/30/25
$13,887
$13,901
$12,468
10/31/25
$14,769
$14,787
$12,747
11/30/25
$14,079
$14,095
$12,745
12/31/25
$14,399
$14,419
$12,878
1/31/26
$14,667
$14,690
$13,260
2/28/26
$14,302
$14,326
$13,430
3/31/26
$13,247
$13,268
$12,466
4/30/26
$15,839
$15,868
$13,734
5/31/26
$19,592
$19,648
$14,443
Table Summary
Fund/Index
1-Year
Since Inception 8/2/24
Xtrackers Artificial Intelligence and Big Data ETF - NAV
67.27%
44.41%
Nasdaq Global Artificial Intelligence and Big Data Index
67.64%
44.64%
MSCI ACWI Index
30.27%
22.25%

Average Annual Total Returns

 

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

Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. Investors should not expect that such favorable returns can be consistently achieved. A fund's performance, especially for very short time periods, should not be the sole factor in making your investment decision. 

Key Fund Statistics

Table Summary
Net Assets ($)
155,888,663
Number of Portfolio Holdings
93
Portfolio Turnover Rate (%)
19
Total Net Advisory Fees Paid ($)
315,648

What did the Fund invest in? 

Holdings-based data is subject to change.

Ten Largest Equity Holdings

Table Summary
Holdings
52.8% of Net Assets
Micron Technology, Inc.
9.0%
Samsung Electronics Co. Ltd.
8.3%
SK hynix, Inc.
7.7%
Intel Corp.
4.9%
Cisco Systems, Inc.
4.1%
Alphabet, Inc.
4.0%
Amazon.com, Inc.
3.8%
Apple, Inc.
3.8%
NVIDIA Corp.
3.7%
Oracle Corp.
3.5%

Sector Allocation

 

Table Summary
Sector
% of Net Assets
Semiconductors & Semiconductor Equipment
27%
Software
21%
Technology Hardware, Storage & Peripherals
17%
Communications Equipment
8%
Broadline Retail
7%
Interactive Media & Services
7%
Diversified Telecommunication Services
4%
IT Services
4%
Banks
3%
Commercial Banks
1%
Internet Software & Services
0%
Other
0%

Geographical Diversification

 

Table Summary
Country
% of Net Assets
United States
74%
South Korea
16%
Hong Kong
3%
Germany
2%
China
2%
Other
3%

Additional Information

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

Householding 

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

Companies involved in artificial intelligence and big data face intense competition, may have limited product lines, markets, financial resources and personnel. Artificial intelligence and big data companies are also subject to risks of new technologies and are heavily dependent on patents and intellectual property rights and the products of these companies may face obsolescence due to rapid technological developments. Incorporation of ESG criteria in the Fund’s investment strategy does not guarantee a return or protect against a loss, limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have an ESG focus. This fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. An investment in this Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

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

 

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

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

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

© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. 

XAIX-TSRA 

 

R-106209-2 (7/26) DBX007358 (7/27) 

Xtrackers Cybersecurity Select Equity ETF

PSWD: Nasdaq Stock Market

Annual Shareholder Report — May 31, 2026

Image

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
PSWD
$21
0.20%

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

This annual shareholder report contains important information about the Xtrackers Cybersecurity Select Equity ETF (the "Fund") for the period June 1, 2025 to May 31, 2026.You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

How did the fund perform last year and what affected its performance?

The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Cyber Security ESG Screened Index (the Underlying Index). The Underlying Index is comprised of companies that have business operations in the field of cybersecurity and that fulfill certain sustainability criteria.  

The Fund returned 14.41% for the period ended May 31, 2026. The Fund's underlying index returned 14.76% and the Fund's broad-based index the MSCI ACWI Index returned 30.27% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Internet Services & Infrastructure, Communications Equipment and Application Software. The Electronic Equipment & Instruments is the only sector that detracted from the performance. From a geographical perspective, the United States, Canada and Hong Kong were the positive contributors, while Japan, Germany and France contributed negatively to performance. 

Fund Performance

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund’s inception.
Table Summary
Xtrackers Cybersecurity Select Equity ETF - NAV
Solactive Cyber Security ESG Screened Index (the Underlying Index)
MSCI ACWI Index
7/13/23
$10,000
$10,000
$10,000
7/31/23
$10,607
$10,520
$9,979
8/31/23
$10,507
$10,520
$9,979
9/30/23
$10,184
$10,188
$9,559
10/31/23
$9,657
$9,663
$9,241
11/30/23
$11,076
$11,071
$10,095
12/31/23
$12,109
$12,108
$10,624
1/31/24
$12,425
$12,378
$10,648
2/29/24
$12,766
$12,767
$11,093
3/31/24
$12,388
$12,388
$11,437
4/30/24
$11,739
$11,737
$11,056
5/31/24
$11,387
$11,392
$11,503
6/30/24
$12,102
$12,109
$11,837
7/31/24
$12,246
$12,255
$12,028
8/31/24
$12,881
$12,896
$12,334
9/30/24
$13,072
$13,087
$12,620
10/31/24
$12,748
$12,765
$12,337
11/30/24
$13,776
$13,800
$12,798
12/31/24
$13,334
$13,349
$12,495
1/31/25
$14,194
$14,216
$12,915
2/28/25
$13,910
$13,945
$12,837
3/31/25
$13,253
$13,280
$12,330
4/30/25
$13,727
$13,758
$12,445
5/31/25
$14,174
$14,203
$13,160
6/30/25
$14,995
$15,030
$13,751
7/31/25
$14,477
$14,511
$13,938
8/31/25
$14,676
$14,707
$14,282
9/30/25
$15,228
$15,262
$14,799
10/31/25
$14,812
$14,843
$15,130
11/30/25
$14,107
$14,138
$15,129
12/31/25
$13,562
$13,592
$15,286
1/31/26
$13,592
$13,624
$15,740
2/28/26
$12,455
$12,478
$15,942
3/31/26
$12,266
$12,292
$14,797
4/30/26
$13,091
$13,121
$16,302
5/31/26
$16,215
$16,298
$17,144
Table Summary
Fund/Index
1-Year
Since Inception 7/13/23
Xtrackers Cybersecurity Select Equity ETF - NAV
14.41%
18.22%
Solactive Cyber Security ESG Screened Index
14.76%
18.43%
MSCI ACWI Index
30.27%
20.52%

Average Annual Total Returns

 

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

Key Fund Statistics

Table Summary
Net Assets ($)
8,866,099
Number of Portfolio Holdings
54
Portfolio Turnover Rate (%)
37
Total Net Advisory Fees Paid ($)
15,452

What did the Fund invest in? 

Holdings-based data is subject to change.

Ten Largest Equity Holdings

Table Summary
Holdings
51.6% of Net Assets
Crowdstrike Holdings, Inc.
6.2%
Okta, Inc.
6.1%
Fortinet, Inc.
5.7%
Rubrik, Inc.
5.7%
Palo Alto Networks, Inc.
5.6%
NEXTDC Ltd.
4.8%
Akamai Technologies, Inc.
4.6%
F5, Inc.
4.4%
SentinelOne, Inc.
4.3%
Qualys, Inc.
4.2%

Sector Allocation

 

Table Summary
Sector
% of Net Assets
Systems Software
57%
Internet Services & Infrastructure
22%
Application Software
7%
IT Consulting & Other Services
5%
Communications Equipment
5%
Research & Consulting Services
1%
Electronic Equipment, Instruments & Components
1%

Geographical Diversification

 

Table Summary
Country
% of Net Assets
United States
70%
Japan
7%
Australia
5%
China
4%
Israel
4%
Canada
3%
Malaysia
2%
Other
4%

Additional Information

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

Householding 

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

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

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

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

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

© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. 

PSWD-TSRA 

 

R-101067-3 (7/26) DBX007359 (7/27)

Xtrackers International Real Estate ETF

HAUZ: NYSE Arca, Inc.

Annual Shareholder Report — May 31, 2026

Image

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
HAUZ
$10
0.10%

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

This annual shareholder report contains important information about the Xtrackers International Real Estate ETF (the "Fund") for the period June 1, 2025 to May 31, 2026.You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

How did the fund perform last year and what affected its performance?

The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index (the Underlying Index). The Underlying Index is a free-float capitalization weighted index that provides exposure to publicly traded real estate securities in countries outside the United States, excluding Pakistan and Vietnam.  

The Fund returned 9.54% for the period ended May 31, 2026. The Fund's underlying index returned 9.23% and the Fund's broad-based index the MSCI ACWI ex USA Index returned 32.77% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Diversified Real Estate Activities, Real Estate Operating Companies and Retail REITs. The Interactive Media & Services, Office REITs and Real Estate Services sectors detracted from the performance. From a geographical perspective, the majority of countries contributed positively to performance during the period with the greatest contribution coming from Hong Kong, Japan and Israel while Germany, the United Kingdom and Philippines contributed negatively to performance.

Fund Performance

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund’s inception.
Table Summary
Xtrackers International Real Estate ETF - NAV
iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index (the Underlying Index)
MSCI ACWI ex USA Index
'16
$10,000
$10,000
$10,000
'16
$10,064
$10,057
$10,212
'16
$10,485
$10,509
$10,781
'16
$10,716
$10,735
$11,005
'16
$10,802
$10,848
$11,202
'16
$10,707
$10,755
$11,015
'16
$10,630
$10,682
$10,770
'16
$10,607
$10,657
$10,650
'17
$10,979
$11,051
$11,268
'17
$11,222
$11,314
$11,656
'17
$11,516
$11,620
$12,015
'17
$11,750
$11,860
$12,204
'17
$12,033
$12,148
$12,529
'17
$12,229
$12,361
$12,761
'17
$12,678
$12,831
$13,420
'17
$12,834
$12,997
$13,557
'17
$12,863
$13,034
$13,517
'17
$13,373
$13,565
$14,066
'17
$13,380
$13,578
$14,152
'17
$13,637
$13,860
$14,589
'18
$14,407
$14,630
$15,568
'18
$13,876
$14,115
$14,833
'18
$13,559
$13,796
$14,484
'18
$13,795
$14,061
$14,648
'18
$13,742
$14,006
$14,527
'18
$13,414
$13,685
$13,982
'18
$13,557
$13,838
$14,132
'18
$13,487
$13,797
$13,974
'18
$13,296
$13,606
$13,781
'18
$12,094
$12,383
$12,367
'18
$12,443
$12,745
$12,919
'18
$12,167
$12,460
$12,558
'19
$12,963
$13,287
$13,473
'19
$13,218
$13,591
$12,437
'19
$13,688
$14,084
$12,511
'19
$13,456
$13,845
$12,841
'19
$13,358
$13,749
$12,152
'19
$13,798
$14,194
$12,884
'19
$13,715
$14,106
$12,728
'19
$13,659
$14,042
$12,335
'19
$13,906
$14,297
$12,652
'19
$14,355
$14,759
$13,094
'19
$14,288
$14,690
$13,209
'19
$14,738
$15,150
$13,781
'20
$14,612
$15,025
$13,411
'20
$13,547
$13,929
$12,351
'20
$10,555
$10,844
$10,563
'20
$11,277
$11,584
$11,363
'20
$11,383
$11,689
$11,735
'20
$11,638
$11,939
$12,265
'20
$11,862
$12,168
$12,812
'20
$12,434
$12,754
$13,360
'20
$12,082
$12,396
$13,032
'20
$11,672
$11,974
$12,752
'20
$13,314
$13,663
$14,467
'20
$13,817
$14,174
$15,249
'21
$13,578
$13,927
$15,282
'21
$13,909
$14,265
$15,585
'21
$14,123
$14,480
$15,782
'21
$14,614
$14,979
$16,246
'21
$15,052
$15,428
$16,736
'21
$14,997
$15,365
$16,646
'21
$15,163
$15,535
$16,372
'21
$15,421
$15,792
$16,683
'21
$14,746
$15,111
$16,149
'21
$15,168
$15,539
$16,534
'21
$14,632
$14,994
$15,790
'21
$15,108
$15,471
$16,442
'22
$14,569
$14,919
$15,836
'22
$14,320
$14,674
$15,523
'22
$14,519
$14,865
$15,548
'22
$13,618
$13,937
$14,571
'22
$13,355
$13,658
$14,676
'22
$12,111
$12,386
$13,413
'22
$12,729
$13,018
$13,873
'22
$12,123
$12,401
$13,426
'22
$10,617
$10,848
$12,085
'22
$10,548
$10,774
$12,446
'22
$11,686
$11,935
$13,915
'22
$11,743
$11,988
$13,811
'23
$12,487
$12,748
$14,931
'23
$11,932
$12,179
$14,407
'23
$11,552
$11,792
$14,759
'23
$11,848
$12,096
$15,016
'23
$11,111
$11,340
$14,470
'23
$11,302
$11,531
$15,119
'23
$11,922
$12,167
$15,734
'23
$11,502
$11,737
$15,023
'23
$11,028
$11,258
$14,548
'23
$10,465
$10,683
$13,948
'23
$11,535
$11,779
$15,204
'23
$12,515
$12,782
$15,968
'24
$12,064
$12,326
$15,809
'24
$11,833
$12,090
$16,209
'24
$12,388
$12,658
$16,692
'24
$11,975
$12,236
$16,416
'24
$12,101
$12,355
$16,892
'24
$11,768
$12,007
$16,876
'24
$12,442
$12,699
$17,267
'24
$13,099
$13,369
$17,759
'24
$13,735
$14,025
$18,237
'24
$12,671
$12,930
$17,342
'24
$12,517
$12,770
$17,185
'24
$11,852
$12,083
$16,851
'25
$12,118
$12,351
$17,530
'25
$12,099
$12,324
$17,774
'25
$12,104
$12,332
$17,733
'25
$12,933
$13,176
$18,373
'25
$13,358
$13,610
$19,215
'25
$13,891
$14,599
$18,981
'25
$13,749
$14,442
$18,927
'25
$14,329
$15,049
$19,583
'25
$14,415
$15,137
$20,289
'25
$14,168
$14,880
$20,699
'25
$14,419
$15,142
$20,694
'25
$14,559
$15,283
$21,314
'26
$15,305
$16,066
$22,589
'26
$16,069
$16,869
$23,723
'26
$13,903
$14,584
$21,163
'26
$14,941
$15,675
$23,206
'26
$14,633
$15,339
$24,374

Yearly periods ended May 31

Table Summary
Fund/Index
1-Year
5-Year
10-Year
Xtrackers International Real Estate ETF - NAV
9.54%
-0.56%
3.88%
iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index
9.23%
-0.74%
4.04%
MSCI ACWI ex USA Index
32.77%
8.80%
9.82%

Average Annual Total Returns

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

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

Key Fund Statistics

Table Summary
Net Assets ($)
1,045,668,212
Number of Portfolio Holdings
405
Portfolio Turnover Rate (%)
11
Total Net Advisory Fees Paid ($)
942,205

What did the Fund invest in? 

Holdings-based data is subject to change.

Ten Largest Equity Holdings

Table Summary
Holdings
22.8% of Net Assets
Goodman Group (Australia)
4.8%
Mitsubishi Estate Co. Ltd. (Japan)
3.2%
Mitsui Fudosan Co. Ltd. (Japan)
2.7%
Sun Hung Kai Properties Ltd. (Hong Kong)
2.3%
Sumitomo Realty & Development Co. Ltd. (Japan)
2.3%
Vonovia SE (Germany)
1.9%
Scentre Group (Australia)
1.5%
Swiss Prime Site AG (Switzerland)
1.4%
Link (Hong Kong)
1.4%
China Resources Land Ltd. (Hong Kong)
1.3%

Sector Allocation

 

Table Summary
Sector
% of Net Assets
Real Estate Operations/Development
35%
Diversified
15%
Warehouse/Industry
12%
Real Estate Management/Services
11%
Shopping Centers
10%
Office Property
5%
Apartments
3%
Regional Malls
2%
Health Care
1%
Building-Residential/Commercial
1%
Other
5%

Geographical Diversification

 

Table Summary
Country
% of Net Assets
Japan
22%
Australia
13%
Hong Kong
12%
Singapore
6%
United Kingdom
6%
Canada
6%
Sweden
4%
France
4%
Israel
3%
Switzerland
3%
Germany
3%
Other
17%

Additional Information

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

Householding 

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

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

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

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

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

© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. 

HAUZ-TSRA 

 

R-101068-3 (7/26) DBX007362 (7/27) 

Xtrackers Semiconductor Select Equity ETF

CHPS: Nasdaq Stock Market

Annual Shareholder Report — May 31, 2026

Image

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
CHPS
$31
0.15%

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

This annual shareholder report contains important information about the Xtrackers Semiconductor Select Equity ETF (the "Fund") for the period June 1, 2025 to May 31, 2026.You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

How did the fund perform last year and what affected its performance?

The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Semiconductor ESG Screened Index (the Underlying Index). The Underlying Index is comprised of companies that have business operations in the semiconductor industry and that fulfill certain sustainability criteria.  

The Fund returned 211.95% for the period ended May 31, 2026. The Fund's underlying index returned 212.27% and the Fund's broad-based index the MSCI ACWI Index returned 30.27% during the same period.

The Semiconductors, Semiconductor Materials & Equipment and Electronic Components sectors contributed positively to performance during the period. From a geographical perspective, the United States, Korea and Taiwan were the positive contributors to performance.

Fund Performance

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund’s inception.
Table Summary
Xtrackers Semiconductor Select Equity ETF - NAV
Solactive Semiconductor ESG Screened Index (the Underlying Index)
MSCI ACWI Index
7/13/23
$10,000
$10,000
$10,000
7/31/23
$10,415
$9,880
$9,979
8/31/23
$9,876
$9,880
$9,979
9/30/23
$9,232
$9,234
$9,559
10/31/23
$8,733
$8,736
$9,241
11/30/23
$10,280
$10,284
$10,095
12/31/23
$11,379
$11,383
$10,624
1/31/24
$11,515
$11,520
$10,648
2/29/24
$12,764
$12,770
$11,093
3/31/24
$13,296
$13,302
$11,437
4/30/24
$12,521
$12,527
$11,056
5/31/24
$13,698
$13,705
$11,503
6/30/24
$14,406
$14,413
$11,837
7/31/24
$13,560
$13,566
$12,028
8/31/24
$13,323
$13,326
$12,334
9/30/24
$13,211
$13,210
$12,620
10/31/24
$12,570
$12,568
$12,337
11/30/24
$12,328
$12,330
$12,798
12/31/24
$12,301
$12,301
$12,495
1/31/25
$12,617
$12,691
$12,915
2/28/25
$12,265
$12,266
$12,837
3/31/25
$11,099
$11,095
$12,330
4/30/25
$10,938
$10,933
$12,445
5/31/25
$12,143
$12,139
$13,160
6/30/25
$14,307
$14,303
$13,751
7/31/25
$14,092
$14,088
$13,938
8/31/25
$14,264
$14,259
$14,282
9/30/25
$16,356
$16,350
$14,799
10/31/25
$19,083
$19,080
$15,130
11/30/25
$18,585
$18,576
$15,129
12/31/25
$19,360
$19,351
$15,286
1/31/26
$23,108
$23,105
$15,740
2/28/26
$24,055
$24,053
$15,942
3/31/26
$21,465
$21,455
$14,797
4/30/26
$29,997
$29,990
$16,302
5/31/26
$37,880
$37,906
$17,144
Table Summary
Fund/Index
1-Year
Since Inception 7/13/23
Xtrackers Semiconductor Select Equity ETF - NAV
211.95%
58.60%
Solactive Semiconductor ESG Screened Index
212.27%
58.64%
MSCI ACWI Index
30.27%
20.52%

Average Annual Total Returns

 

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

Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. Investors should not expect that such favorable returns can be consistently achieved. A Fund's performance, especially for very short time periods, should not be the sole factor in making your investment decision. 

Key Fund Statistics

Table Summary
Net Assets ($)
89,580,596
Number of Portfolio Holdings
53
Portfolio Turnover Rate (%)
24
Total Net Advisory Fees Paid ($)
37,817

What did the Fund invest in? 

Holdings-based data is subject to change.

Ten Largest Equity Holdings

Table Summary
Holdings
49.4% of Net Assets
Micron Technology, Inc.
6.8%
SK hynix, Inc.
6.8%
Advanced Micro Devices, Inc.
6.5%
Intel Corp.
5.5%
QUALCOMM, Inc.
5.0%
Texas Instruments, Inc.
4.2%
Broadcom, Inc.
3.7%
MediaTek, Inc.
3.7%
Lam Research Corp.
3.6%
Taiwan Semiconductor Manufacturing Co. Ltd.
3.6%

Sector Allocation

 

Table Summary
Sector
% of Net Assets
Semiconductors
71%
Semiconductor Materials & Equipment
24%
Electronic Components
3%
Electronic Manufacturing Services
2%
Industrial Machinery & Supplies
0%

Geographical Diversification

 

Table Summary
Country
% of Net Assets
United States
61%
Taiwan
11%
South Korea
8%
Japan
7%
Netherlands
6%
Germany
2%
Other
5%

Additional Information

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

Householding 

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

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

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

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

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

© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. 

CHPS-TSRA 

 

 R-101069-3 (7/26) DBX007371 (7/27)

Xtrackers US Green Infrastructure Select Equity ETF

UPGR: Nasdaq Stock Market

Annual Shareholder Report — May 31, 2026

Image

This annual shareholder report contains important information about the Xtrackers US Green Infrastructure Select Equity ETF (the "Fund") for the period June 1, 2025 to May 31, 2026.You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
UPGR
$48
0.35%

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

How did the fund perform last year and what affected its performance?

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

The Fund returned 71.61% for the period ended May 31, 2026. The Fund's underlying index returned 71.72% and the Fund's broad-based index the S&P Composite 1500® Index returned 29.67% during the same period.

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

Fund Performance

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund’s inception.
Table Summary
Xtrackers US Green Infrastructure Select Equity ETF - NAV
Solactive United States Green Infrastructure ESG Screened Index (the Underlying Index)
S&P Composite 1500® Index
7/13/23
$10,000
$10,000
$10,000
7/31/23
$10,154
$9,148
$10,085
8/31/23
$9,142
$9,148
$10,085
9/30/23
$8,138
$8,145
$9,599
10/31/23
$7,117
$7,125
$9,370
11/30/23
$7,581
$7,595
$10,221
12/31/23
$8,546
$8,566
$10,730
1/31/24
$7,626
$7,643
$10,873
2/29/24
$7,917
$7,939
$11,452
3/31/24
$8,017
$8,039
$11,836
4/30/24
$7,297
$7,313
$11,335
5/31/24
$8,085
$8,104
$11,893
6/30/24
$7,374
$7,389
$12,269
7/31/24
$7,978
$7,990
$12,477
8/31/24
$7,721
$7,736
$12,749
9/30/24
$7,770
$7,781
$13,011
10/31/24
$7,457
$7,463
$12,888
11/30/24
$7,934
$7,939
$13,682
12/31/24
$7,299
$7,297
$13,300
1/31/25
$7,386
$7,378
$13,678
2/28/25
$6,736
$6,727
$13,462
3/31/25
$6,169
$6,157
$12,703
4/30/25
$6,258
$6,246
$12,595
5/31/25
$6,912
$6,904
$13,379
6/30/25
$7,443
$7,436
$14,045
7/31/25
$7,913
$7,901
$14,352
8/31/25
$8,502
$8,493
$14,669
9/30/25
$9,461
$9,448
$15,171
10/31/25
$10,617
$10,605
$15,493
11/30/25
$10,042
$10,030
$15,553
12/31/25
$9,863
$9,852
$15,563
1/31/26
$10,808
$10,799
$15,824
2/28/26
$10,194
$10,183
$15,755
3/31/26
$9,645
$9,633
$14,970
4/30/26
$10,763
$10,752
$16,520
5/31/26
$11,862
$11,855
$17,349
Table Summary
Fund/Index
1-Year
Since Inception 7/13/23
Xtrackers US Green Infrastructure Select Equity ETF - NAV
71.61%
6.09%
Solactive United States Green Infrastructure ESG Screened Index
71.72%
6.07%
S&P Composite 1500® Index
29.67%
21.02%

Average Annual Total Returns

 

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

Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. Investors should not expect that such favorable returns can be consistently achieved. A Fund's performance, especially for very short time periods, should not be the sole factor in making your investment decision. 

Key Fund Statistics

Table Summary
Net Assets ($)
6,543,918
Number of Portfolio Holdings
47
Portfolio Turnover Rate (%)
50
Total Net Advisory Fees Paid ($)
18,597

What did the Fund invest in? 

Holdings-based data is subject to change.

Ten Largest Equity Holdings

Table Summary
Holdings
33.8% of Net Assets
FuelCell Energy, Inc.
6.2%
Purecycle Technologies, Inc.
4.3%
Shoals Technologies Group, Inc.
3.4%
Bloom Energy Corp.
3.4%
First Solar, Inc.
2.9%
Energy Vault Holdings, Inc.
2.9%
Quantumscape Corp.
2.7%
Plug Power, Inc.
2.7%
Eos Energy Enterprises, Inc.
2.7%
Fluence Energy, Inc.
2.6%

Sector Allocation

 

Table Summary
Sector
% of Net Assets
Industrials
62%
Materials
13%
Consumer Discretionary
11%
Utilities
6%
Information Technology
5%
Energy
4%

Additional Information

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

Householding 

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

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

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

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

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

© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. 

UPGR-TSRA 

 

R-101070-3 (7/26) DBX007373 (7/27) 

Xtrackers US National Critical Technologies ETF

CRTC: NYSE Arca, Inc.

Annual Shareholder Report — May 31, 2026

Image

This annual shareholder report contains important information about the Xtrackers US National Critical Technologies ETF (the "Fund") for the period June 1, 2025 to May 31, 2026.You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
CRTC
$39
0.35%

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

How did the fund perform last year and what affected its performance?

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

The Fund returned 25.47% for the period ended May 31, 2026. The Fund's underlying index returned 25.40% and the Fund's broad-based index the MSCI World Index returned 27.49% during the same period.

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

Fund Performance

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund’s inception.
Table Summary
Xtrackers US National Critical Technologies ETF - NAV
Solactive Whitney U.S. Critical Technologies Index (the Underlying Index)
MSCI World Index
11/16/23
$10,000
$10,000
$10,000
11/30/23
$10,207
$10,205
$10,170
12/31/23
$10,699
$10,699
$10,661
1/31/24
$10,979
$10,978
$10,794
2/29/24
$11,402
$11,402
$11,249
3/31/24
$11,814
$11,816
$11,597
4/30/24
$11,334
$11,335
$11,177
5/31/24
$11,770
$11,768
$11,672
6/30/24
$12,188
$12,187
$11,923
7/31/24
$12,254
$12,252
$12,133
8/31/24
$12,412
$12,408
$12,454
9/30/24
$12,657
$12,653
$12,682
10/31/24
$12,498
$12,494
$12,431
11/30/24
$13,096
$13,090
$13,001
12/31/24
$12,632
$12,626
$12,662
1/31/25
$13,082
$13,076
$13,109
2/28/25
$12,815
$12,808
$13,015
3/31/25
$12,106
$12,100
$12,435
4/30/25
$12,078
$12,071
$12,546
5/31/25
$13,011
$13,001
$13,288
6/30/25
$13,813
$13,805
$13,862
7/31/25
$14,236
$14,228
$14,040
8/31/25
$14,318
$14,309
$14,406
9/30/25
$14,820
$14,809
$14,870
10/31/25
$15,184
$15,174
$15,167
11/30/25
$14,938
$14,926
$15,210
12/31/25
$15,020
$15,009
$15,333
1/31/26
$15,337
$15,327
$15,676
2/28/26
$15,181
$15,170
$15,791
3/31/26
$14,520
$14,512
$14,785
4/30/26
$15,464
$15,450
$16,204
5/31/26
$16,324
$16,304
$16,941
Table Summary
Fund/Index
1-Year
Since Inception 11/16/23
Xtrackers US National Critical Technologies ETF - NAV
25.47%
21.26%
Solactive Whitney U.S. Critical Technologies Index
25.40%
21.20%
MSCI World Index
27.49%
23.04%

Average Annual Total Returns

 

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

Key Fund Statistics

Table Summary
Net Assets ($)
129,968,177
Number of Portfolio Holdings
218
Portfolio Turnover Rate (%)
13
Total Net Advisory Fees Paid ($)
408,739

What did the Fund invest in? 

Holdings-based data is subject to change.

Ten Largest Equity Holdings

Table Summary
Holdings
36.5% of Net Assets
Alphabet, Inc.
5.1%
Microsoft Corp.
5.0%
Amazon.com, Inc.
4.9%
NVIDIA Corp.
4.6%
Meta Platforms, Inc.
4.4%
Advanced Micro Devices, Inc.
3.9%
Exxon Mobil Corp.
2.8%
Cisco Systems, Inc.
2.2%
Lam Research Corp.
1.8%
Oracle Corp.
1.8%

Sector Allocation

 

Table Summary
Sector
% of Net Assets
Information Technology
39%
Communication Services
14%
Industrials
13%
Health Care
13%
Energy
6%
Consumer Discretionary
5%
Utilities
5%
Materials
3%
Financials
0%
Real Estate
0%

Additional Information

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

Householding 

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

Critical technologies are technologies that are deemed to be vital to maintaining the national security of the U.S. now and in the future. Companies involved in critical technologies may be subject to a significant amount of governmental regulation, and changes in governmental policies and the need for regulatory approvals may have a material adverse effect on the critical technologies and the companies involved with them. Critical technologies companies are heavily dependent on patent and intellectual property rights which may be difficult to protect. Investing involves risk, including the possible loss of principal. Stocks may decline in value. This fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. An investment in the Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

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

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

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

© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. 

CRTC-TSRA 

 

R-101071-3 (7/26) DBX007374 (7/27)

Xtrackers Harvest CSI 300 China A‑Shares ETF 

ASHR: NYSE Arca, Inc.

Annual Shareholder Report — May 31, 2026

Image

This annual shareholder report contains important information about the Xtrackers Harvest CSI 300 China A-Shares ETF (the "Fund") for the period June 1, 2025 to May 31, 2026.You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
ASHR
$78
0.65%

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

How did the fund perform last year and what affected its performance?

The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 300 Index (the Underlying Index). The Underlying Index is designed to reflect the price fluctuation and performance of the China A-Share market and is composed of the 300 largest and most liquid stocks in the China A-Share market.

The Fund returned 38.86% for the period ended May 31, 2026. The Fund's underlying index returned 38.62% and the Fund's broad-based index the MSCI ACWI ex USA Index returned 32.77% during the same period.

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

 

Fund Performance

CSI 300 Index is designed to reflect the price fluctuation and performance of the China A-Share market and is composed of the 300 largest and most liquid stocks in the China A-Share market.

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund’s inception.
Table Summary
Xtrackers Harvest CSI 300 China A-Shares ETF - NAV
CSI 300 Index (the Underlying Index)
MSCI ACWI ex USA Index
'16
$10,000
$10,000
$10,000
'16
$9,912
$9,921
$9,847
'16
$10,257
$10,158
$10,334
'16
$10,569
$10,524
$10,399
'16
$10,350
$10,311
$10,528
'16
$10,438
$10,418
$10,376
'16
$10,851
$10,863
$10,136
'16
$10,050
$10,026
$10,395
'17
$10,508
$10,410
$10,764
'17
$10,665
$10,630
$10,935
'17
$10,644
$10,607
$11,213
'17
$10,560
$10,550
$11,453
'17
$10,964
$10,851
$11,824
'17
$11,538
$11,535
$11,861
'17
$11,929
$11,934
$12,298
'17
$12,455
$12,462
$12,363
'17
$12,399
$12,386
$12,592
'17
$12,968
$13,015
$12,829
'17
$12,986
$13,053
$12,933
'17
$13,247
$13,331
$13,222
'18
$14,510
$14,618
$13,959
'18
$13,571
$13,691
$13,300
'18
$13,237
$13,336
$13,046
'18
$12,666
$12,758
$13,274
'18
$12,648
$12,816
$12,968
'18
$11,361
$11,522
$12,724
'18
$11,177
$11,277
$13,029
'18
$10,565
$10,703
$12,756
'18
$10,856
$10,962
$12,814
'18
$9,811
$9,936
$11,772
'18
$9,915
$10,032
$11,883
'18
$9,531
$9,647
$11,345
'19
$10,362
$10,490
$12,202
'19
$11,878
$12,055
$12,441
'19
$12,485
$12,651
$12,515
'19
$12,591
$12,756
$12,846
'19
$11,379
$11,590
$12,156
'19
$12,159
$12,365
$12,888
'19
$12,197
$12,441
$12,732
'19
$11,676
$11,889
$12,339
'19
$11,758
$11,993
$12,656
'19
$12,132
$12,367
$13,098
'19
$11,974
$12,198
$13,214
'19
$12,920
$13,168
$13,786
'20
$11,348
$12,944
$13,415
'20
$12,382
$12,605
$12,355
'20
$11,388
$11,648
$10,566
'20
$12,110
$12,441
$11,367
'20
$11,893
$12,155
$11,739
'20
$12,985
$13,326
$12,269
'20
$14,891
$15,297
$12,816
'20
$15,600
$16,019
$13,365
'20
$15,007
$15,363
$13,036
'20
$15,555
$16,009
$12,756
'20
$16,712
$17,176
$14,472
'20
$17,757
$18,206
$15,254
'21
$18,348
$18,913
$15,287
'21
$18,197
$18,842
$15,590
'21
$16,994
$17,574
$15,787
'21
$17,492
$18,099
$16,252
'21
$18,489
$19,097
$16,742
'21
$17,933
$18,609
$16,652
'21
$16,611
$17,217
$16,377
'21
$16,657
$17,234
$16,688
'21
$16,873
$17,449
$16,154
'21
$17,147
$17,820
$16,540
'21
$16,982
$17,591
$15,795
'21
$17,371
$17,982
$16,448
'22
$16,012
$16,644
$15,842
'22
$16,191
$16,841
$15,528
'22
$14,828
$15,444
$15,553
'22
$13,485
$14,131
$14,576
'22
$13,720
$14,288
$14,681
'22
$15,092
$15,679
$13,418
'22
$14,001
$14,583
$13,877
'22
$13,409
$13,966
$13,431
'22
$12,082
$12,671
$12,089
'22
$10,829
$11,388
$12,450
'22
$12,391
$12,737
$13,920
'22
$12,685
$13,182
$13,816
'23
$13,948
$14,571
$14,936
'23
$13,252
$13,889
$14,412
'23
$13,311
$13,976
$14,764
'23
$13,090
$13,799
$15,021
'23
$12,035
$12,693
$14,474
'23
$12,038
$12,680
$15,124
'23
$12,882
$13,545
$15,739
'23
$11,866
$12,478
$15,028
'23
$11,598
$12,209
$14,553
'23
$11,149
$11,807
$13,953
'23
$11,216
$11,869
$15,209
'23
$11,027
$11,716
$15,973
'24
$10,219
$10,840
$15,814
'24
$11,152
$11,835
$16,215
'24
$11,085
$11,796
$16,697
'24
$11,373
$12,061
$16,421
'24
$11,291
$12,004
$16,898
'24
$10,921
$11,655
$16,882
'24
$11,080
$11,776
$17,273
'24
$10,910
$11,608
$17,765
'24
$13,359
$14,212
$18,243
'24
$12,670
$13,575
$17,348
'24
$12,503
$13,463
$17,191
'24
$12,411
$13,417
$16,857
'25
$12,100
$13,099
$17,536
'25
$12,382
$13,312
$17,780
'25
$12,428
$13,374
$17,739
'25
$12,049
$12,958
$18,380
'25
$12,389
$13,360
$19,222
'25
$12,861
$13,841
$19,874
'25
$13,320
$14,365
$19,817
'25
$14,901
$16,003
$20,504
'25
$15,352
$16,559
$21,243
'25
$15,412
$16,609
$21,673
'25
$15,155
$16,292
$21,667
'25
$15,737
$16,905
$22,316
'26
$16,053
$17,299
$23,651
'26
$16,319
$17,563
$24,839
'26
$15,349
$16,471
$22,159
'26
$16,702
$17,986
$24,297
'26
$17,202
$18,520
$25,521

Yearly periods ended May 31

Table Summary
Fund/Index
1-Year
5-Year
10-Year
Xtrackers Harvest CSI 300 China A-Shares ETF - NAV
38.86%
-1.43%
5.57%
CSI 300 Index
38.62%
-0.61%
6.36%
MSCI ACWI ex USA Index
32.77%
8.80%
9.82%

Average Annual Total Returns

 

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

Key Fund Statistics

Table Summary
Net Assets ($)
1,908,691,093
Number of Portfolio Holdings
285
Portfolio Turnover Rate (%)
53
Total Net Advisory Fees Paid ($)
12,221,243

What did the Fund invest in? 

Holdings-based data is subject to change.

Ten Largest Equity Holdings

Table Summary
Holdings
25.1% of Net Assets
Zhongji Innolight Co. Ltd.
4.8%
Contemporary Amperex Technology Co. Ltd.
4.2%
Kweichow Moutai Co. Ltd.
3.1%
Eoptolink Technology, Inc. Ltd.
2.6%
Ping An Insurance Group Co. of China Ltd.
2.2%
Zijin Mining Group Co. Ltd.
1.9%
China Merchants Bank Co. Ltd.
1.8%
Cambricon Technologies Corp. Ltd.
1.6%
Midea Group Co. Ltd.
1.5%
Luxshare Precision Industry Co. Ltd.
1.4%

Sector Allocation

 

Table Summary
Sector
% of Net Assets
Information Technology
31%
Financials
19%
Industrials
17%
Materials
9%
Consumer Staples
7%
Consumer Discretionary
6%
Health Care
4%
Utilities
3%
Energy
2%
Communication Services
1%
Real Estate
0%

Additional Information

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

Householding 

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

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Funds investing in a single country generally are more volatile than more diversified funds. Special risks associated with investments in Chinese companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards the nature and extent of intervention by the Chinese government in the Chinese securities markets, and the potential unavailability of A shares. The U.S. government has imposed restrictions on the ability of U.S. investors to hold and/or acquire securities of certain Chinese companies. To the extent that an Underlying Index includes such a security, and the Fund excludes it, the Fund’s tracking error may increase, and the performance of the Fund and Underlying Index may diverge. Uncertainties in the Chinese tax rules governing taxation of income and gains from investments in A-shares could result in unexpected tax liabilities for the fund which may reduce fund returns. Any reduction or elimination of access to A-shares will have a material adverse effect on the ability of the fund to achieve its investment objective. Performance of the fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in the Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the fund. Please read the prospectus for more information.

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

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

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

© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. 

ASHR-TSRA 

 

R-101064-3 (7/26) DBX007360 (7/27) 

Xtrackers Harvest CSI 500 China A‑Shares Small Cap ETF

ASHS: NYSE Arca, Inc.

Annual Shareholder Report — May 31, 2026

Image

This annual shareholder report contains important information about the Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (the "Fund") for the period June 1, 2025 to May 31, 2026.You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
ASHS
$84
0.65%

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

How did the fund perform last year and what affected its performance?

The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 500 Index (the Underlying Index). The Underlying Index is designed to reflect the price fluctuation and performance of small-cap companies in the China A-Share market and is composed of the 500 smallest and most liquid stocks in the China A-Share market.   

The Fund returned 59.14% for the period ended May 31, 2026. The Fund's underlying index returned 58.62% and the Fund's broad-based index the MSCI ACWI ex USA Index returned 32.77% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Information Technology, Materials and Industrials. Consumer Staples is the only detractor from performance. 

 

Fund Performance

CSI 500 Index is designed to reflect the price fluctuation and performance of small-cap companies in the China A-Share market and is composed of the 500 smallest and most liquid stocks in the China A-Share market.

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund’s inception.
Table Summary
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF - NAV
CSI 500 Index (the Underlying Index)
MSCI ACWI ex USA Index
'16
$10,000
$10,000
$10,000
'16
$10,203
$10,236
$9,847
'16
$10,370
$10,368
$10,334
'16
$10,658
$10,711
$10,399
'16
$10,494
$10,550
$10,528
'16
$10,530
$10,598
$10,376
'16
$10,539
$10,636
$10,136
'16
$9,888
$9,999
$10,395
'17
$10,030
$10,059
$10,764
'17
$10,364
$10,447
$10,935
'17
$10,258
$10,333
$11,213
'17
$9,911
$10,023
$11,453
'17
$9,503
$9,514
$11,824
'17
$10,009
$10,130
$11,861
'17
$10,371
$10,489
$12,298
'17
$10,855
$10,985
$12,363
'17
$10,972
$11,093
$12,592
'17
$10,926
$11,088
$12,829
'17
$10,427
$10,619
$12,933
'17
$10,562
$10,758
$13,222
'18
$10,807
$11,010
$13,959
'18
$10,434
$10,665
$13,300
'18
$10,543
$10,754
$13,046
'18
$10,147
$10,359
$13,274
'18
$9,856
$10,098
$12,968
'18
$8,614
$8,886
$12,724
'18
$8,370
$8,594
$13,029
'18
$7,727
$7,975
$12,756
'18
$7,689
$7,891
$12,814
'18
$6,749
$6,940
$11,772
'18
$6,970
$7,134
$11,883
'18
$6,729
$6,885
$11,345
'19
$6,897
$7,054
$12,202
'19
$8,296
$8,509
$12,441
'19
$9,124
$9,341
$12,515
'19
$8,714
$8,919
$12,846
'19
$7,857
$8,084
$12,156
'19
$7,992
$8,237
$12,888
'19
$7,890
$8,151
$12,732
'19
$7,587
$7,824
$12,339
'19
$7,689
$7,945
$12,656
'19
$7,749
$8,002
$13,098
'19
$7,730
$7,975
$13,214
'19
$8,401
$8,659
$13,786
'20
$7,706
$8,891
$13,415
'20
$8,660
$8,919
$12,355
'20
$7,877
$8,147
$10,566
'20
$8,383
$8,707
$11,367
'20
$8,408
$8,687
$11,739
'20
$9,234
$9,571
$12,269
'20
$10,497
$10,893
$12,816
'20
$10,854
$11,258
$13,365
'20
$10,174
$10,522
$13,036
'20
$10,166
$10,571
$12,756
'20
$10,689
$11,098
$14,472
'20
$10,887
$11,279
$15,254
'21
$10,939
$11,372
$15,287
'21
$10,902
$11,395
$15,590
'21
$10,577
$11,041
$15,787
'21
$11,124
$11,615
$16,252
'21
$11,660
$12,147
$16,742
'21
$11,740
$12,309
$16,652
'21
$11,709
$12,268
$16,377
'21
$12,547
$13,157
$16,688
'21
$12,296
$12,879
$16,154
'21
$12,215
$12,882
$16,540
'21
$12,667
$13,347
$15,795
'21
$12,841
$13,541
$16,448
'22
$11,473
$12,132
$15,842
'22
$12,038
$12,735
$15,528
'22
$11,037
$11,695
$15,553
'22
$9,398
$10,009
$14,576
'22
$10,041
$10,657
$14,681
'22
$10,802
$11,424
$13,418
'22
$10,484
$11,113
$13,877
'22
$10,033
$10,628
$13,431
'22
$8,999
$9,593
$12,089
'22
$8,873
$9,496
$12,450
'22
$9,812
$10,253
$13,920
'22
$9,524
$10,047
$13,816
'23
$10,456
$11,092
$14,936
'23
$10,269
$10,915
$14,412
'23
$10,351
$11,004
$14,764
'23
$10,117
$10,752
$15,021
'23
$9,566
$10,190
$14,474
'23
$9,336
$9,957
$15,124
'23
$9,675
$10,284
$15,739
'23
$8,955
$9,512
$15,028
'23
$8,855
$9,415
$14,553
'23
$8,548
$9,130
$13,953
'23
$8,811
$9,406
$15,209
'23
$8,645
$9,256
$15,973
'24
$7,422
$7,906
$15,814
'24
$8,422
$8,985
$16,215
'24
$8,163
$8,738
$16,697
'24
$8,512
$9,084
$16,421
'24
$8,319
$8,906
$16,898
'24
$7,769
$8,321
$16,882
'24
$7,774
$8,303
$17,273
'24
$7,529
$8,039
$17,765
'24
$9,413
$10,070
$18,243
'24
$9,438
$10,200
$17,348
'24
$9,207
$9,961
$17,191
'24
$8,901
$9,662
$16,857
'25
$8,719
$9,477
$17,536
'25
$9,190
$9,908
$17,780
'25
$9,221
$9,959
$17,739
'25
$8,854
$9,553
$18,380
'25
$9,003
$9,750
$19,222
'25
$9,492
$10,264
$19,874
'25
$9,936
$10,786
$19,817
'25
$11,402
$12,311
$20,504
'25
$12,024
$12,985
$21,243
'25
$11,900
$12,867
$21,673
'25
$11,491
$12,406
$21,667
'25
$12,325
$13,345
$22,316
'26
$13,821
$15,048
$23,651
'26
$14,539
$15,781
$24,839
'26
$12,739
$13,784
$22,159
'26
$14,082
$15,262
$24,297
'26
$14,327
$15,466
$25,521

Yearly periods ended May 31

Table Summary
Fund/Index
1-Year
5-Year
10-Year
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF - NAV
59.14%
4.21%
3.66%
CSI 500 Index
58.62%
4.95%
4.46%
MSCI ACWI ex USA Index
32.77%
8.80%
9.82%

Average Annual Total Returns

 

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

Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. Investors should not expect that such favorable returns can be consistently achieved. A fund’s performance, especially for very short time periods, should not be the sole factor in making your investment decision.

Key Fund Statistics

Table Summary
Net Assets ($)
38,259,149
Number of Portfolio Holdings
489
Portfolio Turnover Rate (%)
97
Total Net Advisory Fees Paid ($)
198,628

What did the Fund invest in? 

Holdings-based data is subject to change.

Ten Largest Equity Holdings

Table Summary
Holdings
9.9% of Net Assets
Hengtong Optic-electric Co. Ltd.
1.4%
Han's Laser Technology Industry Group Co. Ltd.
1.1%
Biwin Storage Technology Co. Ltd.
1.0%
Accelink Technologies Co. Ltd.
1.0%
Hua Hong Semiconductor Ltd.
0.9%
Shenzhen Sunway Communication Co. Ltd.
1.0%
Hangzhou Chang Chuan Technology Co. Ltd.
0.9%
Shenzhen Longsys Electronics Co. Ltd.
0.9%
Yantai Jereh Oilfield Services Group Co. Ltd.
0.9%
Sharetronic Data Technology Co. Ltd.
0.8%

Sector Allocation

 

Table Summary
Sector
% of Net Assets
Information Technology
32%
Materials
20%
Industrials
18%
Health Care
6%
Consumer Discretionary
6%
Financials
6%
Utilities
3%
Communication Services
3%
Consumer Staples
2%
Energy
2%
Real Estate
1%

Additional Information

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

Householding 

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

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Funds investing in a single country generally are more volatile than more diversified funds. Special risks associated with investments in Chinese companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards the nature and extent of intervention by the Chinese government in the Chinese securities markets, and the potential unavailability of A shares. The U.S. government has imposed restrictions on the ability of U.S. investors to hold and/or acquire securities of certain Chinese companies. To the extent that an Underlying Index includes such a security, and the Fund excludes it, the Fund’s tracking error may increase, and the performance of the Fund and Underlying Index may diverge. Uncertainties in the Chinese tax rules governing taxation of income and gains from investments in A-shares could result in unexpected tax liabilities for the Fund which may reduce fund returns. Any reduction or elimination of access to A-shares will have a material adverse effect on the ability of the Fund to achieve its investment objective. Performance of the Fund may diverge from that of the underlying index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in the Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

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

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

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

© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. 

ASHS-TSRA 

 

R-101065-3 (7/26) DBX007361 (7/27) 

Xtrackers Nifty 500 India ETF

IND: Nasdaq Stock Market

Annual Shareholder Report — May 31, 2026

Image

This annual shareholder report contains important information about the Xtrackers Nifty 500 India ETF (the "Fund") for the period November 25, 2025 (commencement of operations) to May 31, 2026.You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
IND
$9Footnote Reference(a)
0.19%Footnote Reference(b)
Footnote Description
Footnote(a)
 Based on the period November 25, 2025 (commencement of operations) through May 31, 2026. Expenses would have been higher if the Fund had been in existence for the full reporting period.
Footnote(b)
 Annualized.

Gross expense ratio as of the latest prospectus: 0.19%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

How did the fund perform last year and what affected its performance?

The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the Nifty 500 Index (the Underlying Index). The Underlying Index measures the equity performance of the top 500 companies traded on the National Stock Exchange of India (the “NSE”) based on full market capitalization that meet certain eligibility requirements. It includes representation from the large, mid and small-cap segments of the Indian equity market.

 

The Fund returned -10.58% for the period ended May 31, 2026. The Fund's underlying index returned  -10.01% during the same period.

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

Fund Performance

Niifty 500 Index measures the equity performance of the top 500 companies traded on the National Stock Exchange of India (the "NSE") based on full market capitalization that meet certain eligibility requirements. It includes representation from the large, mid and small-cap segments of the Indian equity markets.

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

Cumulative Growth of an Assumed $10,000 Investment

Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund’s inception.
Table Summary
Xtrackers Nifty 500 India ETF - NAV
Nifty 500 Index
11/25/25
$10,000
$10,000
11/25
$10,012
$10,083
12/25
$9,954
$10,008
1/26
$9,408
$9,456
2/26
$9,553
$9,601
3/26
$8,121
$8,160
4/26
$8,960
$9,013
5/26
$8,942
$8,999
Table Summary
Fund/Index
Since Inception 11/25/25
Xtrackers Nifty 500 India ETF - NAV
-10.58%
Nifty 500 Index
-10.01%

Average Annual Total Returns

 

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

Key Fund Statistics

Table Summary
Net Assets ($)
4,471,083
Number of Portfolio Holdings
503
Portfolio Turnover Rate (%)
3
Total Net Advisory Fees Paid ($)
4,522

What did the Fund invest in? 

Holdings-based data is subject to change.

Ten Largest Equity Holdings

Table Summary
Holdings
28.7% of Net Assets
HDFC Bank Ltd.
5.7%
ICICI Bank Ltd.
4.6%
Reliance Industries Ltd.
4.5%
Bharti Airtel Ltd.
2.8%
Larsen & Toubro Ltd.
2.4%
Infosys Ltd.
2.0%
State Bank of India
2.0%
Axis Bank Ltd.
1.9%
Kotak Mahindra Bank Ltd.
1.4%
ITC Ltd.
1.4%

Sector Allocation

 

Table Summary
Sector
% of Net Assets
Financials
29%
Industrials
12%
Consumer Discretionary
11%
Materials
9%
Health Care
7%
Energy
7%
Information Technology
7%
Consumer Staples
6%
Utilities
4%
Communication Services
4%
Real Estate
1%
Other
0%

Additional Information

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

Householding 

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

Investing involves risk, including possible loss of principal. Stocks may decline in value. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. India is an emerging market country and exhibits significantly greater market volatility from time to time in comparison to more developed markets. Special risks associated with investing in Indian companies include less developed securities markets (which can lead to uncertainty and higher transaction costs), exposure to currency fluctuations, political and legal uncertainty, greater government control over the economy and the threat of conflict from persistent religious and border disputes. An investment in this fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that Fund. See the prospectus for details.

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

The Fund is not sponsored, endorsed, sold or promoted by NSE Indices Limited (“NSEI”). NSEI does not make any representation or warranty, express or implied, to the owners of shares of the Fund or any member of the public regarding the advisability of investing in securities generally or in shares of the Fund particularly or the ability of the Nifty 500 Index (the “Index”) to track general stock market performance in India. The relationship of NSEI to DBX Advisors LLC is only in respect of the licensing of certain trademarks and trade names of its Index which is determined, composed and calculated by NSEI without regard to the DBX Advisors LLC or the Fund. NSEI does not have any obligation to take the needs of the DBX Advisors LLC or the owners of shares of the Fund into consideration in determining, composing or calculating the Index. NSEI is not responsible for or has participated in the determination of the timing of, prices at, or quantities of the Fund to be issued or in the determination or calculation of the equation by which the Fund is to be converted into cash. NSEI has no obligation or liability in connection with the administration, marketing or trading of the Fund.

NSEI does not guarantee the accuracy and/or the completeness of the Index or any data included therein and they shall have no liability for any errors, omissions, or interruptions therein. NSEI does not make any warranty, express or implied, as to results to be obtained by the DBX Advisors LLC, owners of shares of the Fund, or any other person or entity from the use of the Index or any data included therein. NSEI makes no express or implied warranties, and expressly disclaim all warranties of merchantability or fitness for a particular purpose or use with respect to the Index or any data included therein. Without limiting any of the foregoing, NSEI expressly disclaims any and all liability for any damages or losses arising out of or related to the Fund, including any and all direct, special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages.

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.

© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. 

IND-TSRA 

 

R-110843-1 (7/26) DBX007410 (7/27) 

Xtrackers MSCI All World ex US Hedged Equity ETF

DBAW: NYSE Arca, Inc.

Annual Shareholder Report — May 31, 2026

Image

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
DBAW
$47
0.40%

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

This annual shareholder report contains important information about the Xtrackers MSCI All World ex US Hedged Equity ETF (the "Fund") for the period June 1, 2025 to May 31, 2026.You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

How did the fund perform last year and what affected its performance?

The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA US Dollar Hedged Index (the Underlying Index). The Underlying Index is designed to track the performance of equity securities in developed and emerging stock markets (excluding the United States), while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index.   

The Fund returned 35.02% for the period ended May 31, 2026. The Fund's underlying index returned 35.94% and the Fund's broad-based index the MSCI ACWI ex USA Index returned 32.77% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Information Technology, Financials and Industrials. From a geographical perspective, the majority of countries contributed positively to performance during the period with the greatest contribution coming from Korea, Taiwan and Japan while India, Indonesia and Denmark contributed negatively to performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S dollar against specified non-U.S currencies. The currency hedging strategy contributed positively to performance.

Fund Performance

MSCI ACWI ex USA US Dollar Hedged Index is designed to track the performance of equity securities in developed and emerging stock markets (excluding the United States), while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. 

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund’s inception.
Table Summary
Xtrackers MSCI All World ex US Hedged Equity ETF - NAV
MSCI ACWI ex USA US Dollar Hedged Index (the Underlying Index)
MSCI ACWI ex USA Index
'16
$10,000
$10,000
$10,000
'16
$9,757
$9,752
$9,847
'16
$10,197
$10,200
$10,334
'16
$10,336
$10,338
$10,399
'16
$10,367
$10,382
$10,528
'16
$10,466
$10,492
$10,376
'16
$10,488
$10,543
$10,136
'16
$10,836
$10,892
$10,395
'17
$10,949
$11,010
$10,764
'17
$11,153
$11,218
$10,935
'17
$11,401
$11,471
$11,213
'17
$11,588
$11,655
$11,453
'17
$11,826
$11,890
$11,824
'17
$11,798
$11,869
$11,861
'17
$11,993
$12,072
$12,298
'17
$12,058
$12,141
$12,363
'17
$12,322
$12,414
$12,592
'17
$12,712
$12,812
$12,829
'17
$12,643
$12,750
$12,933
'17
$12,842
$12,956
$13,222
'18
$13,162
$13,285
$13,959
'18
$12,722
$12,847
$13,300
'18
$12,463
$12,583
$13,046
'18
$12,912
$13,046
$13,274
'18
$12,825
$12,956
$12,968
'18
$12,750
$12,878
$12,724
'18
$13,058
$13,192
$13,029
'18
$12,887
$13,027
$12,756
'18
$12,978
$13,122
$12,814
'18
$12,122
$12,257
$11,772
'18
$12,222
$12,357
$11,883
'18
$11,622
$11,756
$11,345
'19
$12,356
$12,502
$12,202
'19
$12,707
$12,867
$12,441
'19
$12,893
$13,053
$12,515
'19
$13,321
$13,484
$12,846
'19
$12,661
$12,824
$12,156
'19
$13,217
$13,392
$12,888
'19
$13,256
$13,435
$12,732
'19
$12,972
$13,148
$12,339
'19
$13,351
$13,539
$12,656
'19
$13,609
$13,807
$13,098
'19
$13,857
$14,064
$13,214
'19
$14,207
$14,428
$13,786
'20
$13,971
$14,210
$13,415
'20
$13,053
$13,271
$12,355
'20
$11,419
$11,616
$10,566
'20
$12,188
$12,402
$11,367
'20
$12,561
$12,777
$11,739
'20
$13,026
$13,255
$12,269
'20
$13,205
$13,444
$12,816
'20
$13,655
$13,906
$13,365
'20
$13,482
$13,733
$13,036
'20
$13,169
$13,421
$12,756
'20
$14,681
$14,968
$14,472
'20
$15,198
$15,507
$15,254
'21
$15,336
$15,647
$15,287
'21
$15,672
$15,996
$15,590
'21
$16,172
$16,506
$15,787
'21
$16,403
$16,745
$16,252
'21
$16,746
$17,100
$16,742
'21
$16,932
$17,291
$16,652
'21
$16,666
$17,013
$16,377
'21
$17,016
$17,383
$16,688
'21
$16,703
$17,069
$16,154
'21
$17,041
$17,415
$16,540
'21
$16,590
$16,959
$15,795
'21
$17,155
$17,542
$16,448
'22
$16,675
$17,049
$15,842
'22
$16,292
$16,703
$15,528
'22
$16,461
$16,842
$15,553
'22
$16,098
$16,471
$14,576
'22
$16,087
$16,450
$14,681
'22
$15,150
$15,499
$13,418
'22
$15,703
$16,070
$13,877
'22
$15,499
$15,886
$13,431
'22
$14,471
$14,828
$12,089
'22
$14,915
$15,295
$12,450
'22
$16,128
$16,551
$13,920
'22
$15,669
$16,091
$13,816
'23
$16,721
$17,166
$14,936
'23
$16,550
$17,002
$14,412
'23
$16,729
$17,178
$14,764
'23
$17,008
$17,467
$15,021
'23
$16,732
$17,199
$14,474
'23
$17,351
$17,837
$15,124
'23
$17,848
$18,361
$15,739
'23
$17,402
$17,915
$15,028
'23
$17,179
$17,686
$14,553
'23
$16,619
$17,114
$13,953
'23
$17,641
$18,185
$15,209
'23
$18,201
$18,771
$15,973
'24
$18,349
$18,930
$15,814
'24
$18,999
$19,617
$16,215
'24
$19,703
$20,340
$16,697
'24
$19,686
$20,336
$16,421
'24
$20,089
$20,759
$16,898
'24
$20,250
$20,936
$16,882
'24
$20,489
$21,198
$17,273
'24
$20,602
$21,337
$17,765
'24
$20,950
$21,704
$18,243
'24
$20,639
$21,366
$17,348
'24
$20,683
$21,413
$17,191
'24
$20,776
$21,513
$16,857
'25
$21,520
$22,344
$17,536
'25
$21,775
$22,545
$17,780
'25
$21,386
$22,151
$17,739
'25
$21,355
$22,141
$18,380
'25
$22,289
$23,118
$19,222
'25
$22,711
$23,561
$19,874
'25
$23,201
$24,063
$19,817
'25
$23,736
$24,615
$20,504
'25
$24,615
$25,540
$21,243
'25
$25,504
$26,474
$21,673
'25
$25,543
$26,543
$21,667
'25
$26,132
$27,163
$22,316
'26
$27,359
$28,464
$23,651
'26
$28,833
$30,030
$24,839
'26
$26,533
$27,612
$22,159
'26
$28,547
$29,766
$24,297
'26
$30,095
$31,426
$25,521

Yearly periods ended May 31

Table Summary
Fund/Index
1-Year
5-Year
10-Year
Xtrackers MSCI All World ex US Hedged Equity ETF - NAV
35.02%
12.44%
11.65%
MSCI ACWI ex USA US Dollar Hedged Index
35.94%
12.94%
12.13%
MSCI ACWI ex USA Index
32.77%
8.80%
9.82%

Average Annual Total Returns

 

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

Key Fund Statistics

Table Summary
Net Assets ($)
265,035,159
Number of Portfolio Holdings
1,784
Portfolio Turnover Rate (%)
10
Total Net Advisory Fees Paid ($)
850,704

What did the Fund invest in? 

Holdings-based data is subject to change.

Ten Largest Equity Holdings

Table Summary
Holdings
16.6% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)
4.9%
Samsung Electronics Co. Ltd. (South Korea)
2.9%
SK hynix, Inc. (South Korea)
2.3%
ASML Holding NV (Netherlands)
1.7%
Tencent Holdings Ltd. (China)
0.9%
HSBC Holdings PLC (United Kingdom)
0.9%
Roche Holding AG (Switzerland)
0.8%
AstraZeneca PLC (United Kingdom)
0.8%
Novartis AG (Switzerland)
0.7%
Royal Bank of Canada (Canada)
0.7%

Sector Allocation

 

Table Summary
Sector
% of Net Assets
Financials
23%
Information Technology
21%
Industrials
14%
Consumer Discretionary
8%
Materials
7%
Health Care
7%
Consumer Staples
5%
Energy
5%
Communication Services
4%
Utilities
3%
Real Estate
1%
Other
0%

Geographical Diversification

 

Table Summary
Country
% of Net Assets
Japan
14%
Taiwan
9%
Canada
8%
South Korea
8%
United Kingdom
8%
Switzerland
6%
China
5%
Germany
5%
France
5%
Netherlands
4%
Australia
4%
Other
22%

Additional Information

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

Householding 

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

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

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

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

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

© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. 

DBAW-TSRA 

 

R-101072-3 (7/26) DBX007363 (7/27)

Xtrackers MSCI EAFE Hedged Equity ETF

DBEF: NYSE Arca, Inc.

Annual Shareholder Report — May 31, 2026

Image

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
DBEF
$39
0.35%

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

This annual shareholder report contains important information about the Xtrackers MSCI EAFE Hedged Equity ETF (the "Fund") for the period June 1, 2025 to May 31, 2026.You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

How did the fund perform last year and what affected its performance?

The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE US Dollar Hedged Index (the Underlying Index). The Underlying Index is designed to track developed market performance while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index.   

The Fund returned 25.01% for the period ended May 31, 2026. The Fund's underlying index returned 25.30% and the Fund's broad-based index the MSCI EAFE Index returned 22.80% during the same period.

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

Fund Performance

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund’s inception.
Table Summary
Xtrackers MSCI EAFE Hedged Equity ETF - NAV
MSCI EAFE US Dollar Hedged Index (the Underlying Index)
MSCI EAFE Index
'16
$10,000
$10,000
$10,000
'16
$9,618
$9,616
$9,664
'16
$10,079
$10,081
$10,154
'16
$10,172
$10,183
$10,161
'16
$10,215
$10,226
$10,286
'16
$10,339
$10,356
$10,076
'16
$10,459
$10,484
$9,875
'16
$10,934
$10,968
$10,213
'17
$10,953
$10,992
$10,509
'17
$11,190
$11,235
$10,659
'17
$11,478
$11,519
$10,953
'17
$11,653
$11,694
$11,231
'17
$11,917
$11,956
$11,644
'17
$11,834
$11,875
$11,623
'17
$11,924
$11,970
$11,958
'17
$11,931
$11,982
$11,954
'17
$12,265
$12,319
$12,251
'17
$12,635
$12,695
$12,437
'17
$12,576
$12,642
$12,568
'17
$12,747
$12,815
$12,769
'18
$12,914
$12,990
$13,410
'18
$12,511
$12,589
$12,805
'18
$12,240
$12,311
$12,552
'18
$12,822
$12,896
$12,861
'18
$12,755
$12,833
$12,572
'18
$12,738
$12,818
$12,418
'18
$13,090
$13,180
$12,724
'18
$12,892
$12,984
$12,478
'18
$13,094
$13,192
$12,587
'18
$12,271
$12,370
$11,585
'18
$12,263
$12,367
$11,570
'18
$11,567
$11,667
$11,009
'19
$12,224
$12,334
$11,732
'19
$12,665
$12,783
$12,031
'19
$12,864
$12,980
$12,107
'19
$13,323
$13,444
$12,447
'19
$12,739
$12,851
$11,850
'19
$13,315
$13,435
$12,553
'19
$13,430
$13,555
$12,393
'19
$13,129
$13,255
$12,072
'19
$13,611
$13,745
$12,418
'19
$13,866
$14,005
$12,864
'19
$14,170
$14,317
$13,009
'19
$14,390
$14,541
$13,432
'20
$14,230
$14,385
$13,151
'20
$13,105
$13,259
$11,963
'20
$11,518
$11,646
$10,366
'20
$12,171
$12,297
$11,036
'20
$12,668
$12,803
$11,516
'20
$13,009
$13,148
$11,908
'20
$12,770
$12,910
$12,186
'20
$13,295
$13,446
$12,812
'20
$13,169
$13,323
$12,479
'20
$12,657
$12,809
$11,981
'20
$14,355
$14,530
$13,838
'20
$14,724
$14,905
$14,482
'21
$14,669
$14,857
$14,328
'21
$15,051
$15,249
$14,649
'21
$15,833
$16,041
$14,986
'21
$16,046
$16,253
$15,437
'21
$16,503
$16,712
$15,990
'21
$16,620
$16,834
$15,761
'21
$16,689
$16,908
$15,879
'21
$17,063
$17,294
$16,159
'21
$16,859
$17,082
$15,690
'21
$17,232
$17,465
$16,076
'21
$16,811
$17,042
$15,328
'21
$17,561
$17,801
$16,113
'22
$16,932
$17,170
$15,334
'22
$16,567
$16,803
$15,063
'22
$16,937
$17,177
$15,160
'22
$16,742
$16,968
$14,179
'22
$16,724
$16,947
$14,286
'22
$15,715
$14,217
$12,960
'22
$16,552
$14,976
$13,605
'22
$16,204
$14,666
$12,959
'22
$15,266
$13,816
$11,747
'22
$16,112
$14,581
$12,379
'22
$17,224
$15,597
$13,773
'22
$16,728
$15,158
$13,784
'23
$17,838
$16,165
$14,900
'23
$17,977
$16,298
$14,589
'23
$18,118
$16,420
$14,951
'23
$18,578
$16,834
$15,373
'23
$18,334
$16,613
$14,722
'23
$19,037
$17,247
$15,392
'23
$19,396
$17,580
$15,890
'23
$19,077
$17,302
$15,281
'23
$18,917
$17,153
$14,760
'23
$18,323
$16,622
$14,161
'23
$19,412
$17,625
$15,476
'23
$20,021
$18,181
$16,298
'24
$20,564
$18,681
$16,392
'24
$21,213
$19,282
$16,692
'24
$22,087
$20,069
$17,222
'24
$21,974
$19,963
$16,799
'24
$22,573
$20,504
$17,450
'24
$22,493
$20,434
$17,168
'24
$22,710
$20,639
$17,672
'24
$22,848
$20,770
$18,246
'24
$22,808
$20,735
$18,415
'24
$22,511
$20,474
$17,413
'24
$22,675
$20,628
$17,315
'24
$22,814
$20,753
$16,921
'25
$23,949
$21,791
$17,810
'25
$24,209
$22,036
$18,155
'25
$23,573
$21,450
$18,082
'25
$23,576
$21,451
$18,910
'25
$24,725
$22,490
$19,776
'25
$24,823
$22,582
$20,211
'25
$25,208
$22,938
$19,928
'25
$25,795
$23,479
$20,777
'25
$26,309
$23,949
$21,175
'25
$27,229
$24,793
$21,424
'25
$27,411
$24,973
$21,557
'25
$28,036
$25,546
$22,204
'26
$28,984
$26,422
$23,362
'26
$30,583
$27,889
$24,443
'26
$28,253
$25,761
$21,928
'26
$29,768
$27,142
$23,562
'26
$30,909
$28,179
$24,284

Yearly periods ended May 31

Table Summary
Fund/Index
1-Year
5-Year
10-Year
Xtrackers MSCI EAFE Hedged Equity ETF - NAV
25.01%
13.37%
11.95%
MSCI EAFE US Dollar Hedged Index
25.30%
13.57%
12.18%
MSCI EAFE Index
22.80%
8.72%
9.28%

Average Annual Total Returns

 

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

Key Fund Statistics

Table Summary
Net Assets ($)
8,812,179,888
Number of Portfolio Holdings
679
Portfolio Turnover Rate (%)
12
Total Net Advisory Fees Paid ($)
28,854,888

What did the Fund invest in? 

Holdings-based data is subject to change.

Ten Largest Equity Holdings

Table Summary
Holdings
13.5% of Net Assets
ASML Holding NV (Netherlands)
2.8%
HSBC Holdings PLC (United Kingdom)
1.5%
Roche Holding AG (Switzerland)
1.4%
AstraZeneca PLC (United Kingdom)
1.3%
Novartis AG (Switzerland)
1.2%
Nestle SA (Switzerland)
1.2%
Shell PLC (United Kingdom)
1.1%
Siemens AG (Germany)
1.1%
BHP Group Ltd. (Australia)
1.0%
Mitsubishi UFJ Financial Group, Inc. (Japan)
0.9%

Sector Allocation

 

Table Summary
Sector
% of Net Assets
Financials
24%
Industrials
19%
Information Technology
11%
Health Care
10%
Consumer Discretionary
8%
Consumer Staples
6%
Materials
6%
Communication Services
4%
Utilities
4%
Energy
4%
Real Estate
2%

Geographical Diversification

 

Table Summary
Country
% of Net Assets
Japan
23%
United Kingdom
13%
Switzerland
10%
Germany
9%
France
9%
Australia
6%
Netherlands
6%
Spain
4%
Sweden
3%
Italy
3%
Hong Kong
2%
Other
9%

Additional Information

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

Householding 

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

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

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

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

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

© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. 

DBEF-TSRA 

 

R-101066-3 (7/26) DBX007364 (7/27)

Xtrackers MSCI Emerging Markets Hedged Equity ETF

DBEM: NYSE Arca, Inc.

Annual Shareholder Report — May 31, 2026

Image

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
DBEM
$85
0.66%

Gross expense ratio as of the latest prospectus: 0.66%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

This annual shareholder report contains important information about the Xtrackers MSCI Emerging Markets Hedged Equity ETF (the "Fund") for the period June 1, 2025 to May 31, 2026.You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

How did the fund perform last year and what affected its performance?

The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EM US Dollar Hedged Index (the Underlying Index). The Underlying Index is designed to track emerging market performance while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index.   

The Fund returned 57.56% for the period ended May 31, 2026. The Fund's underlying index returned 59.39% and the Fund's broad-based index the MSCI Emerging Markets Index returned 54.31% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Information Technology, Financials and Industrials. Communication Services and Consumer Staples sectors detracted from performance. From a geographical perspective, the majority of countries contributed positively to performance during the period with the greatest contribution coming from Korea, Taiwan and Brazil while India, Indonesia and Russia contributed negatively to performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S dollar against specified non-U.S currencies. The currency hedging strategy contributed positively to performance. 

Fund Performance

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund’s inception.
Table Summary
Xtrackers MSCI Emerging Markets Hedged Equity ETF - NAV
MSCI EM US Dollar Hedged Index (the Underlying Index)
MSCI Emerging Markets Index
'16
$10,000
$10,000
$10,000
'16
$10,164
$10,143
$10,400
'16
$10,537
$10,554
$10,923
'16
$10,791
$10,822
$11,194
'16
$10,791
$10,845
$11,338
'16
$10,818
$10,887
$11,365
'16
$10,515
$10,631
$10,842
'16
$10,507
$10,623
$10,866
'17
$10,900
$11,032
$11,461
'17
$11,053
$11,201
$11,812
'17
$11,238
$11,399
$12,110
'17
$11,466
$11,649
$12,375
'17
$11,718
$11,920
$12,741
'17
$11,887
$12,098
$12,869
'17
$12,439
$12,678
$13,636
'17
$12,683
$12,928
$13,940
'17
$12,719
$12,971
$13,885
'17
$13,183
$13,461
$14,372
'17
$13,048
$13,333
$14,401
'17
$13,372
$13,657
$14,917
'18
$14,275
$14,581
$16,161
'18
$13,698
$14,010
$15,415
'18
$13,422
$13,719
$15,108
'18
$13,568
$13,888
$15,062
'18
$13,252
$13,581
$14,528
'18
$12,917
$13,245
$13,925
'18
$13,130
$13,465
$14,230
'18
$13,037
$13,383
$13,846
'18
$12,872
$13,220
$13,772
'18
$11,870
$12,199
$12,573
'18
$12,212
$12,563
$13,091
'18
$11,890
$12,244
$12,743
'19
$12,742
$13,133
$13,860
'19
$12,858
$13,272
$13,891
'19
$13,021
$13,449
$14,008
'19
$13,324
$13,783
$14,303
'19
$12,433
$12,874
$13,265
'19
$13,000
$13,465
$14,093
'19
$12,850
$13,324
$13,920
'19
$12,520
$12,984
$13,242
'19
$12,689
$13,169
$13,495
'19
$13,054
$13,560
$14,064
'19
$13,114
$13,630
$14,044
'19
$13,849
$14,413
$15,092
'20
$13,322
$13,936
$14,388
'20
$12,848
$13,406
$13,630
'20
$11,253
$11,745
$11,530
'20
$12,232
$12,781
$12,586
'20
$12,307
$12,852
$12,683
'20
$13,116
$13,699
$13,615
'20
$14,174
$14,808
$14,832
'20
$14,485
$15,119
$15,160
'20
$14,233
$14,861
$14,917
'20
$14,428
$15,073
$15,224
'20
$15,555
$16,250
$16,632
'20
$16,470
$17,236
$17,855
'21
$17,092
$17,875
$18,402
'21
$17,244
$18,047
$18,543
'21
$17,079
$17,877
$18,263
'21
$17,318
$18,149
$18,718
'21
$17,334
$18,185
$18,932
'21
$17,643
$18,509
$19,185
'21
$16,554
$17,369
$17,893
'21
$16,897
$17,742
$18,362
'21
$16,390
$17,229
$17,632
'21
$16,512
$17,358
$17,806
'21
$15,955
$16,782
$17,080
'21
$16,158
$17,006
$17,401
'22
$15,851
$16,683
$17,071
'22
$15,360
$16,302
$16,561
'22
$14,981
$15,824
$16,187
'22
$14,432
$15,259
$15,287
'22
$14,411
$15,217
$15,354
'22
$13,764
$14,529
$14,333
'22
$13,747
$14,538
$14,298
'22
$13,869
$14,704
$14,358
'22
$12,594
$13,345
$12,675
'22
$12,230
$12,988
$12,281
'22
$13,680
$14,540
$14,103
'22
$13,398
$14,237
$13,904
'23
$14,280
$15,170
$15,002
'23
$13,622
$14,474
$14,030
'23
$13,917
$14,784
$14,454
'23
$13,810
$14,681
$14,291
'23
$13,633
$14,530
$14,051
'23
$14,092
$15,025
$14,584
'23
$14,830
$15,827
$15,492
'23
$14,126
$15,095
$14,538
'23
$13,873
$14,828
$14,157
'23
$13,370
$14,292
$13,607
'23
$14,193
$15,191
$14,696
'23
$14,618
$15,671
$15,271
'24
$14,111
$15,133
$14,562
'24
$14,792
$15,895
$15,255
'24
$15,189
$16,324
$15,590
'24
$15,418
$16,599
$15,703
'24
$15,458
$16,681
$15,791
'24
$16,100
$17,395
$16,414
'24
$16,171
$17,501
$16,463
'24
$16,183
$17,573
$16,729
'24
$17,074
$18,561
$17,846
'24
$16,664
$18,040
$17,052
'24
$16,205
$17,548
$16,439
'24
$16,407
$17,754
$16,417
'25
$16,500
$18,026
$16,710
'25
$16,774
$18,152
$16,791
'25
$16,790
$18,202
$16,898
'25
$16,713
$18,157
$17,120
'25
$17,231
$18,728
$17,850
'25
$18,089
$19,667
$18,923
'25
$18,735
$20,339
$19,292
'25
$19,028
$20,634
$19,539
'25
$20,361
$22,096
$20,937
'25
$21,274
$23,111
$21,812
'25
$20,884
$22,748
$21,291
'25
$21,433
$23,352
$21,927
'26
$23,302
$25,413
$23,869
'26
$24,418
$26,690
$25,180
'26
$21,980
$23,993
$21,891
'26
$24,849
$27,225
$25,112
'26
$27,149
$29,850
$27,544

Yearly periods ended May 31

Table Summary
Fund/Index
1-Year
5-Year
10-Year
Xtrackers MSCI Emerging Markets Hedged Equity ETF - NAV
57.56%
9.39%
10.50%
MSCI EM US Dollar Hedged Index
59.39%
10.42%
11.56%
MSCI Emerging Markets Index
54.31%
7.79%
10.66%

Average Annual Total Returns

 

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

Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. Investors should not expect that such favorable returns can be consistently achieved. A fund’s performance, especially for very short time periods, should not be the sole factor in making your investment decision.

Key Fund Statistics

Table Summary
Net Assets ($)
103,995,284
Number of Portfolio Holdings
1,160
Portfolio Turnover Rate (%)
12
Total Net Advisory Fees Paid ($)
524,853

What did the Fund invest in? 

Holdings-based data is subject to change.

Ten Largest Equity Holdings

Table Summary
Holdings
39.4% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)
14.5%
Samsung Electronics Co. Ltd. (South Korea)
8.5%
SK hynix, Inc. (South Korea)
6.7%
Tencent Holdings Ltd. (China)
2.6%
Alibaba Group Holding Ltd. (Hong Kong)
2.0%
MediaTek, Inc. (Taiwan)
1.6%
Delta Electronics, Inc. (Taiwan)
1.2%
Hon Hai Precision Industry Co. Ltd. (Taiwan)
0.9%
China Construction Bank Corp. (China)
0.7%
HDFC Bank Ltd. (India)
0.7%

Sector Allocation

 

Table Summary
Sector
% of Net Assets
Information Technology
43%
Financials
18%
Consumer Discretionary
8%
Industrials
7%
Communication Services
6%
Materials
6%
Energy
3%
Consumer Staples
3%
Health Care
2%
Utilities
2%
Real Estate
1%
Other
0%

Geographical Diversification

 

Table Summary
Country
% of Net Assets
Taiwan
26%
South Korea
23%
China
16%
India
11%
Brazil
4%
Hong Kong
3%
South Africa
3%
Saudi Arabia
2%
Mexico
2%
Other
8%

Additional Information

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

Householding 

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

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The Fund’s use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the US dollar. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Special risks associated with investments in Chinese companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards the nature and extent of intervention by the Chinese government in the Chinese securities markets, and the potential unavailability of A shares. The U.S. government has imposed restrictions on the ability of U.S. investors to hold and/or acquire securities of certain Chinese companies. To the extent that an Underlying Index includes such a security, and the Fund excludes it, the Fund’s tracking error may increase, and the performance of the Fund and Underlying Index may diverge. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in this Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information. 

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

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

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

© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. 

DBEM-TSRA 

 

R-101073-3 (7/26) DBX007366 (7/27)

Xtrackers MSCI Europe Hedged Equity ETF

DBEU: NYSE Arca, Inc.

Annual Shareholder Report — May 31, 2026

Image

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
DBEU
$50
0.46%

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

This annual shareholder report contains important information about the Xtrackers MSCI Europe Hedged Equity ETF (the "Fund") for the period June 1, 2025 to May 31, 2026.You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

How did the fund perform last year and what affected its performance?

The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Europe US Dollar Hedged Index (the Underlying Index). The Underlying Index is designed to track the performance of the developed markets in Europe, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index.  

The Fund returned 19.36% for the period ended May 31, 2026. The Fund's underlying index returned 19.54% and the Fund's broad-based index the MSCI Europe Index returned 19.96% during the same period.

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

 

Fund Performance

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund’s inception.
Table Summary
Xtrackers MSCI Europe Hedged Equity ETF - NAV
MSCI Europe US Dollar Hedged Index (the Underlying Index)
MSCI Europe Index
'16
$10,000
$10,000
$10,000
'16
$9,803
$9,800
$9,555
'16
$10,198
$10,201
$9,955
'16
$10,318
$10,330
$9,985
'16
$10,371
$10,387
$10,072
'16
$10,411
$10,432
$9,744
'16
$10,346
$10,377
$9,532
'16
$10,950
$10,992
$10,031
'17
$10,924
$10,969
$10,240
'17
$11,230
$11,280
$10,362
'17
$11,643
$11,693
$10,778
'17
$11,835
$11,882
$11,159
'17
$12,175
$12,218
$11,700
'17
$11,909
$11,956
$11,572
'17
$11,995
$12,049
$11,917
'17
$12,020
$12,080
$11,924
'17
$12,359
$12,425
$12,318
'17
$12,625
$12,698
$12,376
'17
$12,409
$12,491
$12,403
'17
$12,549
$12,636
$12,590
'18
$12,702
$12,794
$13,270
'18
$12,280
$12,378
$12,490
'18
$12,074
$12,165
$12,340
'18
$12,686
$12,775
$12,681
'18
$12,642
$12,735
$12,265
'18
$12,632
$12,727
$12,183
'18
$13,066
$13,171
$12,588
'18
$12,783
$12,889
$12,237
'18
$12,845
$12,959
$12,280
'18
$12,200
$12,310
$11,343
'18
$12,104
$12,221
$11,238
'18
$11,482
$11,600
$10,718
'19
$12,149
$12,282
$11,425
'19
$12,611
$12,752
$11,808
'19
$12,882
$13,027
$11,880
'19
$13,440
$13,589
$12,305
'19
$12,883
$13,019
$11,631
'19
$13,514
$13,660
$12,412
'19
$13,625
$13,778
$12,172
'19
$13,422
$13,577
$11,866
'19
$13,857
$14,023
$12,189
'19
$13,946
$14,116
$12,580
'19
$14,285
$14,464
$12,768
'19
$14,554
$14,741
$13,267
'20
$14,339
$14,531
$12,933
'20
$13,222
$13,408
$11,733
'20
$11,468
$11,627
$10,039
'20
$12,122
$12,278
$10,634
'20
$12,601
$12,764
$11,118
'20
$13,016
$13,185
$11,570
'20
$12,824
$12,989
$12,015
'20
$13,176
$13,352
$12,509
'20
$13,057
$13,240
$12,093
'20
$12,364
$12,543
$11,411
'20
$14,144
$14,347
$13,352
'20
$14,478
$14,684
$13,980
'21
$14,336
$14,548
$13,778
'21
$14,679
$14,904
$14,115
'21
$15,558
$15,799
$14,551
'21
$15,953
$16,190
$15,212
'21
$16,419
$16,657
$15,870
'21
$16,608
$16,853
$15,631
'21
$16,851
$17,109
$15,920
'21
$17,216
$17,486
$16,160
'21
$16,721
$16,978
$15,388
'21
$17,349
$17,625
$16,081
'21
$16,955
$17,227
$15,252
'21
$17,857
$18,147
$16,259
'22
$17,314
$17,603
$15,515
'22
$16,773
$17,061
$15,077
'22
$16,933
$17,220
$15,061
'22
$16,843
$17,115
$14,195
'22
$16,806
$17,071
$14,301
'22
$15,564
$15,814
$12,879
'22
$16,570
$16,799
$13,516
'22
$15,980
$16,190
$12,674
'22
$15,074
$15,273
$11,572
'22
$16,018
$16,238
$12,401
'22
$17,199
$17,453
$13,809
'22
$16,756
$17,016
$13,811
'23
$17,974
$18,257
$15,009
'23
$18,246
$18,541
$14,915
'23
$18,308
$18,595
$15,269
'23
$18,788
$19,083
$15,903
'23
$18,283
$18,565
$14,970
'23
$18,771
$19,060
$15,687
'23
$19,070
$19,381
$16,168
'23
$18,665
$18,982
$15,527
'23
$18,451
$18,765
$14,910
'23
$17,839
$18,153
$14,353
'23
$18,932
$19,274
$15,770
'23
$19,597
$19,959
$16,557
'24
$19,864
$20,239
$16,538
'24
$20,344
$20,740
$16,795
'24
$21,271
$21,679
$17,423
'24
$21,150
$21,549
$17,093
'24
$21,843
$22,244
$17,921
'24
$21,567
$21,971
$17,519
'24
$21,810
$22,227
$17,895
'24
$22,120
$22,554
$18,600
'24
$21,996
$22,432
$18,672
'24
$21,420
$21,854
$17,572
'24
$21,549
$21,988
$17,276
'24
$21,467
$21,902
$16,854
'25
$22,966
$23,436
$18,014
'25
$23,698
$24,191
$18,676
'25
$22,864
$23,333
$18,620
'25
$22,726
$23,195
$19,434
'25
$23,778
$24,251
$20,320
'25
$23,635
$24,116
$20,738
'25
$23,897
$24,360
$20,369
'25
$24,238
$24,719
$21,070
'25
$24,697
$25,195
$21,488
'25
$25,345
$25,860
$21,647
'25
$25,606
$26,142
$21,964
'25
$26,304
$26,861
$22,821
'26
$27,012
$27,598
$23,836
'26
$28,172
$28,794
$24,616
'26
$26,178
$26,764
$22,178
'26
$27,484
$28,091
$23,752
'26
$28,382
$28,989
$24,375

Yearly periods ended May 31

Table Summary
Fund/Index
1-Year
5-Year
10-Year
Xtrackers MSCI Europe Hedged Equity ETF - NAV
19.36%
11.57%
11.00%
MSCI Europe US Dollar Hedged Index
19.54%
11.72%
11.23%
MSCI Europe Index
19.96%
8.96%
9.32%

Average Annual Total Returns

 

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

Key Fund Statistics

Table Summary
Net Assets ($)
773,084,392
Number of Portfolio Holdings
403
Portfolio Turnover Rate (%)
11
Total Net Advisory Fees Paid ($)
3,073,472

What did the Fund invest in? 

Holdings-based data is subject to change.

Ten Largest Equity Holdings

Table Summary
Holdings
20.1% of Net Assets
ASML Holding NV (Netherlands)
4.4%
HSBC Holdings PLC (United Kingdom)
2.2%
Roche Holding AG (Switzerland)
2.1%
AstraZeneca PLC (United Kingdom)
2.0%
Novartis AG (Switzerland)
1.9%
Nestle SA (Switzerland)
1.8%
Shell PLC (United Kingdom)
1.6%
Siemens AG (Germany)
1.6%
SAP SE (Germany)
1.3%
Banco Santander SA (Spain)
1.2%

Sector Allocation

 

Table Summary
Sector
% of Net Assets
Financials
23%
Industrials
19%
Health Care
13%
Information Technology
9%
Consumer Staples
8%
Consumer Discretionary
6%
Materials
5%
Energy
5%
Utilities
5%
Communication Services
3%
Real Estate
1%

Geographical Diversification

 

Table Summary
Country
% of Net Assets
United Kingdom
20%
Switzerland
15%
Germany
14%
France
13%
Netherlands
10%
Spain
6%
Sweden
5%
Italy
5%
Denmark
3%
Finland
2%
Other
4%

Additional Information

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

Householding 

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

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

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

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

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

© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. 

DBEU-TSRA 

 

R-101074-3 (7/26) DBX007367 (7/27) 

Xtrackers MSCI Eurozone Hedged Equity ETF

DBEZ: NYSE Arca, Inc.

Annual Shareholder Report — May 31, 2026

Image

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
DBEZ
$50
0.45%

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

This annual shareholder report contains important information about the Xtrackers MSCI Eurozone Hedged Equity ETF (the "Fund") for the period June 1, 2025 to May 31, 2026.You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

How did the fund perform last year and what affected its performance?

The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EMU IMI US Dollar Hedged Index (the Underlying Index). The Underlying Index is designed to track the performance of equity securities based in the countries in the European Monetary Union (the “EMU”), while seeking to mitigate exposure to fluctuations between the value of the U.S. dollar and the euro.  

The Fund returned 20.11% for the period ended May 31, 2026. The Fund's underlying index returned 20.45% and the Fund's broad-based index the MSCI EMU IMI Index returned 20.96% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Financials, Information Technology and Industrials. The Consumer Discretionary and Communication Services sectors detracted from performance. From a geographical perspective, the majority of countries contributed positively to performance during the period with the greatest contribution coming from the Netherlands, Spain and France. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S dollar against specified non-U.S currencies. The currency hedging strategy contributed negatively to performance. 

 

Fund Performance

MSCI EMU IMI US Dollar Hedged Index is designed to track the performance of equity securities based in the countries in the European Monetary Union (the “EMU”), while seeking to mitigate exposure to fluctuations between the value of the U.S. dollar and the euro.

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund’s inception.
Table Summary
Xtrackers MSCI Eurozone Hedged Equity ETF - NAV
MSCI EMU IMI US Dollar Hedged Index (the Underlying Index)
MSCI EMU IMI Index
'16
$10,000
$10,000
$10,000
'16
$9,396
$9,395
$9,363
'16
$9,899
$9,900
$9,916
'16
$10,031
$10,041
$10,007
'16
$10,059
$10,071
$10,112
'16
$10,176
$10,189
$9,971
'16
$10,144
$10,156
$9,605
'16
$10,860
$10,867
$10,206
'17
$10,791
$10,803
$10,379
'17
$11,082
$11,097
$10,475
'17
$11,693
$11,712
$11,108
'17
$12,008
$12,027
$11,590
'17
$12,256
$12,261
$12,173
'17
$11,964
$11,972
$12,039
'17
$12,040
$12,053
$12,503
'17
$12,008
$12,030
$12,562
'17
$12,560
$12,585
$13,052
'17
$12,863
$12,891
$13,161
'17
$12,618
$12,659
$13,209
'17
$12,568
$12,611
$13,222
'18
$13,000
$13,053
$14,156
'18
$12,551
$12,607
$13,352
'18
$12,315
$12,371
$13,181
'18
$12,911
$12,968
$13,559
'18
$12,769
$12,820
$12,922
'18
$12,681
$12,729
$12,801
'18
$13,120
$13,175
$13,248
'18
$12,826
$12,885
$12,852
'18
$12,790
$12,853
$12,770
'18
$11,994
$12,054
$11,633
'18
$11,897
$11,959
$11,506
'18
$11,214
$11,273
$10,920
'19
$11,970
$12,040
$11,675
'19
$12,453
$12,528
$12,032
'19
$12,649
$12,724
$12,025
'19
$13,330
$13,406
$12,617
'19
$12,599
$12,649
$11,800
'19
$13,284
$13,335
$12,668
'19
$13,330
$13,387
$12,408
'19
$13,187
$13,249
$12,116
'19
$13,677
$13,746
$12,423
'19
$13,900
$13,973
$12,882
'19
$14,297
$14,381
$13,084
'19
$14,514
$14,600
$13,485
'20
$14,286
$14,379
$13,084
'20
$13,195
$13,291
$11,955
'20
$10,906
$10,981
$9,841
'20
$11,668
$11,745
$10,497
'20
$12,246
$12,324
$11,174
'20
$12,838
$12,914
$11,812
'20
$12,692
$12,758
$12,283
'20
$13,156
$13,232
$12,871
'20
$12,946
$13,029
$12,412
'20
$12,216
$12,303
$11,630
'20
$14,381
$14,487
$13,998
'20
$14,724
$14,836
$14,641
'21
$14,575
$14,694
$14,388
'21
$15,107
$15,235
$14,895
'21
$16,056
$16,202
$15,354
'21
$16,444
$16,587
$16,083
'21
$16,969
$17,114
$16,776
'21
$17,025
$17,177
$16,381
'21
$17,269
$17,432
$16,613
'21
$17,713
$17,887
$16,962
'21
$17,151
$17,309
$16,094
'21
$17,829
$18,006
$16,709
'21
$17,250
$17,427
$15,711
'21
$18,115
$18,303
$16,640
'22
$17,493
$17,679
$15,825
'22
$16,618
$16,801
$15,061
'22
$16,546
$16,726
$14,833
'22
$16,283
$16,460
$13,809
'22
$16,406
$16,570
$14,096
'22
$14,905
$15,053
$12,441
'22
$15,984
$16,130
$12,995
'22
$15,210
$15,362
$12,172
'22
$14,264
$14,406
$11,072
'22
$15,431
$15,591
$12,056
'22
$16,767
$16,950
$13,580
'22
$16,222
$16,408
$13,595
'23
$17,837
$18,046
$15,164
'23
$18,164
$18,388
$15,069
'23
$18,250
$18,473
$15,478
'23
$18,542
$18,771
$15,949
'23
$18,140
$18,351
$15,017
'23
$18,854
$19,078
$15,936
'23
$19,270
$19,499
$16,429
'23
$18,723
$18,956
$15,689
'23
$18,148
$18,373
$14,804
'23
$17,550
$17,774
$14,278
'23
$19,011
$19,266
$15,911
'23
$19,682
$19,953
$16,651
'24
$20,065
$20,349
$16,685
'24
$20,692
$20,990
$17,126
'24
$21,636
$21,950
$17,854
'24
$21,280
$21,587
$17,361
'24
$21,940
$22,240
$18,131
'24
$21,369
$21,663
$17,405
'24
$21,512
$21,818
$17,672
'24
$21,855
$22,174
$18,336
'24
$22,086
$22,417
$18,663
'24
$21,396
$21,726
$17,551
'24
$21,428
$21,763
$17,082
'24
$21,729
$22,070
$16,969
'25
$23,283
$23,660
$18,236
'25
$24,103
$24,496
$18,866
'25
$23,411
$23,796
$19,023
'25
$23,512
$23,905
$20,083
'25
$24,916
$25,310
$21,200
'25
$24,818
$25,214
$21,795
'25
$25,094
$25,513
$21,463
'25
$25,225
$25,656
$22,026
'25
$25,944
$26,388
$22,697
'25
$26,557
$27,023
$22,800
'25
$26,670
$27,151
$22,995
'25
$27,354
$27,852
$23,823
'26
$28,183
$28,707
$24,825
'26
$29,192
$29,752
$25,513
'26
$26,851
$27,374
$22,819
'26
$28,669
$29,226
$24,737
'26
$29,926
$30,486
$25,642

Yearly periods ended May 31

Table Summary
Fund/Index
1-Year
5-Year
10-Year
Xtrackers MSCI Eurozone Hedged Equity ETF - NAV
20.11%
12.02%
11.58%
MSCI EMU IMI US Dollar Hedged Index
20.45%
12.24%
11.79%
MSCI EMU IMI Index
20.96%
8.86%
9.87%

Average Annual Total Returns

 

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

Key Fund Statistics

Table Summary
Net Assets ($)
72,674,843
Number of Portfolio Holdings
603
Portfolio Turnover Rate (%)
11
Total Net Advisory Fees Paid ($)
319,158

What did the Fund invest in? 

Holdings-based data is subject to change.

Ten Largest Equity Holdings

Table Summary
Holdings
25.9% of Net Assets
ASML Holding NV (Netherlands)
7.4%
Siemens AG (Germany)
2.8%
SAP SE (Germany)
2.3%
Banco Santander SA (Spain)
2.1%
TotalEnergies SE (France)
2.1%
Schneider Electric SE (France)
2.1%
Allianz SE (Germany)
2.0%
Siemens Energy AG (Germany)
1.8%
Iberdrola SA (Spain)
1.7%
LVMH Moet Hennessy Louis Vuitton SE (France)
1.6%

Sector Allocation

 

Table Summary
Sector
% of Net Assets
Financials
23%
Industrials
21%
Information Technology
15%
Consumer Discretionary
9%
Utilities
6%
Health Care
6%
Consumer Staples
5%
Materials
5%
Energy
4%
Communication Services
4%
Real Estate
1%

Geographical Diversification

 

Table Summary
Country
% of Net Assets
Germany
25%
France
24%
Netherlands
17%
Spain
10%
Italy
9%
Finland
4%
Belgium
3%
Other
5%

Additional Information

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

Householding 

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

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

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

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

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

© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. 

DBEZ-TSRA 

 

R-101114-3 (7/26) DBX007368 (7/27)

Xtrackers MSCI Japan Hedged Equity ETF

DBJP: NYSE Arca, Inc.

Annual Shareholder Report — May 31, 2026

Image

This annual shareholder report contains important information about the Xtrackers MSCI Japan Hedged Equity ETF (the "Fund") for the period June 1, 2025 to May 31, 2026.You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
DBJP
$56
0.45%

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

How did the fund perform last year and what affected its performance?

The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Japan US Dollar Hedged Index (the Underlying Index). The Underlying Index is designed to track the performance of the Japanese equity market while mitigating exposure to fluctuations between the value of the U.S. dollar and Japanese yen.

The Fund returned 49.79% for the period ended May 31, 2026. The Fund's underlying index returned 50.55% and the Fund's broad-based index the MSCI Japan Index returned 31.74% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Information Technology, Industrials and Financials. The Consumer Staples is the only sector that detracted from performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S dollar against the Japanese yen. The currency hedging strategy contributed positively to performance. 

Fund Performance

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund’s inception.
Table Summary
Xtrackers MSCI Japan Hedged Equity ETF - NAV
MSCI Japan US Dollar Hedged Index (the Underlying Index)
MSCI Japan Index
'16
$10,000
$10,000
$10,000
'16
$8,975
$8,962
$9,754
'16
$9,541
$9,542
$10,386
'16
$9,665
$9,677
$10,425
'16
$9,626
$9,642
$10,592
'16
$10,116
$10,139
$10,732
'16
$10,659
$10,694
$10,473
'16
$11,022
$11,064
$10,575
'17
$11,045
$11,097
$10,968
'17
$11,098
$11,160
$11,091
'17
$11,031
$11,088
$11,050
'17
$11,154
$11,222
$11,166
'17
$11,409
$11,483
$11,502
'17
$11,722
$11,803
$11,624
'17
$11,766
$11,858
$11,859
'17
$11,722
$11,821
$11,853
'17
$12,227
$12,332
$12,085
'17
$12,919
$13,035
$12,643
'17
$13,119
$13,241
$13,021
'17
$13,316
$13,446
$13,111
'18
$13,512
$13,650
$13,712
'18
$13,006
$13,149
$13,506
'18
$12,636
$12,767
$13,128
'18
$13,186
$13,326
$13,309
'18
$12,976
$13,127
$13,178
'18
$12,922
$13,075
$12,846
'18
$13,128
$13,290
$12,897
'18
$13,055
$13,221
$12,926
'18
$13,788
$13,967
$13,318
'18
$12,557
$12,728
$12,192
'18
$12,705
$12,882
$12,240
'18
$11,447
$11,616
$11,423
'19
$12,075
$12,258
$12,120
'19
$12,363
$12,554
$12,116
'19
$12,395
$12,584
$12,184
'19
$12,670
$12,870
$12,353
'19
$11,861
$12,061
$11,864
'19
$12,235
$12,448
$12,308
'19
$12,373
$12,591
$12,325
'19
$11,986
$12,202
$12,200
'19
$12,706
$12,938
$12,693
'19
$13,353
$13,598
$13,309
'19
$13,610
$13,874
$13,384
'19
$13,828
$14,095
$13,663
'20
$13,620
$13,890
$13,477
'20
$12,319
$12,574
$12,245
'20
$11,473
$11,709
$11,369
'20
$11,998
$12,245
$11,982
'20
$12,796
$13,065
$12,692
'20
$12,814
$13,087
$12,690
'20
$12,356
$12,620
$12,489
'20
$13,331
$13,624
$13,439
'20
$13,399
$13,697
$13,571
'20
$13,065
$13,350
$13,354
'20
$14,671
$14,988
$15,022
'20
$15,139
$15,468
$15,642
'21
$15,189
$15,533
$15,485
'21
$15,678
$16,044
$15,720
'21
$16,410
$16,814
$15,887
'21
$15,990
$16,378
$15,645
'21
$16,438
$16,851
$15,998
'21
$16,429
$16,849
$15,842
'21
$16,032
$16,450
$15,642
'21
$16,535
$16,975
$16,122
'21
$17,250
$17,706
$16,565
'21
$17,033
$17,498
$16,008
'21
$16,528
$16,996
$15,613
'21
$17,090
$17,572
$15,909
'22
$16,231
$16,695
$15,102
'22
$16,042
$16,505
$14,933
'22
$16,784
$17,276
$14,858
'22
$16,393
$16,873
$13,550
'22
$16,548
$17,044
$13,772
'22
$16,138
$16,622
$12,685
'22
$16,815
$17,321
$13,408
'22
$17,018
$17,546
$13,066
'22
$16,029
$16,517
$11,712
'22
$16,968
$17,494
$12,059
'22
$17,553
$18,130
$13,226
'22
$16,657
$17,221
$13,262
'23
$17,515
$18,109
$14,086
'23
$17,696
$18,310
$13,545
'23
$18,057
$18,688
$14,082
'23
$18,611
$19,263
$14,134
'23
$19,491
$20,186
$14,396
'23
$21,048
$21,794
$14,986
'23
$21,405
$22,183
$15,438
'23
$21,481
$22,279
$15,064
'23
$21,668
$22,458
$14,748
'23
$21,117
$21,902
$14,084
'23
$22,478
$23,362
$15,289
'23
$22,482
$23,374
$15,956
'24
$24,419
$25,396
$16,693
'24
$25,813
$26,874
$17,193
'24
$26,897
$27,988
$17,630
'24
$26,866
$27,962
$16,852
'24
$27,296
$28,431
$17,078
'24
$27,845
$29,004
$16,956
'24
$27,662
$28,834
$17,939
'24
$26,999
$28,145
$18,030
'24
$26,490
$27,605
$17,927
'24
$27,232
$28,411
$17,228
'24
$27,106
$28,299
$17,341
'24
$28,338
$29,606
$17,282
'25
$28,466
$29,736
$17,552
'25
$27,371
$28,615
$17,314
'25
$27,309
$28,535
$17,340
'25
$27,458
$28,687
$18,247
'25
$28,953
$30,273
$18,985
'25
$29,582
$30,926
$19,310
'25
$30,431
$31,847
$19,039
'25
$31,890
$33,388
$20,363
'25
$32,967
$34,508
$20,859
'25
$35,547
$37,232
$21,567
'25
$35,827
$37,559
$21,418
'25
$36,297
$38,060
$21,533
'26
$38,195
$40,062
$22,952
'26
$41,998
$44,068
$24,923
'26
$37,678
$39,521
$21,827
'26
$40,633
$42,647
$23,825
'26
$43,369
$45,576
$25,010

Yearly periods ended May 31

Table Summary
Fund/Index
1-Year
5-Year
10-Year
Xtrackers MSCI Japan Hedged Equity ETF - NAV
49.79%
21.41%
15.80%
MSCI Japan US Dollar Hedged Index
50.55%
22.02%
16.38%
MSCI Japan Index
31.74%
9.35%
9.60%

Average Annual Total Returns

 

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

Key Fund Statistics

Table Summary
Net Assets ($)
659,822,380
Number of Portfolio Holdings
169
Portfolio Turnover Rate (%)
11
Total Net Advisory Fees Paid ($)
2,154,122

What did the Fund invest in? 

Holdings-based data is subject to change.

Ten Largest Equity Holdings

Table Summary
Holdings
28.3% of Net Assets
Mitsubishi UFJ Financial Group, Inc.
3.9%
Toyota Motor Corp.
3.5%
SoftBank Group Corp.
3.4%
Tokyo Electron Ltd.
2.8%
Hitachi Ltd.
2.8%
Sumitomo Mitsui Financial Group, Inc.
2.6%
Kioxia Holdings Corp.
2.5%
Sony Group Corp.
2.4%
Advantest Corp.
2.3%
Mizuho Financial Group, Inc.
2.1%

Sector Allocation

 

Table Summary
Sector
% of Net Assets
Industrials
24%
Information Technology
18%
Financials
17%
Consumer Discretionary
15%
Communication Services
7%
Health Care
5%
Materials
4%
Consumer Staples
3%
Real Estate
2%
Utilities
1%
Energy
1%

Additional Information

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

Householding 

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

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

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

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

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

© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. 

DBJP-TSRA 

 

R-101115-3 (7/26) DBX007369 (7/27) 

Xtrackers Municipal Infrastructure Revenue Bond ETF

RVNU: NYSE Arca, Inc.

Annual Shareholder Report — May 31, 2026

Image

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
RVNU
$16
0.15%

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

This annual shareholder report contains important information about the Xtrackers Municipal Infrastructure Revenue Bond ETF (the "Fund") for the period June 1, 2025 to May 31, 2026.You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

How did the fund perform last year and what affected its performance?

The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Municipal Infrastructure Revenue Bond Index (the Underlying Index). The underlying index is designed to track the performance of the segment of the U.S. long term tax-exempt bond market, consisting of infrastructure revenue bonds.

The Fund returned 7.56% for the period ended May 31, 2026. The Fund's underlying index returned 8.16% and the Fund's broad-based index the Bloomberg Municipal Bond Index returned 6.67% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Transport, Utilities and Tax-Backed.

Fund Performance

The Solactive Municipal Infrastructure Revenue Bond Index is designed to track the performance of the segment of the U.S. long term tax-exempt bond market, consisting of infrastructure revenue bonds.

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund’s inception.
Table Summary
Xtrackers Municipal Infrastructure Revenue Bond ETF - NAV
Solactive Municipal Infrastructure Revenue Bond Index (the Underlying Index)
Bloomberg Municipal Bond Index
'16
$10,000
$10,000
$10,000
'16
$10,273
$10,254
$10,159
'16
$10,216
$10,216
$10,165
'16
$10,270
$10,271
$10,179
'16
$10,187
$10,206
$10,128
'16
$10,033
$10,058
$10,021
'16
$9,519
$9,547
$9,648
'16
$9,685
$9,704
$9,761
'17
$9,722
$9,730
$9,825
'17
$9,777
$9,787
$9,893
'17
$9,786
$9,809
$9,915
'17
$9,866
$9,897
$9,987
'17
$10,076
$10,112
$10,146
'17
$10,069
$10,109
$10,109
'17
$10,143
$10,193
$10,191
'17
$10,248
$10,303
$10,268
'17
$10,209
$10,266
$10,216
'17
$10,234
$10,307
$10,241
'17
$10,237
$10,309
$10,187
'17
$10,393
$10,466
$10,293
'18
$10,215
$10,292
$10,172
'18
$10,121
$10,206
$10,141
'18
$10,161
$10,256
$10,179
'18
$10,118
$10,213
$10,142
'18
$10,265
$10,366
$10,259
'18
$10,267
$10,367
$10,267
'18
$10,282
$10,385
$10,292
'18
$10,310
$10,407
$10,319
'18
$10,209
$10,309
$10,251
'18
$10,096
$10,200
$10,188
'18
$10,206
$10,321
$10,301
'18
$10,345
$10,469
$10,425
'19
$10,416
$10,544
$10,504
'19
$10,491
$10,619
$10,560
'19
$10,751
$10,890
$10,727
'19
$10,828
$10,974
$10,767
'19
$11,037
$11,187
$10,915
'19
$11,070
$11,223
$10,956
'19
$11,158
$11,315
$11,044
'19
$11,450
$11,595
$11,218
'19
$11,340
$11,491
$11,129
'19
$11,329
$11,483
$11,148
'19
$11,351
$11,507
$11,177
'19
$11,394
$11,552
$11,210
'20
$11,677
$11,841
$11,412
'20
$11,926
$12,093
$11,559
'20
$11,199
$11,363
$11,139
'20
$10,867
$11,034
$11,000
'20
$11,340
$11,511
$11,350
'20
$11,568
$11,732
$11,443
'20
$11,801
$11,975
$11,636
'20
$11,728
$11,900
$11,581
'20
$11,676
$11,835
$11,584
'20
$11,657
$11,823
$11,549
'20
$11,985
$12,176
$11,723
'20
$12,116
$12,309
$11,795
'21
$12,241
$12,453
$11,870
'21
$11,923
$12,140
$11,681
'21
$12,031
$12,271
$11,753
'21
$12,228
$12,472
$11,852
'21
$12,302
$12,561
$11,887
'21
$12,373
$12,642
$11,919
'21
$12,487
$12,760
$12,019
'21
$12,405
$12,677
$11,975
'21
$12,256
$12,529
$11,888
'21
$12,242
$12,510
$11,854
'21
$12,418
$12,701
$11,954
'21
$12,456
$12,736
$11,974
'22
$12,032
$12,302
$11,646
'22
$11,910
$12,177
$11,604
'22
$11,390
$11,658
$11,228
'22
$10,860
$11,131
$10,917
'22
$11,088
$11,372
$11,080
'22
$10,677
$10,963
$10,898
'22
$11,101
$11,381
$11,186
'22
$10,640
$10,907
$10,941
'22
$10,124
$10,383
$10,521
'22
$9,876
$10,136
$10,434
'22
$10,653
$10,922
$10,922
'22
$10,582
$10,850
$10,953
'23
$11,104
$11,387
$11,267
'23
$10,738
$11,012
$11,012
'23
$11,068
$11,343
$11,257
'23
$11,083
$11,365
$11,232
'23
$11,000
$11,287
$11,134
'23
$11,153
$11,439
$11,246
'23
$11,172
$11,469
$11,290
'23
$10,945
$11,232
$11,128
'23
$10,492
$10,763
$10,802
'23
$10,188
$10,465
$10,709
'23
$11,182
$11,485
$11,389
'23
$11,555
$11,883
$11,654
'24
$11,529
$11,844
$11,594
'24
$11,527
$11,842
$11,609
'24
$11,513
$11,825
$11,609
'24
$11,344
$11,654
$11,465
'24
$11,358
$11,670
$11,432
'24
$11,579
$11,895
$12,100
'24
$11,681
$12,009
$12,206
'24
$11,731
$12,060
$12,305
'24
$11,898
$12,240
$12,437
'24
$11,691
$12,013
$12,273
'24
$11,964
$12,282
$12,465
'24
$11,737
$12,063
$12,314
'25
$11,687
$12,014
$12,356
'25
$11,806
$12,145
$12,486
'25
$11,500
$11,846
$12,286
'25
$11,397
$11,746
$12,208
'25
$11,256
$11,602
$12,187
'25
$11,306
$11,673
$11,736
'25
$11,184
$11,563
$11,712
'25
$11,272
$11,663
$11,814
'25
$11,692
$12,110
$12,088
'25
$11,873
$12,299
$12,238
'25
$11,888
$12,316
$12,266
'25
$11,869
$12,296
$12,277
'26
$11,914
$12,340
$12,392
'26
$12,110
$12,542
$12,546
'26
$11,868
$12,300
$12,255
'26
$12,039
$12,479
$12,395
'26
$12,107
$12,549
$12,441

Yearly periods ended May 31

Table Summary
Fund/Index
1-Year
5-Year
10-Year
Xtrackers Municipal Infrastructure Revenue Bond ETF - NAV
7.56%
-0.32%
1.93%
Solactive Municipal Infrastructure Revenue Bond Index
8.16%
-0.02%
2.30%
Bloomberg Municipal Bond Index
6.67%
0.92%
2.21%

Average Annual Total Returns

 

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

Key Fund Statistics

Table Summary
Net Assets ($)
138,417,836
Number of Portfolio Holdings
280
Portfolio Turnover Rate (%)
24
Total Net Advisory Fees Paid ($)
200,733
Modified duration to worst
7.5 years

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

What did the Fund invest in? 

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

Holdings-based data is subject to change.

Credit Quality

Table Summary
Credit Rating
% of Net Assets
AAA
18%
AA
60%
A
20%
BBB
2%

Sector Allocation

 

Table Summary
Sector
% of Net Assets
Airport
31%
Water & Sewer
24%
Tax-Backed
12%
Public Power
11%
Toll Facilities
9%
Sales and Special Tax
5%
Lease
3%
Seaport
2%
Mass Transit
2%
Other
0%

Top Five State Allocations

Table Summary
Holdings
% of Net Assets
New York
23%
California
18%
Texas
12%
Florida
9%
Illinois
5%

Additional Information

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

Householding 

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

Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. The market for municipal bonds may be less liquid than for taxable bonds and there may be less information available on the financial condition of issuers of municipal securities than for public corporations. Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in this fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

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

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

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

© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. 

RVNU-TSRA 

 

R-101118-3 (7/26) DBX007370 (7/27)

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

HDEF: NYSE Arca, Inc.

Annual Shareholder Report — May 31, 2026

Image

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
HDEF
$10
0.09%

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

This annual shareholder report contains important information about the Xtrackers MSCI EAFE High Dividend Yield Equity ETF (the "Fund") for the period June 1, 2025 to May 31, 2026.You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

How did the fund perform last year and what affected its performance?

The Fund seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE High Dividend Yield Index (the Underlying Index). The Underlying Index is designed to reflect the performance of equities (excluding real estate investment trusts (“REITs”)) in developed markets in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent.   

The Fund returned 19.26% for the period ended May 31, 2026. The Fund's underlying index returned 18.94% and the Fund's broad-based index the MSCI EAFE Index returned 22.80% during the same period.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Energy, Financials and Health Care. Information Technology and Consumer Discretionary sectors detracted from the performance. From a geographical perspective, the majority of countries contributed positively to performance during the period with the greatest contribution coming from China, the United Kingdom and Singapore while Denmark, contributed negatively to performance. 

 

Fund Performance

MSCI EAFE High Dividend Yield Index is designed to reflect the performance of equities (excluding real estate investment trusts (“REITs”)) in developed markets in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent.

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund’s inception.
Table Summary
Xtrackers MSCI EAFE High Div Yield Equity ETF - NAV
MSCI EAFE High Dividend Yield Index (the Underlying Index)
MSCI EAFE Index
'16
$10,000
$10,000
$10,000
'16
$9,992
$9,996
$9,664
'16
$10,333
$10,346
$10,154
'16
$10,338
$10,353
$10,161
'16
$10,473
$10,491
$10,286
'16
$10,544
$10,565
$10,076
'16
$10,473
$10,514
$9,875
'16
$10,985
$11,028
$10,213
'17
$10,933
$10,982
$10,509
'17
$11,254
$11,313
$10,659
'17
$11,641
$11,700
$10,953
'17
$11,568
$11,628
$11,231
'17
$11,895
$11,960
$11,644
'17
$11,623
$11,688
$11,623
'17
$11,542
$11,613
$11,958
'17
$11,636
$11,714
$11,954
'17
$11,909
$11,993
$12,251
'17
$12,175
$12,266
$12,437
'17
$12,028
$12,125
$12,568
'17
$12,066
$12,165
$12,769
'18
$12,147
$12,252
$13,410
'18
$11,846
$11,951
$12,805
'18
$11,634
$11,736
$12,552
'18
$12,073
$12,172
$12,861
'18
$11,653
$11,744
$12,572
'18
$11,537
$11,625
$12,418
'18
$11,904
$11,999
$12,724
'18
$11,601
$11,694
$12,478
'18
$11,681
$11,777
$12,587
'18
$10,968
$11,060
$11,585
'18
$10,887
$10,982
$11,570
'18
$10,466
$10,556
$11,009
'19
$11,168
$11,266
$11,732
'19
$11,522
$11,625
$12,031
'19
$11,574
$11,676
$12,107
'19
$11,851
$11,947
$12,447
'19
$11,216
$11,291
$11,850
'19
$11,941
$12,021
$12,552
'19
$11,707
$11,790
$12,393
'19
$11,422
$11,506
$12,072
'19
$11,906
$11,993
$12,418
'19
$12,464
$12,558
$12,864
'19
$12,505
$12,603
$13,009
'19
$13,035
$13,139
$13,432
'20
$12,627
$12,727
$13,151
'20
$11,456
$11,549
$11,963
'20
$9,838
$9,921
$10,366
'20
$10,385
$10,464
$11,036
'20
$10,587
$10,662
$11,516
'20
$10,967
$11,040
$11,908
'20
$11,037
$11,108
$12,186
'20
$11,502
$11,577
$12,812
'20
$11,081
$11,150
$12,479
'20
$10,629
$10,697
$11,981
'20
$12,323
$12,408
$13,838
'20
$12,804
$12,893
$14,482
'21
$12,710
$12,798
$14,328
'21
$12,853
$12,942
$14,649
'21
$13,288
$13,379
$14,986
'21
$13,554
$13,636
$15,437
'21
$14,015
$14,097
$15,990
'21
$13,733
$13,816
$15,761
'21
$13,861
$13,945
$15,879
'21
$13,787
$13,870
$16,159
'21
$13,095
$13,173
$15,690
'21
$13,344
$13,423
$16,076
'21
$12,869
$12,953
$15,328
'21
$13,685
$13,778
$16,113
'22
$13,885
$13,983
$15,334
'22
$13,852
$13,955
$15,063
'22
$14,163
$14,258
$15,160
'22
$13,580
$13,670
$14,179
'22
$13,713
$13,792
$14,286
'22
$12,480
$12,555
$12,960
'22
$12,664
$12,738
$13,606
'22
$12,157
$12,234
$12,960
'22
$11,094
$11,166
$11,747
'22
$11,688
$11,765
$12,379
'22
$13,082
$13,171
$13,773
'22
$13,318
$13,413
$13,784
'23
$14,151
$14,250
$14,901
'23
$13,785
$13,886
$14,590
'23
$14,262
$14,359
$14,951
'23
$14,647
$14,736
$15,373
'23
$13,770
$13,843
$14,723
'23
$14,476
$14,555
$15,393
'23
$15,117
$15,203
$15,891
'23
$14,549
$14,636
$15,282
'23
$14,439
$14,532
$14,760
'23
$13,935
$14,025
$14,162
'23
$14,991
$15,088
$15,476
'23
$15,801
$15,903
$16,298
'24
$15,539
$15,640
$16,392
'24
$15,412
$15,512
$16,692
'24
$15,926
$16,020
$17,222
'24
$15,863
$15,947
$16,800
'24
$16,495
$16,573
$17,450
'24
$16,100
$16,173
$17,169
'24
$16,833
$16,912
$17,672
'24
$17,549
$17,631
$18,247
'24
$17,942
$18,028
$18,415
'24
$16,909
$16,992
$17,414
'24
$16,721
$16,807
$17,315
'24
$16,294
$16,382
$16,921
'25
$17,128
$17,219
$17,811
'25
$17,541
$17,635
$18,156
'25
$18,174
$18,265
$18,083
'25
$18,957
$19,035
$18,911
'25
$19,320
$19,381
$19,777
'25
$19,772
$19,832
$20,212
'25
$19,678
$19,741
$19,928
'25
$20,575
$20,643
$20,778
'25
$20,352
$20,413
$21,176
'25
$20,401
$20,461
$21,425
'25
$21,154
$21,223
$21,558
'25
$21,666
$21,735
$22,204
'26
$22,416
$22,486
$23,363
'26
$23,887
$23,968
$24,444
'26
$22,431
$22,497
$21,929
'26
$23,183
$23,217
$23,563
'26
$23,041
$23,051
$24,285

Yearly periods ended May 31

Table Summary
Fund/Index
1-Year
5-Year
10-Year
Xtrackers MSCI EAFE High Div Yield Equity ETF - NAV
19.26%
10.45%
8.71%
MSCI EAFE High Dividend Yield Index
18.94%
10.34%
8.71%
MSCI EAFE Index
22.80%
8.72%
9.28%

Average Annual Total Returns

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

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

Key Fund Statistics

Table Summary
Net Assets ($)
2,268,639,287
Number of Portfolio Holdings
115
Portfolio Turnover Rate (%)
24
Total Net Advisory Fees Paid ($)
1,960,229

What did the Fund invest in? 

Holdings-based data is subject to change.

Ten Largest Equity Holdings

Table Summary
Holdings
41.1% of Net Assets
Roche Holding AG (Switzerland)
5.0%
Nestle SA (Switzerland)
5.0%
Novartis AG (Switzerland)
5.0%
Shell PLC (United Kingdom)
4.8%
TotalEnergies SE (France)
4.2%
Allianz SE (Germany)
4.1%
Novo Nordisk A/S (Denmark)
3.6%
Iberdrola SA (Spain)
3.4%
British American Tobacco PLC (United Kingdom)
3.0%
Unilever PLC (United Kingdom)
3.0%

Sector Allocation

 

Table Summary
Sector
% of Net Assets
Financials
27%
Consumer Staples
19%
Health Care
17%
Energy
11%
Utilities
8%
Industrials
8%
Consumer Discretionary
4%
Communication Services
4%
Real Estate
1%
Information Technology
1%
Materials
0%

Geographical Diversification

 

Table Summary
Country
% of Net Assets
Switzerland
20%
United Kingdom
18%
France
13%
Germany
9%
Japan
8%
Singapore
6%
Spain
5%
Denmark
4%
Australia
3%
Israel
2%
Italy
2%
Other
9%

Additional Information

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

Householding 

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

Investing involves risk, including possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Dividends are not guaranteed. If the dividend-paying stocks held by the Fund reduce or stop paying dividends, the Fund’s ability to generate income may be adversely affected. Performance of a Fund may diverge from that of an Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in any Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that Fund. Please read the prospectus for more information. 

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

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

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

© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. 

HDEF-TSRA 

 

R-101121-3 (7/26) DBX007365 (7/27) 

Xtrackers US 0-1 Year Treasury ETF

TRSY: Cboe BZX Exchange, Inc.

Annual Shareholder Report — May 31, 2026

Image

This annual shareholder report contains important information about the Xtrackers US 0-1 Year Treasury ETF (the "Fund") for the period June 1, 2025  to May 31, 2026. You can find additional information about the Fund at dws.com/etfreports. You can also request this information by contacting us at (844) 851‐4255.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
TRSY
$6
0.06%

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

How did the fund perform last year and what affected its performance?

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

The Fund returned 3.95% for the period ended May 31, 2026. The Fund's underlying index returned 4.00% and the Fund's broad-based index the ICE BofA US Treasury Index returned 3.75% during the same period.

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

 

Fund Performance

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

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

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

 

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

Cumulative Growth of an Assumed $10,000 Investment

Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund’s inception.
Table Summary
Xtrackers US 0-1 Year Treasury ETF - NAV
ICE U.S. Treasury Short Bond Index (the Underlying Index)
ICE BofA US Treasury Index
10/9/24
$10,000
$10,000
$10,000
10/31/24
$10,027
$10,028
$9,885
11/30/24
$10,064
$10,065
$9,965
12/31/24
$10,106
$10,108
$9,798
1/31/25
$10,142
$10,144
$9,852
2/28/25
$10,176
$10,178
$10,073
3/31/25
$10,210
$10,214
$10,092
4/30/25
$10,246
$10,250
$10,148
5/31/25
$10,278
$10,282
$10,039
6/30/25
$10,314
$10,319
$10,169
7/31/25
$10,347
$10,352
$10,130
8/31/25
$10,392
$10,396
$10,232
9/30/25
$10,429
$10,435
$10,328
10/31/25
$10,465
$10,471
$10,393
11/30/25
$10,497
$10,503
$10,455
12/31/25
$10,535
$10,542
$10,404
1/31/26
$10,565
$10,572
$10,408
2/28/26
$10,594
$10,601
$10,604
3/31/26
$10,621
$10,629
$10,414
4/30/26
$10,653
$10,662
$10,405
5/31/26
$10,684
$10,693
$10,415
Table Summary
Fund/Index
1-Year
Since Inception 10/9/24
Xtrackers US 0-1 Year Treasury ETF - NAV
3.95%
4.12%
ICE U.S. Treasury Short Bond Index
4.00%
4.16%
ICE BofA US Treasury Index
3.75%
2.50%

Average Annual Total Returns

 

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

Key Fund Statistics

Table Summary
Net Assets ($)
71,250,765
Number of Portfolio Holdings
104
Portfolio Turnover Rate (%)
0
Total Net Advisory Fees Paid ($)
17,866
Modified duration to worst
0.4 years

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

What did the Fund invest in? 

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

Holdings-based data is subject to change.

Asset Allocation Table

Table Summary
Asset Type
% of Net Assets
U.S. Treasury Obligations
99%
Other Assets and Liabilities (Net)
1%

Credit Quality

Table Summary
Credit Rating
% of Net Assets
AA
100%

Additional Information

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

Householding 

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

The Fund is not a money market fund and is not subject to the strict rules that govern the quality, maturity, liquidity and other features of securities that money market funds may purchase. Under normal circumstances, the Fund’s investments may be more susceptible than a money market fund’s investments to credit risk, interest rate risk, valuation risk and other risks relevant to the Fund’s investments. U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government. The “full faith and credit” guarantee of the US government applies to the timely repayment of interest, and does not eliminate market risk. Because of the rising US government debt burden, it is possible that the US government may not be able to meet its financial obligations or that securities issued by the US government may experience credit downgrades. An investment in this fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

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

ICE Data Indices, LLC, is used with permission. “ICE®” is a trade mark of ICE Data Indices, LLC or its affiliates. This trademark has been licensed, along with the ICE U.S. Treasury Short Bond Index (“Index”) for use by DBX Advisors LLC ("Advisor") in connection with Xtrackers US 0-1 Year Treasury ETF (the “Product”). Neither Advisor, DBX ETF Trust (the “Trust”) nor the Product, as applicable, is sponsored, endorsed, sold or promoted by ICE Data Indices, LLC, its affiliates or its Third Party Suppliers (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in the Product particularly, the Trust or the ability of the Index to track general market performance. Past performance of an Index is not an indicator of or a guarantee of future results. ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK 

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

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

© 2026 DWS Group. All rights reserved. Xtrackers™ is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. 

TRSY-TSRA 

 

R-106210-2 (7/26) DBX007372 (7/27)

 DBX ETF Trust

LOGO

Xtrackers Artificial Intelligence and Big Data ETF (XAIX)

Xtrackers Cybersecurity Select Equity ETF (PSWD)

Xtrackers International Real Estate ETF (HAUZ)

Xtrackers Semiconductor Select Equity ETF (CHPS)

Xtrackers US Green Infrastructure Select Equity ETF (UPGR)

Xtrackers US National Critical Technologies ETF (CRTC)

 

 

LOGO

Table of Contents

 

    Page       

 Schedule of Investments

    

Xtrackers Artificial Intelligence and Big Data ETF

   2  

Xtrackers Cybersecurity Select Equity ETF

   6  

Xtrackers International Real Estate ETF

   9  

Xtrackers Semiconductor Select Equity ETF

   17  

Xtrackers US Green Infrastructure Select Equity ETF

   20  

Xtrackers US National Critical Technologies ETF

   22  

 Statements of Assets and Liabilities

   27  

 Statements of Operations

   29  

 Statements of Changes in Net Assets

   31  

 Financial Highlights

   34  

 Notes to Financial Statements

   40  

 Report of Independent Registered Public Accounting Firm

   50  

 Board Considerations in Approval of Investment Advisory Contracts

   52  

 Tax Information

   55  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

  DBX ETF Trust  |  1

Schedule of Investments

Xtrackers Artificial Intelligence and Big Data ETF

May 31, 2026

 

     Number
  of Shares		         Value $
COMMON STOCKS — 99.2%     
Communication Services — 11.3%     
Diversified Telecommunication
Services — 3.8%		     

AT&T, Inc.

      96,560       2,394,688  

BT Group PLC

      100,117       281,782  

China Tower Corp. Ltd., Class H, 144A

      267,386       338,437  

Verizon Communications, Inc.

      58,056       2,775,657  
    

 

 

 

(Cost $5,454,499)

        5,790,564  
Entertainment — 0.0%     

Kingsoft Corp. Ltd.

     

(Cost $67,076)

      16,625       44,928  

Interactive Media &

Services — 7.5%

     

Alphabet, Inc., Class A

      16,289       6,195,358  

Kakao Corp.

      4,387       122,120  

Meitu, Inc., 144A *

      55,926       31,112  

Meta Platforms, Inc., Class A

      7,727       4,887,405  

NAVER Corp.

      2,304       357,754  

Snap, Inc., Class A *

      17,628       100,656  
    

 

 

 

(Cost $9,532,041)

        11,694,405  
Consumer Discretionary — 7.0%     
Broadline Retail — 7.0%     

Alibaba Group Holding Ltd., ADR

      34,768       4,318,881  

Amazon.com, Inc. *

      22,123       5,987,369  

eBay, Inc.

      5,914       646,223  
    

 

 

 

(Cost $10,966,265)

        10,952,473  
Financials — 4.0%     
Banks — 3.1%     

Bank of America Corp.

     

(Cost $4,394,460)

      92,732       4,784,971  
Commercial Banks — 0.9%     

China Construction Bank Corp., Class H

     

(Cost $1,438,457)

      1,378,428       1,493,206  
Health Care — 0.0%     
Health Care Providers &     
Services — 0.0%     

CVS Group PLC

     

(Cost $15,628)

      849       14,317  
Information Technology — 76.9%     
Communications Equipment — 7.4%     

Arista Networks, Inc. *

      15,756       2,512,609  

Ciena Corp. *

      1,499       869,765  

Cisco Systems, Inc.

      53,150       6,400,323  

Extreme Networks, Inc. *

      1,582       41,939  

F5, Inc. *

      650       249,243  
    

Number

  of Shares

         Value $

NetScout Systems, Inc. *

      820       34,128  

Nokia OYJ, ADR

      92,775       1,376,781  
    

 

 

 

(Cost $6,291,923)

        11,484,788  
Electronic Equipment, Instruments & Components — 0.4%     

Keysight Technologies, Inc. *

     

(Cost $352,517)

      1,979       669,555  
Internet Software & Services — 0.4%     

Akamai Technologies, Inc. *

      1,862       278,444  

Okta, Inc. *

      2,166       267,003  
    

 

 

 

(Cost $380,377)

        545,447  
IT Services — 4.2%     

Fujitsu Ltd.

      33,000       698,185  

International Business Machines Corp.

      12,576       3,745,133  

Kingsoft Cloud Holdings Ltd., ADR*

      4,891       60,062  

Kyndryl Holdings, Inc. *

      2,587       32,260  

NEC Corp.

      20,900       538,681  

Samsung SDS Co. Ltd.

      498       98,807  

Snowflake, Inc. *

      5,032       1,285,928  

Twilio, Inc., Class A *

      1,842       351,159  
    

 

 

 

(Cost $5,733,082)

        6,810,215  

Semiconductors &

Semiconductor — 0.1%

     

Lattice Semiconductor Corp. *

      1,130       166,200  

Via Technologies, Inc.

      3,392       8,327  
    

 

 

 

(Cost $103,728)

        174,527  
Semiconductors & Semiconductor Equipment — 25.9%     

Ambarella, Inc. *

      558       40,276  

Intel Corp. *

      66,469       7,622,665  

Micron Technology, Inc.

      14,418       13,999,878  

NVIDIA Corp.

      27,382       5,781,436  

Realtek Semiconductor Corp.

      8,159       151,066  

SK hynix, Inc.

      7,702       11,923,534  

STMicroelectronics NV

      10,478       720,800  

Synaptics, Inc. *

      453       62,188  
    

 

 

 

(Cost $11,635,109)

        40,301,843  
Software — 21.0%     

Adobe, Inc. *

      5,632       1,459,871  

Alarm.com Holdings, Inc. *

      547       24,675  

Atlassian Corp., Class A *

      3,751       403,645  

Commvault Systems, Inc. *

      558       66,263  

Crowdstrike Holdings, Inc., Class A*

      3,427       2,505,137  

Dassault Systemes SE

      11,626       255,127  

Docusign, Inc. *

      2,612       137,182  

Dolby Laboratories, Inc., Class A

      1,073       59,884  
 

 

See Notes to Financial Statements.

 

2  |  DBX ETF Trust  

Schedule of Investments

Xtrackers Artificial Intelligence and Big Data ETF (Continued)

May 31, 2026

 

     Number
  of Shares		         Value $     

Dropbox, Inc., Class A *

      2,702       72,630    

Fortinet, Inc. *

      7,956       1,097,689    

Gen Digital, Inc.

      7,405       190,975    

Horizon Robotics *

      170,948       115,385    

Intuit, Inc.

      3,744       1,241,248    

JFrog Ltd. *

      1,727       137,262    

Microsoft Corp.

      10,575       4,761,288    

Monday.com Ltd. *

      694       58,032    

Nice Ltd., ADR *

      981       90,900    

Nutanix, Inc., Class A *

      2,902       151,107    

Open Text Corp.

      3,504       83,381    

Oracle Corp.

      24,376       5,503,613    

Palantir Technologies, Inc., Class A*

      28,713       4,494,733    

Palo Alto Networks, Inc. *

      9,573       2,696,618    

Qualys, Inc. *

      460       50,273    

Rapid7, Inc. *

      943       7,902    

RingCentral, Inc., Class A

      866       37,506    

Salesforce, Inc.

      12,782       2,442,640    

SAP SE

      17,559       3,181,354    

SenseTime Group, Inc., Class B, 144A *

      521,642       110,486    

SentinelOne, Inc., Class A *

      4,564       75,534    

SoundHound AI, Inc., Class A * (a)

      5,281       47,529    

Strategy, Inc. *

      4,002       636,678    

Tuya, Inc., ADR

      7,294       15,463    

UiPath, Inc., Class A *

      7,115       83,388    

Zoom Communications, Inc. *

      4,255       432,265    

Zscaler, Inc. *

      1,509       210,853    
    

 

 

 

  

(Cost $33,772,290)

        32,938,516    
Technology Hardware, Storage & Peripherals — 17.5%       

Apple, Inc.

      18,752       5,851,749    

Dell Technologies, Inc., Class C

      9,661       4,066,412    

Everpure, Inc., Class A *

      3,528       280,511    

Getac Holdings Corp.

      5,176       17,184    

Hewlett Packard Enterprise Co.

      17,249       742,397    

Lenovo Group Ltd.

      136,376       417,616    

NetApp, Inc.

      2,606       454,200    

Samsung Electronics Co. Ltd.

      61,275       12,889,300    

Western Digital Corp.

      3,834       2,036,659    

Wistron Corp.

      49,974       252,857    
    

 

 

 

  

(Cost $10,586,119)

        27,008,885    
TOTAL COMMON STOCKS       
    

 

 

 

  

(Cost $100,723,571)

        154,708,640    
EXCHANGE-TRADED FUNDS — 0.2%       

Technology Select Sector SPDR Fund

       

(Cost $166,953)

      1,350       257,877    
     Number
  of Shares		         Value $
SECURITIES LENDING COLLATERAL — 0.0%     

DWS Government & Agency

     

Securities Portfolio

     

“DWS Government Cash

     

Institutional Shares”, 3.53% (b)(c)

     

(Cost $41,400)

      41,400       41,400  
CASH EQUIVALENTS — 0.5%     

DWS Government Money Market

     

Series “Institutional Shares”, 3.57% (b)

 

  

(Cost $747,470)

      747,470       747,470  
TOTAL INVESTMENTS — 99.9%     

(Cost $101,679,394)

        155,755,387  
Other assets and liabilities, net — 0.1%        133,276  
    

 

 

 

NET ASSETS — 100.0%        155,888,663  
 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  3

Schedule of Investments

Xtrackers Artificial Intelligence and Big Data ETF (Continued)

May 31, 2026

 

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2026 is as follows:

 

 Value ($) at

 5/31/2025

    Purchases Cost
($)		      Sales Proceeds
($)		      Net Realized
Gain/(Loss)
($)		      Net Change
in Unrealized
Appreciation
(Depreciation)
($)		      Income ($)      Capital Gain
Distributions
($)		      Number of
Shares at
5/31/2026		      Value ($) at
5/31/2026		  

EXCHANGE-TRADED FUNDS — 0.0%

 

Xtrackers MSCI USA Selection Equity ETF (d)

 

122,690      —         (122,614)         7,307         (7,383)         423         —         —         —   

SECURITIES LENDING COLLATERAL — 0.0%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.53% (b)(c)

 

—      41,400 (e)         —          —         —         1,018         —         41,400         41,400   

CASH EQUIVALENTS — 0.5%

 

DWS Government Money Market Series “Institutional Shares”, 3.57% (b)

 

107,192      8,200,609         (7,560,331)         —         —         13,095         —         747,470         747,470   
229,882      8,242,009         (7,682,945)         7,307         (7,383)         14,536         —         788,870         788,870   

 

*

Non-income producing security.

(a)

All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at May 31, 2026 amounted to $39,376, which is 0.0% of net assets.

(b)

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

(c)

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

(d)

Affiliated fund advised by DBX Advisors LLC.

(e)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2026.

 

ADR:

American Depositary Receipt

144A:

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

At May 31, 2026, open futures contracts purchased were as follows:

 

Contract Description    Currency      Number of
Contracts		      Notional
Amount ($)		      Contract Value
($)		      Expiration
Date		      Unrealized 
Appreciation ($) 		  

Micro E-mini NASDAQ 100 Index

      USD         11         556,311        668,915        6/18/2026        112,604  

Micro E-Mini S&P 500 Index

      USD         5         168,898        189,894        6/18/2026        20,996  
Total unrealized appreciation                                                   133,600  

Currency Abbreviations

 
USD

U.S. Dollar

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

 

See Notes to Financial Statements.

 

4  |  DBX ETF Trust  

Schedule of Investments

Xtrackers Artificial Intelligence and Big Data ETF (Continued)

May 31, 2026

 

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, 2026 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)

    $   154,708,640      $      —      $      —      $   154,708,640  

Exchange-Traded Funds

      257,877        —        —        257,877  

Short-Term Investments (a)

      788,870        —        —        788,870  

Derivatives (b)

            

Futures Contracts

      133,600        —        —        133,600  
TOTAL    $ 155,888,987      $ —      $ —      $ 155,888,987  

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

(b)

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

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  5

Schedule of Investments

Xtrackers Cybersecurity Select Equity ETF

May 31, 2026

 

    

Number

  of Shares

         Value $
COMMON STOCKS — 98.8%     
Application Software — 6.6%     

Alarm.com Holdings, Inc. *

      1,501       67,710  

Clear Secure, Inc., Class A

      1,335       74,026  

Datadog, Inc., Class A *

      600       148,410  
    

 

 

 

Dynatrace, Inc. *

      1,934       82,369  

GB Group PLC

      14,388       45,964  

InterDigital, Inc.

      187       47,141  

Systena Corp.

      14,069       36,942  

TeamViewer SE, 144A *

      13,220       91,020  
    

 

 

 

(Cost $518,486)

        593,582  
Communications Equipment — 5.3%     

F5, Inc. *

      1,006       385,751  

NetScout Systems, Inc. *

      2,015       83,864  
    

 

 

 

(Cost $346,676)

        469,615  
Electronic Equipment, Instruments & Components — 1.2%     

Arlo Technologies, Inc. *

      5,015       66,900  

ITMAX SYSTEM Bhd

      25,800       32,209  
    

 

 

 

(Cost $107,925)

        99,109  
Internet Services & Infrastructure — 22.0%     

Akamai Technologies, Inc. *

      2,702       404,057  

Fastly, Inc., Class A *

      10,051       178,556  

GDS Holdings Ltd., Class A *

      56,998       242,031  

NEXTDC Ltd. *

      38,540       422,598  

Okta, Inc. *

      4,370       538,690  

SUNeVision Holdings Ltd.

      61,003       46,701  

Vnet Group, Inc., Class A, ADR * (a)

      11,130       112,190  
    

 

 

 

(Cost $1,288,786)

        1,944,823  
IT Consulting & Other Services — 5.3%     

Al Moammar Information Systems Co.

      1,157       58,118  

Change Holdings, Inc. (a)

      3,111       18,253  

Future Corp.

      3,854       38,591  

NCC Group PLC

      25,095       48,237  

NEC Corp.

      2,550       65,724  

Netcompany Group A/S, 144A *

      1,881       100,860  

Otsuka Corp.

      3,431       62,266  

Systex Corp.

      9,831       41,112  

TechMatrix Corp.

      3,602       41,159  
    

 

 

 

(Cost $417,863)

        474,320  
Research & Consulting Services — 1.3%     

Zetrix Ai Bhd

     

(Cost $95,592)

      554,096       112,496  
Systems Software — 57.1%     

A10 Networks, Inc.

      3,155       95,092  
     Number
  of Shares		        Value $  

Ahnlab, Inc.

      536        21,696  

BlackBerry Ltd. *

      28,613        256,729  

Check Point Software

      

Technologies Ltd. *

      2,088        281,984  

Crowdstrike Holdings, Inc., Class A*

      750        548,250  

Digital Arts, Inc.

      1,039        25,977  

Fortinet, Inc. *

      3,672        506,626  

N-able, Inc. *

      6,233        23,062  

OneSpan, Inc.

      3,368        48,634  

Palo Alto Networks, Inc. *

      1,775        500,000  

Qoria Ltd. *

      78,071        16,852  

Qualys, Inc. *

      3,445        376,504  

Radware Ltd. *

      1,483        44,994  

Rapid7, Inc. *

      6,255        52,417  

Rubrik, Inc., Class A *

      6,412        504,176  

SentinelOne, Inc., Class A *

      23,194        383,861  

Telos Corp. *

      5,015        24,022  

Tenable Holdings, Inc. *

      11,042        311,716  

Trend Micro, Inc.

      8,808        332,534  

Varonis Systems, Inc. *

      10,942        373,669  

Zscaler, Inc. *

      2,423        338,566  
     

 

 

  

(Cost $4,244,698)

         5,067,361  
TOTAL COMMON STOCKS      
     

 

 

  

(Cost $7,020,026)

         8,761,306  
EXCHANGE-TRADED FUNDS — 0.3%      

Amplify Cybersecurity ETF

      150        14,902  

Global X Cybersecurity ETF (a)

      300        10,899  
     

 

 

  

(Cost $19,232)

         25,801  
SECURITIES LENDING COLLATERAL — 0.0%      

DWS Government & Agency

      

Securities Portfolio

      

“DWS Government Cash

      

Institutional Shares”, 3.53% (b)(c)

      

(Cost $6,900)

      6,900        6,900  
CASH EQUIVALENTS — 0.3%      

DWS Government Money Market

      

Series “Institutional Shares”, 3.57% (b)

      

(Cost $22,313)

      22,313        22,313  
TOTAL INVESTMENTS — 99.4%      

(Cost $7,068,471)

         8,816,320  
Other assets and liabilities, net — 0.6%         49,779  
     

 

 

  
NET ASSETS — 100.0%         8,866,099  
 

 

See Notes to Financial Statements.

 

6  |  DBX ETF Trust  

Schedule of Investments

Xtrackers Cybersecurity Select Equity ETF (Continued)

May 31, 2026

 

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2026 is as follows:

 

  Value ($) at

  5/31/2025

    Purchases Cost
($)		      Sales Proceeds
($)		      Net Realized
Gain/(Loss)
($)		      Net Change
in Unrealized
Appreciation
(Depreciation)
($)		      Income ($)      Capital Gain
Distributions
($)		      Number of
Shares at
5/31/2026		      Value ($) at
5/31/2026		  

SECURITIES LENDING COLLATERAL — 0.0%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.53% (b)(c)

 

520,072      —         (513,172) (d)        —         —         1,092         —         6,900         6,900   

CASH EQUIVALENTS — 0.3%

 

DWS Government Money Market Series “Institutional Shares”, 3.57% (b)

 

11,360      284,493         (273,540)        —         —         453         —         22,313         22,313   
531,432      284,493         (786,712)         —         —         1,545         —         29,213         29,2131   

 

*

Non-income producing security.

(a)

All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at May 31, 2026 amounted to $131,472, which is 1.5% of net assets.

(b)

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

(c)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $134,122.

(d)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2026.

 

ADR:

American Depositary Receipt

144A:

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

At May 31, 2026, open futures contracts purchased were as follows:

 

Contract Description    Currency      Number of
Contracts		      Notional
Amount ($)		      Contract Value
($)		      Expiration
Date		      Unrealized 
Appreciation ($) 		  

Micro E-Mini S&P 500 Index

      USD        2        70,820        75,958        6/18/2026        5,138  

Currency Abbreviations

 

 

USD

U.S. Dollar

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

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  7

Schedule of Investments

Xtrackers Cybersecurity Select Equity ETF (Continued)

March 31, 2026 (Unaudited)

 

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, 2026 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

 

Assets    Level 1      Level 2      Level 3      Total  

Common Stocks (a)

    $    8,761,306      $      —      $      —      $    8,761,306  

Exchange-Traded Funds

      25,801        —        —        25,801  

Short-Term Investments (a)

      29,213        —        —        29,213  

Derivatives (b)

            

Futures Contracts

      5,138        —        —        5,138  
TOTAL    $ 8,821,458      $ —      $ —      $ 8,821,458  

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

(b)

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

 

See Notes to Financial Statements.

 

8  |  DBX ETF Trust  

Schedule of Investments

Xtrackers International Real Estate ETF

May 31, 2026

 

    

Number

  of Shares

         Value $
COMMON STOCKS — 98.4%     
Australia — 12.7%     

Abacus Storage King REIT

      163,578       168,303  

Arena REIT

      432,079       994,819  

Aspen Group Ltd. REIT

      245,619       834,132  

BWP Property Group Ltd.

      709,842       1,930,565  

Cedar Woods Properties Ltd.

      71,767       345,964  

Centuria Capital Group

      895,433       1,259,537  

Centuria Industrial REIT

      552,157       1,183,886  

Centuria Office REIT

      531,267       349,756  

Charter Hall Group REIT

      507,112       7,435,994  

Charter Hall Long Wale REIT

      681,015       1,695,367  

Charter Hall Retail REIT

      538,366       1,460,326  

Charter Hall Social Infrastructure REIT

      351,619       637,535  

Cromwell Property Group REIT

      1,843,098       583,488  

Dexus REIT

      1,158,711       4,677,017  

Dexus Industria REIT REIT

      276,091       474,768  

DigiCo Infrastructure REIT REIT

      489,074       928,987  

Gemlife Communities Group *

      237,396       813,039  

Goodman Group REIT

      2,203,157       50,202,401  

GPT Group REIT

      2,064,124       7,202,918  

Growthpoint Properties Australia Ltd. REIT

      307,837       485,060  

HomeCo Daily Needs REIT

      2,011,027       1,794,199  

Ingenia Communities Group REIT

      417,178       1,146,610  

Lifestyle Communities Ltd. * (a)

      114,610       431,276  

Mirvac Group REIT

      4,254,782       5,173,625  

REA Group Ltd. (a)

      54,867       5,882,047  

Region Group REIT

      1,239,575       2,024,555  

Rural Funds Trust REIT (a)

      418,114       597,154  

Scentre Group REIT

      5,618,625       15,483,167  

Stockland REIT

      2,609,682       7,698,434  

Vicinity Ltd. REIT

      4,224,715       7,690,400  

Waypoint REIT Ltd. REIT

      695,462       1,190,917  
    

 

 

 

(Cost $111,817,213)

        132,776,246  
Austria — 0.2%     

CA Immobilien Anlagen AG (a)

      32,435       940,574  

CPI Europe AG * (a)

      38,582       718,572  
    

 

 

 

(Cost $1,662,488)

        1,659,146  
Belgium — 1.9%     

Aedifica SA REIT

      90,090       7,443,248  

Cofinimmo SA REIT

      8,383       813,419  

Montea NV REIT

      22,872       1,782,925  

Retail Estates NV REIT

      13,843       1,146,941  

VGP NV

      14,344       1,402,707  

Warehouses De Pauw CVA REIT

      212,538       5,515,997  

Xior Student Housing NV REIT

      41,320       1,338,061  
    

 

 

 

(Cost $19,799,364)

        19,443,298  
    

Number

  of Shares

         Value $

Brazil — 0.6%

     

Allos SA

      476,548       2,657,748  

Cyrela Brazil Realty SA Empreendimentos e Participacoes

      308,004       1,371,288  

Ez Tec Empreendimentos e Participacoes SA

      129,356       336,292  

Multiplan Empreendimentos Imobiliarios SA

      369,902       2,178,518  
    

 

 

 

(Cost $5,252,193)

        6,543,846  

Canada — 5.7%

     

Allied Properties Real Estate

     

Investment Trust REIT (a)

      141,073       1,029,207  

Altus Group Ltd. (a)

      43,298       1,329,538  

Boardwalk Real Estate Investment Trust REIT

      43,557       2,026,473  

Canadian Apartment Properties REIT (a)

      166,082       4,226,950  

Chartwell Retirement Residences

      340,334       4,990,561  

Choice Properties Real Estate Investment Trust REIT (a)

      271,873       3,108,417  

Colliers International Group, Inc.

      47,196       4,457,676  

Crombie Real Estate Investment Trust REIT (a)

      122,381       1,496,059  

CT Real Estate Investment Trust
REIT (a)

      85,864       1,101,388  

Dream Industrial Real Estate Investment Trust REIT (a)

      306,469       3,119,085  

First Capital Real Estate Investment Trust REIT (a)

      208,875       3,563,255  

FirstService Corp.

      46,176       6,195,237  

Granite Real Estate Investment Trust REIT

      65,222       4,562,297  

H&R Real Estate Investment Trust REIT (a)

      283,028       2,128,540  

InterRent Real Estate Investment Trust REIT (a)

      149,741       1,414,199  

Killam Apartment Real Estate Investment Trust REIT (a)

      130,167       1,732,977  

Minto Apartment Real Estate Investment Trust REIT

      41,389       520,686  

Nexus Industrial REIT (a)

      44,991       259,648  

Primaris Real Estate Investment Trust REIT (a)

      126,358       1,801,511  

RFA Financial, Inc. (a)

      31,928       621,386  

RioCan Real Estate Investment Trust REIT (a)

      311,188       5,012,712  

Slate Grocery, Class U REIT (a)

      62,587       779,186  

SmartCentres Real Estate Investment Trust
REIT (a)

      142,010       2,987,514  

Vital Infrastructure Property Trust REIT (a)

      242,474       945,218  
    

 

 

 

(Cost $60,049,261)

        59,409,720  
Chile — 0.8%     

Cencosud Shopping SA

      527,285       1,438,570  
 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  9

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2026

 

    

Number

  of Shares

         Value $

Parque Arauco SA

      790,626       3,464,755  

Plaza SA

      894,877       3,901,502  
    

 

 

 

(Cost $4,291,048)

        8,804,827  

China — 0.6%

     

A-Living Smart City Services Co. Ltd., Class H, 144A (a)

      915,946       273,472  

China Resources Mixc Lifestyle

     

Services Ltd., 144A

      732,154       3,886,188  

China Vanke Co. Ltd., Class H * (a)

      2,353,928       813,936  

Onewo, Inc., Class H (a)

      333,903       749,827  

Poly Property Services Co. Ltd., Class H

      171,593       648,066  
    

 

 

 

(Cost $10,958,470)

        6,371,489  

Egypt — 0.2%

     

Palm Hills Developments SAE *

      1,094,554       317,970  

Talaat Moustafa Group

      786,306       1,445,526  
    

 

 

 

(Cost $663,651)

        1,763,496  

Finland — 0.2%

     

Citycon OYJ *

      564       1,869  

Lumo Kodit OYJ (a)

      195,523       1,694,131  
    

 

 

 

(Cost $2,752,966)

        1,696,000  

France — 3.5%

     

Altarea SCA REIT

      6,449       815,782  

ARGAN SA REIT

      13,223       944,352  

Carmila SA REIT

      67,009       1,304,313  

Covivio SA REIT

      59,223       3,818,346  

Gecina SA REIT

      51,591       4,421,996  

ICADE REIT * (a)

      35,348       868,712  

Klepierre SA REIT

      240,385       9,823,724  

Mercialys SA REIT

      100,447       1,390,191  

Unibail-Rodamco-Westfield

     

REIT*

      115,849       13,429,785  
    

 

 

 

(Cost $29,948,826)

        36,817,201  

Germany — 2.8%

     

Deutsche Wohnen SE

      56,137       1,265,636  

LEG Immobilien SE

      81,353       5,292,624  

TAG Immobilien AG

      204,945       3,398,475  

Vonovia SE

      787,035       19,681,983  
    

 

 

 

(Cost $38,744,706)

        29,638,718  

Greece — 0.1%

     

LAMDA Development SA *

     

(Cost $792,126)

      105,854       762,776  

Hong Kong — 11.6%

     

C&D International Investment
Group Ltd. (a)

      1,066,590       2,147,497  

China Jinmao Holdings Group
Ltd.

      8,947,765       1,986,515  

China Overseas Land &
Investment Ltd.

      3,998,553       7,969,148  

China Overseas Property
Holdings Ltd.

      1,327,439       633,453  
    

Number

  of Shares

         Value $

China Resources Land Ltd.

      3,110,567       14,018,071  

CK Asset Holdings Ltd.

      2,195,988       13,264,357  

Fortune Real Estate Investment Trust REIT

      1,657,743       1,021,627  

Hang Lung Group Ltd.

      911,553       1,698,098  

Hang Lung Properties Ltd.

      1,917,643       1,967,215  

Henderson Land Development Co. Ltd. (a)

      1,434,963       5,668,519  

Hongkong Land Holdings Ltd.

      1,055,815       8,045,310  

Hysan Development Co. Ltd.

      642,374       1,528,603  

Kerry Properties Ltd.

      621,747       1,645,320  

Link REIT

      2,803,045       14,441,901  

New World Development Co. Ltd. * (a)

      1,482,337       1,554,701  

Poly Property Group Co. Ltd.

      2,093,967       555,727  

Shanghai Industrial Holdings Ltd.

      445,956       859,205  

Shenzhen Investment Ltd. * (a)

      2,552,913       257,330  

Sino Land Co. Ltd.

      4,363,034       6,574,557  

Sun Hung Kai Properties Ltd.

      1,409,498       23,685,264  

Swire Properties Ltd.

      1,036,334       2,940,780  

Wharf Holdings Ltd. (a)

      1,034,289       2,927,059  

Wharf Real Estate Investment Co. Ltd.

      1,807,434       5,544,021  

Yuexiu Property Co. Ltd.

      1,582,277       882,250  
    

 

 

 

(Cost $119,171,218)

        121,816,528  

India — 1.0%

     

Anant Raj Ltd.

      181,057       979,900  

DLF Ltd.

      1,028,258       6,392,518  

Godrej Properties Ltd. *

      167,024       3,099,086  
    

 

 

 

(Cost $9,001,254)

        10,471,504  

Indonesia — 0.1%

     

Bangun Kosambi Sukses PT *

      750,346       161,658  

PT Bumi Serpong Damai Tbk*

      5,981,030       210,859  

PT Ciputra Development Tbk

      8,974,812       323,937  

PT Kawasan Industri Jababeka Tbk

      11,690,227       81,119  

PT Lippo Karawaci Tbk*

      27,977,516       108,027  

PT Pakuwon Jati Tbk

      16,317,208       264,801  

PT Summarecon Agung Tbk

      7,750,458       124,042  

Sentul City Tbk PT *

      33,030,004       138,626  
    

 

 

 

(Cost $2,412,725)

        1,413,069  

Ireland — 0.1%

     

Irish Residential Properties REIT PLC REIT

     

(Cost $543,600)

      544,035       708,506  

Israel — 3.4%

     

Africa Israel Residences Ltd.

      7,187       590,916  

Airport City Ltd. *

      66,742       1,287,012  

Alony Hetz Properties & Investments Ltd.

      178,995       2,288,317  

Amot Investments Ltd.

      269,571       1,821,211  
 

 

See Notes to Financial Statements.

 

10  |  DBX ETF Trust  

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2026

 

    

Number

  of Shares

         Value $

Aura Investments Ltd.

      167,761       1,117,828  

Azrieli Group Ltd.

      39,532       6,603,590  

Big Shopping Centers Ltd.

      17,722       4,853,013  

Blue Square Real Estate Ltd.

      5,699       792,813  

Electra Real Estate Ltd. *

      35,057       607,491  

Gav-Yam Lands Corp. Ltd.

      70,510       973,601  

Israel Canada T.R Ltd.

      199,501       1,505,802  

Isras Investment Co. Ltd.

      1,248       373,939  

Kvutzat Acro Ltd. *

      38,849       682,901  

Melisron Ltd.

      25,058       3,973,062  

Menivim- The New REIT Ltd. REIT

      911,103       671,762  

Mivne Real Estate KD Ltd.

      607,230       3,125,552  

Prashkovsky Investments and Construction
Ltd. *

      8,071       479,921  

Reit 1 Ltd. REIT

      220,031       1,762,006  

Sella Capital Real Estate Ltd. REIT

      256,810       925,210  

Summit Real Estate Holdings

Ltd.

      41,140       741,810  
    

 

 

 

(Cost $21,054,648)

        35,177,757  

Japan — 21.8%

     

Activia Properties, Inc. REIT (a)

      2,231       1,833,123  

Advance Residence Investment Corp. REIT

      3,050       2,950,562  

AEON REIT Investment Corp. REIT

      1,841       1,420,157  

Arealink Co. Ltd.

      47,069       285,034  

Comforia Residential REIT, Inc. REIT

      2,286       1,516,437  

CRE Logistics REIT, Inc. REIT

      635       589,566  

Daito Trust Construction Co. Ltd.

      330,852       6,592,515  

Daiwa House REIT Investment Corp. REIT

      4,577       3,467,468  

Daiwa Office Investment Corp. REIT (a)

      595       1,188,580  

Daiwa Securities Living Investments Corp. REIT

      2,183       1,390,516  

Dear Life Co. Ltd.

      35,940       226,219  

ES-Con Japan Ltd. (a)

      56,179       387,843  

Frontier Real Estate Investment Corp. REIT

      2,724       1,396,309  

Fukuoka REIT Corp. REIT

      827       886,795  

Global One Real Estate Investment Corp. REIT

      976       686,676  

GLP J REIT

      5,176       4,347,203  

Goldcrest Co. Ltd.

      15,100       339,107  

Good Com Asset Co. Ltd. (a)

      14,836       128,239  

Hankyu Hanshin REIT, Inc. REIT (a)

      654       591,184  

Health Care & Medical Investment Corp. REIT

      444       306,524  

Heiwa Real Estate Co. Ltd.

      50,000       731,202  

Heiwa Real Estate REIT, Inc. REIT (a)

      1,190       1,014,404  
    

Number

  of Shares

         Value $

Hoosiers Holdings Co. Ltd.

      33,668       247,450  

Hoshino Resorts REIT, Inc. REIT

      657       993,403  

Hulic Co. Ltd.

      784,313       8,370,801  

Hulic Reit, Inc. REIT

      1,326       1,301,094  

Ichigo Hotel REIT Investment Corp. REIT (a)

      323       230,294  

Ichigo Office REIT Investment Corp. REIT

      1,005       548,618  

Ichigo, Inc.

      203,400       576,251  

Industrial & Infrastructure Fund Investment Corp. REIT

      2,717       2,392,885  

Invincible Investment Corp. REIT

      8,208       3,160,691  

JALCO Holdings, Inc. (a)

      80,400       164,649  

Japan Excellent, Inc. REIT

      1,236       1,090,885  

Japan Hotel REIT Investment Corp. REIT

      5,469       2,631,606  

Japan Logistics Fund, Inc. REIT

      2,922       1,686,863  

Japan Metropolitan Fund Invest REIT

      7,356       5,198,505  

Japan Prime Realty Investment Corp. REIT

      4,346       2,596,297  

Japan Real Estate Investment Corp. REIT

      7,641       5,486,314  

JINUSHI Co. Ltd.

      20,100       365,156  

Kasumigaseki Capital Co. Ltd. (a)

      20,505       783,155  

KDX Realty Investment Corp. REIT

      4,336       4,330,825  

Ki-Star Real Estate Co. Ltd.

      23,524       508,339  

LaSalle Logiport REIT

      1,858       1,700,550  

Leopalace21 Corp.

      237,104       927,921  

Loadstar Capital KK

      14,871       267,265  

Mirai Corp. REIT

      2,014       555,403  

Mirarth Holdings, Inc.

      119,429       310,595  

MIRARTH Real Estate Investment Corp. REIT

      1,093       568,506  

Mitsubishi Estate Co. Ltd.

      1,312,576       33,443,107  

Mitsubishi Estate Logistics REIT Investment Corp. REIT

      1,635       1,248,923  

Mitsui Fudosan Co. Ltd.

      2,969,544       28,550,079  

Mitsui Fudosan Logistics Park, Inc. REIT

      3,473       2,354,022  

Mori Hills REIT Investment Corp. REIT

      1,595       1,297,522  

Mori Trust Sogo Reit, Inc. REIT

      2,709       1,259,288  

Mugen Estate Co. Ltd.

      13,900       152,543  

Nippon Accommodations Fund, Inc. REIT

      2,700       2,135,373  

Nippon Building Fund, Inc. REIT

      9,479       7,586,058  

Nippon Kanzai Holdings Co. Ltd.

      23,763       411,102  

Nippon Prologis REIT, Inc. REIT (a)

      7,654       4,101,302  

NIPPON REIT Investment Corp. REIT

      1,942       1,047,916  

Nomura Real Estate Holdings, Inc.

      568,004       3,245,533  
 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  11

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2026

 

    

Number

  of Shares

         Value $

Nomura Real Estate Master Fund, Inc. REIT

      4,679       4,485,303  

NS Group, Inc.

      26,000       238,784  

NTT UD REIT Investment Corp. REIT

      1,506       1,251,610  

One REIT, Inc. REIT

      743       355,188  

Open House Group Co. Ltd.

      84,332       4,580,278  

Orix JREIT, Inc. REIT

      5,963       3,599,751  

Relo Group, Inc.

      113,208       1,309,583  

Samty Residential Investment Corp. REIT

      369       229,249  

Sankei Real Estate, Inc. REIT

      433       329,122  

Sekisui House Reit, Inc. REIT

      4,592       2,365,375  

SOSiLA Logistics REIT, Inc. REIT (a)

      824       592,675  

SRE Holdings Corp.

      14,433       217,687  

Star Asia Investment Corp. REIT

      2,917       1,002,324  

Star Mica Holdings Co. Ltd.

      21,295       207,479  

Starts Corp., Inc.

      42,536       1,213,100  

Starts Proceed Investment Corp. REIT

      250       292,575  

Sumitomo Realty & Development Co. Ltd.

      1,009,012       23,559,882  

Sun Frontier Fudousan Co. Ltd.

      16,506       246,050  

Tokyo Tatemono Co. Ltd.

      224,939       4,619,169  

Tokyu Fudosan Holdings Corp.

      653,196       5,412,184  

Tokyu REIT, Inc. REIT

      874       1,018,450  

Tosei Corp.

      66,100       667,685  

Tosei Reit Investment Corp. REIT

      372       306,592  

United Urban Investment Corp. REIT (a)

      3,447       3,512,177  
    

 

 

 

(Cost $218,684,263)

        227,715,024  

Luxembourg — 0.4%

     

Aroundtown SA *

      828,285       2,458,949  

Grand City Properties SA *

      35,443       401,194  

Shurgard Self Storage Ltd. REIT

      32,786       941,188  
    

 

 

 

(Cost $4,495,490)

        3,801,331  

Malaysia — 1.4%

     

Axis Real Estate Investment Trust REIT

      1,415,068       695,935  

Eco World Development Group Bhd

      1,439,183       776,759  

IGB Real Estate Investment Trust REIT

      2,093,056       1,462,236  

IOI Properties Group Bhd

      1,645,166       1,742,673  

KLCCP Stapled Group (b)

      207,854       464,461  

KSL Holdings Bhd

      427,403       334,161  

Mah Sing Group Bhd

      1,678,459       419,086  

Matrix Concepts Holdings Bhd

      1,418,335       447,142  

Pavilion Real Estate Investment Trust REIT

      1,431,832       664,457  

Sime Darby Property Bhd

      2,599,956       977,033  

SP Setia Bhd Group

      2,323,297       585,951  

Sunway Bhd

      2,520,152       3,432,237  
    

Number

  of Shares

         Value $

Sunway Real Estate Investment Trust REIT

      1,354,728       782,428  

Tanco Holdings Bhd*

      3,194,653       1,409,998  

UEM Sunrise Bhd

      1,882,630       268,269  
    

 

 

 

(Cost $8,760,733)

        14,462,826  

Mexico — 1.8%

     

Corp. Inmobiliaria Vesta SAB de CV

      951,418       3,341,303  

FIBRA Macquarie Mexico REIT, 144A

      846,790       2,129,067  

Fibra MTY SAPI de CV REIT (a)

      2,608,932       2,140,892  

Fibra Uno Administracion SA de CV REIT (a)

      2,966,150       5,131,466  

Prologis Property Mexico SA de CV REIT (a)

      1,195,469       5,746,761  
    

 

 

 

(Cost $12,162,854)

        18,489,489  

Netherlands — 1.0%

     

Argo Properties NV *

      23,470       1,117,639  

CTP NV, 144A (a)

      140,685       2,666,161  

Eurocommercial Properties NV REIT

      48,796       1,659,875  

NEPI Rockcastle NV *

      536,905       4,700,335  
    

 

 

 

(Cost $8,162,004)

        10,144,010  

New Zealand — 0.3%

     

Goodman New Zealand Ltd. & Goodman Property Services NZ Ltd.

      1,139,953       1,364,980  

Kiwi Property Group Ltd.

      1,820,884       1,024,754  

Precinct Properties Group (b)

      2,026,131       1,243,371  
    

 

 

 

(Cost $4,394,523)

        3,633,105  

Norway — 0.1%

     

Entra ASA, 144A (a)

     

(Cost $855,074)

      71,658       811,615  

Philippines — 1.1%

     

AREIT, Inc. REIT

      1,993,817       1,225,147  

Ayala Corp.

      365,328       2,589,426  

Ayala Land, Inc.

      7,191,629       1,702,244  

RL Commercial REIT, Inc. REIT

      9,391,041       1,091,600  

SM Prime Holdings, Inc.

      15,537,544       4,641,273  
    

 

 

 

(Cost $19,329,901)

        11,249,690  

Russia — 0.0%

     

LSR Group PJSC * (c)

      30,984       0  

PIK-Spetsializirovannyy Zastroyshchik PAO * (c)

      192,287       0  
    

 

 

 

(Cost $2,472,023)

        0  

Singapore — 6.5%

     

AIMS APAC REIT

      748,693       927,538  

Alpha Integrated Real Estate Investment Trust REIT

      605,396       232,598  

CapitaLand Ascendas REIT

      4,194,884       8,223,005  

CapitaLand Ascott Trust (b)

      2,974,336       2,087,294  

CapitaLand China Trust REIT (a)

      1,229,281       621,701  
 

 

See Notes to Financial Statements.

 

12  |  DBX ETF Trust  

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2026

 

    

Number

  of Shares

         Value $

Capitaland India Trust

      1,067,228       845,180  

CapitaLand Integrated Commercial Trust REIT

      6,460,971       11,499,905  

CapitaLand Investment Ltd.

      2,696,250       5,369,879  

CDL Hospitality Trusts (b)

      1,053,971       636,341  

Centurion Accommodation REIT REIT

      1,082,160       933,372  

Centurion Corp. Ltd.

      251,676       294,035  

City Developments Ltd.

      518,886       3,490,839  

Digital Core REIT Management Pte Ltd. REIT

      933,200       457,268  

ESR-REIT REIT

      812,846       1,516,896  

Frasers Centrepoint Trust REIT

      1,350,378       2,403,543  

Frasers Logistics & Commercial Trust REIT

      3,198,615       2,508,029  

Keppel REIT (a)

      3,305,740       2,242,102  

Keppel DC REIT

      2,100,291       3,804,189  

Lendlease Global Commercial REIT

      2,809,797       1,233,768  

Mapletree Industrial Trust REIT (a)

      2,223,433       3,382,178  

Mapletree Logistics Trust REIT

      3,623,914       3,409,807  

Mapletree Pan Asia Commercial Trust REIT

      2,458,671       2,467,635  

NTT DC REIT REIT (a)

      729,710       715,116  

Parkway Life Real Estate Investment Trust REIT

      468,207       1,472,153  

Propnex Ltd. (a)

      205,696       288,702  

Suntec Real Estate Investment Trust REIT

      1,930,858       2,225,555  

UOL Group Ltd.

      497,872       3,962,364  

Yanlord Land Group Ltd. (a)

      636,012       349,087  
    

 

 

 

(Cost $67,610,789)

        67,600,079  

South Africa — 1.1%

     

Equites Property Fund Ltd. REIT

      777,719       864,874  

Fortress Real Estate Investments Ltd., Class B

      980,587       1,447,106  

Growthpoint Properties Ltd. REIT

      2,910,887       3,003,435  

Hyprop Investments Ltd. REIT

      351,937       1,238,672  

Redefine Properties Ltd. REIT (a)

      6,167,934       2,285,111  

Resilient REIT Ltd. REIT

      276,630       1,401,162  

Vukile Property Fund Ltd. REIT

      1,191,337       1,712,513  
    

 

 

 

(Cost $8,149,610)

        11,952,873  

South Korea — 0.2%

     

ESR Kendall Square REIT Co. Ltd. REIT

      172,118       450,568  

JR Global Reit REIT (c)

      199,072       156,140  

SK Eternix Co. Ltd. *

      21,044       559,963  

SK REITs Co. Ltd. REIT

      231,398       838,376  
    

 

 

 

(Cost $2,012,172)

        2,005,047  

Spain — 1.0%

     

Colonial SFL Socimi SA REIT (a)

      275,150       1,843,037  
    

Number

  of Shares

         Value $

Merlin Properties Socimi SA REIT

      408,563       7,208,808  

Neinor Homes SA, 144A *

      55,452       1,031,473  
    

 

 

 

(Cost $7,236,036)

        10,083,318  

Sweden — 3.7%

     

Altra Fastigheter AB (a)

      178,170       1,394,177  

Atrium Ljungberg AB, Class B

      269,011       888,618  

Castellum AB

      394,565       5,362,999  

Catena AB

      52,551       2,480,354  

Cibus Real Estate AB publ (a)

      87,624       1,452,927  

Corem Property Group AB, Class B

      784,172       235,254  

Dios Fastigheter AB

      110,873       818,346  

Eastnine AB

      51,898       259,961  

Fabege AB

      221,948       1,917,023  

Fastighets AB Balder, Class B *

      759,255       4,359,862  

Hemnet Group AB

      91,132       971,700  

Hufvudstaden AB, Class A

      78,044       1,065,860  

Intea Fastigheter AB *

      198,364       1,675,725  

Logistea AB, Class B

      357,222       570,271  

NP3 Fastigheter AB

      35,592       1,129,446  

Pandox AB

      116,257       2,218,556  

Platzer Fastigheter Holding AB, Class B

      67,954       543,882  

Sagax AB, Class B (a)

      241,594       4,359,197  

Sagax AB, Class D

      134,314       516,410  

Samhallsbyggnadsbolaget i Norden AB * (a)

      1,295,181       480,156  

Sveafastigheter AB * (a)

      63,588       237,941  

Swedish Logistic Property AB, Class B *

      195,731       898,816  

Wallenstam AB, Class B

      538,638       2,350,972  

Wihlborgs Fastigheter AB

      297,082       2,738,113  
    

 

 

 

(Cost $40,797,304)

        38,926,566  

Switzerland — 3.2%

     

Allreal Holding AG

      16,630       4,458,930  

International Workplace Group PLC

      802,642       2,046,997  

Mobimo Holding AG

      8,001       3,635,189  

PSP Swiss Property AG

      49,548       9,435,903  

Swiss Prime Site AG

      86,338       14,464,253  
    

 

 

 

(Cost $23,675,666)

        34,041,272  

Taiwan — 0.9%

     

Advancetek Enterprise Co. Ltd.

      300,922       246,401  

Cathay Real Estate Development Co. Ltd.

      721,493       521,678  

Chong Hong Development Co. Ltd.

      268,099       634,184  

Da-Li Development Co. Ltd.

      430,127       582,190  

Delpha Construction Co. Ltd.

      546,831       326,435  

Farglory Land Development Co. Ltd.

      301,584       699,914  

Highwealth Construction Corp.

      2,016,665       2,700,646  
 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  13

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2026

 

    

Number

  of Shares

         Value $

Huaku Development Co. Ltd.

      304,150       1,160,266  

JSL Construction & Development Co Ltd.

      327,054       574,228  

Kindom Development Co. Ltd.

      446,296       425,274  

Ruentex Development Co. Ltd.

      2,089,105       1,553,883  

Sakura Development Co. Ltd.

      484,601       566,197  

Taiwan Land Development Corp. * (c)

      243,531       0  
    

 

 

 

(Cost $10,676,201)

        9,991,296  

Thailand — 1.3%

     

Amata Corp. PCL

      756,600       569,571  

Amata Corp. PCL, NVDR

      145,384       109,446  

AP Thailand PCL, NVDR

      2,560,337       574,296  

Asset World Corp. PCL, NVDR

      8,558,600       599,588  

Central Pattana PCL, NVDR

      3,572,280       7,079,799  

Land & Houses PCL, NVDR

      8,093,000       895,216  

MBK PCL

      1,070,200       611,637  

Quality Houses PCL, NVDR

      8,655,400       359,035  

Sansiri PCL, NVDR

      18,410,110       808,925  

Supalai PCL, NVDR

      1,240,265       590,693  

WHA Corp. PCL, NVDR

      10,762,896       1,620,470  
    

 

 

 

(Cost $13,916,032)

        13,818,676  

Turkey — 0.7%

     

AKIS Gayrimenkul Yatirimi AS REIT

      1,377,345       277,019  

Avrupakent Gayrimenkul Yatirim Ortakligi AS REIT

      114,120       155,669  

Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT

      2,071,295       862,066  

Is Gayrimenkul Yatirim Ortakligi AS REIT

      397,952       177,420  

Kiler Holding AS *

      368,710       709,834  

Kuyumcukent Gayrimenkul Yatirimlari AS REIT *

      432,671       722,191  

LYDIA HOLDING AS *

      93,136       406,300  

Peker Gayrimenkul Yatirim Ortakligi AS REIT *

      5,026,734       1,466,668  

Reysas Gayrimenkul Yatirim Ortakligi AS REIT *

      611,166       419,237  

Ronesans Gayrimenkul Yatirim AS

      64,070       268,332  

Sinpas Gayrimenkul Yatirim Ortakligi AS REIT *

      2,165,601       169,410  

Tera Yatirim Teknoloji Holding AS REIT *

      2,115,110       1,307,087  

Torunlar Gayrimenkul Yatirim Ortakligi AS REIT

      145,661       285,185  

Ziraat Gayrimenkul Yatirim Ortakligi AS REIT

      960,044       342,875  
    

 

 

 

(Cost $5,706,938)

        7,569,293  

United Kingdom — 6.4%

     

Big Yellow Group PLC REIT

      212,002       2,396,168  

British Land Co. PLC REIT

      1,088,868       5,947,287  

Derwent London PLC REIT

      113,784       2,727,013  
    

Number

  of Shares

         Value $

Grainger PLC REIT

      719,499       1,533,332  

Great Portland Estates PLC REIT

      391,404       1,648,202  

Hammerson PLC REIT

      571,751       2,657,348  

Land Securities Group PLC REIT

      810,747       6,874,011  

LondonMetric Property PLC REIT

      2,359,806       6,034,175  

Picton Property Income Ltd. REIT

      560,216       554,276  

Primary Health Properties PLC REIT

      2,809,490       3,554,152  

Rightmove PLC

      837,230       4,736,505  

Safestore Holdings PLC REIT

      235,726       2,039,937  

Savills PLC

      147,001       1,648,610  

Segro PLC REIT

      1,336,277       13,015,735  

Shaftesbury Capital PLC REIT

      1,611,341       2,945,245  

Tritax Big Box REIT PLC REIT

      2,400,215       4,875,707  

UNITE Group PLC REIT

      462,004       3,216,550  

Workspace Group PLC REIT

      153,022       723,169  
    

 

 

 

(Cost $73,520,189)

        67,127,422  

TOTAL COMMON STOCKS

     
    

 

 

 

(Cost $971,533,559)

        1,028,697,059  

RIGHTS — 0.0%

     

Chile — 0.0%

     

Parque Arauco SA*, expires 6/3/26

     

(Cost $0)

      65,421       22,050  

WARRANTS — 0.0%

     

Malaysia — 0.0%

     

Eco World Development Group Bhd* , expires 4/12/29

     

(Cost $0)

      106,640       24,475  

EXCHANGE-TRADED FUNDS — 0.3%

     

Vanguard Global ex-U.S. Real Estate ETF (a)

     

(Cost $3,651,104)

      80,000       3,680,800  

SECURITIES LENDING

     

COLLATERAL — 5.9%

     

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.53% (d)(e)

     

(Cost $62,068,849)

      62,068,849       62,068,849  

CASH EQUIVALENTS — 0.4%

     

DWS Government Money Market Series “Institutional Shares”, 3.57% (d)

     

(Cost $3,715,034)

      3,715,034       3,715,034  
 

 

See Notes to Financial Statements.

 

14  |  DBX ETF Trust  

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2026

 

    

Number

  of Shares

         Value $
TOTAL INVESTMENTS — 105.0%     

(Cost $1,040,968,546)

        1,098,208,267  

Other assets and liabilities,

net — (5.0%)

        (52,540,055 ) 
    

 

 

 

NET ASSETS — 100.0%        1,045,668,212  

 

 

 

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2026 is as follows:

 

 Value ($) at
 5/31/2025		    Purchases Cost
($)		      Sales Proceeds
($)		      Net Realized
Gain/(Loss)
($)		      Net Change
in Unrealized
Appreciation
(Depreciation)
($)		      Income ($)      Capital Gain
Distributions
($)		      Number of
Shares at
5/31/2026		      Value ($) at
5/31/2026		  

SECURITIES LENDING COLLATERAL — 5.9%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.53% (d)(e)

 

89,001,092      —         (26,932,243)  (f)         —         —         648,568         —         62,068,849         62,068,849   

CASH EQUIVALENTS — 0.4%

 

DWS Government Money Market Series “Institutional Shares”, 3.57% (d)

 

834,418      71,750,402         (68,869,786)             —         —         104,579         —         3,715,034         3,715,034   
89,835,510      71,750,402         (95,802,029)             —         —         753,147         —         65,783,882         65,783,883   

 

*

Non-income producing security.

(a)

All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at May 31, 2026 amounted to $66,554,755, which is 6.4% of net assets.

(b)

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

(c)

Investment was valued using significant unobservable inputs.

(d)

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

(e)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $9,190,856.

(f)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2026.

 

CVA:

Certificaten Van Aandelen (Dutch Certificate)

NVDR:

Non Voting Depositary Receipt

PJSC:

Public Joint Stock Company

REIT:

Real Estate Investment Trust

SAE:

Societe Anonyme Egyptienne

144A:

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

Securities are listed in country of domicile.

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  15

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2026

 

At May 31, 2026, open futures contracts purchased were as follows:

 

Contract Description    Currency      Number of
Contracts		      Notional
Amount ($)		      Contract Value
($)		      Expiration
Date		      Unrealized 
Appreciation ($)		  

CAC 40 Index

      EUR        10        933,694        954,624        6/19/2026        20,930  

E-Mini S&P Mid 400 Index

      USD        6        2,153,180        2,239,200        6/18/2026        86,020  

EURO STOXX 50 Index

      EUR        14        941,603        990,695        6/19/2026        49,092  

EURO STOXX 600 Real Estate Index

      EUR        650        4,706,835        4,744,531        6/19/2026        37,696  

S&P/TSX 60 Index Mini

      CAD        20        1,414,146        1,468,477        6/18/2026        54,331  

SPI 200 Index

      AUD        10        1,553,981        1,573,907        6/18/2026        19,926  

TOPIX Index

      JPY        4        900,495        995,540        6/11/2026        95,045  
Total unrealized appreciation                                                   363,040  

Currency Abbreviations

 

 

AUD

Australian Dollar

 

CAD

Canadian Dollar

 

EUR

Euro

 

JPY

Japanese Yen

 

USD

U.S. Dollar

Fair Value Measurements

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

The following is a summary of the inputs used as of May 31, 2026 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

 

Assets    Level 1      Level 2      Level 3      Total  

Common Stocks (a)

    $   1,028,540,919      $      —      $   156,140      $   1,028,697,059  

Rights

      22,050        —        —        22,050  

Warrants

      24,475        —        —        24,475  

Exchange-Traded Funds

      3,680,800        —        —        3,680,800  

Short-Term Investments (a)

      65,783,883        —        —        65,783,883  

Derivatives (b)

            

Futures Contracts

      363,040        —        —        363,040  
TOTAL    $   1,098,415,167      $      —      $   156,140      $ 1,098,571,307  

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

(b)

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

 

See Notes to Financial Statements.

 

16  |  DBX ETF Trust  

Schedule of Investments

Xtrackers Semiconductor Select Equity ETF

May 31, 2026

 

    

Number

  of Shares

         Value $
COMMON STOCKS — 99.7%     
Electronic Components — 2.7%     

Coherent Corp. *

      3,112       1,124,895  

Samsung Electro-Mechanics Co. Ltd.

      917       1,294,266  
    

 

 

 

(Cost $1,033,291)

        2,419,161  
Electronic Manufacturing     
Services — 1.6%     

Fabrinet *

      605       395,767  

TE Connectivity PLC

      4,878       1,041,014  
    

 

 

 

(Cost $1,347,880)

        1,436,781  
Industrial Machinery &     
Supplies — 0.4%     

VAT Group AG, 144A

     

(Cost $263,648)

      450       351,776  
Semiconductor Materials &     
Equipment — 23.6%     

Advantest Corp.

      12,084       1,986,546  

Applied Materials, Inc.

      6,652       2,993,799  

ASM International NV

      764       800,969  

ASML Holding NV

      1,837       2,968,580  

BE Semiconductor Industries NV

      1,188       394,274  

Disco Corp.

      1,468       600,239  

Entegris, Inc.

      2,511       348,502  

KLA Corp.

      1,532       2,944,060  

Lam Research Corp.

      10,238       3,257,527  

Lasertec Corp.

      1,294       326,203  

MKS, Inc.

      1,036       335,933  

MPI Corp.

      1,400       266,364  

Nova Ltd. *

      519       272,695  

Onto Innovation, Inc. *

      838       216,405  

Teradyne, Inc.

      2,604       974,703  

Tokyo Electron Ltd.

      7,590       2,499,327  
    

 

 

 

(Cost $14,525,410)

        21,186,126  
Semiconductors — 71.4%     

Advanced Micro Devices, Inc. *

      11,207       5,783,933  

Analog Devices, Inc.

      7,549       3,124,154  

ARM Holdings PLC, ADR *

      1,662       587,168  

ASE Technology Holding Co. Ltd.

      63,210       1,232,903  

ASPEED Technology, Inc.

      475       287,346  

Astera Labs, Inc. *

      2,205       755,984  

Broadcom, Inc.

      7,461       3,333,351  

Credo Technology Group Holding Ltd. *

      2,732       644,834  

First Solar, Inc. *

      1,692       519,089  

Infineon Technologies AG

      21,656       2,049,771  

Intel Corp. *

      42,862       4,915,414  

Jentech Precision Industrial Co. Ltd.

      1,700       192,383  

Lattice Semiconductor Corp. *

      2,246       330,342  

Marvell Technology, Inc.

      14,545       2,981,725  

MediaTek, Inc.

      23,950       3,295,223  
    

Number

  of Shares

         Value $

Microchip Technology, Inc.

      8,807       833,582  

Micron Technology, Inc.

      6,295       6,112,445  

Monolithic Power Systems, Inc.

      791       1,238,872  

NVIDIA Corp.

      14,416       3,043,794  

NXP Semiconductors NV

      4,203       1,350,634  

ON Semiconductor Corp. *

      6,533       788,010  

QUALCOMM, Inc.

      17,740       4,453,095  

Renesas Electronics Corp.

      27,700       783,027  

SK hynix, Inc.

      3,934       6,090,260  

STMicroelectronics NV

      10,461       719,631  

STMicroelectronics NV, Class Y

      424       29,387  

Taiwan Semiconductor Manufacturing Co. Ltd.

      43,145       3,243,571  

Texas Instruments, Inc.

      12,342       3,772,702  

Tower Semiconductor Ltd. *

      1,848       531,108  

United Microelectronics Corp.

      195,942       903,852  
    

 

 

 

(Cost $34,588,716)

        63,927,590  
TOTAL COMMON STOCKS     
    

 

 

 

(Cost $51,758,945)

        89,321,434  
EXCHANGE-TRADED FUNDS — 0.1%     

Invesco PHLX Semiconductor ETF

     

(Cost $131,763)

      1,500       151,545  
CASH EQUIVALENTS — 0.1%     

DWS Government Money Market Series “Institutional Shares”, 3.57% (a)

     

(Cost $55,935)

      55,935       55,935  

TOTAL INVESTMENTS — 99.9%

     

(Cost $51,946,643)

        89,528,914  

Other assets and liabilities, net — 0.1%

        51,682  
    

 

 

 

NET ASSETS — 100.0%        89,580,596  
 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  17

Schedule of Investments

Xtrackers Semiconductor Select Equity ETF (Continued)

May 31, 2026

 

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2026 is as follows:

 

 Value ($) at
 5/31/2025		    Purchases Cost ($)      Sales Proceeds
($)		      Net Realized
Gain/(Loss)
($)		      Net Change
in Unrealized
Appreciation
(Depreciation)
($)		      Income ($)      Capital Gain
Distributions
($)		      Number of
Shares at
5/31/2026		      Value ($) at
5/31/2026		  

SECURITIES LENDING COLLATERAL — 0.0%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.53% (a)(b)

 

—      —         —         —         —         53         —         —         —   

CASH EQUIVALENTS — 0.1%

 

DWS Government Money Market Series “Institutional Shares”, 3.57% (a)

 

1,387      2,562,500         (2,507,952)         —         —         1,012         —         55,935         55,935   
1,387      2,562,500         (2,507,952)         —         —         1,065         —         55,935         55,935   

 

*

Non-income producing security.

(a)

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

(b)

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

 

ADR:

American Depositary Receipt

144A:

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

 

Contract Description    Currency    Number of
Contracts		    Notional
Amount ($)		      Contract Value
($)		      Expiration
Date		     

Unrealized 

Appreciation ($)

  

Micro E-mini NASDAQ 100 Index

    USD    1      58,316        60,811        6/18/2026        2,495  

Currency Abbreviations

                                                      

USD   U.S. Dollar

                  

 

See Notes to Financial Statements.

 

18  |  DBX ETF Trust  

Schedule of Investments

Xtrackers Semiconductor Select Equity ETF (Continued)

May 31, 2026

 

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, 2026 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)

    $ 89,321,434      $ —      $ —      $ 89,321,434  

Exchange-Traded Funds

      151,545        —        —        151,545  

Short-Term Investments (a)

      55,935        —        —        55,935  

Derivatives (b)

            

Futures Contracts

      2,495        —        —        2,495  
TOTAL    $   89,531,409      $      —      $      —      $   89,531,409  

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

(b)

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

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  19

Schedule of Investments

Xtrackers US Green Infrastructure Select Equity ETF

May 31, 2026

 

    

Number

  of Shares

         Value $
COMMON STOCKS — 99.8%     
Consumer Discretionary — 10.6%     

Lucid Group, Inc., Class A * (a)

      14,065       92,126  

Quantumscape Corp., Class A * (a)

      19,959       179,232  

Rivian Automotive, Inc., Class A * (a)

      8,094       131,932  

Solid Power, Inc. *

      41,671       137,931  

Tesla, Inc. *

      357       155,577  
    

 

 

 

(Cost $800,861)

        696,798  
Energy — 3.8%     

Gevo, Inc. *

      64,580       120,119  

Green Plains, Inc. *

      8,110       127,083  
    

 

 

 

(Cost $155,207)

        247,202  
Industrials — 61.7%     

Array Technologies, Inc. * (a)

      17,108       155,341  

AZZ, Inc.

      907       122,908  

Bloom Energy Corp., Class A *

      770       219,450  

Carrier Global Corp.

      2,007       128,187  

Casella Waste Systems, Inc., Class A *

      1,422       116,846  

Clean Harbors, Inc. *

      408       114,660  

Energy Vault Holdings, Inc. * (a)

      37,378       188,759  

EnerSys

      651       148,408  

Eos Energy Enterprises, Inc. * (a)

      20,731       174,762  

Fluence Energy, Inc., Class A *

      9,096       171,733  

FuelCell Energy, Inc. *

      18,832       407,901  

Graco, Inc.

      1,392       105,026  

IDEX Corp.

      618       130,293  

Ingersoll Rand, Inc.

      1,417       101,514  

Lennox International, Inc.

      252       126,544  

Microvast Holdings, Inc. * (a)

      78,565       121,776  

Modine Manufacturing Co. *

      511       142,523  

Nextpower, Inc., Class A *

      1,086       169,850  

Onterris, Inc. *

      5,468       87,543  

Parker-Hannifin Corp.

      125       105,579  

Plug Power, Inc. *

      45,017       177,817  

Republic Services, Inc.

      568       113,850  

Shoals Technologies Group, Inc., Class A *

      17,697       220,328  

Sunrun, Inc. *

      9,253       154,710  

Veralto Corp.

      1,376       113,148  

Waste Management, Inc.

      529       111,862  

 

    

Number

  of Shares

         Value $

Xylem, Inc.

      953       104,392  
    

 

 

 

(Cost $2,928,108)

        4,035,710  

Information Technology — 4.6%

     

First Solar, Inc. *

      625       191,744  

Itron, Inc. *

      1,297       106,976  
    

 

 

 

(Cost $227,671)

        298,720  
Materials — 12.8%     

Ecolab, Inc.

      453       115,968  

Purecycle Technologies, Inc. * (a)

      22,633       280,423  

Reliance, Inc.

      383       145,835  

Ryerson Holding Corp.

      5,064       144,830  

Worthington Steel, Inc.

      3,583       151,167  
    

 

 

 

(Cost $610,204)

        838,223  
Utilities — 6.3%     

Brookfield Renewable Corp.

      2,915       116,542  

Ormat Technologies, Inc.

      1,084       148,757  

XPLR Infrastructure LP *

      12,081       150,771  
    

 

 

 

(Cost $335,818)

        416,070  
TOTAL COMMON STOCKS     
    

 

 

 

(Cost $5,057,869)

        6,532,723  
EXCHANGE-TRADED FUNDS — 0.1%     

Global X US Infrastructure Development ETF

     

(Cost $6,070)

      135       7,602  

SECURITIES LENDING

     
COLLATERAL — 7.8%     

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.53% (b)(c)

     

(Cost $506,925)

      506,925       506,925  
CASH EQUIVALENTS — 0.0%     

DWS Government Money Market Series “Institutional Shares”, 3.57% (b)

     

(Cost $1,475)

      1,475       1,475  
TOTAL INVESTMENTS — 107.7%     

(Cost $5,572,339)

        7,048,725  
Other assets and liabilities, net — (7.7%)        (504,807 ) 
    

 

 

 

NET ASSETS — 100.0%        6,543,918  
 

 

See Notes to Financial Statements.

 

20  |  DBX ETF Trust  

Schedule of Investments

Xtrackers US Green Infrastructure Select Equity ETF (Continued)

May 31, 2026

 

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2026 is as follows:

 

 Value ($) at

 5/31/2025

    Purchases
Cost ($)		     Sales Proceeds
($)		     Net Realized
Gain/(Loss)
($)		      Net Change
in Unrealized
Appreciation
(Depreciation)
($)		      Income ($)      Capital Gain
Distributions
($)		      Number of
Shares at
5/31/2026		      Value ($) at
5/31/2026		  

SECURITIES LENDING COLLATERAL — 7.8%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.53% (b)(c)

 

410,100      96,825  (d)      —        —         —         15,971         —         506,925         506,925   

CASH EQUIVALENTS — 0.0%

 

DWS Government Money Market Series “Institutional Shares”, 3.57% (b)

 

1,769      59,118        (59,412 )       —         —         123         —         1,475         1,475   
411,869      155,943        (59,412 )       —         —         16,094         —         508,400         508,400   

 

*

Non-income producing security.

(a)

All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at May 31, 2026 amounted to $1,011,224, which is 15.5% of net assets.

(b)

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

(c)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $550,709.

(d)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2026.

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, 2026 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)

    $    6,532,723      $      —      $      —      $    6,532,723  

Exchange-Traded Funds

      7,602        —        —        7,602  

Short-Term Investments (a)

      508,400        —        —        508,400  
TOTAL    $ 7,048,725      $ —      $ —      $ 7,048,725  

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  21

Schedule of Investments

Xtrackers US National Critical Technologies ETF

May 31, 2026

 

    

Number

  of Shares

         Value $
COMMON STOCKS — 99.4%     
Communication Services — 14.1%     

Airtel Africa PLC, 144A

      21,794       103,584  

Alphabet, Inc., Class A

      17,438       6,632,369  

AT&T, Inc.

      41,890       1,038,872  

Autotrader Group PLC, 144A

      13,103       77,979  

BCE, Inc.

      5,711       144,190  

BT Group PLC

      32,357       91,069  

CAR Group Ltd.

      4,874       87,110  

Charter Communications, Inc., Class A * (a)

      571       82,253  

Comcast Corp., Class A

      21,359       531,198  

Electronic Arts, Inc.

      1,357       273,734  

Meta Platforms, Inc., Class A

      8,997       5,690,692  

Pinterest, Inc., Class A * (a)

      4,375       87,719  

Quebecor, Inc., Class B

      2,167       105,239  

ROBLOX Corp., Class A *

      3,957       186,573  

Rogers Communications, Inc., Class B

      2,551       98,518  

Spark New Zealand Ltd.

      73,683       86,463  

Take-Two Interactive Software, Inc. *

      1,037       232,454  

Telstra Group Ltd.

      67,416       252,715  

TELUS Corp.

      10,281       129,189  

T-Mobile US, Inc.

      2,906       544,962  

TPG Telecom Ltd.

      28,431       79,779  

Trade Desk, Inc., Class A *

      3,878       83,610  

Verizon Communications, Inc.

      25,449       1,216,717  

Warner Bros Discovery, Inc. *

      14,434       389,862  
    

 

 

 

(Cost $16,038,179)

        18,246,850  
Consumer Discretionary — 5.3%     

Amazon.com, Inc. *

      23,378       6,327,022  

Expedia Group, Inc.

      692       156,247  

General Motors Co.

      5,431       452,076  
    

 

 

 

(Cost $5,462,765)

        6,935,345  
Energy — 6.0%     

Ampol Ltd.

      3,647       88,062  

Chevron Corp.

      12,011       2,191,527  

Exxon Mobil Corp.

      25,085       3,643,847  

Imperial Oil Ltd.

      885       105,085  

Marathon Petroleum Corp.

      1,774       441,318  

Phillips 66

      2,423       426,157  

Suncor Energy, Inc.

      7,146       447,004  

Valero Energy Corp.

      1,814       444,104  
    

 

 

 

(Cost $6,023,892)

        7,787,104  
Financials — 0.4%     

Block, Inc. *

      3,156       238,972  

Fidelity National Information

     

Services, Inc.

      3,121       134,172  

Global Payments, Inc.

      1,392       105,110  
    

Number

  of Shares

         Value $

Wise Group PLC, Class A *

      6,180       77,805  
    

 

 

 

(Cost $640,988)

        556,059  
Health Care — 12.7%     

Abbott Laboratories

      10,488       897,773  

AbbVie, Inc.

      10,704       2,330,475  

Agilent Technologies, Inc.

      1,689       228,910  

Alnylam Pharmaceuticals, Inc. *

      810       244,604  

Amgen, Inc.

      3,265       1,099,619  

Astellas Pharma, Inc.

      10,100       144,848  

Biogen, Inc. *

      885       173,460  

Boston Scientific Corp. *

      8,980       433,824  

Bristol-Myers Squibb Co.

      12,334       705,258  

CSL Ltd.

      2,916       202,694  

Danaher Corp.

      3,919       715,884  

Dexcom, Inc. *

      2,333       172,035  

GE HealthCare Technologies, Inc.

      2,760       172,058  

Gilead Sciences, Inc.

      7,500       1,008,225  

GSK PLC

      23,620       599,043  

Haleon PLC

      51,601       234,194  

ICON PLC *

      878       119,469  

IDEXX Laboratories, Inc. *

      484       272,748  

Intuitive Surgical, Inc. *

      2,133       905,757  

IQVIA Holdings, Inc. *

      995       181,299  

Labcorp Holdings, Inc.

      495       128,730  

Medtronic PLC

      7,790       574,980  

Mettler-Toledo International, Inc. *

      121       142,850  

Pfizer, Inc.

      34,448       901,849  

Pro Medicus Ltd.

      887       84,408  

Quest Diagnostics, Inc.

      665       129,608  

Regeneron Pharmaceuticals, Inc.

      619       380,549  

ResMed, Inc.

      880       167,702  

Royalty Pharma PLC, Class A

      2,492       138,954  

Sandoz Group AG

      2,517       211,320  

Teva Pharmaceutical Industries Ltd. *

      6,724       236,010  

Thermo Fisher Scientific, Inc.

      2,247       1,106,670  

UCB SA

      712       209,130  

Veeva Systems, Inc., Class A *

      881       153,594  

Vertex Pharmaceuticals, Inc. *

      1,538       688,316  

Waters Corp. *

      596       228,608  

Zoetis, Inc.

      2,543       197,566  
    

 

 

 

(Cost $17,376,484)

        16,523,021  
Industrials — 13.2%     

AMETEK, Inc.

      1,375       310,544  

Atlas Arteria Ltd. (b)

      24,972       88,579  

Auckland International Airport Ltd.

      18,468       91,440  

Automatic Data Processing, Inc.

      2,440       541,290  

BAE Systems PLC

      17,759       484,271  

Boeing Co. *

      4,767       1,101,892  
            
 

 

See Notes to Financial Statements.

 

22  |  DBX ETF Trust  

Schedule of Investments

Xtrackers US National Critical Technologies ETF (Continued)

May 31, 2026

 

    

Number

  of Shares

         Value $

Broadridge Financial Solutions, Inc.

      684       105,144  

CAE, Inc. *

      3,607       93,451  

Carrier Global Corp.

      4,747       303,191  

Dover Corp.

      812       171,624  

Eaton Corp. PLC

      2,346       939,808  

Emerson Electric Co.

      3,399       488,844  

Experian PLC

      5,420       187,981  

Ferrovial NV (a)

      2,801       191,869  

Fortive Corp.

      1,847       107,717  

GE Vernova, Inc.

      1,624       1,572,552  

General Dynamics Corp.

      1,629       564,970  

Honeywell International, Inc.

      3,834       911,955  

Howmet Aerospace, Inc.

      2,398       619,283  

Illinois Tool Works, Inc.

      1,734       428,783  

Ingersoll Rand, Inc.

      2,386       170,933  

Johnson Controls International PLC

      3,696       495,486  

L3Harris Technologies, Inc.

      1,131       356,469  

Leidos Holdings, Inc.

      806       103,007  

Lockheed Martin Corp.

      1,393       738,917  

Mainfreight Ltd.

      2,494       96,682  

Melrose Industries PLC

      13,279       84,253  

Northrop Grumman Corp.

      861       485,328  

PACCAR, Inc.

      3,128       345,237  

Parker-Hannifin Corp.

      760       641,919  

Rockwell Automation, Inc.

      677       305,368  

Rolls-Royce Holdings PLC

      49,377       890,144  

RTX Corp.

      8,144       1,463,151  

Smiths Group PLC

      2,509       83,333  

SS&C Technologies Holdings, Inc.

      1,373       92,705  

Thomson Reuters Corp.

      981       85,128  

TransDigm Group, Inc.

      338       425,312  

Transurban Group (b)

      18,775       202,359  

Vertiv Holdings Co., Class A

      2,317       731,500  
    

 

 

 

(Cost $13,293,764)

        17,102,419  
Information Technology — 39.2%     

Adobe, Inc. *

      2,448       634,546  

Advanced Micro Devices, Inc. *

      9,811       5,063,457  

Amdocs Ltd.

      1,377       86,710  

Analog Devices, Inc.

      2,955       1,222,927  

AppLovin Corp., Class A *

      1,854       1,136,669  

Arista Networks, Inc. *

      7,621       1,215,321  

Atlassian Corp., Class A *

      1,291       138,925  

Autodesk, Inc. *

      1,279       295,845  

Cadence Design Systems, Inc. *

      1,661       622,759  

Capgemini SE *

      1,015       120,755  

Celestica, Inc. *

      696       269,301  

Cellebrite DI Ltd. *

      7,053       103,891  

CGI, Inc.

      1,229       85,898  
            
            
    

Number

  of Shares

         Value $

Check Point Software

     

Technologies Ltd. *

      673       90,889  

Circle Internet Group, Inc. *

      1,082       122,266  

Cisco Systems, Inc.

      23,814       2,867,682  

Cloudflare, Inc., Class A *

      1,923       465,020  

Cognizant Technology Solutions

     

Corp., Class A

      2,865       159,738  

Constellation Software, Inc.

      117       239,753  

CoreWeave, Inc., Class A *

      2,680       293,540  

Corning, Inc.

      4,770       864,133  

Crowdstrike Holdings, Inc., Class A *

      1,482       1,083,342  

Datadog, Inc., Class A *

      1,944       480,848  

Dell Technologies, Inc., Class C

      1,826       768,582  

Fair Isaac Corp. *

      137       171,331  

Fortinet, Inc. *

      4,476       617,554  

Halma PLC

      2,172       137,077  

Hewlett Packard Enterprise Co.

      8,123       349,614  

HubSpot, Inc. *

      398       87,811  

International Business Machines Corp.

      5,684       1,692,695  

Intuit, Inc.

      1,638       543,046  

IREN Ltd. * (a)

      1,922       122,124  

Keysight Technologies, Inc. *

      1,035       350,172  

KLA Corp.

      788       1,514,307  

Lam Research Corp.

      7,557       2,404,486  

Microchip Technology, Inc.

      3,237       306,382  

Microsoft Corp.

      14,368       6,469,048  

Monday.com Ltd. * (a)

      1,318       110,211  

MongoDB, Inc. *

      472       158,380  

Motorola Solutions, Inc.

      1,000       403,280  

Nice Ltd., ADR * (a)

      194       17,976  

Nice Ltd. *

      695       62,002  

NVIDIA Corp.

      28,173       5,948,447  

Open Text Corp.

      4,066       96,754  

Oracle Corp.

      10,350       2,336,823  

Palantir Technologies, Inc., Class A *

      13,249       2,073,998  

Palo Alto Networks, Inc. *

      4,934       1,389,858  

Roper Technologies, Inc.

      622       202,480  

Sage Group PLC

      7,231       82,109  

Salesforce, Inc.

      4,820       921,102  

ServiceNow, Inc. *

      6,204       771,591  

Shopify, Inc., Class A *

      7,408       884,142  

Snowflake, Inc. *

      2,015       514,933  

Strategy, Inc. * (a)

      1,976       314,362  

Synopsys, Inc. *

      1,105       525,560  

Technology One Ltd.

      4,267       91,612  

Trimble, Inc. *

      1,318       74,348  

VeriSign, Inc.

      547       156,103  

WiseTech Global Ltd.

      2,857       74,023  

Wix.com Ltd. * (a)

      1,164       65,254  

Workday, Inc., Class A *

      1,292       188,877  
            
 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  23

Schedule of Investments

Xtrackers US National Critical Technologies ETF (Continued)

May 31, 2026

 

    

Number

  of Shares

         Value $

Xero Ltd. *

      1,523       82,371  

Zoom Communications, Inc. *

      1,608       163,357  

Zscaler, Inc. *

      639       89,287  
    

 

 

 

(Cost $41,053,574)

        50,997,684  
Materials — 3.1%     

Air Products and Chemicals, Inc.

      1,342       373,908  

Antofagasta PLC

      2,016       111,362  

BHP Group Ltd.

      30,699       1,376,299  

First Quantum Minerals Ltd. *

      3,946       121,570  

Freeport-McMoRan, Inc.

      8,691       571,086  

Lundin Mining Corp.

      4,113       122,953  

Lynas Rare Earths Ltd. *

      6,805       93,958  

Martin Marietta Materials, Inc.

      362       210,554  

Northern Star Resources Ltd.

      8,268       111,897  

Nucor Corp.

      1,367       341,750  

Orica Ltd.

      5,796       95,456  

South32 Ltd.

      28,012       96,944  

Teck Resources Ltd., Class B

      2,795       185,508  

Vulcan Materials Co.

      794       224,638  
    

 

 

 

(Cost $2,866,095)

        4,037,883  
Real Estate — 0.1%     

CoStar Group, Inc. *

     

(Cost $178,332)

      2,510       80,822  
Utilities — 5.3%     

American Electric Power Co., Inc.

      3,277       415,098  

Constellation Energy Corp.

      2,195       631,611  

Dominion Energy, Inc.

      5,295       354,447  

Edison International

      2,317       162,051  

Emera, Inc.

      1,901       99,497  

Energix-Renewable Energies Ltd.

      12,618       130,391  

Entergy Corp.

      2,767       301,741  

Exelon Corp.

      6,184       282,238  

FirstEnergy Corp.

      3,499       162,319  

Fortis, Inc.

      3,065       169,676  

Hydro One Ltd., 144A

      2,003       82,443  

Iberdrola SA

      39,982       909,812  

Mercury NZ Ltd.

      22,263       92,636  

Meridian Energy Ltd.

      27,736       97,474  

National Grid PLC

      30,242       487,342  

NextEra Energy, Inc.

      12,584       1,094,934  

Orsted AS, 144A *

      3,331       85,378  

PPL Corp.

      4,564       161,520  

Southern Co.

      6,821       627,873  

SSE PLC

      7,119       223,684  

Vistra Corp.

      2,051       328,632  
    

 

 

 

(Cost $5,749,721)

        6,900,797  
TOTAL COMMON STOCKS     
    

 

 

 

(Cost $108,683,794)

        129,167,984  
    

Number

  of Shares

         Value $
EXCHANGE-TRADED FUNDS — 0.1%     

Xtrackers Artificial Intelligence

     

And Big Data ETF (a)(c)

     

(Cost $110,659)

      3,150       184,299  
SECURITIES LENDING COLLATERAL — 0.0%     

DWS Government & Agency

     

Securities Portfolio

     

“DWS Government Cash

     

Institutional Shares”, 3.53% (d)(e)

     

(Cost $67,500)

      67,500       67,500  
CASH EQUIVALENTS — 0.3%     

DWS Government Money Market

     

Series “Institutional Shares”, 3.57% (d)

     

(Cost $342,223)

      342,223       342,223  
TOTAL INVESTMENTS — 99.8%     

(Cost $109,204,176)

        129,762,006  
Other assets and liabilities, net — 0.2%        206,171  
    

 

 

 

NET ASSETS — 100.0%        129,968,177  
 

 

See Notes to Financial Statements.

 

24  |  DBX ETF Trust  

Schedule of Investments

Xtrackers US National Critical Technologies ETF (Continued)

May 31, 2026

 

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2026 is as follows:

 

Value ($) at
5/31/2025		    Purchases Cost
($)		      Sales Proceeds
($)		      Net Realized
Gain/(Loss)
($)		      Net Change
in Unrealized
Appreciation
(Depreciation)
($)		      Income
($)		      Capital Gain
Distributions
($)		      Number of
Shares at
5/31/2026		      Value ($) at
5/31/2026		  

EXCHANGE-TRADED FUNDS — 0.1%

 

Xtrackers Artificial Intelligence And Big Data ETF (c)

 

129,944      129,779         (163,623)         20,829         67,370         950         —         3,150         184,299   

SECURITIES LENDING COLLATERAL — 0.0%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.53% (d)(e)

 

—      67,500 (f)         —         —         —         2,482         —         67,500         67,500   

CASH EQUIVALENTS — 0.3%

 

DWS Government Money Market Series “Institutional Shares”, 3.57% (d)

 

123,604      3,101,880         (2,883,261)         —         —         6,265         —         342,223         342,223   
253,548      3,299,159         (3,046,884)         20,829         67,370         9,697         —         412,873         594,022   

 

*

Non-income producing security.

(a)

All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at May 31, 2026 amounted to $806,436, which is 0.6% of net assets.

(b)

Stapled Security - A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. (c) Affiliated fund advised by DBX Advisors LLC.

(d)

Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. (e) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $741,095.

(f)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2026.

 

ADR:

American Depositary Receipt

144A:

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

At May 31, 2026, open futures contracts purchased were as follows:

 

Contract Description    Currency    Number of
Contracts		   

Notional

Amount ($)

      Contract Value
($)		      Expiration
Date		      Unrealized 
Appreciation ($) 		  

Micro E-mini NASDAQ 100 Index

    USD     9       473,528        547,295        6/18/2026        73,767  

Currency Abbreviations

 

USD   U.S. Dollar

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

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  25

Schedule of Investments

Xtrackers US National Critical Technologies ETF (Continued)

May 31, 2026

 

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, 2026 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)

    $  129,167,984      $      —      $      —      $  129,167,984  

Exchange-Traded Funds

      184,299        —        —        184,299  

Short-Term Investments (a)

      409,723        —        —        409,723  

Derivatives (b)

            

Futures Contracts

      73,767        —        —        73,767  
TOTAL    $ 129,835,773      $ —      $ —      $ 129,835,773  

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

(b)

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

 

See Notes to Financial Statements.

 

26  |  DBX ETF Trust  

Statements of Assets and Liabilities

May 31, 2026

 

 

      Xtrackers
Artificial
Intelligence
and Big Data
ETF		      Xtrackers
Cybersecurity
Select Equity
ETF		      Xtrackers
International
Real Estate ETF		     Xtrackers
Semiconductor
Select Equity
ETF		  

Assets

                                   

Investment in non-affiliated securities at value

    $ 154,966,517      $ 8,787,107      $ 1,032,424,384     $ 89,472,979  

Investment in DWS Government Money Market Series

      747,470        22,313        3,715,034       55,935  

Investment in DWS Government & Agency Securities Portfolio*

      41,400        6,900        62,068,849       —  

Foreign currency at value

      63,352        2,747        3,548,717       21,105  

Deposit with broker for futures contracts

      56,201        5,289        956,123       3,983  

Receivables:

                                   

Investment securities sold

      —        32,940        —       —  

Capital shares

      —        —        1,168,584       —  

Variation margin on futures contracts

      16,980        10,053        387,471       3,213  

Dividends

      66,703        4,025        4,107,739       32,416  

Interest

      2,192        70        9,677       186  

Affiliated securities lending income

      391        179        85,775       6  

Foreign tax reclaim

      10,132        2,746        638,764       753  

Total assets

    $ 155,971,338      $ 8,874,369      $ 1,109,111,117     $ 89,590,576  

Liabilities

                                   

Payable upon return of securities loaned

    $ 41,400      $ 6,900      $ 62,068,849     $ —  

Payables:

                                   

Investment securities purchased

      —        —        1,056,355       —  

Investment advisory fees

      41,275        1,370        89,136       9,980  

Deferred foreign tax

      —        —        228,565       —  

Total liabilities

      82,675        8,270        63,442,905       9,980  

Net Assets, at value

    $   155,888,663      $   8,866,099      $   1,045,668,212     $   89,580,596  

Net Assets Consist of

                                   

Paid-in capital

    $ 102,927,443      $ 7,337,681      $ 1,094,802,212     $ 51,992,419  

Distributable earnings (loss)

      52,961,220        1,528,418        (49,134,000 )      37,588,177  

Net Assets, at value

    $ 155,888,663      $ 8,866,099      $ 1,045,668,212     $ 89,580,596  

Number of Common Shares outstanding

      2,670,001        225,001        44,750,001       975,001  

Net Asset Value

    $ 58.39      $ 39.40      $ 23.37     $ 91.88  

Investment in non-affiliated securities at cost

    $ 100,890,524      $ 7,039,258      $ 975,184,663     $ 51,890,708  

Value of securities loaned

    $ 39,376      $ 131,472      $ 66,554,755     $ —  

Investment in DWS Government Money Market Series at cost

    $ 747,470      $ 22,313      $ 3,715,034     $ 55,935  

Investment in DWS Government & Agency Securities Portfolio at cost*

    $ 41,400      $ 6,900      $ 62,068,849     $ —  

Non-cash collateral for securities on loan

    $ —      $ 134,122      $ 9,190,856     $ —  

Foreign currency at cost

    $ 63,703      $ 2,770      $ 3,503,466     $ 21,059  

 

*

Represents collateral on securities loaned.

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  27

Statements of Assets and Liabilities (Continued)

May 31, 2026

 

 

     

Xtrackers

US Green
Infrastructure
Select Equity
ETF

    

Xtrackers

US National
Critical
Technologies
ETF

  

Assets

                 

Investment in non-affiliated securities at value

    $ 6,540,325     $ 129,167,984  

Investment in affiliated securities at value

      —       184,299  

Investment in DWS Government Money Market Series

      1,475       342,223  

Investment in DWS Government & Agency Securities Portfolio*

      506,925       67,500  

Cash

      —       2,631  

Foreign currency at value

      —       26,834  

Deposit with broker for futures contracts

      —       35,851  

Receivables:

                 

Investment securities sold

      —       13,905  

Variation margin on futures contracts

      —       37,612  

Dividends

      2,719       187,803  

Interest

      5       850  

Affiliated securities lending income

      1,272       141  

Foreign tax reclaim

      —       4,635  

Total assets

    $     7,052,721     $   130,072,268  

Liabilities

                 

Payable upon return of securities loaned

    $ 506,925     $ 67,500  

Payables:

                 

Investment advisory fees

      1,878       36,591  

Total liabilities

      508,803       104,091  

Net Assets, at value

    $ 6,543,918     $ 129,968,177  

Net Assets Consist of

                 

Paid-in capital

    $ 7,362,390     $ 112,197,750  

Distributable earnings (loss)

      (818,472 )      17,770,427  

Net Assets, at value

    $ 6,543,918     $ 129,968,177  

Number of Common Shares outstanding

      225,001       3,270,001  

Net Asset Value

    $ 29.08     $ 39.75  

Investment in non-affiliated securities at cost

    $ 5,063,939     $ 108,683,794  

Investment in affiliated securities at cost

    $ –      $ 110,659  

Value of securities loaned

    $ 1,011,224     $ 806,436  

Investment in DWS Government Money Market Series at cost

    $ 1,475     $ 342,223  

Investment in DWS Government & Agency Securities Portfolio at cost*

    $ 506,925     $ 67,500  

Non-cash collateral for securities on loan

    $ 550,709     $ 741,095  

Foreign currency at cost

    $ —     $ 26,558  

 

*

Represents collateral on securities loaned.

 

See Notes to Financial Statements.

 

28  |  DBX ETF Trust  

Statements of Operations

For the Year Ended May 31, 2026

 

 

      Xtrackers
Artificial
Intelligence
and Big Data
ETF		     Xtrackers
Cybersecurity
Select Equity
ETF		     Xtrackers
International
Real Estate
ETF		     Xtrackers
Semiconductor
Select Equity
ETF		  

Investment Income

                                 

Unaffiliated dividend income*

    $ 837,444     $ 37,101     $ 33,749,370     $ 193,878  

Affiliated dividend income

      423       —       —       —  

Income distributions from affiliated funds

      13,095       453       104,579       1,012  

Affiliated securities lending income

      1,018       1,092       648,568       53  

Total investment income

      851,980       38,646       34,502,517       194,943  

Expenses

                                 

Investment advisory fees

      316,014       15,465       945,160       37,846  

Other expenses

      122       58       1,150       58  

Total expenses

      316,136       15,523       946,310       37,904  

Less fees waived (see note 3):

         

Waiver

      (366 )      (13 )      (2,955 )      (29 ) 

Net expenses

      315,770       15,510       943,355       37,875  

Net investment income (loss)

      536,210       23,136       33,559,162       157,068  

Realized and Unrealized Gain (Loss)

                                 

Net realized gain (loss) from:

         

Investments**

      (1,314,721 )      (141,418 )      (25,472,326 )      195,847  

Investments in affiliates

      7,307       —       —       —  

In-kind redemptions

      2,868,978       576,499       —       2,453,217  

Futures contracts

      37,663       17,561       968,333       (2 ) 

Foreign currency transactions

      (11,459 )      24       27,172       (8,854 ) 

Net realized gain (loss)

      1,587,768       452,666       (24,476,821 )      2,640,208  

Net change in unrealized appreciation (depreciation) on:

         

Investments***

      52,214,478       656,077       68,487,279       37,005,865  

Investments in affiliates

      (7,383 )      —       —       —  

Futures contracts

      118,479       (1,039 )      16,525       2,495  

Foreign currency translations

      (1,961 )      (3,819 )      (56,032 )      (32 ) 

Net change in unrealized appreciation (depreciation)

      52,323,613       651,219       68,447,772       37,008,328  
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions      53,911,381       1,103,885       43,970,951       39,648,536  
Net Increase (Decrease) in Net Assets Resulting from Operations    $ 54,447,591     $ 1,127,021     $ 77,530,113     $ 39,805,604  

*   Unaffiliated foreign tax withheld

    $ 38,722     $ 4,138     $ 3,456,227     $ 16,944  

**  Including foreign taxes

    $ —     $ —     $ 64     $ —  

***   Including change in deferred foreign taxes

    $ —     $ —     $ 365,433     $ —  

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  29

Statements of Operations (Continued)

For the Year Ended May 31, 2026

 

 

     

Xtrackers

US Green
Infrastructure

Select Equity

ETF

    

Xtrackers

US National

Critical
Technologies

ETF

  

Investment Income

                 

Unaffiliated dividend income*

    $ 25,915     $ 1,603,893  

Affiliated dividend income

      —       950  

Income distributions from affiliated funds

      123       6,265  

Affiliated securities lending income

      15,971       2,482  

Unaffiliated securities lending income, net of borrower rebates

      5,237       —  

Total investment income

      47,246       1,613,590  

Expenses

                 

Investment advisory fees

      18,601       409,476  

Other expenses

      58       58  

Total expenses

      18,659       409,534  

Less fees waived (see note 3):

                 

Waiver

      (4 )      (737 ) 

Net expenses

      18,655       408,797  

Net investment income (loss)

      28,591       1,204,793  

Realized and Unrealized Gain (Loss)

                 

Net realized gain (loss) from:

                 

Investments

      (333,270 )      (1,944,359 ) 

Investments in affiliates

      —       20,829  

In-kind redemptions

      1,393,118       13,002,437  

Futures contracts

      —       45,715  

Foreign currency transactions

      —       4,186  

Net realized gain (loss)

      1,059,848       11,128,808  

Net change in unrealized appreciation (depreciation) on:

     

Investments

      1,654,997       14,430,785  

Investments in affiliates

      —       67,370  

Futures contracts

      —       49,015  

Foreign currency translations

      —       (1,847 ) 

Net change in unrealized appreciation (depreciation)

      1,654,997       14,545,323  
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions      2,714,845       25,674,131  
Net Increase (Decrease) in Net Assets Resulting from Operations    $ 2,743,436     $ 26,878,924  
*  Unaffiliated foreign tax withheld    $ 363     $ 18,791  

 

See Notes to Financial Statements.

 

30  |  DBX ETF Trust  

Statements of Changes in Net Assets

 

     Xtrackers Artificial Intelligence     Xtrackers Cybersecurity Select  
     and Big Data ETF     Equity ETF  
      Year Ended
May 31, 2026		    

For the Period
August 2, 2024(1)
through

May 31, 2025

     Year Ended
May 31, 2026		     Year Ended
May 31, 2025		  

Increase (Decrease) in Net Assets from Operations

                                 

Net investment income (loss)

    $ 536,210     $ 156,138     $ 23,136     $ 16,963  

Net realized gain (loss)

      1,587,768       (221,475 )      452,666       717,567  

Net change in net unrealized appreciation (depreciation)

      52,323,613       1,885,757       651,219       791,773  

Net increase (decrease) in net assets resulting from operations

      54,447,591       1,820,420       1,127,021       1,526,303  

Distributions to Shareholders

      (397,474 )      (19,894 )      (65,428 )      (90,861 ) 

Fund Shares Transactions

         

Proceeds from shares sold

      69,359,507       41,030,578       1,349,481       2,443,179  

Value of shares redeemed

      (10,005,421 )      (346,674 )      (1,360,299 )      (1,718,684 ) 

Net increase (decrease) in net assets resulting from fund share transactions

      59,354,086       40,683,904       (10,818 )      724,495  

Total net increase (decrease) in Net Assets

      113,404,203       42,484,430       1,050,775       2,159,937  

Net Assets

         

Beginning of period

      42,484,460       30       7,815,324       5,655,387  

End of period

    $ 155,888,663     $ 42,484,460     $ 8,866,099     $ 7,815,324  

Changes in Shares Outstanding

                                 

Shares outstanding, beginning of period

      1,210,001       1       225,001       200,001  

Shares sold

      1,700,000       1,220,000       40,000       75,000  

Shares redeemed

      (240,000 )      (10,000 )      (40,000 )      (50,000 ) 

Shares outstanding, end of period

      2,670,001       1,210,001       225,001       225,001  

 

(1)

Commencement of Operations.

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  31

Statements of Changes in Net Assets (Continued)

 

 

     Xtrackers International Real     Xtrackers Semiconductor Select  
     Estate ETF     Equity ETF  
      Year Ended
May 31, 2026		     Year Ended
May 31, 2025		     Year Ended
May 31, 2026		     Year Ended
May 31, 2025		  

Increase (Decrease) in Net Assets from Operations

                                 

Net investment income (loss)

    $ 33,559,162     $ 26,934,438     $ 157,068     $ 74,395  

Net realized gain (loss)

      (24,476,821 )      (22,234,989 )      2,640,208       377,536  

Net change in net unrealized appreciation (depreciation)

      68,447,772       71,388,200       37,008,328       (1,213,075 ) 

Net increase (decrease) in net assets resulting from operations

      77,530,113       76,087,649       39,805,604       (761,144 ) 

Distributions to Shareholders

      (40,227,127 )      (30,376,054 )      (115,147 )      (122,553 ) 

Fund Shares Transactions

         

Proceeds from shares sold

      183,677,412       84,681,908       46,514,562       2,133,240  

Value of shares redeemed

      —       (7,420,764 )      (3,600,202 )      (1,936,867 ) 

Net increase (decrease) in net assets resulting from fund share transactions

      183,677,412       77,261,144       42,914,360       196,373  

Total net increase (decrease) in Net Assets

      220,980,398       122,972,739       82,604,817       (687,324 ) 

Net Assets

         

Beginning of period

      824,687,814       701,715,075       6,975,779       7,663,103  

End of period

    $   1,045,668,212     $   824,687,814     $    89,580,596     $     6,975,779  

Changes in Shares Outstanding

                                 

Shares outstanding, beginning of period

      36,950,001       33,200,001       235,001       225,001  

Shares sold

      7,800,000       4,100,000       800,000       70,000  

Shares redeemed

      –       (350,000 )      (60,000 )      (60,000 ) 

Shares outstanding, end of period

      44,750,001       36,950,001       975,001       235,001  

 

See Notes to Financial Statements.

 

32  |  DBX ETF Trust  

Statements of Changes in Net Assets (Continued)

 

 

     Xtrackers US Green     Xtrackers US National Critical  
     Infrastructure Select Equity ETF     Technologies ETF  
      Year Ended
May 31, 2026		     Year Ended
May 31, 2025		     Year Ended
May 31, 2026		     Year Ended
May 31, 2025		  

Increase (Decrease) in Net Assets from Operations

                                 

Net investment income (loss)

    $ 28,591     $ 47,493     $ 1,204,793     $ 909,272  

Net realized gain (loss)

      1,059,848       (935,221 )      11,128,808       (508,838 ) 

Net change in net unrealized appreciation (depreciation)

      1,654,997       224,229       14,545,323       4,407,388  

Net increase (decrease) in net assets resulting from operations

      2,743,436       (663,499 )      26,878,924       4,807,822  

Distributions to Shareholders

      (17,912 )      (40,957 )      (1,281,304 )      (722,401 ) 

Fund Shares Transactions

         

Proceeds from shares sold

      1,966,148       916,153       31,495,184       68,827,582  

Value of shares redeemed

      (1,976,765 )      (906,363 )      (39,249,183 )      (4,764,954 ) 
Net increase (decrease) in net assets resulting from fund share transactions      (10,617 )      9,790       (7,753,999 )      64,062,628  

Total net increase (decrease) in Net Assets

      2,714,907       (694,666 )      17,843,621       68,148,049  

Net Assets

         

Beginning of year

      3,829,011       4,523,677       112,124,556       43,976,507  

End of year

    $     6,543,918     $     3,829,011     $   129,968,177     $   112,124,556  

Changes in Shares Outstanding

                                 

Shares outstanding, beginning of year

      225,001       225,001       3,500,001       1,500,001  

Shares sold

      75,000       50,000       860,000       2,150,000  

Shares redeemed

      (75,000 )      (50,000 )      (1,090,000 )      (150,000 ) 

Shares outstanding, end of year

      225,001       225,001       3,270,001       3,500,001  

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  33

Financial Highlights

Xtrackers Artificial Intelligence and Big Data ETF

 

      Year Ended
5/31/2026		     Period Ended
5/31/2025(a)		  

Selected Per Share Data

                 

Net Asset Value, beginning of period

    $ 35.11     $ 30.00  

Income (loss) from investment operations:

     

Net investment income (loss)(b)

      0.25       0.21  

Net realized and unrealized gain (loss)

      23.26       4.93  

Total from investment operations

      23.51       5.14  

Less distributions from:

     

Net investment income

      (0.23 )      (0.03 ) 

Total from distributions

      (0.23 )      (0.03 ) 

Net Asset Value, end of period

    $ 58.39     $ 35.11  

Total Return (%)(c)

      67.27       17.13 ** 

Ratios to Average Net Assets and Supplemental Data

                 

Net Assets, end of period ($ millions)

      156       42  

Ratio of expenses before fee waiver (%)

      0.35       0.35 * 

Ratio of expenses after fee waiver (%)

      0.35       0.35 * 

Ratio of net investment income (loss) (%)

      0.59       0.79 * 

Portfolio turnover rate (%)(d)

      19       11 ** 

 

(a)

For the period August 2, 2024 (commencement of operations) through May 31, 2025.

 

(b)

Based on average shares outstanding during the period.

 

(c)

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

 

(d)

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

 

*

Annualized.

 

**

Not Annualized.

 

See Notes to Financial Statements.

 

34  |  DBX ETF Trust  

Financial Highlights (Continued)

Xtrackers Cybersecurity Select Equity ETF

 

 

     Years Ended May 31,     Period Ended  
      2026     2025     5/31/2024(a)  

Selected Per Share Data

                         

Net Asset Value, beginning of period

    $ 34.73     $ 28.28     $ 25.00  

Income (loss) from investment operations:

       

Net investment income (loss)(b)

      0.10       0.08       0.19  

Net realized and unrealized gain (loss)

      4.86       6.82       3.29  

Total from investment operations

      4.96       6.90       3.48  

Less distributions from:

       

Net investment income

      (0.13 )      (0.07 )      (0.17 ) 

Net realized gains

      (0.16 )      (0.38 )      (0.03 ) 

Total from distributions

      (0.29 )      (0.45 )      (0.20 ) 

Net Asset Value, end of period

    $ 39.40     $ 34.73     $ 28.28  

Total Return (%)(c)

      14.41       24.47       13.87 ** 

Ratios to Average Net Assets and Supplemental Data

                         

Net Assets, end of period ($ millions)

      9       8       6  

Ratio of expenses before fee waiver (%)

      0.20       0.20       0.20 * 

Ratio of expenses after fee waiver (%)

      0.20       0.20       0.20 * 

Ratio of net investment income (loss) (%)

      0.30       0.26       0.78 * 

Portfolio turnover rate (%)(d)

      37       49       41 ** 

 

(a)

For the period July 13, 2023 (commencement of operations) through May 31, 2024.

 

(b)

Based on average shares outstanding during the period.

 

(c)

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

 

(d)

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

 

*

Annualized.

 

**

Not Annualized.

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  35

Financial Highlights (Continued)

Xtrackers International Real Estate ETF

 

  

 

Years Ended May 31,

 

        2026         2025         2024         2023         2022    

Selected Per Share Data

                                         

Net Asset Value, beginning of year

    $ 22.32     $ 21.14     $ 20.14     $ 24.67     $ 29.15  

Income (loss) from investment operations:

           

Net investment income (loss)(a)

      0.83       0.77       0.80       0.80       0.92  

Net realized and unrealized gain (loss)

      1.26       1.30       0.97       (4.91 )      (4.05 ) 

Total from investment operations

      2.09       2.07       1.77       (4.11 )      (3.13 ) 

Less distributions from:

           

Net investment income

      (1.04 )      (0.89 )      (0.77 )      (0.42 )      (1.35 ) 

Total from distributions

      (1.04 )      (0.89 )      (0.77 )      (0.42 )      (1.35 ) 

Net Asset Value, end of year

    $ 23.37     $ 22.32     $ 21.14     $ 20.14     $ 24.67  

Total Return (%)(b)

      9.54       10.39       8.91       (16.76 )      (11.26 ) 

Ratios to Average Net Assets and Supplemental Data

                                         

Net Assets, end of year ($ millions)

      1,046       825       702       560       559  

Ratio of expenses before fee waiver (%)

      0.10       0.10       0.12       0.12       0.12  

Ratio of expenses after fee waiver (%)

      0.10       0.10       0.10       0.10       0.10  

Ratio of net investment income (loss) (%)

      3.57       3.64       3.86       3.70       3.38  

Portfolio turnover rate (%)(c)

      11       8       15       8       17  

 

(a)

Based on average shares outstanding during the period.

 

(b)

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

 

(c)

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

 

See Notes to Financial Statements.

 

36  |  DBX ETF Trust  

Financial Highlights (Continued)

Xtrackers Semiconductor Select Equity ETF

 

 

 

     Years Ended May 31,     Period Ended  
      2026     2025     5/31/2024(a)  

Selected Per Share Data

                         

Net Asset Value, beginning of period

    $ 29.68     $ 34.06     $ 25.00  

Income (loss) from investment operations:

       

Net investment income (loss)(b)

      0.34       0.32       0.24  

Net realized and unrealized gain (loss)

      62.18       (4.17 )      8.98  

Total from investment operations

      62.52       (3.85 )      9.22  

Less distributions from:

       

Net investment income

      (0.32 )      (0.31 )      (0.16 ) 

Net realized gains

      –        (0.22 )      –   

Total from distributions

      (0.32 )      (0.53 )      (0.16 ) 

Net Asset Value, end of period

    $ 91.88     $ 29.68     $ 34.06  

Total Return (%)(c)

      211.95       (11.35 )      36.98 ** 

Ratios to Average Net Assets and Supplemental Data

                         

Net Assets, end of period ($ millions)

      90       7       8  

Ratio of expenses before fee waiver (%)

      0.15       0.15       0.15 * 

Ratio of expenses after fee waiver (%)

      0.15       0.15       0.15 * 

Ratio of net investment income (loss) (%)

      0.62       1.03       0.99 * 

Portfolio turnover rate (%)(d)

      24       19       18 ** 

 

(a)

For the period July 13, 2023 (commencement of operations) through May 31, 2024.

 

(b)

Based on average shares outstanding during the period.

 

(c)

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

 

(d)

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

 

*

Annualized.

 

**

Not Annualized.

 

See Notes to Financial Statements.

 

  DBX ETF Trust  | 37

Financial Highlights (Continued)

Xtrackers US Green Infrastructure Select Equity ETF

 

 

 

     Years Ended May 31,     Period Ended  
       2026      2025      5/31/2024(a)  

Selected Per Share Data

                         

Net Asset Value, beginning of period

    $  17.02     $  20.11     $ 25.00  

Income (loss) from investment operations:

       

Net investment income (loss)(b)

      0.13       0.21       0.13  

Net realized and unrealized gain (loss)

      12.01       (3.12 )      (4.91 ) 

Total from investment operations

      12.14       (2.91 )      (4.78 ) 

Less distributions from:

       

Net investment income

      (0.08 )      (0.18 )      (0.11 ) 

Total from distributions

      (0.08 )      (0.18 )      (0.11 ) 

Net Asset Value, end of period

    $ 29.08     $ 17.02     $ 20.11  

Total Return (%)

      71.61 (c)      (14.51 )(c)      (19.15 )** 

Ratios to Average Net Assets and Supplemental Data

                         

Net Assets, end of period ($ millions)

      7       4       5  

Ratio of expenses before fee waiver (%)

      0.35       0.35       0.35 * 

Ratio of expenses after fee waiver (%)

      0.35       0.35       0.35 * 

Ratio of net investment income (loss) (%)

      0.54       1.17       0.74 * 

Portfolio turnover rate (%)(d)

      50       60       55 ** 

 

(a)

For the period July 13, 2023 (commencement of operations) through May 31, 2024.

 

(b)

Based on average shares outstanding during the period.

 

(c)

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

 

(d)

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

 

*

Annualized.

 

**

Not Annualized.

 

See Notes to Financial Statements.

 

38  |  DBX ETF Trust  

Financial Highlights (Continued)

Xtrackers US National Critical Technologies ETF

 

 

 

     Years Ended May 31,     Period Ended  
      2026     2025     5/31/2024(a)  

Selected Per Share Data

                         

Net Asset Value, beginning of period

    $ 32.04     $ 29.32     $ 25.00  

Income (loss) from investment operations:

       

Net investment income (loss)(b)

      0.37       0.40       0.23  

Net realized and unrealized gain (loss)

      7.74       2.68       4.19  

Total from investment operations

      8.11       3.08       4.42  

Less distributions from:

       

Net investment income

      (0.40 )      (0.35 )      (0.10 ) 

Net realized gains

      –        (0.01 )      –   

Total from distributions

      (0.40 )      (0.36 )      (0.10 ) 

Net Asset Value, end of period

    $ 39.75     $ 32.04     $ 29.32  

Total Return (%)(c)

      25.47       10.54       17.70 ** 

Ratios to Average Net Assets and Supplemental Data

                         

Net Assets, end of period ($ millions)

      130       112       44  

Ratio of expenses before fee waiver (%)

      0.35       0.35       0.35 * 

Ratio of expenses after fee waiver (%)

      0.35       0.35       0.35 * 

Ratio of net investment income (loss) (%)

      1.03       1.31       1.50 * 

Portfolio turnover rate (%)(d)

      13       29       6 ** 

 

(a)

For the period November 16, 2023 (commencement of operations) through May 31, 2024.

 

(b)

Based on average shares outstanding during the period.

 

(c)

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

 

(d)

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

 

*

Annualized.

 

**

Not Annualized.

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  39

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, 2026, the Trust consists of forty-two investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

Xtrackers Artificial Intelligence and Big Data ETF

Xtrackers Cybersecurity Select Equity ETF

Xtrackers International Real Estate ETF

Xtrackers Semiconductor Select Equity ETF

Xtrackers US Green Infrastructure Select Equity ETF

Xtrackers US National Critical Technologies ETF

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

Xtrackers Artificial Intelligence and Big Data ETF, Xtrackers Cybersecurity Select Equity ETF, Xtrackers Semiconductor Select Equity ETF and Xtrackers US Green Infrastructure Select Equity ETF offer shares that are listed and traded on the Nasdaq Stock Market (“NASDAQ”). Xtrackers International Real Estate ETF and Xtrackers US National Critical Technologies ETF offer shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 10,000 shares, except for Xtrackers International Real Estate ETF which lots consist of 50,000 shares and Xtrackers US Green Infrastructure Select Equity ETF which lots consist of 25,000 shares each called a “Creation Unit”, to authorized participants who have entered into agreements with the Fund’s distributor. Shares are not individually redeemable securities of the Fund, and owners of the shares may acquire those shares from the Fund, or tender such shares for redemption to the Fund, in Creation Units only.

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

 

Fund    Underlying Index

Xtrackers Artificial Intelligence and Big Data ETF

    Nasdaq Global Artificial Intelligence and Big Data Index

Xtrackers Cybersecurity Select Equity ETF

    Solactive Cyber Security ESG Screened Index

Xtrackers International Real Estate ETF

    iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index

Xtrackers Semiconductor Select Equity ETF

    Solactive Semiconductor ESG Screened Index

Xtrackers US Green Infrastructure Select Equity ETF

    Solactive United States Green Infrastructure ESG Screened Index

Xtrackers US National Critical Technologies ETF

    Solactive Whitney U.S. Critical Technologies Index

Nasdaq Global Artificial Intelligence and Big Data Index is comprised of a selection of companies engaged in the sub-themes of deep learning, image recognition, natural language processing (NLP), speech recognition & chatbots, big data, cloud computing and cybersecurity. The Underlying Index is rebalanced semi-annually.

The Solactive Cyber Security ESG Screened Index is comprised of companies that have business operations in the field of cybersecurity and that fulfill certain sustainability criteria. The Underlying Index is rebalanced quarterly.

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

The Solactive Semiconductor ESG Screened Index is comprised of companies that have business operations in the semiconductor industry and that fulfill certain sustainability criteria. The Underlying Index is rebalanced quarterly.

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

 

 

 

40  |  DBX ETF Trust  

Solactive Whitney U.S. Critical Technologies Index is a market-capitalization weighted index, subject to caps on the weighting of individual companies, that is designed to track companies that support critical emerging technologies across the U.S. and its allies by selecting companies from a defined investment universe that satisfy key criteria related to their association with critical technology sectors and their geopolitical risk rating. The Underlying Index is scheduled to rebalance on the second Thursday of the months of February, May, August and November.

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

Xtrackers International Real Estate ETF is a diversified series of the Trust. Xtrackers Artificial Intelligence and Big Data ETF, Xtrackers Cybersecurity Select Equity ETF, Xtrackers Semiconductor Select Equity ETF, Xtrackers US Green Infrastructure Select Equity ETF and Xtrackers US National Critical Technologies ETF are non-diversified and are not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies.

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

2. Significant Accounting Policies

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

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

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

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

Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes

 

 

 

  DBX ETF Trust  |  41

significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

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

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

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

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

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

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

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

Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of the Xtrackers Cybersecurity Select Equity ETF, Xtrackers Semiconductor Select Equity ETF, Xtrackers US Green Infrastructure Select Equity ETF and Xtrackers US National Critical Technologies ETF to pay out dividends from its net investment income, if any, to investors quarterly. It is the policy of the Xtrackers Artificial Intelligence and Big Data ETF and Xtrackers International Real Estate ETF to pay out dividends from its net investment income, if any, to investors semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent 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.

 

 

 

42  |  DBX ETF Trust  

The Funds file tax returns with the Internal Revenue Service, the State of New York, and various other states. Specific to U.S. federal and state taxes, generally, each of the tax years in the four-year period ended May 31, 2026 (or since the Fund’s inception if the Fund commenced operations less than four years prior to May 31, 2026), remains subject to examination by taxing authorities. Specific to foreign countries in which the applicable Funds invest, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions. The open tax years vary by each jurisdiction in which each Fund invests.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the year ended May 31, 2026, the Funds did not incur any interest or penalties.

As of May 31, 2026, the components of accumulated earnings (losses) on a tax basis were as follows:

 

     

Undistributed

Ordinary Income*

     

Capital and Other

Gains (Losses)

     Unrealized
Appreciation
(Depreciation)		    

Total Accumulated

Earnings (Losses)

  

Xtrackers Artificial Intelligence and Big Data ETF

    $ 263,555       $ (615,569 )     $ 53,313,234      $ 52,961,220   

Xtrackers Cybersecurity Select Equity ETF

      —         (2,361 )       1,530,779        1,528,418   

Xtrackers International Real Estate ETF

      16,740,969         (48,592,754 )       (17,282,215 )       (49,134,000 )  

Xtrackers Semiconductor Select Equity ETF

      185,469         —        37,402,708        37,588,177   

Xtrackers US Green Infrastructure Select Equity ETF

      22,540         (2,107,602 )       1,266,590        (818,472 )  

Xtrackers US National Critical Technologies ETF

      286,157         (1,147,719 )       18,631,989        17,770,427   

The tax character of dividends and distributions declared for the years ended May 31, 2026 and May 31, 2025 were as follows:

 

     Year Ended May 31,
2026		  
      Ordinary Income*  

Xtrackers Artificial Intelligence and Big Data ETF

    $ 397,474     

Xtrackers Cybersecurity Select Equity ETF

      65,428     

Xtrackers International Real Estate ETF

      40,227,127     

Xtrackers Semiconductor Select Equity ETF

      115,147     

Xtrackers US Green Infrastructure Select Equity ETF

      17,912     

Xtrackers US National Critical Technologies ETF

      1,281,304     

 

     Year Ended May 31, 2025  
      Ordinary Income*      Long Term Capital
Gains		  

Xtrackers Artificial Intelligence and Big Data ETF

    $ 19,894      $ —     

Xtrackers Cybersecurity Select Equity ETF

      21,022        69,839     

Xtrackers International Real Estate ETF

      30,376,054        —     

Xtrackers Semiconductor Select Equity ETF

      113,806        8,747     

Xtrackers US Green Infrastructure Select Equity ETF

      40,957        —     

Xtrackers US National Critical Technologies ETF

      722,401        —     

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

At May 31, 2026, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

 

      Short-Term        Long-Term          Total Amount    

Xtrackers Artificial Intelligence and Big Data ETF

    $    323,720       $ 291,849          $ 615,569   

Xtrackers International Real Estate ETF

      6,462,318         42,130,436            48,592,754   

Xtrackers US Green Infrastructure Select Equity ETF

      1,086,901         1,020,701            2,107,602   

Xtrackers US National Critical Technologies ETF

      704,427         443,292            1,147,719   

 

 

 

  DBX ETF Trust  |  43

Capital losses incurred after October 31 (“post-October capital losses”) and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the fiscal year ended May 31, 2026, the following Fund incurred and will elect to defer post-October capital losses.

 

     

Post-October

Losses on Capital

  

Xtrackers Cybersecurity Select Equity ETF

    $ 2,361  

For the fiscal year ended May 31, 2026, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to redemptions-in-kind and equalization.

 

      Distributable
earnings (loss)		     Paid-In Capital  

Xtrackers Artificial Intelligence and Big Data ETF

    $ (2,865,026 )    $ 2,865,026  

Xtrackers Cybersecurity Select Equity ETF

      (552,128 )      552,128  

Xtrackers International Real Estate ETF

      3,201       (3,201 ) 

Xtrackers Semiconductor Select Equity ETF

      (2,565,313 )      2,565,313  

Xtrackers US Green Infrastructure Select Equity ETF

      (1,358,233 )      1,358,233  

Xtrackers US National Critical Technologies ETF

      (12,440,088 )      12,440,088  

As of May 31, 2026, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:

 

      Aggregate Tax Cost      Net Unrealized
Appreciation
(Depreciation)		     Aggregate Gross
Unrealized
Appreciation		      Aggregate Gross
Unrealized
(Depreciation)		  

Xtrackers Artificial Intelligence and Big Data ETF

    $ 102,441,930      $ 53,313,457     $ 62,221,251      $ (8,907,794 ) 

Xtrackers Cybersecurity Select Equity ETF

      7,285,593        1,530,727       2,296,217        (765,490 ) 

Xtrackers International Real Estate ETF

      1,115,481,164        (17,136,995 )      170,842,615        (187,979,610 ) 

Xtrackers Semiconductor Select Equity ETF

      52,126,269        37,402,645       37,786,796        (384,151 ) 

Xtrackers US Green Infrastructure Select Equity ETF

      5,782,135        1,266,590       1,893,114        (626,524 ) 

Xtrackers US National Critical Technologies ETF

      111,130,530        18,631,476       28,746,756        (10,115,280 ) 

Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of May 31, 2026, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

In this reporting period, the Funds adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The adoption impacted financial statement disclosures only and did not affect the Funds’ financial position or results of operations.

A disaggregation of income taxes paid by jurisdiction is presented when such amounts are significant; however, income taxes paid by the Funds for the year ended May 31, 2026 were not considered significant.

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

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

 

 

 

44  |  DBX ETF Trust  

Securities Lending National Financial Services LLC (Fidelity Agency Lending), as securities lending agent, for Xtrackers Cybersecurity Select Equity ETF, Xtrackers International Real Estate ETF, Xtrackers Semiconductor Select Equity ETF, Xtrackers US Green Infrastructure Select Equity ETF and Xtrackers US National Critical Technologies ETF, lends securities of the Funds to certain financial institutions under the terms of its securities lending agreement. Deutsche Bank AG serves as securities lending agent for Xtrackers Artificial Intelligence and Big Data ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended May 31, 2026, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.13% annualized effective rate as of May 31, 2026) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of May 31, 2026, the Funds listed below had securities on loan. The value of the related collateral for Xtrackers Artificial Intelligence and Big Data ETF, Xtrackers Cybersecurity Select Equity ETF, Xtrackers International Real Estate ETF, Xtrackers US Green Infrastructure Select Equity ETF and Xtrackers US National Critical Technologies ETF exceeded the value of the securities loaned at period end.

 

Remaining Contractual Maturity of the Agreements, as of May 31, 2026  
Securities Lending Transactions    Overnight
and
Continuous		      <30 Days      Between
30 & 90
Days		      >90 Days      Total  
Xtrackers Artificial Intelligence and Big Data ETF               

Common Stocks

    $ 41,400      $ —      $ —      $ —      $ 41.400  

Gross amount of recognized liabilities and cash collateral for securities lending transactions

                                        $ 41,400  
Xtrackers Cybersecurity Select Equity ETF               

Exchange-Traded Funds

    $ 6,900      $ —      $ —      $ —      $ 6,900  

Gross amount of recognized liabilities and cash collateral for securities lending transactions

                                        $ 6,900  

Common Stocks

    $ 134,122      $     —      $     —      $     —      $ 134,122  

Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions

 

                      $ 134,122  
Xtrackers International Real Estate ETF               

Common Stocks

    $ 62,068,849      $ —      $ —      $ —      $ 62,068,849  

Gross amount of recognized liabilities and cash collateral for securities lending transactions

 

                      $ 62,068,849  

Common Stocks

    $ 8,142,683      $ —      $ —      $ —      $ 8,142,683  

Exchange-Traded Funds

    $ 1,048,173      $ —      $ —      $ —      $ 1,048,173  

Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions

 

                      $ 9,190,856  
Xtrackers US Green Infrastructure Select Equity ETF               

Common Stocks

    $ 506,925      $ —      $ —      $ —      $ 506,925  

Gross amount of recognized liabilities and cash collateral for securities lending transactions

 

                      $ 506,925  

Common Stocks

    $ 550,709      $ —      $ —      $ —      $ 550,709  

Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions

 

                      $ 550,709  
Xtrackers US National Critical Technologies ETF               

Common Stocks

    $ 9,250      $ —      $ —      $ —      $ 9,250  

Exchange-Traded Funds

    $ 58,250      $ —      $ —      $ —      $ 58,250  

Total Borrowing

                                        $ 67,500  

Gross amount of recognized liabilities and cash collateral for securities lending transactions

 

                      $ 67,500  

Common Stocks

    $ 741,095      $ —      $ —      $ —      $ 741,095  

Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions

 

                      $ 741,095  
As of May 31, 2026, Xtrackers Semiconductor Select Equity ETF had no securities on loan.

 

      

 

 

 

  DBX ETF Trust  |  45

Derivatives

Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the year ended May 31, 2026, the Xtrackers Artificial Intelligence and Big Data ETF, Xtrackers Cybersecurity Select, Xtrackers International Real Estate ETF, Xtrackers Semiconductor Select Equity ETF and Xtrackers US National Critical Technologies ETF utilized futures in order to simulate investment in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

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

A summary of the open futures contracts as of May 31, 2026 is included in a table following the Funds’ Schedule of Investments.

The following table summarizes the value of the Funds’ derivative instruments held as of May 31, 2026 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

 

     Asset Derivatives          Liability Derivatives       
Xtrackers Artificial Intelligence and Big Data ETF      

Equity contracts

   Unrealized appreciation on futures contracts*   $    133,600     Unrealized depreciation on futures contracts*   $     —   
    Total   $ 133,600     Total   $ —   
Xtrackers Cybersecurity Select Equity ETF      

Equity contracts

   Unrealized appreciation on futures contracts*   $ 5,138     Unrealized depreciation on futures contracts*   $ —   
    Total   $ 5,138     Total   $ —   
Xtrackers International Real Estate ETF      

Equity contracts

   Unrealized appreciation on futures contracts*   $ 363,040     Unrealized depreciation on futures contracts*   $ —   
    Total   $ 363,040     Total   $ —   
Xtrackers Semiconductor Select Equity ETF      

Equity contracts

   Unrealized appreciation on futures contracts*   $ 2,495     Unrealized depreciation on futures contracts*   $ —   
    Total   $ 2,495     Total   $ —   
Xtrackers US National Critical Technologies ETF      

Equity contracts

   Unrealized appreciation on futures contracts*   $ 73,767     Unrealized depreciation on futures contracts*   $ —   
    Total   $ 73,767     Total   $ —   

 

*

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

 

 

 

46  |  DBX ETF Trust  

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the year ended May 31, 2026 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

 

Net Realized Gain (Loss) from:    Futures Contracts
— Equity Contracts		  

Xtrackers Artificial Intelligence and Big Data ETF

    $ 37,663     

Xtrackers Cybersecurity Select Equity ETF

      17,561     

Xtrackers International Real Estate ETF

      968,333     

Xtrackers Semiconductor Select Equity ETF

      (2)     

Xtrackers US National Critical Technologies ETF

      45,715     

 

Net Change in Unrealized Appreciation (Depreciation) on:    Futures Contracts
— Equity Contracts		  

Xtrackers Artificial Intelligence and Big Data ETF

    $ 118,479     

Xtrackers Cybersecurity Select Equity ETF

      (1,039)     

Xtrackers International Real Estate ETF

      16,525     

Xtrackers Semiconductor Select Equity ETF

      2,495     

Xtrackers US National Critical Technologies ETF

      49,015     

For the year ended May 31, 2026 the average monthly volume of derivatives was as follows:

 

      Futures Contracts
(Contract Value)		  

Xtrackers Artificial Intelligence and Big Data ETF

    $ 426,563     

Xtrackers Cybersecurity Select Equity ETF

      62,619     

Xtrackers International Real Estate ETF

      7,858,302     

Xtrackers Semiconductor Select Equity ETF

      60,811     

Xtrackers US National Critical Technologies ETF

      288,278     

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

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

3. Investment Advisory and Other Agreements

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

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

 

     

Unitary Advisory

Fee

  

Xtrackers Artificial Intelligence and Big Data ETF

      0.35 %    

Xtrackers Cybersecurity Select Equity ETF

      0.20 %    

Xtrackers International Real Estate ETF

      0.10 %    

Xtrackers Semiconductor Select Equity ETF

      0.15 %    

Xtrackers US Green Infrastructure Select Equity ETF

      0.35 %    

Xtrackers US National Critical Technologies ETF

      0.35 %    

 

 

 

  DBX ETF Trust  |  47

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated Funds. For the year ended May 31, 2026, the Advisor waived expenses of the Funds as follows:

 

      Expenses Waived  

Xtrackers Artificial Intelligence and Big Data ETF

    $ 366     

Xtrackers Cybersecurity Select Equity ETF

      13     

Xtrackers International Real Estate ETF

      2,955     

Xtrackers Semiconductor Select Equity ETF

      29     

Xtrackers US Green Infrastructure Select Equity ETF

      4     

Xtrackers US National Critical Technologies ETF

      737     

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

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

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

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

Affiliated Securities Lending Agent Fees. Deutsche Bank AG serves as securities lending agent for the fund listed below. For the year ended May 31, 2026, the Funds incurred securities lending agent fees to Deutsche Bank AG as follows:

 

      Securities Lending
Agent Fees		  

Xtrackers Artificial Intelligence and Big Data ETF

    $ 77     

4. Investment Portfolio Transactions

For the year ended May 31, 2026, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

 

      Purchases      Sales  

Xtrackers Artificial Intelligence and Big Data ETF

    $ 30,104,417      $ 17,693,153     

Xtrackers Cybersecurity Select Equity ETF

      2,952,878        2,825,174     

Xtrackers International Real Estate ETF

      125,451,657        103,001,856     

Xtrackers Semiconductor Select Equity ETF

      13,850,003        6,548,273     

Xtrackers US Green Infrastructure Select Equity ETF

      2,653,823        2,696,481     

Xtrackers US National Critical Technologies ETF

      15,310,152        15,049,412     

For the year ended May 31, 2026, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

 

     Purchases      Sales  

Xtrackers Artificial Intelligence and Big Data ETF

    $ 56,427,387      $ 9,897,516     

Xtrackers Cybersecurity Select Equity ETF

      1,257,401        1,368,825     

Xtrackers International Real Estate ETF

      152,359,026        —     

Xtrackers Semiconductor Select Equity ETF

      39,167,287        3,617,783     

Xtrackers US Green Infrastructure Select Equity ETF

      1,966,103        1,924,347     

Xtrackers US National Critical Technologies ETF

      31,025,938        39,250,983     

 

 

 

48  |  DBX ETF Trust  

5. Fund Share Transactions

As of May 31, 2026, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. As of May 31, 2026, transaction fees for the creation or redemption of a Creation Unit of Xtrackers US National Critical Technologies ETF are paid by the Fund’s Advisor.

6. Concentration of Ownership

From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At May 31, 2026, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:

 

     

Approximate

Percent of

Outstanding

Shares Held

  

Xtrackers Cybersecurity Select Equity ETF

      64 %    

Xtrackers US Green Infrastructure Select Equity ETF

      89 %    

7. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers International Real Estate ETF, and certain other funds managed by the Advisor to borrow up to $105 million. The Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Fund had no outstanding loans at May 31, 2026.

 

 

 

  DBX ETF Trust  |  49

Report of Independent Registered Public Accounting Firm

To the Shareholders of

Xtrackers Artificial Intelligence and Big Data ETF, Xtrackers Cybersecurity Select Equity ETF, Xtrackers International Real Estate ETF, Xtrackers Semiconductor Select Equity ETF, Xtrackers US Green Infrastructure Select Equity ETF and Xtrackers US National Critical Technologies ETF and the Board of Trustees of DBX ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Xtrackers Artificial Intelligence and Big Data ETF, Xtrackers Cybersecurity Select Equity ETF, Xtrackers International Real Estate ETF, Xtrackers Semiconductor Select Equity ETF, Xtrackers US Green Infrastructure Select Equity ETF and Xtrackers US National Critical Technologies ETF (collectively referred to as the “Funds”), (six of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of May 31, 2026, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (six of the funds constituting DBX ETF Trust) at May 31, 2026, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

 

Individual fund constituting the DBX ETF Trust

 

   Statement of operations   Statements of changes in net assets   Financial highlights

Xtrackers International Real Estate ETF

 

   For the year ended May 31, 2026   For each of the two years in the period ended May 31, 2026   For each of the five years in the period ended May 31, 2026

Xtrackers Cybersecurity Select Equity ETF

 

Xtrackers Semiconductor Select Equity ETF

 

Xtrackers US Green Infrastructure Select Equity ETF

 

   For the year ended May 31, 2026   For each of the two years in the period ended May 31, 2026   For each of the two years in the period ended May 31, 2026 and for the period July 13, 2023 (commencement of operations) through May 31, 2024
Xtrackers US National Critical Technologies ETF   For the year ended May 31, 2026   For each of the two years in the period ended May 31, 2026  

For each of the two years in the period ended May 31, 2026 and for the period November 16, 2023 (commencement of operations) through May 31, 2024

 

Xtrackers Artificial Intelligence and Big Data ETF   For the year ended May 31, 2026   For the year ended May 31, 2026 and for the period August 2, 2024 (commencement of operations) through May 31, 2025

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s

 

 

 

50  |  DBX ETF Trust  

Report of Independent Registered Public Accounting Firm (Continued)

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, 2026, by correspondence with the custodian, brokers and others; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

LOGO

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

New York, New York

July 27, 2026

 

 

 

  DBX ETF Trust  |  51

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

Xtrackers Artificial Intelligence and Big Data ETF, Xtrackers Cybersecurity Select Equity ETF, Xtrackers International Real Estate ETF, Xtrackers Semiconductor Select Equity ETF, Xtrackers US Green Infrastructure Select Equity ETF and Xtrackers US National Critical Technologies ETF

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT WITH DBX ADVISORS LLC

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on May 12-13, 2026 (the “Meeting”), the Trustees, all of whom are Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers Artificial Intelligence and Big Data ETF, Xtrackers Cybersecurity Select Equity ETF, Xtrackers International Real Estate ETF, Xtrackers Semiconductor Select Equity ETF, Xtrackers US Green Infrastructure Select Equity ETF and Xtrackers US National Critical Technologies ETF (each a “Fund,” and collectively, the “Funds”) for another annual period ending on May 31, 2027. The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the Investment Advisory Agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) for Funds with three years of performance history as of December 31, 2025, each Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees met with representatives of the Advisor on May 12, 2026 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held during the Meeting.

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

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

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

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

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

 

 

 

 

52  |  DBX ETF Trust  

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

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

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

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

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

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

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

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

 

 

 

  DBX ETF Trust  |  53

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

Economies of Scale. The Board considered that Xtrackers International Real Estate ETF and Xtrackers US National Critical Technologies ETF had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisors can share benefits of economies of scale.

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

 

 

 

54  |  DBX ETF Trust  

Tax Information (Unaudited)

 

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

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its period ended May 31, 2026.

 

      Qualified Dividend
Income*		   Dividends  
Received  
Reduction*  

Xtrackers Artificial Intelligence and Big Data ETF

    100%   100%  

Xtrackers Cybersecurity Select Equity ETF

    52%   9%  

Xtrackers International Real Estate ETF

    47%   —%  

Xtrackers Semiconductor Select Equity ETF

    92%   52%  

Xtrackers US Green Infrastructure Select Equity ETF

    64%   59%  

Xtrackers US National Critical Technologies ETF

    100%   99%  

 

*

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

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

 

      Gross Foreign
Income		      Foreign Taxes Paid  

Xtrackers International Real Estate ETF

    $   37,177,783      $   2,189,329    

 

 

  DBX ETF Trust  |  55

LOGO

LOGO

       Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU)

       Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF)

       Xtrackers US 0-1 Year Treasury ETF (TRSY)

 

 

LOGO

Table of Contents

 

     Page  

Schedule of Investments

   

Xtrackers Municipal Infrastructure Revenue Bond ETF

      2  

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

      10  

Xtrackers US 0-1 Year Treasury ETF

      14  

Statements of Assets and Liabilities

      17  

Statements of Operations

      18  

Statements of Changes in Net Assets

      19  

Financial Highlights

      21  

Notes to Financial Statements

      24  

Report of Independent Registered Public Accounting Firm

      32  

Board Considerations in Approval of Investment Advisory Contracts

      34  

Tax Information

      37  

 

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

 

DBX ETF Trust  |  1

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF

May 31, 2026

 

     Principal
 Amount $		         Value $  

MUNICIPAL BONDS – 98.0%

      

Arizona – 2.6%

      

City of Phoenix Civic Improvement Corp., Intergovernmental,
Series A, 5.00%, 7/1/45

      705,000          741,757  

Salt River Project Agricultural Improvement & Power District, Electric, Power & Light Revenue,
Series B, 5.25%, 1/1/53

      2,650,000        2,793,512  
     

 

 

  

(Cost $3,628,197)

         3,535,269  

California – 17.5%

      

Bay Area Toll Authority, Highway
Revenue Tolls,

      

Sub-Series S-8, 3.00%, 4/1/54

      535,000        390,540  

Series F-1, 5.00%, 4/1/54

      500,000        522,387  

Series F-2, 2.60%, 4/1/56

      160,000        106,641  

California Enterprise Development Authority

      

Series A, 5.25%, 11/1/49

      500,000        536,487  

Series A, 5.25%, 11/1/54

      100,000        106,229  

Series A, 5.50%, 11/1/59

      550,000        593,972  

City of Los Angeles Department of Airports, Private Airport & Marina Revenue,

      

Series B, 5.00%, 5/15/45

      260,000        273,979  

Series A, AMT, 5.00%, 5/15/46

      600,000        615,849  

Series B, 5.00%, 5/15/48

      250,000        259,774  

Series A, AMT, 5.00%, 5/15/51

      135,000        137,072  

City of Riverside CA Electric Revenue, Electric, Power & Light Revenue,
Series A, 5.00%, 10/1/49

      150,000        158,780  

City of San Francisco CA Public Utilities Commission Water Revenue, Water Revenue,

      

Series D, 3.00%, 11/1/50

      340,000        259,773  

Series C, 4.00%, 11/1/50

      600,000        577,940  

Series A, 5.00%, 11/1/50

      500,000        516,910  

Series D, 5.00%, 11/1/55

      200,000        211,053  

East Bay Municipal Utility District Water System Revenue, Water Revenue,

      

Series A, 5.00%, 6/1/50

      500,000        535,798  

Series A, 5.00%, 6/1/55

      300,000        319,215  

Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Sales Tax Revenue,

      

Series B, 5.00%, 6/1/37

      500,000        572,464  

Series B, 5.00%, 6/1/39

      250,000        283,080  
     Principal
 Amount $		         Value $  

Los Angeles Department of Water & Power Water System Revenue, Water Revenue,

      

Series A, 5.00%, 7/1/50

      210,000        213,453  

Series A, 5.25%, 7/1/53

      800,000        831,732  

Los Angeles Department of Water & Power, Electric, Power & Light Revenue,

      

Series E, 5.00%, 7/1/38

      500,000        544,309  

Series C, 5.00%, 7/1/44

      115,000        121,951  

Series D, 5.00%, 7/1/47

      500,000        520,199  

Series B, 5.00%, 7/1/48

      500,000        511,076  

Series A, 5.00%, 7/1/51

      1,000,000        1,018,858  

Series C, 5.00%, 7/1/51

      250,000        257,738  

Metropolitan Water District of Southern California, Water Revenue,
Series A, 5.00%, 4/1/48

      265,000        280,912  

Municipal Improvement Corp. of Los Angeles

      

Series A, 5.25%, 5/1/50

      450,000        477,269  

Series A, 5.00%, 5/1/55

      600,000        617,402  

Riverside County Transportation Commission, Highway Revenue Tolls,

      

Series B-1, 4.00%, 6/1/46

      10,000        9,837  

Series B-1, 3.00%, 6/1/49

      650,000        493,325  

San Diego County Regional Airport Authority, Private Airport & Marina Revenue,

      

Series B, AMT, 4.00%, 7/1/51

      700,000        623,583  

Series A, 5.00%, 7/1/51

      500,000        517,911  

Series B, AMT, 5.00%, 7/1/51

      1,100,000        1,111,796  

Series A, 4.00%, 7/1/56

      865,000        797,455  

Series A, 5.00%, 7/1/56

      1,300,000        1,339,634  

San Francisco City & County Airport Comm-San Francisco International Airport, Private Airport & Marina Revenue,

      

Series A, AMT, 4.00%, 5/1/49

      990,000        902,350  

Series A, AMT, 5.00%, 5/1/49

      400,000        403,211  

Series B, 5.00%, 5/1/52

      500,000        518,256  

Series A, 5.25%, 5/1/55

      800,000        832,293  

Series A, 5.50%, 5/1/55

      600,000        636,843  

San Francisco City & County Public Utilities Commission Wastewater Revenue, Sewer Revenue,

      

Series C, 5.00%, 10/1/49

      200,000        212,431  

Series C, 5.00%, 10/1/54

      700,000        736,104  

San Francisco Municipal Transportation Agency, Transit Revenue,

      

Series C, 4.00%, 3/1/51

      40,000        37,025  

Series C, 5.00%, 3/1/51

      500,000        513,151  
 

 

See Notes to Financial Statements.

2  |   DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2026

 

     Principal
 Amount $		         Value $  

Southern California Public Power Authority, Electric, Power & Light Revenue,
Series 1, 5.00%, 7/1/50

      700,000        725,618  

Southern California Public Power Authority, Intergovernmental,
5.00%, 7/1/53

      1,400,000          1,433,871  
     

 

 

  

(Cost $25,532,528)

         24,217,536  

Colorado – 2.9%

      

City & County of Denver Co. Airport System Revenue, Private Airport & Marina Revenue,

      

Series A, 5.00%, 11/15/36

      265,000        286,590  

Sub-Series A, AMT, 5.00%, 12/1/36

      300,000        335,650  

Series A, 5.50%, 11/15/42

      150,000        163,869  

Series A, 5.00%, 11/15/47

      100,000        102,434  

Series D, 5.00%, 11/15/53

      600,000        607,008  

Series A, 5.50%, 11/15/53

      300,000        312,933  

City & County of Denver Co. Dedicated Excise Tax Revenue, Hotel Occupancy Tax,
Series A, 4.00%, 8/1/51

      700,000        644,677  

City of Colorado Springs CO Utilities System Revenue, Multiple Utility Revenue,
Series B, 4.00%, 11/15/51

      100,000        92,382  

City of Colorado Springs Co. Utilities System Revenue, Multiple Utility Revenue,
Series A, 5.25%, 11/15/55

      1,400,000        1,499,012  
     

 

 

  

(Cost $4,254,378)

         4,044,555  

District of Columbia – 0.9%

      

Metropolitan Washington Airports Authority Aviation Revenue, Private Airport & Marina Revenue,
Series A, AMT, 5.00%, 10/1/46

      600,000        614,036  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Highway Revenue Tolls,
Series B, 4.00%, 10/1/53

      700,000        599,320  
     

 

 

  

(Cost $1,410,308)

         1,213,356  

Florida – 8.7%

      

Broward County FL Water & Sewer Utility Revenue, Water Revenue,
Series A, 4.00%, 10/1/47

      240,000        232,605  

City of Fort Lauderdale Fl Water & Sewer Revenue, Water Revenue,
Series B, 5.50%, 9/1/48

      400,000        437,084  
     Principal
 Amount $		         Value $  

City of Miami Fl, Miscellaneous Taxes,

      

Series A, 5.00%, 3/1/48

      200,000        208,323  

Series A, 5.25%, 3/1/53

      200,000        210,730  

City of Tampa FL Water & Wastewater System Revenue, Water Revenue,

      

Series A, 5.00%, 10/1/54

      1,000,000        1,028,073  

Series A, 5.25%, 10/1/57

      300,000        315,388  

County of Lee Fl Airport Revenue, Private Airport & Marina Revenue,
5.25%, 10/1/54

      400,000        409,526  

County of Manatee FL Public Utilities Revenue, Water Revenue
4.00%, 10/1/48

      550,000        513,204  

County of Miami-Dade Fl Aviation Revenue, Private Airport & Marina Revenue,
Series B, 5.25%, 10/1/55

      1,500,000        1,558,314  

County of Miami-Dade FL Aviation Revenue, Private Airport & Marina Revenue,
Series A, AMT, 5.00%, 10/1/49

      380,000        381,469  

County of Miami-Dade FL Transit System, Sales Tax Revenue,

      

Series A, 4.00%, 7/1/49

      500,000        457,476  

Series A, 4.00%, 7/1/50

      90,000        81,633  

County of Miami-Dade Fl Water & Sewer System Revenue, Water Revenue,
Series A, 5.00%, 10/1/55

      500,000        516,147  

County of Miami-Dade FL Water & Sewer System Revenue,
Water Revenue,

      

4.00%, 10/1/46

      255,000        239,798  

4.00%, 10/1/48

      450,000        414,026  

Series B, 4.00%, 10/1/49

      500,000        454,573  

4.00%, 10/1/51

      275,000        250,800  

4.00%, 10/1/51

      100,000        88,883  

County of Miami-Dade Seaport Department, Private Airport & Marina Revenue,
Series A, 5.25%, 10/1/52

      1,200,000        1,221,568  

Greater Orlando Aviation Authority, Private Airport & Marina Revenue,
Series A, AMT, 4.00%, 10/1/52

      300,000        263,349  

Hillsborough County Aviation

      

Authority, Private Airport & Marina Revenue,
Series A, AMT, 4.00%, 10/1/52

      200,000        176,927  

JEA Water & Sewer System Revenue, Water Revenue,
Series A, 5.25%, 10/1/49

      1,250,000        1,327,563  
 

 

See Notes to Financial Statements.

DBX ETF Trust  |   3

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2026

 

     Principal
 Amount $		         Value $  

Series A, 5.50%, 10/1/54

      125,000        133,516  

Orlando Utilities Commission, Water Revenue,
Series A, 5.00%, 10/1/48

      200,000        209,268  

State of Florida Department of Transportation Turnpike System Revenue, Highway Revenue Tolls,
Series B, 4.00%, 7/1/51

      500,000        460,413  

Tampa Bay Water, Water Revenue,
5.00%, 10/1/52

      400,000        414,720  
     

 

 

  

(Cost $12,678,122)

         12,005,376  

Georgia – 2.5%

      

City of Atlanta GA Department of Aviation, Private Airport & Marina Revenue,

      

Series B, AMT, 4.00%, 7/1/49

      200,000        180,380  

Series A-1, 5.00%, 7/1/49

      540,000        564,407  

Series B-1, 5.25%, 7/1/50

      1,000,000        1,041,845  

Georgia Ports Authority, Private Airport & Marina Revenue,

      

4.00%, 7/1/51

      765,000        724,442  

5.25%, 7/1/52

      200,000        209,807  

Municipal Electric Authority of Georgia, Nuclear Revenue,
Series A, 5.50%, 7/1/63

      750,000        768,848  
     

 

 

  

(Cost $3,534,986)

         3,489,729  

Hawaii – 1.1%

      

State of Hawaii Airports System Revenue, Private Airport & Marina Revenue,

      

Series A, AMT, 5.00%, 7/1/51

      500,000        507,597  

Series A, 5.25%, 7/1/51

      500,000        520,906  

Series A, 5.50%, 7/1/54

      500,000        532,415  
     

 

 

  

(Cost $1,583,572)

         1,560,918  

Illinois – 4.7%

      

Chicago O’Hare International Airport, Private Airport & Marina Revenue,

      

Series A, 5.25%, 1/1/48

      1,000,000        1,029,605  

Series B, 5.25%, 1/1/53

      110,000        114,622  

Series A, AMT, 5.00%, 1/1/55

      1,000,000        1,001,875  

Series B, 4.50%, 1/1/56

      350,000        336,448  

Series B, 5.25%, 1/1/56

      200,000        205,270  

Series A, 5.50%, 1/1/59

      1,150,000        1,190,663  

Series B, 5.50%, 1/1/59

      1,000,000        1,054,759  

Chicago Transit Authority Sales Tax Receipts Fund, Sales Tax Revenue,

      

Series A, 5.00%, 12/1/52

      160,000        162,570  

Series A, 5.00%, 12/1/57

      600,000        606,184  
     Principal
 Amount $		         Value $  

City of Chicago IL Wastewater Transmission Revenue,
Sewer Revenue,

      

Series A, 5.25%, 1/1/48

      85,000        88,674  

Series A, 5.25%, 1/1/53

      500,000        519,080  

City of Chicago IL Waterworks Revenue, Water Revenue,
Series A, 5.50%, 11/1/62

      200,000        208,931  
     

 

 

  

(Cost $6,638,511)

         6,518,681  

Kentucky – 0.7%

      

Kenton County Airport Board, Private Airport & Marina Revenue,
Series A, 5.25%, 1/1/49

      

(Cost $1,063,526)

      1,000,000        1,030,795  

Louisiana – 0.6%

      

Louisiana Stadium & Exposition District, Hotel Occupancy Tax,

      

Series A, 5.00%, 7/1/48

      450,000        463,143  

Series A, 5.25%, 7/1/53

      420,000        433,559  
     

 

 

  

(Cost $923,539)

         896,702  

Maryland – 0.6%

      

Maryland State Transportation Authority, Highway Revenue Tolls,

      

4.00%, 7/1/50

      650,000        609,484  

Series A, 5.00%, 7/1/51

      255,000        262,957  
     

 

 

  

(Cost $975,129)

         872,441  

Massachusetts – 2.0%

      

Massachusetts Bay
Transportation Authority
Sales Tax Revenue, Sales Tax
Revenue,

      

Series A-1, 4.00%, 7/1/51

      605,000        560,712  

Series B, 5.00%, 7/1/55

      100,000        103,764  

Series B, 5.25%, 7/1/55

      1,000,000        1,063,793  

Massachusetts Port Authority,
Private Airport & Marina Revenue,

      

Series E, AMT, 5.00%, 7/1/46

      500,000        512,817  

Series E, AMT, 5.00%, 7/1/51

      505,000        510,416  
     

 

 

  

(Cost $2,888,456)

         2,751,502  

Michigan – 0.6%

      

State of Michigan Trunk Line
Revenue, Fuel Sales Tax
Revenue,
Series B, 4.00%, 11/15/45

      

(Cost $830,738)

      800,000        773,065  
 

 

See Notes to Financial Statements.

4  |   DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2026

 

    

Principal

 Amount $

         Value $  

Minnesota – 0.3%

      

Minneapolis-St Paul Metropolitan Airports Commission, Private Airport & Marina Revenue,

      

Series A, 5.00%, 1/1/52

      400,000        407,510  

Series A, 5.00%, 1/1/52

      40,000        40,977  
     

 

 

  

(Cost $451,571)

         448,487  

Nebraska – 0.3%

      

Omaha Airport Authority, Private Airport & Marina Revenue,
5.25%, 12/15/54

      

(Cost $420,769)

      400,000        414,252  

Nevada – 0.6%

      

County of Clark NV, Fuel Sales Tax Revenue,
4.00%, 7/1/40

      500,000        505,733  

Las Vegas Convention & Visitors Authority, Hotel Occupancy Tax,

      

Series B, 4.00%, 7/1/49

      290,000        264,470  
     

 

 

  

(Cost $775,452)

         770,203  

New Jersey – 1.2%

      

New Jersey Turnpike Authority, Highway Revenue Tolls,
Series B, 5.25%, 1/1/52

      1,005,000        1,058,876  

South Jersey Transportation Authority, Highway Revenue Tolls,

      

Series A, 4.625%, 11/1/47

      100,000        99,793  

Series A, 5.25%, 11/1/52

      500,000        518,595  
     

 

 

  

(Cost $1,670,738)

         1,677,264  

New York – 23.4%

      

Battery Park City Authority, Miscellaneous Revenue,

      

Series A, 5.00%, 11/1/48

      65,000        68,891  

5.00%, 11/1/50

      1,000,000        1,061,412  

Series A, 5.00%, 11/1/53

      255,000        266,199  

5.25%, 11/1/55

      800,000        855,099  

Long Island Power Authority, Electric, Power & Light Revenue,

      

Series E, 5.00%, 9/1/48

      350,000        365,989  

Series A, 5.00%, 9/1/54

      300,000        310,625  

Metropolitan Transportation Authority Dedicated Tax Fund, Fuel Sales Tax Revenue,

      

Series B-2, 5.00%, 11/15/46

      1,000,000        1,062,979  

Series B-2, 5.00%, 11/15/47

      400,000        421,402  

Metropolitan Transportation Authority, Transit Revenue,

      

Series E, 4.00%, 11/15/45

      400,000        372,901  

Series D-2, 4.00%, 11/15/48

      150,000        135,734  
    

Principal

 Amount $

         Value $  

Series D-3, 4.00%, 11/15/49

      140,000        125,777  

Series D-3, 4.00%, 11/15/50

      250,000        221,095  

Series C-1, 5.25%, 11/15/55

      500,000        508,722  

New York City Municipal Water Finance Authority, Water Revenue,

      

Series BB, Sub-Series BB-2,

5.00%, 6/15/36

      65,000        75,775  

Series BB, Sub-Series BB-2,

5.00%, 6/15/39

      55,000        60,803  

Series BB-1, 5.00%, 6/15/44

      140,000        148,171  

Series BB-1, 4.00%, 6/15/45

      255,000        243,399  

Series BB, 5.00%, 6/15/48

      250,000        262,237  

Series BB-1, 4.00%, 6/15/49

      200,000        182,431  

Series CC-1, 4.00%, 6/15/49

      200,000        182,733  

Series BB-1, 5.00%, 6/15/49

      270,000        276,563  

Series BB-1, 4.00%, 6/15/50

      285,000        261,184  

Sub-Series DD-1, 4.00%, 6/15/50

      600,000        551,725  

Series AA-1, 5.00%, 6/15/50

      140,000        143,681  

Series AA-1, 3.00%, 6/15/51

      300,000        221,661  

Series CC-1, 5.00%, 6/15/51

      250,000        256,468  

Series CC-1, 4.00%, 6/15/52

      850,000        768,575  

Series CC-1, 5.00%, 6/15/52

      400,000        410,203  

Series AA-1, 5.25%, 6/15/52

      505,000        531,070  

Sub-Series AA-1, 5.25%, 6/15/53

      200,000        209,658  

Series BB, Sub-Series BB-1,

5.25%, 6/15/54

      400,000        419,042  

Series CC, Sub-Series CC-1,

5.25%, 6/15/54

      900,000        945,212  

Series BB, 5.25%, 6/15/55

      700,000        738,610  

New York City Transitional Finance Authority Future Tax Secured Revenue, Income Tax Revenue,

      

Series F, Sub-Series F-1, 5.00%, 11/1/36

      150,000        169,289  

Series F, Sub-Series F-1, 5.25%, 2/1/52

      350,000        369,418  

New York City Transitional Finance Authority, Income Tax Revenue,
Series F, Sub Series F-1, 5.00%, 11/1/39

      180,000        199,397  

New York Power Authority, Electric, Power & Light Revenue,
Series A, 4.00%, 11/15/47

      115,000        110,077  

New York Transportation Development Corp., Private Airport & Marina Revenue,

      

5.00%, 6/30/49

      450,000        452,169  

5.25%, 6/30/49

      500,000        503,480  

6.00%, 6/30/54

      1,000,000        1,042,625  

6.00%, 6/30/59

      700,000        738,199  
 

 

See Notes to Financial Statements.

DBX ETF Trust  |   5

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2026

 

    

Principal

 Amount $

         Value $  

5.00%, 6/30/60

      800,000        781,456  

5.125%, 6/30/60

      1,000,000        1,005,743  

5.25%, 6/30/60

      400,000        405,774  

5.375%, 6/30/60

      800,000        803,853  

5.50%, 6/30/60

      1,300,000        1,317,062  

Port Authority of New York & New Jersey, Private Airport & Marina Revenue,

      

Series 224, 4.00%, 7/15/51

      15,000        13,700  

Series 223, 5.00%, 7/15/56

      105,000        106,965  

Triborough Bridge & Tunnel Authority Sales Tax Revenue, Sales Tax Revenue,

      

Series A, 4.00%, 5/15/48

      360,000        337,105  

Series D-2, 5.50%, 5/15/52

      650,000        693,090  

Series A, 5.00%, 5/15/53

      95,000        97,942  

Series A, 4.00%, 5/15/57

      1,000,000        891,683  

Series A, 4.25%, 5/15/58

      600,000        568,407  

Series A, 5.25%, 5/15/62

      60,000        62,038  

Series A, 4.50%, 5/15/63

      450,000        440,101  

Seies A-3, 5.25%, 5/15/64

      300,000        311,378  

Series A-2, 5.25%, 5/15/64

      1,400,000        1,450,693  

Triborough Bridge & Tunnel Authority, Fuel Sales Tax Revenue,

      

Series D-1A, 5.00%, 11/15/39

      510,000        557,850  

Series D-2, 5.25%, 5/15/47

      1,000,000        1,064,285  

Triborough Bridge & Tunnel Authority, Miscellaneous Taxes,

      

Series C-1A, 4.00%, 5/15/46

      600,000        563,172  

Series C-3, 3.00%, 5/15/51

      600,000        449,349  

Series A-1, 5.00%, 5/15/51

      2,000,000        2,045,025  

Series C-1A, 5.00%, 5/15/51

      225,000        230,518  

Series A, 5.25%, 12/1/54

      850,000        899,724  

Series A, 5.50%, 12/1/59

      1,000,000        1,075,281  
     

 

 

  

(Cost $33,894,418)

         32,422,874  

North Carolina – 2.4%

      

City of Charlotte NC Airport Revenue, Private Airport & Marina Revenue,

      

Series A, 5.00%, 7/1/48

      1,310,000        1,362,248  

Series A, 5.25%, 7/1/55

      400,000        423,366  

City of Charlotte Nc Water & Sewer System Revenue,
Water Revenue,

      

5.00%, 7/1/49

      1,010,000        1,069,779  

5.00%, 7/1/54

      250,000        262,052  

County of Union NC Enterprise System Revenue, Water Revenue,
3.00%, 6/1/51

      300,000        225,399  
     

 

 

  

(Cost $3,329,525)

         3,342,844  
    

Principal

 Amount $

         Value $  

Ohio – 1.6%

      

Columbus Regional Airport Authority, Private Airport & Marina Revenue,

      

Series A, 5.50%, 1/1/50

      1,000,000        1,058,602  

Series A, 5.50%, 1/1/55

      400,000        419,484  

Franklin County Convention Facilities Authority, Industrial Revenue,
5.00%, 12/1/51

      100,000        97,444  

Ohio Turnpike & Infrastructure Commission, Highway Revenue Tolls,
Series A, 5.00%, 2/15/39

      350,000        383,362  

Ohio Water Development Authority, Intergovernmental,
5.00%, 6/1/46

      225,000        236,452  
     

 

 

  

(Cost $2,186,669)

         2,195,344  

Oklahoma – 1.0%

      

Oklahoma City Water Utilities Trust, Water Revenue,
5.25%, 7/1/64

      500,000        525,688  

Oklahoma Turnpike Authority, Highway Revenue Tolls,

      

Series A, 5.25%, 1/1/50

      265,000        283,429  

5.50%, 1/1/53

      320,000        339,167  

Series A, 4.25%, 1/1/55

      180,000        173,102  
     

 

 

  

(Cost $1,346,620)

         1,321,386  

Oregon – 1.0%

      

Port of Portland Or Airport Revenue, Private Airport & Marina Revenue,
Series 28, AMT, 5.00%, 7/1/52

      600,000        608,013  

Port of Portland OR Airport Revenue, Private Airport & Marina Revenue,

      

Series 25B, AMT, 5.00%, 7/1/44

      315,000        321,336  

Series 28, AMT, 4.00%, 7/1/47

      500,000        462,307  
     

 

 

  

(Cost $1,417,950)

         1,391,656  

Pennsylvania – 3.6%

      

Allegheny County Airport Authority, Private Airport & Marina Revenue,

      

Series A, AMT, 5.00%, 1/1/51

      500,000        503,047  

Series A, 5.50%, 1/1/53

      500,000        520,763  

City of Philadelphia PA Water & Wastewater, Water Revenue,
Series A, 5.00%, 11/1/50

      500,000        511,823  

Pennsylvania Turnpike Commission, Highway Revenue Tolls,

      

Series A, 4.00%, 12/1/46

      20,000        18,860  

Series B, 4.00%, 12/1/46

      390,000        367,775  

Series C, 5.00%, 12/1/46

      45,000        47,166  
 

 

See Notes to Financial Statements.

6  |   DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2026

 

    

Principal

 Amount $

         Value $  

Series A, 5.00%, 12/1/47

      55,000        57,091  

Sub-Series A, 4.00%, 12/1/49

      285,000        266,344  

Series A, 4.00%, 12/1/50

      255,000        230,181  

Series B, 5.00%, 12/1/50

      1,705,000        1,753,271  

Series A, 4.00%, 12/1/51

      65,000        58,940  

Series B, 4.00%, 12/1/51

      300,000        268,913  

Series B, 5.00%, 12/1/51

      15,000        15,433  

Philadelphia Gas Works Co., Natural Gas Revenue,
Series A, 5.25%, 8/1/54

      300,000        314,179  
     

 

 

  

(Cost $5,272,992)

         4,933,786  

South Carolina – 0.8%

      

Charleston County Airport District, Private Airport & Marina Revenue,

      

Series A, 5.25%, 7/1/54

      200,000        205,592  

Series B, 5.25%, 7/1/54

      300,000        313,698  

South Carolina Public Service Authority, Electric, Power & Light Revenue,
Series A, 4.00%, 12/1/52

      600,000        533,072  
     

 

 

  

(Cost $1,070,444)

         1,052,362  

Tennessee – 1.8%

      

City of Clarksville TN Water Sewer & Gas Revenue, Water Revenue,
Series A, 4.00%, 2/1/51

      380,000        350,828  

Metropolitan Government of Nashville & Davidson County TN Electric Revenue, Electric, Power & Light Revenue,
Series A, 5.00%, 5/15/46

      245,000        254,788  

Metropolitan Nashville Airport Authority, Private Airport & Marina Revenue,

      

Series B, AMT, 5.25%, 7/1/47

      400,000        414,286  

Series B, AMT, 5.00%, 7/1/49

      125,000        126,278  

Series B, AMT, 4.00%, 7/1/54

      550,000        482,703  

Series B, AMT, 5.00%, 7/1/54

      500,000        502,774  

Series A, 5.00%, 7/1/56

      400,000        413,380  
     

 

 

  

(Cost $2,721,167)

         2,545,037  

Texas – 12.0%

      

Central Texas Regional Mobility Authority, Highway Revenue Tolls,

      

Series B, 5.00%, 1/1/46

      300,000        309,517  

Series B, 4.00%, 1/1/51

      50,000        44,733  

City of Austin TX Airport System Revenue, Private Airport & Marina Revenue,

      

5.25%, 11/15/47

      100,000        103,818  

5.00%, 11/15/52

      200,000        201,819  
    

Principal

 Amount $

         Value $  

City of Austin TX Water & Wastewater System Revenue, Water Revenue,
Series C, 5.00%, 11/15/50

      305,000        312,373  

City of Corpus Christi TX Utility System Revenue, Water Revenue,
4.25%, 7/15/54

      635,000        579,010  

City of Dallas TX Waterworks & Sewer System Revenue, Water Revenue,
Series C, 4.00%, 10/1/49

      110,000        101,587  

City of El Paso TX Water & Sewer Revenue, Water Revenue,

      

5.00%, 3/1/49

      100,000        107,951  

5.25%, 3/1/49

      400,000        420,217  

City of Georgetown TX Utility System Revenue, Multiple Utility Revenue,
4.25%, 8/15/47

      500,000        483,223  

City of Houston TX Airport System Revenue, Private Airport & Marina Revenue,
Sub-Series A, AMT, 4.00%, 7/1/46

      575,000        532,175  

City of Houston TX Combined Utility System, Water Revenue,

      

Series C, 3.00%, 11/15/47

      145,000        109,245  

Series C, 4.00%, 11/15/49

      55,000        49,301  

City of San Antonio TX Electric & Gas Systems Revenue, Electric, Power & Light Revenue,
Series A, 5.00%, 2/1/46

      260,000        269,894  

County of Harris TX Toll Road Revenue, Highway Revenue Tolls,

      

Series A, 5.25%, 8/15/49

      500,000        533,904  

Series A, 5.25%, 8/15/54

      200,000        212,084  

Dallas Fort Worth International Airport
Series B, 5.00%, 11/1/47

      600,000        626,018  

Dallas Fort Worth International Airport, Private Airport & Marina Revenue,
Series B, 4.00%, 11/1/45

      105,000        101,969  

Harris County Toll Road Authority, Highway Revenue Tolls,
4.00%, 8/15/50

      670,000        609,480  

Harris County-Houston Sports Authority, Hotel Occupancy Tax,
Series A, 3.125%, 11/15/56

      110,000        78,275  
 

 

See Notes to Financial Statements.

DBX ETF Trust  |   7

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2026

 

    

Principal

 Amount $

         Value $  

Lower Colorado River Authority, Intergovernmental,
5.00%, 5/15/47

      250,000        256,985  

North Texas Tollway Authority, Highway Revenue Tolls,
4.125%, 1/1/39

      500,000        507,777  

Series A, 5.00%, 1/1/40

      120,000        128,653  

Series B, 3.00%, 1/1/51

      250,000        183,258  

Port Authority of Houston of Harris County Texas, Private Airport & Marina Revenue,
5.00%, 10/1/53

      650,000        671,381  

San Antonio Water System, Water Revenue,

      

Series A, 5.00%, 5/15/46

      325,000        338,189  

Series A, 4.00%, 5/15/51

      335,000        301,396  

Texas Water Development Board, Water Revenue,

      

4.00%, 10/15/39

      1,000,000        1,026,383  

Series A, 5.00%, 10/15/44

      275,000        297,333  

Series A, 5.00%, 10/15/49

      540,000        565,512  

4.00%, 4/15/51

      525,000        480,069  

Series A, 5.25%, 10/15/51

      450,000        475,313  

4.80%, 10/15/52

      400,000        404,048  

Series A, 5.00%, 10/15/53

      1,000,000        1,038,956  

4.75%, 10/15/55

      1,250,000        1,257,432  

4.80%, 10/15/56

      400,000        403,749  

5.00%, 10/15/57

      940,000        967,069  

Series A, 5.00%, 10/15/58

      1,100,000        1,135,196  

5.00%, 10/15/60

      400,000        415,302  
     

 

 

  

(Cost $17,457,728)

         16,640,594  

Utah – 1.0%

      

City of Salt Lake City Ut Airport Revenue, Private Airport & Marina Revenue,
Series A, 5.25%, 7/1/48

      300,000        310,941  

Intermountain Power Agency, Electric, Power & Light Revenue,
Series A, 5.00%, 7/1/42

      1,000,000        1,059,967  
     

 

 

  

(Cost $1,397,514)

         1,370,908  

Virginia – 0.5%

      

Hampton Roads Transportation Accountability Commission, Appropriations,

      

Series A, 5.00%, 7/1/50

      40,000        41,058  

Series A, 4.00%, 7/1/55

      700,000        632,845  
     

 

 

  

(Cost $804,968)

         673,903  

Washington – 0.9%

      

Central Puget Sound Regional Transit Authority, Sales Tax Revenue,
Series S-1, 4.00%, 11/1/46

      700,000        685,379  
    

Principal

 Amount $

         Value $  

Energy Northwest, Nuclear Revenue,
Series A, 5.00%, 7/1/39

      105,000        116,830  

Port of Seattle WA, Private Airport & Marina Revenue,
Series B, AMT, 5.00%, 8/1/47

      500,000        512,165  
     

 

 

  

(Cost $1,427,944)

         1,314,374  

West Virginia – 0.2%

      

West Virginia Parkways Authority, Highway Revenue Tolls, 5.00%, 6/1/47

      

(Cost $291,357)

      250,000        258,930  

TOTAL MUNICIPAL BONDS

      
     

 

 

  

(Cost $141,879,816)

         135,684,129  

TOTAL INVESTMENTS – 98.0%

      

(Cost $141,879,816)

         135,684,129  

Other assets and liabilities, net – 2.0%

         2,733,707  
     

 

 

  

NET ASSETS – 100.0%

         138,417,836  
 

 

See Notes to Financial Statements.

8 |   DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2026

 

AMT:   Alternative Minimum Tax

Fair Value Measurements

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

The following is a summary of the inputs used as of May 31, 2026 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

 

Assets      Level 1          Level 2          Level 3          Total    

Municipal Bonds (a)

    $      —      $ 135,684,129      $      —      $ 135,684,129  

TOTAL

    $ —      $ 135,684,129      $ —      $ 135,684,129  

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

See Notes to Financial Statements.

DBX ETF Trust  |  9

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

May 31, 2026

 

     Number
 of Shares		         Value $  

COMMON STOCKS — 98.3%

      

Australia — 2.8%

      

Coles Group Ltd.

      750,361        11,726,301  

Insurance Australia Group Ltd.

      1,228,345        6,769,866  

Medibank Pvt Ltd.

      1,503,297        5,191,789  

QBE Insurance Group Ltd.

      843,720        13,743,766  

Santos Ltd.

      1,793,498        10,078,198  

Suncorp Group Ltd.

      595,874        7,451,354  

Telstra Group Ltd.

      2,155,433        8,079,849  
     

 

 

  

(Cost $53,923,638)

         63,041,123  

Austria — 0.4%

      

OMV AG (a)

      80,567        5,796,194  

Verbund AG

      41,751        2,803,915  
     

 

 

  

(Cost $7,258,953)

         8,600,109  

Belgium — 0.3%

      

Ageas SA/NV

      

(Cost $3,996,460)

      81,578        6,340,155  

China — 0.2%

      

Yangzijiang Shipbuilding Holdings Ltd.

      

(Cost $2,415,119)

      1,424,533        4,065,786  

Denmark — 3.8%

      

Novo Nordisk A/S, Class B

      1,782,430        81,533,168  

Tryg A/S

      166,148        3,912,234  
     

 

 

  

(Cost $85,123,734)

         85,445,402  

Finland — 1.2%

      

Elisa OYJ

      78,743        3,778,485  

Kesko OYJ, Class B

      149,281        3,619,951  

Kone OYJ, Class B

      181,181        10,837,869  

UPM-Kymmene OYJ

      294,096        8,593,618  
     

 

 

  

(Cost $24,377,436)

         26,829,923  

France — 13.1%

      

Amundi SA, 144A

      34,639        3,393,428  

AXA SA

      867,634        40,226,084  

Bouygues SA

      123,342        7,262,913  

Cie Generale des Etablissements Michelin SCA (a)

      345,088        12,689,102  

Danone SA

      349,496        24,854,057  

Pernod Ricard SA

      107,625        7,965,115  

Publicis Groupe SA

      127,216        12,431,608  

Sanofi SA

      605,016        53,156,550  

Sodexo SA

      42,626        2,347,844  

TotalEnergies SE

      1,088,694        95,512,624  

Vinci SA

      258,542        37,728,316  
     

 

 

  

(Cost $245,651,514)

         297,567,641  

Germany — 8.7%

      

Allianz SE

      210,691        93,822,494  

Bayerische Motoren Werke AG

      154,638        13,490,814  

Brenntag SE

      63,666        4,200,645  

Continental AG

      60,550        5,042,218  

 

     Number
 of Shares		         Value $  

Deutsche Lufthansa AG

      362,148        3,625,985  

Deutsche Post AG

      506,657        30,271,688  

Hannover Rueck SE

      33,950        9,207,220  

Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen

      72,296        38,158,692  
     

 

 

  

(Cost $153,454,857)

         197,819,756  

Hong Kong — 1.8%

      

CK Infrastructure Holdings Ltd.

      334,104        2,530,057  

CLP Holdings Ltd.

      906,965        8,852,786  

Henderson Land Development Co. Ltd.

      735,592        2,905,801  

HKT Trust & HKT Ltd. (b)

      1,884,579        2,909,563  

Hong Kong & China Gas Co. Ltd.

      6,183,806        5,657,219  

Power Assets Holdings Ltd.

      764,889        5,865,444  

Sino Land Co. Ltd.

      2,096,232        3,158,764  

SITC International Holdings Co. Ltd.

      745,605        3,293,547  

WH Group Ltd., 144A

      4,251,953        4,909,814  
     

 

 

  

(Cost $29,341,395)

         40,082,995  

Ireland — 0.6%

      

AIB Group PLC

      

(Cost $9,648,678)

      1,170,100        13,791,039  

Israel — 2.4%

      

Bank Hapoalim BM

      729,315        18,860,810  

Bank Leumi Le-Israel BM

      820,392        20,926,442  

Israel Discount Bank Ltd., Class A

      674,155        7,529,220  

Mizrahi Tefahot Bank Ltd.

      87,361        6,752,797  

(Cost $27,449,885)

         54,069,269  

Italy — 2.3%

      

Banca Mediolanum SpA

      113,593        2,625,963  

FinecoBank Banca Fineco SpA

      337,504        8,255,109  

Generali (a)

      449,019        20,283,389  

Snam SpA

      1,113,501        8,142,048  

Terna - Rete Elettrica Nazionale

      768,791        8,838,638  

Unipol Assicurazioni SpA

      197,427        4,893,433  
     

 

 

  

(Cost $32,814,901)

         53,038,580  

Japan — 7.7%

      

AGC, Inc.

      104,841        4,569,300  

Astellas Pharma, Inc.

      957,000        13,724,675  

Canon, Inc.

      445,700        11,837,550  

Daiichi Life Group, Inc.

      1,908,100        19,609,596  

Daito Trust Construction Co. Ltd.

      156,865        3,125,672  

Daiwa House Industry Co. Ltd.

      314,285        8,556,512  

Denso Corp.

      928,600        11,129,900  

Eisai Co. Ltd.

      140,753        3,522,583  

Honda Motor Co. Ltd.

      2,000,034        18,248,944  

Isuzu Motors Ltd.

      284,903        4,203,120  

Japan Tobacco, Inc.

      611,700        23,697,179  

Komatsu Ltd.

      476,717        19,695,758  
 

 

See Notes to Financial Statements.

10  |   DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

May 31, 2026

 

     Number
 of Shares		         Value $  

Sekisui House Ltd.

      329,240        6,934,743  

SoftBank Corp.

      15,870,650        21,464,608  

Subaru Corp.

      295,888        4,538,969  
     

 

 

  

(Cost $158,366,174)

         174,859,109  

Luxembourg — 0.1%

      

CVC Capital Partners PLC, 144A

      

(Cost $1,921,279)

      119,826        1,921,279  

Netherlands — 2.2%

      

ASR Nederland NV (a)

      86,019        6,454,431  

Koninklijke Ahold Delhaize NV

      494,626        20,877,480  

Koninklijke KPN NV

      2,111,127        11,002,356  

Magnum Ice Cream Co. NV *

      1,200        19,459  

NN Group NV

      144,947        12,124,389  
     

 

 

  

(Cost $32,539,257)

         50,478,115  

New Zealand — 0.1%

      

Contact Energy Ltd.

      

(Cost $3,028,268)

      553,888        3,163,587  

Norway — 1.2%

      

Aker BP ASA

      175,802        6,331,400  

Equinor ASA

      388,250        14,087,684  

Gjensidige Forsikring ASA

      118,590        3,279,613  

Orkla ASA

      424,762        4,491,295  
     

 

 

  

(Cost $21,611,438)

         28,189,992  

Singapore — 5.4%

      

DBS Group Holdings Ltd.

      1,137,231        56,034,497  

Oversea-Chinese Banking Corp. Ltd.

      1,805,414        33,125,564  

Singapore Telecommunications Ltd.

      4,138,700        14,083,944  

United Overseas Bank Ltd.

      676,645        19,948,917  
     

 

 

  

(Cost $75,478,970)

         123,192,922  

Spain — 4.5%

      

Iberdrola SA

      3,362,490        76,515,292  

Mapfre SA

      558,770        2,622,574  

Naturgy Energy Group SA

      226,770        7,552,526  

Repsol SA

      619,229        15,926,322  
     

 

 

  

(Cost $70,486,501)

         102,616,714  

Sweden — 1.7%

      

H & M Hennes & Mauritz AB, Class B

      232,117        4,126,608  

Skanska AB, Class B

      182,020        4,936,269  

Volvo AB, Class B

      861,986        30,387,615  
     

 

 

  

(Cost $25,125,422)

         39,450,492  

 

     Number
 of Shares		         Value $  

Switzerland — 20.3%

      

Nestle SA

      1,114,226        113,283,565  

Novartis AG

      749,257        112,980,687  

Partners Group Holding AG

      11,771        12,461,728  

Roche Holding AG

      270,393        113,957,144  

SGS SA

      91,118        10,364,840  

Swiss Re AG

      164,763        24,819,358  

Swisscom AG

      14,512        12,416,039  

Zurich Insurance Group AG

      82,786        59,015,553  
     

 

 

  

(Cost $338,311,471)

         459,298,914  

United Kingdom — 17.5%

      

3i Group PLC

      541,718        16,612,267  

British American Tobacco PLC

      1,112,875        68,869,657  

Diageo PLC

      1,234,580        25,553,083  

Imperial Brands PLC

      408,073        14,829,687  

Kingfisher PLC

      930,931        3,607,693  

National Grid PLC

      2,759,443        44,467,759  

Reckitt Benckiser Group PLC

      353,916        21,901,897  

Schroders PLC

      442,943        3,486,863  

Shell PLC

      2,565,187        107,812,566  

Tesco PLC

      3,520,727        20,416,298  

Unilever PLC

      1,210,149        68,601,044  
     

 

 

  

(Cost $310,658,653)

         396,158,814  

TOTAL COMMON STOCKS

      
     

 

 

  

(Cost $1,712,984,003)

         2,230,021,716  

PREFERRED STOCKS — 0.3%

      

Germany — 0.3%

      

Bayerische Motoren Werke AG

      30,592        2,664,957  

Dr Ing hc F Porsche AG (a)

      60,043        3,285,453  
     

 

 

  

(Cost $5,639,373)

         5,950,410  

SECURITIES LENDING

      

COLLATERAL — 2.3%

      

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.53% (c)(d)

      

(Cost $52,321,522)

      52,321,522        52,321,522  

TOTAL INVESTMENTS – 100.9%

      

(Cost $1,770,944,898)

         2,288,293,648  

Other assets and liabilities,
net — (0.9%)

         (19,654,361)  
     

 

 

  

NET ASSETS — 100.0%

         2,268,639,287  
 

 

See Notes to Financial Statements.

DBX ETF Trust  |  11

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

May 31, 2026

 

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2026 is as follows:

 

Value ($) at
5/31/2025		    Purchases Cost
($)		     Sales Proceeds
($)		      Net Realized
Gain/(Loss)
($)		      Net Change
in Unrealized
Appreciation
(Depreciation)
($)		      Income ($)      Capital Gain
Distributions
($)		      Number of
Shares at
5/31/2026		      Value ($) at
5/31/2026		  

SECURITIES LENDING COLLATERAL — 2.3%

 

               

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.53% (c)(d)

 

      

25,966,095

      26,355,427  (e)      —         —         —         486,107        —         52,321,522        52,321,522  

CASH EQUIVALENTS — 0.0%

 

                  

DWS Government Money Market Series “Institutional Shares”, 3.57% (c)

 

            

5,250,803

      128,846,164       (134,096,967)          —         —         163,926        —         —         —   

31,216,898

      155,201,591       (134,096,967)          —         —         650,033        —         52,321,522        52,321,522  

 

*   Non-income producing security.

(a)  All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at May 31, 2026 amounted to $49,611,429, which is 2.2% of net assets.

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

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

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

(e)  Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2026.

 

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

 

Securities are listed in country of domicile.

 

At May 31, 2026, open futures contracts purchased were as follows:

 

Contract Description    Currency     Number of 
 Contracts 		     Notional 
 Amount ($) 		      Contract Value
($)		      Expiration
Date		      Unrealized
Appreciation
(Depreciation) ($)		  

CAC 40 Index

    EUR    30      2,801,469        2,863,873        6/19/2026        62,404  

DAX Index

    EUR    1      707,793        734,567        6/19/2026        26,774  

EURO STOXX 50 Index

    EUR    25      1,687,249        1,769,098        6/19/2026        81,849  

FTSE 100 Index

    GBP    28      3,968,390        3,941,464        6/19/2026        (26,926)  

FTSE MIB Index

    EUR    1      256,376        292,315        6/19/2026        35,939  

IBEX 35 Index

    EUR    4      834,443        861,074        6/19/2026        26,631  

MSCI EAFE Index

    USD    88      13,418,350        13,689,720        6/19/2026        271,370  

MSCI Singapore Index

    SGD    45      1,634,431        1,625,907        6/29/2026        (8,524)  

SMI Index

    CHF    30      4,977,925        5,208,293        6/19/2026        230,368  

Total net unrealized appreciation

                                           699,885  

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

Currency Abbreviations

 

 

 

CHF

Swiss Franc

 

EUR

Euro

 

GBP

Pound Sterling

 

SGD

Singapore Dollar

 

USD

U.S. Dollar

 

See Notes to Financial Statements.

12 |   DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

May 31, 2026

 

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, 2026 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

 

Assets    Level 1     Level 2      Level 3      Total  

Common Stocks (a)

    $ 2,230,021,716     $ —      $ —      $ 2,230,021,716  

Preferred Stocks

      5,950,410       —        —        5,950,410  

Short-Term Investments (a)

      52,321,522       —        —        52,321,522  

Derivatives (b)

           

Futures Contracts

      735,335            —             —        735,335  

TOTAL

    $  2,289,028,983     $ —      $ —      $  2,289,028,983  
Liabilities    Level 1     Level 2      Level 3      Total  

Derivatives (b)

           

Futures Contracts

    $ (35,450 )    $ —      $ —      $ (35,450 ) 

TOTAL

    $ (35,450 )    $ —      $ —      $ (35,450 ) 

 

(a)

See Schedule of Investments for additional detailed categorizations.

(b)

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

 

See Notes to Financial Statements.

DBX ETF Trust  |  13

Schedule of Investments

Xtrackers US 0-1 Year Treasury ETF

May 31, 2026

 

     Principal
  Amount $		         Value $  

U.S. TREASURY

OBLIGATIONS – 99.5%

      

U.S. Treasury Bills

      

3.622%, 6/2/26 (a)

      12,900        12,899  

3.696%, 6/4/26 (a)

      21,700        21,693  

3.675%, 6/9/26 (a)

      12,600        12,590  

3.668%, 6/11/26 (a)

      19,800        19,780  

3.686%, 6/16/26 (a)

      12,600        12,581  

3.685%, 6/18/26 (a)

      15,200        15,174  

3.688%, 6/23/26 (a)

      12,800        12,772  

3.684%, 6/25/26 (a)

      15,300        15,263  

3.681%, 6/30/26 (a)

      5,500        5,484  

3.676%, 7/2/26 (a)

      2,722,500        2,714,037  

3.676%, 7/7/26 (a)

      1,634,900        1,628,980  

3.674%, 7/9/26 (a)

      3,325,500        3,312,784  

3.671%, 7/14/26 (a)

      1,708,100        1,700,735  

3.667%, 7/16/26 (a)

      1,818,800        1,810,593  

3.675%, 7/21/26 (a)

      1,690,700        1,682,212  

3.672%, 7/23/26 (a)

      1,793,700        1,784,292  

3.670%, 7/28/26 (a)

      684,900        680,966  

3.677%, 7/30/26 (a)

      1,782,200        1,771,598  

3.671%, 8/4/26 (a)

      681,200        676,804  

3.669%, 8/6/26 (a)

      2,245,000        2,230,124  

3.668%, 8/11/26 (a)

      737,600        732,384  

3.666%, 8/13/26 (a)

      1,797,200        1,784,159  

3.670%, 8/18/26 (a)

      652,600        647,529  

3.666%, 8/20/26 (a)

      1,744,200        1,730,317  

3.675%, 8/25/26 (a)

      702,600        696,677  

3.674%, 8/27/26 (a)

      1,787,100        1,771,595  

3.677%, 9/1/26 (a)

      620,000        614,300  

3.679%, 9/3/26 (a)

      1,373,500        1,360,649  

3.688%, 9/8/26 (a)

      700,000        693,071  

3.683%, 9/10/26 (a)

      814,200        806,017  

3.705%, 9/15/26 (a)

      740,000        732,118  

3.696%, 9/17/26 (a)

      848,300        839,107  

3.709%, 9/22/26 (a)

      740,000        731,597  

3.689%, 9/24/26 (a)

      847,300        837,521  

3.681%, 10/1/26 (a)

      1,333,400        1,317,060  

3.692%, 10/8/26 (a)

      858,200        847,109  

3.710%, 10/15/26 (a)

      855,200        843,507  

3.718%, 10/22/26 (a)

      818,200        806,357  

3.686%, 10/29/26 (a)

      1,304,900        1,285,065  

3.761%, 11/5/26 (a)

      825,000        811,874  

3.737%, 11/12/26 (a)

      825,000        811,372  

3.742%, 11/19/26 (a)

      830,000        815,702  

3.659%, 11/27/26 (a)

      1,278,900        1,255,849  

3.644%, 12/24/26 (a)

      517,800        507,178  

3.632%, 1/21/27 (a)

      549,500        536,762  

3.671%, 2/18/27 (a)

      504,200        491,102  

3.734%, 3/18/27 (a)

      534,300        518,889  

3.793%, 4/15/27 (a)

      556,200        538,411  

 

     Principal
  Amount $		         Value $  

3.808%, 5/13/27 (a)

      530,000        511,522  
     

 

 

  

(Cost $45,998,412)

           45,996,161  
     

 

 

  

U.S. Treasury Notes

      

3.777%, 6/15/26

      3,700        3,700  

3.738%, 6/30/26

      4,800        4,789  

3.745%, 6/30/26

      2,200        2,197  

3.768%, 6/30/26

      6,300        6,304  

3.728%, 7/15/26

      407,300        407,686  

3.691%, 7/31/26

      588,000        585,031  

3.697%, 7/31/26

      241,700        240,983  

3.712%, 7/31/26

      678,700        679,444  

3.726%, 8/15/26

      434,700        435,232  

3.734%, 8/15/26

      595,800        592,980  

3.793%, 8/15/26

      41,500        41,744  

3.720%, 8/31/26

      230,300        228,960  

3.721%, 8/31/26

      565,500        561,373  

3.735%, 8/31/26

      659,400        659,434  

3.679%, 9/15/26

      476,000        477,200  

3.708%, 9/30/26

      201,300        199,917  

3.710%, 9/30/26

      632,200        626,349  

3.716%, 9/30/26

      747,800        747,184  

3.692%, 10/15/26

      472,400        473,932  

3.731%, 10/31/26

      253,400        251,165  

3.732%, 10/31/26

      612,300        605,659  

3.732%, 10/31/26

      706,200        707,155  

3.707%, 11/15/26

      517,200        519,173  

3.716%, 11/15/26

      515,100        511,048  

3.779%, 11/15/26

      45,900        46,463  

3.684%, 11/30/26

      647,300        648,854  

3.703%, 11/30/26

      215,200        212,942  

3.708%, 11/30/26

      631,800        624,004  

3.670%, 12/15/26

      557,100        558,919  

3.679%, 12/31/26

      765,900        767,858  

3.701%, 12/31/26

      250,200        247,298  

3.701%, 12/31/26

      616,400        607,482  

3.685%, 1/15/27

      549,300        550,068  

3.701%, 1/31/27

      699,500        700,939  

3.723%, 1/31/27

      814,100        801,846  

3.645%, 2/15/27

      28,600        29,148  

3.709%, 2/15/27

      544,800        545,944  

3.713%, 2/15/27

      457,800        452,794  

3.706%, 2/28/27

      734,500        736,060  

3.710%, 2/28/27

      144,000        141,157  

3.714%, 2/28/27

      522,200        514,792  

3.756%, 3/15/27

      598,000        600,053  

3.769%, 3/31/27

      245,000        238,668  

3.773%, 3/31/27

      565,400        559,350  

3.782%, 3/31/27

      747,500        747,802  

3.807%, 4/15/27

      645,400        648,934  

3.830%, 4/30/27

      347,400        337,029  

3.835%, 4/30/27

      767,600        766,841  
 

 

See Notes to Financial Statements.

14  |   DBX ETF Trust

Schedule of Investments

Xtrackers US 0-1 Year Treasury ETF (Continued)

May 31, 2026

 

     Principal
 Amount $		         Value $  

3.836%, 4/30/27

      536,000        530,703  

3.908%, 5/15/27

      560,000        552,050  

3.910%, 5/15/27

      600,000        603,286  

3.903%, 5/31/27

      720,000        719,850  

3.907%, 5/31/27

      320,000        309,443  

3.907%, 5/31/27

      500,000        493,806  
     

 

 

  

(Cost $24,872,903)

         24,863,022  
     

 

 

  
TOTAL U.S. TREASURY
OBLIGATIONS		      
     

 

 

  

 (Cost $70,871,315)

         70,859,183  
     Number
 of Shares		         Value $  

CASH EQUIVALENTS — 0.1%

      

DWS Government Money Market
Series “Institutional Shares”,
3.57% (b)

      

 (Cost $80,209)

      80,209        80,209  

TOTAL INVESTMENTS — 99.6%

      

(Cost $70,951,524)

         70,939,392  

Other assets and liabilities,
net — 0.4%

         311,373  
     

 

 

  

NET ASSETS — 100.0%

         71,250,765  
 

 

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2026 is as follows:

 

Value ($) at
5/31/2025		    Purchases Cost
($)		      Sales Proceeds
($)		     Net Realized
Gain/(Loss)
($)		      Net Change
in Unrealized
Appreciation
(Depreciation)
($)		      Income ($)      Capital Gain
Distributions
($)		      Number of
Shares at
5/31/2026		      Value ($) at
5/31/2026		  

CASH EQUIVALENTS — 0.1%

 

                 

DWS Government Money Market Series “Institutional Shares”, 3.57% (b)

 

         

9,530

      1,766,891        (1,696,212 )      —        —        1,310        —        80,209        80,209  

 

(a)

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

(b)

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

 

See Notes to Financial Statements.

DBX ETF Trust  |  15

Schedule of Investments

Xtrackers US 0-1 Year Treasury ETF (Continued)

May 31, 2026

 

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, 2026 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

 

Assets      Level 1           Level 2            Level 3            Total     

U.S. Treasury Obligations (a)

    $ —      $ 70,859,183      $ —      $ 70,859,183  

Short-Term Investments (a)

      80,209        —        —        80,209  

TOTAL

    $ 80,209      $ 70,859,183      $ —      $ 70,939,392  

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

See Notes to Financial Statements.

16 |   DBX ETF Trust

Statements of Assets and Liabilities

May 31, 2026

 

 

      Xtrackers
Municipal
Infrastructure
Revenue Bond
ETF		     Xtrackers MSCI
EAFE High
Dividend Yield
Equity ETF		     

Xtrackers

US 0-1 Year
Treasury ETF

  

Assets

                          

Investment in non-affiliated securities at value

    $ 135,684,129     $ 2,235,972,126      $ 70,859,183  

Investment in DWS Government Money Market Series

      —       —        80,209  

Investment in DWS Government & Agency Securities Portfolio*

      —       52,321,522        —  

Cash

      880,821       —        —  

Foreign currency at value

      —       1,338,454        —  

Deposit with broker for futures contracts

      —       1,654,925        —  

Receivables:

                          

Investment securities sold

      —       304,555,726        17,747,279  

Capital shares

      5,487       34,606,964        603,820  

Variation margin on futures contracts

      —       1,474,160        —  

Dividends

      —       8,826,700        —  

Interest

      1,864,741       19,703        167,481  

Affiliated securities lending income

      —       138,517        —  

Foreign tax reclaim

      —       10,814,746        —  

Total assets

    $ 138,435,178     $ 2,651,723,543      $ 89,457,972  

Liabilities

                          

Due to custodian

    $ —     $ 9,330      $ —  

Payable upon return of securities loaned

      —       52,321,522        —  

Payables:

                          

Investment securities purchased

      —       203,785,168        18,203,776  

Capital shares

      —       126,792,754        —  

Investment advisory fees

      17,342       175,482        3,431  

Total liabilities

      17,342       383,084,256        18,207,207  

Net Assets, at value

    $ 138,417,836     $ 2,268,639,287      $ 71,250,765  

Net Assets Consist of

                          

Paid-in capital

    $ 155,200,159     $ 1,868,427,338      $ 71,048,102  

Distributable earnings (loss)

      (16,782,323 )      400,211,949        202,663  

Net Assets, at value

    $   138,417,836     $   2,268,639,287      $   71,250,765  

Number of Common Shares outstanding

      5,550,001       69,050,001        2,360,001  

Net Asset Value

    $ 24.94     $ 32.86      $ 30.19  

Investment in non-affiliated securities at cost

    $ 141,879,816     $ 1,718,623,376      $ 70,871,315  

Value of securities loaned

    $ —     $ 49,611,429      $ —  

Investment in DWS Government Money Market Series at cost

    $ —     $ —      $ 80,209  

Investment in DWS Government & Agency Securities Portfolio at cost*

    $ —     $ 52,321,522      $ —  

Foreign currency at cost

    $ —     $ 1,205,830      $ —  

 

*

Represents collateral on securities loaned.

 

See Notes to Financial Statements.

DBX ETF Trust  |  17

Statements of Operations

For the Year Ended May 31, 2026

 

     

Xtrackers

Municipal

Infrastructure

Revenue Bond

ETF

    

Xtrackers MSCI

EAFE High

Dividend Yield

Equity ETF

    

Xtrackers

US 0-1 Year

Treasury ETF

  

Investment Income

                         

Unaffiliated interest income

    $ 5,025,565     $ —     $ 1,144,946  

Unaffiliated dividend income*

      —       88,607,694       —  

Income distributions from affiliated funds

      —       163,926       1,310  

Affiliated securities lending income

      —       486,107       —  

Total investment income

      5,025,565       89,257,727       1,146,256  

Expenses

                         

Investment advisory fees

      200,733       1,965,335       17,903  

Other expenses

      58       1,150       58  

Total expenses

      200,791       1,966,485       17,961  

Less fees waived (see note 3):

       

Waiver

      —       (5,106 )      (37 ) 

Net expenses

      200,791       1,961,379       17,924  

Net investment income (loss)

      4,824,774       87,296,348       1,128,332  

Realized and Unrealized Gain (Loss)

                         

Net realized gain (loss) from:

       

Investments

      (3,061,693 )      1,663,747       830  

In-kind redemptions

      —       128,165,007       6,036  

Futures contracts

      —       1,776,458       —  

Foreign currency transactions

      —       468,077       —  

Net realized gain (loss)

      (3,061,693 )      132,073,289       6,866  

Net change in unrealized appreciation (depreciation) on:

       

Investments

      7,996,720       160,103,408       (5,658 ) 

Futures contracts

      —       482,180       —  

Foreign currency translations

      —       (188,748 )      —  

Net change in unrealized appreciation (depreciation)

      7,996,720       160,396,840       (5,658 ) 
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions      4,935,027       292,470,129       1,208  
Net Increase (Decrease) in Net Assets Resulting from Operations    $   9,759,801     $   379,766,477     $   1,129,540  

*   Unaffiliated foreign tax withheld

    $ —     $ 9,303,444     $ —  

 

See Notes to Financial Statements.

18 |   DBX ETF Trust

Statements of Changes in Net Assets

 

     Xtrackers Municipal
Infrastructure Revenue Bond ETF		    

Xtrackers MSCI EAFE High

Dividend Yield Equity ETF

  
      Year Ended
May 31, 2026		     Year Ended
May 31, 2025		     Year Ended
May 31, 2026		      Year Ended
May 31, 2025		  

Increase (Decrease) in Net Assets from Operations

                                  

Net investment income (loss)

    $ 4,824,774     $ 4,388,951     $ 87,296,348      $ 80,021,038  

Net realized gain (loss)

      (3,061,693 )      (2,731,222 )      132,073,289        9,562,876  

Net change in net unrealized appreciation (depreciation)

      7,996,720       (2,973,001 )      160,396,840        192,013,682  

Net increase (decrease) in net assets resulting from operations

      9,759,801       (1,315,272 )      379,766,477        281,597,596  

Distributions to Shareholders

      (4,773,050 )      (4,326,490 )      (82,905,832 )       (69,349,174 ) 

Fund Shares Transactions

          

Proceeds from shares sold

      2,487,966       8,966,614       285,700,260        393,551,341  

Value of shares redeemed

      —       —       (325,034,295 )       (160,491,090 ) 

Net increase (decrease) in net assets resulting from fund share transactions

      2,487,966       8,966,614       (39,334,035 )       233,060,251  

Total net increase (decrease) in Net Assets

      7,474,717       3,324,852       257,526,610        445,308,673  

Net Assets

          

Beginning of year

      130,943,119       127,618,267       2,011,112,677        1,565,804,004  

End of year

    $   138,417,836     $   130,943,119     $   2,268,639,287      $   2,011,112,677  

Changes in Shares Outstanding

                                  

Shares outstanding, beginning of year

      5,450,001       5,100,001       70,150,001        61,300,001  

Shares sold

      100,000       350,000       9,150,000        14,850,000  

Shares redeemed

      —       —       (10,250,000 )       (6,000,000 ) 

Shares outstanding, end of year

      5,550,001       5,450,001       69,050,001        70,150,001  

 

See Notes to Financial Statements.

DBX ETF Trust  |  19

Statements of Changes in Net Assets (Continued)

 

     Xtrackers US 0-1 Year Treasury
ETF		  
      Year Ended
May 31, 2026		    

For the Period
October 9, 2024(1)
through

May 31, 2025

  

Increase (Decrease) in Net Assets from Operations

                 

Net investment income (loss)

    $ 1,128,332     $ 204,216  

Net realized gain (loss)

      6,866       (1,391 ) 

Net change in net unrealized appreciation (depreciation)

      (5,658 )      (6,474 ) 

Net increase (decrease) in net assets resulting from operations

      1,129,540       196,351  

Distributions to Shareholders

      (1,009,445 )      (109,697 ) 

Fund Shares Transactions

     

Proceeds from shares sold

      74,094,947       33,076,380  

Value of shares redeemed

      (30,108,131 )      (6,019,210 ) 

Net increase (decrease) in net assets resulting from fund share transactions

      43,986,816       27,057,170  

Total net increase (decrease) in Net Assets

          44,106,911           27,143,824  

Net Assets

     

Beginning of period

      27,143,854       30  

End of period

    $ 71,250,765     $ 27,143,854  

Changes in Shares Outstanding

                 

Shares outstanding, beginning of period

      900,001       1  

Shares sold

      2,460,000       1,100,000  

Shares redeemed

      (1,000,000 )      (200,000 ) 

Shares outstanding, end of period

      2,360,001       900,001  

 

(1)

Commencement of Operations.

 

See Notes to Financial Statements.

20  |   DBX ETF Trust

Financial Highlights

Xtrackers Municipal Infrastructure Revenue Bond ETF

 

                 Years Ended May 31,                
      2026     2025     2024      2023      2022  

Selected Per Share Data

                                           

Net Asset Value, beginning of year

    $ 24.03     $ 25.02     $ 24.96      $ 25.88      $ 29.35  

Income (loss) from investment operations:

             

Net investment income (loss)(a)

      0.88       0.81       0.73        0.69        0.63  

Net realized and unrealized gain (loss)

      0.91       (1.00 )      0.05        (0.91 )       (3.48 ) 

Total from investment operations

      1.79       (0.19 )      0.78        (0.22 )       (2.85 ) 

Less distributions from:

             

Net investment income

      (0.88 )      (0.80 )      (0.72 )       (0.70 )       (0.62 ) 

Total from distributions

      (0.88 )      (0.80 )      (0.72 )       (0.70 )       (0.62 ) 

Net Asset Value, end of year

    $     24.94     $     24.03     $     25.02      $     24.96      $     25.88  

Total Return (%)

      7.56       (0.90 )      3.25        (0.79 )       (9.87 ) 

Ratios to Average Net Assets and Supplemental Data

                                           

Net Assets, end of year ($ millions)

      138       131       128        112        162  

Ratio of expenses (%)

      0.15       0.15       0.15        0.15        0.15  

Ratio of net investment income (loss) (%)

      3.61       3.22       2.94        2.79        2.24  

Portfolio turnover rate (%)(b)

      24       18       9        12        27  

 

(a)

Based on average shares outstanding during the period.

(b)

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

 

See Notes to Financial Statements.

DBX ETF Trust  |   21

Financial Highlights (Continued)

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

 

                 Years Ended May 31,                
      2026     2025     2024      2023      2022  

Selected Per Share Data

                                           

Net Asset Value, beginning of year

    $ 28.67     $ 25.54     $ 22.46      $ 23.47      $ 25.00  

Income (loss) from investment operations:

             

Net investment income (loss)(a)

      1.23       1.21       1.09        1.15        1.17  

Net realized and unrealized gain (loss)

      4.13       3.00       3.20        (1.14 )       (1.60 ) 

Total from investment operations

      5.36       4.21       4.29        0.01        (0.43 ) 

Less distributions from:

             

Net investment income

      (1.17 )      (1.08 )      (1.21 )       (1.02 )       (1.10 ) 

Total from distributions

      (1.17 )      (1.08 )      (1.21 )       (1.02 )       (1.10 ) 

Net Asset Value, end of year

    $     32.86     $     28.67     $     25.54      $     22.46      $     23.47  

Total Return (%)(b)

      19.26       17.13       19.79        0.46        (1.72 ) 

Ratios to Average Net Assets and Supplemental Data

                                           

Net Assets, end of year ($ millions)

      2,269       2,011       1,566        1,249        955  

Ratio of expenses before fee waiver (%)

      0.09       0.11       0.20        0.20        0.20  

Ratio of expenses after fee waiver (%)

      0.09       0.09       0.12        0.20        0.20  

Ratio of net investment income (loss) (%)

      4.00       4.66       4.62        5.32        4.92  

Portfolio turnover rate (%)(c)

      24       22       26        29        30  

 

(a)

Based on average shares outstanding during the period.

(b)

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

(c)

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

 

See Notes to Financial Statements.

22  |   DBX ETF Trust

Financial Highlights (Continued)

Xtrackers US 0-1 Year Treasury ETF

 

      Year Ended
5/31/2026		     Period Ended
5/31/2025(a)		  

Selected Per Share Data

                 

Net Asset Value, beginning of period

    $ 30.16     $ 30.00  

Income (loss) from investment operations:

     

Net investment income (loss)(b)

      1.13       0.82  

Net realized and unrealized gain (loss)

      0.04       0.01 (c) 

Total from investment operations

      1.17       0.83  

Less distributions from:

     

Net investment income

      (1.14 )      (0.67 ) 

Total from distributions

      (1.14 )      (0.67 ) 

Net Asset Value, end of period

    $   30.19     $   30.16  

Total Return (%)(d)

      3.95       2.78 ** 

Ratios to Average Net Assets and Supplemental Data

                 

Net Assets, end of period ($ millions)

      71       27  

Ratio of expenses before fee waiver (%)

      0.06       0.06 * 

Ratio of expenses after fee waiver (%)

      0.06       0.06 * 

Ratio of net investment income (loss) (%)

      3.78       4.28 * 

Portfolio turnover rate (%)(e)

      0       0 ** 

 

(a)

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

(b)

Based on average shares outstanding during the period.

(c)

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

(d)

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

(e)

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

*

Annualized.

**

Not Annualized.

 

See Notes to Financial Statements.

DBX ETF Trust  |   23

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, 2026, the Trust consists of forty-two investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

Xtrackers Municipal Infrastructure Revenue Bond ETF

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

Xtrackers US 0-1 Year Treasury ETF

DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA

(“DWS Group”), serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees (“Board”).

Xtrackers Municipal Infrastructure Revenue Bond ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF offer shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Xtrackers US 0-1 Year Treasury ETF offer shares that are listed and traded on the Cboe BZX Exchange, Inc. (Cboe). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares except for Xtrackers US 0-1 Year Treasury ETF which lots consist of 20,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

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

 

Fund    Underlying Index

Xtrackers Municipal Infrastructure Revenue Bond ETF

    Solactive Municipal Infrastructure Revenue Bond Index

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

    MSCI EAFE High Dividend Yield Index

Xtrackers US 0-1 Year Treasury ETF

    ICE U.S. Treasury Short Bond Index

The Solactive Municipal Infrastructure Revenue Bond Index is designed to track the performance of the segment of the U.S. long term tax-exempt bond market, consisting of infrastructure revenue bonds. It is comprised of tax-exempt municipal securities issued by states, cities, counties, districts, their respective agencies and other tax-exempt issuers. The Underlying Index is intended to track bonds that have been issued with the intention of funding federal, state and local infrastructure projects such as water and sewer systems, public power systems, toll roads, bridges, tunnels and many other public use projects. It is designed to only hold bonds issued by state and local municipalities where the interest and principal repayments are generated from dedicated revenue streams or a double-barreled revenue stream (pledged revenue stream and a general obligation pledge). Under normal circumstances, the Solactive Municipal Infrastructure Revenue Bond Index is rebalanced monthly on the last business day of each month.

The MSCI EAFE High Dividend Yield Index is designed to reflect the performance of equities (excluding REITs) in developed markets in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. Under normal circumstances, the MSCI High Dividend Yield Indices are rebalanced semi-annually in May and November.

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

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

 

24  |   DBX ETF Trust

Each Fund is a diversified series of the Trust. In addition, Xtrackers MSCI EAFE High Dividend Yield Equity ETF may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index the Fund tracks.

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

2. Significant Accounting Policies

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

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

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

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

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

Municipal debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

 

DBX ETF Trust  |   25

Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

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

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

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

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

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

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

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

Tax Information and Dividends and Distributions to Shareholders. It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of Xtrackers Municipal Infrastructure Revenue Bond ETF and Xtrackers US 0-1 Year Treasury ETF to pay out dividends from its net investment income monthly and Xtrackers MSCI EAFE High Dividend Yield Equity ETF to pay out dividends from net investment income quarterly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

 

26  |   DBX ETF Trust

The Funds file tax returns with the Internal Revenue Service, the State of New York, and various other states. Specific to U.S. federal and state taxes, generally, each of the tax years in the four-year period ended May 31, 2026 (or since the Fund’s inception if the Fund commenced operations less than four years prior to May 31, 2026), remains subject to examination by taxing authorities. Specific to foreign countries in which the applicable Funds invest, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions. The open tax years vary by each jurisdiction in which each Fund invests.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the year ended May 31, 2026, the Funds did not incur any interest or penalties.

As of May 31, 2026, the components of accumulated earnings (losses) on a tax basis were as follows:

 

       Undistributed 
Ordinary Income*		       Undistributed 
Tax - Exempt
Income		       Capital and Other 
Gains (Losses)		       Unrealized 
Appreciation
(Depreciation)		      Total Accumulated
Earnings (Losses)		  

Xtrackers Municipal Infrastructure Revenue Bond ETF

    $ —      $   437,131      $   (11,023,767)      $   (6,195,687)      $   (16,782,323)  

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

        48,210,973        —        (146,217,009)        498,217,985         400,211,949   

Xtrackers US 0-1 Year Treasury ETF

      215,420        —             —         (12,757)        202,663   

The tax character of dividends and distributions declared for the years ended May 31, 2026 and May 31, 2025 were as follows:

 

     Year Ended May 31, 2026  
      Ordinary Income*      Tax-Exempt  

Xtrackers Municipal Infrastructure Revenue Bond ETF

    $ 4,562      $   4,768,488  

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

        82,905,832        —  

Xtrackers US 0-1 Year Treasury ETF

      1,009,445        —  

 

     Year Ended May 31, 2025  
      Ordinary Income*      Tax-Exempt  

Xtrackers Municipal Infrastructure Revenue Bond ETF

    $ 2,408      $   4,324,082  

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

        69,349,174        —  

Xtrackers US 0-1 Year Treasury ETF

      109,697        —  

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

At May 31, 2026, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

 

      Short-Term      Long-Term      Total Amount  

Xtrackers Municipal Infrastructure Revenue Bond ETF

    $ 2,344,823      $ 8,678,944      $ 11,023,767  

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

      20,955,273        125,261,736        146,217,009  

Capital losses incurred after October 31 (“post-October capital losses”) and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the fiscal year ended May 31, 2026, the Funds had no post-October capital or late year ordinary losses.

The following Funds utilized capital loss carryforwards to offset taxable gains realized during the year ended May 31, 2026:

 

      Utilized Amount  

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

    $   5,021,594  

 

DBX ETF Trust  |   27

For the fiscal year ended May 31, 2026, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to redemptions-in-kind.

 

     

Distributable

earnings (loss)

     Paid-In Capital  

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

    $ (120,296,432 )    $ 120,296,432  

Xtrackers US 0-1 Year Treasury ETF

      (5,344 )      5,344  

As of May 31, 2026, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:

 

      Aggregate Tax Cost       Net Unrealized 
Appreciation
(Depreciation)		       Aggregate Gross 
Unrealized
Appreciation		       Aggregate Gross 
Unrealized
(Depreciation)		  

Xtrackers Municipal Infrastructure Revenue Bond ETF

    $ 141,879,816       $   (6,195,687)        $    518,893       $   (6,714,580)   

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

      1,790,944,753         497,465,345           541,848,100         (44,382,755)   

Xtrackers US 0-1 Year Treasury ETF

      70,952,149         (12,757)          1,051         (13,808)   

Foreign Taxes. The Xtrackers MSCI EAFE High Dividend Yield Equity ETF may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of May 31, 2026, if any, are disclosed in the Fund’s Statements of Assets and Liabilities.

In this reporting period, the Funds adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The adoption impacted financial statement disclosures only and did not affect the Funds’ financial position or results of operations.

A disaggregation of income taxes paid by jurisdiction is presented when such amounts are significant; however, income taxes paid by the Funds for the year ended May 31, 2026 were not considered significant.

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

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

Securities Lending. The Funds, except the Xtrackers Municipal Infrastructure Revenue Bond ETF, may lend securities to certain financial institutions under the terms of their securities lending agreement. National Financial Services LLC (Fidelity Agency Lending), serves as securities lending agent for Xtrackers MSCI EAFE High Dividend Yield Equity ETF. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended May 31, 2026, the Funds invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.13% annualized effective rate as of May 31, 2026) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates

 

28  |   DBX ETF Trust

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

As of May 31, 2026, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at year end.

 

Remaining Contractual Maturity of the Agreements, as of May 31, 2026  
Securities Lending Transactions    Overnight
and
Continuous		      <30 Days      Between
30 & 90
Days		      >90 Days      Total  

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

               

Common Stocks

    $ 48,606,646      $ —      $ —      $ —      $ 48,606,646  

Preferred Stocks

    $ 3,714,876      $ —      $ —      $ —      $ 3,714,876  

Total Borrowing

    $   52,321,522      $   —      $   —      $   —      $   52,321,522  

Gross amount of recognized liabilities and cash collateral for securities lending transactions

 

                      $ 52,321,522  

For the period ended May 31, 2026, Xtrackers US 0-1 Year Treasury ETF had no securities on loan.

Derivatives

Futures Contracts. Xtrackers MSCI EAFE High Dividend Yield Equity ETF may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. The Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. The Fund will not use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the year ended May 31, 2026, Xtrackers MSCI EAFE High Dividend Yield Equity ETF utilized futures in order to simulate investment in the Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

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

A summary of the open futures contracts as of May 31, 2026 is included in a table following the Fund’s Schedule of Investments.

The following tables summarize the value of the Funds’ derivative instruments held as of May 31, 2026 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

 

      Asset Derivatives            Liability Derivatives        

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

         

Equity contracts

    Unrealized appreciation on futures contracts*    $   735,335      Unrealized depreciation on futures contracts*    $ 35,450  
     Total    $   735,335      Total    $ 35,450  

 

*

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

 

DBX ETF Trust  |   29

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the year ended May 31, 2026 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

 

Net Realized Gain (Loss) from:    Futures Contracts
— Equity Contracts		  

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

    $ 1,776,458    
        
Net Change in Unrealized Appreciation (Depreciation) on:    Futures Contracts
— Equity Contracts		  

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

    $ 482,180    

For the year ended May 31, 2026 the average monthly volume of derivatives was as follows:

   
     

Futures Contracts

(Contract Value)

  

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

    $ 19,006,831    

Cash. Cash consists of cash held at banks and is on deposit with major financial institutions. 19006831.00

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

3. Investment Advisory and Other Agreements

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

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

 

      Unitary Advisory
Fee		  

Xtrackers Municipal Infrastructure Revenue Bond ETF

      0.15%    

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

      0.09%    

Xtrackers US 0-1 Year Treasury ETF

      0.06%    

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the year ended May 31, 2026, the Advisor waived expenses of the Funds as follows:

 

      Expenses Waived  

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

    $ 5,106    

Xtrackers US 0-1 Year Treasury ETF

      37    

Out of the unitary advisory fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer 5143.00 agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, acquired fund fees and expenses, taxes, brokerage expenses distribution fees or expenses (if any), litigation expenses and extraordinary expenses.

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

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

 

30  |   DBX ETF Trust

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

4. Investment Portfolio Transactions

For the year ended May 31, 2026, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

 

      Purchases      Sales   

Xtrackers Municipal Infrastructure Revenue Bond ETF

    $ 34,906,581      $ 31,863,170    

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

        565,569,676          526,411,524    

For the year ended May 31, 2026, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

 

      Purchases      Sales  

Xtrackers Municipal Infrastructure Revenue Bond ETF

    $ 1,212,484      $    —    

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

        236,216,172         325,900,217    

Xtrackers US 0-1 Year Treasury ETF

      73,329,646        29,812,838    

5. Fund Share Transactions

As of May 31, 2026, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

6. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers MSCI EAFE High Dividend Yield Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. The Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain the Fund’s status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. The Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at May 31, 2026.

7. Change in fund name, investment objective and investment policies

Effective August 4, 2026 (the “Effective Date”), the Fund will convert from a passively-managed index exchange-traded fund (“ETF”) that seeks to track the performance, before fees and expenses, of the Solactive Municipal Infrastructure Revenue Bond Index (the “Underlying Index”) into an actively-managed ETF that does not track the Underlying Index. The Fund will continue to invest in municipal infrastructure revenue bonds under its new actively-managed investment strategy and will continue to be managed by DBX Advisors LLC (the “Advisor”). The Fund’s conversion was proposed by the Advisor and considered and approved by the Fund’s Board of Trustees (the “Board”) on May 13, 2026. As part of its conversion, the Fund will change its name to Xtrackers Municipal Infrastructure Revenue Bond Active ETF. The Fund’s ticker symbol, RVNU, will remain the same.

On Effective Date, the Fund will change its current investment objective of seeking “investment results that correspond generally to the performance, before fees and expenses, of the Solactive Municipal Infrastructure Revenue Bond Index” to seeking to “provide income exempt from regular federal income tax.” The Fund’s required broad-based securities market index will remain the Bloomberg Municipal Bond Index.

 

DBX ETF Trust  |   31

Report of Independent Registered Public Accounting Firm

 

To the Shareholders of

Xtrackers Municipal Infrastructure Revenue Bond ETF, Xtrackers MSCI EAFE High Dividend Yield Equity ETF, and Xtrackers US 0-1 Year Treasury ETF and the Board of Trustees of DBX ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Xtrackers Municipal Infrastructure Revenue Bond ETF, Xtrackers MSCI EAFE High Dividend Yield Equity ETF and Xtrackers US 0-1 Year Treasury ETF (collectively referred to as the “Funds”), (three of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of May 31, 2026, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (three of the funds constituting DBX ETF Trust) at May 31, 2026, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

 

Individual fund constituting the DBX ETF Trust    Statement of operations   

Statements of changes 

in net assets 

    Financial highlights 
       
Xtrackers Municipal Infrastructure Revenue Bond ETF    For the year ended May 31, 2026    For each of the two years in the period ended May 31, 2026    For each of the five years in the period ended May 31, 2026
       
Xtrackers MSCI EAFE High Dividend Yield Equity ETF               
Xtrackers US 0-1 Year Treasury ETF    For the year ended May 31, 2026   

For the year ended May 31, 2026 and for the period October 9, 2024 (commencement of operations) through May 31, 2025

 

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public

Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

 

32 |   DBX ETF Trust

Report of Independent Registered Public Accounting Firm (Continued)

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2026, by correspondence with the custodian, brokers and others; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

LOGO

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

New York, New York

July 27, 2026

 

DBX ETF Trust  |  33

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

 

Xtrackers MSCI EAFE High Dividend Yield Equity ETF, Xtrackers Municipal Infrastructure Revenue Bond ETF and Xtrackers US 0-1 Year Treasury ETF

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT WITH DBX ADVISORS LLC

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on May 12-13, 2026 (the “Meeting”), the Trustees, all of whom are Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers MSCI EAFE High Dividend Yield Equity ETF, Xtrackers Municipal Infrastructure Revenue Bond ETF and Xtrackers US 0-1 Year Treasury ETF (each a “Fund,” and collectively, the “Funds”) for another annual period ending on May 31, 2027. The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent

Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the

“Advisor”) for purposes of reviewing the Investment Advisory Agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) for Funds with three years of performance history as of December 31, 2025, each Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees met with representatives of the Advisor on May 12, 2026 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held during the Meeting.

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

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

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

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

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

 

34 | DBX ETF Trust

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

 

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

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

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

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

Reasonableness of Advisory Fee. The Board compared each Fund’s advisory fee and total expenses to those of the other ETFs in its Peer Group. The Board noted that due to the special characteristics of certain Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Groups and the information in the Broadridge reports accordingly may or may not provide meaningful direct comparisons to the Funds. The Board noted that the advisory fees and total expenses (after waivers/reimbursements, as applicable) for Xtrackers MSCI EAFE High Dividend Yield Equity ETF and Xtrackers US 0-1 Year Treasury ETF were below to the average and/or median of the ETFs in each Fund’s respective Peer Group, but Xtrackers Municipal Infrastructure Revenue Bond ETF had advisory fees and/or total expenses (after waivers/ reimbursements, as applicable) that were above the average and/or median of its Peer Group. The Board considered, however, that the advisory fees of Xtrackers Municipal Infrastructure Revenue Bond ETF were almost equivalent to the average of its Peer Group and equal to the median of its Peer Group, and the total expenses for the Fund were almost equivalent to the average of its Peer Group and equal to the median of its Peer Group.

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

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

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

 

DBX ETF Trust  |  35

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

 

determined that the Funds were not profitable at this time. The Board considered whether the Advisor would benefit in other ways from its relationship with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.

Economies of Scale. The Board considered that Xtrackers MSCI EAFE High Dividend Yield Equity ETF and Xtrackers Municipal Infrastructure Revenue Bond ETF had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was competitive. The Board considered that Xtrackers US 0-1 Year Treasury ETF was not experiencing economies of scale at this time and determined to revisit this matter after that Fund had attracted more assets. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisors can share benefits of economies of scale.

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

 

36 |   DBX ETF Trust

Tax Information (Unaudited)

 

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

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its year ended May 31, 2026.

 

      Qualified Dividend
Income*		   

Dividends

Received
Reduction*

  

 

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

    82%    11%    

 

*

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

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

 

     

Gross Foreign

Income

      Foreign Taxes Paid  

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

    $  77,446,648        $   7,321,345    

 

DBX ETF Trust  |   37

LOGO

LOGO

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

Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)

Xtrackers MSCI Europe Hedged Equity ETF (DBEU)

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)

Xtrackers MSCI Japan Hedged Equity ETF (DBJP)

 

LOGO

Table of Contents

 

 

     Page  
Schedule of Investments   

Xtrackers MSCI All World ex US Hedged Equity ETF

      2  

Xtrackers MSCI EAFE Hedged Equity ETF

      32  

Xtrackers MSCI Emerging Markets Hedged Equity ETF

      44  

Xtrackers MSCI Europe Hedged Equity ETF

      66  

Xtrackers MSCI Eurozone Hedged Equity ETF

      74  

Xtrackers MSCI Japan Hedged Equity ETF

      83  
Statements of Assets and Liabilities      88  
Statements of Operations      90  
Statements of Changes in Net Assets      92  
Financial Highlights      95  
Notes to Financial Statements      101  
Report of Independent Registered Public Accounting Firm      115  
Board Considerations in Approval of Investment Advisory Contracts      116  
Tax Information      119  

 

 

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

 

 

 

 

  DBX ETF Trust  |  1

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF

May 31, 2026

 

    

Number

   of Shares

        Value $  
COMMON STOCKS — 96.5%     
Australia — 3.8%     

ANZ Group Holdings Ltd.

      21,073        533,147  

APA Group (a)

      8,667       62,792  

Aristocrat Leisure Ltd.

      3,620       130,354  

ASX Ltd.

      1,216       40,405  

BHP Group Ltd.

      35,522       1,590,864  

Brambles Ltd.

      9,558       113,833  

CAR Group Ltd.

      2,559       45,688  

Cochlear Ltd.

      462       33,372  

Coles Group Ltd.

      8,592       134,132  

Commonwealth Bank of Australia

      11,629       1,379,294  

Computershare Ltd.

      3,839       95,444  

CSL Ltd.

      3,227       224,078  

Evolution Mining Ltd.

      13,381       116,758  

Fortescue Ltd.

      11,736       188,190  

Goodman Group REIT

      13,493       307,139  

Insurance Australia Group Ltd.

      13,679       75,311  

Lottery Corp. Ltd.

      16,551       64,477  

Lynas Rare Earths Ltd. *

      6,365       87,791  

Macquarie Group Ltd.

      2,412       413,556  

Medibank Pvt Ltd.

      18,986       65,502  

MMG Ltd. *

      29,283       32,919  

National Australia Bank Ltd.

      21,317       571,955  

Northern Star Resources Ltd.

      9,630       130,195  

Origin Energy Ltd.

      10,342       80,800  

PLS Group Ltd. *

      22,182       102,994  

Pro Medicus Ltd.

      307       29,184  

Qantas Airways Ltd.

      6,573       44,598  

QBE Insurance Group Ltd.

      10,960       178,347  

REA Group Ltd.

      461       49,370  

Rio Tinto Ltd.

      2,639       352,100  

Santos Ltd.

      22,524       126,437  

Scentre Group REIT

      35,364       97,350  

SGH Ltd.

      1,476       43,708  

Sigma Healthcare Ltd.

      31,050       65,613  

Sonic Healthcare Ltd.

      3,206       44,980  

South32 Ltd.

      30,691       106,105  

Stockland REIT

      21,017       61,934  

Suncorp Group Ltd.

      7,613       95,101  

Telstra Group Ltd.

      28,337       106,113  

Transurban Group (a)

      21,766       234,352  

Vicinity Ltd. REIT

      27,894       50,724  

Washington H Soul Pattinson & Co. Ltd.

      2,362       73,849  

Wesfarmers Ltd.

      7,939       455,294  

Westpac Banking Corp.

      23,110       597,971  

WiseTech Global Ltd.

      1,312       33,957  

Woodside Energy Group Ltd.

      13,146       289,697  
    

Number

   of Shares

        Value $  

Woolworths Group Ltd.

      8,467        214,398  

(Cost $7,654,195)

        9,972,172  
Austria — 0.2%     

BAWAG Group AG, 144A

      516       92,747  

Erste Group Bank AG

      2,058       247,247  

OMV AG

      986       70,902  

Raiffeisen Bank International AG

      877       50,553  

Verbund AG

      404       27,119  

(Cost $290,086)

        488,568  
Belgium — 0.5%     

Ageas SA/NV

      1,007       78,226  

Anheuser-Busch InBev SA/NV

      6,164       496,089  

D’ieteren Group

      179       35,786  

Elia Group SA/NV

      293       45,556  

Financiere de Tubize SA

      133       34,873  

Groupe Bruxelles Lambert NV

      584       55,107  

KBC Group NV

      1,567       208,272  

Lotus Bakeries NV

      2       25,661  

Sofina SA

      113       29,392  

Syensqo SA

      517       40,524  

UCB SA

      835       245,142  

(Cost $936,435)

        1,294,628  
Brazil — 0.9%     

Ambev SA

      31,062       100,491  

Axia Energia

      8,184       85,060  

B3 SA - Brasil Bolsa Balcao

      35,396       115,775  

Banco Bradesco SA

      9,369       28,787  

Banco BTG Pactual S.A

      7,587       80,840  

Banco do Brasil SA

      12,665       50,966  

BB Seguridade Participacoes SA

      3,930       27,579  

Caixa Seguridade Participacoes S/A

      4,395       15,430  

Cia de Saneamento Basico do Estado de Sao Paulo

      17,657       97,833  

Companhia Paranaense de Energia

      12,989       37,490  

CPFL Energia SA

      1,841       15,835  

Embraer SA

      5,709       83,045  

Energisa SA

      2,946       28,032  

Eneva SA *

      6,462       32,832  

Engie Brasil Energia SA

      1,825       11,975  

Equatorial SA

      8,038       61,426  

Itau Unibanco Holding SA

      3,596       28,557  

Klabin SA

      4,094       13,529  

Localiza Rent a Car SA

      7,695       64,098  

MBRF Global Foods Co. SA

      2,905       9,220  

Motiva Infraestrutura de Mobilidade SA

      5,360       14,992  

NU Holdings Ltd., Class A *

      25,510       334,946  

Petroleo Brasileiro SA

      23,936       221,730  

PRIO SA *

      4,883       60,256  
 

 

See Notes to Financial Statements.

 

2  |  DBX ETF Trust  

Schedule of Investments

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

May 31, 2026

 

    

Number

   of Shares

        Value $  

Raia Drogasil SA

      7,432        27,535  

Rede D’Or Sao Luiz SA, 144A

      5,684       38,332  

Rumo SA

      6,939       18,872  

StoneCo Ltd., Class A

      1,490       17,060  

Suzano SA

      4,742       39,396  

Telefonica Brasil SA

      5,100       34,192  

TIM SA

      5,628       24,433  

Ultrapar Participacoes SA

      3,572       18,318  

Vale SA

      24,370       400,100  

Vibra Energia SA

      6,057       35,721  

WEG SA

      11,924       104,241  

XP, Inc., Class A

      2,470       41,175  

(Cost $1,780,552)

        2,420,099  
Canada — 7.8%     

Agnico Eagle Mines Ltd.

      3,523       647,742  

Alamos Gold, Inc., Class A

      3,000       123,077  

Alimentation Couche-Tard, Inc.

      5,017       283,447  

AltaGas Ltd.

      2,323       90,399  

ARC Resources Ltd.

      4,215       95,420  

AtkinsRealis Group Inc.

      1,121       67,293  

Bank of Montreal

      4,743       770,391  

Bank of Nova Scotia

      8,680       696,465  

Barrick Mining Corp.

      11,658       498,064  

BCE, Inc.

      2,065       52,095  

Bombardier, Inc., Class B *

      593       133,767  

Brookfield Corp.

      13,634       621,152  

CAE, Inc. *

      2,206       57,108  

Cameco Corp.

      3,059       343,720  

Canadian Imperial Bank of Commerce

      6,436       702,538  

Canadian National Railway Co.

      3,458       409,472  

Canadian Natural Resources Ltd.

      14,515       660,132  

Canadian Pacific Kansas City Ltd.

      6,284       561,100  

Canadian Tire Corp. Ltd., Class A

      359       46,065  

Canadian Utilities Ltd., Class A

      975       35,078  

CCL Industries, Inc., Class B

      1,009       65,166  

Celestica, Inc. *

      835       322,826  

Cenovus Energy, Inc.

      9,349       258,095  

CGI, Inc.

      1,247       87,086  

China Gold International Resources Corp. Ltd.

      1,610       30,857  

Constellation Software, Inc.

      142       290,750  

Descartes Systems Group, Inc. *

      456       33,651  

Dollarama, Inc.

      1,895       242,330  

Element Fleet Management Corp.

      2,690       53,599  

Emera, Inc.

      1,930       100,934  

Empire Co. Ltd., Class A

      922       32,696  

Enbridge, Inc.

      15,389       844,322  

Equinox Gold Corp.

      5,319       72,533  

Fairfax Financial Holdings Ltd.

      133       206,998  
    

Number

   of Shares

        Value $  

First Quantum Minerals Ltd. *

      4,804        147,885  

FirstService Corp.

      311       41,692  

Fortis, Inc.

      3,565       197,198  

Franco-Nevada Corp.

      1,302       301,604  

George Weston Ltd.

      1,241       86,937  

GFL Environmental, Inc.

      1,680       56,372  

Gildan Activewear, Inc.

      1,079       65,829  

Great-West Lifeco, Inc.

      1,739       101,516  

Hydro One Ltd., 144A

      2,495       102,612  

iA Financial Corp., Inc.

      687       85,650  

IGM Financial, Inc.

      471       26,839  

Imperial Oil Ltd.

      1,093       129,679  

Intact Financial Corp.

      1,333       261,901  

Ivanhoe Mines Ltd., Class A *

      5,324       47,152  

Keyera Corp.

      1,975       81,928  

Kinross Gold Corp.

      7,769       236,003  

Loblaw Cos. Ltd.

      3,894       174,187  

Lundin Gold, Inc.

      736       49,141  

Lundin Mining Corp.

      4,821       144,002  

Magna International, Inc.

      1,650       106,936  

Manulife Financial Corp.

      11,347       433,995  

Metro, Inc.

      1,305       83,744  

National Bank of Canada

      2,766       403,951  

Nutrien Ltd.

      3,186       218,177  

Pan American Silver Corp.

      3,077       175,717  

Pembina Pipeline Corp.

      4,051       188,967  

Power Corp. of Canada

      4,004       242,015  

Rogers Communications, Inc., Class B

      2,618       101,025  

Royal Bank of Canada

      9,726       1,865,552  

Saputo, Inc.

      1,791       54,874  

Shopify, Inc., Class A *

      8,531       1,017,359  

Stantec, Inc.

      807       60,977  

Sun Life Financial, Inc.

      3,804       273,384  

Suncor Energy, Inc.

      8,322       520,151  

TC Energy Corp.

      7,209       480,339  

Teck Resources Ltd., Class B

      3,040       201,608  

TELUS Corp.

      3,385       42,501  

TFI International, Inc.

      541       83,458  

Thomson Reuters Corp.

      866       75,089  

TMX Group Ltd.

      2,042       76,413  

Toromont Industries Ltd.

      579       95,498  

Toronto-Dominion Bank

      11,522       1,318,388  

Tourmaline Oil Corp.

      2,594       118,575  

Wheaton Precious Metals Corp.

      3,074       413,301  

Whitecap Resources, Inc.

      8,163       93,789  

WSP Global, Inc.

      955       135,258  

(Cost $12,102,574)

        20,755,536  
Chile — 0.2%     

Antofagasta PLC

      2,636       145,475  

Banco de Chile

      329,346       62,040  
 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  3

Schedule of Investments

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

May 31, 2026

 

    

Number

   of Shares

        Value $  

Banco de Credito e Inversiones SA

      532        35,894  

Banco Santander Chile

      411,668       32,377  

Cencosud SA

      8,678       20,465  

Empresas Copec SA

      2,082       14,792  

Enel Chile SA

      123,794       10,751  

Falabella SA

      4,802       30,753  

Latam Airlines Group SA

      2,636,573       71,392  

Plaza SA

      5,114       22,294  

(Cost $284,881)

        446,233  
China — 5.3%     

360 Security Technology, Inc., Class A

      3,700       5,524  

37 Interactive Entertainment Network Technology Group Co. Ltd., Class A

      1,900       5,392  

3SBio, Inc., 144A *

      11,383       26,871  

AAC Technologies Holdings, Inc.

      6,455       37,477  

Advanced Micro-Fabrication Equipment, Inc., China, Class A

      522       22,947  

Agricultural Bank of China Ltd., Class A

      31,100       29,053  

Agricultural Bank of China Ltd., Class H

      180,139       132,629  

Aier Eye Hospital Group Co. Ltd., Class A

      4,061       5,474  

Air China Ltd., Class A *

      6,900       6,946  

Akeso, Inc., 144A *

      4,003       60,324  

Aluminum Corp. of China Ltd., Class A

      7,300       12,323  

Aluminum Corp. of China Ltd., Class H

      34,139       47,482  

Anhui Conch Cement Co. Ltd., Class A

      200       596  

Anhui Conch Cement Co. Ltd., Class H

      6,511       15,810  

Anhui Gujing Distillery Co. Ltd., Class A

      100       1,375  

Anhui Jianghuai Automobile Group Corp. Ltd., Class A *

      1,600       8,755  

ANTA Sports Products Ltd.

      8,973       86,789  

Avary Holding Shenzhen Co. Ltd., Class A

      1,900       29,492  

BAIC BluePark New Energy Technology Co. Ltd., Class A *

      7,100       6,412  

Baidu, Inc., Class A *

      15,205       252,223  

Bank of Beijing Co. Ltd., Class A

      11,100       8,351  

Bank of China Ltd., Class A

      7,300       6,323  

Bank of China Ltd., Class H

      483,352       321,334  

Bank of Communications Co. Ltd., Class A

      11,800       11,616  

Bank of Communications Co. Ltd., Class H

      49,162       45,794  

Bank of Hangzhou Co. Ltd., Class A

      3,100       7,336  
    

Number

   of Shares

        Value $  

Bank of Jiangsu Co. Ltd., Class A

      5,500        9,178  

Bank of Nanjing Co. Ltd., Class A

      3,100       4,940  

Bank of Ningbo Co. Ltd., Class A

      2,210       10,136  

Bank of Shanghai Co. Ltd., Class A

      5,590       7,461  

Baoshan Iron & Steel Co. Ltd., Class A

      10,200       9,091  

Beijing Enlight Media Co. Ltd., Class A

      900       1,696  

Beijing Kingsoft Office Software, Inc., Class A

      468       16,499  

Beijing Tong Ren Tang Co. Ltd., Class A

      4,000       15,166  

Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A *

      203       1,040  

Beijing-Shanghai High Speed Railway Co. Ltd., Class A

      21,700       16,102  

Bilibili, Inc., Class Z *

      2,268       39,445  

BOE Technology Group Co. Ltd., Class A

      15,500       11,708  

BYD Co. Ltd., Class A

      3,500       49,758  

BYD Co. Ltd., Class H

      25,215       293,755  

BYD Electronic International Co. Ltd.

      4,758       17,716  

Cambricon Technologies Corp. Ltd., Class A

      298       57,703  

CGN Power Co. Ltd., Class H, 144A

      59,302       23,458  

Changchun High-Tech Industry Group Co. Ltd., Class A

      200       2,175  

Chaozhou Three-Circle Group Co. Ltd., Class A

      1,100       20,939  

China CITIC Bank Corp. Ltd., Class H

      57,467       53,457  

China Coal Energy Co. Ltd., Class H

      10,449       16,853  

China Construction Bank Corp., Class A

      4,300       6,331  

China Construction Bank Corp., Class H

      590,116       639,294  

China CSSC Holdings Ltd., Class A

      1,300       7,183  

China Eastern Airlines Corp. Ltd., Class A *

      8,400       5,451  

China Energy Engineering Corp. Ltd., Class A

      17,700       7,561  

China Everbright Bank Co. Ltd., Class A

      14,000       6,415  

China Feihe Ltd., 144A

      21,663       8,459  

China Galaxy Securities Co. Ltd., Class A

      1,470       2,668  

China Galaxy Securities Co. Ltd., Class H

      18,978       18,792  

China Hongqiao Group Ltd.

      22,413       80,135  

China International Capital Corp. Ltd., Class A

      1,700       8,491  
 

 

See Notes to Financial Statements.

 

4  |  DBX ETF Trust  

Schedule of Investments

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

May 31, 2026

 

    

Number

   of Shares

        Value $  

China International Capital Corp. Ltd., Class H, 144A

      8,796        22,021  

China Jushi Co. Ltd., Class A

      4,500       28,003  

China Life Insurance Co. Ltd., Class A

      700       3,500  

China Life Insurance Co. Ltd., Class H

      52,485       193,414  

China Longyuan Power Group Corp. Ltd., Class H

      18,611       16,077  

China Mengniu Dairy Co. Ltd.

      17,502       37,876  

China Merchants Bank Co. Ltd., Class A

      8,600       48,318  

China Merchants Bank Co. Ltd., Class H

      28,619       172,001  

China Merchants Energy Shipping Co. Ltd., Class A

      6,700       15,707  

China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A

      5,300       7,865  

China Merchants Securities Co. Ltd., Class A

      4,100       10,297  

China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A

      2,300       2,999  

China Minsheng Banking Corp. Ltd., Class A

      13,500       7,084  

China Minsheng Banking Corp. Ltd., Class H

      47,228       20,249  

China National Building Material Co. Ltd., Class H

      31,644       21,441  

China National Nuclear Power Co. Ltd., Class A

      5,600       7,483  

China National Software & Service Co. Ltd., Class A *

      1,100       5,879  

China Nonferrous Mining Corp. Ltd.

      15,000       25,935  

China Northern Rare Earth Group High-Tech Co. Ltd., Class A

      1,300       9,343  

China Oilfield Services Ltd., Class H

      10,996       11,085  

China Pacific Insurance Group Co. Ltd., Class A

      2,100       9,989  

China Pacific Insurance Group Co. Ltd., Class H

      18,264       73,225  

China Petroleum & Chemical Corp., Class A

      9,200       6,595  

China Petroleum & Chemical Corp., Class H

      155,246       85,578  

China Railway Group Ltd., Class A

      6,200       4,371  

China Railway Group Ltd., Class H

      18,491       8,282  

China Resources Microelectronics Ltd., Class A

      622       5,892  

China Resources Mixc Lifestyle Services Ltd., 144A

      3,535       18,765  

China Shenhua Energy Co. Ltd., Class A

      2,516       17,449  
    

Number

   of Shares

        Value $  

China Shenhua Energy Co. Ltd., Class H

      23,324        134,166  

China State Construction Engineering Corp. Ltd., Class A

      13,900       9,924  

China Three Gorges Renewables Group Co. Ltd., Class A

      12,800       7,890  

China Tourism Group Duty Free Corp. Ltd., Class A

      800       7,045  

China Tower Corp. Ltd., Class H, 144A

      31,145       39,424  

China United Network Communications Ltd., Class A

      10,000       6,430  

China Vanke Co. Ltd., Class A *

      3,300       1,732  

China Yangtze Power Co. Ltd., Class A

      9,300       38,147  

Chongqing Changan Automobile Co. Ltd., Class A

      3,040       3,559  

Chongqing Rural Commercial Bank Co. Ltd., Class A

      7,100       6,968  

Chongqing Zhifei Biological Products Co. Ltd., Class A *

      1,200       2,411  

CITIC Ltd.

      31,657       53,160  

CITIC Securities Co. Ltd., Class A

      3,430       13,207  

CITIC Securities Co. Ltd., Class H

      10,002       33,234  

CMOC Group Ltd., Class A

      6,163       16,862  

CMOC Group Ltd., Class H

      23,299       54,257  

CNPC Capital Co. Ltd., Class A

      7,900       9,108  

Contemporary Amperex Technology Co. Ltd., Class A

      1,686       105,666  

Contemporary Amperex Technology Co. Ltd., Class H

      1,215       115,424  

COSCO SHIPPING Energy Transportation Co. Ltd., Class A

      2,600       7,486  

COSCO SHIPPING Holdings Co. Ltd., Class A

      6,330       13,230  

COSCO SHIPPING Holdings Co. Ltd., Class H

      21,843       39,495  

CRRC Corp. Ltd., Class A

      8,000       6,823  

CRRC Corp. Ltd., Class H

      22,253       14,737  

CSC Financial Co. Ltd., Class A

      1,960       7,066  

CSPC Pharmaceutical Group Ltd.

      57,134       54,678  

Daqin Railway Co. Ltd., Class A

      7,700       5,907  

Dongfang Electric Corp. Ltd., Class A

      100       521  

East Money Information Co. Ltd., Class A

      5,434       15,390  

Eastroc Beverage Group Co. Ltd., Class A

      130       2,737  

Ecovacs Robotics Co. Ltd., Class A

      200       1,736  

ENN Energy Holdings Ltd.

      5,507       38,578  

Eoptolink Technology, Inc. Ltd., Class A *

      300       31,327  
 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  5

Schedule of Investments

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

May 31, 2026

 

    

Number

   of Shares

        Value $  

Eve Energy Co. Ltd., Class A

      900        8,471  

Everbright Securities Co. Ltd., Class A

      1,800       3,797  

Focus Media Information Technology Co. Ltd., Class A

      3,200       2,639  

Foshan Haitian Flavouring & Food Co. Ltd., Class A

      1,821       9,668  

Foxconn Industrial Internet Co. Ltd., Class A

      4,500       48,823  

Full Truck Alliance Co. Ltd., ADR

      4,974       43,871  

Fuyao Glass Industry Group Co. Ltd., Class A

      1,100       8,562  

Fuyao Glass Industry Group Co. Ltd., Class H, 144A

      3,288       23,327  

Ganfeng Lithium Group Co. Ltd., Class A

      600       6,339  

Ganfeng Lithium Group Co. Ltd., Class H, 144A

      3,000       24,519  

GDS Holdings Ltd., Class A *

      6,439       27,344  

Genscript Biotech Corp. *

      17,375       30,330  

GF Securities Co. Ltd., Class A

      2,000       5,584  

GF Securities Co. Ltd., Class H

      12,400       25,553  

Giant Biogene Holding Co. Ltd., 144A

      5,958       22,853  

GigaDevice Semiconductor, Inc., Class A

      168       11,597  

GoerTek, Inc., Class A

      1,500       5,949  

Goldwind Science & Technology Co. Ltd., Class A

      4,300       14,886  

Gotion High-tech Co. Ltd., Class A

      1,500       7,306  

Great Wall Motor Co. Ltd., Class H

      12,420       16,498  

Gree Electric Appliances, Inc. of Zhuhai, Class A

      1,000       5,790  

Guangdong Haid Group Co. Ltd., Class A

      400       2,769  

Guangzhou Automobile Group Co. Ltd., Class A

      3,800       3,409  

Guangzhou Tinci Materials Technology Co. Ltd., Class A

      800       6,153  

Guolian Minsheng Securities Co. Ltd., Class A

      12,600       16,185  

Guosen Securities Co. Ltd., Class A

      5,900       8,826  

Guotai Haitong Securities Co. Ltd.

      5,600       12,731  

Guotai Haitong Securities Co. Ltd., Class H, 144A

      8,614       14,355  

H World Group Ltd., ADR

      1,549       69,535  

Haidilao International Holding Ltd., 144A

      9,239       15,043  

Haier Smart Home Co. Ltd., Class A

      2,100       6,481  

Haier Smart Home Co. Ltd., Class H

      15,447       38,830  

Haitian International Holdings Ltd.

      4,489       11,319  
    

Number

   of Shares

        Value $  

Hangzhou First Applied Material Co. Ltd., Class A

      1,097        2,902  

Hangzhou Silan Microelectronics Co. Ltd., Class A

      800       4,091  

Hansoh Pharmaceutical Group Co. Ltd., 144A

      11,474       46,031  

Henan Shuanghui Investment & Development Co. Ltd., Class A

      1,100       4,068  

Hengan International Group Co. Ltd.

      3,819       11,861  

Hengli Petrochemical Co. Ltd., Class A

      1,800       4,574  

Hesai Group *

      872       17,569  

Hithink RoyalFlush Information Network Co. Ltd., Class A

      560       18,853  

Horizon Robotics *

      33,539       22,639  

Hoshine Silicon Industry Co. Ltd., Class A

      500       2,814  

Hua Hong Semiconductor Ltd., Class H, 144A *

      5,384       110,814  

Huadian Power International Corp. Ltd., Class A

      8,000       6,575  

Huadong Medicine Co. Ltd., Class A

      700       3,003  

Huaneng Power International, Inc., Class A

      3,500       4,589  

Huaneng Power International, Inc., Class H

      33,381       30,966  

Huatai Securities Co. Ltd., Class A

      1,700       4,568  

Huatai Securities Co. Ltd., Class H, 144A

      9,893       20,008  

Huaxia Bank Co. Ltd., Class A

      2,800       2,777  

Huayu Automotive Systems Co. Ltd., Class A

      1,700       4,199  

Huizhou Desay Sv Automotive Co. Ltd., Class A

      300       4,512  

Hundsun Technologies, Inc., Class A

      1,456       5,223  

Hygon Information Technology Co. Ltd., Class A

      1,321       57,387  

Iflytek Co. Ltd., Class A

      900       6,372  

Imeik Technology Development Co. Ltd., Class A

      140       2,168  

Industrial & Commercial Bank of China Ltd., Class A

      19,171       20,459  

Industrial & Commercial Bank of China Ltd., Class H

      471,246       399,274  

Industrial Bank Co. Ltd., Class A

      9,200       25,158  

Industrial Securities Co. Ltd., Class A

      1,950       1,657  

Ingenic Semiconductor Co. Ltd., Class A

      300       6,982  

Inner Mongolia BaoTou Steel Union Co. Ltd., Class A

      32,600       11,372  

Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A

      2,600       1,968  
 

 

See Notes to Financial Statements.

 

6  |  DBX ETF Trust  

Schedule of Investments

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

May 31, 2026

 

    

Number

   of Shares

        Value $  

Inner Mongolia Yili Industrial Group Co. Ltd., Class A

      2,100        8,356  

Inner Mongolia Yitai Coal Co. Ltd., Class B

      6,200       17,236  

Innovent Biologics, Inc., 144A *

      9,717       103,346  

J&T Global Express Ltd. *

      16,079       18,527  

JA Solar Technology Co. Ltd., Class A *

      1,764       2,375  

JD Health International, Inc., 144A *

      6,125       30,012  

JD Logistics, Inc., 144A *

      11,637       19,140  

JD.com, Inc., Class A

      16,246       235,287  

Jiangsu Eastern Shenghong Co. Ltd., Class A *

      2,200       3,919  

Jiangsu Hengli Hydraulic Co. Ltd., Class A

      500       8,064  

Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A

      2,100       15,579  

Jiangsu Yanghe Distillery Co. Ltd., Class A

      700       4,696  

Jiangsu Zhongtian Technology Co. Ltd., Class A

      1,300       8,107  

Jiangxi Copper Co. Ltd., Class A

      2,200       14,146  

Jiangxi Copper Co. Ltd., Class H

      9,382       42,140  

Jinko Solar Co. Ltd., Class A *

      4,383       3,796  

Kanzhun Ltd., ADR

      2,920       39,624  

KE Holdings, Inc., ADR

      4,276       70,982  

Kingdee International Software Group Co. Ltd. *

      18,598       17,253  

Kingsoft Corp. Ltd.

      5,555       15,013  

Kuaishou Technology, 144A

      16,863       97,990  

Kuang-Chi Technologies Co. Ltd., Class A *

      1,500       8,915  

Kunlun Tech Co. Ltd., Class A *

      1,400       9,089  

Kweichow Moutai Co. Ltd., Class A

      600       117,600  

Laopu Gold Co. Ltd., Class H

      300       19,293  

Lenovo Group Ltd.

      46,788       143,285  

Lens Technology Co. Ltd., Class A

      2,610       15,625  

Li Auto, Inc., Class A *

      8,400       62,007  

Li Ning Co. Ltd.

      12,295       28,553  

Lingyi iTech Guangdong Co., Class A

      3,100       6,667  

Longfor Group Holdings Ltd., 144A

      10,418       10,435  

LONGi Green Energy Technology Co. Ltd., Class A *

      2,240       4,599  

Luxshare Precision Industry Co. Ltd., Class A

      2,249       24,364  

Luzhou Laojiao Co. Ltd., Class A

      200       2,691  

Mango Excellent Media Co. Ltd., Class A

      1,200       3,095  

Maxscend Microelectronics Co. Ltd., Class A *

      160       2,557  
    

Number

   of Shares

        Value $  

Meituan, Class B, 144A *

      35,528        332,980  

Metallurgical Corp. of China Ltd., Class A

      5,900       2,468  

Midea Group Co. Ltd., Class A

      1,200       14,341  

Midea Group Co. Ltd., Class H

      1,939       21,216  

MINISO Group Holding Ltd.

      6,750       22,273  

Montage Technology Co. Ltd., Class A

      617       23,074  

Muyuan Foods Group Co. Ltd., Class A

      4,834       27,202  

NARI Technology Co. Ltd., Class A

      4,191       15,425  

NAURA Technology Group Co. Ltd., Class A

      270       25,138  

NetEase, Inc.

      11,715       290,151  

New China Life Insurance Co. Ltd., Class A

      1,300       11,472  

New China Life Insurance Co. Ltd., Class H

      8,557       52,913  

New Hope Liuhe Co. Ltd., Class A

      1,400       1,633  

New Oriental Education & Technology Group, Inc.

      8,806       40,946  

Ningbo Deye Technology Co. Ltd., Class A

      492       8,410  

Ningbo Tuopu Group Co. Ltd., Class A

      725       6,687  

Ningxia Baofeng Energy Group Co. Ltd., Class A

      4,466       15,843  

NIO, Inc., Class A *

      12,092       65,576  

Nongfu Spring Co. Ltd., Class H, 144A

      13,785       75,285  

OmniVision Integrated Circuits Group, Inc.

      540       7,583  

Orient Securities Co. Ltd., Class A

      2,048       2,818  

People’s Insurance Co. Group of China Ltd., Class A

      5,600       5,662  

People’s Insurance Co. Group of China Ltd., Class H

      48,500       32,057  

PetroChina Co. Ltd., Class A

      7,700       12,372  

PetroChina Co. Ltd., Class H

      150,376       208,959  

Pharmaron Beijing Co. Ltd., Class A

      900       3,339  

PICC Property & Casualty Co. Ltd., Class H

      47,149       87,537  

Ping An Bank Co. Ltd., Class A

      6,600       10,663  

Ping An Insurance Group Co. of China Ltd., Class A

      7,100       56,147  

Ping An Insurance Group Co. of China Ltd., Class H

      43,894       336,336  

Poly Developments and Holdings Group Co. Ltd., Class A

      3,900       3,326  

Pony AI, Inc., Class A *

      1,682       17,063  

Pop Mart International Group Ltd., 144A

      3,555       78,658  
 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  7

Schedule of Investments

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

May 31, 2026

 

    

Number

   of Shares

        Value $  

Postal Savings Bank of China Co. Ltd., Class A

      14,000        10,306  

Postal Savings Bank of China Co. Ltd., Class H, 144A

      46,262       29,634  

Power Construction Corp. of China Ltd., Class A

      5,900       4,657  

Qinghai Salt Lake Industry Co. Ltd., Class A *

      2,400       10,916  

Range Intelligent Computing

     

Technology Group Co. Ltd., Class A

      500       6,199  

Remegen Co. Ltd., Class H, 144A *

      2,000       21,093  

Rongsheng Petrochemical Co. Ltd., Class A *

      2,550       4,244  

SAIC Motor Corp. Ltd., Class A

      2,400       4,371  

Sanan Optoelectronics Co. Ltd., Class A

      1,700       3,930  

Sany Heavy Industry Co. Ltd., Class A

      2,300       6,099  

Satellite Chemical Co. Ltd., Class A

      2,937       10,102  

SDIC Power Holdings Co. Ltd., Class A

      2,500       5,284  

SenseTime Group, Inc., Class B, 144A *

      186,087       39,417  

Seres Group Co. Ltd., Class A

      500       6,020  

SF Holding Co. Ltd., Class A

      1,860       9,609  

SG Micro Corp., Class A

      253       4,404  

Shaanxi Coal Industry Co. Ltd., Class A

      4,600       17,502  

Shandong Gold Mining Co. Ltd., Class A

      2,200       9,388  

Shandong Gold Mining Co. Ltd., Class H, 144A

      9,843       29,943  

Shandong Hualu Hengsheng Chemical Co. Ltd., Class A

      900       3,915  

Shanghai Baosight Software Co. Ltd., Class A

      1,310       3,902  

Shanghai Electric Group Co. Ltd., Class A *

      6,400       7,625  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A

      1,100       3,780  

Shanghai Pharmaceuticals Holding Co. Ltd., Class A

      1,300       3,167  

Shanghai Pudong Development Bank Co. Ltd., Class A

      9,300       12,881  

Shanghai Putailai New Energy Technology Group Co. Ltd.

      1,160       5,252  

Shanghai Rural Commercial Bank Co. Ltd., Class A

      7,000       8,795  

Shanghai United Imaging Healthcare Co. Ltd., Class A

      246       4,374  

Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A

      2,100       10,784  

Shanxi Coking Coal Energy Group Co. Ltd., Class A

      1,600       1,606  
    

Number

   of Shares

        Value $  

Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A

      420        7,965  

Shenwan Hongyuan Group Co. Ltd., Class A

      11,900       7,757  

Shenzhen Inovance Technology Co. Ltd., Class A

      1,050       11,479  

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A

      290       6,508  

Shenzhen Transsion Holdings Co. Ltd., Class A

      368       3,275  

Shenzhou International Group Holdings Ltd.

      4,739       28,070  

Sichuan Chuantou Energy Co. Ltd., Class A

      1,900       4,353  

Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., Class H *

      400       23,581  

Sichuan Road & Bridge Group Co. Ltd., Class A

      3,920       5,076  

Sinopharm Group Co. Ltd., Class H

      7,555       16,311  

Sinotruk Hong Kong Ltd.

      4,034       19,179  

Smoore International Holdings Ltd., 144A

      10,110       11,739  

Sungrow Power Supply Co. Ltd., Class A

      700       18,416  

Sunny Optical Technology Group Co. Ltd.

      6,470       69,184  

SUPCON Technology Co. Ltd., Class A *

      248       3,145  

Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A *

      700       22,044  

Suzhou TFC Optical Communication Co. Ltd., Class A

      500       33,642  

TAL Education Group, ADR *

      2,533       24,595  

TBEA Co. Ltd., Class A

      1,950       7,307  

TCL Technology Group Corp., Class A

      1,280       810  

TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A *

      1,375       1,982  

Tencent Holdings Ltd.

      43,256       2,357,943  

Tencent Music Entertainment Group, ADR

      3,902       35,976  

Tianqi Lithium Corp., Class A *

      800       7,436  

Tingyi Cayman Islands Holding Corp.

      13,114       19,997  

Tongcheng Travel Holdings Ltd.

      13,761       24,864  

TongFu Microelectronics Co. Ltd., Class A

      2,000       19,511  

Tongwei Co. Ltd., Class A *

      1,700       3,711  

Trina Solar Co. Ltd., Class A *

      1,184       2,699  

Tsingtao Brewery Co. Ltd., Class A

      200       1,807  

Tsingtao Brewery Co. Ltd., Class H *

      5,845       37,098  
 

 

See Notes to Financial Statements.

 

8  |  DBX ETF Trust  

Schedule of Investments

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

May 31, 2026

 

    

Number

   of Shares

        Value $  

UBTech Robotics Corp. Ltd., Class H *

      1,550        20,213  

Unigroup Guoxin Microelectronics Co. Ltd., Class A

      475       5,568  

Unisplendour Corp. Ltd., Class A

      1,880       7,959  

Vipshop Holdings Ltd., ADR

      2,439       34,683  

Wanhua Chemical Group Co. Ltd., Class A

      1,021       11,085  

Weichai Power Co. Ltd., Class A

      2,100       10,970  

Weichai Power Co. Ltd., Class H

      13,146       69,849  

Wens Foodstuff Group Co. Ltd., Class A

      2,440       4,934  

Wuliangye Yibin Co. Ltd., Class A

      1,200       15,057  

WUS Printed Circuit Kunshan Co. Ltd., Class A

      1,500       29,276  

WuXi AppTec Co. Ltd., Class A

      820       12,315  

WuXi AppTec Co. Ltd., Class H, 144A

      3,401       56,547  

Wuxi Biologics Cayman, Inc., 144A *

      24,057       102,344  

WuXi XDC Cayman, Inc. *

      2,000       14,011  

XCMG Construction Machinery Co. Ltd., Class A

      1,400       2,018  

Xiaomi Corp., Class B, 144A *

      122,527       438,395  

Xinjiang Daqo New Energy Co. Ltd., Class A *

      1,551       4,464  

Xinyi Solar Holdings Ltd.

      24,900       8,483  

XPeng, Inc., Class A *

      8,128       66,222  

XtalPi Holdings Ltd. *

      18,000       18,926  

Yadea Group Holdings Ltd., 144A

      6,987       10,048  

Yangtze Optical Fibre & Cable Joint Stock Ltd. Co., Class H, 144A

      2,581       74,826  

Yangzijiang Shipbuilding Holdings Ltd.

      19,100       54,475  

Yankuang Energy Group Co. Ltd., Class A

      1,365       4,398  

Yankuang Energy Group Co. Ltd., Class H

      17,253       32,054  

Yealink Network Technology Corp. Ltd., Class A

      1,600       8,550  

Yonghui Superstores Co. Ltd., Class A *

      24,300       13,290  

Yonyou Network Technology Co. Ltd., Class A *

      1,700       2,606  

YTO Express Group Co. Ltd., Class A

      900       2,494  

Yum China Holdings, Inc.

      2,270       99,352  

Yunnan Baiyao Group Co. Ltd., Class A

      560       4,134  

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A

      200       3,796  

Zhaojin Mining Industry Co. Ltd., Class H

      15,343       42,210  
    

Number

   of Shares

        Value $  

Zhejiang China Commodities City Group Co. Ltd., Class A

      7,300        13,822  

Zhejiang Chint Electrics Co. Ltd., Class A

      1,200       5,169  

Zhejiang Dahua Technology Co. Ltd., Class A

      2,500       6,167  

Zhejiang Huayou Cobalt Co. Ltd., Class A

      1,150       9,315  

Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A

      600       4,507  

Zhejiang Leapmotor Technology Co. Ltd., Class H, 144A *

      5,891       29,542  

Zhejiang Zheneng Electric Power Co. Ltd., Class A

      10,700       10,233  

Zhongji Innolight Co. Ltd., Class A

      540       92,683  

Zhuzhou CRRC Times Electric Co. Ltd., Class H

      3,305       17,080  

Zijin Mining Group Co. Ltd., Class A

      11,700       52,643  

Zijin Mining Group Co. Ltd., Class H

      39,583       165,567  

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A

      4,400       4,689  

ZTE Corp., Class A *

      1,512       8,207  

ZTE Corp., Class H *

      3,477       11,881  

ZTO Express Cayman, Inc.

      2,855       63,279  

(Cost $12,037,911)

        13,950,438  
Colombia — 0.0%     

Grupo Cibest SA

      1,715       35,354  

Interconexion Electrica SA ESP

      5,828       47,740  

(Cost $55,135)

        83,094  
Czech Republic — 0.0%     

CEZ AS

      912       55,014  

CSG NV *

      1,336       28,012  

Komercni Banka AS

      514       24,402  

Moneta Money Bank AS, 144A

      2,249       20,048  

(Cost $105,196)

        127,476  
Denmark — 1.0%     

A.P. Moller — Maersk A/S, Class A

      15       36,331  

A.P. Moller — Maersk A/S, Class B

      23       56,748  

Carlsberg AS, Class B

      691       92,892  

Coloplast A/S, Class B

      895       55,283  

Danske Bank A/S

      4,386       230,945  

Demant A/S *

      737       28,777  

DSV A/S

      1,404       352,657  

Genmab A/S *

      428       113,817  

Novo Nordisk A/S, Class B

      22,380       1,023,171  

Novonesis Novozymes B, Class B

      2,599       151,087  

Orsted AS, 144A *

      3,190       81,720  

Pandora A/S

      559       52,430  
 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  9

Schedule of Investments

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

May 31, 2026

 

    

Number

   of Shares

        Value $  

ROCKWOOL A/S, Class B

      389        12,287  

Tryg A/S

      2,457       57,823  

Vestas Wind Systems A/S

      6,801       191,100  

(Cost $2,106,618)

        2,537,068  
Egypt — 0.0%     

Commercial International Bank - Egypt (CIB)

      14,951       38,079  

Eastern Co. SAE

      8,112       5,903  

Talaat Moustafa Group

      5,332       9,802  

(Cost $42,381)

        53,784  
Finland — 0.7%     

Elisa OYJ

      1,121       53,766  

Fortum OYJ

      3,130       73,199  

Kesko OYJ, Class B

      1,984       48,088  

Kone OYJ, Class B

      2,469       147,621  

Metso OYJ

      4,765       91,039  

Neste OYJ

      2,788       91,574  

Nokia OYJ

      35,092       511,232  

Nordea Bank Abp

      21,334       409,839  

Orion OYJ, Class B

      774       64,640  

Sampo OYJ, Class A

      15,443       163,267  

Stora Enso OYJ, Class R

      4,064       47,616  

UPM-Kymmene OYJ

      3,697       107,977  

Wartsila OYJ Abp

      3,543       144,226  

(Cost $1,265,674)

        1,954,084  
France — 5.0%     

Abivax SA *

      380       50,263  

Accor SA

      1,252       68,679  

Aeroports de Paris SA

      214       28,705  

Air Liquide SA

      3,944       819,218  

Alstom SA *

      2,428       48,541  

Amundi SA, 144A

      458       44,847  

AXA SA

      11,386       527,640  

Ayvens SA, 144A

      2,358       31,849  

BioMerieux

      298       25,843  

BNP Paribas SA

      6,929       751,221  

Bollore SE

      4,371       27,735  

Bouygues SA

      1,259       74,100  

Bureau Veritas SA

      2,135       64,747  

Capgemini SE *

      1,087       129,260  

Carrefour SA

      3,840       71,820  

Cie de Saint-Gobain SA

      3,097       282,702  

Cie Generale des Etablissements Michelin SCA

      4,681       172,042  

Covivio SA REIT

      527       33,962  

Credit Agricole SA

      5,959       115,380  

Danone SA

      4,448       316,166  

Dassault Aviation SA

      137       48,706  

Dassault Systemes SE

      4,904       107,565  

Eiffage SA

      538       78,284  

Engie SA

      12,051       372,070  
    

Number

   of Shares

        Value $  

EssilorLuxottica SA

      2,086        426,159  

Gecina SA REIT

      326       27,929  

Getlink SE

      2,344       51,291  

Hermes International SCA

      180       340,122  

Ipsen SA

      246       44,934  

Kering SA

      441       131,348  

Klepierre SA REIT

      1,525       62,292  

Legrand SA

      1,724       296,906  

L’Oreal SA

      1,640       731,779  

LVMH Moet Hennessy Louis Vuitton SE

      1,729       954,003  

Orange SA

      12,431       260,049  

Pernod Ricard SA

      1,245       92,096  

Publicis Groupe SA

      1,715       167,512  

Renault SA

      1,422       49,079  

Rexel SA

      1,463       62,814  

Safran SA

      2,392       852,912  

Sanofi SA

      7,544       662,501  

Sartorius Stedim Biotech

      186       38,639  

Schneider Electric SE

      3,798       1,195,875  

Societe Generale SA

      4,469       373,382  

Sodexo SA

      632       34,794  

Thales SA

      680       189,960  

TotalEnergies SE

      13,619       1,194,250  

Unibail-Rodamco-Westfield REIT *

      869       100,691  

Veolia Environnement SA

      4,028       163,171  

Vinci SA

      3,253       474,477  

(Cost $9,378,642)

        13,270,310  
Germany — 5.0%     

adidas AG

      1,142       221,916  

Allianz SE

      2,624       1,167,938  

BASF SE

      6,135       363,661  

Bayer AG

      6,918       294,766  

Bayerische Motoren Werke AG

      1,794       156,437  

Beiersdorf AG

      618       49,867  

Brenntag SE

      990       65,289  

Commerzbank AG

      4,709       203,555  

Continental AG

      791       65,838  

CTS Eventim AG & Co. KGaA

      447       32,404  

Daimler Truck Holding AG

      3,299       162,191  

Delivery Hero SE, 144A *

      1,370       59,093  

Deutsche Bank AG (b)

      12,613       409,871  

Deutsche Boerse AG

      1,317       380,351  

Deutsche Lufthansa AG

      4,361       43,644  

Deutsche Post AG

      6,394       381,848  

Deutsche Telekom AG

      24,080       810,589  

E.ON SE

      15,875       337,002  

Evonik Industries AG *

      1,865       36,567  

Fresenius Medical Care AG

      1,412       61,250  

Fresenius SE & Co. KGaA

      2,909       123,066  
 

 

See Notes to Financial Statements.

 

10  |  DBX ETF Trust  

Schedule of Investments

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

May 31, 2026

 

    

Number

   of Shares

        Value $  

GEA Group AG

      1,092        70,627  

Hannover Rueck SE

      435       117,916  

Heidelberg Materials AG

      994       221,214  

Henkel AG & Co. KGaA

      863       62,711  

Hensoldt AG

      431       44,450  

HOCHTIEF AG

      109       61,865  

Infineon Technologies AG

      9,075       858,556  

Knorr-Bremse AG

      526       63,623  

Mercedes-Benz Group AG

      4,770       290,371  

Merck KGaA

      904       137,972  

MTU Aero Engines AG

      330       120,593  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

      908       479,027  

Nemetschek SE

      420       30,275  

Rational AG

      59       45,351  

Rheinmetall AG

      315       475,216  

RWE AG

      4,128       262,701  

SAP SE

      7,260       1,314,752  

Scout24 SE, 144A

      527       44,412  

Siemens AG

      5,126       1,613,126  

Siemens Energy AG

      5,339       1,016,563  

Siemens Healthineers AG, 144A

      2,352       95,799  

Symrise AG

      887       81,837  

Talanx AG

      429       51,540  

Vonovia SE

      5,394       134,828  

Zalando SE, 144A *

      1,632       44,334  

(Cost $8,779,167)

        13,166,802  
Greece — 0.1%     

Alpha Bank SA

      10,372       47,303  

Eurobank SA

      18,479       86,022  

Hellenic Telecommunications Organization SA

      1,340       28,430  

JUMBO SA

      895       24,302  

National Bank of Greece SA

      6,080       105,135  

Piraeus Bank SA *

      7,647       81,613  

Public Power Corp. SA

      1,423       35,785  

(Cost $285,117)

        408,590  
Hong Kong — 2.1%     

AIA Group Ltd.

      71,593       751,384  

Alibaba Group Holding Ltd.

      117,109       1,806,643  

Alibaba Health Information Technology Ltd. *

      39,279       18,194  

Beijing Enterprises Holdings Ltd.

      2,297       9,033  

BOC Hong Kong Holdings Ltd.

      23,691       144,923  

Bosideng International Holdings Ltd.

      27,462       14,893  

C&D International Investment Group Ltd.

      5,572       11,220  

China Gas Holdings Ltd.

      17,761       15,706  

China Merchants Port Holdings Co. Ltd.

      8,916       17,509  
    

Number

   of Shares

        Value $  

China Overseas Land & Investment Ltd.

      33,847        67,462  

China Power International Development Ltd.

      30,065       14,271  

China Resources Beer Holdings Co. Ltd.

      8,452       26,099  

China Resources Gas Group Ltd.

      5,155       12,097  

China Resources Land Ltd.

      20,648       93,058  

China Resources Power Holdings Co. Ltd.

      10,908       29,591  

China Ruyi Holdings Ltd. *

      57,428       9,966  

China Taiping Insurance Holdings Co. Ltd.

      8,617       21,848  

Chow Tai Fook Jewellery Group Ltd.

      11,774       16,511  

CK Asset Holdings Ltd.

      11,273       68,096  

CK Hutchison Holdings Ltd.

      18,376       165,191  

CK Infrastructure Holdings Ltd.

      3,282       24,855  

CLP Holdings Ltd.

      10,629       103,755  

Far East Horizon Ltd.

      11,701       11,482  

Futu Holdings Ltd., ADR

      350       36,424  

Galaxy Entertainment Group Ltd.

      12,920       51,634  

GCL Technology Holdings Ltd. *

      116,245       12,311  

Geely Automobile Holdings Ltd.

      42,952       103,148  

Guangdong Investment Ltd.

      16,239       17,302  

Henderson Land Development Co. Ltd.

      7,911       31,253  

HKT Trust & HKT Ltd. (a)

      36,023       55,619  

Hong Kong & China Gas Co. Ltd.

      77,303       70,725  

Hong Kong Exchanges & Clearing Ltd.

      8,663       441,944  

Hongkong Land Holdings Ltd.

      9,010       68,656  

Jardine Matheson Holdings Ltd.

      1,238       82,178  

Kingboard Laminates Holdings Ltd.

      7,000       48,769  

Kunlun Energy Co. Ltd.

      21,049       19,231  

Link REIT

      18,382       94,714  

MTR Corp. Ltd.

      8,060       32,438  

Orient Overseas International Ltd.

      824       14,310  

Power Assets Holdings Ltd.

      8,459       64,871  

Prudential PLC

      17,565       253,461  

Sino Biopharmaceutical Ltd.

      67,604       43,046  

Sino Land Co. Ltd.

      29,162       43,946  

SITC International Holdings Co. Ltd.

      7,015       30,989  

Sun Hung Kai Properties Ltd.

      9,586       161,094  

Swire Pacific Ltd., Class A

      1,744       18,159  

Techtronic Industries Co. Ltd.

      9,781       145,151  

Want Want China Holdings Ltd.

      25,127       13,338  

WH Group Ltd., 144A

      55,694       64,315  

Wharf Real Estate Investment Co. Ltd.

      9,885       30,323  
 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  11

Schedule of Investments

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

May 31, 2026

 

    

Number

   of Shares

        Value $  

Zijin Gold International Co. Ltd. *

      2,500        41,375  

(Cost $4,818,079)

        5,544,511  
Hungary — 0.1%     

MOL Hungarian Oil & Gas PLC

      2,764       35,106  

OTP Bank Nyrt

      1,427       195,497  

Richter Gedeon Nyrt

      1,196       50,610  

(Cost $126,782)

        281,213  
India — 3.3%     

ABB India Ltd.

      270       20,614  

Adani Enterprises Ltd.

      946       29,250  

Adani Ports & Special Economic Zone Ltd.

      3,204       60,863  

Adani Power Ltd. *

      25,252       64,690  

Aditya Birla Capital Ltd. *

      6,492       24,827  

Alkem Laboratories Ltd.

      221       12,790  

Ambuja Cements Ltd.

      3,510       16,547  

APL Apollo Tubes Ltd.

      732       14,109  

Apollo Hospitals Enterprise Ltd.

      637       54,826  

Ashok Leyland Ltd.

      16,502       27,001  

Asian Paints Ltd.

      2,564       72,105  

AU Small Finance Bank Ltd., 144A

      2,286       23,695  

Aurobindo Pharma Ltd.

      1,347       20,225  

Avenue Supermarts Ltd., 144A *

      1,026       43,789  

Axis Bank Ltd.

      14,998       203,120  

Bajaj Auto Ltd.

      395       43,492  

Bajaj Finance Ltd. *

      15,893       151,945  

Bajaj Finserv Ltd.

      2,585       48,533  

Bajaj Holdings & Investment Ltd.

      181       19,740  

Balkrishna Industries Ltd.

      396       9,193  

Bank of Baroda

      4,431       12,523  

Bharat Electronics Ltd.

      23,897       103,323  

Bharat Forge Ltd.

      1,425       29,358  

Bharat Heavy Electricals Ltd.

      4,136       18,144  

Bharat Petroleum Corp. Ltd.

      10,782       33,833  

Bharti Airtel Ltd.

      17,121       329,624  

Bosch Ltd.

      80       30,842  

Britannia Industries Ltd.

      609       33,364  

BSE Ltd. *

      1,330       58,045  

Canara Bank

      14,234       19,598  

CG Power & Industrial Solutions Ltd.

      3,489       33,695  

Cholamandalam Investment and Finance Co. Ltd.

      2,574       41,664  

Cipla Ltd.

      3,336       49,197  

Coal India Ltd.

      10,448       50,359  

Colgate-Palmolive India Ltd.

      646       14,007  

Coromandel International Ltd.

      984       18,164  

Cummins India Ltd.

      967       59,862  

Dabur India Ltd.

      2,240       10,455  

Divi’s Laboratories Ltd.

      846       59,371  

Dixon Technologies India Ltd.

      184       22,320  
    

Number

   of Shares

        Value $  

DLF Ltd.

      3,908        24,295  

Dr Reddy’s Laboratories Ltd.

      3,245       44,525  

Eicher Motors Ltd.

      873       65,953  

Eternal Ltd. *

      16,416       43,300  

Federal Bank Ltd.

      12,970       39,449  

Fortis Healthcare Ltd.

      3,352       32,760  

FSN E-Commerce Ventures Ltd. *

      8,548       23,601  

GAIL India Ltd.

      10,749       18,614  

GE Vernova T&D India Ltd.

      850       46,066  

GMR Airports Ltd. *

      13,971       14,761  

Godrej Consumer Products Ltd.

      2,130       23,078  

Godrej Properties Ltd. *

      708       13,137  

Grasim Industries Ltd.

      1,656       54,428  

Havells India Ltd.

      1,388       17,194  

HCL Technologies Ltd.

      6,018       74,991  

HDFC Asset Management Co. Ltd., 144A

      910       25,617  

HDFC Bank Ltd.

      75,819       594,221  

HDFC Life Insurance Co. Ltd., 144A

      5,258       32,921  

Hero MotoCorp Ltd.

      721       37,211  

Hindalco Industries Ltd.

      8,668       102,803  

Hindustan Aeronautics Ltd.

      1,311       59,392  

Hindustan Petroleum Corp. Ltd.

      5,749       23,834  

Hindustan Unilever Ltd.

      5,283       119,757  

Hitachi Energy India Ltd.

      91       36,826  

ICICI Bank Ltd.

      33,902       448,363  

ICICI Lombard General Insurance Co. Ltd., 144A

      1,495       28,204  

ICICI Prudential Life Insurance Co. Ltd., 144A

      2,347       12,450  

IDFC First Bank Ltd.

      21,661       16,262  

Indian Hotels Co. Ltd.

      5,395       37,155  

Indian Oil Corp. Ltd.

      19,537       28,841  

Indus Towers Ltd. *

      7,247       33,721  

IndusInd Bank Ltd. *

      3,843       36,988  

Info Edge India Ltd.

      1,764       18,476  

Infosys Ltd.

      19,490       238,168  

InterGlobe Aviation Ltd., 144A

      1,140       52,860  

ITC Ltd.

      19,685       59,449  

Jindal Stainless Ltd.

      2,433       17,546  

Jindal Steel Ltd.

      1,782       22,645  

Jio Financial Services Ltd.

      17,639       44,367  

JSW Energy Ltd.

      2,972       18,616  

JSW Steel Ltd.

      3,370       45,335  

Kotak Mahindra Bank Ltd.

      36,879       149,146  

L&T Finance Ltd.

      7,522       22,693  

Larsen & Toubro Ltd.

      4,510       193,526  

Lodha Developers Ltd., 144A

      1,607       15,869  

LTIMindtree Ltd., 144A

      340       14,536  

Lupin Ltd.

      1,310       31,270  

Mahindra & Mahindra Ltd.

      5,443       174,497  
 

 

See Notes to Financial Statements.

 

12  |  DBX ETF Trust  

Schedule of Investments

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

May 31, 2026

 

    

Number

   of Shares

        Value $  

Malco Energy Ltd. * (c)

      7,701        5,256  

Mankind Pharma Ltd.

      1,540       38,510  

Marico Ltd.

      3,178       27,488  

Maruti Suzuki India Ltd.

      851       117,590  

Max Healthcare Institute Ltd.

      5,180       52,623  

Mphasis Ltd.

      664       15,876  

MRF Ltd.

      13       16,889  

Multi Commodity Exchange of India Ltd.

      889       27,648  

Muthoot Finance Ltd.

      805       28,327  

Nestle India Ltd.

      3,702       55,394  

NHPC Ltd.

      19,812       16,448  

NMDC Ltd.

      13,836       12,815  

NTPC Ltd.

      29,185       118,860  

Oberoi Realty Ltd.

      674       12,111  

Oil & Natural Gas Corp. Ltd.

      17,681       49,395  

One 97 Communications Ltd. *

      2,621       30,867  

Page Industries Ltd.

      79       31,762  

PB Fintech Ltd. *

      1,771       31,738  

Persistent Systems Ltd.

      508       27,776  

Petronet LNG Ltd.

      3,652       10,420  

Phoenix Mills Ltd.

      1,897       35,368  

PI Industries Ltd.

      474       13,846  

Pidilite Industries Ltd.

      1,510       23,569  

Polycab India Ltd.

      316       31,525  

Power Finance Corp. Ltd.

      8,378       37,798  

Power Grid Corp. of India Ltd.

      31,100       95,117  

Punjab National Bank

      13,880       15,494  

REC Ltd.

      6,873       24,428  

Reliance Industries Ltd.

      25,440       353,803  

Reliance Industries Ltd., GDR, 144A

      3,553       198,613  

Samvardhana Motherson International Ltd.

      33,630       51,592  

SBI Cards & Payment Services Ltd.

      667       4,384  

SBI Life Insurance Co. Ltd., 144A

      2,570       49,509  

Shree Cement Ltd.

      27       7,183  

Shriram Finance Ltd.

      9,165       91,375  

Siemens Energy India Ltd.

      772       31,466  

Siemens Ltd. *

      531       21,486  

Solar Industries India Ltd.

      127       24,393  

SRF Ltd.

      1,311       37,478  

State Bank of India

      11,729       119,068  

Sun Pharmaceutical Industries Ltd.

      6,127       116,039  

Sundaram Finance Ltd.

      420       18,519  

Supreme Industries Ltd.

      453       16,923  

Suzlon Energy Ltd. *

      48,970       29,377  

Swiggy Ltd. *

      9,422       25,578  

Talwandi Sabo Power Ltd. * (c)

      7,701       1,854  

Tata Consultancy Services Ltd.

      6,047       143,785  

Tata Consumer Products Ltd.

      3,552       44,060  
    

Number

   of Shares

        Value $  

Tata Motors Ltd. *

      13,037        52,079  

Tata Motors Passenger Vehicles Ltd.

      13,037       54,056  

Tata Power Co. Ltd.

      8,339       36,933  

Tata Steel Ltd.

      48,030       105,171  

Tech Mahindra Ltd.

      3,340       52,171  

Titan Co. Ltd.

      2,227       95,524  

Torrent Pharmaceuticals Ltd.

      957       44,433  

Torrent Power Ltd.

      1,113       16,640  

Trent Ltd.

      1,130       50,243  

Tube Investments of India Ltd.

      608       20,105  

TVS Motor Co. Ltd.

      1,910       67,467  

UltraTech Cement Ltd.

      758       91,614  

Union Bank of India Ltd.

      11,134       19,676  

United Spirits Ltd.

      1,893       25,306  

UPL Ltd.

      4,468       30,326  

Varun Beverages Ltd.

      9,948       55,290  

Vedanta Aluminium Metal Ltd. * (c)

      7,701       30,812  

Vedanta Iron and Steel Ltd. * (c)

      7,701       1,318  

Vedanta Ltd.

      7,701       28,583  

Vishal Mega Mart Ltd. *

      18,083       23,179  

Vodafone Idea Ltd. *

      204,723       30,148  

Voltas Ltd.

      1,318       17,282  

WAAREE Energies Ltd.

      743       24,564  

Wipro Ltd.

      24,145       51,912  

Yes Bank Ltd. *

      52,644       12,829  

Zydus Lifesciences Ltd.

      1,681       19,070  

(Cost $7,125,191)

        8,766,973  
Indonesia — 0.2%     

Bumi Resources Minerals Tbk PT *

      414,912       13,815  

GoTo Gojek Tokopedia Tbk PT *

      6,406,034       17,924  

PT Astra International Tbk

      156,849       43,886  

PT Bank Central Asia Tbk

      356,548       113,728  

PT Bank Mandiri Persero Tbk

      254,529       58,113  

PT Bank Negara Indonesia Persero Tbk

      100,808       20,873  

PT Bank Rakyat Indonesia Persero Tbk

      483,974       79,895  

PT Barito Pacific Tbk *

      173,935       18,883  

PT Charoen Pokphand Indonesia Tbk

      56,068       13,397  

PT Telkom Indonesia Persero Tbk

      336,857       57,117  

PT United Tractors Tbk

      13,643       17,502  

(Cost $648,077)

        455,133  
Ireland — 0.5%     

AerCap Holdings NV

      1,117       155,699  

AIB Group PLC

      14,928       175,861  

Bank of Ireland Group PLC

      6,480       131,778  

Experian PLC

      6,105       211,542  

Kerry Group PLC, Class A

      1,157       99,123  
 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  13

Schedule of Investments

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

May 31, 2026

 

    

Number

   of Shares

         Value $  

Kingspan Group PLC

      1,085        99,472  

PDD Holdings, Inc., ADR *

      3,979        335,987  

Ryanair Holdings PLC

      2,854        83,655  

(Cost $1,014,926)

         1,293,117  
Israel — 0.7%      

Azrieli Group Ltd.

      309        51,323  

Bank Hapoalim BM

      9,406        241,864  

Bank Leumi Le-Israel BM

      10,565        267,956  

Check Point Software Technologies Ltd. *

      567        76,573  

Elbit Systems Ltd.

      183        164,405  

Enlight Renewable Energy Ltd. *

      983        105,918  

Harel Insurance Investments & Financial Services Ltd.

      840        53,329  

ICL Group Ltd.

      5,041        33,255  

Israel Discount Bank Ltd., Class A

      8,665        96,223  

Mizrahi Tefahot Bank Ltd.

      1,067        82,007  

Nova Ltd. *

      201        105,009  

OPC Energy Ltd. *

      1,210        53,129  

Phoenix Financial Ltd.

      1,531        101,759  

Teva Pharmaceutical Industries Ltd., ADR *

      8,008        282,843  

Tower Semiconductor Ltd. *

      778        222,321  

(Cost $1,090,995)

         1,937,914  
Italy — 1.8%      

Banca Mediolanum SpA

      1,239        28,629  

Banca Monte dei Paschi di Siena SpA

      13,385        144,070  

Banco BPM SpA

      7,288        114,632  

BPER Banca SPA

      10,871        147,316  

Buzzi SpA

      516        27,987  

Davide Campari-Milano NV

      4,164        27,208  

Enel SpA

      53,240        597,704  

Eni SpA

      12,668        332,902  

Ferrari NV

      858        295,428  

FinecoBank Banca Fineco SpA

      4,287        104,808  

Generali

      5,684        256,640  

Intesa Sanpaolo SpA

      96,804        655,681  

Italgas SpA

      4,076        47,851  

Leonardo SpA

      2,750        174,558  

Moncler SpA

      1,579        102,880  

Poste Italiane SpA

      3,481        102,968  

Prysmian SpA

      1,916        330,754  

Recordati Industria Chimica e Farmaceutica SpA

      764        45,893  

Snam SpA

      14,385        105,135  

Telecom Italia SpA *

      112,832        95,915  

Terna - Rete Elettrica Nazionale

      9,151        105,158  

UniCredit SpA

      9,253        801,250  

Unipol Assicurazioni SpA

      2,683        66,470  

(Cost $2,453,985)

         4,711,837  
    

Number

   of Shares

         Value $  
Japan — 13.4%      

Advantest Corp.

      5,200        854,450  

Aeon Co. Ltd.

      14,300        124,939  

AGC, Inc.

      1,000        43,563  

Aisin Corp.

      3,100        46,977  

Ajinomoto Co., Inc.

      5,934        191,957  

ANA Holdings, Inc.

      1,000        18,764  

Asahi Group Holdings Ltd.

      10,600        101,398  

Asahi Kasei Corp.

      9,400        105,471  

Asics Corp.

      4,520        137,446  

Astellas Pharma, Inc.

      12,700        182,049  

Bandai Namco Holdings, Inc.

      3,500        80,014  

Bridgestone Corp.

      7,600        164,297  

Canon, Inc.

      5,400        143,354  

Capcom Co. Ltd.

      2,100        39,768  

Central Japan Railway Co.

      5,600        122,327  

Chiba Bank Ltd.

      3,700        54,037  

Chubu Electric Power Co., Inc.

      5,300        97,338  

Chugai Pharmaceutical Co. Ltd.

      4,581        227,001  

Dai Nippon Printing Co. Ltd.

      3,300        57,405  

Daifuku Co. Ltd.

      2,500        114,762  

Daiichi Life Group, Inc.

      23,700        243,451  

Daiichi Sankyo Co. Ltd.

      11,574        196,249  

Daikin Industries Ltd.

      1,813        265,066  

Daito Trust Construction Co. Ltd.

      2,500        49,791  

Daiwa House Industry Co. Ltd.

      3,471        94,455  

Daiwa Securities Group, Inc.

      9,800        92,330  

Denso Corp.

      11,400        136,572  

Disco Corp.

      623        254,614  

East Japan Railway Co.

      6,910        148,036  

Ebara Corp.

      3,200        114,185  

Eisai Co. Ltd.

      2,000        50,030  

ENEOS Holdings, Inc.

      17,793        145,850  

FANUC Corp.

      6,625        328,286  

Fast Retailing Co. Ltd.

      1,367        706,653  

Fuji Electric Co. Ltd.

      800        77,556  

FUJIFILM Holdings Corp.

      8,000        166,867  

Fujikura Ltd.

      10,000        299,564  

Fujitsu Ltd.

      11,800        249,536  

Furukawa Electric Co. Ltd.

      500        163,438  

Hankyu Hanshin Holdings, Inc.

      1,900        55,867  

Hikari Tsushin, Inc.

      100        22,949  

Hitachi Ltd.

      30,740        997,098  

Honda Motor Co. Ltd.

      24,848        226,614  

Hoya Corp.

      2,340        397,873  

Hulic Co. Ltd.

      2,500        26,669  

Ibiden Co. Ltd.

      1,500        216,620  

Idemitsu Kosan Co. Ltd.

      5,360        47,066  

IHI Corp.

      7,400        128,541  

Inpex Corp.

      6,400        144,825  

Isuzu Motors Ltd.

      3,400        50,136  
 

 

See Notes to Financial Statements.

 

14  |  DBX ETF Trust  

Schedule of Investments

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

May 31, 2026

 

    

Number

   of Shares

        Value $  

ITOCHU Corp.

      39,500        480,032  

Japan Exchange Group, Inc.

      7,900       96,775  

Japan Post Bank Co. Ltd.

      12,600       242,799  

Japan Post Holdings Co. Ltd.

      11,499       149,310  

Japan Post Insurance Co. Ltd.

      3,300       29,619  

Japan Tobacco, Inc.

      8,029       310,896  

JFE Holdings, Inc.

      4,900       52,318  

JX Advanced Metals Corp.

      3,600       88,810  

Kajima Corp.

      2,800       103,850  

Kansai Electric Power Co., Inc.

      5,800       85,053  

Kao Corp.

      3,211       123,287  

Kawasaki Heavy Industries Ltd.

      4,900       96,514  

Kawasaki Kisen Kaisha Ltd.

      2,100       33,228  

KDDI Corp.

      19,400       333,575  

Keyence Corp.

      1,358       683,071  

Kikkoman Corp.

      5,900       51,604  

Kioxia Holdings Corp. *

      2,200       909,616  

Kirin Holdings Co. Ltd.

      5,925       101,134  

Komatsu Ltd.

      6,000       247,776  

Konami Group Corp.

      600       71,315  

Kubota Corp.

      6,600       117,774  

Kyocera Corp.

      8,018       175,347  

Kyowa Kirin Co. Ltd.

      1,200       18,874  

Lasertec Corp.

      562       141,607  

LY Corp.

      19,300       50,569  

Makita Corp.

      1,400       48,646  

Marubeni Corp.

      9,400       306,674  

MINEBEA MITSUMI, Inc.

      2,800       80,203  

Mitsubishi Chemical Group Corp.

      9,300       66,977  

Mitsubishi Corp.

      21,219       674,814  

Mitsubishi Electric Corp.

      13,000       535,297  

Mitsubishi Estate Co. Ltd.

      7,400       188,456  

Mitsubishi HC Capital, Inc.

      7,200       58,838  

Mitsubishi Heavy Industries Ltd.

      21,900       523,350  

Mitsubishi UFJ Financial Group, Inc.

      74,600       1,404,737  

Mitsui & Co. Ltd.

      16,400       544,727  

Mitsui Fudosan Co. Ltd.

      17,913       172,140  

Mitsui Kinzoku Co. Ltd.

      400       129,671  

Mitsui OSK Lines Ltd.

      2,300       79,081  

Mizuho Financial Group, Inc.

      16,447       743,014  

MS&AD Insurance Group Holdings, Inc.

      8,327       224,141  

Murata Manufacturing Co. Ltd.

      11,165       674,744  

NEC Corp.

      9,025       232,503  

Nexon Co. Ltd.

      3,160       44,444  

NIDEC CORP *

      6,428       112,686  

Nintendo Co. Ltd.

      7,786       349,445  

Nippon Building Fund, Inc. REIT

      68       54,395  

Nippon Paint Holdings Co. Ltd.

      8,500       56,386  

Nippon Sanso Holdings Corp.

      1,000       38,828  
    

Number

   of Shares

         Value $  

Nippon Steel Corp.

      31,050        110,463  

Nippon Yusen KK

      2,400        80,063  

Nissan Motor Co. Ltd. *

      13,500        33,635  

Nitori Holdings Co. Ltd.

      2,005        32,965  

Nitto Denko Corp.

      4,900        92,007  

Nomura Holdings, Inc.

      21,300        171,855  

Nomura Research Institute Ltd.

      3,056        96,363  

NTT, Inc.

      191,700        179,946  

Obayashi Corp.

      3,900        79,462  

Obic Co. Ltd.

      2,000        50,093  

Olympus Corp.

      7,587        85,057  

Oriental Land Co. Ltd.

      7,125        102,693  

ORIX Corp.

      7,784        304,830  

Osaka Gas Co. Ltd.

      2,308        77,689  

Otsuka Corp.

      1,716        31,128  

Otsuka Holdings Co. Ltd.

      2,883        212,064  

Pan Pacific International Holdings Corp.

      11,500        63,412  

Panasonic Holdings Corp.

      16,481        382,882  

Rakuten Group, Inc. *

      10,300        48,200  

Recruit Holdings Co. Ltd.

      9,300        617,217  

Renesas Electronics Corp.

      11,965        338,069  

Resona Holdings, Inc.

      13,400        171,596  

Resonac Holdings Corp.

      1,200        141,048  

Ryohin Keikaku Co. Ltd.

      3,300        80,456  

Sanrio Co. Ltd.

      5,400        29,030  

SBI Holdings, Inc.

      3,034        55,436  

SCREEN Holdings Co. Ltd.

      1,200        83,785  

Secom Co. Ltd.

      3,010        120,011  

Seibu Holdings, Inc.

      1,900        33,636  

Sekisui House Ltd.

      3,800        80,001  

Seven & i Holdings Co. Ltd.

      14,583        170,264  

Shimano, Inc.

      453        46,945  

Shimizu Corp.

      3,200        53,877  

Shin-Etsu Chemical Co. Ltd.

      11,395        555,065  

Shionogi & Co. Ltd.

      5,827        109,760  

Shiseido Co. Ltd.

      3,127        55,181  

SMC Corp.

      414        179,647  

SoftBank Corp.

      205,100        277,261  

SoftBank Group Corp.

      25,600        1,204,091  

Sompo Holdings, Inc.

      5,900        220,715  

Sony Group Corp.

      40,800        882,273  

Subaru Corp.

      3,400        52,132  

Sumitomo Corp.

      7,000        312,015  

Sumitomo Electric Industries Ltd.

      4,900        387,194  

Sumitomo Metal Mining Co. Ltd.

      1,728        98,658  

Sumitomo Mitsui Financial Group, Inc.

      25,200        920,722  

Sumitomo Mitsui Trust Holdings, Inc.

      3,920        134,732  

Sumitomo Realty & Development Co. Ltd.

      3,612        84,299  
 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  15

Schedule of Investments

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

May 31, 2026

 

    

Number

   of Shares

        Value $  

Suntory Beverage & Food Ltd.

      800        21,745  

Suzuki Motor Corp.

      11,200       138,783  

T&D Holdings, Inc.

      2,500       65,834  

Taisei Corp.

      1,000       87,967  

Takeda Pharmaceutical Co. Ltd.

      10,753       345,549  

TDK Corp.

      13,275       342,409  

Terumo Corp.

      8,700       131,157  

Toho Co. Ltd.

      3,500       27,008  

Tokio Marine Holdings, Inc.

      12,453       556,012  

Tokyo Electron Ltd.

      3,164       1,041,389  

Tokyo Gas Co. Ltd.

      1,700       68,100  

TOPPAN Holdings, Inc.

      1,800       51,559  

Toray Industries, Inc.

      10,047       75,196  

Toyota Motor Corp.

      65,820       1,257,178  

Toyota Tsusho Corp.

      4,400       191,454  

Unicharm Corp.

      8,615       51,290  

West Japan Railway Co.

      2,441       40,286  

Yamaha Motor Co. Ltd.

      7,400       60,914  

Yokogawa Electric Corp.

      1,461       45,876  

Yokohama Financial Group, Inc.

      8,100       82,569  

Zensho Holdings Co. Ltd.

      600       30,334  

(Cost $21,183,193)

        35,585,586  
Kazakhstan — 0.0%     

Solidcore Resources PLC * (c)

     

(Cost $24,991)

      1,592       0  
Kuwait — 0.2%     

Boubyan Bank KSCP

      11,752       24,871  

Gulf Bank KSCP

      8,492       9,603  

Kuwait Finance House KSCP

      79,305       199,864  

Mabanee Co KPSC

      4,334       13,821  

Mobile Telecommunications Co. KSCP

      10,680       20,636  

National Bank of Kuwait SAKP

      59,856       164,580  

(Cost $338,022)

        433,375  
Luxembourg — 0.2%     

ArcelorMittal SA

      2,843       196,710  

CVC Capital Partners PLC, 144A

      1,518       24,328  

Eurofins Scientific SE

      922       67,171  

Millicom International Cellular SA

      660       56,338  

Reinet Investments SCA

      986       29,804  

Tenaris SA

      2,240       68,166  

(Cost $272,976)

        442,517  
Macau — 0.0%     

Sands China Ltd.

     

(Cost $54,122)

      14,974       29,291  
Malaysia — 0.3%     

AMMB Holdings Bhd

      15,987       26,127  

Celcomdigi Bhd

      20,644       15,880  

CIMB Group Holdings Bhd

      52,918       99,830  
    

Number

   of Shares

        Value $  

Gamuda Bhd

      41,736        44,209  

Hong Leong Bank Bhd

      3,524       18,558  

IHH Healthcare Bhd

      10,291       23,385  

IOI Corp. Bhd

      12,200       12,277  

Kuala Lumpur Kepong Bhd

      2,217       11,362  

Malayan Banking Bhd

      40,323       108,206  

Maxis Bhd

      12,100       11,322  

MISC Bhd

      5,800       11,922  

Petronas Chemicals Group Bhd

      21,257       27,932  

Petronas Gas Bhd

      5,441       23,465  

Press Metal Aluminium Holdings Bhd

      33,600       76,267  

Public Bank Bhd

      100,700       119,621  

RHB Bank Bhd

      10,731       22,220  

SD Guthrie Bhd

      12,711       18,626  

Sunway Bhd

      28,700       39,087  

Telekom Malaysia Bhd

      4,800       8,958  

Tenaga Nasional Bhd

      19,600       70,590  

YTL Corp. Bhd

      25,200       13,029  

YTL Power International Bhd

      24,800       26,020  

(Cost $656,253)

        828,893  
Mexico — 0.6%     

America Movil SAB de CV, Series B

      105,416       133,647  

Arca Continental SAB de CV

      3,686       47,865  

Cemex SAB de CV, Series CPO

      97,186       127,978  

Coca-Cola Femsa SAB de CV

      3,591       38,816  

Fibra Uno Administracion SA de CV REIT

      19,917       34,464  

Fomento Economico Mexicano SAB de CV

      10,812       128,862  

Fresnillo PLC

      1,499       66,335  

Gruma SAB de CV, Class B

      1,091       18,297  

Grupo Aeroportuario del Centro Norte SAB de CV

      1,540       19,366  

Grupo Aeroportuario del Pacifico SAB de CV, Class B

      2,757       64,933  

Grupo Aeroportuario del Sureste SAB de CV, Class B

      1,305       38,689  

Grupo Bimbo SAB de CV, Series A

      7,985       27,492  

Grupo Carso SAB de CV, Series A1

      4,174       33,102  

Grupo Financiero Banorte SAB de CV, Class O

      17,825       185,879  

Grupo Financiero Inbursa SAB de CV, Class O

      10,249       25,479  

Grupo Mexico SAB de CV, Series B

      21,171       262,839  

Industrias Penoles SAB de CV

      1,594       92,707  

Kimberly-Clark de Mexico SAB de CV, Class A

      9,643       21,358  

Prologis Property Mexico SA de CV REIT

      7,824       37,619  
 

 

See Notes to Financial Statements.

 

16  |  DBX ETF Trust  

Schedule of Investments

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

May 31, 2026

 

    

Number

   of Shares

        Value $  

Promotora y Operadora de Infraestructura SAB de CV

      1,325        21,336  

Sigma Foods SAB de CV

      28,772       27,532  

Wal-Mart de Mexico SAB de CV

      36,750       111,075  

(Cost $988,864)

        1,565,670  
Netherlands — 3.8%     

ABN AMRO Bank NV CVA

      3,944       156,962  

Adyen NV, 144A *

      191       209,260  

Aegon Ltd.

      9,583       81,731  

Airbus SE

      4,135       866,705  

Akzo Nobel NV

      1,228       94,047  

Argenx SE *

      435       363,084  

ASM International NV

      327       342,661  

ASML Holding NV

      2,714       4,383,738  

ASR Nederland NV

      1,005       75,374  

BE Semiconductor Industries NV

      480       159,228  

Euronext NV, 144A

      506       82,392  

EXOR NV

      682       53,258  

Ferrovial NV

      3,395       232,448  

Heineken Holding NV

      880       63,536  

Heineken NV

      2,073       162,148  

ING Groep NV

      20,669       643,692  

JBS NV

      2,454       29,674  

Koninklijke Ahold Delhaize NV

      6,177       260,600  

Koninklijke KPN NV

      27,689       144,236  

Koninklijke Philips NV

      5,207       138,900  

Magnum Ice Cream Co. NV *

      3,392       54,770  

Nebius Group N.V., Class A * (c)

      1,576       0  

Nebius Group NV *

      1,396       322,602  

NEPI Rockcastle NV *

      4,693       41,034  

NN Group NV

      1,856       155,176  

Prosus NV *

      9,157       416,762  

QIAGEN NV

      1,496       55,218  

Stellantis NV *

      15,640       125,235  

Universal Music Group NV

      7,367       167,561  

Wolters Kluwer NV

      1,453       103,415  

X5 Retail Group NV, GDR * (c)

      635       0  

(Cost $5,374,266)

        9,985,447  
New Zealand — 0.1%     

Auckland International Airport Ltd.

      12,588       62,342  

Contact Energy Ltd.

      6,176       35,284  

Fisher & Paykel Healthcare Corp. Ltd.

      3,993       89,168  

Infratil Ltd.

      6,699       63,224  

Meridian Energy Ltd.

      9,646       33,908  

Xero Ltd. *

      1,113       60,134  

(Cost $320,992)

        344,060  
Norway — 0.4%     

Aker BP ASA

      2,151       77,373  

DNB Bank ASA

      5,605       174,216  
    

Number

   of Shares

        Value $  

Equinor ASA

      4,829        175,008  

Gjensidige Forsikring ASA

      1,259       34,775  

Kongsberg Gruppen ASA

      2,890       103,799  

Mowi ASA

      3,092       68,217  

Norsk Hydro ASA

      8,965       109,754  

Orkla ASA

      5,333       56,321  

Salmar ASA

      575       35,726  

Telenor ASA

      4,139       67,637  

Var Energi ASA

      6,658       32,784  

Yara International ASA

      1,373       74,660  

(Cost $670,073)

        1,010,270  
Peru — 0.1%     

Cia de Minas Buenaventura

     

SAA, ADR

      1,453       53,601  

Credicorp Ltd.

      457       156,582  

(Cost $103,111)

        210,183  
Philippines — 0.1%     

Ayala Corp.

      1,320       9,356  

Ayala Land, Inc.

      41,600       9,847  

Bank of the Philippine Islands

      12,355       18,834  

BDO Unibank, Inc.

      16,259       30,117  

International Container Terminal Services, Inc.

      6,530       79,773  

Manila Electric Co.

      1,900       17,597  

Metropolitan Bank & Trust Co.

      10,741       11,073  

PLDT, Inc.

      455       8,487  

SM Investments Corp.

      2,385       22,225  

SM Prime Holdings, Inc.

      68,100       20,343  

(Cost $241,270)

        227,652  
Poland — 0.4%     

Allegro.eu SA, 144A *

      4,257       40,806  

Asseco Poland SA

      489       26,528  

Bank Millennium SA *

      4,927       26,973  

Bank Polska Kasa Opieki SA *

      1,320       88,042  

Budimex SA

      112       21,599  

CD Projekt SA

      464       29,758  

Dino Polska SA, 144A *

      3,649       30,989  

Erste Bank Polska

      298       50,418  

InPost SA *

      1,407       25,208  

KGHM Polska Miedz SA *

      1,079       103,995  

LPP SA

      6       37,356  

mBank SA *

      122       43,058  

ORLEN SA

      4,178       163,307  

PGE Polska Grupa Energetyczna SA *

      6,391       18,644  

Powszechna Kasa Oszczednosci Bank Polski SA

      6,170       175,229  

Powszechny Zaklad Ubezpieczen SA

      4,448       78,983  

(Cost $556,129)

        960,893  
 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  17

Schedule of Investments

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

May 31, 2026

 

    

Number

   of Shares

        Value $  
Portugal — 0.1%     

Banco Comercial Portugues SA, Class R

      56,210        63,754  

EDP SA

      19,243       98,017  

Galp Energia SGPS SA

      3,276       71,207  

Jeronimo Martins SGPS SA

      1,706       36,136  

(Cost $207,945)

        269,114  
Qatar — 0.1%     

Al Rayan Bank

      38,695       23,115  

Commercial Bank PSQC

      17,774       20,503  

Dukhan Bank

      10,103       9,617  

Industries Qatar QSC

      8,171       27,603  

Mesaieed Petrochemical Holding Co.

      25,772       8,706  

Nebras Energy

      2,691       10,776  

Ooredoo QPSC

      5,300       19,506  

Qatar Fuel QSC

      2,870       11,051  

Qatar Gas Transport Co. Ltd.

      16,385       19,531  

Qatar International Islamic Bank QSC

      7,864       23,758  

Qatar Islamic Bank QPSC

      11,946       74,740  

Qatar National Bank QPSC

      30,346       148,355  

(Cost $353,053)

        397,261  
Russia — 0.0%     

Alrosa PJSC * (c)

      15,266       0  

Gazprom PJSC * (c)

      63,321       0  

GMK Norilskiy Nickel PAO * (c)

      35,200       0  

Inter RAO UES PJSC * (c)

      208,853       0  

LUKOIL PJSC * (c)

      2,194       0  

Magnit PJSC * (c)

      443       0  

Moscow Exchange MICEX-RTS PJSC * (c)

      8,105       0  

Novatek PJSC * (c)

      5,150       0  

Novolipetsk Steel PJSC * (c)

      7,219       0  

Ozon Holdings PLC, ADR * (c)

      16       0  

Ozon International * (c)

      306       0  

PhosAgro PJSC * (c)

      4       0  

PhosAgro PJSC * (c)

      217       0  

Polyus PJSC * (c)

      2,040       0  

Rosneft Oil Co. PJSC * (c)

      6,103       0  

Sberbank of Russia PJSC * (c)

      57,586       0  

Severstal PAO * (c)

      1,243       0  

Surgutneftegas PAO * (c)

      29,592       0  

Tatneft PJSC * (c)

      7,874       0  

T-Tekhnologii MKPAO * (c)

      700       0  

United Co. RUSAL International PJSC * (c)

      21,438       0  

VK IPJSC * (c)

      417       0  

VK IPJSC, GDR * (c)

      35       0  

VTB Bank PJSC * (c)

      3,389       0  

(Cost $1,001,896)

        0  
    

Number

   of Shares

        Value $  
Saudi Arabia — 0.8%     

ACWA Power Co. *

      1,660        81,704  

Ades Holding Co.

      1,878       9,849  

Al Rajhi Bank

      20,458       363,082  

Alinma Bank

      9,753       62,376  

Almarai Co. JSC

      3,778       46,412  

Arab National Bank

      7,913       44,704  

Arabian Internet & Communications Services Co.

      132       7,513  

Bank AlBilad

      4,154       26,988  

Bank Al-Jazira

      3,888       11,811  

Banque Saudi Fransi

      7,693       39,217  

Bupa Arabia for Cooperative Insurance Co.

      403       18,439  

Co. for Cooperative Insurance *

      415       15,261  

Dar Al Arkan Real Estate Development Co. *

      3,148       14,076  

Dr Sulaiman Al Habib Medical Services Group Co.

      509       29,542  

Elm Co.

      176       32,174  

Etihad Etisalat Co.

      2,343       39,710  

Jarir Marketing Co.

      3,200       13,448  

Mouwasat Medical Services Co.

      497       8,761  

Riyad Bank

      15,569       83,558  

SABIC Agri-Nutrients Co.

      1,398       51,672  

SAL Saudi Logistics Services

      155       7,051  

Saudi Arabian Mining Co. *

      8,073       133,704  

Saudi Arabian Oil Co., 144A

      43,310       322,003  

Saudi Awwal Bank

      8,498       77,267  

Saudi Basic Industries Corp.

      6,075       92,600  

Saudi Energy Co.

      3,192       14,333  

Saudi Investment Bank

      3,382       12,077  

Saudi National Bank

      21,212       222,713  

Saudi Tadawul Group Holding Co.

      210       7,695  

Saudi Telecom Co.

      14,716       172,705  

Yanbu National Petrochemical Co.

      1,411       12,799  

(Cost $1,837,539)

        2,075,244  
Singapore — 1.0%     

BOC Aviation Ltd., 144A

      1,235       12,055  

CapitaLand Ascendas REIT

      24,708       48,400  

CapitaLand Integrated Commercial Trust REIT

      36,607       65,111  

CapitaLand Investment Ltd.

      18,057       35,937  

DBS Group Holdings Ltd.

      14,746       726,064  

Grab Holdings Ltd., Class A *

      16,310       57,737  

Keppel Ltd.

      10,500       88,525  

Oversea-Chinese Banking Corp. Ltd.

      22,766       417,414  

Sea Ltd., ADR *

      2,450       221,798  

Sembcorp Industries Ltd.

      8,500       42,558  

Singapore Airlines Ltd.

      8,250       43,828  
 

 

See Notes to Financial Statements.

 

18|  DBX ETF Trust  

Schedule of Investments

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

May 31, 2026

 

    

Number

   of Shares

         Value $  

Singapore Exchange Ltd.

      6,193        106,173  

Singapore Technologies Engineering Ltd.

      11,430        101,918  

Singapore Telecommunications Ltd.

      53,200        180,911  

Trip.com Group Ltd. *

      4,081        192,050  

United Overseas Bank Ltd.

      8,422        248,123  

Wilmar International Ltd.

      13,237        37,235  

(Cost $1,825,030)

         2,625,837  
South Africa — 0.9%      

Absa Group Ltd.

      5,968        87,280  

Bid Corp. Ltd.

      2,443        61,306  

Bidvest Group Ltd.

      2,114        30,471  

Capitec Bank Holdings Ltd.

      624        171,638  

Clicks Group Ltd.

      1,429        20,666  

Discovery Ltd.

      3,684        63,238  

FirstRand Ltd.

      35,279        200,991  

Gold Fields Ltd.

      6,169        244,047  

Harmony Gold Mining Co. Ltd.

      3,984        72,754  

Impala Platinum Holdings Ltd.

      6,043        86,402  

MTN Group Ltd.

      11,581        154,842  

Naspers Ltd., Class N

      5,485        288,248  

Nedbank Group Ltd.

      3,250        51,970  

Northam Platinum Holdings Ltd.

      1,996        38,848  

OUTsurance Group Ltd.

      6,948        30,359  

Pepkor Holdings Ltd., 144A

      23,584        31,518  

Remgro Ltd.

      4,201        49,355  

Sanlam Ltd.

      12,014        63,541  

Sasol Ltd. *

      4,064        50,465  

Shoprite Holdings Ltd.

      3,885        68,370  

Sibanye Stillwater Ltd.

      19,139        57,600  

Standard Bank Group Ltd.

      8,682        168,339  

Valterra Platinum Ltd.

      926        77,254  

Valterra Platinum Ltd.

      998        83,090  

Vodacom Group Ltd.

      3,443        32,324  

(Cost $1,468,296)

         2,284,916  
South Korea — 7.4%      

Alteogen, Inc. *

      285        69,784  

Amorepacific Corp.

      165        12,602  

APR Corp.

      164        43,041  

Celltrion, Inc. *

      1,009        129,155  

DB Insurance Co. Ltd.

      281        26,683  

Doosan Co. Ltd.

      51        66,737  

Doosan Enerbility Co. Ltd. *

      2,992        209,658  

Ecopro BM Co. Ltd.

      329        47,374  

Ecopro Co. Ltd. *

      577        53,220  

Hana Financial Group, Inc.

      1,932        147,560  

Hankook Tire & Technology Co. Ltd.

      342        15,160  

Hanmi Semiconductor Co. Ltd.

      259        48,466  

Hanwha Aerospace Co. Ltd.

      233        181,360  
    

Number

   of Shares

         Value $  

Hanwha Ocean Co. Ltd. *

      859        70,282  

Hanwha Systems Co. Ltd.

      530        36,928  

HD Hyundai Co. Ltd.

      297        54,690  

HD Hyundai Electric Co. Ltd.

      170        118,786  

HD Hyundai Heavy Industries Co. Ltd.

      258        119,156  

HD Korea Shipbuilding & Offshore Engineering Co. Ltd.

      338        94,873  

HLB, Inc. *

      700        23,597  

HMM Co. Ltd.

      1,787        23,194  

HYBE Co. Ltd. *

      197        28,759  

Hyosung Heavy Industries Corp.

      36        88,029  

Hyundai Engineering & Construction Co. Ltd.

      522        50,918  

Hyundai Glovis Co. Ltd.

      225        36,206  

Hyundai Mobis Co. Ltd.

      389        198,243  

Hyundai Motor Co.

      894        428,906  

Hyundai Rotem Co. Ltd.

      514        68,386  

Industrial Bank of Korea

      2,840        38,068  

Kakao Corp.

      1,982        55,172  

KakaoBank Corp.

      2,139        31,794  

KB Financial Group, Inc.

      2,419        241,740  

Kia Corp.

      1,678        188,399  

Korea Aerospace Industries Ltd.

      444        49,585  

Korea Electric Power Corp.

      1,645        42,462  

Korea Investment Holdings Co. Ltd.

      342        53,899  

Korean Air Lines Co. Ltd.

      983        17,481  

Krafton, Inc. *

      185        31,611  

KT&G Corp.

      638        78,194  

LG Chem Ltd.

      335        81,583  

LG Corp.

      616        59,924  

LG Display Co. Ltd. *

      1,760        18,791  

LG Electronics, Inc.

      655        127,349  

LG Energy Solution Ltd. *

      304        92,390  

LG Uplus Corp.

      922        9,869  

LIG Defense&Aerospace Co. Ltd.

      86        45,711  

LS Electric Co. Ltd.

      505        80,927  

Meritz Financial Group, Inc. *

      631        43,086  

Mirae Asset Securities Co. Ltd.

      1,343        54,718  

NAVER Corp.

      888        137,885  

NH Investment & Securities Co. Ltd.

      711        14,248  

POSCO Future M Co. Ltd.

      210        34,210  

POSCO Holdings, Inc.

      508        142,759  

Posco International Corp.

      497        21,041  

Samsung Biologics Co. Ltd., 144A *

      75        67,833  

Samsung C&T Corp.

      529        151,820  

Samsung Electro-Mechanics Co. Ltd.

      369        520,812  

Samsung Electronics Co. Ltd.

      32,873        6,914,891  

Samsung Episholdings Co. Ltd. *

      60        19,270  
 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  19

Schedule of Investments

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

May 31, 2026

 

     Number
   of Shares		        Value $  

Samsung Fire & Marine

     

Insurance Co. Ltd.

      202        76,269  

Samsung Heavy Industries Co. Ltd. *

      4,488       83,238  

Samsung Life Insurance Co. Ltd.

      620       159,834  

Samsung SDI Co. Ltd. *

      408       186,267  

Samsung SDS Co. Ltd.

      278       55,157  

Samyang Foods Co. Ltd.

      23       18,391  

Shinhan Financial Group Co. Ltd.

      2,832       175,896  

SK hynix, Inc.

      3,882       6,009,758  

SK Innovation Co. Ltd. *

      353       27,921  

SK Square Co. Ltd. *

      624       510,545  

SK Telecom Co. Ltd.

      697       46,528  

SK, Inc.

      273       122,461  

S-Oil Corp.

      355       25,300  

Woori Financial Group, Inc.

      4,049       79,798  

Yuhan Corp.

      446       25,156  

(Cost $5,035,521)

        19,561,794  
Spain — 2.1%     

Acciona SA

      192       55,271  

ACS Actividades de Construccion y Servicios SA

      1,253       181,664  

Aena SME, 144A

      5,448       158,228  

Amadeus IT Group SA

      3,024       193,079  

Banco Bilbao Vizcaya Argentaria SA

      39,886       935,578  

Banco de Sabadell SA

      33,146       112,118  

Banco Santander SA

      100,949       1,263,189  

Bankinter SA

      4,814       81,222  

CaixaBank SA

      25,699       347,714  

Cellnex Telecom SA, 144A *

      3,097       104,108  

EDP Renewables SA

      2,072       34,246  

EDP Renewables SA *

      19       306  

Endesa SA

      2,309       96,579  

Iberdrola SA

      42,475       966,086  

Indra Sistemas SA

      532       35,295  

Industria de Diseno Textil SA

      7,639       474,910  

Mapfre SA

      6,167       28,931  

Naturgy Energy Group SA

      2,278       75,832  

Redeia Corp. SA

      2,644       45,427  

Repsol SA

      8,006       205,814  

Telefonica SA

      23,671       108,728  

(Cost $2,990,099)

        5,504,325  
Sweden — 2.0%     

AddTech AB, Class B

      1,770       63,147  

Alfa Laval AB

      1,929       108,514  

Assa Abloy AB, Class B

      7,044       253,819  

Atlas Copco AB, Class A

      18,048       346,863  

Atlas Copco AB, Class B

      10,304       175,210  

Beijer Ref AB

      2,495       34,778  

Boliden AB

      1,929       120,297  

Epiroc AB, Class A

      4,804       142,927  
     Number
   of Shares		        Value $  

Epiroc AB, Class B

      2,806        71,844  

EQT AB

      3,184       110,178  

Essity AB, Class B

      4,209       118,341  

Evolution AB, 144A *

      894       67,468  

Fastighets AB Balder, Class B *

      4,623       26,547  

H & M Hennes & Mauritz AB, Class B

      3,756       66,776  

Hexagon AB, Class B

      15,089       139,596  

Industrivarden AB, Class A

      884       50,265  

Industrivarden AB, Class C

      1,255       68,805  

Indutrade AB

      1,824       38,226  

Investment AB Latour, Class B

      1,081       23,363  

Investor AB, Class B

      11,928       491,881  

L E Lundbergforetagen AB, Class B

      547       32,288  

Lifco AB, Class B

      1,538       49,539  

Nibe Industrier AB, Class B

      10,099       39,671  

Saab AB, Class B

      2,216       136,635  

Sagax AB, Class B

      1,320       23,818  

Sandvik AB

      7,255       295,839  

Securitas AB, Class B

      3,540       59,121  

Skandinaviska Enskilda Banken AB, Class A

      10,044       201,139  

Skanska AB, Class B

      2,297       62,294  

SKF AB, Class B

      2,239       58,903  

Spotify Technology SA *

      1,024       509,624  

Svenska Cellulosa AB SCA, Class B

      4,352       47,983  

Svenska Handelsbanken AB, Class A

      9,482       140,128  

Swedbank AB, Class A

      5,562       205,659  

Swedish Orphan Biovitrum AB *

      1,256       60,153  

Tele2 AB, Class B

      4,201       78,850  

Telefonaktiebolaget LM Ericsson, Class B

      19,026       247,482  

Telia Co. AB

      17,247       92,482  

Trelleborg AB, Class B

      1,520       66,410  

Volvo AB, Class B

      10,745       378,800  

(Cost $3,786,130)

        5,305,663  
Switzerland — 5.7%     

ABB Ltd.

      10,891       1,166,748  

Alcon, Inc.

      3,592       239,758  

Allwyn AG

      1,296       19,039  

Avolta AG *

      669       42,254  

Banque Cantonale Vaudoise

      216       32,515  

Barry Callebaut AG

      17       26,201  

Belimo Holding AG

      72       76,285  

BKW AG

      213       40,387  

Chocoladefabriken Lindt & Spruengli AG Participation Certificates

      12       143,053  

Cie Financiere Richemont SA, Class A

      3,736       808,418  
 

 

See Notes to Financial Statements.

 

20  |  DBX ETF Trust  

Schedule of Investments

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

May 31, 2026

 

     Number
   of Shares		        Value $  

Coca-Cola HBC AG *

      1,456       83,608  

DSM-Firmenich AG

      1,115        93,847  

EMS-Chemie Holding AG

      66       60,331  

Galderma Group AG *

      1,236       263,732  

Geberit AG

      224       147,334  

Givaudan SA

      69       256,358  

Glencore PLC *

      64,262       491,384  

Helvetia Baloise Holding AG

      530       137,839  

Holcim AG *

      3,686       365,601  

Julius Baer Group Ltd.

      1,354       111,054  

Kuehne + Nagel International AG

      360       83,180  

Logitech International SA

      1,035       125,836  

Lonza Group AG

      493       316,056  

Nestle SA

      17,904       1,822,169  

Novartis AG

      12,761       1,926,207  

Partners Group Holding AG

      147       155,786  

Roche Holding AG

      218       94,009  

Roche Holding AG

      4,882       2,059,628  

Sandoz Group AG

      2,774       233,136  

Schindler Holding AG

      187       61,451  

Schindler Holding AG Participation Certificates

      239       80,835  

SGS SA

      1,085       123,547  

Sika AG

      1,134       222,718  

Sonova Holding AG

      359       95,482  

STMicroelectronics NV

      4,381       301,234  

STMicroelectronics NV, Class Y

      6       416  

Straumann Holding AG

      786       95,381  

Swatch Group AG — Bearer

      200       55,397  

Swiss Life Holding AG

      195       212,550  

Swiss Prime Site AG

      530       88,882  

Swiss Re AG

      2,086       314,550  

Swisscom AG

      172       147,309  

UBS Group AG

      22,193       1,053,140  

VAT Group AG, 144A

      180       140,855  

Zurich Insurance Group AG

      1,040       742,143  

(Cost $10,025,905)

        15,157,643  
Taiwan — 8.8%     

Accton Technology Corp.

      3,240       251,335  

Advantech Co. Ltd.

      2,495       39,426  

Airtac International Group

      754       33,698  

Alchip Technologies Ltd.

      456       64,268  

ASE Technology Holding Co. Ltd.

      23,388       456,180  

Asia Vital Components Co. Ltd.

      2,312       196,692  

ASPEED Technology, Inc.

      200       120,988  

Asustek Computer, Inc.

      4,342       105,482  

Bizlink Holding, Inc.

      1,478       98,374  

Caliway Biopharmaceuticals Co. Ltd. *

      6,171       19,798  

Cathay Financial Holding Co. Ltd.

      69,037       188,871  

Chailease Holding Co. Ltd.

      15,101       51,822  
     Number
   of Shares		        Value $  

Chang Hwa Commercial Bank Ltd.

      52,509        33,944  

China Steel Corp.

      66,990       40,846  

Chroma ATE, Inc.

      2,620       210,768  

Chunghwa Telecom Co. Ltd.

      23,974       104,849  

CTBC Financial Holding Co. Ltd.

      117,315       226,574  

Delta Electronics, Inc.

      13,112       1,023,410  

E Ink Holdings, Inc.

      4,643       32,608  

E.Sun Financial Holding Co. Ltd.

      95,859       94,710  

Elite Material Co. Ltd.

      2,187       357,454  

eMemory Technology, Inc.

      630       68,580  

Eva Airways Corp.

      15,674       18,038  

Evergreen Marine Corp. Taiwan Ltd.

      6,168       41,940  

Far EasTone Telecommunications Co. Ltd.

      16,241       49,046  

First Financial Holding Co. Ltd.

      83,728       73,369  

Formosa Chemicals & Fibre Corp.

      18,084       28,807  

Formosa Plastics Corp.

      21,834       33,073  

Fortune Electric Co. Ltd.

      766       21,372  

Fubon Financial Holding Co. Ltd.

      59,287       208,187  

Gigabyte Technology Co. Ltd.

      2,797       33,037  

Global Unichip Corp.

      586       87,361  

Globalwafers Co. Ltd.

      1,991       64,512  

Gold Circuit Electronics Ltd.

      2,100       88,490  

Hon Hai Precision Industry Co. Ltd.

      83,732       772,487  

Hon Precision, Inc.

      522       137,642  

Hotai Motor Co. Ltd.

      2,192       33,798  

Hua Nan Financial Holdings Co. Ltd.

      67,281       65,508  

Innolux Corp. *

      51,143       83,264  

International Games System Co. Ltd.

      1,167       28,089  

Inventec Corp.

      19,349       43,361  

Jentech Precision Industrial Co. Ltd.

      547       61,902  

KGI Financial Holding Co. Ltd.

      105,874       76,046  

King Slide Works Co. Ltd.

      374       60,472  

King Yuan Electronics Co. Ltd.

      7,555       79,227  

Largan Precision Co. Ltd.

      632       70,916  

Lite-On Technology Corp.

      12,396       92,795  

Lotes Co. Ltd.

      502       42,467  

MediaTek, Inc.

      10,219       1,406,008  

Mega Financial Holding Co. Ltd.

      77,116       98,471  

MPI Corp.

      700       133,182  

Nan Ya Plastics Corp.

      34,861       109,172  

Novatek Microelectronics Corp.

      3,933       59,889  

Pegatron Corp.

      9,681       27,350  

PharmaEssentia Corp.

      2,332       69,233  

President Chain Store Corp.

      2,846       19,442  

Quanta Computer, Inc.

      18,213       197,098  
 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  21

Schedule of Investments

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

May 31, 2026

 

     Number
   of Shares		        Value $  

Realtek Semiconductor Corp.

      3,019        55,898  

Shanghai Commercial & Savings Bank Ltd.

      28,472       36,129  

SinoPac Financial Holdings Co. Ltd.

      76,939       73,683  

Taiwan Business Bank

      39,405       20,441  

Taiwan Cooperative Financial Holding Co. Ltd.

      81,326       59,322  

Taiwan Mobile Co. Ltd.

      15,016       53,448  

Taiwan Semiconductor Manufacturing Co. Ltd.

      171,177       12,868,808  

TCC Group Holdings Co. Ltd.

      44,943       35,007  

TS Financial Holding Co. Ltd.

      142,726       106,388  

Unimicron Technology Corp.

      9,654       325,134  

Uni-President Enterprises Corp.

      32,634       74,799  

United Microelectronics Corp.

      75,157       346,688  

Vanguard International Semiconductor Corp.

      11,210       60,120  

Wan Hai Lines Ltd.

      4,590       12,015  

Wistron Corp.

      21,734       109,969  

Wiwynn Corp.

      836       145,314  

Yageo Corp.

      10,660       251,140  

Yang Ming Marine Transport Corp.

      9,320       15,679  

Yuanta Financial Holding Co. Ltd.

      67,763       128,926  

Zhen Ding Technology Holding Ltd.

      5,857       96,291  

(Cost $7,029,125)

        23,210,927  
Thailand — 0.3%     

Advanced Info Service PCL, NVDR

      5,800       62,910  

Airports of Thailand PCL, NVDR

      31,230       53,018  

Bangkok Dusit Medical Services PCL, NVDR

      74,900       41,886  

Bumrungrad Hospital PCL, NVDR

      6,600       36,402  

Central Pattana PCL, NVDR

      13,100       25,962  

Charoen Pokphand Foods PCL, NVDR

      29,600       17,281  

CP ALL PCL, NVDR

      40,500       58,799  

Delta Electronics Thailand PCL, NVDR

      19,900       215,846  

Gulf Development PCL

      32,338       61,606  

Kasikornbank PCL, NVDR

      6,100       37,674  

Krung Thai Bank PCL, NVDR

      32,200       34,382  

Minor International PCL, NVDR

      23,194       16,035  

PTT Exploration & Production PCL, NVDR

      10,293       44,752  

PTT PCL, NVDR

      77,300       86,100  

SCB X PCL, NVDR

      9,200       38,021  

Siam Cement PCL

      7,500       52,312  

TMBThanachart Bank PCL, NVDR

      353,800       24,786  
     Number
   of Shares		        Value $  

True Corp. PCL, NVDR

      79,712        33,800  

(Cost $732,850)

        941,572  
Turkey — 0.1%     

Akbank TAS

      19,718       27,498  

Aselsan Elektronik Sanayi Ve Ticaret AS

      7,941       65,797  

BIM Birlesik Magazalar AS

      6,012       48,864  

Eregli Demir ve Celik Fabrikalari TAS

      20,547       17,542  

Haci Omer Sabanci Holding AS

      8,492       17,024  

KOC Holding AS

      6,090       25,094  

Turk Hava Yollari AO

      3,991       25,807  

Turkcell Iletisim Hizmetleri AS

      11,079       24,383  

Turkiye Is Bankasi AS, Class C

      55,661       15,937  

Turkiye Petrol Rafinerileri AS

      6,692       34,443  

Yapi ve Kredi Bankasi AS *

      16,710       12,074  

(Cost $216,829)

        314,463  
United Arab Emirates — 0.3%     

Abu Dhabi Commercial Bank PJSC

      21,344       79,609  

Abu Dhabi Islamic Bank PJSC

      10,866       60,526  

Abu Dhabi National Oil Co. for Distribution PJSC

      19,514       20,879  

ADNOC Drilling Co. PJSC

      18,783       30,478  

Adnoc Gas PLC

      38,692       36,131  

ADNOC Logistics & Services

      16,832       27,449  

Air Arabia PJSC

      16,434       21,834  

Aldar Properties PJSC

      26,663       56,620  

Dubai Electricity & Water Authority PJSC

      33,403       23,735  

Dubai Islamic Bank PJSC

      19,188       38,657  

Emaar Development PJSC

      5,646       22,196  

Emaar Properties PJSC

      42,448       136,135  

Emirates NBD Bank PJSC

      12,458       93,679  

Emirates Telecommunications Group Co. PJSC

      23,481       115,324  

First Abu Dhabi Bank PJSC

      29,618       135,467  

Salik Co PJSC

      10,937       15,930  

(Cost $696,059)

        914,649  
United Kingdom — 7.6%     

3i Group PLC

      6,739       206,466  

Admiral Group PLC

      1,868       82,915  

Airtel Africa PLC, 144A

      6,098       28,956  

Anglo American PLC

      7,321       393,185  

Associated British Foods PLC

      2,454       60,214  

AstraZeneca PLC

      10,561       1,962,990  

Aviva PLC

      20,546       169,668  

BAE Systems PLC

      21,049       573,454  

Barclays PLC

      95,061       586,262  

BP PLC

      109,901       772,284  

British American Tobacco PLC

      14,015       866,506  

BT Group PLC

      36,496       102,624  
 

 

See Notes to Financial Statements.

 

22  |  DBX ETF Trust  

Schedule of Investments

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

May 31, 2026

 

     Number
   of Shares		        Value $  

Bunzl PLC

      2,347       74,403  

Centrica PLC

      35,664        90,054  

Coca-Cola Europacific Partners PLC

      1,579       143,200  

Compass Group PLC

      12,051       387,681  

Diageo PLC

      15,098       312,205  

Endeavour Mining PLC

      1,411       87,295  

GSK PLC

      28,145       713,143  

Haleon PLC

      60,583       274,704  

Halma PLC

      2,583       162,865  

HSBC Holdings PLC

      119,409       2,241,023  

Imperial Brands PLC

      4,965       180,264  

Informa PLC

      9,276       101,335  

InterContinental Hotels Group PLC

      961       148,138  

International Consolidated Airlines Group SA

      8,555       49,484  

Intertek Group PLC

      925       66,271  

J Sainsbury PLC

      12,723       50,768  

Kingfisher PLC

      13,758       53,268  

Land Securities Group PLC REIT

      5,003       42,379  

Legal & General Group PLC

      39,815       145,522  

Lloyds Banking Group PLC

      393,419       539,884  

London Stock Exchange Group PLC

      3,081       374,339  

M&G PLC

      15,918       67,740  

Marks & Spencer Group PLC

      14,535       69,665  

Melrose Industries PLC

      6,589       41,767  

National Grid PLC

      34,427       554,268  

NatWest Group PLC

      54,815       442,473  

Next PLC

      812       144,509  

Pearson PLC

      4,388       65,712  

Reckitt Benckiser Group PLC

      4,277       264,434  

RELX PLC

      12,427       410,019  

Rentokil Initial PLC

      19,139       115,676  

Rio Tinto PLC

      7,450       799,423  

Rolls-Royce Holdings PLC

      58,364       1,051,181  

Sage Group PLC

      6,292       71,380  

Schroders PLC

      5,105       40,149  

Segro PLC REIT

      8,768       85,324  

Severn Trent PLC

      1,506       60,235  

Shell PLC

      38,805       1,629,427  

Smith & Nephew PLC

      5,255       78,624  

Smiths Group PLC

      2,468       81,895  

Spirax Group PLC

      469       43,991  

SSE PLC

      7,991       250,850  

Standard Chartered PLC

      12,702       341,004  

Standard Life PLC

      4,614       48,218  

Tesco PLC

      42,626       246,954  

Unilever PLC

      15,184       859,953  

United Utilities Group PLC

      4,592       83,114  

Verisure PLC *

      2,140       28,530  
     Number
   of Shares		        Value $  

Vodafone Group PLC

      130,303       195,484  

Wise Group PLC, Class A *

      4,685        58,929  

(Cost $13,946,028)

        20,274,677  
United States — 0.5%     

Anglogold Ashanti PLC

      3,415       328,602  

BeOne Medicines Ltd., Class H *

      6,263       141,293  

Brookfield Asset Management Ltd., Class A

      2,339       113,129  

Brookfield Renewable Corp.

      957       38,380  

Legend Biotech Corp., ADR *

      559       15,183  

Octave Intelligence PLC *

      1,508       25,707  

RB Global, Inc.

      1,347       143,303  

Restaurant Brands International, Inc.

      2,433       182,036  

Southern Copper Corp.

      641       122,623  

Sunbelt Rentals Holdings, Inc.

      2,736       215,253  

(Cost $771,187)

        1,325,509  

TOTAL COMMON STOCKS

           

(Cost $157,090,353)

        255,707,011  
PREFERRED STOCKS — 0.8%     
Brazil — 0.3%     

Axia Energia *

      2,413       24,084  

Axia Energia, Class B

      958       10,812  

Banco Bradesco SA

      35,306       123,880  

Cia Energetica de Minas Gerais

      9,975       21,277  

Gerdau SA

      7,648       34,521  

Itau Unibanco Holding SA

      37,022       293,854  

Itausa SA

      47,039       120,475  

Klabin SA

      2       1  

Petroleo Brasileiro SA

      30,607       254,828  

(Cost $567,341)

        883,732  
Chile — 0.0%     

Sociedad Quimica y Minera de

     

Chile SA, Class B

     

(Cost $30,865)

      847       72,515  
Colombia — 0.0%     

Grupo Cibest SA

     

(Cost $25,959)

      2,592       43,590  
Germany — 0.2%     

Bayerische Motoren Werke AG

      409       35,612  

Dr Ing hc F Porsche AG *

      860       47,036  

Henkel AG & Co. KGaA

      1,147       89,209  

Porsche Automobil Holding SE *

      997       38,027  

Sartorius AG

      134       38,308  

Volkswagen AG *

      1,306       139,871  

(Cost $505,233)

        388,063  
India — 0.0%     

TVS Motor Co. Ltd. *

     

(Cost $0)

      4,704       513  
 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  23

Schedule of Investments

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

May 31, 2026

 

     Number
   of Shares		        Value $  
Russia — 0.0%     

Surgutneftegas PAO * (c)

     

(Cost $22,479)

      41,062        0  
South Korea — 0.3%     

Hyundai Motor Co.

      235       42,727  

Hyundai Motor Co. - 2nd Preferred

      232       41,874  

Samsung Electronics Co. Ltd.

      5,647       758,804  

(Cost $243,402)

        843,405  

TOTAL PREFERRED STOCKS

           

(Cost $1,395,279)

        2,231,818  
WARRANTS — 0.0%     
Canada — 0.0%     

Constellation Software, Inc.* (c), expires 3/31/40

     

(Cost $0)

      108       0  
Thailand — 0.0%     

BTS Group Holdings PCL* , expires 11/20/26

     

(Cost $0)

      7,920       2  

TOTAL WARRANTS

           

(Cost $0)

        2  
     Number
   of Shares		        Value $  
EXCHANGE-TRADED FUNDS — 0.6%     

iShares MSCI Taiwan ETF

      2,500       256,950  

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

      13,500        485,595  

Xtrackers MSCI EAFE Hedged Equity ETF(d)

      11,500       609,270  

Xtrackers MSCI Emerging Markets Hedged Equity ETF(d) (e)

      6,500       266,419  

(Cost $1,409,976)

        1,618,234  
SECURITIES LENDING     
COLLATERAL — 0.1%     

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.53% (f)(g)

     

(Cost $125,250)

      125,250       125,250  
CASH EQUIVALENTS — 1.2%     

DWS Government Money Market Series “Institutional Shares”, 3.57% (f)

     

(Cost $3,293,289)

      3,293,289       3,293,289  
TOTAL INVESTMENTS — 99.2%     

(Cost $163,314,147)

        262,975,604  

Other assets and liabilities, net — 0.8%

        2,059,555  
NET ASSETS — 100.0%        265,035,159  
 

 

See Notes to Financial Statements.

 

24  |  DBX ETF Trust  

Schedule of Investments

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

May 31, 2026

 

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2026 is as follows:

 

 Value ($) at

 5/31/2025

   Purchases Cost
($)		   Sales Proceeds
($)		   Net Realized
Gain/(Loss)
($)		   Net Change
in Unrealized
Appreciation
(Depreciation)
($)		   Income ($)   Capital Gain
Distributions
($)		   Number of
Shares at
5/31/2026		  

Value ($) at

5/31/2026

 

COMMON STOCKS — 0.2%

  
 

Germany — 0.2%

  
 

Deutsche Bank AG (b)

  
  305,389       122,132       (67,942 )      125       50,167       13,121       —       12,613       409,871   
 

EXCHANGE-TRADED FUNDS — 0.5%

  
 

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

  
  158,040       566,493       (315,014 )      7,116       68,960       9,097       —       13,500       485,595   
 

Xtrackers MSCI EAFE Hedged Equity ETF (d)

  
  —       613,490       (51,309 )      2,230       44,859       —       —       11,500       609,270   
 

Xtrackers MSCI Emerging Markets Hedged Equity ETF (d)

  
  —       253,201       (37,399 )      3,638       46,979       —       —       6,500       266,419   
 

SECURITIES LENDING COLLATERAL — 0.1%

              
 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.53% (f)(g)

  
  —       125,250  (h)      —       —       —       5,157       —       125,250       125,250   
 

CASH EQUIVALENTS — 1.2%

  
 

DWS Government Money Market Series “Institutional Shares”, 3.57% (f)

  
    1,734,283       30,728,014       (29,169,008 )      —       —       143,635       —       3,293,289       3,293,289   
  2,197,712       32,408,580       (29,640,672 )      13,109       210,965       171,010       —       3,462,652       5,189,694   

 

*

Non-income producing security.

(a)

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

(b)

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

(c)

Investment was valued using significant unobservable inputs.

(d)

Affiliated fund advised by DBX Advisors LLC.

(e)

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, 2026 amounted to $122,790, which is 0.0% of net assets.

(f)

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

(g)

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

(h)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2026.

 

ADR:   American Depositary Receipt
CPO:   Ordinary Participation Certificates
CVA:   Certificaten Van Aandelen (Dutch Certificate)
GDR:   Global Depositary Receipt
JSC:   Joint Stock Company
KSCP:   Kuwait Shareholding Company Public
NVDR:   Non Voting Depositary Receipt
PJSC:   Public Joint Stock Company
PSQC:   Public Shareholders Qatari Company
QPSC:   Qatari Public Shareholders Company
QSC:   Qatari Shareholders Company
REIT:   Real Estate Investment Trust
SAE:   Societe Anonyme Egyptienne
144A:   Security exempt from registration under Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

Securities are listed in country of domicile.

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  25

Schedule of Investments

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

May 31, 2026

 

At May 31, 2026, open futures contracts purchased were as follows:

 

Contract Description    Currency    Number of
Contracts		   

Notional 

Amount ($) 

      Contract Value
($)		      Expiration
Date		     

Unrealized 
Appreciation 

(Depreciation) ($) 

  

MSCI EAFE Index

    USD    19      2,815,765        2,955,735        6/19/2026        139,970   

MSCI Emerging Markets Index

    USD    16      1,222,714        1,398,800        6/19/2026        176,086   

MSCI India Index

    USD    6      688,020        685,080        6/19/2026        (2,940)   

S&P/TSX 60 Index Mini

    CAD    6      410,742        440,191        6/18/2026        29,449   
             
Total net unrealized appreciation                                           342,565   

At May 31, 2026, the Fund had the following forward foreign currency contracts outstanding:

 

     Settlement      Currency To      Currency To      Unrealized   Unrealized 
Counterparty    Date      Deliver      Receive      Appreciation ($)   Depreciation ($) 

Citigroup Global Markets

      6/2/2026      AED      271,000      USD      73,785        5        —   

Citigroup Global Markets

      6/2/2026      AED      1,582,500      USD      430,863        28       —  

JP Morgan & Chase Co.

      6/2/2026      AED      1,978,200      USD      538,569        5       —  

RBC Capital Markets

      6/2/2026      AUD      116,000      USD      83,354        —       (21 ) 

RBC Capital Markets

      6/2/2026      AUD      13,733,700      USD      9,868,735        —       (2,365 ) 

JP Morgan & Chase Co.

      6/2/2026      CAD      13,812,600      USD      10,161,359        142,427       —  

JP Morgan & Chase Co.

      6/2/2026      CAD      904,000      USD      665,065        9,351       —  

RBC Capital Markets

      6/2/2026      CAD      13,770,700      USD      10,130,893        142,353       —  

Morgan Stanley Capital

      6/2/2026      CHF      159,000      USD      203,832        129       —  

Morgan Stanley Capital

      6/2/2026      CHF      10,842,300      USD      13,905,920        15,330       —  

JP Morgan & Chase Co.

      6/2/2026      CNH      18,267,800      USD      2,678,575        —       (21,645 ) 

JP Morgan & Chase Co.

      6/2/2026      CNH      3,039,000      USD      445,571        —       (3,633 ) 

RBC Capital Markets

      6/2/2026      CZK      2,471,400      USD      119,004        309       —  

JP Morgan & Chase Co.

      6/2/2026      DKK      376,000      USD      59,122        443       —  

Morgan Stanley Capital

      6/2/2026      DKK      15,414,500      USD      2,423,887        18,285       —  

Morgan Stanley Capital

      6/2/2026      EUR      42,691,000      USD      50,143,739        348,938       —  

Morgan Stanley Capital

      6/2/2026      EUR      1,722,000      USD      2,022,004        13,463       —  

RBC Capital Markets

      6/2/2026      GBP      16,346,800      USD      22,212,244        197,998       —  

The Bank of New York Mellon

      6/2/2026      HKD      136,312,900      USD      17,419,990        26,263       —  

The Bank of New York Mellon

      6/2/2026      HKD      4,792,000      USD      612,367        901       —  

JP Morgan & Chase Co.

      6/2/2026      HUF      74,578,800      USD      239,578        —       (6,205 ) 

JP Morgan & Chase Co.

      6/2/2026      ILS      257,000      USD      87,053        —       (4,098 ) 

JP Morgan & Chase Co.

      6/2/2026      ILS      3,715,300      USD      1,258,443        —       (59,273 ) 

Morgan Stanley Capital

      6/2/2026      JPY      5,195,114,200      USD      33,224,798        605,489       —  

Morgan Stanley Capital

      6/2/2026      JPY      284,427,000      USD      1,818,256        32,384       —  

JP Morgan & Chase Co.

      6/2/2026      KWD      136,000      USD      441,676        2,258       —  

Bank of America

      6/2/2026      MXN      26,583,700      USD      1,514,424        —       (18,927 ) 

Goldman Sachs & Co.

      6/2/2026      NOK      10,608,700      USD      1,140,058        —       (7,268 ) 

RBC Capital Markets

      6/2/2026      PHP      14,287,900      USD      232,017        61       —  

RBC Capital Markets

      6/2/2026      PLN      3,061,300      USD      843,423        —       (666 ) 

JP Morgan & Chase Co.

      6/2/2026      QAR      1,554,600      USD      426,787        —       (184 ) 

Citigroup Global Markets

      6/2/2026      SAR      449,000      USD      119,681        31       —  

Citigroup Global Markets

      6/2/2026      SAR      7,706,200      USD      2,054,092        529       —  

Bank of America

      6/2/2026      SEK      2,209,000      USD      239,116        —       (132 ) 

Bank of America

      6/2/2026      SEK      42,862,600      USD      4,639,784        —       (2,493 ) 

Goldman Sachs & Co.

      6/2/2026      TRY      14,356,800      USD      309,382        —       (3,457 ) 

 

See Notes to Financial Statements.

 

26  |  DBX ETF Trust  

Schedule of Investments

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

May 31, 2026

 

     Settlement      Currency To      Currency To      Unrealized   Unrealized 
Counterparty    Date      Deliver      Receive      Appreciation ($)   Depreciation ($) 

Citigroup Global Markets

      6/2/2026      USD      504,649      AED      1,853,500        —        (34 ) 

JP Morgan & Chase Co.

      6/2/2026      USD      538,601      AED      1,978,200        —       (37 ) 

RBC Capital Markets

      6/2/2026      USD      9,964,859      AUD      13,849,700        —       (10,385 ) 

JP Morgan & Chase Co.

      6/2/2026      USD      10,683,629      CAD      14,716,600        —       (8,983 ) 

RBC Capital Markets

      6/2/2026      USD      9,996,951      CAD      13,770,700        —       (8,411 ) 

The Bank of New York Mellon

      6/2/2026      USD      14,079,862      CHF      11,001,300        14,431       —   

JP Morgan & Chase Co.

      6/2/2026      USD      3,151,218      CNH      21,306,800        —       (1,793 ) 

RBC Capital Markets

      6/2/2026      USD      118,725      CZK      2,471,400        —       (29 ) 

The Bank of New York Mellon

      6/2/2026      USD      2,406,898      DKK      15,414,500        —       (1,296 ) 

The Bank of New York Mellon

      6/2/2026      USD      58,711      DKK      376,000        —       (32 ) 

Morgan Stanley Capital

      6/2/2026      USD      51,826,951      EUR      44,413,000        —       (23,608 ) 

RBC Capital Markets

      6/2/2026      USD      588,375      GBP      433,000        —       (5,254 ) 

The Bank of New York Mellon

      6/2/2026      USD      21,451,007      GBP      15,913,800        —       (19,881 ) 

The Bank of New York Mellon

      6/2/2026      USD      18,004,045      HKD      141,104,900        1,149       —  

JP Morgan & Chase Co.

      6/2/2026      USD      245,810      HUF      74,578,800        —       (27 ) 

JP Morgan & Chase Co.

      6/2/2026      USD      1,416,907      ILS      3,972,300        —       (8,041 ) 

Morgan Stanley Capital

      6/2/2026      USD      34,412,744      JPY      5,479,541,200        —       (7,563 ) 

JP Morgan & Chase Co.

      6/2/2026      USD      439,560      KWD      136,000        —       (142 ) 

Bank of America

      6/2/2026      USD      1,533,032      MXN      26,583,700        319       —  

Goldman Sachs & Co.

      6/2/2026      USD      1,059,501      NOK      9,784,700        —       (1,289 ) 

Goldman Sachs & Co.

      6/2/2026      USD      88,554      NOK      824,000        561       —  

JP Morgan & Chase Co.

      6/2/2026      USD      231,890      PHP      14,287,900        66       —  

RBC Capital Markets

      6/2/2026      USD      845,243      PLN      3,061,300        —       (1,154 ) 

Morgan Stanley Capital

      6/2/2026      USD      4,881,372      SEK      45,071,600        152       —  

Goldman Sachs & Co.

      6/2/2026      USD      312,602      TRY      14,356,800        237       —  

Goldman Sachs & Co.

      6/2/2026      USD      2,666,967      ZAR      43,191,800        —       (3,273 ) 

Goldman Sachs & Co.

      6/2/2026      ZAR      43,191,800      USD      2,580,880        —       (82,814 ) 

JP Morgan & Chase Co.

      6/3/2026      BRL      7,933,500      USD      1,580,090        8,551       —  

RBC Capital Markets

      6/3/2026      BRL      8,890,400      USD      1,770,643        9,553       —  

Goldman Sachs & Co.

      6/3/2026      CLP      40,345,000      USD      44,679        —       (651 ) 

Goldman Sachs & Co.

      6/3/2026      CLP      327,601,700      USD      362,795        —       (5,289 ) 

JP Morgan & Chase Co.

      6/3/2026      COP      520,498,000      USD      142,141        1,072       —  

Citigroup Global Markets

      6/3/2026      EGP      3,045,000      USD      55,995        —       (2,304 ) 

JP Morgan & Chase Co.

      6/3/2026      INR      131,276,000      USD      1,377,633        —       (3,792 ) 

RBC Capital Markets

      6/3/2026      INR      714,246,500      USD      7,486,719        —       (29,337 ) 

JP Morgan & Chase Co.

      6/3/2026      NZD      419,300      USD      247,093        —       (4,030 ) 

RBC Capital Markets

      6/3/2026      SGD      2,788,500      USD      2,194,002        8,614       —  

JP Morgan & Chase Co.

      6/3/2026      TWD      139,639,000      USD      4,407,658        —       (50,726 ) 

RBC Capital Markets

      6/3/2026      TWD      515,223,200      USD      16,204,760        —       (245,249 ) 

JP Morgan & Chase Co.

      6/3/2026      USD      1,567,792      BRL      7,933,500        3,747       —  

RBC Capital Markets

      6/3/2026      USD      1,747,671      BRL      8,890,400        13,420       —  

Goldman Sachs & Co.

      6/3/2026      USD      413,495      CLP      367,946,700        —       (81 ) 

JP Morgan & Chase Co.

      6/3/2026      USD      141,523      COP      520,498,000        —       (454 ) 

Citigroup Global Markets

      6/3/2026      USD      58,558      EGP      3,045,000        —       (259 ) 

RBC Capital Markets

      6/3/2026      USD      7,522,248      INR      714,246,500        —       (6,192 ) 

RBC Capital Markets

      6/3/2026      USD      1,382,563      INR      131,276,000        —       (1,138 ) 

JP Morgan & Chase Co.

      6/3/2026      USD      251,035      NZD      419,300        88       —  

RBC Capital Markets

      6/3/2026      USD      2,186,459      SGD      2,788,500        —       (1,071 ) 

RBC Capital Markets

      6/3/2026      USD      16,409,950      TWD      515,223,200        40,058       —  

RBC Capital Markets

      6/3/2026      USD      4,447,527      TWD      139,639,000        10,857       —  

RBC Capital Markets

      6/4/2026      IDR      11,202,549,200      USD      644,481        17,788       —  

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  27

Schedule of Investments

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

May 31, 2026

 

     Settlement      Currency To      Currency To      Unrealized   Unrealized 
Counterparty    Date      Deliver      Receive      Appreciation ($)   Depreciation ($) 

JP Morgan & Chase Co.

      6/4/2026      KRW      5,618,250,000      USD      3,795,807        67,357        —   

RBC Capital Markets

      6/4/2026      KRW      17,472,675,900      USD      11,784,341        188,914       —  

RBC Capital Markets

      6/4/2026      MYR      3,427,800      USD      863,988        —       (626 ) 

RBC Capital Markets

      6/4/2026      MYR      277,000      USD      69,960        91       —  

JP Morgan & Chase Co.

      6/4/2026      THB      29,617,500      USD      910,241        —       (107 ) 

RBC Capital Markets

      6/4/2026      USD      626,299      IDR      11,202,549,200        394       —  

JP Morgan & Chase Co.

      6/4/2026      USD      3,728,548      KRW      5,618,250,000        —       (97 ) 

JP Morgan & Chase Co.

      6/4/2026      USD      11,595,729      KRW      17,472,675,900        —       (302 ) 

RBC Capital Markets

      6/4/2026      USD      69,852      MYR      277,000        17       —  

RBC Capital Markets

      6/4/2026      USD      864,406      MYR      3,427,800        208       —  

JP Morgan & Chase Co.

      6/4/2026      USD      912,290      THB      29,617,500        —       (1,942 ) 

Citigroup Global Markets

      7/2/2026      AED      1,853,500      USD      504,658        6       —  

JP Morgan & Chase Co.

      7/2/2026      AED      1,978,200      USD      538,601        —       (3 ) 

RBC Capital Markets

      7/2/2026      AUD      189,000      USD      135,903        145       —  

RBC Capital Markets

      7/2/2026      AUD      13,849,700      USD      9,959,001        10,833       —  

JP Morgan & Chase Co.

      7/2/2026      CAD      14,716,600      USD      10,696,807        7,131       —  

JP Morgan & Chase Co.

      7/2/2026      CAD      1,408,000      USD      1,023,434        707       —  

RBC Capital Markets

      7/2/2026      CAD      13,770,700      USD      10,009,675        7,071       —  

The Bank of New York Mellon

      7/2/2026      CHF      11,001,300      USD      14,125,238        —       (17,788 ) 

The Bank of New York Mellon

      7/2/2026      CHF      601,000      USD      771,628        —       (1,004 ) 

RBC Capital Markets

      7/2/2026      CZK      2,471,400      USD      118,761        21       —  

The Bank of New York Mellon

      7/2/2026      DKK      911,000      USD      142,476        60       —  

The Bank of New York Mellon

      7/2/2026      DKK      376,000      USD      58,805        25       —  

The Bank of New York Mellon

      7/2/2026      DKK      15,414,500      USD      2,410,780        1,043       —  

Morgan Stanley Capital

      7/2/2026      EUR      1,793,000      USD      2,094,550        271       —  

Morgan Stanley Capital

      7/2/2026      EUR      44,413,000      USD      51,894,636        18,884       —  

The Bank of New York Mellon

      7/2/2026      GBP      15,913,800      USD      21,449,797        19,920       —  

The Bank of New York Mellon

      7/2/2026      GBP      211,000      USD      284,395        258       —  

JP Morgan & Chase Co.

      7/2/2026      HUF      74,578,800      USD      245,391        24       —  

JP Morgan & Chase Co.

      7/2/2026      ILS      581,000      USD      207,239        1,147       —  

JP Morgan & Chase Co.

      7/2/2026      ILS      3,972,300      USD      1,416,895        7,843       —  

Morgan Stanley Capital

      7/2/2026      JPY      240,736,000      USD      1,515,374        —       (182 ) 

Morgan Stanley Capital

      7/2/2026      JPY      5,479,541,200      USD      34,498,345        1,828       —  

JP Morgan & Chase Co.

      7/2/2026      KWD      136,000      USD      439,082        —       (793 ) 

Bank of America

      7/2/2026      MXN      26,583,700      USD      1,529,117        —       (63 ) 

Goldman Sachs & Co.

      7/2/2026      NOK      9,784,700      USD      1,058,939        1,279       —  

JP Morgan & Chase Co.

      7/2/2026      NZD      70,000      USD      41,949        —       (15 ) 

JP Morgan & Chase Co.

      7/2/2026      NZD      419,300      USD      251,257        —       (105 ) 

JP Morgan & Chase Co.

      7/2/2026      PHP      14,287,900      USD      231,623        —       (158 ) 

RBC Capital Markets

      7/2/2026      PLN      3,061,300      USD      845,185        1,151       —  

RBC Capital Markets

      7/2/2026      PLN      407,000      USD      112,365        151       —  

JP Morgan & Chase Co.

      7/2/2026      QAR      1,554,600      USD      426,871        —       (298 ) 

Citigroup Global Markets

      7/2/2026      SAR      8,155,200      USD      2,172,296        —       (292 ) 

Morgan Stanley Capital

      7/2/2026      SEK      45,071,600      USD      4,889,000        —       (672 ) 

RBC Capital Markets

      7/2/2026      SGD      2,788,500      USD      2,190,942        1,000       —  

RBC Capital Markets

      7/2/2026      SGD      58,000      USD      45,570        20       —  

JP Morgan & Chase Co.

      7/2/2026      THB      1,667,000      USD      51,399        42       —  

JP Morgan & Chase Co.

      7/2/2026      THB      29,617,500      USD      913,218        767       —  

Goldman Sachs & Co.

      7/2/2026      TRY      14,356,800      USD      303,875        329       —  

Citigroup Global Markets

      7/2/2026      USD      105,652      AED      388,000        —       (11 ) 

Goldman Sachs & Co.

      7/2/2026      ZAR      43,191,800      USD      2,660,396        3,734       —  

 

See Notes to Financial Statements.

 

28  |  DBX ETF Trust  

Schedule of Investments

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

May 31, 2026

 

     Settlement      Currency To      Currency To      Unrealized   Unrealized 
Counterparty    Date      Deliver      Receive      Appreciation ($)   Depreciation ($) 

JP Morgan & Chase Co.

      7/3/2026      BRL      7,933,500      USD      1,556,382        —       (3,679 ) 

RBC Capital Markets

      7/3/2026      BRL      8,890,400      USD      1,734,949        —        (13,278 ) 

Goldman Sachs & Co.

      7/3/2026      CLP      367,946,700      USD      413,658        154       —   

JP Morgan & Chase Co.

      7/3/2026      CNH      21,306,800      USD      3,158,221        1,258       —  

JP Morgan & Chase Co.

      7/3/2026      CNH      344,000      USD      50,989        19       —  

JP Morgan & Chase Co.

      7/3/2026      COP      520,498,000      USD      140,400        436       —  

The Bank of New York Mellon

      7/3/2026      HKD      141,104,900      USD      18,023,258        —       (2,445 ) 

RBC Capital Markets

      7/3/2026      IDR      11,202,549,200      USD      624,797        —       (462 ) 

JP Morgan & Chase Co.

      7/3/2026      INR      11,219,000      USD      118,036        345       —  

RBC Capital Markets

      7/3/2026      INR      714,246,500      USD      7,492,201        —       (478 ) 

RBC Capital Markets

      7/3/2026      INR      131,276,000      USD      1,377,040        —       (88 ) 

JP Morgan & Chase Co.

      7/3/2026      KRW      6,627,372,000      USD      4,407,670        6,498       —  

JP Morgan & Chase Co.

      7/3/2026      KRW      5,618,250,000      USD      3,730,801        —       (223 ) 

JP Morgan & Chase Co.

      7/3/2026      KRW      17,472,675,900      USD      11,602,736        —       (694 ) 

RBC Capital Markets

      7/3/2026      MYR      3,704,800      USD      930,854        —       (4,403 ) 

JP Morgan & Chase Co.

      7/3/2026      TWD      67,940,000      USD      2,158,127        925       —  

RBC Capital Markets

      7/3/2026      TWD      139,639,000      USD      4,433,194        —       (563 ) 

RBC Capital Markets

      7/3/2026      TWD      515,223,200      USD      16,357,066        —       (2,077 ) 

JP Morgan & Chase Co.

      7/3/2026      USD      274,422      BRL      1,398,000        484       —  

The Bank of New York Mellon

      7/3/2026      USD      1,182,714      HKD      9,259,000        93       —  

RBC Capital Markets

      7/3/2026      USD      105,668      IDR      1,886,607,000        —       (369 ) 

Citigroup Global Markets

      7/6/2026      EGP      3,045,000      USD      57,890        —       (160 ) 
               

Total unrealized appreciation (depreciation)

                                           2,040,526       (718,363 ) 

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

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  29

Schedule of Investments

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

May 31, 2026

 

Currency Abbreviations
AED    Arab Emirates Dirham
AUD    Australian Dollar
BRL    Brazilian Real
CAD    Canadian Dollar
CHF    Swiss Franc
CLP    Chilean Peso
CNH    Chinese Yuan
COP    Colombian Peso
CZK    Czech Koruna
DKK    Danish Krone
EGP    Egyptian Pound
EUR    Euro
GBP    Pound Sterling
HKD    Hong Kong Dollar
HUF    Hungarian Forint
IDR    Indonesian Rupiah
ILS    Israeli Shekel
INR    Indian Rupee
JPY    Japanese Yen
KRW    South Korean Won
KWD    Kuwaiti Dinar
MXN    Mexican Peso
MYR    Malaysian Ringgit
NOK    Norwegian Krone
NZD    New Zealand Dollar
PHP    Philippine Peso
PLN    Polish Zloty
QAR    Qatari Rial
SAR    Saudi Riyal
SEK    Swedish Krona
SGD    Singapore Dollar
THB    Thai Baht
TRY    Turkish Lira
TWD    New Taiwan Dollar
USD    U.S. Dollar
ZAR    South African Rand

 

See Notes to Financial Statements.

 

30  |  DBX ETF Trust  

Schedule of Investments

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

May 31, 2026

 

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, 2026 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)

    $ 255,667,465     $ 306     $ 39,240      $ 255,707,011  

Preferred Stocks (a)

      2,231,818       —       0        2,231,818  

Warrants (a)

      2       —       0        2  

Exchange-Traded Funds

      1,618,234       —       —        1,618,234   

Short-Term Investments (a)

      3,418,539       —       —        3,418,539  

Derivatives (b)

          

Forward Foreign Currency Contracts

      —       2,040,526        —        2,040,526  

Futures Contracts

      345,505        —       —        345,505  
TOTAL    $ 263,281,563     $ 2,040,832     $ 39,240      $ 265,361,635  

 

Liabilities       Level 1           Level 2           Level 3            Total     

Derivatives (b)

          

Forward Foreign Currency Contracts

    $ —     $ (718,363 )    $ —      $ (718,363 ) 

Futures Contracts

      (2,940 )      —       —        (2,940 ) 
TOTAL    $ (2,940 )    $ (718,363 )    $ —      $ (721,303 ) 

 

(a)

See Schedule of Investments for additional detailed categorizations.

(b)

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

During the year ended May 31, 2026, the amount of transfers from Level 3 to Level 1 was $26,871. The investment was transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs. Transfers between price levels are recognized at the beginning of the reporting period.

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  31

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF

May 31, 2026

 

    

Number

   of Shares

         Value $
COMMON STOCKS — 96.8%     
Australia — 6.4%     

ANZ Group Holdings Ltd.

      1,202,399        30,420,702  

APA Group (a)

      543,352       3,936,586  

Aristocrat Leisure Ltd.

      215,668       7,766,072  

ASX Ltd.

      72,674       2,414,799  

BHP Group Ltd.

      2,018,287       90,389,637  

Brambles Ltd.

      541,581       6,450,062  

CAR Group Ltd.

      142,980       2,552,730  

Cochlear Ltd.

      25,527       1,843,927  

Coles Group Ltd.

      523,647       8,174,786  

Commonwealth Bank of Australia

      664,017       78,757,831  

Computershare Ltd. (b)

      198,058       4,924,033  

CSL Ltd.

      188,925       13,118,660  

Evolution Mining Ltd.

      821,492       7,168,033  

Fortescue Ltd.

      648,778       10,403,361  

Goodman Group REIT

      792,803       18,046,430  

Insurance Australia Group Ltd.

      919,520       5,062,534  

Lottery Corp. Ltd.

      845,411       3,293,405  

Lynas Rare Earths Ltd. *

      349,706       4,823,430  

Macquarie Group Ltd. (b)

      144,314       24,743,769  

Medibank Pvt Ltd.

      1,082,910       3,736,040  

National Australia Bank Ltd.

      1,219,238       32,713,307  

Northern Star Resources Ltd.

      540,391       7,305,919  

Origin Energy Ltd.

      661,978       5,171,911  

PLS Group Ltd. *

      1,252,611       5,816,031  

Pro Medicus Ltd.

      22,250       2,115,127  

Qantas Airways Ltd.

      264,782       1,796,546  

QBE Insurance Group Ltd.

      581,158       9,456,896  

REA Group Ltd.

      19,983       2,140,055  

Rio Tinto Ltd.

      149,314       19,921,712  

Santos Ltd.

      1,298,411       7,288,551  

Scentre Group REIT

      2,016,979       5,552,366  

SGH Ltd.

      78,286       2,318,245  

Sigma Healthcare Ltd.

      1,935,249       4,089,424  

Sonic Healthcare Ltd.

      173,535       2,434,697  

South32 Ltd. (b)

      1,731,927       5,987,598  

Stockland REIT

      932,133       2,746,880  

Suncorp Group Ltd.

      421,853       5,269,736  

Telstra Group Ltd.

      1,516,450       5,678,633  

Transurban Group (a)

      1,245,060       13,405,409  

Vicinity Ltd. REIT

      1,535,696       2,792,568  

Washington H Soul Pattinson & Co. Ltd. (b)

      132,891       4,154,921  

Wesfarmers Ltd.

      451,911       25,916,679  

Westpac Banking Corp.

      1,361,664       35,233,065  

WiseTech Global Ltd. (b)

      76,595       1,982,447  

Woodside Energy Group Ltd.

      751,782       16,566,930  

Woolworths Group Ltd.

      481,322       12,187,828  

(Cost $429,620,057)

        568,070,308  
    

Number

   of Shares

         Value $
Austria — 0.3%     

BAWAG Group AG, 144A

      29,576        5,316,058  

Erste Group Bank AG

      120,944       14,530,121  

OMV AG (b)

      58,769       4,225,996  

Raiffeisen Bank International AG

      50,799       2,928,233  

Verbund AG

      26,888       1,804,893  

(Cost $16,008,390)

        28,805,301  
Belgium — 0.8%     

Ageas SA/NV

      56,630       4,399,147  

Anheuser-Busch InBev SA/NV

      356,453       28,687,919  

D’ieteren Group

      8,492       1,697,729  

Elia Group SA/NV

      16,785       2,609,752  

Financiere de Tubize SA

      7,748       2,031,578  

Groupe Bruxelles Lambert NV

      28,682       2,706,485  

KBC Group NV

      91,842       12,206,842  

Lotus Bakeries NV

      172       2,206,830  

Sofina SA (b)

      6,257       1,627,491  

Syensqo SA

      26,945       2,112,006  

UCB SA

      48,199       14,150,407  

(Cost $48,898,536)

        74,436,186  
Chile — 0.1%     

Antofagasta PLC

     

(Cost $2,276,408)

      137,196       7,571,545  
China — 0.0%     

Yangzijiang Shipbuilding Holdings Ltd.

     

(Cost $2,137,206)

      1,019,326       2,907,226  
Czech Republic — 0.0%     

CSG NV *

     

(Cost $2,085,269)

      58,137       1,218,971  
Denmark — 1.6%     

A.P. Moller — Maersk A/S, Class A

      1,033       2,501,995  

A.P. Moller — Maersk A/S, Class B (b)

      1,261       3,111,297  

Carlsberg AS, Class B

      36,663       4,928,642  

Coloplast A/S, Class B

      53,210       3,286,726  

Danske Bank A/S

      246,545       12,981,824  

Demant A/S * (b)

      35,162       1,372,952  

DSV A/S

      76,153       19,128,127  

Genmab A/S *

      24,418       6,493,429  

Novo Nordisk A/S, Class B

      1,276,546       58,361,227  

Novonesis Novozymes B, Class B

      142,396       8,277,868  

Orsted AS, 144A *

      183,418       4,698,695  

Pandora A/S

      29,926       2,806,840  

ROCKWOOL A/S, Class B

      37,210       1,175,343  

Tryg A/S

      116,960       2,752,537  

Vestas Wind Systems A/S

      380,308       10,686,193  

(Cost $129,859,017)

        142,563,695  
 

 

See Notes to Financial Statements.

 

32  |  DBX ETF Trust  

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

   of Shares

         Value $
Finland — 1.3%     

Elisa OYJ

      56,709        2,719,899  

Fortum OYJ

      167,413       3,915,175  

Kesko OYJ, Class B

      102,872       2,493,391  

Kone OYJ, Class B

      130,697       7,814,333  

Metso OYJ

      248,180       4,741,638  

Neste OYJ

      163,619       5,374,203  

Nokia OYJ

      1,991,928       29,019,087  

Nordea Bank Abp

      1,215,825       23,356,746  

Orion OYJ, Class B

      40,714       3,400,200  

Sampo OYJ, Class A

      968,898       10,243,435  

Stora Enso OYJ, Class R

      228,216       2,673,891  

UPM-Kymmene OYJ

      215,173       6,284,486  

Wartsila OYJ Abp

      195,753       7,968,591  

(Cost $65,866,917)

        110,005,075  
France — 8.6%     

Abivax SA *

      21,248       2,810,469  

Accor SA

      74,519       4,087,800  

Aeroports de Paris SA (b)

      14,149       1,897,891  

Air Liquide SA (b)

      229,444       47,658,407  

Alstom SA *

      131,092       2,620,805  

Amundi SA, 144A

      23,801       2,330,578  

AXA SA (b)

      621,729       28,811,599  

Ayvens SA, 144A

      135,525       1,830,525  

BioMerieux

      15,826       1,372,460  

BNP Paribas SA (b)

      393,695       42,683,199  

Bollore SE

      281,878       1,788,577  

Bouygues SA

      89,158       5,247,534  

Bureau Veritas SA

      127,873       3,877,929  

Capgemini SE *

      58,872       7,000,736  

Carrefour SA

      228,553       4,274,680  

Cie de Saint-Gobain SA

      174,971       15,971,790  

Cie Generale des Etablissements Michelin SCA (b)

      250,254       9,197,655  

Covivio SA REIT

      18,634       1,200,842  

Credit Agricole SA (b)

      363,367       7,035,602  

Danone SA

      253,097       17,990,247  

Dassault Aviation SA

      6,582       2,340,025  

Dassault Systemes SE (b)

      258,680       5,673,929  

Eiffage SA

      26,829       3,903,846  

Engie SA

      713,403       22,026,046  

EssilorLuxottica SA (b)

      119,350       24,382,613  

Gecina SA REIT

      18,599       1,593,416  

Getlink SE

      92,036       2,013,902  

Hermes International SCA

      10,214       19,300,055  

Ipsen SA

      14,539       2,655,669  

Kering SA

      28,282       8,423,521  

Klepierre SA REIT

      83,511       3,411,202  

Legrand SA

      102,362       17,628,684  

L’Oreal SA

      95,134       42,449,408  
    

Number

   of Shares

         Value $

LVMH Moet Hennessy Louis Vuitton SE

      98,553        54,378,168  

Orange SA

      735,622       15,388,765  

Pernod Ricard SA

      77,517       5,734,174  

Publicis Groupe SA

      91,459       8,933,200  

Renault SA

      73,609       2,540,525  

Rexel SA

      83,907       3,602,564  

Safran SA

      136,654       48,726,527  

Sanofi SA

      431,924       37,930,827  

Sartorius Stedim Biotech

      10,730       2,229,006  

Schneider Electric SE

      217,498       68,483,551  

Societe Generale SA

      253,726       21,198,620  

Sodexo SA

      30,344       1,670,562  

Thales SA

      36,604       10,225,434  

TotalEnergies SE

      780,857       68,473,338  

Unibail-Rodamco-Westfield REIT *

      42,846       4,964,575  

Veolia Environnement SA

      235,953       9,558,241  

Vinci SA

      185,130       27,002,761  

(Cost $528,082,940)

        756,532,479  
Germany — 8.5%     

adidas AG

      64,077       12,451,591  

Allianz SE

      150,808       67,124,400  

BASF SE

      354,554       21,016,710  

Bayer AG

      388,408       16,549,524  

Bayerische Motoren Werke AG

      111,549       9,727,084  

Beiersdorf AG

      37,119       2,995,191  

Brenntag SE

      49,474       3,262,725  

Commerzbank AG

      257,451       11,128,783  

Continental AG

      42,140       3,507,495  

CTS Eventim AG & Co. KGaA

      23,672       1,716,026  

Daimler Truck Holding AG

      181,007       8,898,988  

Delivery Hero SE, 144A * (b)

      66,209       2,855,825  

Deutsche Bank AG (c)

      721,136       23,433,975  

Deutsche Boerse AG

      71,919       20,770,261  

Deutsche Lufthansa AG

      230,397       2,305,748  

Deutsche Post AG

      364,147       21,746,750  

Deutsche Telekom AG

      1,359,265       45,756,009  

E.ON SE

      891,394       18,922,947  

Evonik Industries AG *

      103,734       2,033,932  

Fresenius Medical Care AG

      75,622       3,280,364  

Fresenius SE & Co. KGaA

      171,020       7,235,060  

GEA Group AG

      56,211       3,635,553  

Hannover Rueck SE

      23,092       6,259,582  

Heidelberg Materials AG

      53,145       11,827,377  

Henkel AG & Co. KGaA

      33,270       2,417,623  

Hensoldt AG

      25,993       2,680,739  

HOCHTIEF AG

      6,011       3,411,666  

Infineon Technologies AG

      517,738       48,981,504  

Knorr-Bremse AG

      26,862       3,249,113  

Mercedes-Benz Group AG

      287,293       17,488,800  
 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  33

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

   of Shares

         Value $

Merck KGaA

      52,203        7,967,404  

MTU Aero Engines AG

      21,245       7,763,630  

Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen

      51,802       27,328,814  

Nemetschek SE

      25,402       1,831,066  

Rational AG

      2,063       1,585,741  

Rheinmetall AG

      18,442       27,822,013  

RWE AG

      228,681       14,552,986  

SAP SE

      413,505       74,883,825  

Scout24 SE, 144A

      28,656       2,414,911  

Siemens AG

      294,764       92,760,709  

Siemens Energy AG

      307,245       58,500,433  

Siemens Healthineers AG, 144A

      129,981       5,294,218  

Symrise AG

      51,780       4,777,341  

Talanx AG

      23,491       2,822,191  

Vonovia SE

      285,266       7,130,498  

Zalando SE, 144A *

      86,206       2,341,826  

(Cost $468,586,887)

        746,448,951  
Hong Kong — 2.0%     

AIA Group Ltd.

      4,161,664       43,677,585  

BOC Hong Kong Holdings Ltd.

      1,445,454       8,842,152  

CK Asset Holdings Ltd.

      734,930       4,439,458  

CK Hutchison Holdings Ltd.

      1,039,142       9,341,392  

CK Infrastructure Holdings Ltd.

      253,683       1,921,179  

CLP Holdings Ltd.

      636,273       6,210,987  

Futu Holdings Ltd., ADR

      19,440       2,023,121  

Galaxy Entertainment Group Ltd.

      799,770       3,196,263  

Henderson Land Development Co. Ltd.

      569,256       2,248,870  

HKT Trust & HKT Ltd. (a)

      1,451,962       2,241,797  

Hong Kong & China Gas Co. Ltd.

      4,293,438       3,928,077  

Hong Kong Exchanges & Clearing Ltd.

      475,356       24,250,320  

Hongkong Land Holdings Ltd.

      382,997       2,918,437  

Jardine Matheson Holdings Ltd.

      65,247       4,331,096  

Link REIT

      1,027,854       5,296,067  

MTR Corp. Ltd.

      639,411       2,573,342  

Power Assets Holdings Ltd.

      537,952       4,125,472  

Prudential PLC

      1,003,764       14,484,212  

Sino Land Co. Ltd.

      1,417,926       2,136,777  

SITC International Holdings Co. Ltd.

      548,826       2,424,473  

Sun Hung Kai Properties Ltd.

      515,125       8,656,734  

Swire Pacific Ltd., Class A

      138,750       1,444,704  

Techtronic Industries Co. Ltd.

      540,043       8,014,266  

WH Group Ltd., 144A

      3,242,285       3,744,169  

Wharf Real Estate Investment Co. Ltd.

      641,916       1,969,103  

(Cost $130,230,247)

        174,440,053  
Ireland — 0.6%     

AerCap Holdings NV

      64,222       8,951,904  
    

Number

   of Shares

         Value $

AIB Group PLC

      827,888        9,753,054  

Bank of Ireland Group PLC

      370,056       7,525,530  

Experian PLC

      363,028       12,579,141  

Kerry Group PLC, Class A

      63,433       5,434,439  

Kingspan Group PLC

      58,957       5,405,123  

Ryanair Holdings PLC

      168,018       4,924,884  

(Cost $36,808,486)

        54,574,075  
Israel — 1.3%     

Azrieli Group Ltd.

      17,795       2,955,630  

Bank Hapoalim BM

      519,934       13,369,468  

Bank Leumi Le-Israel BM

      585,511       14,850,113  

Check Point Software Technologies Ltd. *

      30,915       4,175,071  

Elbit Systems Ltd.

      11,012       9,893,029  

Enlight Renewable Energy Ltd. *

      55,288       5,957,260  

Harel Insurance Investments & Financial Services Ltd.

      46,905       2,977,831  

ICL Group Ltd.

      277,229       1,828,856  

Israel Discount Bank Ltd., Class A

      484,418       5,379,368  

Mizrahi Tefahot Bank Ltd.

      62,513       4,804,599  

Nova Ltd. *

      11,645       6,083,733  

OPC Energy Ltd. *

      67,795       2,976,776  

Phoenix Financial Ltd.

      91,311       6,069,048  

Teva Pharmaceutical Industries Ltd., ADR *

      461,660       16,305,831  

Tower Semiconductor Ltd. *

      44,429       12,696,026  

(Cost $56,302,962)

        110,322,639  
Italy — 3.1%     

Banca Mediolanum SpA

      82,847       1,914,295  

Banca Monte dei Paschi di Siena SpA (b)

      764,841       8,232,399  

Banco BPM SpA

      437,540       6,882,027  

BPER Banca SPA

      614,703       8,329,988  

Buzzi SpA

      29,743       1,613,190  

Davide Campari-Milano NV

      225,628       1,474,293  

Enel SpA

      3,031,634       34,034,955  

Eni SpA

      721,058       18,948,684  

Ferrari NV

      48,068       16,550,841  

FinecoBank Banca Fineco SpA

      248,053       6,064,339  

Generali (b)

      325,103       14,678,843  

Intesa Sanpaolo SpA

      5,533,449       37,479,640  

Italgas SpA

      233,385       2,739,898  

Leonardo SpA

      160,408       10,181,980  

Moncler SpA

      90,546       5,899,536  

Poste Italiane SpA

      177,125       5,239,342  

Prysmian SpA

      110,389       19,056,151  

Recordati Industria Chimica e Farmaceutica SpA

      44,620       2,680,307  

Snam SpA

      772,227       5,643,949  

Telecom Italia SpA *

      6,764,668       5,750,459  

Terna - Rete Elettrica Nazionale

      575,061       6,608,243  
 

 

See Notes to Financial Statements.

 

34  |  DBX ETF Trust  

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

   of Shares

         Value $

UniCredit SpA

      538,418        46,623,536  

Unipol Assicurazioni SpA

      138,300       3,426,292  

(Cost $137,162,706)

        270,053,187  
Japan — 22.9%     

Advantest Corp.

      290,168       47,679,632  

Aeon Co. Ltd.

      851,572       7,440,194  

AGC, Inc.

      74,117       3,228,730  

Aisin Corp.

      184,205       2,791,440  

Ajinomoto Co., Inc.

      339,073       10,968,537  

ANA Holdings, Inc.

      60,600       1,137,118  

Asahi Group Holdings Ltd.

      558,719       5,344,604  

Asahi Kasei Corp.

      490,400       5,502,432  

Asics Corp.

      277,572       8,440,531  

Astellas Pharma, Inc.

      681,147       9,763,969  

Bandai Namco Holdings, Inc.

      199,327       4,556,868  

Bridgestone Corp.

      423,398       9,153,043  

Canon, Inc.

      317,310       8,423,613  

Capcom Co. Ltd.

      105,700       2,001,640  

Central Japan Railway Co.

      297,170       6,491,410  

Chiba Bank Ltd.

      214,725       3,135,971  

Chubu Electric Power Co., Inc.

      263,532       4,839,928  

Chugai Pharmaceutical Co. Ltd.

      265,421       13,152,309  

Dai Nippon Printing Co. Ltd.

      136,000       2,365,793  

Daifuku Co. Ltd.

      124,052       5,694,560  

Daiichi Life Group, Inc.

      1,363,862       14,009,847  

Daiichi Sankyo Co. Ltd.

      675,600       11,455,485  

Daikin Industries Ltd.

      104,635       15,297,937  

Daito Trust Construction Co. Ltd.

      116,465       2,319,574  

Daiwa House Industry Co. Ltd.

      228,203       6,209,976  

Daiwa Securities Group, Inc.

      496,487       4,677,605  

Denso Corp.

      663,528       7,949,088  

Disco Corp.

      34,445       14,077,324  

East Japan Railway Co.

      383,605       8,218,129  

Ebara Corp.

      179,100       6,390,766  

Eisai Co. Ltd.

      103,152       2,580,338  

ENEOS Holdings, Inc.

      1,018,235       8,346,503  

FANUC Corp.

      369,397       18,304,594  

Fast Retailing Co. Ltd.

      75,635       39,098,544  

Fuji Electric Co. Ltd.

      55,700       5,399,856  

FUJIFILM Holdings Corp.

      433,525       9,042,602  

Fujikura Ltd.

      598,065       17,915,852  

Fujitsu Ltd.

      672,425       14,219,869  

Furukawa Electric Co. Ltd.

      25,900       8,466,104  

Hankyu Hanshin Holdings, Inc.

      90,340       2,656,341  

Hikari Tsushin, Inc.

      6,909       1,585,558  

Hitachi Ltd.

      1,752,832       56,855,744  

Honda Motor Co. Ltd.

      1,437,045       13,105,879  

Hoya Corp.

      133,331       22,670,414  

Hulic Co. Ltd.

      177,900       1,897,794  

Ibiden Co. Ltd.

      91,750       13,249,929  

Idemitsu Kosan Co. Ltd.

      296,447       2,603,090  
    

Number

   of Shares

         Value $

IHI Corp.

      386,243        6,709,203  

Inpex Corp.

      350,417       7,929,569  

Isuzu Motors Ltd.

      205,200       3,025,851  

ITOCHU Corp.

      2,199,472       26,729,527  

Japan Exchange Group, Inc.

      368,356       4,512,370  

Japan Post Bank Co. Ltd.

      706,334       13,610,894  

Japan Post Holdings Co. Ltd.

      679,646       8,824,964  

Japan Post Insurance Co. Ltd.

      228,011       2,046,537  

Japan Tobacco, Inc.

      436,271       16,893,123  

JFE Holdings, Inc.

      222,785       2,378,714  

JX Advanced Metals Corp.

      213,300       5,262,021  

Kajima Corp.

      161,600       5,993,603  

Kansai Electric Power Co., Inc. (b)

      369,467       5,417,952  

Kao Corp.

      180,915       6,946,255  

Kawasaki Heavy Industries Ltd.

      286,100       5,635,235  

Kawasaki Kisen Kaisha Ltd.

      137,899       2,181,933  

KDDI Corp.

      1,157,624       19,904,896  

Keyence Corp.

      74,717       37,582,513  

Kikkoman Corp.

      267,210       2,337,133  

Kioxia Holdings Corp. *

      124,503       51,477,240  

Kirin Holdings Co. Ltd.

      313,623       5,353,242  

Komatsu Ltd.

      341,083       14,085,348  

Konami Group Corp.

      38,337       4,556,679  

Kubota Corp.

      384,266       6,857,024  

Kyocera Corp.

      464,156       10,150,726  

Kyowa Kirin Co. Ltd.

      94,000       1,478,479  

Lasertec Corp.

      31,281       7,881,873  

LY Corp.

      995,273       2,607,776  

Makita Corp.

      85,100       2,956,980  

Marubeni Corp.

      559,503       18,253,713  

MINEBEA MITSUMI, Inc.

      129,920       3,721,439  

Mitsubishi Chemical Group Corp.

      457,700       3,296,279  

Mitsubishi Corp.

      1,197,683       38,089,124  

Mitsubishi Electric Corp.

      753,866       31,041,680  

Mitsubishi Estate Co. Ltd.

      410,031       10,442,255  

Mitsubishi HC Capital, Inc.

      349,521       2,856,256  

Mitsubishi Heavy Industries Ltd.

      1,270,287       30,356,402  

Mitsubishi UFJ Financial Group, Inc.

      4,233,671       79,721,090  

Mitsui & Co. Ltd.

      936,716       31,113,099  

Mitsui Fudosan Co. Ltd.

      983,263       9,448,931  

Mitsui Kinzoku Co. Ltd.

      21,600       7,002,216  

Mitsui OSK Lines Ltd.

      130,100       4,473,221  

Mizuho Financial Group, Inc.

      937,575       42,356,149  

MS&AD Insurance Group Holdings, Inc.

      473,420       12,743,236  

Murata Manufacturing Co. Ltd.

      641,889       38,791,835  

NEC Corp.

      486,594       12,535,681  

Nexon Co. Ltd.

      117,806       1,656,895  

NIDEC CORP *

      329,392       5,774,417  
 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  35

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

   of Shares

         Value $

Nintendo Co. Ltd.

      435,654        19,552,663  

Nippon Building Fund, Inc. REIT

      3,034       2,426,971  

Nippon Paint Holdings Co. Ltd.

      365,610       2,425,310  

Nippon Sanso Holdings Corp.

      70,800       2,749,048  

Nippon Steel Corp.

      1,914,726       6,811,815  

Nippon Yusen KK

      153,874       5,133,159  

Nissan Motor Co. Ltd. * (b)

      871,342       2,170,901  

Nitori Holdings Co. Ltd. (b)

      158,305       2,602,717  

Nitto Denko Corp.

      270,422       5,077,682  

Nomura Holdings, Inc.

      1,162,042       9,375,720  

Nomura Research Institute Ltd.

      146,890       4,631,787  

NTT, Inc.

      11,839,531       11,113,615  

Obayashi Corp.

      245,645       5,004,979  

Obic Co. Ltd.

      127,600       3,195,909  

Olympus Corp.

      430,350       4,824,600  

Oriental Land Co. Ltd.

      415,300       5,985,754  

ORIX Corp.

      434,434       17,012,934  

Osaka Gas Co. Ltd.

      137,288       4,621,235  

Otsuka Corp.

      89,400       1,621,678  

Otsuka Holdings Co. Ltd.

      166,781       12,267,852  

Pan Pacific International Holdings Corp.

      770,517       4,248,693  

Panasonic Holdings Corp.

      924,140       21,469,362  

Rakuten Group, Inc. *

      539,086       2,522,719  

Recruit Holdings Co. Ltd.

      525,234       34,858,402  

Renesas Electronics Corp.

      685,900       19,379,964  

Resona Holdings, Inc.

      822,418       10,531,639  

Resonac Holdings Corp.

      69,600       8,180,780  

Ryohin Keikaku Co. Ltd.

      195,500       4,766,436  

Sanrio Co. Ltd. (b)

      356,300       1,915,449  

SBI Holdings, Inc.

      215,292       3,933,694  

SCREEN Holdings Co. Ltd. (b)

      61,856       4,318,832  

Secom Co. Ltd.

      157,075       6,262,683  

Seibu Holdings, Inc.

      81,100       1,435,729  

Sekisui House Ltd.

      238,082       5,012,331  

Seven & i Holdings Co. Ltd.

      748,913       8,743,941  

Shimano, Inc.

      29,194       3,025,442  

Shimizu Corp.

      192,516       3,241,338  

Shin-Etsu Chemical Co. Ltd.

      649,138       31,620,335  

Shionogi & Co. Ltd.

      301,487       5,678,969  

Shiseido Co. Ltd.

      151,457       2,672,715  

SMC Corp.

      21,537       9,345,569  

SoftBank Corp.

      11,410,018       15,424,462  

SoftBank Group Corp.

      1,471,581       69,215,542  

Sompo Holdings, Inc.

      324,005       12,120,816  

Sony Group Corp.

      2,315,660       50,074,612  

Subaru Corp.

      205,709       3,154,123  

Sumitomo Corp.

      402,498       17,940,748  

Sumitomo Electric Industries Ltd.

      283,199       22,378,171  

Sumitomo Metal Mining Co. Ltd.

      95,400       5,446,722  
    

Number

   of Shares

         Value $

Sumitomo Mitsui Financial Group, Inc.

      1,441,333        52,661,393  

Sumitomo Mitsui Trust Holdings, Inc.

      245,662       8,443,499  

Sumitomo Realty & Development Co. Ltd.

      227,306       5,304,972  

Suntory Beverage & Food Ltd.

      44,609       1,212,522  

Suzuki Motor Corp.

      603,181       7,474,195  

T&D Holdings, Inc.

      177,774       4,681,406  

Taisei Corp.

      55,651       4,895,429  

Takeda Pharmaceutical Co. Ltd.

      630,837       20,272,023  

TDK Corp.

      751,246       19,377,255  

Terumo Corp.

      535,495       8,072,857  

Toho Co. Ltd.

      223,900       1,727,769  

Tokio Marine Holdings, Inc.

      709,061       31,658,762  

Tokyo Electron Ltd.

      177,568       58,444,194  

Tokyo Gas Co. Ltd.

      119,080       4,770,228  

TOPPAN Holdings, Inc.

      83,089       2,380,008  

Toray Industries, Inc.

      532,643       3,986,503  

Toyota Motor Corp.

      3,756,419       71,748,511  

Toyota Tsusho Corp.

      252,545       10,988,835  

Unicharm Corp.

      442,300       2,633,277  

West Japan Railway Co.

      173,650       2,865,909  

Yamaha Motor Co. Ltd. (b)

      354,722       2,919,917  

Yokogawa Electric Corp.

      83,281       2,615,065  

Yokohama Financial Group, Inc.

      392,317       3,999,163  

Zensho Holdings Co. Ltd.

      36,200       1,830,172  

(Cost $1,182,414,878)

        2,018,209,053  
Luxembourg — 0.3%     

ArcelorMittal SA

      166,474       11,518,481  

CVC Capital Partners PLC, 144A (b)

      84,940       1,361,277  

Eurofins Scientific SE

      44,420       3,236,147  

Millicom International Cellular SA

      36,505       3,116,067  

Tenaris SA

      128,594       3,913,294  

(Cost $13,351,440)

        23,145,266  
Macau — 0.0%     

Sands China Ltd.

     

(Cost $3,296,894)

      981,252       1,919,457  
Mexico — 0.0%     

Fresnillo PLC

     

(Cost $1,734,149)

      73,527       3,253,760  
Netherlands — 6.4%     

ABN AMRO Bank NV CVA

      244,803       9,742,568  

Adyen NV, 144A *

      10,627       11,642,940  

Aegon Ltd.

      467,386       3,986,204  

Airbus SE

      235,444       49,349,571  

Akzo Nobel NV

      61,230       4,689,352  

Argenx SE *

      24,551       20,492,134  

ASM International NV

      18,602       19,492,927  
 

 

See Notes to Financial Statements.

 

36  |  DBX ETF Trust  

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

   of Shares

         Value $

ASML Holding NV

      153,876        248,545,335  

ASR Nederland NV

      62,488       4,686,572  

BE Semiconductor Industries NV

      27,970       9,278,328  

Euronext NV, 144A

      30,697       4,998,377  

EXOR NV

      32,299       2,522,245  

Ferrovial NV

      188,297       12,892,264  

Heineken Holding NV

      47,302       3,415,213  

Heineken NV

      114,345       8,943,930  

ING Groep NV

      1,159,248       36,102,335  

Koninklijke Ahold Delhaize NV

      346,367       14,612,775  

Koninklijke KPN NV

      1,503,099       7,829,860  

Koninklijke Philips NV

      297,196       7,927,875  

Magnum Ice Cream Co. NV *

      170,299       2,749,808  

Magnum Ice Cream Co. NV *

      18,446       298,978  

Nebius Group NV * (b)

      80,046       18,497,830  

NN Group NV

      104,773       8,759,817  

Prosus NV *

      512,973       23,346,912  

QIAGEN NV

      78,932       2,913,439  

Stellantis NV *

      807,160       6,463,204  

Universal Music Group NV (b)

      400,346       9,105,793  

Wolters Kluwer NV

      92,035       6,550,477  

(Cost $278,439,155)

        559,837,063  
New Zealand — 0.2%     

Auckland International Airport Ltd.

      673,619       3,336,091  

Contact Energy Ltd.

      379,015       2,165,324  

Fisher & Paykel Healthcare Corp. Ltd.

      227,913       5,089,552  

Infratil Ltd.

      341,554       3,223,545  

Meridian Energy Ltd.

      518,581       1,822,942  

Xero Ltd. *

      64,835       3,502,935  

(Cost $17,615,168)

        19,140,389  
Norway — 0.6%     

Aker BP ASA

      122,194       4,395,387  

DNB Bank ASA

      320,029       9,947,205  

Equinor ASA

      278,912       10,108,032  

Gjensidige Forsikring ASA

      73,288       2,024,318  

Kongsberg Gruppen ASA

      165,145       5,931,428  

Mowi ASA

      181,506       4,004,480  

Norsk Hydro ASA

      512,818       6,278,193  

Orkla ASA

      295,301       3,118,618  

Salmar ASA

      26,396       1,640,035  

Telenor ASA

      253,570       4,143,690  

Var Energi ASA

      374,300       1,843,073  

Yara International ASA

      60,842       3,308,443  

(Cost $36,899,580)

        56,742,902  
Poland — 0.0%     

InPost SA *

     

(Cost $1,638,144)

      91,663       1,642,226  
    

Number

   of Shares

         Value $
Portugal — 0.2%     

Banco Comercial Portugues SA, Class R

      3,214,738        3,646,181  

EDP SA

      1,164,794       5,933,077  

Galp Energia SGPS SA

      167,259       3,635,520  

Jeronimo Martins SGPS SA

      106,090       2,247,181  

(Cost $11,791,893)

        15,461,959  
Singapore — 1.6%     

CapitaLand Ascendas REIT

      1,594,819       3,124,033  

CapitaLand Integrated

     

Commercial Trust REIT

      2,531,087       4,501,914  

CapitaLand Investment Ltd.

      941,624       1,874,025  

DBS Group Holdings Ltd.

      817,320       40,243,204  

Grab Holdings Ltd., Class A *

      985,075       3,487,166  

Keppel Ltd.

      559,564       4,717,656  

Oversea-Chinese Banking Corp. Ltd.

      1,297,353       23,786,923  

Sea Ltd., ADR *

      148,970       13,486,254  

Sembcorp Industries Ltd. (b)

      392,195       1,963,664  

Singapore Airlines Ltd.

      591,866       3,144,252  

Singapore Exchange Ltd.

      318,220       5,455,556  

Singapore Technologies

     

Engineering Ltd.

      642,481       5,728,841  

Singapore Telecommunications Ltd.

      2,988,536       10,162,779  

United Overseas Bank Ltd.

      478,749       14,104,574  

Wilmar International Ltd.

      639,034       1,797,557  

(Cost $87,360,649)

        137,578,398  
Spain — 3.5%     

Acciona SA

      9,770       2,812,467  

ACS Actividades de

     

Construccion y Servicios SA

      68,654       9,953,702  

Aena SME, 144A

      302,824       8,795,030  

Amadeus IT Group SA

      172,761       11,030,576  

Banco Bilbao Vizcaya Argentaria SA

      2,231,736       52,348,298  

Banco de Sabadell SA (b)

      1,888,930       6,389,421  

Banco Santander SA

      5,687,399       71,167,242  

Bankinter SA

      252,072       4,252,954  

CaixaBank SA

      1,390,099       18,808,380  

Cellnex Telecom SA, 144A *

      191,963       6,452,963  

EDP Renewables SA

      118,931       1,965,679  

EDP Renewables SA * (b)

      1,061       17,529  

Endesa SA

      123,823       5,179,159  

Iberdrola SA

      2,410,244       54,820,538  

Indra Sistemas SA

      30,161       2,001,027  

Industria de Diseno Textil SA

      431,674       26,836,803  

Mapfre SA (b)

      356,653       1,673,153  

Naturgy Energy Group SA

      162,723       5,416,897  

Redeia Corp. SA

      154,594       2,656,092  

Repsol SA

      446,708       11,483,731  
 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  37

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

   of Shares

         Value $

Telefonica SA

      1,437,281        6,601,841  

(Cost $165,064,309)

        310,663,482  
Sweden — 3.4%     

AddTech AB, Class B

      100,213       3,575,198  

Alfa Laval AB

      113,431       6,380,962  

Assa Abloy AB, Class B

      388,009       13,981,284  

Atlas Copco AB, Class A

      996,689       19,155,263  

Atlas Copco AB, Class B

      595,227       10,121,264  

Beijer Ref AB

      150,065       2,091,753  

Boliden AB

      110,720       6,904,786  

Epiroc AB, Class A

      241,545       7,186,363  

Epiroc AB, Class B

      158,667       4,062,436  

EQT AB

      171,671       5,940,463  

Essity AB, Class B

      231,263       6,502,245  

Evolution AB, 144A *

      48,233       3,640,029  

Fastighets AB Balder, Class B *

      259,774       1,491,722  

H & M Hennes & Mauritz AB, Class B

      166,874       2,966,757  

Hexagon AB, Class B

      807,760       7,472,990  

Industrivarden AB, Class A

      39,494       2,245,654  

Industrivarden AB, Class C

      67,362       3,693,087  

Indutrade AB

      118,332       2,479,908  

Investment AB Latour, Class B

      56,705       1,225,535  

Investor AB, Class B

      686,506       28,309,794  

L E Lundbergforetagen AB, Class B

      29,905       1,765,195  

Lifco AB, Class B

      83,216       2,680,404  

Nibe Industrier AB, Class B (b)

      599,499       2,354,987  

Saab AB, Class B

      126,892       7,823,983  

Sagax AB, Class B

      83,662       1,509,579  

Sandvik AB

      412,469       16,819,332  

Securitas AB, Class B

      186,387       3,112,809  

Skandinaviska Enskilda Banken AB, Class A

      579,285       11,600,632  

Skanska AB, Class B

      129,633       3,515,624  

SKF AB, Class B (b)

      137,070       3,605,972  

Spotify Technology SA *

      58,070       28,900,278  

Svenska Cellulosa AB SCA, Class B

      237,125       2,614,433  

Svenska Handelsbanken AB, Class A

      534,757       7,902,827  

Swedbank AB, Class A

      329,039       12,166,435  

Swedish Orphan Biovitrum AB *

      74,107       3,549,200  

Tele2 AB, Class B

      211,877       3,976,810  

Telefonaktiebolaget LM Ericsson, Class B

      1,046,884       13,617,395  

Telia Co. AB

      918,444       4,924,907  

Trelleborg AB, Class B

      75,924       3,317,168  

Volvo AB, Class B

      616,629       21,738,391  

(Cost $197,309,565)

        296,923,854  
Switzerland — 9.8%     

ABB Ltd.

      622,013       66,635,997  
    

Number

   of Shares

         Value $

Alcon, Inc.

      198,584        13,255,046  

Avolta AG *

      32,031       2,023,097  

Banque Cantonale Vaudoise

      12,416       1,869,041  

Barry Callebaut AG

      1,386       2,136,132  

Belimo Holding AG

      3,766       3,990,112  

BKW AG

      7,990       1,514,983  

Chocoladefabriken Lindt & Spruengli AG

      38       4,649,286  

Chocoladefabriken Lindt & Spruengli AG Participation Certificates

      382       4,553,853  

Cie Financiere Richemont SA, Class A

      212,881       46,064,443  

Coca-Cola HBC AG *

      79,665       4,574,629  

DSM-Firmenich AG

      67,015       5,640,482  

EMS-Chemie Holding AG

      2,750       2,513,772  

Galderma Group AG *

      72,884       15,551,637  

Geberit AG

      12,892       8,479,601  

Givaudan SA

      3,671       13,638,973  

Glencore PLC *

      3,726,830       28,497,453  

Helvetia Baloise Holding AG

      30,348       7,892,696  

Holcim AG *

      201,751       20,010,970  

Julius Baer Group Ltd.

      81,706       6,701,452  

Kuehne + Nagel International AG

      18,133       4,189,721  

Logitech International SA

      59,480       7,231,634  

Lonza Group AG

      27,796       17,819,638  

Nestle SA

      1,020,750       103,886,208  

Novartis AG

      725,424       109,499,014  

Partners Group Holding AG

      8,464       8,969,856  

Roche Holding AG

      11,599       5,001,888  

Roche Holding AG

      278,407       117,454,904  

Sandoz Group AG

      165,610       13,918,411  

Schindler Holding AG

      7,814       2,567,793  

Schindler Holding AG Participation Certificates

      15,917       5,383,496  

SGS SA

      66,332       7,553,120  

Sika AG

      61,139       12,007,698  

Sonova Holding AG

      19,420       5,165,066  

STMicroelectronics NV

      171,543       11,795,178  

STMicroelectronics NV, Class Y

      79,004       5,475,767  

Straumann Holding AG

      43,386       5,264,905  

Swatch Group AG — Bearer

      11,370       3,149,310  

Swiss Life Holding AG

      11,001       11,991,097  

Swiss Prime Site AG

      33,005       5,535,013  

Swiss Re AG

      117,945       17,785,057  

Swisscom AG

      10,309       8,829,116  

UBS Group AG

      1,258,578       59,724,206  

VAT Group AG, 144A

      10,591       8,287,724  

Zurich Insurance Group AG

      59,254       42,283,618  

(Cost $554,893,221)

        860,963,093  
United Kingdom — 13.1%     

3i Group PLC

      391,964       12,008,774  
 

 

See Notes to Financial Statements.

 

38  |  DBX ETF Trust  

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

   of Shares

         Value $

Admiral Group PLC

      100,249        4,449,778  

Airtel Africa PLC, 144A

      345,588       1,641,013  

Anglo American PLC

      421,750       22,650,684  

Associated British Foods PLC

      111,386       2,733,066  

AstraZeneca PLC

      599,221       111,378,183  

Aviva PLC

      1,194,479       9,863,970  

BAE Systems PLC

      1,168,800       31,842,501  

Barclays PLC

      5,425,718       33,461,574  

BP PLC

      6,224,977       43,743,437  

British American Tobacco PLC

      795,471       49,181,608  

BT Group PLC

      2,333,684       6,562,112  

Bunzl PLC

      125,369       3,974,364  

Centrica PLC

      1,779,483       4,493,308  

Coca-Cola Europacific Partners PLC

      80,527       7,302,994  

Compass Group PLC

      672,533       21,635,387  

Diageo PLC

      882,196       18,242,568  

Endeavour Mining PLC

      83,153       5,144,462  

GSK PLC

      1,607,093       40,720,801  

Haleon PLC

      3,519,589       15,959,017  

Halma PLC

      147,713       9,313,678  

HSBC Holdings PLC

      6,814,345       127,889,042  

Imperial Brands PLC

      292,889       10,633,936  

Informa PLC

      504,227       5,508,396  

InterContinental Hotels Group PLC

      57,967       8,935,613  

International Consolidated Airlines Group SA

      465,138       2,690,442  

Intertek Group PLC

      61,488       4,405,276  

J Sainsbury PLC

      645,284       2,574,860  

Kingfisher PLC

      681,340       2,637,988  

Land Securities Group PLC REIT

      278,913       2,362,601  

Legal & General Group PLC

      2,081,087       7,606,260  

Lloyds Banking Group PLC

      23,055,913       31,639,353  

London Stock Exchange Group PLC

      176,624       21,459,699  

M&G PLC

      895,317       3,810,088  

Marks & Spencer Group PLC

      769,890       3,690,012  

Melrose Industries PLC

      480,157       3,043,677  

National Grid PLC

      1,972,228       31,752,489  

NatWest Group PLC

      3,161,170       25,517,356  

Next PLC

      45,986       8,183,967  

Pearson PLC

      183,847       2,753,166  

Reckitt Benckiser Group PLC

      255,724       15,810,655  

RELX PLC

      711,244       23,466,903  

Rentokil Initial PLC

      980,161       5,924,086  

Rio Tinto PLC

      421,078       45,183,821  

Rolls-Royce Holdings PLC

      3,326,714       59,916,697  

Sage Group PLC

      376,258       4,268,499  

Schroders PLC

      318,856       2,507,717  

Segro PLC REIT

      483,820       4,708,178  

Severn Trent PLC

      112,537       4,501,143  
    

Number

   of Shares

         Value $

Shell PLC

      2,221,536        93,282,579  

Smith & Nephew PLC

      318,249       4,761,592  

Smiths Group PLC

      125,227       4,155,371  

Spirax Group PLC

      27,170       2,548,484  

SSE PLC

      477,824       14,999,656  

Standard Chartered PLC

      706,584       18,969,292  

Standard Life PLC

      279,921       2,925,286  

Tesco PLC

      2,521,414       14,607,828  

Unilever PLC

      865,306       49,007,036  

United Utilities Group PLC

      290,520       5,258,312  

Verisure PLC *

      102,205       1,362,593  

Vodafone Group PLC

      7,294,207       10,942,948  

Wise Group PLC, Class A *

      283,748       3,569,035  

(Cost $785,358,721)

        1,156,075,211  
United States — 0.2%     

Octave Intelligence PLC *

      80,776       1,377,018  

Sunbelt Rentals Holdings, Inc.

      161,217       12,683,627  

(Cost $7,598,438)

        14,060,645  

TOTAL COMMON STOCKS

           

(Cost $5,398,692,232)

        8,523,566,449  
PREFERRED STOCKS — 0.2%     
Germany — 0.2%     

Bayerische Motoren Werke AG

      21,393       1,862,727  

Dr Ing hc F Porsche AG * (b)

      41,398       2,264,161  

Henkel AG & Co. KGaA

      61,837       4,809,408  

Porsche Automobil Holding SE *

      56,707       2,162,878  

Sartorius AG

      9,753       2,788,234  

Volkswagen AG *

      83,333       8,924,872  

(Cost $26,427,532)

        22,812,280  
EXCHANGE-TRADED FUNDS — 0.1%     

iShares Currency Hedged MSCI EAFE ETF (b)

     

(Cost $8,909,000)

      225,000       10,244,250  
SECURITIES LENDING COLLATERAL — 1.2%

 

  

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.53% (d)(e)

     

(Cost $104,405,664)

      104,405,664       104,405,664  
CASH EQUIVALENTS — 0.4%     

DWS Government Money Market Series “Institutional Shares”, 3.57% (d)

     

(Cost $33,128,990)

      33,128,990       33,128,990  
 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  39

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

   of Shares

          Value $
TOTAL INVESTMENTS — 98.7%      

(Cost $5,571,563,418)

         8,694,157,633  

 

    

Number

   of Shares

          Value $
Other assets and liabilities, net — 1.3%         118,022,255  
NET ASSETS — 100.0%         8,812,179,888  
 

 

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2026 is as follows:

 

  Value ($) at

  5/31/2025

   Purchases Cost
($)		   Sales Proceeds
($)		  

Net Realized
Gain/(Loss)

($)

   Net Change
in Unrealized
Appreciation
(Depreciation)
($)		   Income ($)  

Capital Gain
Distributions

($)

   Number of
Shares at
5/31/2026		  

Value ($) at 

5/31/2026 

 

COMMON STOCKS — 0.3%

  
 

Germany — 0.3%

  
 

Deutsche Bank AG (c)

  
    21,674,545       3,141,613       (5,577,351 )      2,218,675       1,976,493       827,965       —       721,136       23,433,975   
 

SECURITIES LENDING COLLATERAL — 1.2%

  
 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.53% (d)(e)

  
    87,680,530       16,725,134  (f)      —       —       —       1,179,472       —       104,405,664       104,405,664   
 

CASH EQUIVALENTS — 0.4%

  
 

DWS Government Money Market Series “Institutional Shares”, 3.57% (d)

  
    95,373,226       919,841,131       (982,085,367 )      —       —       4,121,953       —       33,128,990       33,128,990   
    204,728,301       939,707,878       (987,662,718 )      2,218,675       1,976,493       6,129,390       —       138,255,790       160,968,629   

 

*

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, 2026 amounted to $122,202,745, which is 1.4% 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 $22,978,670.

(f)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2026.

 

ADR:

American Depositary Receipt

CVA:

Certificaten Van Aandelen (Dutch Certificate)

REIT:

Real Estate Investment Trust

144A:

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

Securities are listed in country of domicile.

 

See Notes to Financial Statements.

 

40  |  DBX ETF Trust  

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2026

 

At May 31, 2026, open futures contracts purchased were as follows:

 

Contract Description    Currency   

Number of

Contracts

   

Notional 

Amount ($) 

     

Contract Value

($)

     

Expiration

Date

     

Unrealized 

Appreciation ($) 

  

CAC 40 Index

    EUR    110      10,378,396        10,495,913        6/19/2026        117,517   

DAX Index

    EUR    15      10,753,190        11,013,299        6/19/2026        260,109   

EURO STOXX 50 Index

    EUR    460      31,432,280        32,536,040        6/19/2026        1,103,760   

FTSE 100 Index

    GBP    230      32,235,947        32,346,269        6/19/2026        110,322   

FTSE MIB Index

    EUR    20      5,728,887        5,843,550        6/19/2026        114,663   

IBEX 35 Index

    EUR    26      5,505,136        5,594,343        6/19/2026        89,207   

MSCI EAFE Index

    USD    220      33,237,587        34,224,300        6/19/2026        986,713   

MSCI Singapore Index

    SGD    250      8,970,278        9,026,445        6/29/2026        56,167   

OMXS30 Index

    SEK    270      9,112,100        9,193,878        6/18/2026        81,778   

SMI Index

    CHF    125      21,140,350        21,723,464        6/19/2026        583,114   

SPI 200 Index

    AUD    115      17,916,950        18,081,059        6/18/2026        164,109   

TOPIX Index

    JPY    230      55,290,064        57,216,589        6/11/2026        1,926,525   
             
Total unrealized appreciation                                           5,593,984   

At May 31, 2026, the Fund had the following forward foreign currency contracts outstanding:

 

     Settlement      Currency To     Currency To      Unrealized    Unrealized 
Counterparty    Date      Deliver     Receive       Appreciation ($)     Depreciation ($) 

RBC Capital Markets

      6/2/2026      AUD      772,155,242       USD      554,853,769        —         (132,949 )  

RBC Capital Markets

      6/2/2026      AUD      9,979,000     USD      7,170,594        —       (1,814 ) 

RBC Capital Markets

      6/2/2026      AUD      942,300     USD      674,485        —       (2,793 ) 

Morgan Stanley Capital

      6/2/2026      CHF      748,700     USD      952,495        —       (6,701 ) 

Morgan Stanley Capital

      6/2/2026      CHF      607,233,100     USD      778,814,002        858,586       —  

Morgan Stanley Capital

      6/2/2026      CHF      14,192,000     USD      18,193,612        11,561       —  

Morgan Stanley Capital

      6/2/2026      DKK      25,845,000     USD      4,064,048        30,651       —  

Morgan Stanley Capital

      6/2/2026      DKK      862,861,500     USD      135,682,581        1,023,535       —  

Morgan Stanley Capital

      6/2/2026      EUR      2,372,382,300     USD      2,786,538,568        19,390,819       —  

Morgan Stanley Capital

      6/2/2026      EUR      2,978,600     USD      3,465,378        —       (8,863 ) 

Morgan Stanley Capital

      6/2/2026      EUR      99,839,000     USD      117,232,811        780,558       —  

RBC Capital Markets

      6/2/2026      GBP      1,082,800     USD      1,454,954        —       (3,254 ) 

RBC Capital Markets

      6/2/2026      GBP      918,364,000     USD      1,247,884,942        11,123,515       —  

The Bank of New York Mellon

      6/2/2026      HKD      1,190,458,700     USD      152,133,645        229,358       —  

The Bank of New York Mellon

      6/2/2026      HKD      49,391,000     USD      6,311,652        9,288       —  

JP Morgan & Chase Co.

      6/2/2026      ILS      14,005,000     USD      4,743,745        —       (223,448 ) 

JP Morgan & Chase Co.

      6/2/2026      ILS      206,540,200     USD      69,959,083        —       (3,295,111 ) 

Morgan Stanley Capital

      6/2/2026      JPY      19,498,358,000     USD      124,647,147        2,220,010       —  

Morgan Stanley Capital

      6/2/2026      JPY      375,132,100     USD      2,363,629        8,234       —  

Morgan Stanley Capital

      6/2/2026      JPY       291,861,290,000     USD         1,866,567,718        34,016,373       —  

Goldman Sachs & Co.

      6/2/2026      NOK      358,028,000     USD      38,475,294        —       (245,296 ) 

JP Morgan & Chase Co.

      6/2/2026      NOK      16,277,900     USD      1,749,309        —       (11,140 ) 

RBC Capital Markets

      6/2/2026      NOK      211,411,000     USD      22,719,623        —       (144,395 ) 

Bank of America

      6/2/2026      SEK      95,158,000     USD      10,300,493        —       (5,688 ) 

Bank of America

      6/2/2026      SEK      2,426,845,300     USD      262,700,751        —       (141,122 ) 

Bank of America

      6/2/2026      SEK      3,045,900     USD      326,414        —       (3,475 ) 

RBC Capital Markets

      6/2/2026      USD      562,067,530     AUD      781,191,842        —       (585,754 ) 

RBC Capital Markets

      6/2/2026      USD      1,363,574     AUD      1,884,700        —       (8,946 ) 

Morgan Stanley Capital

      6/2/2026      USD      1,928,384     CHF      1,497,400        —       (9,993 ) 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  41

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2026

 

     Settlement      Currency To     Currency To      Unrealized    Unrealized 
Counterparty    Date      Deliver     Receive       Appreciation ($)     Depreciation ($) 

The Bank of New York Mellon

      6/2/2026      USD      794,364,113       CHF      620,676,400        814,158         —   

The Bank of New York Mellon

      6/2/2026      USD      138,767,156     DKK      888,706,500        —       (74,714 ) 

Morgan Stanley Capital

      6/2/2026      USD      7,006,513     EUR      5,957,200        —       (58,032 ) 

Morgan Stanley Capital

      6/2/2026      USD      2,881,438,322     EUR      2,469,242,700        —       (1,312,561 ) 

RBC Capital Markets

      6/2/2026      USD      2,943,639     GBP      2,165,600        —       (27,224 ) 

RBC Capital Markets

      6/2/2026      USD      26,683,429     GBP      19,637,000        —       (238,268 ) 

The Bank of New York Mellon

      6/2/2026      USD      1,209,979,499     GBP      897,644,200        —       (1,121,441 ) 

The Bank of New York Mellon

      6/2/2026      USD      158,196,558     HKD      1,239,849,700        10,093       —  

JP Morgan & Chase Co.

      6/2/2026      USD      78,667,808     ILS      220,545,200        —       (446,421 ) 

Morgan Stanley Capital

      6/2/2026      USD      4,807,712     JPY      750,264,200        —       (96,920 ) 

Morgan Stanley Capital

      6/2/2026      USD      1,953,052,289     JPY       310,984,515,900        —       (429,202 ) 

Goldman Sachs & Co.

      6/2/2026      USD      4,994,922     NOK      46,478,000        31,656       —  

Goldman Sachs & Co.

      6/2/2026      USD      33,735,057     NOK      311,550,000        —       (41,045 ) 

JP Morgan & Chase Co.

      6/2/2026      USD      1,762,593     NOK      16,277,900        —       (2,145 ) 

RBC Capital Markets

      6/2/2026      USD      22,891,870     NOK      211,411,000        —       (27,852 ) 

Morgan Stanley Capital

      6/2/2026      USD      273,469,413     SEK      2,525,049,200        8,530       —  

JP Morgan & Chase Co.

      6/3/2026      NZD      14,916,300     USD      8,790,155        —       (143,355 ) 

RBC Capital Markets

      6/3/2026      NZD      10,227,000     USD      6,027,313        —       (97,732 ) 

Goldman Sachs & Co.

      6/3/2026      SGD      79,051,200     USD      62,196,066        242,495       —  

RBC Capital Markets

      6/3/2026      SGD      80,201,000     USD      63,102,446        247,759       —  

JP Morgan & Chase Co.

      6/3/2026      USD      8,930,389     NZD      14,916,300        3,121       —  

RBC Capital Markets

      6/3/2026      USD      6,122,905     NZD      10,227,000        2,140       —  

Goldman Sachs & Co.

      6/3/2026      USD      61,983,926     SGD      79,051,200        —       (30,355 ) 

RBC Capital Markets

      6/3/2026      USD      62,885,482     SGD      80,201,000        —       (30,796 ) 

RBC Capital Markets

      7/2/2026      AUD      10,714,000     USD      7,704,056        8,245       —  

RBC Capital Markets

      7/2/2026      AUD      781,191,842     USD      561,737,086        611,053       —  

The Bank of New York Mellon

      7/2/2026      CHF      620,676,400     USD      796,924,144        —       (1,003,572 ) 

The Bank of New York Mellon

      7/2/2026      CHF      26,795,000     USD      34,402,271        —       (44,783 ) 

The Bank of New York Mellon

      7/2/2026      DKK      888,706,500     USD      138,990,912        60,153       —  

The Bank of New York Mellon

      7/2/2026      DKK      30,772,000     USD      4,812,600        2,038       —  

Morgan Stanley Capital

      7/2/2026      EUR      86,804,000     USD      101,402,870        13,125       —  

Morgan Stanley Capital

      7/2/2026      EUR      2,469,242,700     USD      2,885,201,448        1,049,928       —  

The Bank of New York Mellon

      7/2/2026      GBP      5,605,000     USD      7,554,671        6,853       —  

The Bank of New York Mellon

      7/2/2026      GBP      897,644,200     USD      1,209,911,278        1,123,598       —  

JP Morgan & Chase Co.

      7/2/2026      ILS      220,545,200     USD      78,667,107        435,453       —  

JP Morgan & Chase Co.

      7/2/2026      ILS      33,308,000     USD      11,880,732        65,739       —  

Morgan Stanley Capital

      7/2/2026      JPY      9,154,943,000     USD      57,628,134        —       (6,919 ) 

Morgan Stanley Capital

      7/2/2026      JPY       310,984,515,900     USD      1,957,910,484        103,732       —  

Goldman Sachs & Co.

      7/2/2026      NOK      311,550,000     USD      33,717,168        40,740       —  

JP Morgan & Chase Co.

      7/2/2026      NOK      16,277,900     USD      1,761,695        2,166       —  

RBC Capital Markets

      7/2/2026      NOK      211,411,000     USD      22,880,387        28,301       —  

JP Morgan & Chase Co.

      7/2/2026      NZD      1,376,000     USD      824,598        —       (285 ) 

JP Morgan & Chase Co.

      7/2/2026      NZD      14,916,300     USD      8,938,278        —       (3,734 ) 

RBC Capital Markets

      7/2/2026      NZD      10,227,000     USD      6,128,877        —       (1,996 ) 

Morgan Stanley Capital

      7/2/2026      SEK      2,525,049,200     USD      273,896,749        —       (37,645 ) 

Goldman Sachs & Co.

      7/2/2026      SGD      79,051,200     USD      62,112,012        29,318       —  

RBC Capital Markets

      7/2/2026      SGD      80,201,000     USD      63,014,441        28,754       —  

Goldman Sachs & Co.

      7/2/2026      USD      706,064     NOK      6,524,000        —       (864 ) 

Morgan Stanley Capital

      7/2/2026      USD      2,766,006     SEK      25,499,000        297       —  

Goldman Sachs & Co.

      7/2/2026      USD      737,808     SGD      939,000        —       (366 ) 

The Bank of New York Mellon

      7/3/2026      HKD      1,239,849,700     USD      158,365,382        —       (21,482 ) 

 

See Notes to Financial Statements.

 

42  |  DBX ETF Trust  

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2026

 

     Settlement      Currency To     Currency To      Unrealized    Unrealized 
Counterparty    Date      Deliver     Receive       Appreciation ($)     Depreciation ($) 

The Bank of New York Mellon

      7/3/2026        USD               4,294,381         HKD              33,619,000        340         —   
               
Total unrealized appreciation (depreciation)                                                  74,672,273       (10,130,451 ) 

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

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, 2026 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

 

Assets    Level 1      Level 2      Level 3      Total

Common Stocks (a)

    $ 8,523,548,920      $ 17,529      $ —      $ 8,523,566,449  

Preferred Stocks

      22,812,280        —        —        22,812,280  

Exchange-Traded Funds

      10,244,250        —        —        10,244,250  

Short-Term Investments (a)

      137,534,654        —        —        137,534,654  

Derivatives (b)

            

Forward Foreign Currency Contracts

      —        74,672,273        —        74,672,273  

Futures Contracts

      5,593,984        —        —        5,593,984  

TOTAL

    $  8,699,734,088      $    74,689,802      $      —      $  8,774,423,890  

 

Liabilities    Level 1      Level 2     Level 3      Total

Derivatives (b)

           

Forward Foreign Currency Contracts

    $ —      $ (10,130,451 )    $ —      $ (10,130,451 ) 

TOTAL

    $            —      $  (10,130,451 )    $      —      $    (10,130,451 ) 

 

(a)

See Schedule of Investments for additional detailed categorizations.

(b)

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

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  43

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF

May 31, 2026

 

    

Number

   of Shares

        Value $  
COMMON STOCKS — 96.1%     
Australia — 0.0%     

MMG Ltd. *

     

(Cost $15,909)

      30,548        34,341   
Brazil — 2.7%     

Ambev SA

      35,709       115,525  

Axia Energia

      8,609       89,477  

B3 SA — Brasil Bolsa Balcao

      41,287       135,044  

Banco Bradesco SA

      15,241       46,830  

Banco BTG Pactual S.A

      9,749       103,876  

Banco do Brasil SA

      13,361       53,767  

BB Seguridade Participacoes SA

      5,378       37,740  

Caixa Seguridade Participacoes S/A

      5,659       19,867  

Cia de Saneamento Basico do Estado de Sao Paulo

      19,221       106,496  

Companhia Paranaense de Energia

      14,172       40,904  

CPFL Energia SA

      1,027       8,834  

Embraer SA

      5,619       81,736  

Energisa SA

      2,667       25,377  

Eneva SA *

      7,071       35,926  

Engie Brasil Energia SA

      2,493       16,358  

Equatorial SA

      8,921       68,174  

Itau Unibanco Holding SA

      4,620       36,689  

Klabin SA

      6,105       20,174  

Localiza Rent a Car SA

      6,540       54,477  

MBRF Global Foods Co. SA

      5,369       17,040  

Motiva Infraestrutura de Mobilidade SA

      8,717       24,382  

NU Holdings Ltd., Class A *

      29,745       390,552  

Petroleo Brasileiro SA

      29,345       271,836  

Porto Seguro SA

      1,930       18,483  

PRIO SA *

      6,840       84,406  

Raia Drogasil SA

      9,876       36,590  

Rede D’Or Sao Luiz SA, 144A

      4,970       33,517  

Rumo SA

      8,100       22,030  

StoneCo Ltd., Class A

      1,796       20,564  

Suzano SA

      4,614       38,333  

Telefonica Brasil SA

      6,242       41,848  

TIM SA

      7,600       32,994  

Ultrapar Participacoes SA

      4,855       24,898  

Vale SA

      28,958       475,424  

Vibra Energia SA

      8,945       52,753  

WEG SA

      12,097       105,753  

XP, Inc., Class A

      3,320       55,344  

(Cost $1,681,563)

        2,844,018  
Canada — 0.0%     

China Gold International Resources Corp. Ltd.

     

(Cost $34,734)

      1,913       36,664  
    

Number

   of Shares

        Value $  
Chile — 0.3%     

Banco de Chile

      351,212        66,159   

Banco de Credito e Inversiones SA

      678       45,745  

Banco Santander Chile

      595,329       46,822  

Cencosud SA

      9,797       23,104  

Empresas Copec SA

      2,673       18,991  

Enel Chile SA

      175,826       15,270  

Falabella SA

      5,055       32,373  

Latam Airlines Group SA

      2,525,633       68,388  

Plaza SA

      6,618       28,850  

(Cost $224,630)

        345,702  
China — 16.2%     

360 Security Technology, Inc., Class A

      6,016       8,981  

37 Interactive Entertainment Network Technology Group Co. Ltd., Class A

      1,600       4,541  

3SBio, Inc., 144A *

      14,388       33,965  

AAC Technologies Holdings, Inc.

      6,487       37,663  

Accelink Technologies Co. Ltd., Class A

      400       12,059  

Advanced Micro-Fabrication Equipment, Inc., China, Class A

      505       22,225  

AECC Aviation Power Co. Ltd., Class A

      1,200       7,365  

Agricultural Bank of China Ltd., Class A

      43,400       40,543  

Agricultural Bank of China Ltd., Class H

      220,975       162,695  

Aier Eye Hospital Group Co. Ltd., Class A

      4,684       6,314  

Air China Ltd., Class A *

      8,200       8,254  

Akeso, Inc., 144A *

      5,407       81,482  

Aluminum Corp. of China Ltd., Class A

      2,812       4,747  

Aluminum Corp. of China Ltd., Class H

      30,818       42,863  

Anhui Conch Cement Co. Ltd., Class A

      1,500       4,468  

Anhui Conch Cement Co. Ltd., Class H

      10,417       25,295  

Anhui Gujing Distillery Co. Ltd., Class A

      272       3,740  

Anhui Jianghuai Automobile Group Corp. Ltd., Class A *

      1,300       7,114  

Anker Innovations Technology Co. Ltd., Class A

      200       3,717  

ANTA Sports Products Ltd.

      10,173       98,395  

Avary Holding Shenzhen Co. Ltd., Class A

      730       11,331  

BAIC BluePark New Energy Technology Co. Ltd., Class A *

      5,000       4,516  

Baidu, Inc., Class A *

      17,081       283,343  
 

 

See Notes to Financial Statements.

 

44  |  DBX ETF Trust  

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

   of Shares

        Value $  

Baiyin Nonferrous Group Co. Ltd., Class A

      7,300        6,766   

Bank of Beijing Co. Ltd., Class A

      12,500       9,405  

Bank of Changsha Co. Ltd., Class A

      4,992       7,010  

Bank of Chengdu Co. Ltd., Class A

      2,451       6,739  

Bank of China Ltd., Class A

      12,400       10,741  

Bank of China Ltd., Class H

      547,020       363,661  

Bank of Communications Co. Ltd., Class A

      26,100       25,694  

Bank of Communications Co. Ltd., Class H

      73,201       68,186  

Bank of Hangzhou Co. Ltd., Class A

      3,560       8,425  

Bank of Jiangsu Co. Ltd., Class A

      11,454       19,115  

Bank of Nanjing Co. Ltd., Class A

      5,700       9,082  

Bank of Ningbo Co. Ltd., Class A

      2,270       10,412  

Bank of Shanghai Co. Ltd., Class A

      8,440       11,265  

Baoshan Iron & Steel Co. Ltd., Class A

      14,600       13,013  

Beijing Compass Technology Development Co. Ltd., Class A

      500       6,788  

Beijing Kingsoft Office Software, Inc., Class A

      252       8,884  

Beijing New Building Materials PLC, Class A

      1,470       4,976  

Beijing Tong Ren Tang Co. Ltd., Class A

      900       3,412  

Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A *

      609       3,120  

Beijing-Shanghai High Speed Railway Co. Ltd., Class A

      21,350       15,842  

Bilibili, Inc., Class Z *

      1,960       34,088  

Biwin Storage Technology Co. Ltd., Class A *

      225       10,888  

Bluefocus Intelligent Communications Group Co. Ltd., Class A *

      3,300       8,146  

BOC International China Co. Ltd., Class A

      2,100       3,539  

BOE Technology Group Co. Ltd., Class A

      18,900       14,276  

BYD Co. Ltd., Class A

      2,700       38,385  

BYD Co. Ltd., Class H

      29,613       344,992  

BYD Electronic International Co. Ltd.

      6,270       23,346  

Caitong Securities Co. Ltd., Class A

      3,204       3,718  

Cambricon Technologies Corp. Ltd., Class A

      312       60,414  

CCOOP Group Co. Ltd., Class A *

      13,900       3,575  

CGN Power Co. Ltd., Class H, 144A

      75,715       29,950  
    

Number

   of Shares

        Value $  

Changchun High-Tech Industry Group Co. Ltd., Class A

      360        3,915   

Changjiang Securities Co. Ltd., Class A

      1,400       1,682  

Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A

      328       6,157  

Chaozhou Three-Circle Group Co. Ltd., Class A

      864       16,447  

Chifeng Jilong Gold Mining Group Ltd., Class A

      1,800       8,879  

China CITIC Bank Corp. Ltd., Class A

      6,700       7,348  

China CITIC Bank Corp. Ltd., Class H

      65,345       60,785  

China Coal Energy Co. Ltd., Class H

      16,135       26,024  

China Construction Bank Corp., Class A

      12,800       18,844  

China Construction Bank Corp., Class H

      680,017       736,687  

China CSSC Holdings Ltd., Class A

      4,012       22,167  

China Eastern Airlines Corp. Ltd., Class A *

      11,535       7,485  

China Energy Engineering Corp. Ltd., Class A

      23,540       10,056  

China Everbright Bank Co. Ltd., Class A

      27,100       12,418  

China Feihe Ltd., 144A

      28,631       11,179  

China Galaxy Securities Co. Ltd., Class A

      3,700       6,716  

China Galaxy Securities Co. Ltd., Class H

      25,762       25,509  

China Greatwall Technology Group Co. Ltd., Class A *

      700       1,842  

China Hongqiao Group Ltd.

      26,545       94,909  

China International Capital Corp. Ltd., Class A

      1,549       7,737  

China International Capital Corp. Ltd., Class H, 144A

      12,883       32,253  

China Jushi Co. Ltd., Class A

      1,304       8,115  

China Life Insurance Co. Ltd., Class A

      400       2,000  

China Life Insurance Co. Ltd., Class H

      60,513       222,998  

China Longyuan Power Group Corp. Ltd., Class H

      18,487       15,970  

China Mengniu Dairy Co. Ltd.

      23,728       51,350  

China Merchants Bank Co. Ltd., Class A

      8,963       50,357  

China Merchants Bank Co. Ltd., Class H

      31,604       189,941  

China Merchants Energy Shipping Co. Ltd., Class A

      4,324       10,137  

China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A

      4,300       6,381  
 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  45

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

   of Shares

        Value $  

China Merchants Securities Co. Ltd., Class A

      3,900        9,794   

China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A

      3,800       4,954  

China Minsheng Banking Corp. Ltd., Class A

      7,500       3,935  

China Minsheng Banking Corp. Ltd., Class H

      61,539       26,384  

China National Building Material Co. Ltd., Class H

      29,393       19,916  

China National Chemical Engineering Co. Ltd., Class A

      4,000       4,564  

China National Nuclear Power Co. Ltd., Class A

      4,700       6,280  

China National Software & Service Co. Ltd., Class A *

      10       53  

China Nonferrous Mining Corp. Ltd.

      11,493       19,871  

China Northern Rare Earth Group High-Tech Co. Ltd., Class A

      1,400       10,061  

China Oilfield Services Ltd., Class H

      15,952       16,080  

China Pacific Insurance Group Co. Ltd., Class A

      3,900       18,551  

China Pacific Insurance Group Co. Ltd., Class H

      21,048       84,386  

China Petroleum & Chemical Corp., Class A

      11,300       8,101  

China Petroleum & Chemical Corp., Class H

      186,633       102,879  

China Railway Group Ltd., Class A

      12,300       8,672  

China Railway Group Ltd., Class H

      29,642       13,276  

China Rare Earth Resources And Technology Co. Ltd., Class A *

      100       721  

China Resources Microelectronics Ltd., Class A

      893       8,460  

China Resources Mixc Lifestyle Services Ltd., 144A

      5,557       29,498  

China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A

      429       1,550  

China Shenhua Energy Co. Ltd., Class A

      1,829       12,685  

China Shenhua Energy Co. Ltd., Class H

      28,601       164,521  

China Southern Airlines Co. Ltd., Class A *

      7,700       6,248  

China State Construction Engineering Corp. Ltd., Class A

      11,200       7,996  

China Three Gorges Renewables Group Co. Ltd., Class A

      14,675       9,045  

China Tourism Group Duty Free Corp. Ltd., Class A

      1,200       10,568  
    

Number

   of Shares

        Value $  

China Tower Corp. Ltd., Class H, 144A

      33,531        42,444   

China Tungsten And Hightech Materials Co. Ltd., Class A

      1,200       12,062  

China United Network Communications Ltd., Class A

      19,199       12,345  

China Vanke Co. Ltd., Class A *

      9,300       4,880  

China XD Electric Co. Ltd., Class A

      4,100       10,042  

China Yangtze Power Co. Ltd., Class A

      12,000       49,222  

China Zheshang Bank Co. Ltd., Class A

      5,070       2,248  

Chongqing Afari Technology Co. Ltd., Class A *

      5,500       8,772  

Chongqing Changan Automobile Co. Ltd., Class A

      362       424  

Chongqing Rural Commercial Bank Co. Ltd., Class A

      2,544       2,497  

Chongqing Rural Commercial Bank Co. Ltd., Class H

      21,313       17,296  

Chongqing Zhifei Biological Products Co. Ltd., Class A *

      1,435       2,883  

CICT Mobile Communication Technology Co. Ltd., Class A *

      3,620       8,636  

CITIC Ltd.

      33,621       56,458  

CITIC Securities Co. Ltd., Class A

      4,510       17,366  

CITIC Securities Co. Ltd., Class H

      13,135       43,644  

CMOC Group Ltd., Class A

      8,400       22,983  

CMOC Group Ltd., Class H

      28,719       66,879  

CNGR Advanced Material Co. Ltd., Class A

      840       6,501  

CNPC Capital Co. Ltd., Class A

      5,700       6,572  

Contemporary Amperex Technology Co. Ltd., Class A

      2,153       134,934  

Contemporary Amperex Technology Co. Ltd., Class H

      1,382       131,289  

COSCO SHIPPING Energy Transportation Co. Ltd., Class A

      2,100       6,047  

COSCO SHIPPING Energy Transportation Co. Ltd., Class H

      10,000       20,403  

COSCO SHIPPING Holdings Co. Ltd., Class A

      3,930       8,214  

COSCO SHIPPING Holdings Co. Ltd., Class H

      21,934       39,659  

CRRC Corp. Ltd., Class A

      17,600       15,011  

CRRC Corp. Ltd., Class H

      36,452       24,140  

CSC Financial Co. Ltd., Class A

      2,433       8,771  

CSPC Pharmaceutical Group Ltd.

      66,426       63,570  

Daqin Railway Co. Ltd., Class A

      7,015       5,382  

Datang International Power Generation Co. Ltd., Class A

      9,200       11,736  

Dongfang Electric Corp. Ltd., Class A

      2,280       11,873  
 

 

See Notes to Financial Statements.

 

46  |  DBX ETF Trust  

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

   of Shares

        Value $  

Dongxing Securities Co. Ltd., Class A

      600        1,186   

East Money Information Co. Ltd., Class A

      7,388       20,924  

Eastroc Beverage Group Co. Ltd., Class A

      341       7,180  

Ecovacs Robotics Co. Ltd., Class A

      500       4,340  

Empyrean Technology Co. Ltd., Class A *

      400       6,770  

ENN Energy Holdings Ltd.

      5,997       42,011  

ENN Natural Gas Co. Ltd., Class A

      2,700       7,802  

Eoptolink Technology, Inc. Ltd., Class A *

      460       48,034  

Eve Energy Co. Ltd., Class A

      728       6,852  

Everbright Securities Co. Ltd., Class A

      2,000       4,219  

Fiberhome Telecommunication Technologies Co. Ltd., Class A

      1,300       9,971  

Focus Media Information Technology Co. Ltd., Class A

      8,020       6,615  

Foshan Haitian Flavouring & Food Co. Ltd., Class A

      2,151       11,421  

Founder Securities Co. Ltd., Class A

      1,900       1,935  

Foxconn Industrial Internet Co. Ltd., Class A

      5,143       55,799  

Full Truck Alliance Co. Ltd., ADR

      5,841       51,518  

Fuyao Glass Industry Group Co. Ltd., Class A

      600       4,670  

Fuyao Glass Industry Group Co. Ltd., Class H, 144A

      5,239       37,169  

Ganfeng Lithium Group Co. Ltd., Class A

      480       5,072  

Ganfeng Lithium Group Co. Ltd., Class H, 144A

      3,758       30,714  

GD Power Development Co. Ltd., Class A

      7,854       5,979  

GDS Holdings Ltd., Class A *

      8,369       35,540  

Genscript Biotech Corp. *

      10,171       17,754  

GF Securities Co. Ltd., Class A

      1,300       3,630  

GF Securities Co. Ltd., Class H

      7,428       15,307  

Giant Biogene Holding Co. Ltd., 144A

      2,411       9,248  

Giant Network Group Co. Ltd., Class A

      1,500       5,778  

GigaDevice Semiconductor, Inc., Class A

      233       16,084  

GoerTek, Inc., Class A

      2,100       8,328  

Goldwind Science & Technology Co. Ltd., Class A

      1,138       3,939  

Gotion High-tech Co. Ltd., Class A

      1,200       5,845  

Great Wall Motor Co. Ltd., Class H

      18,935       25,152  

Gree Electric Appliances, Inc. of Zhuhai, Class A

      800       4,632  
    

Number

   of Shares

        Value $  

Guangdong Haid Group Co. Ltd., Class A

      901        6,237   

Guangdong HEC Technology Holding Co. Ltd., Class A *

      2,000       10,530  

Guangzhou Automobile Group Co. Ltd., Class A

      2,900       2,602  

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A

      600       1,909  

Guangzhou Tinci Materials Technology Co. Ltd., Class A

      2,040       15,689  

Guolian Minsheng Securities Co. Ltd., Class A

      1,900       2,441  

Guosen Securities Co. Ltd., Class A

      4,200       6,283  

Guotai Haitong Securities Co. Ltd.

      8,092       18,396  

Guotai Haitong Securities Co. Ltd., Class H, 144A

      16,694       27,820  

Guoyuan Securities Co. Ltd., Class A

      30       32  

H World Group Ltd., ADR

      1,419       63,699  

Haidilao International Holding Ltd., 144A

      13,686       22,283  

Haier Smart Home Co. Ltd., Class A

      2,100       6,481  

Haier Smart Home Co. Ltd., Class H

      17,578       44,187  

Hainan Airlines Holding Co. Ltd., Class A *

      33,864       7,358  

Hainan Airport Infrastructure Co. Ltd., Class A

      13,900       6,595  

Haitian International Holdings Ltd.

      6,009       15,151  

Hangzhou Chang Chuan Technology Co. Ltd., Class A

      500       15,579  

Hangzhou First Applied Material Co. Ltd., Class A

      1,600       4,233  

Hangzhou Silan Microelectronics Co. Ltd., Class A

      1,300       6,649  

Hangzhou Tigermed Consulting Co. Ltd., Class A

      174       1,015  

Hansoh Pharmaceutical Group Co. Ltd., 144A

      10,191       40,884  

Hebei Changshan Biochemical Pharmaceutical Co. Ltd., Class A *

      1,700       10,365  

Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A

      621       2,667  

Henan Shuanghui Investment & Development Co. Ltd., Class A

      1,808       6,686  

Hengan International Group Co. Ltd.

      5,370       16,678  

Hengli Petrochemical Co. Ltd., Class A

      3,602       9,152  

Hengtong Optic-electric Co. Ltd., Class A

      1,100       12,539  

Hesai Group *

      956       19,262  
 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  47

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

   of Shares

        Value $  

Hgtech Co. Ltd., Class A

      600        13,473   

Hithink RoyalFlush Information Network Co. Ltd., Class A

      273       9,191  

Horizon Robotics *

      39,954       26,969  

Hoshine Silicon Industry Co. Ltd., Class A

      500       2,814  

Hua Hong Semiconductor Ltd., Class H, 144A *

      6,404       131,808  

Huadian Power International Corp. Ltd., Class A

      6,600       5,424  

Huadong Medicine Co. Ltd., Class A

      1,300       5,576  

Huafon Chemical Co. Ltd., Class A

      2,500       3,736  

Huaneng Power International, Inc., Class A

      6,000       7,867  

Huaneng Power International, Inc., Class H

      34,048       31,585  

Huaqin Co. Ltd., Class A

      500       7,864  

Huatai Securities Co. Ltd., Class A

      3,600       9,674  

Huatai Securities Co. Ltd., Class H, 144A

      10,160       20,548  

Huaxia Bank Co. Ltd., Class A

      2,800       2,777  

Huayu Automotive Systems Co. Ltd., Class A

      1,600       3,952  

Huizhou Desay Sv Automotive Co. Ltd., Class A

      400       6,017  

Hunan Valin Steel Co. Ltd., Class A

      4,600       2,727  

Hundsun Technologies, Inc., Class A

      389       1,395  

Hygon Information Technology Co. Ltd., Class A

      1,117       48,525  

IEIT Systems Co. Ltd., Class A

      921       8,798  

Iflytek Co. Ltd., Class A

      1,250       8,850  

Imeik Technology Development Co. Ltd., Class A

      232       3,592  

Industrial & Commercial Bank of China Ltd., Class A

      30,500       32,550  

Industrial & Commercial Bank of China Ltd., Class H

      528,909       448,131  

Industrial Bank Co. Ltd., Class A

      9,759       26,686  

Industrial Securities Co. Ltd., Class A

      6,700       5,694  

Ingenic Semiconductor Co. Ltd., Class A

      500       11,637  

Inner Mongolia BaoTou Steel Union Co. Ltd., Class A

      13,600       4,744  

Inner Mongolia Dian Tou Energy Corp. Ltd., Class A

      2,308       10,559  

Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A

      2,800       2,119  

Inner Mongolia Xingye Silver&Tin Mining Co. Ltd., Class A

      1,700       9,976  
    

Number

   of Shares

        Value $  

Inner Mongolia Yili Industrial Group Co. Ltd., Class A

      3,900        15,519   

Inner Mongolia Yitai Coal Co. Ltd., Class B

      8,263       22,971  

Innovent Biologics, Inc., 144A *

      11,599       123,362  

Isoftstone Information Technology Group Co. Ltd., Class A

      330       1,612  

J&T Global Express Ltd. *

      19,030       21,927  

JA Solar Technology Co. Ltd., Class A *

      2,276       3,065  

JCET Group Co. Ltd., Class A

      1,300       15,766  

JD Health International, Inc., 144A *

      7,496       36,730  

JD Logistics, Inc., 144A *

      16,142       26,550  

JD.com, Inc., Class A

      18,583       269,133  

Jiangsu Eastern Shenghong Co. Ltd., Class A *

      1,992       3,548  

Jiangsu Hengli Hydraulic Co. Ltd., Class A

      804       12,967  

Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A

      3,478       25,802  

Jiangsu Yanghe Distillery Co. Ltd., Class A

      800       5,367  

Jiangsu Zhongtian Technology Co. Ltd., Class A

      896       5,588  

Jiangxi Copper Co. Ltd., Class A

      1,400       9,002  

Jiangxi Copper Co. Ltd., Class H

      7,960       35,753  

Jinko Solar Co. Ltd., Class A *

      5,688       4,927  

Kanzhun Ltd., ADR

      2,954       40,086  

KE Holdings, Inc., ADR

      2,937       48,754  

KE Holdings, Inc., Class A

      7,528       41,709  

Kingdee International Software Group Co. Ltd. *

      23,832       22,108  

Kingfa Sci & Tech Co. Ltd., Class A

      3,900       9,748  

Kingsoft Corp. Ltd.

      7,686       20,772  

Kuaishou Technology, 144A

      19,887       115,563  

Kuang-Chi Technologies Co. Ltd., Class A *

      1,500       8,915  

Kunlun Tech Co. Ltd., Class A *

      200       1,298  

Kweichow Moutai Co. Ltd., Class A

      615       120,540  

Laopu Gold Co. Ltd., Class H

      225       14,470  

LB Group Co. Ltd., Class A

      1,916       4,050  

Lenovo Group Ltd.

      62,173       190,401  

Lens Technology Co. Ltd., Class A

      3,176       19,013  

Leo Group Co. Ltd., Class A

      10,600       9,370  

Li Auto, Inc., Class A *

      9,992       73,758  

Li Ning Co. Ltd.

      19,826       46,043  

Lingyi iTech Guangdong Co., Class A

      2,590       5,570  

Longfor Group Holdings Ltd., 144A

      15,063       15,088  
 

 

See Notes to Financial Statements.

 

48  |  DBX ETF Trust  

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

   of Shares

        Value $  

LONGi Green Energy Technology Co. Ltd., Class A *

      3,254        6,681   

Luxshare Precision Industry Co. Ltd., Class A

      3,270       35,425  

Luzhou Laojiao Co. Ltd., Class A

      400       5,383  

Mango Excellent Media Co. Ltd., Class A

      1,803       4,651  

Maxscend Microelectronics Co. Ltd., Class A *

      448       7,158  

Meituan, Class B, 144A *

      40,104       375,868  

Metallurgical Corp. of China Ltd., Class A

      16,000       6,693  

Midea Group Co. Ltd., Class A

      2,000       23,901  

Midea Group Co. Ltd., Class H

      3,750       41,032  

MINISO Group Holding Ltd.

      3,279       10,820  

Montage Technology Co. Ltd., Class A

      489       18,287  

Muyuan Foods Group Co. Ltd., Class A

      3,064       17,242  

NARI Technology Co. Ltd., Class A

      4,323       15,911  

National Silicon Industry Group Co. Ltd., Class A *

      907       3,714  

NAURA Technology Group Co. Ltd., Class A

      317       29,514  

NetEase, Inc.

      14,470       358,385  

New China Life Insurance Co. Ltd., Class A

      400       3,530  

New China Life Insurance Co. Ltd., Class H

      8,489       52,492  

New Hope Liuhe Co. Ltd., Class A

      2,400       2,799  

New Oriental Education & Technology Group, Inc.

      11,073       51,487  

Nexchip Semiconductor Corp., Class A

      1,670       11,246  

Ningbo Deye Technology Co. Ltd., Class A

      987       16,871  

Ningbo Orient Wires & Cables Co. Ltd., Class A

      720       4,757  

Ningbo Tuopu Group Co. Ltd., Class A

      1,078       9,943  

Ningxia Baofeng Energy Group Co. Ltd., Class A

      4,056       14,389  

NIO, Inc., Class A *

      14,562       78,971  

Nongfu Spring Co. Ltd., Class H, 144A

      13,441       73,406  

OmniVision Integrated Circuits Group, Inc.

      586       8,229  

Orient Securities Co. Ltd., Class A

      3,238       4,456  

People’s Insurance Co. Group of China Ltd., Class A

      6,700       6,774  

People’s Insurance Co. Group of China Ltd., Class H

      66,787       44,145  

PetroChina Co. Ltd., Class A

      14,432       23,188  

PetroChina Co. Ltd., Class H

      170,689       237,186  
    

Number

   of Shares

        Value $  

Pharmaron Beijing Co. Ltd., Class A

      1,575        5,843   

PICC Property & Casualty Co. Ltd., Class H

      57,203       106,203  

Ping An Bank Co. Ltd., Class A

      11,800       19,064  

Ping An Insurance Group Co. of China Ltd., Class A

      5,217       41,256  

Ping An Insurance Group Co. of China Ltd., Class H

      52,671       403,590  

Piotech, Inc., Class A

      94       8,726  

Poly Developments and Holdings Group Co. Ltd., Class A

      7,100       6,055  

Pony AI, Inc., Class A *

      1,546       15,683  

Pop Mart International Group Ltd., 144A

      4,324       95,673  

Postal Savings Bank of China Co. Ltd., Class A

      17,216       12,673  

Postal Savings Bank of China Co. Ltd., Class H, 144A

      71,675       45,912  

Power Construction Corp. of China Ltd., Class A

      7,801       6,157  

Qinghai Salt Lake Industry Co. Ltd., Class A *

      2,100       9,551  

Range Intelligent Computing Technology Group Co. Ltd., Class A

      800       9,918  

Remegen Co. Ltd., Class H, 144A *

      1,523       16,062  

Rongsheng Petrochemical Co. Ltd., Class A *

      7,375       12,275  

SAIC Motor Corp. Ltd., Class A

      4,500       8,195  

Sailun Group Co. Ltd., Class A

      2,700       5,041  

Sanan Optoelectronics Co. Ltd., Class A

      3,400       7,860  

Sangfor Technologies, Inc., Class A

      500       7,904  

Sany Heavy Industry Co. Ltd., Class A

      3,364       8,921  

Satellite Chemical Co. Ltd., Class A

      2,190       7,533  

SDIC Capital Co. Ltd., Class A

      1,400       1,333  

SDIC Power Holdings Co. Ltd., Class A

      4,100       8,666  

SenseTime Group, Inc., Class B, 144A *

      221,928       47,008  

Seres Group Co. Ltd., Class A

      830       9,994  

SF Holding Co. Ltd., Class A

      1,575       8,137  

SG Micro Corp., Class A

      256       4,456  

Shaanxi Coal Industry Co. Ltd., Class A

      4,400       16,741  

Shandong Gold Mining Co. Ltd., Class A

      1,736       7,408  

Shandong Gold Mining Co. Ltd., Class H, 144A

      7,518       22,870  

Shandong Himile Mechanical Science & Technology Co. Ltd., Class A

      1,015       7,848  
 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  49

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

   of Shares

        Value $  

Shandong Hongqiao Aluminum Industry Holding Co. Ltd., Class A

      2,100        6,599   

Shandong Hualu Hengsheng Chemical Co. Ltd., Class A

      1,296       5,638  

Shandong Nanshan Aluminum Co. Ltd., Class A

      6,800       5,227  

Shandong Sun Paper Industry JSC Ltd., Class A

      64       131  

Shanghai Baosight Software Co. Ltd., Class A

      1,004       2,990  

Shanghai BOCHU Electronic Technology Corp. Ltd., Class A

      44       1,059  

Shanghai Electric Group Co. Ltd., Class A *

      6,300       7,506  

Shanghai Electric Power Co. Ltd., Class A *

      2,200       7,245  

Shanghai International Airport Co. Ltd., Class A

      900       3,335  

Shanghai Pharmaceuticals Holding Co. Ltd., Class A

      1,900       4,628  

Shanghai Pudong Development Bank Co. Ltd., Class A

      20,800       28,808  

Shanghai Putailai New Energy Technology Group Co. Ltd.

      942       4,265  

Shanghai RAAS Blood Products Co. Ltd., Class A

      5,600       4,395  

Shanghai Rural Commercial Bank Co. Ltd., Class A

      1,388       1,744  

Shanghai United Imaging Healthcare Co. Ltd., Class A

      494       8,784  

Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A

      1,800       9,243  

Shanjin International Gold Co. Ltd., Class A

      1,992       6,613  

Shannon Semiconductor Technology Co. Ltd., Class A

      100       2,662  

Shanxi Coking Coal Energy Group Co. Ltd., Class A

      1,740       1,746  

Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A

      2,300       5,440  

Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A

      580       10,999  

Sharetronic Data Technology Co. Ltd., Class A

      120       4,251  

Shengyi Technology Co. Ltd., Class A

      1,135       23,592  

Shennan Circuits Co. Ltd., Class A

      355       21,588  

Shenwan Hongyuan Group Co. Ltd., Class A

      14,400       9,387  

Shenzhen Envicool Technology Co. Ltd., Class A *

      600       8,071  

Shenzhen Inovance Technology Co. Ltd., Class A

      1,183       12,933  

Shenzhen Kinwong Electronic Co. Ltd., Class A

      200       2,341  
    

Number

   of Shares

        Value $  

Shenzhen Longsys Electronics Co. Ltd., Class A *

      300        24,446   

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A

      683       15,328  

Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A

      314       2,169  

Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A

      1,500       7,410  

Shenzhen Sunway Communication Co. Ltd., Class A

      300       4,375  

Shenzhen Techwinsemi Technology Co. Ltd., Class A

      100       9,460  

Shenzhen Transsion Holdings Co. Ltd., Class A

      441       3,924  

Shenzhou International Group Holdings Ltd.

      6,767       40,083  

Sichuan Changhong Electric Co. Ltd., Class A

      3,600       3,831  

Sichuan Chuantou Energy Co. Ltd., Class A

      1,900       4,353  

Sichuan Kelun Pharmaceutical Co. Ltd., Class A

      400       2,150  

Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., Class H *

      398       23,463  

Sichuan Road & Bridge Group Co. Ltd., Class A

      5,708       7,391  

Sinoma Science & Technology Co. Ltd., Class A

      1,000       10,517  

Sinopharm Group Co. Ltd., Class H

      11,427       24,671  

Sinotruk Hong Kong Ltd.

      6,847       32,554  

Smoore International Holdings Ltd., 144A

      14,325       16,634  

SooChow Securities Co. Ltd., Class A

      1,352       1,567  

Sungrow Power Supply Co. Ltd., Class A

      1,153       30,335  

Sunny Optical Technology Group Co. Ltd.

      4,920       52,610  

SUPCON Technology Co. Ltd., Class A *

      582       7,381  

Suzhou Centec Communications Co. Ltd., Class A *

      213       8,863  

Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A *

      898       28,279  

Suzhou Everbright Photonics Co. Ltd., Class A *

      200       11,670  

Suzhou Maxwell Technologies Co. Ltd., Class A

      300       11,071  

Suzhou TFC Optical Communication Co. Ltd., Class A

      400       26,914  

TAL Education Group, ADR *

      2,338       22,702  

TBEA Co. Ltd., Class A

      2,330       8,731  
 

 

See Notes to Financial Statements.

 

50  |  DBX ETF Trust  

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

   of Shares

        Value $  

TCL Technology Group Corp., Class A

      11,716        7,412   

TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A *

      3,361       4,844  

Tencent Holdings Ltd.

      50,153       2,733,908  

Tencent Music Entertainment Group, ADR

      4,599       42,403  

Tianqi Lithium Corp., Class A *

      1,200       11,153  

Tianshan Aluminum Group Co. Ltd., Class A

      674       1,487  

Tingyi Cayman Islands Holding Corp.

      16,772       25,575  

Tongcheng Travel Holdings Ltd.

      9,954       17,985  

TongFu Microelectronics Co. Ltd., Class A

      340       3,317  

Tongling Nonferrous Metals Group Co. Ltd., Class A

      11,600       11,831  

Tongwei Co. Ltd., Class A *

      3,400       7,423  

Trina Solar Co. Ltd., Class A *

      1,708       3,893  

Tsingtao Brewery Co. Ltd., Class A

      500       4,519  

Tsingtao Brewery Co. Ltd., Class H *

      5,075       32,210  

UBTech Robotics Corp. Ltd., Class H *

      1,588       20,709  

Unigroup Guoxin Microelectronics Co. Ltd., Class A

      773       9,061  

Unisplendour Corp. Ltd., Class A

      2,154       9,119  

Universal Scientific Industrial Shanghai Co. Ltd., Class A

      1,600       10,600  

Verisilicon Microelectronics Shanghai Co. Ltd., Class A *

      283       10,326  

Victory Giant Technology Huizhou Co. Ltd., Class A

      400       21,789  

Vipshop Holdings Ltd., ADR

      2,036       28,952  

Wanhua Chemical Group Co. Ltd., Class A

      1,858       20,172  

Weichai Power Co. Ltd., Class A

      3,300       17,238  

Weichai Power Co. Ltd., Class H

      15,713       83,488  

Wens Foodstuff Group Co. Ltd., Class A

      3,606       7,292  

Western Mining Co. Ltd., Class A

      2,000       9,025  

Western Superconducting Technologies Co. Ltd., Class A

      789       7,879  

Wolong Electric Group Co. Ltd., Class A

      1,300       7,583  

Wuhan Guide Infrared Co. Ltd., Class A *

      3,700       7,039  

Wuliangye Yibin Co. Ltd., Class A

      2,007       25,184  

WUS Printed Circuit Kunshan Co. Ltd., Class A

      632       12,335  

WuXi AppTec Co. Ltd., Class A

      1,182       17,751  

WuXi AppTec Co. Ltd., Class H, 144A

      3,201       53,221  
    

Number

   of Shares

        Value $  

Wuxi Biologics Cayman, Inc., 144A *

      28,344        120,582   

WuXi XDC Cayman, Inc. *

      2,442       17,107  

XCMG Construction Machinery Co. Ltd., Class A

      7,200       10,376  

Xiamen Tungsten Co. Ltd., Class A

      700       5,626  

Xiaomi Corp., Class B, 144A *

      138,930       497,084  

Xinjiang Daqo New Energy Co. Ltd., Class A *

      1,567       4,510  

Xinyi Solar Holdings Ltd.

      34,462       11,741  

XPeng, Inc., Class A *

      10,058       81,946  

XtalPi Holdings Ltd. *

      13,770       14,478  

Yadea Group Holdings Ltd., 144A

      10,624       15,278  

Yangtze Optical Fibre & Cable Joint Stock Ltd. Co., Class H, 144A

      3,225       93,496  

Yankuang Energy Group Co. Ltd., Class A

      3,273       10,547  

Yankuang Energy Group Co. Ltd., Class H

      26,498       49,230  

Yantai Jereh Oilfield Services Group Co. Ltd., Class A

      200       4,151  

Yealink Network Technology Corp. Ltd., Class A

      1,044       5,579  

Yonghui Superstores Co. Ltd., Class A *

      3,300       1,805  

Yonyou Network Technology Co. Ltd., Class A *

      2,697       4,134  

YTO Express Group Co. Ltd., Class A

      2,500       6,929  

Yum China Holdings, Inc.

      2,562       112,132  

Yunnan Aluminium Co. Ltd., Class A

      464       1,954  

Yunnan Baiyao Group Co. Ltd., Class A

      400       2,953  

Yunnan Energy New Material Group Co. Ltd., Class A *

      1,000       10,416  

Yunnan Tin Co. Ltd., Class A

      1,700       9,423  

Yunnan Yuntianhua Co. Ltd., Class A

      1,500       6,793  

Yutong Bus Co. Ltd., Class A

      1,700       8,116  

Zangge Mining Co. Ltd., Class A

      400       4,563  

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A

      300       5,694  

Zhaojin Mining Industry Co. Ltd., Class H

      12,951       35,629  

Zhejiang Century Huatong Group Co. Ltd., Class A

      4,000       8,620  

Zhejiang China Commodities City Group Co. Ltd., Class A

      3,300       6,248  

Zhejiang Chint Electrics Co. Ltd., Class A

      2,400       10,337  

Zhejiang Dahua Technology Co. Ltd., Class A

      1,632       4,026  

Zhejiang Huayou Cobalt Co. Ltd., Class A

      927       7,509  
 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  51

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

   of Shares

        Value $  

Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A

      1,100        8,263   

Zhejiang Juhua Co. Ltd., Class A

      1,740       8,493  

Zhejiang Leapmotor Technology Co. Ltd., Class H, 144A *

      4,033       20,224  

Zhejiang NHU Co. Ltd., Class A

      1,483       6,438  

Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A

      1,300       8,905  

Zhejiang Weiming Environment Protection Co. Ltd., Class A

      1,800       4,010  

Zhejiang Zheneng Electric Power Co. Ltd., Class A

      9,300       8,894  

Zheshang Securities Co. Ltd., Class A

      2,100       2,930  

Zhongji Innolight Co. Ltd., Class A

      511       87,705  

Zhongjin Gold Corp. Ltd., Class A

      1,800       5,965  

Zhongtai Securities Co. Ltd., Class A

      4,000       3,216  

Zhuzhou CRRC Times Electric Co. Ltd., Class A

      771       6,952  

Zhuzhou CRRC Times Electric Co. Ltd., Class H

      3,117       16,108  

Zijin Mining Group Co. Ltd., Class A

      10,800       48,594  

Zijin Mining Group Co. Ltd., Class H

      48,357       202,266  

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A

      5,076       5,410  

ZTE Corp., Class A *

      1,900       10,313  

ZTE Corp., Class H *

      4,872       16,648  

ZTO Express Cayman, Inc.

      3,151       69,840  

(Cost $12,233,452)

        16,821,013  
Colombia — 0.1%     

Grupo Cibest SA

      1,983       40,878  

Interconexion Electrica SA ESP

      2,996       24,542  

(Cost $33,149)

        65,420  
Czech Republic — 0.1%     

CEZ AS

      937       56,522  

Komercni Banka AS

      626       29,720  

Moneta Money Bank AS, 144A

      1,801       16,054  

(Cost $48,674)

        102,296  
Egypt — 0.1%     

Commercial International Bank -

     

Egypt (CIB)

      23,281       59,295  

Eastern Co. SAE

      9,146       6,655  

Talaat Moustafa Group

      4,259       7,830  

(Cost $52,031)

        73,780  
Greece — 0.5%     

Alpha Bank SA

      13,391       61,071  

Eurobank SA

      19,401       90,314  

GEK TERNA SA

      581       28,977  
    

Number

   of Shares

        Value $  

Hellenic Telecommunications Organization SA

      1,286        27,285   

JUMBO SA

      927       25,172  

National Bank of Greece SA

      6,620       114,472  

Piraeus Bank SA *

      8,812       94,047  

Public Power Corp. SA

      2,278       57,286  

(Cost $340,300)

        498,624  
Hong Kong — 2.8%     

Alibaba Group Holding Ltd.

      131,300       2,025,567  

Alibaba Group Holding Ltd., ADR

      607       75,402  

Alibaba Health Information Technology Ltd. *

      46,252       21,424  

Beijing Enterprises Holdings Ltd.

      3,764       14,803  

Bosideng International Holdings Ltd.

      33,928       18,399  

C&D International Investment Group Ltd.

      7,456       15,013  

China Gas Holdings Ltd.

      20,866       18,451  

China Merchants Port Holdings Co. Ltd.

      12,018       23,601  

China Overseas Land & Investment Ltd.

      30,245       60,282  

China Power International Development Ltd.

      26,014       12,348  

China Resources Beer Holdings Co. Ltd.

      11,770       36,345  

China Resources Gas Group Ltd.

      7,237       16,982  

China Resources Land Ltd.

      22,414       101,017  

China Resources Power Holdings Co. Ltd.

      16,325       44,287  

China Ruyi Holdings Ltd. *

      94,000       16,313  

China Taiping Insurance Holdings Co. Ltd.

      10,093       25,590  

Chow Tai Fook Jewellery Group Ltd.

      16,162       22,665  

Far East Horizon Ltd.

      21,736       21,329  

GCL Technology Holdings Ltd. *

      196,613       20,823  

Geely Automobile Holdings Ltd.

      50,255       120,685  

Guangdong Investment Ltd.

      25,068       26,709  

Kingboard Laminates Holdings Ltd.

      8,500       59,220  

Kunlun Energy Co. Ltd.

      31,009       28,331  

Orient Overseas International Ltd.

      1,093       18,982  

Sino Biopharmaceutical Ltd.

      83,454       53,138  

Want Want China Holdings Ltd.

      35,282       18,728  

Zijin Gold International Co. Ltd. *

      2,899       47,978  

(Cost $2,533,122)

        2,964,412  
Hungary — 0.3%     

MOL Hungarian Oil & Gas PLC

      2,727       34,636  

OTP Bank Nyrt

      1,782       244,132  

Richter Gedeon Nyrt

      1,038       43,924  

(Cost $101,127)

        322,692  
 

 

See Notes to Financial Statements.

 

52  |  DBX ETF Trust  

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

   of Shares

        Value $  
India — 10.6%     

ABB India Ltd.

      403        30,768   

Adani Enterprises Ltd.

      1,332       41,185  

Adani Ports & Special Economic Zone Ltd.

      4,154       78,909  

Adani Power Ltd. *

      24,532       62,846  

Aditya Birla Capital Ltd. *

      6,798       25,997  

Alkem Laboratories Ltd.

      371       21,471  

Ambuja Cements Ltd.

      4,573       21,558  

APL Apollo Tubes Ltd.

      1,419       27,351  

Apollo Hospitals Enterprise Ltd.

      843       72,556  

Ashok Leyland Ltd.

      22,898       37,466  

Asian Paints Ltd.

      3,195       89,850  

Astral Ltd.

      747       12,410  

AU Small Finance Bank Ltd., 144A

      4,464       46,271  

Aurobindo Pharma Ltd.

      2,236       33,573  

Avenue Supermarts Ltd., 144A *

      1,100       46,947  

Axis Bank Ltd.

      18,022       244,075  

Bajaj Auto Ltd.

      537       59,127  

Bajaj Finance Ltd. *

      20,381       194,853  

Bajaj Finserv Ltd.

      2,954       55,461  

Bajaj Holdings & Investment Ltd.

      192       20,940  

Balkrishna Industries Ltd.

      579       13,442  

Bank of Baroda

      9,222       26,064  

Bharat Electronics Ltd.

      28,577       123,558  

Bharat Forge Ltd.

      1,960       40,380  

Bharat Heavy Electricals Ltd.

      10,580       46,413  

Bharat Petroleum Corp. Ltd.

      10,944       34,341  

Bharti Airtel Ltd.

      22,367       430,624  

Bosch Ltd.

      56       21,589  

Britannia Industries Ltd.

      898       49,196  

BSE Ltd. *

      1,639       71,531  

Canara Bank

      16,289       22,427  

CG Power & Industrial Solutions Ltd.

      5,543       53,531  

Cholamandalam Investment and Finance Co. Ltd.

      3,239       52,428  

Cipla Ltd.

      3,804       56,099  

Coal India Ltd.

      12,425       59,889  

Colgate-Palmolive India Ltd.

      761       16,501  

Coromandel International Ltd.

      945       17,444  

Cummins India Ltd.

      1,016       62,896  

Dabur India Ltd.

      4,076       19,024  

Divi’s Laboratories Ltd.

      984       69,056  

Dixon Technologies India Ltd.

      288       34,936  

DLF Ltd.

      4,470       27,789  

Dr Reddy’s Laboratories Ltd.

      4,225       57,971  

Eicher Motors Ltd.

      1,036       78,267  

Eternal Ltd. *

      19,099       50,377  

Federal Bank Ltd.

      16,012       48,702  

Fortis Healthcare Ltd.

      3,904       38,154  
    

Number

   of Shares

        Value $  

FSN E-Commerce Ventures Ltd. *

      9,253        25,548   

GAIL India Ltd.

      16,421       28,436  

GE Vernova T&D India Ltd.

      1,048       56,797  

GMR Airports Ltd. *

      24,039       25,398  

Godrej Consumer Products Ltd.

      3,145       34,075  

Godrej Properties Ltd. *

      1,314       24,381  

Grasim Industries Ltd.

      2,148       70,599  

Havells India Ltd.

      1,750       21,678  

HCL Technologies Ltd.

      6,833       85,146  

HDFC Asset Management Co. Ltd., 144A

      1,544       43,464  

HDFC Bank Ltd.

      92,752       726,932  

HDFC Life Insurance Co. Ltd., 144A

      7,487       46,877  

Hero MotoCorp Ltd.

      998       51,507  

Hindalco Industries Ltd.

      10,283       121,956  

Hindustan Aeronautics Ltd.

      1,357       61,476  

Hindustan Petroleum Corp. Ltd.

      7,892       32,719  

Hindustan Unilever Ltd.

      5,820       131,930  

Hitachi Energy India Ltd.

      105       42,492  

ICICI Bank Ltd.

      43,078       569,718  

ICICI Lombard General Insurance Co. Ltd., 144A

      2,093       39,485  

ICICI Prudential Life Insurance Co. Ltd., 144A

      3,683       19,537  

IDFC First Bank Ltd.

      24,308       18,249  

Indian Bank

      2,362       20,711  

Indian Hotels Co. Ltd.

      6,592       45,398  

Indian Oil Corp. Ltd.

      18,555       27,391  

Indus Towers Ltd. *

      10,632       49,472  

IndusInd Bank Ltd. *

      4,878       46,950  

Info Edge India Ltd.

      2,873       30,091  

Infosys Ltd.

      24,842       303,569  

InterGlobe Aviation Ltd., 144A

      1,546       71,686  

ITC Ltd.

      24,131       72,876  

Jindal Stainless Ltd.

      2,482       17,899  

Jindal Steel Ltd.

      2,724       34,615  

Jio Financial Services Ltd.

      23,330       58,681  

JSW Energy Ltd.

      3,885       24,334  

JSW Steel Ltd.

      4,859       65,366  

Kotak Mahindra Bank Ltd.

      43,954       177,759  

L&T Finance Ltd.

      7,569       22,835  

Larsen & Toubro Ltd.

      5,389       231,245  

Lodha Developers Ltd., 144A

      2,258       22,297  

LTIMindtree Ltd., 144A

      607       25,952  

Lupin Ltd.

      1,881       44,900  

Mahindra & Mahindra Ltd.

      7,047       225,919  

Malco Energy Ltd. * (a)

      11,487       7,840  

Mankind Pharma Ltd.

      692       17,304  

Marico Ltd.

      4,478       38,732  

Maruti Suzuki India Ltd.

      934       129,059  

Max Healthcare Institute Ltd.

      6,076       61,726  
 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  53

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

   of Shares

        Value $  

Mphasis Ltd.

      852        20,371   

MRF Ltd.

      15       19,487  

Multi Commodity Exchange of India Ltd.

      1,118       34,770  

Muthoot Finance Ltd.

      881       31,001  

National Aluminium Co. Ltd.

      6,973       31,155  

Nestle India Ltd.

      4,779       71,509  

NHPC Ltd.

      13,123       10,895  

NMDC Ltd.

      30,081       27,861  

NTPC Ltd.

      34,525       140,608  

Oberoi Realty Ltd.

      1,119       20,108  

Oil & Natural Gas Corp. Ltd.

      20,438       57,097  

Oil India Ltd.

      4,275       21,427  

One 97 Communications Ltd. *

      3,076       36,226  

Oracle Financial Services Software Ltd.

      192       20,138  

Page Industries Ltd.

      50       20,103  

PB Fintech Ltd. *

      2,792       50,036  

Persistent Systems Ltd.

      831       45,436  

Petronet LNG Ltd.

      6,142       17,524  

Phoenix Mills Ltd.

      1,655       30,856  

PI Industries Ltd.

      588       17,176  

Pidilite Industries Ltd.

      2,320       36,212  

Polycab India Ltd.

      455       45,392  

Power Finance Corp. Ltd.

      11,546       52,091  

Power Grid Corp. of India Ltd.

      33,465       102,350  

Prestige Estates Projects Ltd.

      1,501       21,633  

Punjab National Bank

      15,579       17,391  

REC Ltd.

      9,996       35,528  

Reliance Industries Ltd., GDR, 144A

      825       46,118  

Reliance Industries Ltd.

      46,084       640,907  

Samvardhana Motherson International Ltd.

      31,788       48,766  

SBI Cards & Payment Services Ltd.

      2,428       15,958  

SBI Life Insurance Co. Ltd., 144A

      3,746       72,164  

Shree Cement Ltd.

      77       20,486  

Shriram Finance Ltd.

      11,232       111,983  

Siemens Energy India Ltd.

      705       28,735  

Siemens Ltd. *

      508       20,555  

Solar Industries India Ltd.

      210       40,335  

SRF Ltd.

      1,094       31,275  

State Bank of India

      14,938       151,644  

Sun Pharmaceutical Industries Ltd.

      7,167       135,735  

Sundaram Finance Ltd.

      577       25,442  

Supreme Industries Ltd.

      463       17,297  

Suzlon Energy Ltd. *

      76,714       46,020  

Swiggy Ltd. *

      10,999       29,859  

Talwandi Sabo Power Ltd. * (a)

      11,487       2,765  

Tata Communications Ltd.

      991       20,498  

Tata Consultancy Services Ltd.

      6,711       159,573  
    

Number

   of Shares

        Value $  

Tata Consumer Products Ltd.

      4,822        59,813   

Tata Motors Ltd. *

      15,813       63,169  

Tata Motors Passenger Vehicles Ltd.

      15,813       65,566  

Tata Power Co. Ltd.

      12,067       53,444  

Tata Steel Ltd.

      62,743       137,387  

Tech Mahindra Ltd.

      4,147       64,776  

Titan Co. Ltd.

      2,808       120,446  

Torrent Pharmaceuticals Ltd.

      896       41,601  

Torrent Power Ltd.

      1,193       17,836  

Trent Ltd.

      1,472       65,450  

Tube Investments of India Ltd.

      912       30,157  

TVS Motor Co. Ltd.

      1,871       66,090  

UltraTech Cement Ltd.

      876       105,876  

Union Bank of India Ltd.

      14,048       24,825  

United Spirits Ltd.

      2,205       29,477  

UPL Ltd.

      3,475       23,586  

Varun Beverages Ltd.

      10,771       59,864  

Vedanta Aluminium Metal Ltd. * (a)

      11,487       45,960  

Vedanta Iron and Steel Ltd. * (a)

      11,487       1,966  

Vedanta Ltd.

      11,487       42,635  

Vishal Mega Mart Ltd. *

      15,952       20,447  

Vodafone Idea Ltd. *

      214,432       31,578  

Voltas Ltd.

      1,798       23,577  

WAAREE Energies Ltd.

      822       27,176  

Wipro Ltd.

      10,212       21,956  

Wipro Ltd., ADR (b)

      7,555       17,830  

Yes Bank Ltd. *

      118,097       28,778  

Zydus Lifesciences Ltd.

      1,705       19,342  

(Cost $7,367,477)

        11,010,354  
Indonesia — 0.4%     

Bumi Resources Minerals Tbk PT *

      460,698       15,339  

GoTo Gojek Tokopedia Tbk PT *

      7,169,368       20,060  

PT Astra International Tbk

      133,756       37,425  

PT Bank Central Asia Tbk

      392,785       125,287  

PT Bank Mandiri Persero Tbk

      290,720       66,376  

PT Bank Negara Indonesia Persero Tbk

      116,496       24,121  

PT Bank Rakyat Indonesia Persero Tbk

      480,291       79,287  

PT Barito Pacific Tbk *

      124,041       13,466  

PT Charoen Pokphand Indonesia Tbk

      35,854       8,567  

PT Telkom Indonesia Persero Tbk

      344,215       58,364  

PT United Tractors Tbk

      11,475       14,721  

(Cost $635,719)

        463,013  
Ireland — 0.4%     

PDD Holdings, Inc., ADR *

     

(Cost $430,289)

      4,652       392,815  
 

 

See Notes to Financial Statements.

 

54  |  DBX ETF Trust  

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

   of Shares

        Value $  
Kazakhstan — 0.0%     

Solidcore Resources PLC * (a)

     

(Cost $66,377)

      4,065        0   
Kuwait — 0.5%     

Boubyan Bank KSCP

      11,596       24,541  

Gulf Bank KSCP

      15,990       18,082  

Kuwait Finance House KSCP

      95,144       239,781  

Mabanee Co KPSC

      4,327       13,799  

Mobile Telecommunications Co. KSCP

      16,954       32,758  

National Bank of Kuwait SAKP

      70,295       193,283  

Warba Bank KSCP

      21,405       19,226  

(Cost $359,241)

        541,470  
Luxembourg — 0.1%     

Reinet Investments SCA

      1,206       36,454  

Zabka Group SA *

      2,486       17,548  

(Cost $40,757)

        54,002  
Malaysia — 0.9%     

AMMB Holdings Bhd

      17,646       28,839  

Celcomdigi Bhd

      25,660       19,738  

CIMB Group Holdings Bhd

      62,689       118,263  

Gamuda Bhd

      34,891       36,959  

Hong Leong Bank Bhd

      5,641       29,706  

IHH Healthcare Bhd

      11,850       26,928  

IOI Corp. Bhd

      15,994       16,095  

Kuala Lumpur Kepong Bhd

      3,239       16,599  

Malayan Banking Bhd

      47,218       126,709  

Maxis Bhd

      16,296       15,248  

MISC Bhd

      8,400       17,266  

Petronas Chemicals Group Bhd

      21,924       28,808  

Petronas Gas Bhd

      4,890       21,089  

Press Metal Aluminium Holdings Bhd

      31,850       72,295  

Public Bank Bhd

      119,610       142,084  

RHB Bank Bhd

      14,281       29,571  

SD Guthrie Bhd

      13,023       19,083  

Sunway Bhd

      22,600       30,779  

Telekom Malaysia Bhd

      11,045       20,614  

Tenaga Nasional Bhd

      20,705       74,569  

YTL Corp. Bhd

      29,500       15,252  

YTL Power International Bhd

      20,900       21,928  

(Cost $629,719)

        928,422  
Mexico — 1.7%     

America Movil SAB de CV, Series B

      123,161       156,145  

Arca Continental SAB de CV

      3,871       50,267  

Cemex SAB de CV, Series CPO

      116,864       153,891  

Coca-Cola Femsa SAB de CV

      4,436       47,950  

Fibra Uno Administracion SA de CV REIT

      20,589       35,627  
    

Number

   of Shares

        Value $  

Fomento Economico Mexicano SAB de CV

      13,962        166,405   

Gruma SAB de CV, Class B

      1,239       20,779  

Grupo Aeroportuario del Centro Norte SAB de CV

      2,159       27,150  

Grupo Aeroportuario del Pacifico SAB de CV, Class B

      3,152       74,236  

Grupo Aeroportuario del Sureste SAB de CV, Class B

      1,425       42,246  

Grupo Bimbo SAB de CV, Series A

      11,414       39,298  

Grupo Carso SAB de CV, Series A1

      4,733       37,535  

Grupo Financiero Banorte SAB de CV, Class O

      19,952       208,059  

Grupo Financiero Inbursa SAB de CV, Class O

      13,487       33,529  

Grupo Mexico SAB de CV, Series B

      23,662       293,765  

Industrias Penoles SAB de CV

      1,481       86,135  

Kimberly-Clark de Mexico SAB de CV, Class A

      11,853       26,253  

Prologis Property Mexico SA de CV REIT

      9,685       46,568  

Promotora y Operadora de Infraestructura SAB de CV

      1,429       23,011  

Sigma Foods SAB de CV

      30,603       29,284  

Wal-Mart de Mexico SAB de CV

      40,383       122,055  

(Cost $1,088,813)

        1,720,188  
Netherlands — 0.1%     

JBS NV

      2,385       28,840  

Nebius Group N.V., Class A * (a)

      4,277       0  

NEPI Rockcastle NV *

      5,026       43,946  

X5 Retail Group NV, GDR * (a)

      1,749       0  

(Cost $444,989)

        72,786  
Peru — 0.2%     

Cia de Minas Buenaventura SAA, ADR

      1,387       51,166  

Credicorp Ltd.

      577       197,698  

(Cost $128,328)

        248,864  
Philippines — 0.3%     

Ayala Corp.

      1,344       9,526  

Ayala Land, Inc.

      46,124       10,918  

Bank of the Philippine Islands

      12,566       19,156  

BDO Unibank, Inc.

      20,410       37,806  

International Container Terminal Services, Inc.

      8,341       101,897  

Manila Electric Co.

      2,410       22,321  

Metropolitan Bank & Trust Co.

      16,282       16,785  

PLDT, Inc.

      446       8,319  

SM Investments Corp.

      1,883       17,547  

SM Prime Holdings, Inc.

      87,579       26,161  

(Cost $266,406)

        270,436  
 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  55

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

   of Shares

        Value $  
Poland — 1.0%     

Allegro.eu SA, 144A *

      5,774        55,348   

Asseco Poland SA

      452       24,521  

Bank Millennium SA *

      4,690       25,676  

Bank Polska Kasa Opieki SA *

      1,470       98,047  

Budimex SA

      96       18,513  

CD Projekt SA

      500       32,067  

Dino Polska SA, 144A *

      3,760       31,931  

Erste Bank Polska

      330       55,832  

KGHM Polska Miedz SA *

      1,192       114,886  

LPP SA

      8       49,808  

mBank SA *

      119       41,999  

ORLEN SA

      4,657       182,030  

PGE Polska Grupa Energetyczna SA *

      7,346       21,430  

Powszechna Kasa Oszczednosci Bank Polski SA

      7,011       199,113  

Powszechny Zaklad Ubezpieczen SA

      4,699       83,440  

(Cost $616,765)

        1,034,641  
Qatar — 0.5%     

Al Rayan Bank

      48,073       28,717  

Commercial Bank PSQC

      23,263       26,835  

Dukhan Bank

      19,490       18,553  

Industries Qatar QSC

      11,239       37,967  

Mesaieed Petrochemical Holding Co.

      39,417       13,316  

Nebras Energy

      4,427       17,727  

Ooredoo QPSC

      7,304       26,881  

Qatar Fuel QSC

      3,866       14,886  

Qatar Gas Transport Co. Ltd.

      21,405       25,514  

Qatar International Islamic Bank QSC

      8,835       26,692  

Qatar Islamic Bank QPSC

      14,894       93,185  

Qatar National Bank QPSC

      37,069       181,222  

(Cost $411,978)

        511,495  
Russia — 0.0%     

Alrosa PJSC * (a)

      34,709       0  

Gazprom PJSC * (a)

      164,723       0  

GMK Norilskiy Nickel PAO * (a)

      88,300       0  

Inter RAO UES PJSC * (a)

      490,959       0  

LUKOIL PJSC * (a)

      5,651       0  

Magnit PJSC * (a)

      933       0  

Moscow Exchange MICEX-RTS PJSC * (a)

      20,735       0  

Novatek PJSC * (a)

      12,810       0  

Novolipetsk Steel PJSC * (a)

      21,183       0  

Ozon Holdings PLC, ADR * (a)

      151       0  

Ozon International * (a)

      549       0  

PhosAgro PJSC * (a)

      713       0  

PhosAgro PJSC, GDR * (a)

      13       0  

Polyus PJSC * (a)

      4,760       0  
    

Number

   of Shares

        Value $  

Rosneft Oil Co. PJSC * (a)

      14,582        0   

Sberbank of Russia PJSC * (a)

      146,997       0  

Severstal PAO, GDR * (a)

      2,248       0  

Severstal PAO * (a)

      707       0  

Surgutneftegas PAO * (a)

      68,300       0  

Surgutneftegas PAO, ADR * (a)

      2,000       0  

Tatneft PJSC * (a)

      17,973       0  

T-Tekhnologii MKPAO * (a)

      580       0  

United Co. RUSAL International PJSC * (a)

      39,327       0  

VK IPJSC * (a)

      48       0  

VK IPJSC, GDR * (a)

      1,643       0  

VTB Bank PJSC * (a)

      9,756       0  

(Cost $2,400,189)

        0  
Saudi Arabia — 2.4%     

ACWA Power Co. *

      1,858       91,449  

Ades Holding Co.

      3,195       16,756  

Al Rajhi Bank

      23,490       416,893  

Alinma Bank

      11,997       76,728  

Almarai Co. JSC

      3,998       49,115  

Arab National Bank

      7,583       42,840  

Arabian Internet & Communications Services Co.

      212       12,067  

Bank AlBilad

      5,248       34,095  

Bank Al-Jazira

      5,080       15,432  

Banque Saudi Fransi

      9,483       48,342  

Bupa Arabia for Cooperative Insurance Co.

      708       32,395  

Co. for Cooperative Insurance *

      475       17,468  

Dar Al Arkan Real Estate Development Co. *

      4,235       18,937  

Dr Sulaiman Al Habib Medical Services Group Co.

      783       45,445  

Elm Co.

      180       32,905  

Etihad Etisalat Co.

      3,236       54,845  

Jarir Marketing Co.

      5,336       22,424  

Mouwasat Medical Services Co.

      963       16,976  

Riyad Bank

      15,632       83,896  

SABIC Agri-Nutrients Co.

      1,940       71,704  

SAL Saudi Logistics Services

      227       10,326  

Saudi Arabian Mining Co. *

      11,109       183,986  

Saudi Arabian Oil Co., 144A

      49,003       364,330  

Saudi Awwal Bank

      8,483       77,131  

Saudi Basic Industries Corp.

      7,334       111,790  

Saudi Energy Co.

      5,878       26,394  

Saudi Investment Bank

      5,657       20,200  

Saudi National Bank

      23,597       247,754  

Saudi Tadawul Group Holding Co.

      303       11,102  

Saudi Telecom Co.

      15,938       187,046  

Yanbu National Petrochemical Co.

      1,858       16,854  

(Cost $1,898,962)

        2,457,625  
 

 

See Notes to Financial Statements.

 

56  |  DBX ETF Trust  

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

   of Shares

        Value $  
Singapore — 0.2%     

BOC Aviation Ltd., 144A

      1,751        17,092   

Trip.com Group Ltd. *

      4,796       225,697  

(Cost $179,777)

        242,789  
South Africa — 2.6%     

Absa Group Ltd.

      6,758       98,834  

Bid Corp. Ltd.

      2,793       70,089  

Bidvest Group Ltd.

      2,479       35,732  

Capitec Bank Holdings Ltd.

      728       200,244  

Clicks Group Ltd.

      1,920       27,767  

Discovery Ltd.

      4,330       74,327  

FirstRand Ltd.

      42,126       240,000  

Gold Fields Ltd.

      7,036       278,346  

Harmony Gold Mining Co. Ltd.

      4,649       84,898  

Impala Platinum Holdings Ltd.

      7,199       102,930  

MTN Group Ltd.

      14,156       189,270  

Naspers Ltd., Class N

      6,127       321,986  

Nedbank Group Ltd.

      3,688       58,974  

Northam Platinum Holdings Ltd.

      2,877       55,995  

OUTsurance Group Ltd.

      7,581       33,125  

Pepkor Holdings Ltd., 144A

      27,828       37,190  

Remgro Ltd.

      3,598       42,271  

Sanlam Ltd.

      13,873       73,373  

Sasol Ltd. *

      4,825       59,915  

Shoprite Holdings Ltd.

      3,838       67,543  

Sibanye Stillwater Ltd.

      22,894       68,901  

Standard Bank Group Ltd.

      11,018       213,633  

Valterra Platinum Ltd.

      2,117       176,253  

Vodacom Group Ltd.

      5,330       50,039  

(Cost $1,991,919)

        2,661,635  
South Korea — 21.9%     

Alteogen, Inc. *

      322       78,844  

Amorepacific Corp.

      236       18,025  

APR Corp.

      198       51,964  

Celltrion, Inc. *

      1,177       150,659  

DB Insurance Co. Ltd.

      400       37,983  

Doosan Co. Ltd.

      63       82,439  

Doosan Enerbility Co. Ltd. *

      3,538       247,918  

Ecopro BM Co. Ltd.

      442       63,646  

Ecopro Co. Ltd. *

      779       71,852  

Hana Financial Group, Inc.

      2,214       169,098  

Hankook Tire & Technology Co. Ltd.

      528       23,404  

Hanmi Semiconductor Co. Ltd.

      315       58,945  

Hanwha Aerospace Co. Ltd.

      265       206,267  

Hanwha Ocean Co. Ltd. *

      1,099       89,918  

Hanwha Systems Co. Ltd.

      635       44,244  

HD Hyundai Co. Ltd.

      358       65,922  

HD Hyundai Electric Co. Ltd.

      180       125,773  

HD Hyundai Heavy Industries Co. Ltd.

      256       118,232  
    

Number

   of Shares

        Value $  

HD Korea Shipbuilding & Offshore Engineering Co. Ltd.

      340        95,435   

HLB, Inc. *

      866       29,192  

HMM Co. Ltd.

      1,559       20,235  

HYBE Co. Ltd. *

      170       24,818  

Hyosung Heavy Industries Corp.

      43       105,146  

Hyundai Engineering & Construction Co. Ltd.

      621       60,575  

Hyundai Glovis Co. Ltd.

      284       45,700  

Hyundai Mobis Co. Ltd.

      465       236,974  

Hyundai Motor Co.

      1,088       521,980  

Hyundai Rotem Co. Ltd.

      569       75,703  

Industrial Bank of Korea

      1,741       23,337  

Kakao Corp.

      2,404       66,920  

KakaoBank Corp.

      1,538       22,861  

KB Financial Group, Inc.

      2,941       293,905  

Kia Corp.

      1,920       215,570  

Korea Aerospace Industries Ltd.

      556       62,093  

Korea Electric Power Corp.

      1,954       50,438  

Korea Investment Holdings Co. Ltd.

      312       49,171  

Korean Air Lines Co. Ltd.

      1,584       28,169  

Krafton, Inc. *

      234       39,983  

KT&G Corp.

      761       93,269  

LG Chem Ltd.

      362       88,158  

LG Corp.

      771       75,002  

LG Display Co. Ltd. *

      2,627       28,048  

LG Electronics, Inc.

      840       163,318  

LG Energy Solution Ltd. *

      378       114,880  

LG Uplus Corp.

      977       10,457  

LIG Defense&Aerospace Co. Ltd.

      109       57,936  

LS Electric Co. Ltd.

      600       96,151  

Meritz Financial Group, Inc. *

      507       34,619  

Mirae Asset Securities Co. Ltd.

      1,523       62,052  

NAVER Corp.

      1,147       178,101  

NH Investment & Securities Co. Ltd.

      1,129       22,625  

POSCO Future M Co. Ltd.

      260       42,356  

POSCO Holdings, Inc.

      577       162,150  

Posco International Corp.

      449       19,009  

Samsung Biologics Co. Ltd., 144A *

      95       85,922  

Samsung C&T Corp.

      675       193,721  

Samsung Electro-Mechanics Co. Ltd.

      456       643,605  

Samsung Electronics Co. Ltd.

      38,045       8,002,830  

Samsung Episholdings Co. Ltd. *

      60       19,270  

Samsung Fire & Marine Insurance Co. Ltd.

      245       92,505  

Samsung Heavy Industries Co. Ltd. *

      5,386       99,893  

Samsung Life Insurance Co. Ltd.

      655       168,857  

Samsung SDI Co. Ltd. *

      481       219,594  
 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  57

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

   of Shares

        Value $  

Samsung SDS Co. Ltd.

      337        66,863   

Samyang Foods Co. Ltd.

      33       26,387  

Shinhan Financial Group Co. Ltd.

      3,370       209,311  

SK hynix, Inc.

      4,490       6,951,009  

SK Innovation Co. Ltd. *

      572       45,244  

SK Square Co. Ltd. *

      752       615,273  

SK Telecom Co. Ltd.

      862       57,543  

SK, Inc.

      292       130,983  

S-Oil Corp.

      357       25,442  

Woori Financial Group, Inc.

      5,147       101,437  

Yuhan Corp.

      440       24,818  

(Cost $ 4,209,087)

        22,801,976  
Switzerland — 0.0%     

Allwyn AG

     

(Cost $ 18,154)

      1,448       21,272  
Taiwan — 26.2%     

Accton Technology Corp.

      4,035       313,005  

Advantech Co. Ltd.

      4,166       65,830  

Airtac International Group

      1,201       53,675  

Alchip Technologies Ltd.

      615       86,678  

ASE Technology Holding Co. Ltd.

      27,598       538,296  

Asia Vital Components Co. Ltd.

      2,627       223,491  

ASPEED Technology, Inc.

      243       147,000  

Asustek Computer, Inc.

      5,898       143,282  

Bizlink Holding, Inc.

      1,405       93,516  

Caliway Biopharmaceuticals Co. Ltd. *

      8,326       26,712  

Cathay Financial Holding Co. Ltd.

      77,287       211,441  

Chailease Holding Co. Ltd.

      12,559       43,099  

Chang Hwa Commercial Bank Ltd.

      61,378       39,677  

China Steel Corp.

      88,194       53,774  

Chroma ATE, Inc.

      3,122       251,151  

Chunghwa Telecom Co. Ltd.

      29,203       127,717  

CTBC Financial Holding Co. Ltd.

      132,442       255,790  

Delta Electronics, Inc.

      15,637       1,220,490  

E Ink Holdings, Inc.

      6,948       48,796  

E.Sun Financial Holding Co. Ltd.

      108,981       107,675  

Elite Material Co. Ltd.

      2,469       403,546  

eMemory Technology, Inc.

      533       58,021  

Eva Airways Corp.

      19,711       22,684  

Evergreen Marine Corp. Taiwan Ltd.

      8,521       57,939  

Far EasTone Telecommunications Co. Ltd.

      11,327       34,206  

First Financial Holding Co. Ltd.

      91,889       80,521  

Formosa Chemicals & Fibre Corp.

      30,763       49,004  

Formosa Plastics Corp.

      32,989       49,970  

Fortune Electric Co. Ltd.

      1,344       37,498  

Fubon Financial Holding Co. Ltd.

      67,773       237,986  
    

Number

   of Shares

        Value $  

Gigabyte Technology Co. Ltd.

      4,487        52,998   

Global Unichip Corp.

      774       115,388  

Globalwafers Co. Ltd.

      2,375       76,954  

Gold Circuit Electronics Ltd.

      2,654       111,835  

Hon Hai Precision Industry Co. Ltd.

      99,646       919,305  

Hon Precision, Inc.

      644       169,812  

Hotai Motor Co. Ltd.

      2,515       38,778  

Hua Nan Financial Holdings Co. Ltd.

      72,249       70,345  

Innolux Corp. *

      57,940       94,330  

International Games System Co. Ltd.

      1,774       42,700  

Inventec Corp.

      18,147       40,667  

Jentech Precision Industrial Co. Ltd.

      742       83,970  

KGI Financial Holding Co. Ltd.

      123,034       88,371  

King Slide Works Co. Ltd.

      463       74,862  

King Yuan Electronics Co. Ltd.

      9,326       97,799  

Largan Precision Co. Ltd.

      757       84,942  

Lite-On Technology Corp.

      15,240       114,085  

Lotes Co. Ltd.

      741       62,685  

MediaTek, Inc.

      11,733       1,614,315  

Mega Financial Holding Co. Ltd.

      94,712       120,939  

MPI Corp.

      702       133,563  

Nan Ya Plastics Corp.

      40,813       127,811  

Novatek Microelectronics Corp.

      4,871       74,172  

Pegatron Corp.

      14,535       41,064  

PharmaEssentia Corp.

      2,331       69,203  

President Chain Store Corp.

      3,004       20,522  

Quanta Computer, Inc.

      21,687       234,694  

Realtek Semiconductor Corp.

      4,198       77,727  

Shanghai Commercial & Savings Bank Ltd.

      27,521       34,922  

SinoPac Financial Holdings Co. Ltd.

      98,264       94,106  

Taiwan Business Bank

      43,214       22,417  

Taiwan Cooperative Financial Holding Co. Ltd.

      82,201       59,961  

Taiwan Mobile Co. Ltd.

      14,459       51,465  

Taiwan Semiconductor Manufacturing Co. Ltd.

      199,917       15,029,434  

TCC Group Holdings Co. Ltd.

      55,270       43,051  

TS Financial Holding Co. Ltd.

      173,606       129,406  

Unimicron Technology Corp.

      11,017       371,038  

Uni-President Enterprises Corp.

      36,925       84,634  

United Microelectronics Corp.

      90,865       419,147  

Vanguard International Semiconductor Corp.

      8,996       48,246  

Wan Hai Lines Ltd.

      4,683       12,259  

Wistron Corp.

      24,233       122,614  

Wiwynn Corp.

      910       158,176  

Yageo Corp.

      12,828       302,216  
 

 

See Notes to Financial Statements.

 

58  |  DBX ETF Trust  

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2026

 

3   

Number

   of Shares

        Value $  

Yang Ming Marine Transport Corp.

      14,263        23,995   

Yuanta Financial Holding Co. Ltd.

      89,123       169,566  

Zhen Ding Technology Holding Ltd.

      5,920       97,326  

(Cost $5,367,552)

        27,210,285  
Thailand — 0.9%     

Advanced Info Service PCL, NVDR

      7,373       79,971  

Airports of Thailand PCL, NVDR

      34,100       57,890  

Bangkok Dusit Medical Services PCL, NVDR

      89,100       49,827  

Bumrungrad Hospital PCL, NVDR

      5,100       28,129  

Central Pattana PCL, NVDR

      17,000       33,692  

Charoen Pokphand Foods PCL, NVDR

      33,569       19,598  

CP ALL PCL, NVDR

      40,949       59,451  

Delta Electronics Thailand PCL, NVDR

      25,080       272,031  

Gulf Development PCL

      28,211       53,743  

Kasikornbank PCL, NVDR

      3,803       23,487  

Krung Thai Bank PCL, NVDR

      31,729       33,879  

Minor International PCL, NVDR

      26,947       18,630  

PTT Exploration & Production PCL, NVDR

      9,583       41,665  

PTT PCL

      500       553  

PTT PCL, NVDR

      78,280       87,192  

SCB X PCL, NVDR

      6,598       27,268  

Siam Cement PCL

      3,958       26,756  

Siam Cement PCL

      2,778       19,376  

TMBThanachart Bank PCL, NVDR

      202,800       14,207  

True Corp. PCL, NVDR

      89,472       37,939  

(Cost $758,828)

        985,284  
Turkey — 0.3%     

Akbank TAS

      21,165       29,516  

Aselsan Elektronik Sanayi Ve Ticaret AS

      9,216       76,362  

BIM Birlesik Magazalar AS

      7,272       59,105  

Eregli Demir ve Celik Fabrikalari TAS

      32,130       27,431  

Haci Omer Sabanci Holding AS

      9,097       18,237  

KOC Holding AS

      5,875       24,208  

Pegasus Hava Tasimaciligi AS *

      0       2  

Turk Hava Yollari AO

      4,416       28,555  

Turkcell Iletisim Hizmetleri AS

      9,870       21,722  

Turkiye Is Bankasi AS, Class C

      52,287       14,971  

Turkiye Petrol Rafinerileri AS

      8,301       42,724  

Yapi ve Kredi Bankasi AS *

      25,302       18,282  

(Cost $278,298)

        361,115  
    

Number

   of Shares

        Value $  
United Arab Emirates — 1.1%     

Abu Dhabi Commercial Bank PJSC

      25,212        94,036   

Abu Dhabi Islamic Bank PJSC

      10,881       60,610  

Abu Dhabi National Oil Co. for Distribution PJSC

      27,500       29,423  

ADNOC Drilling Co. PJSC

      26,030       42,236  

Adnoc Gas PLC

      50,246       46,921  

ADNOC Logistics & Services

      13,958       22,762  

Air Arabia PJSC

      18,307       24,322  

Aldar Properties PJSC

      31,662       67,236  

Dubai Electricity & Water Authority PJSC

      46,783       33,243  

Dubai Islamic Bank PJSC

      23,535       47,415  

Emaar Development PJSC

      8,831       34,717  

Emaar Properties PJSC

      53,172       170,528  

Emirates NBD Bank PJSC

      14,790       111,214  

Emirates Telecommunications Group Co. PJSC

      27,366       134,405  

First Abu Dhabi Bank PJSC

      34,657       158,514  

Salik Co PJSC

      15,087       21,975  

(Cost $698,065)

        1,099,557  
United States — 0.7%     

Anglogold Ashanti PLC

      4,155       399,808  

Aura Minerals, Inc.

      291       22,486  

BeOne Medicines Ltd., Class H *

      6,515       146,978  

Legend Biotech Corp., ADR *

      565       15,345  

Southern Copper Corp.

      750       143,475  

(Cost $287,924)

        728,092  

TOTAL COMMON STOCKS

           
 (Cost $47,874,304)        99,927,078  
PREFERRED STOCKS — 2.1%     
Brazil — 1.0%     

Axia Energia *

      3,023       30,173  

Axia Energia, Class B

      1,612       18,192  

Banco Bradesco SA

      40,407       141,777  

Cia Energetica de Minas Gerais

      14,238       30,370  

Gerdau SA

      9,692       43,748  

Itau Unibanco Holding SA

      43,469       345,025  

Itausa SA

      49,266       126,179  

Klabin SA

      2       1  

Petroleo Brasileiro SA

      35,627       296,624  

(Cost $568,436)

        1,032,089  
Chile — 0.1%     

Sociedad Quimica y Minera de Chile SA, Class B

     

(Cost $30,686)

      1,188       101,710  
Colombia — 0.1%     

Grupo Cibest SA

     

(Cost $32,030)

      3,320       55,832  
 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  59

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

   of Shares

        Value $  
India — 0.0%     

TVS Motor Co. Ltd. *

     

(Cost $0)

      7,188        783   
Russia — 0.0%     

Surgutneftegas PAO * (a)

     

(Cost $55,822)

      101,715       0  
South Korea — 0.9%     

Hyundai Motor Co.

      182       33,091  

Hyundai Motor Co. - 2nd Preferred

      255       46,025  

Samsung Electronics Co. Ltd.

      6,470       869,393  

(Cost $147,239)

        948,509  
TOTAL PREFERRED STOCKS           

 (Cost $834,213)

        2,138,923  
WARRANTS — 0.0%     
Thailand — 0.0%     

BTS Group Holdings PCL* , expires 11/20/26

     

 (Cost $0)

      23,669       7  
    

Number

   of Shares

        Value $  
SECURITIES LENDING COLLATERAL — 0.0%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.53% (c)(d)

     

 (Cost $16,653)

      16,653        16,653   
CASH EQUIVALENTS — 2.0%

 

DWS Government Money Market Series “Institutional Shares”, 3.57% (c)

     

(Cost $2,111,418)

      2,111,418       2,111,418  
TOTAL INVESTMENTS — 100.2%

 

(Cost $50,836,588)

        104,194,079  
Other assets and liabilities, net — (0.2%)

 

     (198,795 ) 
NET ASSETS — 100.0%

 

     103,995,284  
 

 

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2026 is as follows:

 

  Value ($) at

  5/31/2025

   Purchases Cost
($)		   Sales Proceeds
($)		  

Net Realized
Gain/(Loss)

($)

   Net Change
in Unrealized
Appreciation
(Depreciation)
($)		   Income ($)  

Capital Gain
Distributions

($)

   Number of
Shares at
5/31/2026		  

Value ($) at 

5/31/2026 

 

SECURITIES LENDING COLLATERAL — 0.0%

  
 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.53% (c)(d)

  
      —       16,653 (e)      —       —       —       775       —       16,653       16,653   
 

CASH EQUIVALENTS — 2.0%

  
 

DWS Government Money Market Series “Institutional Shares”, 3.57% (c)

  
    855,034       17,855,862       (16,599,478 )      —       —       57,602       —       2,111,418       2,111,418   
    855,034       17,872,515       (16,599,478 )      —       —       58,377       —       2,128,071       2,128,071   

 

*

Non-income producing security.

(a)

Investment was valued using significant unobservable inputs.

(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, 2026 amounted to $16,186, which is 0.0% of net assets.

(c)

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

(d)

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

(e)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2026.

 

See Notes to Financial Statements.

 

60  |  DBX ETF Trust  

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2026

 

ADR:

American Depositary Receipt

CPO:

Ordinary Participation Certificates

GDR:

Global Depositary Receipt

JSC:

Joint Stock Company

KSCP:

Kuwait Shareholding Company Public

NVDR:

Non Voting Depositary Receipt

PJSC:

Public Joint Stock Company

PSQC:

Public Shareholders Qatari Company

QPSC:

Qatari Public Shareholders Company

QSC:

Qatari Shareholders Company

REIT:

Real Estate Investment Trust

SAE:

Societe Anonyme Egyptienne

144A:

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

Securities are listed in country of domicile.

At May 31, 2026, open futures contracts purchased were as follows:

 

Contract Description    Currency   

Number of

Contracts

   

Notional 

Amount ($) 

     

Contract Value

($)

     

Expiration

Date

     

Unrealized 

Appreciation ($) 

  

MSCI Emerging Markets Index

    USD    26      1,872,399        2,273,050        6/19/2026        400,651  

At May 31, 2026, the Fund had the following forward foreign currency contracts outstanding:

 

     Settlement      Currency To      Currency To      Unrealized    Unrealized 
Counterparty    Date      Deliver      Receive       Appreciation ($)     Depreciation ($) 

Citigroup Global Markets

      6/2/2026      AED      250,000      USD      68,067        5        —  

Citigroup Global Markets

      6/2/2026      AED      1,609,900      USD      438,323        29       —  

JP Morgan & Chase Co.

      6/2/2026      AED      2,504,800      USD      681,937        7       —  

JP Morgan & Chase Co.

      6/2/2026      CNH      22,673,200      USD      3,324,531        —       (26,865 ) 

JP Morgan & Chase Co.

      6/2/2026      CNH      2,159,000      USD      316,547        —       (2,581 ) 

RBC Capital Markets

      6/2/2026      CZK      2,354,610      USD      113,380        294       —  

Morgan Stanley Capital

      6/2/2026      EUR      43,000      USD      50,491        336       —  

Morgan Stanley Capital

      6/2/2026      EUR      351,400      USD      412,745        2,872       —  

The Bank of New York Mellon

      6/2/2026      HKD      4,378,000      USD      559,463        823       —  

The Bank of New York Mellon

      6/2/2026      HKD      134,465,300      USD      17,183,877        25,907       —  

RBC Capital Markets

      6/2/2026      HUF      93,995,600      USD      301,953        —       (7,820 ) 

RBC Capital Markets

      6/2/2026      HUF      10,507,000      USD      33,752        —       (875 ) 

JP Morgan & Chase Co.

      6/2/2026      KWD      168,000      USD      545,600        2,789       —  

JP Morgan & Chase Co.

      6/2/2026      KWD      6,000      USD      19,435        48       —  

Bank of America

      6/2/2026      MXN      31,017,200      USD      1,766,992        —       (22,083 ) 

JP Morgan & Chase Co.

      6/2/2026      PHP      683,000      USD      11,109        21       —  

RBC Capital Markets

      6/2/2026      PHP      17,610,200      USD      285,967        75       —  

RBC Capital Markets

      6/2/2026      PLN      3,502,000      USD      964,841        —       (762 ) 

RBC Capital Markets

      6/2/2026      PLN      240,000      USD      66,121        —       (54 ) 

JP Morgan & Chase Co.

      6/2/2026      QAR      75,000      USD      20,568        —       (31 ) 

JP Morgan & Chase Co.

      6/2/2026      QAR      1,841,900      USD      505,660        —       (218 ) 

Citigroup Global Markets

      6/2/2026      SAR      105,000      USD      27,988        7       —  

Citigroup Global Markets

      6/2/2026      SAR      9,429,000      USD      2,513,305        647       —  

Goldman Sachs & Co.

      6/2/2026      TRY      17,527,600      USD      377,711        —       (4,220 ) 

Goldman Sachs & Co.

      6/2/2026      TRY      2,061,000      USD      44,413        —       (497 ) 

Citigroup Global Markets

      6/2/2026      USD      506,391      AED      1,859,900        —       (34 ) 

JP Morgan & Chase Co.

      6/2/2026      USD      681,977      AED      2,504,800        —       (46 ) 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  61

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2026

 

     Settlement      Currency To      Currency To      Unrealized    Unrealized 
Counterparty    Date      Deliver      Receive       Appreciation ($)     Depreciation ($) 

JP Morgan & Chase Co.

      6/2/2026      USD      3,672,615      CNH      24,832,200        —        (2,090 ) 

RBC Capital Markets

      6/2/2026      USD      113,114      CZK      2,354,610        —       (28 ) 

Morgan Stanley Capital

      6/2/2026      USD      460,238      EUR      394,400        —       (210 ) 

The Bank of New York Mellon

      6/2/2026      USD      17,715,480      HKD      138,843,300        1,130       —  

RBC Capital Markets

      6/2/2026      USD      344,441      HUF      104,502,600        —       (41 ) 

JP Morgan & Chase Co.

      6/2/2026      USD      562,379      KWD      174,000        —       (182 ) 

Bank of America

      6/2/2026      USD      1,778,035      MXN      30,832,200        370       —  

Bank of America

      6/2/2026      USD      10,539      MXN      185,000        131       —  

JP Morgan & Chase Co.

      6/2/2026      USD      285,810      PHP      17,610,200        81       —  

JP Morgan & Chase Co.

      6/2/2026      USD      11,085      PHP      683,000        3       —  

RBC Capital Markets

      6/2/2026      USD      1,033,188      PLN      3,742,000        —       (1,410 ) 

Goldman Sachs & Co.

      6/2/2026      USD      426,518      TRY      19,588,600        323       —  

Citigroup Global Markets

      6/2/2026      USD      1,087,638      ZAR      17,614,400        —       (1,335 ) 

Citigroup Global Markets

      6/2/2026      USD      20,317      ZAR      340,000        651       —  

Goldman Sachs & Co.

      6/2/2026      USD      2,085,075      ZAR      33,768,000        —       (2,559 ) 

Citigroup Global Markets

      6/2/2026      ZAR      17,954,400      USD      1,072,797        —       (34,474 ) 

Goldman Sachs & Co.

      6/2/2026      ZAR      33,768,000      USD      2,017,771        —       (64,745 ) 

JP Morgan & Chase Co.

      6/3/2026      BRL      11,023,700      USD      2,195,556        11,882       —  

RBC Capital Markets

      6/3/2026      BRL      8,756,100      USD      1,743,896        9,408       —  

Goldman Sachs & Co.

      6/3/2026      CLP      25,434,000      USD      28,166        —       (411 ) 

Goldman Sachs & Co.

      6/3/2026      CLP      168,757,400      USD      186,886        —       (2,724 ) 

RBC Capital Markets

      6/3/2026      CLP      232,592,000      USD      257,303        —       (4,030 ) 

Goldman Sachs & Co.

      6/3/2026      COP      495,896,400      USD      135,595        1,194       —  

Citigroup Global Markets

      6/3/2026      EGP      3,083,000      USD      56,694        —       (2,333 ) 

Citigroup Global Markets

      6/3/2026      EGP      990,000      USD      18,182        —       (773 ) 

JP Morgan & Chase Co.

      6/3/2026      INR      106,628,000      USD      1,118,972        —       (3,080 ) 

RBC Capital Markets

      6/3/2026      INR      983,148,800      USD      10,305,349        —       (40,382 ) 

JP Morgan & Chase Co.

      6/3/2026      TWD      153,118,000      USD      4,833,118        —       (55,623 ) 

RBC Capital Markets

      6/3/2026      TWD      612,639,900      USD      19,268,702        —       (291,619 ) 

JP Morgan & Chase Co.

      6/3/2026      USD      2,158,904      BRL      10,924,700        5,159       —  

JP Morgan & Chase Co.

      6/3/2026      USD      19,716      BRL      99,000        —       (105 ) 

RBC Capital Markets

      6/3/2026      USD      1,721,270      BRL      8,756,100        13,217       —  

Goldman Sachs & Co.

      6/3/2026      USD      218,231      CLP      194,191,400        —       (43 ) 

RBC Capital Markets

      6/3/2026      USD      261,534      CLP      232,592,000        —       (200 ) 

Goldman Sachs & Co.

      6/3/2026      USD      135,260      COP      495,896,400        —       (859 ) 

Citigroup Global Markets

      6/3/2026      USD      78,327      EGP      4,073,000        —       (346 ) 

RBC Capital Markets

      6/3/2026      USD      10,354,254      INR      983,148,800        —       (8,523 ) 

RBC Capital Markets

      6/3/2026      USD      1,122,977      INR      106,628,000        —       (924 ) 

RBC Capital Markets

      6/3/2026      USD      19,512,689      TWD      612,639,900        47,632       —  

RBC Capital Markets

      6/3/2026      USD      4,876,835      TWD      153,118,000        11,905       —  

RBC Capital Markets

      6/4/2026      IDR      13,004,962,200      USD      748,173        20,650       —  

JP Morgan & Chase Co.

      6/4/2026      KRW      6,277,823,000      USD      4,241,428        75,264       —  

RBC Capital Markets

      6/4/2026      KRW      20,810,853,800      USD      14,035,754        225,006       —  

RBC Capital Markets

      6/4/2026      MYR      216,000      USD      54,554        71       —  

RBC Capital Markets

      6/4/2026      MYR      4,129,100      USD      1,040,752        —       (754 ) 

JP Morgan & Chase Co.

      6/4/2026      THB      1,506,000      USD      46,252        —       (38 ) 

JP Morgan & Chase Co.

      6/4/2026      THB      27,922,000      USD      858,133        —       (101 ) 

RBC Capital Markets

      6/4/2026      THB      3,419,300      USD      105,049        —       (50 ) 

JP Morgan & Chase Co.

      6/4/2026      USD      29,669      IDR      515,352,000        —       (839 ) 

RBC Capital Markets

      6/4/2026      USD      698,254      IDR      12,489,610,200        440       —  

JP Morgan & Chase Co.

      6/4/2026      USD      4,166,273      KRW      6,277,823,000        —       (108 ) 

 

See Notes to Financial Statements.

 

62  |  DBX ETF Trust  

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2026

 

     Settlement      Currency To      Currency To      Unrealized    Unrealized 
Counterparty    Date      Deliver      Receive       Appreciation ($)     Depreciation ($) 

JP Morgan & Chase Co.

      6/4/2026      USD      13,811,108      KRW      20,810,853,800        —        (360 ) 

RBC Capital Markets

      6/4/2026      USD      54,470      MYR      216,000        13       —  

RBC Capital Markets

      6/4/2026      USD      1,041,256      MYR      4,129,100        250       —  

JP Morgan & Chase Co.

      6/4/2026      USD      906,453      THB      29,428,000        —       (1,929 ) 

RBC Capital Markets

      6/4/2026      USD      105,362      THB      3,419,300        —       (263 ) 

Citigroup Global Markets

      7/2/2026      AED      1,859,900      USD      506,401        6       —  

JP Morgan & Chase Co.

      7/2/2026      AED      2,504,800      USD      681,977        —       (4 ) 

RBC Capital Markets

      7/2/2026      CZK      2,354,610      USD      113,149        20       —  

Morgan Stanley Capital

      7/2/2026      EUR      60,000      USD      70,091        9       —  

Morgan Stanley Capital

      7/2/2026      EUR      394,400      USD      460,839        168       —  

RBC Capital Markets

      7/2/2026      HUF      104,502,600      USD      343,840        23       —  

JP Morgan & Chase Co.

      7/2/2026      KWD      174,000      USD      561,767        —       (1,015 ) 

Bank of America

      7/2/2026      MXN      30,832,200      USD      1,773,494        —       (73 ) 

JP Morgan & Chase Co.

      7/2/2026      PHP      683,000      USD      11,072        —       (8 ) 

JP Morgan & Chase Co.

      7/2/2026      PHP      17,610,200      USD      285,481        —       (195 ) 

RBC Capital Markets

      7/2/2026      PLN      159,000      USD      43,897        59       —  

RBC Capital Markets

      7/2/2026      PLN      3,742,000      USD      1,033,117        1,406       —  

JP Morgan & Chase Co.

      7/2/2026      QAR      1,916,900      USD      526,353        —       (368 ) 

Citigroup Global Markets

      7/2/2026      SAR      9,534,000      USD      2,539,567        —       (342 ) 

JP Morgan & Chase Co.

      7/2/2026      THB      677,000      USD      20,874        17       —  

JP Morgan & Chase Co.

      7/2/2026      THB      29,428,000      USD      907,375        762       —  

RBC Capital Markets

      7/2/2026      THB      3,419,300      USD      105,483        142       —  

Goldman Sachs & Co.

      7/2/2026      TRY      19,588,600      USD      414,611        449       —  

Citigroup Global Markets

      7/2/2026      USD      56,638      AED      208,000        —       (6 ) 

RBC Capital Markets

      7/2/2026      USD      21,998      HUF      6,684,000        —       (7 ) 

Citigroup Global Markets

      7/2/2026      USD      13,321      SAR      50,000        —       (1 ) 

Goldman Sachs & Co.

      7/2/2026      USD      49,826      TRY      2,354,000        —       (55 ) 

Citigroup Global Markets

      7/2/2026      ZAR      17,614,400      USD      1,084,728        1,293       —  

Citigroup Global Markets

      7/2/2026      ZAR      1,244,000      USD      76,609        93       —  

Goldman Sachs & Co.

      7/2/2026      ZAR      33,768,000      USD      2,079,938        2,919       —  

JP Morgan & Chase Co.

      7/3/2026      BRL      10,924,700      USD      2,143,191        —       (5,066 ) 

RBC Capital Markets

      7/3/2026      BRL      8,756,100      USD      1,708,741        —       (13,077 ) 

Goldman Sachs & Co.

      7/3/2026      CLP      194,191,400      USD      218,316        81       —  

RBC Capital Markets

      7/3/2026      CLP      232,592,000      USD      261,568        178       —  

JP Morgan & Chase Co.

      7/3/2026      CNH      24,832,200      USD      3,680,776        1,466       —  

Goldman Sachs & Co.

      7/3/2026      COP      495,896,400      USD      134,251        903       —  

The Bank of New York Mellon

      7/3/2026      HKD      138,843,300      USD      17,734,385        —       (2,406 ) 

RBC Capital Markets

      7/3/2026      IDR      12,489,610,200      USD      696,580        —       (515 ) 

JP Morgan & Chase Co.

      7/3/2026      INR      1,322,000      USD      13,909        41       —  

RBC Capital Markets

      7/3/2026      INR      983,148,800      USD      10,312,894        —       (659 ) 

RBC Capital Markets

      7/3/2026      INR      106,628,000      USD      1,118,491        —       (71 ) 

JP Morgan & Chase Co.

      7/3/2026      KRW      20,810,853,800      USD      13,819,454        —       (826 ) 

JP Morgan & Chase Co.

      7/3/2026      KRW      6,277,823,000      USD      4,168,790        —       (249 ) 

JP Morgan & Chase Co.

      7/3/2026      KRW      7,846,228,000      USD      5,218,295        7,693       —  

RBC Capital Markets

      7/3/2026      MYR      4,345,100      USD      1,091,734        —       (5,163 ) 

JP Morgan & Chase Co.

      7/3/2026      TWD      78,663,000      USD      2,498,745        1,071       —  

RBC Capital Markets

      7/3/2026      TWD      612,639,900      USD      19,449,806        —       (2,471 ) 

RBC Capital Markets

      7/3/2026      TWD      153,118,000      USD      4,861,119        —       (617 ) 

JP Morgan & Chase Co.

      7/3/2026      USD      303,670      BRL      1,547,000        536       —  

JP Morgan & Chase Co.

      7/3/2026      USD      14,674      CNH      99,000        —       (6 ) 

The Bank of New York Mellon

      7/3/2026      USD      1,279,539      HKD      10,017,000        101       —  

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  63

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2026

 

     Settlement      Currency To      Currency To      Unrealized     Unrealized 
Counterparty    Date      Deliver      Receive       Appreciation ($)      Depreciation ($) 

JP Morgan & Chase Co.

      7/3/2026        USD        96,117        IDR        1,713,957,000        —        (454 ) 

RBC Capital Markets

      7/3/2026        USD        29,972        MYR        119,000        69        —  

Citigroup Global Markets

      7/6/2026        EGP        4,073,000        USD        77,433        —        (214 ) 
               
Total unrealized appreciation (depreciation)                                                   478,145        (623,445 ) 

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

AED

    Arab Emirates Dirham

BRL

    Brazilian Real

CLP

    Chilean Peso

CNH

    Chinese Yuan

COP

    Colombian Peso

CZK

    Czech Koruna

EGP

    Egyptian Pound

EUR

    Euro

HKD

    Hong Kong Dollar

HUF

    Hungarian Forint

IDR

    Indonesian Rupiah

INR

    Indian Rupee

KRW

    South Korean Won

KWD

    Kuwaiti Dinar

MXN

    Mexican Peso

MYR

    Malaysian Ringgit

PHP

    Philippine Peso

PLN

    Polish Zloty

QAR

    Qatari Rial

SAR

    Saudi Riyal

THB

    Thai Baht

TRY

    Turkish Lira

TWD

    New Taiwan Dollar

USD

    U.S. Dollar

ZAR

   

South African Rand

 

See Notes to Financial Statements.

 

64  |  DBX ETF Trust  

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2026

 

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, 2026 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)

    $ 99,868,547      $ —      $ 58,531      $ 99,927,078  

Preferred Stocks (a)

      2,138,923        —        0        2,138,923  

Warrants

      7        —        —        7  

Short-Term Investments (a)

      2,128,071        —        —        2,128,071  

Derivatives (b)

            

Forward Foreign Currency Contracts

      —        478,145        —        478,145  

Futures Contracts

      400,651        —        —        400,651  

TOTAL

    $  104,536,199      $    478,145      $    58,531      $  105,072,875  

 

Liabilities    Level 1      Level 2     Level 3      Total

Derivatives (b)

           

Forward Foreign Currency Contracts

    $       —      $ (623,445 )    $ —      $ (623,445 ) 

TOTAL

    $ —      $    (623,445)     $       —      $    (623,445)  

 

(a)

See Schedule of Investments for additional detailed categorizations.

(b)

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

During the year ended May 31, 2026, the amount of transfers from Level 3 to Level 1 was $44,213. The investment was transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs. Transfers between price levels are recognized at the beginning of the reporting period.

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  65

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF

May 31, 2026

 

    

Number

  of Shares

        Value $  
COMMON STOCKS — 96.5%      
Austria — 0.5%      

BAWAG Group AG, 144A

      3,942        708,544  

Erste Group Bank AG

      16,542        1,987,344  

OMV AG (a)

      7,617        547,728  

Raiffeisen Bank International AG

      7,128        410,883  

Verbund AG

      3,707        248,837  

(Cost $2,501,060)

         3,903,336  
Belgium — 1.3%      

Ageas SA/NV

      8,032        623,944  

Anheuser-Busch InBev SA/NV

      48,259        3,883,963  

D’ieteren Group

      1,152        230,309  

Elia Group SA/NV

      2,301        357,762  

Financiere de Tubize SA

      1,070        280,561  

Groupe Bruxelles Lambert NV

      3,943        372,069  

KBC Group NV

      12,325        1,638,132  

Lotus Bakeries NV

      21        269,439  

Sofina SA (a)

      843        219,270  

Syensqo SA

      3,565        279,432  

UCB SA

      6,532        1,917,684  

(Cost $7,643,311)

         10,072,565  
Chile — 0.1%      

Antofagasta PLC

      

(Cost $413,427)

      18,537        1,023,016  
Czech Republic — 0.0%      

CSG NV *

      

(Cost $283,073)

      8,023        168,220  
Denmark — 2.5%      

A.P. Moller - Maersk A/S, Class A

      125        302,758  

A.P. Moller - Maersk A/S, Class B

      185        456,455  

Carlsberg AS, Class B

      5,134        690,169  

Coloplast A/S, Class B

      6,719        415,026  

Danske Bank A/S

      33,688        1,773,841  

Demant A/S * (a)

      4,584        178,989  

DSV A/S

      10,333        2,595,445  

Genmab A/S *

      3,261        867,191  

Novo Nordisk A/S, Class B

      172,997        7,909,090  

Novonesis Novozymes B, Class B

      18,978        1,103,243  

Orsted AS, 144A *

      24,879        637,336  

Pandora A/S

      3,977        373,013  

ROCKWOOL A/S, Class B

      4,503        142,235  

Tryg A/S

      16,416        386,334  

Vestas Wind Systems A/S

      51,544        1,448,324  

(Cost $22,638,509)

         19,279,449  
Finland — 1.9%      

Elisa OYJ

      7,341        352,092  

Fortum OYJ

      24,343        569,294  

Kesko OYJ, Class B

      14,592        353,678  

Kone OYJ, Class B

      17,634        1,054,331  
    

Number

  of Shares

        Value $  

Metso Corp.

      35,081        670,245  

Neste OYJ

      22,040        723,922  

Nokia OYJ

      269,917        3,932,243  

Nordea Bank Abp

      164,823        3,166,351  

Orion OYJ, Class B

      5,968        498,413  

Sampo OYJ, Class A

      127,941        1,352,625  

Stora Enso OYJ, Class R

      29,673        347,664  

UPM-Kymmene OYJ

      28,738        839,341  

Wartsila OYJ Abp

      26,245        1,068,365  

(Cost $10,771,460)

         14,928,564  
France — 13.3%      

Abivax SA *

      2,881        381,069  

Accor SA

      9,928        544,608  

Aeroports de Paris SA

      1,821        244,262  

Air Liquide SA

      31,107        6,461,316  

Alstom SA *

      18,864        377,131  

Amundi SA, 144A

      3,299        323,036  

AXA SA

      84,021        3,893,625  

Ayvens SA, 144A

      19,024        256,956  

BioMerieux

      2,155        186,886  

BNP Paribas SA

      53,241        5,772,225  

Bollore SE

      33,151        210,350  

Bouygues SA

      11,757        691,977  

Bureau Veritas SA

      16,988        515,185  

Capgemini SE *

      8,174        972,007  

Carrefour SA

      31,686        592,631  

Cie de Saint-Gobain SA

      23,885        2,180,282  

Cie Generale des Etablissements Michelin SCA (a)

      33,254        1,222,193  

Covivio SA REIT

      3,195        205,897  

Credit Agricole SA (a)

      48,478        938,643  

Danone SA

      33,948        2,413,039  

Dassault Aviation SA

      923        328,144  

Dassault Systemes SE (a)

      35,864        786,647  

Eiffage SA

      3,710        539,836  

Engie SA

      95,600        2,951,614  

EssilorLuxottica SA (a)

      16,174        3,304,268  

Gecina SA REIT

      2,236        191,563  

Getlink SE

      13,035        285,228  

Hermes International SCA

      1,388        2,622,721  

Ipsen SA

      1,801        328,968  

Kering SA

      3,829        1,140,431  

Klepierre SA REIT

      11,033        450,669  

Legrand SA

      13,728        2,364,223  

L’Oreal SA

      12,897        5,754,725  

LVMH Moet Hennessy Louis Vuitton SE

      13,365        7,374,349  

Orange SA

      100,130        2,094,659  

Pernod Ricard SA

      10,786        797,874  

Publicis Groupe SA

      12,194        1,191,041  

Renault SA

      9,946        343,274  
 

 

See Notes to Financial Statements.

 

66  |  DBX ETF Trust  

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

  of Shares

        Value $  

Rexel SA

      11,923        511,916  

Safran SA

      18,545        6,612,565  

Sanofi SA

      58,577        5,144,132  

Sartorius Stedim Biotech

      1,473        305,995  

Schneider Electric SE

      29,445        9,271,341  

Societe Generale SA

      34,315        2,866,993  

Sodexo SA

      4,128        227,263  

Thales SA

      4,945        1,381,400  

TotalEnergies SE

      105,806        9,278,127  

Unibail-Rodamco-Westfield REIT *

      5,806        672,742  

Veolia Environnement SA

      31,911        1,292,685  

Vinci SA

      24,979        3,643,396  

(Cost $87,992,518)

         102,442,107  
Germany — 13.1%      

adidas AG

      8,702        1,690,993  

Allianz SE

      20,407        9,083,123  

BASF SE

      47,927        2,840,943  

Bayer AG

      52,330        2,229,708  

Bayerische Motoren Werke AG

      15,087        1,315,588  

Beiersdorf AG

      4,942        398,778  

Brenntag SE

      6,325        417,123  

Commerzbank AG

      34,826        1,505,417  

Continental AG

      5,936        494,079  

CTS Eventim AG & Co. KGaA

      3,241        234,946  

Daimler Truck Holding AG

      24,642        1,211,494  

Delivery Hero SE, 144A * (a)

      8,985        387,554  

Deutsche Bank AG (b)

      97,458        3,166,987  

Deutsche Boerse AG

      9,754        2,816,962  

Deutsche Lufthansa AG

      32,308        323,329  

Deutsche Post AG

      49,340        2,946,570  

Deutsche Telekom AG

      184,399        6,207,297  

E.ON SE

      120,022        2,547,886  

Evonik Industries AG *

      14,130        277,050  

Fresenius Medical Care AG

      10,188        441,939  

Fresenius SE & Co. KGaA

      22,668        958,978  

GEA Group AG

      7,810        505,127  

Hannover Rueck SE

      3,267        885,590  

Heidelberg Materials AG

      7,166        1,594,788  

Henkel AG & Co. KGaA

      4,659        338,554  

Hensoldt AG

      3,407        351,375  

HOCHTIEF AG

      794        450,651  

Infineon Technologies AG

      70,151        6,636,757  

Knorr-Bremse AG

      3,637        439,916  

Mercedes-Benz Group AG

      38,763        2,359,676  

Merck KGaA

      6,996        1,067,754  

MTU Aero Engines AG

      2,891        1,056,468  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

      7,010        3,698,216  

Nemetschek SE

      3,017        217,476  

Rational AG

      286        219,836  
    

Number

  of Shares

        Value $  

Rheinmetall AG

      2,501        3,773,064  

RWE AG

      30,975        1,971,212  

SAP SE

      56,072        10,154,377  

Scout24 SE, 144A

      3,714        312,988  

Siemens AG

      39,898        12,555,695  

Siemens Energy AG

      41,629        7,926,295  

Siemens Healthineers AG, 144A

      18,141        738,896  

Symrise AG

      6,915        637,994  

Talanx AG

      3,154        378,919  

Vonovia SE

      38,714        967,694  

Zalando SE, 144A *

      11,943        324,437  

(Cost $78,795,848)

         101,060,499  
Hong Kong — 0.3%      

Prudential PLC

      

(Cost $2,345,204)

      136,251        1,966,088  
Ireland — 1.0%      

AerCap Holdings NV

      8,637        1,203,912  

AIB Group PLC

      113,704        1,339,506  

Bank of Ireland Group PLC

      50,682        1,030,679  

Experian PLC

      48,879        1,693,687  

Kerry Group PLC, Class A

      8,826        756,142  

Kingspan Group PLC

      8,316        762,403  

Ryanair Holdings PLC

      22,192        650,484  

(Cost $5,987,548)

         7,436,813  
Italy — 4.7%      

Banca Mediolanum SpA

      10,997        254,101  

Banca Monte dei Paschi di Siena SpA (a)

      102,097        1,098,926  

Banco BPM SpA

      61,098        961,005  

BPER Banca SPA

      83,465        1,131,054  

Buzzi SpA

      4,104        222,591  

Davide Campari-Milano NV (a)

      31,863        208,198  

Enel SpA

      409,652        4,599,001  

Eni SpA

      97,659        2,566,381  

Ferrari NV

      6,514        2,242,910  

FinecoBank Banca Fineco SpA

      32,915        804,698  

Generali

      43,598        1,968,509  

Intesa Sanpaolo SpA

      748,101        5,067,103  

Italgas SpA

      32,334        379,595  

Leonardo SpA

      21,581        1,369,865  

Moncler SpA

      11,806        769,221  

Poste Italiane SpA

      24,532        725,654  

Prysmian SpA

      15,135        2,612,714  

Recordati Industria Chimica e Farmaceutica SpA

      5,621        337,651  

Snam SpA

      109,245        798,435  

Telecom Italia SpA *

      919,702        781,814  

Terna - Rete Elettrica Nazionale

      75,846        871,575  

UniCredit SpA

      72,906        6,313,191  

Unipol Assicurazioni SpA

      19,588        485,280  

(Cost $22,132,415)

         36,569,472  
 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  67

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

  of Shares

        Value $  
Luxembourg — 0.4%      

ArcelorMittal SA

      22,936        1,586,962  

CVC Capital Partners PLC, 144A (a)

      11,738        188,117  

Eurofins Scientific SE

      6,391        465,606  

Millicom International Cellular SA

      4,998        426,629  

Tenaris SA

      17,449        530,998  

(Cost $2,050,909)

         3,198,312  
Mexico — 0.1%      

Fresnillo PLC

      

(Cost $233,613)

      9,905        438,322  
Netherlands — 9.8%      

ABN AMRO Bank NV CVA

      33,170        1,320,086  

Adyen NV, 144A *

      1,441        1,578,759  

Aegon Ltd.

      65,495        558,589  

Airbus SE

      31,922        6,690,920  

Akzo Nobel NV

      8,454        647,457  

Argenx SE *

      3,325        2,775,298  

ASM International NV

      2,517        2,637,550  

ASML Holding NV

      20,848        33,674,343  

ASR Nederland NV

      8,434        632,546  

BE Semiconductor Industries NV

      3,815        1,265,528  

Euronext NV, 144A

      4,174        679,650  

EXOR NV

      4,850        378,739  

Ferrovial NV

      25,437        1,741,613  

Heineken Holding NV

      6,377        460,421  

Heineken NV

      15,412        1,205,508  

ING Groep NV

      156,874        4,885,510  

Koninklijke Ahold Delhaize NV

      47,424        2,000,757  

Koninklijke KPN NV

      205,607        1,071,037  

Koninklijke Philips NV

      41,331        1,102,528  

Magnum Ice Cream Co. NV *

      23,984        387,268  

Magnum Ice Cream Co. NV *

      2,781        45,075  

Nebius Group NV * (a)

      10,849        2,507,095  

NN Group NV

      14,123        1,180,790  

Prosus NV *

      70,257        3,197,603  

QIAGEN NV

      11,058        408,159  

Stellantis NV *

      107,008        856,849  

Universal Music Group NV (a)

      54,332        1,235,771  

Wolters Kluwer NV

      12,067        858,854  

(Cost $49,113,824)

         75,984,303  
Norway — 1.0%      

Aker BP ASA

      16,619        597,795  

DNB Bank ASA

      43,717        1,358,820  

Equinor ASA

      37,803        1,370,016  

Gjensidige Forsikring ASA

      10,749        296,903  

Kongsberg Gruppen ASA

      22,488        807,690  

Mowi ASA

      24,263        535,303  

Norsk Hydro ASA

      69,261        847,930  

Orkla ASA

      37,110        391,912  
    

Number

  of Shares

        Value $  

Salmar ASA

      3,350        208,142  

Telenor ASA

      33,183        542,257  

Var Energi ASA

      51,288        252,545  

Yara International ASA

      8,853        481,405  

(Cost $5,744,550)

         7,690,718  
Poland — 0.0%      

InPost SA *

      

(Cost $214,526)

      13,355        239,267  
Portugal — 0.3%      

Banco Comercial Portugues SA, Class R

      436,240        494,787  

EDP SA

      156,747        798,418  

Galp Energia SGPS SA

      22,349        485,775  

Jeronimo Martins SGPS SA

      15,836        335,435  

(Cost $1,858,103)

         2,114,415  
Spain — 5.4%      

Acciona SA

      1,311        377,394  

ACS Actividades de Construccion y Servicios SA

      9,484        1,375,024  

Aena SME, 144A

      40,453        1,174,891  

Amadeus IT Group SA

      23,544        1,503,255  

Banco Bilbao Vizcaya Argentaria SA

      302,614        7,098,209  

Banco de Sabadell SA (a)

      256,065        866,155  

Banco Santander SA

      769,170        9,624,735  

Bankinter SA

      33,769        569,750  

CaixaBank SA

      188,676        2,552,832  

Cellnex Telecom SA, 144A *

      25,102        843,820  

EDP Renewables SA

      17,338        286,561  

EDP Renewables SA * (a)

      155        2,559  

Endesa SA

      17,011        711,521  

Iberdrola SA

      326,685        7,430,388  

Indra Sistemas SA

      4,172        276,791  

Industria de Diseno Textil SA

      58,496        3,636,646  

Mapfre SA (a)

      51,048        239,480  

Naturgy Energy Group SA

      22,104        735,822  

Redeia Corp. SA

      21,888        376,059  

Repsol SA

      60,052        1,543,785  

Telefonica SA

      195,865        899,664  

(Cost $26,510,146)

         42,125,341  
Sweden — 5.2%      

AddTech AB, Class B

      13,576        484,337  

Alfa Laval AB

      15,508        872,389  

Assa Abloy AB, Class B

      52,343        1,886,096  

Atlas Copco AB, Class A

      135,438        2,602,969  

Atlas Copco AB, Class B

      79,324        1,348,828  

Beijer Ref AB

      23,052        321,321  

Boliden AB

      15,166        945,791  

Epiroc AB, Class A

      33,121        985,405  

Epiroc AB, Class B

      20,512        525,180  

EQT AB

      23,233        803,949  
 

 

See Notes to Financial Statements.

 

68  |  DBX ETF Trust  

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

  of Shares

        Value $  

Essity AB, Class B

      30,561        859,260  

Evolution AB, 144A *

      6,752        509,557  

Fastighets AB Balder, Class B *

      36,048        207,001  

H & M Hennes & Mauritz AB, Class B

      22,485        399,748  

Hexagon AB, Class B

      111,316        1,029,840  

Industrivarden AB, Class A

      5,892        335,023  

Industrivarden AB, Class C

      8,266        453,179  

Indutrade AB

      14,653        307,086  

Investment AB Latour, Class B

      7,910        170,955  

Investor AB, Class B

      92,765        3,825,397  

L E Lundbergforetagen AB, Class B

      4,179        246,673  

Lifco AB, Class B

      11,634        374,733  

Nibe Industrier AB, Class B

      76,597        300,893  

Saab AB, Class B

      17,000        1,048,196  

Sagax AB, Class B

      11,100        200,286  

Sandvik AB

      55,536        2,264,603  

Securitas AB, Class B

      25,544        426,605  

Skandinaviska Enskilda Banken AB, Class A

      78,576        1,573,545  

Skanska AB, Class B

      18,482        501,229  

SKF AB, Class B

      18,303        481,507  

Spotify Technology SA *

      7,880        3,921,718  

Svenska Cellulosa AB SCA, Class B

      30,390        335,066  

Svenska Handelsbanken AB, Class A

      73,082        1,080,032  

Swedbank AB, Class A

      44,058        1,629,074  

Swedish Orphan Biovitrum AB *

      9,594        459,485  

Tele2 AB, Class B

      29,479        553,304  

Telefonaktiebolaget LM Ericsson, Class B

      141,960        1,846,552  

Telia Co. AB

      128,992        691,685  

Trelleborg AB, Class B

      10,764        470,286  

Volvo AB, Class B

      83,258        2,935,144  

(Cost $31,822,700)

         40,213,927  
Switzerland — 15.1%      

ABB Ltd.

      84,210        9,021,383  

Alcon, Inc.

      26,847        1,791,978  

Avolta AG *

      4,822        304,560  

Banque Cantonale Vaudoise

      1,641        247,028  

Barry Callebaut AG

      200        308,244  

Belimo Holding AG

      521        552,004  

BKW AG

      1,175        222,792  

Chocoladefabriken Lindt & Spruengli AG

      5        611,748  

Chocoladefabriken Lindt & Spruengli AG Participation Certificates

      51        607,975  

Cie Financiere Richemont SA, Class A

      28,887        6,250,739  

Coca-Cola HBC AG *

      11,089        636,767  
    

Number

  of Shares

        Value $  

DSM-Firmenich AG

      8,856        745,387  

EMS-Chemie Holding AG

      366        334,560  

Galderma Group AG *

      9,835        2,098,545  

Geberit AG

      1,731        1,138,550  

Givaudan SA

      497        1,846,519  

Glencore PLC *

      504,345        3,856,508  

Helvetia Baloise Holding AG

      4,154        1,080,343  

Holcim AG *

      27,407        2,718,404  

Julius Baer Group Ltd.

      11,019        903,768  

Kuehne + Nagel International AG

      2,623        606,057  

Logitech International SA

      7,770        944,684  

Lonza Group AG

      3,771        2,417,537  

Nestle SA

      138,377        14,083,235  

Novartis AG

      98,393        14,851,916  

Partners Group Holding AG

      1,148        1,216,611  

Roche Holding AG

      1,569        676,607  

Roche Holding AG

      37,748        15,925,202  

Sandoz Group AG

      22,291        1,873,409  

Schindler Holding AG

      1,023        336,173  

Schindler Holding AG Participation Certificates

      2,198        743,414  

SGS SA

      8,894        1,012,746  

Sika AG

      8,116        1,593,982  

Sonova Holding AG

      2,648        704,279  

STMicroelectronics NV

      24,908        1,712,657  

STMicroelectronics NV, Class Y

      9,024        625,453  

Straumann Holding AG

      6,006        728,830  

Swatch Group AG — Bearer (a)

      1,468        406,613  

Swiss Life Holding AG

      1,496        1,630,641  

Swiss Prime Site AG

      4,337        727,325  

Swiss Re AG

      16,044        2,419,293  

Swisscom AG

      1,379        1,181,041  

UBS Group AG

      170,556        8,093,516  

VAT Group AG, 144A

      1,443        1,129,184  

Zurich Insurance Group AG

      8,034        5,733,057  

(Cost $88,086,278)

         116,651,264  
United Kingdom — 20.3%      

3i Group PLC

      52,837        1,618,790  

Admiral Group PLC

      13,973        620,223  

Airtel Africa PLC, 144A

      41,357        196,382  

Anglo American PLC

      56,984        3,060,407  

Associated British Foods PLC

      15,027        368,716  

AstraZeneca PLC

      81,223        15,097,051  

Aviva PLC

      163,036        1,346,346  

BAE Systems PLC

      157,261        4,284,380  

Barclays PLC

      734,866        4,532,077  

BP PLC

      843,445        5,926,959  

British American Tobacco PLC

      107,807        6,665,386  

BT Group PLC

      307,798        865,501  

Bunzl PLC

      17,607        558,165  

Centrica PLC

      243,080        613,793  
 

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  69

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

  of Shares

        Value $  

Coca-Cola Europacific Partners PLC

      10,746        974,555  

Compass Group PLC

      90,854        2,922,773  

Diageo PLC

      119,581        2,472,766  

Endeavour Mining PLC

      11,471        709,681  

GSK PLC

      217,868        5,520,377  

Haleon PLC

      478,030        2,167,551  

Halma PLC

      19,886        1,253,863  

HSBC Holdings PLC

      923,024        17,322,964  

Imperial Brands PLC

      39,622        1,438,558  

Informa PLC

      68,235        745,429  

InterContinental Hotels Group PLC

      7,652        1,179,556  

International Consolidated Airlines Group SA

      61,518        355,831  

Intertek Group PLC

      8,149        583,831  

J Sainsbury PLC

      96,063        383,318  

Kingfisher PLC

      93,535        362,146  

Land Securities Group PLC REIT

      39,374        333,527  

Legal & General Group PLC

      280,937        1,026,809  

Lloyds Banking Group PLC

      3,145,320        4,316,285  

London Stock Exchange Group PLC

      24,080        2,925,704  

M&G PLC

      121,922        518,848  

Marks & Spencer Group PLC

      110,889        531,481  

Melrose Industries PLC

      63,669        403,593  

National Grid PLC

      267,154        4,301,128  

NatWest Group PLC

      428,547        3,459,284  

Next PLC

      6,258        1,113,714  

Pearson PLC

      25,267        378,381  

Reckitt Benckiser Group PLC

      34,438        2,129,199  

RELX PLC

      95,833        3,161,930  

Rentokil Initial PLC

      135,693        820,128  

Rio Tinto PLC

      57,290        6,147,510  

Rolls-Royce Holdings PLC

      451,293        8,128,137  

Sage Group PLC

      49,728        564,145  

Schroders PLC

      43,233        340,016  

Segro PLC REIT

      66,108        643,314  

Severn Trent PLC

      14,428        577,077  

Shell PLC

      301,630        12,665,482  

Smith & Nephew PLC

      41,199        616,413  

Smiths Group PLC

      16,792        557,204  

Spirax Group PLC

      3,731        349,959  

SSE PLC

      65,126        2,044,409  

Standard Chartered PLC

      95,653        2,567,946  

Standard Life PLC

      37,254        389,319  

Tesco PLC

      342,244        1,982,793  

Unilever PLC

      117,279        6,642,155  

United Utilities Group PLC

      39,159        708,764  

Verisure PLC *

      12,795        170,582  

Vodafone Group PLC

      1,000,286        1,500,654  
    

Number

  of Shares

        Value $  

Wise Group PLC, Class A *

      38,536        484,713  

(Cost $122,313,213)

         156,647,978  
United States — 0.2%      

Octave Intelligence PLC *

      11,131        189,754  

Sunbelt Rentals Holdings, Inc.

      21,977        1,729,024  

(Cost $1,624,630)

         1,918,778  
TOTAL COMMON STOCKS            

(Cost $571,076,865)

         746,072,754  
PREFERRED STOCKS — 0.4%      
Germany — 0.4%      

Bayerische Motoren Werke AG

      2,834        246,761  

Dr Ing hc F Porsche AG * (a)

      5,753        314,646  

Henkel AG & Co. KGaA

      8,286        644,449  

Porsche Automobil Holding SE *

      8,583        327,367  

Sartorius AG

      1,361        389,089  

Volkswagen AG *

      11,001        1,178,195  

(Cost $4,564,143)

         3,100,507  
EXCHANGE-TRADED FUNDS — 0.1%      

iShares Core MSCI Europe ETF

      

(Cost $1,058,419)

      15,000        1,139,100  
SECURITIES LENDING COLLATERAL — 1.0%      

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.53% (c)(d)
(Cost $7,490,651)

      7,490,651        7,490,651  
CASH EQUIVALENTS — 0.6%      

DWS Government Money Market Series “Institutional Shares”, 3.57% (c)
(Cost $4,509,855)

      4,509,855        4,509,855  
TOTAL INVESTMENTS — 98.6%      

(Cost $588,699,933)

         762,312,867  
Other assets and liabilities, net — 1.4%         10,771,525  
NET ASSETS — 100.0%         773,084,392  
 

 

See Notes to Financial Statements.

 

70  |  DBX ETF Trust  

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2026

 

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2026 is as follows:

 

Value ($) at
5/31/2025		   Purchases Cost
($)		   Sales Proceeds
($)		   Net Realized
Gain/(Loss)
($)		   Net Change
in Unrealized
Appreciation
(Depreciation)
($)		   Income ($)   Capital Gain
Distributions
($)		   Number of
Shares at
5/31/2026		   Value ($) at
5/31/2026
 

COMMON STOCKS — 0.4%

  
 

Germany — 0.4%

  
 

Deutsche Bank AG (b)

  
  2,760,841       669,138       (801,119 )      335,197       202,930       111,162       —       97,458       3,166,987  
 

SECURITIES LENDING COLLATERAL — 1.0%

  
 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.53% (c)(d)

  
  5,319,270       2,171,381  (e)      —       —       —       108,076       —       7,490,651       7,490,651  
 

CASH EQUIVALENTS — 0.6%

  
 

DWS Government Money Market Series “Institutional Shares”, 3.57% (c)

  
  14,028,943       71,215,229       (80,734,317 )      —       —       264,168       —       4,509,855       4,509,855  
  22,109,054       74,055,748       (81,535,436 )      335,197       202,930       483,406       —       12,097,964       15,167,493  

 

*

Non-income producing security.

(a)

All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at May 31, 2026 amounted to $9,926,562, which is 1.3% of net assets.

(b)

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

(c)

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

(d)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $2,775,307.

(e)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2026.

 

CVA:

Certificaten Van Aandelen (Dutch Certificate)

REIT:

Real Estate Investment Trust

144A:

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

Securities are listed in country of domicile.

At May 31, 2026, open futures contracts purchased were as follows:

 

Contract Description    Currency      Number of
   Contracts   		      Notional
Amount ($)		     Contract Value
($)		     Expiration
Date		     Unrealized
 Appreciation ($) 		  

CAC 40 Index

      EUR        7        653,258        667,922        6/19/2026         14,664  

DAX Mini Index

      EUR        5        710,688       734,220       6/19/2026       23,532  

EURO STOXX 50 Index

      EUR        135        9,325,200       9,548,620       6/19/2026       223,420  

FTSE 100 Index

      GBP        39        5,470,997       5,484,802       6/19/2026       13,805  

FTSE MIB Index

      EUR        2        508,724       584,355       6/19/2026       75,631  

IBEX 35 Index

      EUR        3        625,516       645,501       6/19/2026       19,985  

OMXS30 Index

      SEK        50        1,682,190       1,702,570       6/18/2026       20,380  

SMI Index

      CHF        22        3,713,694       3,823,330       6/19/2026       109,636  

Total unrealized appreciation

                                                501,053  

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  71



Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2026

 

At May 31, 2026, the Fund had the following forward foreign currency contracts outstanding:

 

Counterparty   

Settlement

 

Date

     

Currency To

 

Deliver

     

Currency To

 

Receive

     

Unrealized

 

 Appreciation ($) 

  

Unrealized

 

 Depreciation ($) 

Morgan Stanley Capital

      6/2/2026      CHF      81,587,039        USD        104,640,423        115,358        —  

Morgan Stanley Capital

      6/2/2026      CHF      1,732,000        USD        2,220,359        1,411       —  

Morgan Stanley Capital

      6/2/2026      CHF      824,100        USD        1,056,959        1,165       —  

Morgan Stanley Capital

      6/2/2026      DKK      5,158,000        USD        811,080        6,117       —  

Morgan Stanley Capital

      6/2/2026      DKK      115,868,142        USD        18,219,944        137,444       —  

Morgan Stanley Capital

      6/2/2026      EUR      12,910,000        USD        15,159,162        100,932       —  

Morgan Stanley Capital

      6/2/2026      EUR      3,216,300        USD        3,777,782        26,289       —  

Morgan Stanley Capital

      6/2/2026      EUR      318,432,196        USD        374,022,178        2,602,726       —  

RBC Capital Markets

      6/2/2026      GBP      123,075,124        USD        167,236,078        1,490,725       —  

RBC Capital Markets

      6/2/2026      GBP      1,243,100        USD        1,689,140        15,057       —  

Goldman Sachs & Co.

      6/2/2026      NOK      78,694,991        USD        8,456,917        —       (53,916 )  

Bank of America

      6/2/2026      SEK      3,292,300        USD        356,384        —       (191 ) 

Bank of America

      6/2/2026      SEK      325,960,386        USD        35,284,506        —       (18,955 ) 

Bank of America

      6/2/2026      SEK      13,803,000        USD        1,494,122        —       (825 ) 

The Bank of New York Mellon

      6/2/2026      USD      107,689,434        CHF        84,143,139        110,373       —  

The Bank of New York Mellon

      6/2/2026      USD      18,897,638        DKK        121,026,142        —       (10,175 ) 

Morgan Stanley Capital

      6/2/2026      USD        390,407,015        EUR        334,558,496        —       (177,839 ) 

RBC Capital Markets

      6/2/2026      USD      3,753,100        GBP        2,762,000        —       (33,513 ) 

The Bank of New York Mellon

      6/2/2026      USD      163,851,712        GBP        121,556,224        —       (151,862 ) 

Goldman Sachs & Co.

      6/2/2026      USD      560,448        NOK        5,215,000        3,552       —  

Goldman Sachs & Co.

      6/2/2026      USD      7,956,513        NOK        73,479,991        —       (9,681 ) 

Morgan Stanley Capital

      6/2/2026      USD      37,153,825        SEK          343,055,686        1,159       —  

The Bank of New York Mellon

      7/2/2026      CHF      84,143,139        USD        108,036,489        —       (136,051 ) 

The Bank of New York Mellon

      7/2/2026      CHF      3,893,000        USD        4,998,247        —       (6,506 ) 

The Bank of New York Mellon

      7/2/2026      DKK      121,026,142        USD        18,928,109        8,192       —  

The Bank of New York Mellon

      7/2/2026      DKK      3,966,000        USD        620,264        263       —  

Morgan Stanley Capital

      7/2/2026      EUR      12,352,000        USD        14,429,384        1,868       —  

Morgan Stanley Capital

      7/2/2026      EUR      334,558,496        USD        390,916,882        142,255       —  

The Bank of New York Mellon

      7/2/2026      GBP      1,304,000        USD        1,757,590        1,594       —  

The Bank of New York Mellon

      7/2/2026      GBP      121,556,224        USD        163,842,474        152,154       —  

Goldman Sachs & Co.

      7/2/2026      NOK      73,479,991        USD        7,952,294        9,608       —  

Morgan Stanley Capital

      7/2/2026      SEK      343,055,686        USD        37,211,884        —       (5,115 ) 

Goldman Sachs & Co.

      7/2/2026      USD      101,948        NOK        942,000        —       (125 ) 

Morgan Stanley Capital

      7/2/2026      USD      259,039        SEK        2,388,000        28       —  

Total unrealized appreciation (depreciation)

 

                        4,928,270       (604,754 ) 

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

 

See Notes to Financial Statements.

 

72  |  DBX ETF Trust  

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2026

 

 

Currency Abbreviations

CHF   Swiss Franc
DKK   Danish Krone
EUR   Euro
GBP   Pound Sterling
NOK   Norwegian Krone
SEK   Swedish Krona
USD   U.S. Dollar

Fair Value Measurements

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

The following is a summary of the inputs used as of May 31, 2026 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)

    $ 746,070,195      $ 2,559      $ —      $ 746,072,754  

Preferred Stocks

      3,100,507       —       —       3,100,507  

Exchange-Traded Funds

      1,139,100       —       —       1,139,100  

Short-Term Investments (a)

      12,000,506       —       —       12,000,506  

Derivatives (b)

         

Forward Foreign Currency Contracts

      —       4,928,270       —       4,928,270  

Futures Contracts

      501,053       —       —       501,053  

TOTAL

    $ 762,811,361     $ 4,930,829     $ —     $ 767,742,190  
Liabilities    Level 1     Level 2     Level 3     Total  

Derivatives (b)

         

Forward Foreign Currency Contracts

    $ —     $ (604,754 )    $ —     $ (604,754 ) 

TOTAL

    $ —     $ (604,754 )    $ —     $ (604,754 ) 

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

(b)

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

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  73

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF

May 31, 2026

 

    

Number

   of Shares

         Value $  
COMMON STOCKS — 96.5%      
Austria — 1.3%      

ANDRITZ AG

      548        49,920  

AT&S Austria Technologie & Systemtechnik AG *

      198        32,564  

BAWAG Group AG, 144A

      636        114,316  

CA Immobilien Anlagen AG (a)

      338        9,797  

CPI Europe AG *

      287        5,343  

DO & CO AG

      63        14,256  

Erste Group Bank AG

      2,657        319,210  

EVN AG

      282        9,292  

Kontron AG

      310        8,410  

Lenzing AG *

      175        4,827  

Mayr Melnhof Karton AG

      75        6,955  

Oesterreichische Post AG

      305        11,473  

OMV AG (a)

      1,276        91,755  

Palfinger AG

      119        4,858  

Porr AG

      217        10,251  

Raiffeisen Bank International AG

      1,154        66,521  

UNIQA Insurance Group AG

      893        17,874  

Verbund AG

      544        36,517  

Vienna Insurance Group AG Wiener Versicherung Gruppe

      285        20,976  

voestalpine AG

      943        53,236  

Wienerberger AG

      869        24,529  

(Cost $607,436)

         912,880  
Belgium — 2.9%      

Ackermans & van Haaren NV

      182        57,699  

Aedifica SA REIT

      755        62,349  

Ageas SA/NV

      1,311        101,841  

Anheuser-Busch InBev SA/NV

      7,751        623,813  

Azelis Group NV

      2,063        23,714  

Barco NV

      537        5,762  

Bekaert SA

      303        14,632  

Cofinimmo SA REIT

      18        1,746  

Colruyt Group NV

      309        11,959  

Deme Group NV

      61        13,191  

D’ieteren Group

      183        36,586  

Elia Group SA/NV

      360        55,973  

Euronav NV

      1,018        16,101  

Fagron

      558        15,685  

Financiere de Tubize SA

      181        47,459  

Gimv NV

      181        10,250  

Groupe Bruxelles Lambert NV

      601        56,711  

KBC Ancora

      364        34,560  

KBC Group NV

      1,985        263,829  

Kinepolis Group NV

      119        4,115  

Lakefront Biotherapeutics NV *

      288        8,217  

Lotus Bakeries NV

      4        51,322  

Melexis NV

      181        17,122  

Montea NV REIT

      149        11,609  
    

Number

   of Shares

         Value $  

Proximus SADP

      1,055        8,220  

Recticel SA

      339        4,231  

Retail Estates NV REIT

      104        8,613  

Sofina SA (a)

      128        33,294  

Solvay SA

      636        19,199  

Syensqo SA

      605        47,421  

Tessenderlo Group SA

      169        4,337  

UCB SA

      1,044        306,501  

Umicore SA

      2,058        60,683  

Vastned NV REIT

      93        3,200  

VGP NV

      95        9,286  

Warehouses De Pauw CVA REIT

      1,750        45,396  

X-Fab Silicon Foundries SE, 144A *

      368        4,619  

Xior Student Housing NV REIT

      270        8,739  

(Cost $1,678,111)

         2,109,984  
Czech Republic — 0.0%      

CSG NV *

            

(Cost $43,589)

      1,231        25,811  
Finland — 3.7%      

Bittium Oyj

      231        10,616  

Elisa OYJ

      1,258        60,337  

Finnair OYJ *

      576        2,889  

Fortum OYJ

      3,797        88,798  

Harvia OYJ

      149        7,108  

Hiab OYJ

      334        20,998  

Huhtamaki OYJ

      765        24,449  

Kalmar OYJ, Class B

      334        17,336  

Kemira OYJ

      1,034        21,516  

Kempower OYJ *

      148        2,553  

Kesko OYJ, Class B

      2,245        54,414  

Kone OYJ, Class B

      2,781        166,275  

Konecranes OYJ

      1,644        54,344  

Lumo Kodit OYJ

      1,122        9,717  

Mandatum OYJ

      3,416        22,711  

Metsa Board OYJ, Class B * (a)

      1,494        5,113  

Metso OYJ

      5,552        106,075  

Neste OYJ

      3,564        117,063  

Nokia OYJ

      43,318        631,071  

Nokian Renkaat OYJ (a)

      1,009        13,028  

Nordea Bank Abp

      26,603        511,060  

Orion OYJ, Class B

      910        75,998  

Outokumpu OYJ

      3,628        25,221  

Puuilo OYJ

      783        12,001  

QT Group OYJ *

      183        6,288  

Revenio Group OYJ *

      183        2,993  

Sampo OYJ, Class A

      20,806        219,966  

Stora Enso OYJ, Class R

      4,815        56,415  

Tieto OYJ

      903        21,739  

Tokmanni Group Corp.

      412        3,390  

UPM-Kymmene OYJ

      4,476        130,729  

 

See Notes to Financial Statements.

 

74  |  DBX ETF Trust  

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

   of Shares

         Value $  

Valmet OYJ

      1,313        35,622  

Wartsila OYJ Abp

      4,252        173,088  

YIT OYJ *

      1,008        3,222  

(Cost $1,988,257)

         2,714,143  
France — 24.3%      

2CRSI SACA *

      126        7,583  

Abivax SA *

      458        60,580  

Accor SA

      1,558        85,465  

Aeroports de Paris SA

      278        37,290  

Air France-KLM *

      945        12,935  

Air Liquide SA

      5,001        1,038,771  

Alstom SA *

      2,958        59,137  

Altarea SCA REIT

      49        6,195  

Alten SA

      237        17,968  

Amundi SA, 144A

      503        49,253  

Antin Infrastructure Partners SA

      299        3,470  

ARGAN SA REIT

      80        5,711  

Arkema SA

      477        33,883  

Assystem SA

      10        507  

Aubay

      32        2,023  

AXA SA

      13,571        628,895  

Ayvens SA, 144A

      2,900        39,170  

Beneteau SACA

      179        1,455  

BioMerieux

      363        31,480  

BNP Paribas SA

      8,552        927,182  

Bollore SE

      5,100        32,361  

Bouygues SA

      1,890        111,239  

Bureau Veritas SA

      2,822        85,581  

Capgemini SE *

      1,338        159,108  

Carmila SA REIT

      573        11,148  

Carrefour SA

      4,988        93,292  

Cie de Saint-Gobain SA

      3,849        351,346  

Cie des Alpes

      179        4,666  

Cie Generale des Etablissements Michelin SCA (a)

      5,387        197,990  

Clariane SE *

      1,288        6,289  

Coface SA

      983        17,141  

Covivio SA REIT

      506        32,608  

Credit Agricole SA (a)

      7,889        152,749  

Danone SA

      5,445        387,033  

Dassault Aviation SA

      137        48,706  

Dassault Systemes SE (a)

      5,795        127,108  

DBV Technologies SA *

      1,879        7,364  

Derichebourg SA

      854        10,101  

Edenred SE (a)

      1,800        49,003  

Eiffage SA

      579        84,249  

Elior Group SA, 144A

      749        1,637  

Elis SA (a)

      1,376        43,527  

Emeis SA *

      724        12,583  

Engie SA

      15,428        476,334  

Equasens

      49        2,249  
    

Number

   of Shares

         Value $  

Eramet SA (a)

      64        4,098  

EssilorLuxottica SA (a)

      2,600        531,167  

Etablissements Maurel et Prom SA

      388        4,078  

Eurazeo SE

      235        12,746  

Eutelsat Communications SACA *

      2,536        11,758  

Exail Technologies SA *

      66        11,062  

Exosens SAS

      327        25,993  

FDJ UNITED (a)

      938        24,890  

Fnac Darty SA

      119        4,900  

Forvia SE *

      1,308        17,385  

Gaztransport Et Technigaz SA

      319        73,635  

Gecina SA REIT

      385        32,984  

Getlink SE

      2,148        47,002  

Havas NV

      340        6,722  

Hermes International SCA

      223        421,374  

ICADE REIT *

      305        7,492  

ID Logistics Group SACA *

      31        13,867  

Imerys SA

      270        7,224  

Interparfums SA

      212        6,162  

Inventiva SACA, 144A *

      1,327        6,632  

Ipsen SA

      298        54,432  

IPSOS SA

      335        15,161  

JCDecaux SE

      513        11,273  

Kaufman & Broad SA

      92        2,720  

Kering SA

      609        181,385  

Klepierre SA REIT

      1,912        78,100  

Legrand SA

      2,222        382,671  

LISI SA

      215        16,978  

L’Oreal SA

      2,072        924,540  

Louis Hachette Group

      5,097        10,053  

LVMH Moet Hennessy Louis Vuitton SE

      2,147        1,184,641  

Manitou BF SA

      61        1,540  

Medincell SA *

      185        6,098  

Mercialys SA REIT

      818        11,316  

Mersen SA

      179        8,731  

Metropole Television SA

      183        2,468  

Nanobiotix SA *

      283        11,236  

Nexans SA

      310        57,275  

Nexity SA *

      305        2,919  

Opmobility

      429        8,341  

Orange SA

      16,085        336,488  

Pernod Ricard SA

      1,650        122,056  

Peugeot Invest SA

      32        2,348  

Pierre Et Vacances SA *

      606        1,376  

Planisware SA

      169        3,860  

Pluxee NV

      779        10,776  

Publicis Groupe SA

      1,974        192,809  

Remy Cointreau SA

      188        8,758  

Renault SA

      1,630        56,258  

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  75

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

   of Shares

         Value $  

Rexel SA

      1,879        80,675  

Robertet SA

      7        6,777  

Rubis SCA

      683        28,265  

Safran SA

      2,979        1,062,218  

Sanofi SA

      9,413        826,634  

Sartorius Stedim Biotech

      241        50,064  

Schneider Electric SE

      4,729        1,489,019  

SCOR SE

      1,229        44,123  

SEB SA

      183        10,668  

Seche Environnement SACA

      24        2,321  

Societe BIC SA *

      149        10,150  

Societe Generale SA

      5,508        460,189  

Sodexo SA

      618        34,023  

SOITEC *

      237        49,081  

Sopra Steria Group

      135        23,462  

SPIE SA

      1,339        76,373  

Technip Energies NV

      1,139        47,110  

Teleperformance SE (a)

      328        24,118  

Television Francaise 1 SA

      303        2,424  

Thales SA

      803        224,320  

Tikehau Capital SCA (a)

      342        7,148  

TotalEnergies SE

      16,981        1,489,064  

Trigano SA

      60        11,344  

Ubisoft Entertainment SA *

      990        6,506  

Unibail-Rodamco-Westfield REIT *

      932        107,991  

Valeo SE

      1,675        25,926  

Vallourec SACA *

      1,638        45,701  

Valneva SE * (a)

      1,435        4,372  

Veolia Environnement SA

      5,133        207,933  

Vicat SACA

      153        11,297  

Vinci SA

      4,021        586,497  

Virbac SACA

      36        15,054  

Viridien *

      49        6,881  

Vivendi SE

      4,945        13,554  

Voltalia SA *

      241        2,364  

Vusion (a)

      48        7,514  

Wavestone

      49        2,709  

Wendel SE

      172        17,404  

Worldline SA, 144A *

      15,057        6,301  

(Cost $16,500,431)

         17,659,717  
Germany — 24.0%      

2G Energy AG

      88        6,867  

adidas AG

      1,397        271,468  

AIXTRON SE

      946        64,263  

Allianz SE

      3,287        1,463,038  

Alzchem Group AG

      56        12,299  

Atoss Software SE

      50        4,491  

Aumovio SE *

      463        21,656  

Aurubis AG

      201        50,687  

Auto1 Group SE *

      1,111        29,546  
    

Number

   of Shares

         Value $  

BASF SE

      7,687        455,658  

Bayer AG

      8,454        360,213  

Bayerische Motoren Werke AG

      2,430        211,896  

Bechtle AG *

      721        28,105  

Beiersdorf AG

      791        63,827  

Bilfinger SE

      298        30,431  

Brenntag SE

      1,047        69,048  

CANCOM SE

      206        6,800  

Carl Zeiss Meditec AG

      337        10,173  

CECONOMY AG *

      1,314        6,437  

Cewe Stiftung & Co. KGaA

      32        3,830  

Commerzbank AG

      5,585        241,422  

Continental AG

      926        77,075  

CTS Eventim AG & Co. KGaA

      533        38,638  

Daimler Truck Holding AG

      3,896        191,542  

Delivery Hero SE, 144A *

      1,435        61,897  

Dermapharm Holding SE

      23        1,308  

Deutsche Bank AG (b)

      15,665        509,049  

Deutsche Boerse AG

      1,558        449,952  

Deutsche Lufthansa AG

      4,992        49,958  

Deutsche Pfandbriefbank AG, 144A

      1,037        4,466  

Deutsche Post AG

      7,937        473,995  

Deutsche Telekom AG

      29,605        996,573  

Deutz AG

      1,075        13,128  

Douglas AG *

      286        2,946  

Duerr AG

      423        10,287  

E.ON SE

      19,382        411,451  

Eckert & Ziegler SE

      357        6,879  

Elmos Semiconductor SE

      95        20,034  

Energiekontor AG

      62        3,258  

Evonik Industries AG *

      2,240        43,920  

Evotec SE *

      1,253        7,717  

Fielmann Group AG

      179        9,333  

flatexDEGIRO SE

      751        29,625  

Fraport AG Frankfurt Airport Services Worldwide

      305        25,632  

Freenet AG

      960        28,307  

Fresenius Medical Care AG

      1,638        71,054  

Fresenius SE & Co. KGaA

      3,629        153,526  

Friedrich Vorwerk Group SE

      58        4,448  

GEA Group AG

      1,255        81,169  

Gerresheimer AG (a)

      299        9,486  

GFT Technologies SE

      148        3,815  

GRENKE AG

      213        3,230  

Hannover Rueck SE

      523        141,770  

Heidelberg Materials AG

      1,150        255,932  

HelloFresh SE *

      1,374        6,920  

Henkel AG & Co. KGaA

      786        57,116  

Hensoldt AG

      542        55,898  

HOCHTIEF AG

      128        72,649  

 

See Notes to Financial Statements.

 

76  |  DBX ETF Trust  

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

   of Shares

         Value $  

Hornbach Holding AG & Co. KGaA

      68        6,401  

HUGO BOSS AG

      333        13,866  

Hypoport SE *

      27        2,738  

Indus Holding AG *

      205        7,221  

Infineon Technologies AG

      11,253        1,064,610  

IONOS Group SE *

      418        13,720  

Jenoptik AG

      468        25,110  

JOST Werke SE, 144A

      167        11,512  

K+S AG

      1,276        22,042  

KION Group AG

      636        32,529  

Kloeckner & Co. SE

      552        7,340  

Knorr-Bremse AG

      557        67,372  

Krones AG *

      119        16,434  

KWS Saat SE & Co KGaA

      91        7,706  

LANXESS AG

      755        14,530  

LEG Immobilien SE

      653        42,462  

MBB SE

      3        637  

Mercedes-Benz Group AG

      6,252        380,587  

Merck KGaA

      1,097        167,428  

MTU Aero Engines AG

      460        168,099  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

      1,128        595,091  

Mutares SE & Co. KGaA (a)

      155        5,044  

Nagarro SE

      61        2,887  

Nemetschek SE

      488        35,177  

Nordex SE *

      1,103        53,263  

Norma Group SE *

      185        3,781  

PATRIZIA SE

      310        2,723  

Pfisterer Holding SE *

      69        8,370  

PNE AG (a)

      273        3,203  

ProSiebenSat.1 Media SE

      1,019        4,742  

Puma SE *

      783        26,549  

PVA TePla AG *

      161        8,210  

Rational AG

      45        34,590  

RENK Group AG

      709        47,014  

Rheinmetall AG

      401        604,958  

RWE AG

      4,970        316,285  

SAF-Holland SE

      417        10,141  

Salzgitter AG *

      246        17,618  

SAP SE

      9,002        1,630,220  

Schaeffler AG

      1,617        19,917  

Schott Pharma AG & Co. KGaA

      337        7,154  

Scout24 SE, 144A

      639        53,850  

Secunet Security Networks AG *

      28        6,793  

Siemens AG

      6,407        2,016,250  

Siemens Energy AG

      6,681        1,272,084  

Siemens Healthineers AG, 144A

      2,872        116,979  

Siltronic AG *

      84        10,258  

Sixt SE (a)

      119        10,618  

SMA Solar Technology AG *

      160        12,271  
    

Number

   of Shares

         Value $  

Stroeer SE & Co. KGaA

      307        13,521  

Suedzucker AG

      515        6,908  

SUSS MircoTec SE

      169        18,165  

Symrise AG

      1,146        105,733  

TAG Immobilien AG

      1,496        24,796  

Talanx AG

      537        64,515  

TeamViewer SE, 144A *

      1,134        7,804  

thyssenkrupp AG

      4,253        58,263  

Thyssenkrupp Nucera AG & Co. KGaA, 144A *

      242        2,461  

Tkms AG& Co KGaA *

      211        20,747  

TUI AG

      3,672        30,281  

United Internet AG

      573        17,618  

Verbio SE *

      237        10,477  

Vonovia SE

      6,237        155,900  

Vossloh AG

      66        5,412  

Wacker Chemie AG *

      179        20,732  

Wacker Neuson SE

      212        4,713  

Wuestenrot & Wuerttembergische AG

      148        2,545  

Zalando SE, 144A *

      1,935        52,565  

(Cost $14,955,083)

         17,427,678  
Ireland — 1.4%      

AerCap Holdings NV

      1,375        191,661  

AIB Group PLC

      18,262        215,138  

Bank of Ireland Group PLC

      8,343        169,665  

Cairn Homes PLC

      5,569        15,297  

Glanbia PLC

      1,738        42,288  

Glenveagh Properties PLC, 144A *

      2,655        7,061  

Irish Residential Properties REIT

      

PLC REIT

      4,012        5,222  

Kerry Group PLC, Class A

      1,384        118,570  

Kingspan Group PLC

      1,326        121,567  

Ryanair Holdings PLC

      3,593        105,317  

Uniphar PLC

      1,996        10,616  

(Cost $790,159)

         1,002,402  
Italy — 9.2%      

A2A SpA

      13,899        36,460  

ACEA SpA

      392        10,407  

AMCO - Asset Management Co SpA, Class B * (c)

      13        0  

Amplifon SpA

      1,201        15,101  

Ariston Holding NV

      421        1,631  

Arnoldo Mondadori Editore SpA

      674        1,639  

Ascopiave SpA *

      363        1,359  

Avio SpA

      384        19,291  

Azimut Holding SpA

      895        36,381  

Banca Generali SpA

      520        33,177  

Banca IFIS SpA

      187        4,423  

Banca Mediolanum SpA

      1,622        37,479  

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  77

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

   of Shares

         Value $  

Banca Monte dei Paschi di Siena SpA (a)

      16,107        173,368  

Banco BPM SpA

      9,686        152,350  

BPER Banca SPA

      13,455        182,332  

Brembo NV

      1,203        16,375  

Brunello Cucinelli SpA

      279        26,841  

Buzzi SpA

      720        39,051  

Carel Industries SpA, 144A

      329        11,954  

Cembre SpA

      22        2,294  

Cementir Holding NV

      388        6,626  

CIR SpA-Compagnie Industriali *

      5,534        4,693  

Credito Emiliano SpA

      657        11,801  

Danieli & C Officine Meccaniche SpA

      90        7,726  

Danieli & C Officine Meccaniche SpA-RSP

      303        17,671  

Davide Campari-Milano NV

      5,278        34,487  

De’ Longhi SpA

      520        21,641  

DiaSorin SpA

      192        14,897  

El.En. SpA

      337        6,270  

Enav SpA, 144A

      2,149        13,523  

Enel SpA

      65,888        739,699  

Eni SpA

      15,643        411,082  

ERG SpA

      558        14,931  

Ferrari NV

      1,039        357,750  

Ferretti SpA (a)

      1,267        4,534  

Fila SpA

      181        1,869  

Fincantieri SpA *

      1,067        14,729  

FinecoBank Banca Fineco SpA

      5,233        127,935  

Generali

      7,029        317,369  

GVS SpA, 144A *

      491        2,443  

Hera SpA

      6,965        31,326  

Industrie De Nora SpA

      270        2,378  

Intercos SpA

      430        6,139  

Interpump Group SpA

      594        24,859  

Intesa Sanpaolo SpA

      120,551        816,527  

Iren SpA

      4,784        14,955  

Italgas SpA

      5,128        60,202  

Italmobiliare SpA

      199        6,604  

Iveco Group NV

      1,828        29,680  

Juventus Football Club SpA * (a)

      1,021        2,429  

Leonardo SpA

      3,545        225,021  

Lottomatica Group SpA

      2,048        60,723  

LU-VE SpA

      97        7,660  

Maire SpA

      1,131        19,313  

MARR SpA (a)

      270        2,227  

MFE-MediaForEurope NV, Class A

      2,964        10,462  

MFE-MediaForEurope NV, Class B

      368        1,613  

Moncler SpA

      1,886        122,883  

Newprinces SpA *

      277        5,014  
    

Number

   of Shares

         Value $  

Nexi SpA, 144A

      4,598        18,825  

OVS SpA, 144A

      1,663        10,862  

Pharmanutra SpA

      31        3,276  

Piaggio & C SpA

      1,232        2,493  

Pirelli & C SpA, 144A

      4,014        29,543  

Poste Italiane SpA

      3,878        114,711  

Prysmian SpA

      2,423        418,276  

RAI Way SpA, 144A

      778        5,127  

Recordati Industria Chimica e Farmaceutica SpA

      957        57,487  

Reply SpA

      169        20,284  

Safilo Group SpA *

      2,907        5,523  

Saipem SpA

      11,668        56,071  

Salvatore Ferragamo SpA *

      698        7,694  

Sanlorenzo SpA

      92        3,983  

Sesa SpA

      61        6,905  

Snam SpA

      17,037        124,518  

SOL SpA

      297        19,573  

Tamburi Investment Partners SpA

      816        8,537  

Technogym SpA, 144A

      1,016        21,106  

Telecom Italia SpA *

      147,251        125,174  

Terna - Rete Elettrica Nazionale

      11,845        136,115  

UniCredit SpA

      11,698        1,012,972  

Unipol Assicurazioni SpA

      3,155        78,163  

Webuild SpA

      2,929        8,445  

Wiit SpA

      60        2,400  

Zignago Vetro SpA

      270        2,327  

(Cost $4,852,398)

         6,683,994  
Luxembourg — 0.8%      

APERAM SA

      397        23,639  

ArcelorMittal SA

      3,624        250,748  

Aroundtown SA *

      5,616        16,665  

Befesa SA, 144A

      300        12,947  

CVC Capital Partners PLC, 144A (a)

      1,756        28,142  

d’Amico International Shipping SA

      403        3,293  

Eurofins Scientific SE

      1,014        73,873  

Grand City Properties SA *

      144        1,629  

RTL Group SA

      301        11,077  

SES SA

      3,292        36,267  

Shurgard Self Storage Ltd. REIT

      311        8,924  

Tenaris SA

      2,706        82,347  

(Cost $389,382)

         549,551  
Netherlands — 17.4%      

Aalberts NV

      776        35,517  

ABN AMRO Bank NV CVA

      5,334        212,280  

Acomo NV

      238        6,593  

Adyen NV, 144A *

      232        254,179  

Aegon Ltd.

      10,358        88,340  

Airbus SE

      5,118        1,072,744  

 

See Notes to Financial Statements.

 

78  |  DBX ETF Trust  

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

   of Shares

         Value $  

Akzo Nobel NV

      1,329        101,783  

AMG Critical Materials NV

      241        11,840  

Arcadis NV

      568        23,188  

Argenx SE *

      532        444,048  

ASM International NV

      403        422,301  

ASML Holding NV

      3,347        5,406,179  

ASR Nederland NV

      1,331        99,824  

Basic-Fit NV, 144A *

      407        14,641  

BE Semiconductor Industries NV

      623        206,664  

Corbion NV

      456        10,712  

Eurocommercial Properties NV REIT

      347        11,798  

Euronext NV, 144A

      667        108,607  

EXOR NV

      739        57,709  

Ferrovial NV

      4,066        278,390  

Flow Traders Ltd. *

      241        6,971  

Fugro NV

      1,140        15,079  

Heineken Holding NV

      1,008        72,778  

Heineken NV

      2,509        196,251  

IMCD NV

      508        52,344  

ING Groep NV

      25,215        785,268  

Koninklijke Ahold Delhaize NV

      7,636        322,153  

Koninklijke BAM Group NV

      2,529        32,861  

Koninklijke Heijmans N.V.

      228        28,296  

Koninklijke KPN NV

      33,146        172,662  

Koninklijke Philips NV

      6,723        179,340  

Koninklijke Vopak NV

      433        23,111  

Magnum Ice Cream Co. NV *

      4,270        69,209  

Nebius Group NV * (a)

      1,740        402,097  

NN Group NV

      2,228        186,278  

OCI NV *

      78        340  

Pharming Group NV *

      6,826        9,168  

Pharvaris NV *

      166        5,007  

PostNL NV

      4,131        4,852  

Prosus NV *

      11,267        512,794  

QIAGEN NV

      1,864        68,802  

Randstad NV

      893        27,436  

Redcare Pharmacy NV, 144A * (a)

      145        7,381  

SBM Offshore NV

      1,188        45,229  

Signify NV, 144A

      1,012        24,576  

Sligro Food Group NV

      183        2,762  

Stellantis NV *

      17,475        139,928  

TKH Group NV

      338        18,175  

TomTom NV *

      515        3,031  

Universal Music Group NV

      8,730        198,562  

Van Lanschot Kempen NV

      180        13,983  

Wereldhave NV REIT

      287        6,996  

Wolters Kluwer NV

      1,928        137,223  

(Cost $8,927,003)

         12,638,280  
    

Number

   of Shares

         Value $  
Poland — 0.0%      

InPost SA *

      

(Cost $36,049)

      2,221        39,791  
Portugal — 0.5%      

Altri SGPS SA

      462        2,670  

Banco Comercial Portugues SA, Class R

      69,172        78,455  

Corticeira Amorim SGPS SA

      365        2,784  

CTT-Correios de Portugal SA

      753        5,327  

EDP SA

      24,703        125,829  

Galp Energia SGPS SA

      3,437        74,706  

Jeronimo Martins SGPS SA

      2,357        49,926  

Mota-Engil SGPS SA (a)

      687        3,808  

Navigator Co. SA

      1,830        7,262  

NOS SGPS SA

      1,877        11,527  

REN - Redes Energeticas Nacionais SGPS SA

      3,421        14,125  

Semapa-Sociedade de Investimento e Gestao

      180        4,986  

Sonae SGPS SA

      7,879        17,535  

(Cost $333,289)

         398,940  
Spain — 10.0%      

Acciona SA

      215        61,892  

Acerinox SA

      1,396        25,808  

ACS Actividades de Construccion y Servicios SA

      1,507        218,490  

Aena SME, 144A

      6,407        186,081  

Almirall SA

      419        5,562  

Amadeus IT Group SA

      3,828        244,413  

Atresmedia Corp. de Medios de Comunicacion SA

      624        3,756  

Banco Bilbao Vizcaya Argentaria SA

      48,574        1,139,367  

Banco de Sabadell SA (a)

      40,721        137,741  

Banco Santander SA

      123,395        1,544,059  

Bankinter SA

      5,381        90,788  

CaixaBank SA

      30,258        409,398  

Cellnex Telecom SA, 144A *

      4,195        141,018  

CIE Automotive SA

      407        13,981  

Cirsa Enterprises SA *

      402        5,936  

Colonial SFL Socimi SA REIT (a)

      2,487        16,651  

Construcciones y Auxiliar de Ferrocarriles SA

      148        10,772  

Distribuidora Internacional de Alimentacion SA *

      91        4,224  

EDP Renewables SA *

      21        350  

EDP Renewables SA

      2,803        46,328  

Elecnor SA

      282        13,519  

Enagas SA

      2,096        41,610  

Ence Energia y Celulosa SA * (a)

      781        2,214  

Endesa SA

      2,686        112,348  

Fluidra SA

      853        18,745  

Gestamp Automocion SA, 144A

      560        2,129  

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  79

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

   of Shares

         Value $  

Grenergy Renovables SA *

      137        19,655  

Grifols SA (a)

      2,365        25,599  

HBX Group International PLC *

      654        5,435  

Iberdrola SA

      52,454        1,193,056  

Indra Sistemas SA

      654        43,390  

Industria de Diseno Textil SA

      9,402        584,514  

Laboratorios Farmaceuticos Rovi SA

      110        7,608  

Linea Directa Aseguradora SA Cia de Seguros y Reaseguros

      4,875        6,789  

Logista Integral SA

      578        22,599  

Mapfre SA

      7,753        36,371  

Melia Hotels International SA

      781        10,230  

Merlin Properties Socimi SA REIT

      3,762        66,347  

Naturgy Energy Group SA

      3,560        118,509  

Neinor Homes SA, 144A *

      473        8,794  

Pharma Mar SA *

      120        13,997  

Prosegur Cia de Seguridad SA

      883        2,714  

Redeia Corp. SA

      3,319        57,024  

Repsol SA

      9,524        244,838  

Sacyr SA

      5,115        27,754  

Solaria Energia y Medio Ambiente SA *

      659        18,063  

Tecnicas Reunidas SA *

      418        15,368  

Telefonica SA

      32,392        148,786  

Unicaja Banco SA, 144A

      8,533        28,605  

Vidrala SA

      168        15,069  

Viscofan SA

      330        22,864  

(Cost $5,004,636)

         7,241,158  
Switzerland — 0.7%      

DSM-Firmenich AG

      1,408        118,508  

STMicroelectronics NV

      3,703        254,615  

STMicroelectronics NV, Class Y

      1,742        120,738  

(Cost $280,089)

         493,861  
United Kingdom — 0.3%      

Allfunds Group PLC

      2,068        20,696  

Coca-Cola Europacific Partners PLC

      1,740        157,800  

International Consolidated Airlines Group SA

      9,333        53,984  

(Cost $198,358)

         232,480  
TOTAL COMMON STOCKS            
 (Cost $56,584,270)         70,130,670  
PREFERRED STOCKS — 0.8%      
Germany — 0.8%      

Bayerische Motoren Werke AG

      457        39,792  

Dr Ing hc F Porsche AG * (a)

      984        53,817  

Draegerwerk AG & Co. KGaA

      61        6,532  

FUCHS SE

      577        26,449  

Henkel AG & Co. KGaA

      1,271        98,853  

Jungheinrich AG

      373        10,859  
    

Number

   of Shares

         Value $  

KSB SE & Co KGaA

      6        6,068  

Porsche Automobil Holding SE *

      1,252        47,753  

Sartorius AG

      209        59,750  

Sixt SE

      184        13,628  

STO SE & Co. KGaA

      28        3,416  

Volkswagen AG *

      1,805        193,313  

(Cost $666,021)

         560,230  
RIGHTS — 0.0%      
Spain — 0.0%      

Almirall SA* , expires 6/4/26

      

(Cost $91)

      419        85  
WARRANTS — 0.0%      
Italy — 0.0%      

Webuild SpA* (c), expires 8/2/30

      

(Cost $0)

      36        83  
EXCHANGE-TRADED FUNDS — 0.3%      

iShares Currency Hedged MSCI

      

Eurozone ETF

      2,200        105,215  

iShares MSCI Eurozone ETF

      1,250        85,975  

(Cost $170,856)

         191,190  
SECURITIES LENDING COLLATERAL — 1.6%

 

   

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.53% (d)(e)

      

(Cost $1,156,330)

      1,156,330        1,156,330  
CASH EQUIVALENTS — 1.1%      

DWS Government Money Market Series “Institutional Shares”, 3.57% (d)

      

(Cost $819,038)

      819,038        819,038  
TOTAL INVESTMENTS — 100.3%      

(Cost $59,396,606)

         72,857,626  
Other assets and liabilities, net — (0.3%)         (182,783 ) 
NET ASSETS — 100.0%         72,674,843  

 

See Notes to Financial Statements.

 

80  |  DBX ETF Trust  

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2026

 

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2026 is as follows:

 

Value ($) at
5/31/2025		   Purchases Cost
($)		   Sales Proceeds
($)		   Net Realized
Gain/(Loss)
($)		   Net Change
in Unrealized
Appreciation
(Depreciation)
($)		   Income ($)   Capital Gain
Distributions
($)		   Number of
Shares at
5/31/2026		   Value ($) at
5/31/2026
 

COMMON STOCKS — 0.7%

  
 

Germany — 0.7%

  
 

Deutsche Bank AG (b)

  
  545,004       120,139       (265,238 )      140,000       (30,856 )      17,708       —       15,665       509,049  
 

SECURITIES LENDING COLLATERAL — 1.6%

  
 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.53% (d)(e)

  
  700,075       465,255  (f)      —       —       —       10,111       —       1,156,330       1,156,330  
 

CASH EQUIVALENTS — 1.1%

  
 

DWS Government Money Market Series “Institutional Shares”, 3.57% (d)

  
  166,743       8,175,752       (7,523,457 )      —       —       23,387       —       819,038       819,038  
  1,411,822       8,761,146       (7,788,695 )      140,000       (30,856 )      51,206       —       1,991,033       2,484,417  

 

*

Non-income producing security.

(a)

All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at May 31, 2026 amounted to $1,668,423, which is 2.3% of net assets.

(b)

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

(c)

Investment was valued using significant unobservable inputs.

(d)

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

(e)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $569,342.

(f)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2026.

 

CVA:

Certificaten Van Aandelen (Dutch Certificate)

REIT:

Real Estate Investment Trust

RSP:

Risparmio (Convertible Savings Shares)

144A:

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

Securities are listed in country of domicile.

At May 31, 2026, open futures contracts purchased were as follows:

 

Contract Description    Currency    Number of
   Contracts   		    Notional
Amount ($)		     Contract Value
($)		      Expiration
Date		    Unrealized
 Appreciation ($) 		  

EURO STOXX 50 Index

    EUR    26      1,745,290        1,838,994        6/19/2026        93,704   

At May 31, 2026, the Fund had the following forward foreign currency contracts outstanding:

 

Counterparty   

Settlement

 

Date

     

Currency To

 

Deliver

     

Currency To

 

Receive

     

Unrealized

 

 Appreciation ($) 

  

Unrealized

 

 Depreciation ($) 

Morgan Stanley Capital

      6/2/2026      EUR         54,828,730      USD         64,400,401        448,146        —    

Morgan Stanley Capital

      6/2/2026      EUR      2,433,000      USD      2,856,874        19,022       —  

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  81

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2026

 

Counterparty   

Settlement

 

Date

     

Currency To

 

Deliver

     

Currency To

 

Receive

     

Unrealized

 

 Appreciation ($) 

  

Unrealized

 

 Depreciation ($) 

Morgan Stanley Capital

      6/2/2026      USD         66,820,545        EUR           57,261,730        —        (30,438 )  

Morgan Stanley Capital

      7/2/2026      EUR      3,039,000        USD        3,550,105        459       —  

Morgan Stanley Capital

      7/2/2026      EUR      57,261,730        USD        66,907,812        24,348       —  

Total unrealized appreciation (depreciation)

 

                        491,975       (30,438 ) 

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

 

Currency Abbreviations

EUR   Euro
USD   U.S. Dollar

Fair Value Measurements

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

The following is a summary of the inputs used as of May 31, 2026 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)

    $ 70,130,320      $ 350      $ 0      $ 70,130,670  

Preferred Stocks

      560,230       —       —       560,230  

Rights

      85       —       —       85  

Warrants

      —       —       83       83  

Exchange-Traded Funds

      191,190       —       —       191,190  

Short-Term Investments (a)

      1,975,368       —       —       1,975,368  

Derivatives (b)

         

Forward Foreign Currency Contracts

      —       491,975       —       491,975  

Futures Contracts

      93,704       —       —       93,704  

TOTAL

    $ 72,950,897     $ 492,325     $ 83     $ 73,443,305  
Liabilities    Level 1     Level 2     Level 3     Total  

Derivatives (b)

         

Forward Foreign Currency Contracts

    $ —     $ (30,438 )    $ —     $ (30,438 ) 

TOTAL

    $ —     $ (30,438 )    $ —     $ (30,438 ) 

 

(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.

 

82  |  DBX ETF Trust  

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF

May 31, 2026

 

    

Number

   of Shares

         Value $  
COMMON STOCKS — 97.8%      
Communication Services — 7.2%      

Capcom Co. Ltd.

      33,500        634,389  

KDDI Corp.

      371,630        6,390,034  

Konami Group Corp.

      12,577        1,494,883  

LY Corp.

      322,028        843,765  

Nexon Co. Ltd.

      37,464        526,917  

Nintendo Co. Ltd.

      138,969        6,237,092  

NTT, Inc.

      3,824,200        3,589,727  

SoftBank Corp.

      3,649,700        4,933,792  

SoftBank Group Corp.

      470,584        22,133,832  

Toho Co. Ltd.

      66,750        515,090  

(Cost $33,874,972)

         47,299,521  
Consumer Discretionary — 14.6%      

Aisin Corp.

      57,641        873,491  

Asics Corp.

      86,813        2,639,848  

Bandai Namco Holdings, Inc.

      63,621        1,454,457  

Bridgestone Corp.

      135,114        2,920,902  

Denso Corp.

      211,640        2,535,454  

Fast Retailing Co. Ltd.

      24,143        12,480,414  

Honda Motor Co. Ltd.

      458,535        4,181,848  

Isuzu Motors Ltd.

      65,498        965,825  

Nissan Motor Co. Ltd. *

      302,047        752,534  

Nitori Holdings Co. Ltd.

      48,435        796,327  

Oriental Land Co. Ltd.

      138,925        2,002,338  

Pan Pacific International Holdings Corp.

      239,900        1,322,828  

Panasonic Holdings Corp.

      295,544        6,865,996  

Rakuten Group, Inc. *

      178,439        835,027  

Ryohin Keikaku Co. Ltd.

      63,400        1,545,739  

Sanrio Co. Ltd.

      123,600        664,467  

Sekisui House Ltd.

      76,887        1,618,699  

Shimano, Inc.

      9,084        941,396  

Sony Group Corp.

      740,365        16,009,902  

Subaru Corp.

      65,608        1,005,963  

Sumitomo Electric Industries Ltd.

      90,513        7,152,269  

Suzuki Motor Corp.

      201,056        2,491,345  

Toyota Motor Corp.

      1,200,765        22,934,902  

Yamaha Motor Co. Ltd.

      113,080        930,825  

Zensho Holdings Co. Ltd.

      12,000        606,687  

(Cost $83,367,464)

         96,529,483  
Consumer Staples — 3.4%      

Aeon Co. Ltd.

      274,606        2,399,236  

Ajinomoto Co., Inc.

      107,702        3,484,009  

Asahi Group Holdings Ltd.

      178,342        1,705,987  

Japan Tobacco, Inc.

      139,489        5,401,241  

Kao Corp.

      57,984        2,226,303  

Kikkoman Corp.

      88,962        778,100  

Kirin Holdings Co. Ltd.

      97,789        1,669,164  
    

Number

   of Shares

         Value $  

Seven & i Holdings Co. Ltd.

      239,506        2,796,355  

Shiseido Co. Ltd.

      50,371        888,881  

Suntory Beverage & Food Ltd.

      14,734        400,486  

Unicharm Corp.

      140,122        834,230  

(Cost $22,730,692)

         22,583,992  
Energy — 0.9%      

ENEOS Holdings, Inc.

      325,537        2,668,437  

Idemitsu Kosan Co. Ltd.

      97,367        854,976  

Inpex Corp.

      112,744        2,551,278  

(Cost $4,381,299)

         6,074,691  
Financials — 16.6%      

Chiba Bank Ltd.

      68,860        1,005,672  

Daiichi Life Group, Inc.

      436,176        4,480,482  

Daiwa Securities Group, Inc.

      159,144        1,499,360  

Japan Exchange Group, Inc.

      120,130        1,471,595  

Japan Post Bank Co. Ltd.

      226,625        4,367,012  

Japan Post Holdings Co. Ltd.

      213,770        2,775,728  

Japan Post Insurance Co. Ltd.

      68,700        616,624  

Mitsubishi HC Capital, Inc.

      114,716        937,449  

Mitsubishi UFJ Financial Group, Inc.

      1,353,642        25,489,419  

Mizuho Financial Group, Inc.

      299,752        13,541,680  

MS&AD Insurance Group Holdings, Inc.

      151,567        4,079,790  

Nomura Holdings, Inc.

      368,777        2,975,408  

ORIX Corp.

      138,083        5,407,489  

Resona Holdings, Inc.

      265,176        3,395,765  

SBI Holdings, Inc.

      66,498        1,215,014  

Sompo Holdings, Inc.

      103,625        3,876,544  

Sumitomo Mitsui Financial Group, Inc.

      460,816        16,836,645  

Sumitomo Mitsui Trust Holdings, Inc.

      79,424        2,729,834  

T&D Holdings, Inc.

      56,049        1,475,965  

Tokio Marine Holdings, Inc.

      226,813        10,126,941  

Yokohama Financial Group, Inc.

      123,438        1,258,290  

(Cost $70,436,639)

         109,562,706  
Health Care — 5.4%      

Astellas Pharma, Inc.

      217,935        3,124,011  

Chugai Pharmaceutical Co. Ltd.

      85,135        4,218,663  

Daiichi Sankyo Co. Ltd.

      215,971        3,662,008  

Eisai Co. Ltd.

      31,912        798,276  

Hoya Corp.

      42,901        7,294,504  

Kyowa Kirin Co. Ltd.

      28,060        441,342  

Olympus Corp.

      134,176        1,504,230  

Otsuka Holdings Co. Ltd.

      53,700        3,949,992  

Shionogi & Co. Ltd.

      96,524        1,818,177  

Takeda Pharmaceutical Co. Ltd.

      201,823        6,485,607  

Terumo Corp.

      167,504        2,525,207  

(Cost $35,070,932)

         35,822,017  
Industrials — 24.2%      

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  83

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

   of Shares

         Value $  

AGC, Inc.

      23,962        1,043,847  

ANA Holdings, Inc.

      20,018        375,624  

Central Japan Railway Co.

      93,960        2,052,471  

Dai Nippon Printing Co. Ltd.

      45,458        790,766  

Daifuku Co. Ltd.

      40,102        1,840,867  

Daikin Industries Ltd.

      33,448        4,890,194  

East Japan Railway Co.

      122,155        2,616,977  

Ebara Corp.

      57,400        2,048,185  

FANUC Corp.

      118,345        5,864,306  

Fuji Electric Co. Ltd.

      17,694        1,715,351  

Fujikura Ltd.

      191,200        5,727,656  

Furukawa Electric Co. Ltd.

      8,300        2,713,076  

Hankyu Hanshin Holdings, Inc.

      29,167        857,621  

Hikari Tsushin, Inc.

      2,152        493,866  

Hitachi Ltd.

      560,510        18,180,986  

IHI Corp.

      122,600        2,129,614  

ITOCHU Corp.

      702,895        8,542,073  

Kajima Corp.

      50,276        1,864,693  

Kawasaki Heavy Industries Ltd.

      93,200        1,835,735  

Kawasaki Kisen Kaisha Ltd.

      43,500        688,287  

Komatsu Ltd.

      109,037        4,502,787  

Kubota Corp.

      123,763        2,208,486  

Makita Corp.

      27,503        955,650  

Marubeni Corp.

      178,787        5,832,903  

MINEBEA MITSUMI, Inc.

      41,731        1,195,346  

Mitsubishi Corp.

      382,973        12,179,438  

Mitsubishi Electric Corp.

      241,026        9,924,645  

Mitsubishi Heavy Industries Ltd.

      406,020        9,702,773  

Mitsui & Co. Ltd.

      299,542        9,949,312  

Mitsui OSK Lines Ltd.

      43,400        1,492,220  

NIDEC CORP *

      106,680        1,870,157  

Nippon Yusen KK

      49,236        1,642,488  

Obayashi Corp.

      79,918        1,628,317  

Recruit Holdings Co. Ltd.

      168,091        11,155,758  

Secom Co. Ltd.

      50,944        2,031,171  

Seibu Holdings, Inc.

      26,600        470,905  

Shimizu Corp.

      61,700        1,038,826  

SMC Corp.

      6,905        2,996,293  

Sumitomo Corp.

      128,573        5,730,950  

Taisei Corp.

      18,252        1,605,566  

TOPPAN Holdings, Inc.

      27,439        785,965  

Toyota Tsusho Corp.

      80,293        3,493,740  

West Japan Railway Co.

      50,958        841,008  

(Cost $112,010,532)

         159,506,899  
Information Technology — 18.4%      

Advantest Corp.

      92,781        15,245,526  

Canon, Inc.

      101,197        2,686,472  

Disco Corp.

      11,010        4,499,676  

FUJIFILM Holdings Corp.

      142,971        2,982,135  

Fujitsu Ltd.

      214,854        4,543,549  
    

Number

   of Shares

         Value $  

Ibiden Co. Ltd.

      29,500        4,260,195  

Keyence Corp.

      23,898        12,020,650  

Kioxia Holdings Corp. *

      39,800        16,455,781  

Kyocera Corp.

      147,732        3,230,782  

Lasertec Corp.

      9,783        2,465,022  

Murata Manufacturing Co. Ltd.

      205,335        12,409,188  

NEC Corp.

      155,665        4,010,256  

Nomura Research Institute Ltd.

      48,822        1,539,472  

Obic Co. Ltd.

      40,835        1,022,766  

Otsuka Corp.

      28,220        511,899  

Renesas Electronics Corp.

      220,124        6,219,559  

SCREEN Holdings Co. Ltd.

      19,600        1,368,487  

TDK Corp.

      240,720        6,209,009  

Tokyo Electron Ltd.

      56,764        18,683,131  

Yokogawa Electric Corp.

      27,379        859,714  

(Cost $72,156,856)

         121,223,269  
Materials — 4.4%      

Asahi Kasei Corp.

      156,284        1,753,552  

JFE Holdings, Inc.

      72,425        773,294  

JX Advanced Metals Corp.

      69,200        1,707,135  

Mitsubishi Chemical Group Corp.

      153,596        1,106,173  

Mitsui Kinzoku Co. Ltd.

      7,000        2,269,237  

Nippon Paint Holdings Co. Ltd.

      115,815        768,270  

Nippon Sanso Holdings Corp.

      21,180        822,385  

Nippon Steel Corp.

      608,085        2,163,319  

Nitto Denko Corp.

      84,855        1,593,312  

Resonac Holdings Corp.

      22,300        2,621,141  

Shin-Etsu Chemical Co. Ltd.

      208,260        10,144,608  

Sumitomo Metal Mining Co. Ltd.

      30,559        1,744,721  

Toray Industries, Inc.

      162,696        1,217,679  

(Cost $23,741,433)

         28,684,826  
Real Estate — 1.8%      

Daito Trust Construction Co. Ltd.

      36,855        734,022  

Daiwa House Industry Co. Ltd.

      71,817        1,954,321  

Hulic Co. Ltd.

      56,710        604,969  

Mitsubishi Estate Co. Ltd.

      131,724        3,354,614  

Mitsui Fudosan Co. Ltd.

      314,127        3,018,688  

Nippon Building Fund, Inc. REIT

      982        785,526  

Sumitomo Realty & Development Co. Ltd.

      73,200        1,708,375  

(Cost $11,305,347)

         12,160,515  
Utilities — 0.9%      

Chubu Electric Power Co., Inc.

      84,320        1,548,589  

Kansai Electric Power Co., Inc.

      118,338        1,735,337  

Osaka Gas Co. Ltd.

      42,989        1,447,047  

Tokyo Gas Co. Ltd.

      37,665        1,508,823  

(Cost $5,115,669)

         6,239,796  
TOTAL COMMON STOCKS
            

(Cost $474,191,835)

         645,687,715  

 

See Notes to Financial Statements.

 

84  |  DBX ETF Trust  

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

May 31, 2026

 

    

Number

   of Shares

         Value $  
CASH EQUIVALENTS — 0.4%      

DWS Government Money Market Series “Institutional Shares”, 3.57% (a)

      

 (Cost $2,538,429)

      2,538,429        2,538,429  
    

Number

   of Shares

         Value $  
TOTAL INVESTMENTS — 98.2%      

(Cost $476,730,264)

         648,226,144  
Other assets and liabilities, net — 1.8%         11,596,236  
NET ASSETS — 100.0%         659,822,380  

 

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2026 is as follows:

 

Value ($) at
5/31/2025		   Purchases Cost
($)		   Sales Proceeds
($)		   Net Realized
Gain/(Loss)
($)		   Net Change
in Unrealized
Appreciation
(Depreciation)
($)		   Income ($)   Capital Gain
Distributions
($)		   Number of
Shares at
5/31/2026		   Value ($) at
5/31/2026
 

SECURITIES LENDING COLLATERAL — 0.0%

  
 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.53% (a)(b)

  
  4,866,100       —       (4,866,100 ) (c)      —       —       36,896       —       —       —  
 

CASH EQUIVALENTS — 0.4%

  
 

DWS Government Money Market Series “Institutional Shares”, 3.57% (a)

  
  4,747,890       50,033,150       (52,242,611 )      —       —       274,135       —       2,538,429       2,538,429  
  9,613,990       50,033,150       (57,108,711 )      —       —       311,031       —       2,538,429       2,538,429  

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  85

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

May 31, 2026

 

 

*

Non-income producing security.

 

(a)

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

 

(b)

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

 

(c)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2026.

 

REIT:

Real Estate Investment Trust

At May 31, 2026, open futures contracts purchased were as follows:

 

Contract Description    Currency    Number of
   Contracts   		    Notional
Amount ($)		     Contract Value
($)		     Expiration
Date		     Unrealized
 Appreciation ($) 		  

TOPIX Index

    JPY    51      12,154,711        12,687,157        6/11/2026         532,446   

At May 31, 2026, the Fund had the following forward foreign currency contracts outstanding:

 

Counterparty   

Settlement

 

Date

     

Currency To

 

Deliver

     

Currency To

 

Receive

     

Unrealized

 

 Appreciation ($) 

  

Unrealized

 

 Depreciation ($) 

Morgan Stanley Capital

      6/2/2026      JPY      90,374,557,650        USD        577,980,834        10,533,136        —  

Morgan Stanley Capital

      6/2/2026      JPY      7,501,019,000        USD        47,951,762        854,038       —  

Morgan Stanley Capital

      6/2/2026      JPY      1,676,561,700        USD        10,571,260        44,391       —  

Morgan Stanley Capital

      6/2/2026      JPY      838,280,800        USD        5,255,896        —       (7,538 )  

Morgan Stanley Capital

      6/2/2026      USD      4,056,528        JPY        635,000,000        —       (69,463 ) 

Morgan Stanley Capital

      6/2/2026      USD      5,358,183        JPY        838,280,800        —       (94,749 ) 

Morgan Stanley Capital

      6/2/2026      USD      621,221,744        JPY        98,917,138,350        —       (136,519 ) 

Morgan Stanley Capital

      7/2/2026      JPY      98,917,138,350        USD        622,767,026        32,995       —  

Morgan Stanley Capital

      7/2/2026      JPY      3,901,173,894        USD        24,556,939        —       (2,948 ) 

Morgan Stanley Capital

      7/2/2026      USD      5,484,738        JPY        871,341,600        804       —  

Total unrealized appreciation (depreciation)

 

                        11,465,364       (311,217 ) 

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

 

Currency Abbreviations

JPY   Japanese Yen
USD   U.S. Dollar

 

See Notes to Financial Statements.

 

86  |  DBX ETF Trust  

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

May 31, 2026

 

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, 2026 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)

    $ 645,687,715      $ —      $ —      $ 645,687,715  

Short-Term Investments (a)

      2,538,429       —       —       2,538,429  

Derivatives (b)

         

Forward Foreign Currency Contracts

      —       11,465,364       —       11,465,364  

Futures Contracts

      532,446       —       —       532,446  

TOTAL

    $ 648,758,590     $ 11,465,364     $ —     $ 660,223,954  
Liabilities    Level 1     Level 2     Level 3     Total  

Derivatives (b)

         

Forward Foreign Currency Contracts

    $ —     $ (311,217 )    $ —     $ (311,217 ) 

TOTAL

    $ —     $ (311,217 )    $ —     $ (311,217 ) 

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

(b)

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

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  87

Statements of Assets and Liabilities

May 31, 2026

 

      Xtrackers MSCI
All World ex US
Hedged Equity
ETF		      Xtrackers MSCI
EAFE Hedged
Equity ETF		      Xtrackers MSCI
Emerging
Markets Hedged
Equity ETF		      Xtrackers MSCI
Europe Hedged
Equity ETF		  
Assets                                    

Investment in non-affiliated securities at value

    $ 257,785,910      $ 8,533,189,004      $ 102,066,008      $ 747,145,374  

Investment in affiliated securities at value

      1,771,155        23,433,975        —        3,166,987  

Investment in DWS Government Money Market Series*

      3,293,289        33,128,990        2,111,418        4,509,855  

Investment in DWS Government & Agency Securities Portfolio**

      125,250        104,405,664        16,653        7,490,651  

Cash

      55        —        68        —  

Foreign currency at value

      1,269,481        44,154,548        227,649        6,213,048  

Receivable for return of collateral pledged for forward foreign currency contracts

      —        —        290,000        —  

Unrealized appreciation on forward foreign currency contracts

      2,040,526        74,672,273        478,145        4,928,270  

Deposit with broker for futures contracts

      275,116        15,441,932        119,491        1,587,554  

Receivables:

                                    

Investment securities sold

      3,251,015        177,324,867        1,750,544        12,882,289  

Variation margin on futures contracts

      217,085        8,541,997        110,827        —  

Dividends

      655,955        29,467,433        160,125        1,396,619  

Interest

      8,504        121,109        5,655        15,207  

Affiliated securities lending income

      864        268,019        83        27,981  

Foreign tax reclaim

      331,386        17,100,140        255        2,559,675  

Total assets

    $ 271,025,591      $ 9,061,249,951      $ 107,336,921      $ 791,923,510  
Liabilities                                    

Due to broker

    $ —      $ —      $ 340,000      $ —  

Payable upon return of securities loaned

      125,250        104,405,664        16,653        7,490,651  

Payable upon return of collateral held for forward foreign currency contracts

      270,000        —        110,000        —  

Unrealized depreciation on forward foreign currency contracts

      718,363        10,130,451        623,445        604,754  

Payables:

                                    

Investment securities purchased

      4,425,485        131,973,039        1,660,218        9,992,828  

Investment advisory fees

      86,772        2,560,909        54,938        289,473  

Variation margin on futures contracts

      —        —        —        146,838  

Deferred foreign tax

      364,562        —        536,383        —  

IRS closing agreement fee

      —        —        —        294,574  

Accrued other expenses

      —        —        —        20,000  

Total liabilities

      5,990,432        249,070,063        3,341,637        18,839,118  
Net Assets, at value    $ 265,035,159      $ 8,812,179,888      $ 103,995,284      $ 773,084,392  
Net Assets Consist of                                    

Paid-in capital

    $ 181,738,665      $ 6,563,804,733      $ 67,904,327      $ 735,105,152  

Distributable earnings (loss)

      83,296,494        2,248,375,155        36,090,957        37,979,240  
Net Assets, at value    $    265,035,159      $    8,812,179,888      $    103,995,284      $    773,084,392  

Number of Common Shares outstanding

      5,600,001        165,750,001        2,550,001        14,850,001  
Net Asset Value    $ 47.33      $ 53.17      $ 40.78      $ 52.06  

Investment in non-affiliated securities at cost

    $ 158,488,121      $ 5,420,844,412      $ 48,708,517      $ 574,281,047  

Investment in affiliated securities at cost

    $ 1,407,487      $ 13,184,352      $ –      $ 2,418,380  

Value of securities loaned

    $ 122,790      $ 122,202,745      $ 16,186      $ 9,926,562  

Investment in DWS Government Money Market Series at cost*

    $ 3,293,289      $ 33,128,990      $ 2,111,418      $ 4,509,855  

Investment in DWS Government & Agency Securities Portfolio at cost**

    $ 125,250      $ 104,405,664      $ 16,653      $ 7,490,651  

Non-cash collateral for securities on loan

    $ —      $ 22,978,670      $ —      $ 2,775,307  

Foreign currency at cost

    $ 1,273,761      $ 43,774,744      $ 241,896      $ 6,081,166  

*  Includes collateral held for forward foreign currency contracts

    $ 270,000      $ —      $ 110,000      $ —  

 

**

Represents collateral on securities loaned.

 

See Notes to Financial Statements.

 

88  |  DBX ETF Trust  

Statements of Assets and Liabilities (Continued)

May 31, 2026

 

      Xtrackers
MSCI Eurozone
Hedged Equity
ETF		      Xtrackers MSCI
Japan Hedged
Equity ETF		  
Assets                  

Investment in non-affiliated securities at value

    $ 70,373,209      $ 645,687,715  

Investment in affiliated securities at value

      509,049        —  

Investment in DWS Government Money Market Series

      819,038        2,538,429  

Investment in DWS Government & Agency Securities Portfolio*

      1,156,330        —  

Foreign currency at value

      653,147        566,781  

Unrealized appreciation on forward foreign currency contracts

      491,975        11,465,364  

Deposit with broker for futures contracts

      126,888        751,973  

Receivables:

                  

Investment securities sold

      1,023,107        19,378,314  

Capital shares

      —        173,757  

Variation margin on futures contracts

      80,750        404,018  

Dividends

      64,047        4,432,603  

Interest

      2,531        11,872  

Affiliated securities lending income

      5,957        189  

Foreign tax reclaim

      72,162        10,718  

Total assets

    $    75,378,190      $    685,421,733  
Liabilities                  

Payable upon return of securities loaned

    $ 1,156,330      $ —  

Unrealized depreciation on forward foreign currency contracts

      30,438        311,217  

Payables:

                  

Investment securities purchased

      1,489,546        19,406,929  

Capital shares

      —        5,639,510  

Investment advisory fees

      27,033        241,697  

Total liabilities

      2,703,347        25,599,353  
Net Assets, at value    $ 72,674,843      $ 659,822,380  
Net Assets Consist of                  

Paid-in capital

    $ 64,545,059      $ 551,554,546  

Distributable earnings (loss)

      8,129,784        108,267,834  
Net Assets, at value    $ 72,674,843      $ 659,822,380  

Number of Common Shares outstanding

      1,200,001        5,850,001  
Net Asset Value    $ 60.56      $ 112.79  

Investment in non-affiliated securities at cost

    $ 57,048,680      $ 474,191,835  

Investment in affiliated securities at cost

    $ 372,558      $ –  

Value of securities loaned

    $ 1,668,423      $ —  

Investment in DWS Government Money Market Series at cost

    $ 819,038      $ 2,538,429  

Investment in DWS Government & Agency Securities Portfolio at cost*

    $ 1,156,330      $ —  

Non-cash collateral for securities on loan

    $ 569,342      $ —  

Foreign currency at cost

    $ 653,203      $ 563,766  

 

*

Represents collateral on securities loaned.

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  89

Statements of Operations

For the Year Ended May 31, 2026

 

      Xtrackers MSCI
All World ex US
Hedged Equity
ETF		     Xtrackers MSCI
EAFE Hedged
Equity ETF		     Xtrackers MSCI
Emerging
Markets
Hedged Equity
ETF		     Xtrackers MSCI
Europe Hedged
Equity ETF		  
Investment Income                                 

Unaffiliated dividend income*

    $ 5,395,229     $ 225,936,267     $ 1,770,263     $ 19,985,997  

Affiliated dividend income

      22,218       827,965       —       111,162  

Income distributions from affiliated funds

      143,635       4,121,953       57,602       264,168  

Affiliated securities lending income

      5,157       1,179,472       775       108,076  

Other income

      —       11,736       —       10,329  

Total investment income

      5,566,239       232,077,393       1,828,640       20,479,732  
Expenses                                 

Investment advisory fees

      856,882       28,971,073       526,501       3,081,099  

Interest expense (see note 2):

      5,985       —       8,274       —  

Other expenses

      65       38,853       58       48,650  

Total expenses

      862,932       29,009,926       534,833       3,129,749  

Less fees waived (see note 3):

         

Waiver

      (6,178 )      (116,185 )      (1,648 )      (7,627 ) 

Net expenses

      856,754       28,893,741       533,185       3,122,122  

Net investment income (loss)

      4,709,485       203,183,652       1,295,455       17,357,610  
Realized and Unrealized Gain (Loss)                                 

Net realized gain (loss) from:

         

Investments**

      (815,731 )      (51,581,357 )      868,572       (11,396,570 ) 

Investments in affiliates

      13,109       61,338       —       1,073  

In-kind redemptions

      —       442,898,775       568,789       34,623,476  

In-kind redemptions in affiliates

      —       2,157,337       —       334,124  

Futures contracts

      649,549       21,521,207       467,531       1,050,947  

Foreign currency transactions

      (17,914 )      1,221,016       (65,453 )      72,042  

Forward foreign currency contracts

      2,401,782       98,665,838       1,036,225       (9,343,631 ) 

Payments by Affiliates (see note 6)

      —       10,820       375       304  

Net realized gain (loss)

      2,230,795       514,954,974       2,876,039       15,341,765  

Net change in unrealized appreciation (depreciation) on:

         

Investments***

      56,396,201       1,078,795,728       32,418,915       84,676,604  

Investments in affiliates

      210,965       1,976,493       —       202,930  

Futures contracts

      107,396       559,565       368,622       162,834  

Foreign currency translations

      23,948       (532,350 )      48,666       60,343  

Forward foreign currency contracts

      1,703,687       49,977,488       603,972       4,308,894  

Net change in unrealized appreciation (depreciation)

      58,442,197       1,130,776,924       33,440,175       89,411,605  
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions      60,672,992       1,645,731,898       36,316,214       104,753,370  

Net Increase (Decrease) in Net Assets Resulting from Operations

    $    65,382,477     $   1,848,915,550     $    37,611,669     $    122,110,980  

* Unaffiliated foreign tax withheld

    $ 630,941     $ 19,476,166     $ 225,689     $ 1,870,148  

** Including foreign taxes

    $ 22,770     $ —     $ 95,091     $ —  

*** Including change in deferred foreign taxes

    $ 29,104     $ —     $ 77,168     $ —  

 

See Notes to Financial Statements.

 

90  |  DBX ETF Trust  

Statements of Operations (Continued)

For the Year Ended May 31, 2026

 

      Xtrackers
MSCI Eurozone
Hedged Equity
ETF		     Xtrackers MSCI
Japan Hedged
Equity ETF		  
Investment Income                 

Unaffiliated dividend income*

    $ 1,777,947     $ 9,371,595  

Affiliated dividend income

      17,708       —  

Income distributions from affiliated funds

      23,387       274,135  

Affiliated securities lending income

      10,111       36,896  

Unaffiliated non-cash dividend income

      —       771,046  

Total investment income

      1,829,153       10,453,672  
Expenses                 

Investment advisory fees

      319,808       2,161,970  

Other expenses

      58       650  

Total expenses

      319,866       2,162,620  

Less fees waived (see note 3):

     

Waiver

      (650 )      (7,848 ) 

Net expenses

      319,216       2,154,772  

Net investment income (loss)

      1,509,937       8,298,900  
Realized and Unrealized Gain (Loss)                 

Net realized gain (loss) from:

     

Investments

      (604,215 )      (6,145,785 ) 

Investments in affiliates

      2,219       —  

In-kind redemptions

      8,617,959       26,197,393  

In-kind redemptions in affiliates

      137,781       —  

Futures contracts

      7,606       2,686,515  

Foreign currency transactions

      12,854       (130,208 ) 

Forward foreign currency contracts

      (971,885 )      54,353,232  

Net realized gain (loss)

      7,202,319       76,961,147  

Net change in unrealized appreciation (depreciation) on:

     

Investments

      3,247,933       99,871,560  

Investments in affiliates

      (30,856 )      —  

Futures contracts

      69,196       217,405  

Foreign currency translations

      (10,754 )      (101,221 ) 

Forward foreign currency contracts

      321,425       6,576,758  

Net change in unrealized appreciation (depreciation)

      3,596,944       106,564,502  

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

      10,799,263       183,525,649  

Net Increase (Decrease) in Net Assets Resulting from Operations

    $    12,309,200     $    191,824,549  

*  Unaffiliated foreign tax withheld

    $ 289,450     $ 1,038,665  

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  91

Statements of Changes in Net Assets

 

 

 

     Xtrackers MSCI All World ex US
Hedged Equity ETF		     Xtrackers MSCI EAFE Hedged
Equity ETF		  
      Year Ended
May 31, 2026		     Year Ended
May 31, 2025		     Year Ended
May 31, 2026		     Year Ended
May 31, 2025		  
Increase (Decrease) in Net Assets from Operations                                 

Net investment income (loss)

    $ 4,709,485     $ 3,857,548     $ 203,183,652     $ 194,628,006  

Net realized gain (loss)

      2,230,795       (2,161,680 )      514,954,974       (493,104,480 ) 

Net change in net unrealized appreciation (depreciation)

      58,442,197       14,107,345       1,130,776,924       959,801,840  

Net increase (decrease) in net assets resulting from operations

      65,382,477       15,803,213       1,848,915,550       661,325,366  

Distributions to Shareholders

      (8,083,659 )      (2,397,520 )      (464,837,474 )      (82,236,139 ) 
Fund Shares Transactions         

Proceeds from shares sold

      30,737,435       31,504,679       288,105,842       1,635,716,705  

Value of shares redeemed

      —       (21,830,648 )      (891,264,694 )      (167,245,555 ) 

Net increase (decrease) in net assets resulting from fund share transactions

      30,737,435       9,674,031       (603,158,852 )      1,468,471,150  

Total net increase (decrease) in Net Assets

      88,036,253       23,079,724       780,919,224       2,047,560,377  
Net Assets         

Beginning of year

      176,998,906       153,919,182       8,031,260,664       5,983,700,287  

End of year

    $   265,035,159     $   176,998,906     $   8,812,179,888     $   8,031,260,664  
Changes in Shares Outstanding                                 

Shares outstanding, beginning of year

      4,850,001       4,600,001       178,150,001       143,550,001  

Shares sold

      750,000       900,000       6,000,000       38,600,000  

Shares redeemed

      —       (650,000 )      (18,400,000 )      (4,000,000 ) 

Shares outstanding, end of year

      5,600,001       4,850,001       165,750,001       178,150,001  

 

See Notes to Financial Statements.

 

92  |  DBX ETF Trust  

Statements of Changes in Net Assets (Continued)

 

 

 

    

Xtrackers MSCI Emerging

Markets Hedged Equity ETF

    

Xtrackers MSCI Europe Hedged

Equity ETF

  
      Year Ended
May 31, 2026		     Year Ended
May 31, 2025		     Year Ended
May 31, 2026		     Year Ended
May 31, 2025		  
Increase (Decrease) in Net Assets from Operations                                 

Net investment income (loss)

    $ 1,295,455     $ 1,585,762     $ 17,357,610     $ 16,990,110  

Net realized gain (loss)

      2,876,039       1,841,129       15,341,765       (44,906,610 ) 

Net change in net unrealized appreciation (depreciation)

      33,440,175       4,426,040       89,411,605       77,715,875  

Net increase (decrease) in net assets resulting from operations

      37,611,669       7,852,931       122,110,980       49,799,375  

Distributions to Shareholders

      (1,453,940 )      (1,740,485 )      (31,791,787 )      (390,610 ) 
Fund Shares Transactions         

Proceeds from shares sold

      3,586,723       —       105,243,649       133,081,049  

Value of shares redeemed

      (4,238,414 )      (10,265,473 )      (106,990,593 )      (55,218,970 ) 

Net increase (decrease) in net assets resulting from fund share transactions

      (651,691 )      (10,265,473 )      (1,746,944 )      77,862,079  

Total net increase (decrease) in Net Assets

      35,506,038       (4,153,027 )      88,572,249       127,270,844  
Net Assets         

Beginning of year

      68,489,246       72,642,273       684,512,143       557,241,299  

End of year

    $   103,995,284     $   68,489,246     $   773,084,392     $   684,512,143  
Changes in Shares Outstanding                                 

Shares outstanding, beginning of year

      2,600,001       3,000,001       14,950,001       13,250,001  

Shares sold

      100,000       —       2,200,000       3,050,000  

Shares redeemed

      (150,000 )      (400,000 )      (2,300,000 )      (1,350,000 ) 

Shares outstanding, end of year

      2,550,001       2,600,001       14,850,001       14,950,001  

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  93

Statements of Changes in Net Assets (Continued)

 

 

 

     Xtrackers MSCI Eurozone Hedged
Equity ETF		     Xtrackers MSCI Japan Hedged
Equity ETF		  
      Year Ended
May 31, 2026		     Year Ended
May 31, 2025		     Year Ended
May 31, 2026		     Year Ended
May 31, 2025		  
Increase (Decrease) in Net Assets from Operations                                 

Net investment income (loss)

    $ 1,509,937     $ 1,569,584     $ 8,298,900     $ 7,223,452  

Net realized gain (loss)

      7,202,319       (2,091,068 )      76,961,147       (8,777,215 ) 

Net change in net unrealized appreciation (depreciation)

      3,596,944       6,841,495       106,564,502       22,135,447  

Net increase (decrease) in net assets resulting from operations

      12,309,200       6,320,011       191,824,549       20,581,684  

Distributions to Shareholders

      (3,203,789 )      (241,630 )      (13,311,069 )      (12,059,378 ) 
Fund Shares Transactions         

Proceeds from shares sold

      11,901,745       38,709,313       157,410,749       48,707,187  

Value of shares redeemed

      (24,759,885 )      (8,056,979 )      (66,011,167 )      (98,541,867 ) 

Net increase (decrease) in net assets resulting from fund share transactions

      (12,858,140 )      30,652,334       91,399,582       (49,834,680 ) 

Total net increase (decrease) in Net Assets

      (3,752,729 )      36,730,715       269,913,062       (41,312,374 ) 
Net Assets         

Beginning of year

      76,427,572       39,696,857       389,909,318       431,221,692  

End of year

    $    72,674,843     $    76,427,572     $   659,822,380     $   389,909,318  
Changes in Shares Outstanding                                 

Shares outstanding, beginning of year

      1,450,001       850,001       5,000,001       5,700,001  

Shares sold

      210,000       760,000       1,550,000       650,000  

Shares redeemed

      (460,000 )      (160,000 )      (700,000 )      (1,350,000 ) 

Shares outstanding, end of year

      1,200,001       1,450,001       5,850,001       5,000,001  

 

See Notes to Financial Statements.

 

94  |  DBX ETF Trust  

Financial Highlights

 

 

 

Xtrackers MSCI All World ex US Hedged Equity ETF

 

     Years Ended May 31,  
      2026     2025     2024     2023     2022  

Selected Per Share Data

                                         

Net Asset Value, beginning of year

    $ 36.49     $ 33.46     $ 28.89     $ 31.45     $ 33.37  

Income (loss) from investment operations:

           

Net investment income (loss)(a)

      0.90       0.90       0.80       0.81       0.88  

Net realized and unrealized gain (loss)

      11.52       2.71       4.81       0.25       (2.11 ) 

Total from investment operations

      12.42       3.61       5.61       1.06       (1.23 ) 

Less distributions from:

           

Net investment income

      (1.58 )      (0.58 )      (1.04 )      (0.62 )      (0.69 ) 

Net realized gains

      –       –       –       (3.00 )      –  

Total from distributions

      (1.58 )      (0.58 )      (1.04 )      (3.62 )      (0.69 ) 

Net Asset Value, end of year

    $   47.33     $   36.49     $   33.46     $   28.89     $   31.45  

Total Return (%)(b)

      35.02       10.95       20.06       4.02       (3.79 ) 
Ratios to Average Net Assets and Supplemental Data                                         

Net Assets, end of year ($ millions)

      265       177       154       133       156  

Ratio of expenses before fee waiver (%)

      0.40       0.40       0.40       0.41       0.40  

Ratio of expenses after fee waiver (%)

      0.40       0.40       0.40       0.41       0.40  

Ratio of net investment income (loss) (%)

      2.20       2.60       2.63       2.77       2.69  

Portfolio turnover rate (%)(c)

      10       13       9       14       6  

 

(a)

Based on average shares outstanding during the period.

(b)

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

(c)

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

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  95

Financial Highlights (Continued)

 

 

 

Xtrackers MSCI EAFE Hedged Equity ETF

 

     Years Ended May 31,  
      2026     2025     2024     2023     2022  

Selected Per Share Data

                                         

Net Asset Value, beginning of year

    $ 45.08     $ 41.68     $ 35.47     $ 37.41     $ 37.54  

Income (loss) from investment operations:

           

Net investment income (loss)(a)

      1.18       1.20       1.08       1.05 (b)      1.13  

Net realized and unrealized gain (loss)

      9.58       2.73       6.78       2.12       (0.37 ) 

Total from investment operations

      10.76       3.93       7.86       3.17       0.76  

Less distributions from:

           

Net investment income

      (2.67 )      (0.53 )      (1.65 )      (0.64 )      (0.89 ) 

Net realized gains

      –       –       –       (4.47 )      –  

Total from distributions

      (2.67 )      (0.53 )      (1.65 )      (5.11 )      (0.89 ) 

Net Asset Value, end of year

    $   53.17     $   45.08     $   41.68     $   35.47     $   37.41  

Total Return (%)(c)

      25.01       9.53       23.12       9.62       2.01  
Ratios to Average Net Assets and Supplemental Data                                         

Net Assets, end of year ($ millions)

      8,812       8,031       5,984       4,049       4,241  

Ratio of expenses before fee waiver (%)

      0.35       0.35       0.35       0.36       0.35  

Ratio of expenses after fee waiver (%)

      0.35       0.35       0.35       0.36       0.35  

Ratio of net investment income (loss) (%)

      2.45       2.85       2.91       2.99 (b)      2.97  

Portfolio turnover rate (%)(d)

      12       12       11       19       4  

 

(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.

 

96  |  DBX ETF Trust  

Financial Highlights (Continued)

 

 

 

Xtrackers MSCI Emerging Markets Hedged Equity ETF

 

     Years Ended May 31,  
      2026     2025     2024     2023     2022  

Selected Per Share Data

                                         

Net Asset Value, beginning of year

    $ 26.34     $ 24.21     $ 21.92     $ 23.77     $ 29.36  

Income (loss) from investment operations:

           

Net investment income (loss)(a)

      0.52       0.55       0.52       0.52       0.53  

Net realized and unrealized gain (loss)

      14.51       2.20       2.36       (1.80 )      (5.65 ) 

Total from investment operations

      15.03       2.75       2.88       (1.28 )      (5.12 ) 

Less distributions from:

           

Net investment income

      (0.59 )      (0.62 )      (0.59 )      (0.57 )      (0.47 ) 

Total from distributions

      (0.59 )      (0.62 )      (0.59 )      (0.57 )      (0.47 ) 

Net Asset Value, end of year

    $   40.78     $   26.34     $   24.21     $   21.92     $   23.77  

Total Return (%)(b)

      57.56       11.47       13.39       (5.40 )      (17.67 ) 
Ratios to Average Net Assets and Supplemental Data                                         

Net Assets, end of year ($ millions)

      104       68       73       89       97  

Ratio of expenses before fee waiver (%)

      0.66       0.66       0.67       0.66       0.65  

Ratio of expenses after fee waiver (%)

      0.66       0.66       0.67       0.66       0.65  

Ratio of net investment income (loss) (%)

      1.60       2.17       2.30       2.33       2.00  

Portfolio turnover rate (%)(c)

      12       10       17       16       14  

 

(a)

Based on average shares outstanding during the period.

(b)

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

(c)

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

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  97

Financial Highlights (Continued)

 

 

 

Xtrackers MSCI Europe Hedged Equity ETF

 

     Years Ended May 31,  
      2026     2025     2024     2023     2022  

Selected Per Share Data

                                         

Net Asset Value, beginning of year

    $ 45.79     $ 42.06     $ 36.55     $ 34.31     $ 34.02  

Income (loss) from investment operations:

           

Net investment income (loss)(a)

      1.21       1.24       1.04       1.04 (b)      0.97  

Net realized and unrealized gain (loss)

      7.25       2.52       5.85       1.85       (0.00 )(c) 

Total from investment operations

      8.46       3.76       6.89       2.89       0.97  

Less distributions from:

           

Net investment income

      (2.19 )      (0.03 )      (1.38 )      (0.65 )      (0.68 ) 

Total from distributions

      (2.19 )      (0.03 )      (1.38 )      (0.65 )      (0.68 ) 

Net Asset Value, end of year

    $   52.06     $   45.79     $   42.06     $   36.55     $   34.31  

Total Return (%)(d)

      19.36       8.86       19.47       8.77       2.85  
Ratios to Average Net Assets and Supplemental Data                                         

Net Assets, end of year ($ millions)

      773       685       557       459       527  

Ratio of expenses before fee waiver (%)

      0.46       0.45       0.45       0.48       0.45  

Ratio of expenses after fee waiver (%)

      0.46       0.45       0.45       0.48       0.45  

Ratio of net investment income (loss) (%)

      2.54       2.90       2.77       3.06 (b)      2.77  

Portfolio turnover rate (%)(e)

      11       10       12       13       5  

 

(a)

Based on average shares outstanding during the period.

(b)

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

(c)

Less than 0.005.

(d)

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

(e)

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

 

See Notes to Financial Statements.

 

98  |  DBX ETF Trust  

Financial Highlights (Continued)

 

 

 

Xtrackers MSCI Eurozone Hedged Equity ETF

 

     Years Ended May 31,  
      2026     2025     2024     2023     2022  

Selected Per Share Data

                                         

Net Asset Value, beginning of year

    $ 52.71     $ 46.70     $ 39.38     $ 36.25     $ 37.92  

Income (loss) from investment operations:

           

Net investment income (loss)(a)

      1.16       1.61       1.02       1.35       0.88  

Net realized and unrealized gain (loss)

      9.01       4.68       7.07       2.37       (1.90 ) 

Total from investment operations

      10.17       6.29       8.09       3.72       (1.02 ) 

Less distributions from:

           

Net investment income

      (2.32 )      (0.28 )      (0.77 )      (0.59 )      (0.65 ) 

Total from distributions

      (2.32 )      (0.28 )      (0.77 )      (0.59 )      (0.65 ) 

Net Asset Value, end of year

    $   60.56     $   52.71     $   46.70     $   39.38     $   36.25  

Total Return (%)(b)

      20.11       13.56       20.95       10.57       (2.77 ) 
Ratios to Average Net Assets and Supplemental Data                                         

Net Assets, end of year ($ millions)

      73       76       40       28       13  

Ratio of expenses before fee waiver (%)

      0.45       0.45       0.45       0.45       0.45  

Ratio of expenses after fee waiver (%)

      0.45       0.45       0.45       0.45       0.45  

Ratio of net investment income (loss) (%)

      2.12       3.38       2.46       3.65       2.32  

Portfolio turnover rate (%)(c)

      11       12       14       14       7  

 

(a)

Based on average shares outstanding during the period.

(b)

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

(c)

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

 

See Notes to Financial Statements.

 

  DBX ETF Trust  |  99

Financial Highlights (Continued)

 

 

 

Xtrackers MSCI Japan Hedged Equity ETF

 

     Years Ended May 31,  
      2026     2025     2024     2023     2022  

Selected Per Share Data

                                         

Net Asset Value, beginning of year

    $ 77.98     $ 75.65     $ 57.06     $ 48.84     $ 49.08  

Income (loss) from investment operations:

           

Net investment income (loss)(a)

      1.61       1.30       1.08       1.00       0.79  

Net realized and unrealized gain (loss)

      35.86       3.15       20.74       7.61       0.13  

Total from investment operations

      37.47       4.45       21.82       8.61       0.92  

Less distributions from:

           

Net investment income

      (2.66 )      (2.12 )      (3.23 )      (0.39 )      (1.16 ) 

Total from distributions

      (2.66 )      (2.12 )      (3.23 )      (0.39 )      (1.16 ) 

Net Asset Value, end of year

    $   112.79     $   77.98     $   75.65     $   57.06     $   48.84  

Total Return (%)(b)

      49.79       6.07       40.04       17.78       1.87  
Ratios to Average Net Assets and Supplemental Data                                         

Net Assets, end of year ($ millions)

      660       390       431       291       191  

Ratio of expenses before fee waiver (%)

      0.45       0.45       0.45       0.47       0.45  

Ratio of expenses after fee waiver (%)

      0.45       0.45       0.45       0.46       0.45  

Ratio of net investment income (loss) (%)

      1.73       1.76       1.66       1.98       1.61  

Portfolio turnover rate (%)(c)

      11       17       15       18       6  

 

(a)

Based on average shares outstanding during the period.

(b)

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

(c)

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

 

See Notes to Financial Statements.

 

100  |  DBX ETF Trust  

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, 2026, the Trust consists of forty-two investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

Xtrackers MSCI All World ex US Hedged Equity ETF

Xtrackers MSCI EAFE Hedged Equity ETF

Xtrackers MSCI Emerging Markets Hedged Equity ETF

Xtrackers MSCI Europe Hedged Equity ETF

Xtrackers MSCI Eurozone Hedged Equity ETF

Xtrackers MSCI Japan Hedged Equity ETF

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

Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, except for Xtrackers MSCI EAFE Hedged Equity ETF which lots consist of 200,000 shares and Xtrackers MSCI Eurozone Hedged Equity ETF which lots consists of 10,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

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

 

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

The MSCI ACWI ex USA US Dollar Hedged Index is designed to track the performance of equity securities in developed and emerging stock markets (excluding the United States), while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index.

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

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

The MSCI EMU IMI US Dollar Hedged Index is designed to track the performance of equity securities based in the countries in the European Monetary Union (the “EMU”), while seeking to mitigate exposure to fluctuations between the value of the U.S. dollar and the euro.

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

 

  DBX ETF Trust  |  101

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

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

Each Fund is a diversified series of the Trust. In addition, each Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.

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

2. Significant Accounting Policies

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

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

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

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

Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes

 

102  |  DBX ETF Trust  

significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

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

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

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

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

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

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

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

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

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

 

  DBX ETF Trust  |  103

The Funds file tax returns with the Internal Revenue Service, the State of New York, and various other states. Specific to U.S. federal and state taxes, generally, each of the tax years in the four-year period ended May 31, 2026, remains subject to examination by taxing authorities. Specific to foreign countries in which the Funds invest, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions. The open tax years vary by each jurisdiction in which each Fund invests.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the year ended May 31, 2026, the Funds did not incur any interest or penalties.

As of May 31, 2026, the components of accumulated earnings (losses) on a tax basis were as follows:

 

      Undistributed
Ordinary Income*		    Capital and Other
Gains (Losses)		  

Unrealized
Appreciation

(Depreciation)

    Total Accumulated
Earnings (Losses)

Xtrackers MSCI All World ex US Hedged Equity ETF

    $ 309,547       $   (10,605,764)        $   93,592,711       $ 83,296,494    

Xtrackers MSCI EAFE Hedged Equity ETF

      —        (575,415,241 )      2,823,790,396         2,248,375,155  

Xtrackers MSCI Emerging Markets Hedged Equity ETF

      886,795        (12,986,027 )      48,190,189        36,090,957  

Xtrackers MSCI Europe Hedged Equity ETF

      —        (117,979,746 )      155,958,986        37,979,240  

Xtrackers MSCI Eurozone Hedged Equity ETF

      —        (4,354,197 )      12,483,981        8,129,784  

Xtrackers MSCI Japan Hedged Equity ETF

       23,146,892        (54,810,363 )      139,931,305        108,267,834  

The tax character of dividends and distributions declared for the years ended May 31, 2026 and May 31, 2025 were as follows:

 

     Year Ended May 31,
2026
      Ordinary Income*

Xtrackers MSCI All World ex US Hedged Equity ETF

    $    8,083,659    

Xtrackers MSCI EAFE Hedged Equity ETF

      464,837,474    

Xtrackers MSCI Emerging Markets Hedged Equity ETF

      1,453,940    

Xtrackers MSCI Europe Hedged Equity ETF

      31,791,787    

Xtrackers MSCI Eurozone Hedged Equity ETF

      3,203,789    

Xtrackers MSCI Japan Hedged Equity ETF

      13,311,069    

 

     Year Ended May 31,
2025
      Ordinary Income*

Xtrackers MSCI All World ex US Hedged Equity ETF

      $  2,397,520    

Xtrackers MSCI EAFE Hedged Equity ETF

      82,236,139    

Xtrackers MSCI Emerging Markets Hedged Equity ETF

      1,740,485    

Xtrackers MSCI Europe Hedged Equity ETF

      390,610    

Xtrackers MSCI Eurozone Hedged Equity ETF

      241,630    

Xtrackers MSCI Japan Hedged Equity ETF

      12,059,378    

 

*

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

At May 31, 2026, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

 

      Short-Term      Long-Term      Total Amount

Xtrackers MSCI All World ex US Hedged Equity ETF

    $      —      $   10,605,764      $   10,605,764    

Xtrackers MSCI EAFE Hedged Equity ETF

      55,762,068        491,986,971        547,749,039  

Xtrackers MSCI Emerging Markets Hedged Equity ETF

      5,392,725        7,593,302        12,986,027  

Xtrackers MSCI Europe Hedged Equity ETF

      10,948,567        103,480,407        114,428,974  

Xtrackers MSCI Eurozone Hedged Equity ETF

      1,081,405        3,026,205        4,107,610  

Xtrackers MSCI Japan Hedged Equity ETF

      15,804,715        39,005,648        54,810,363  

 

104  |  DBX ETF Trust  

The following funds utilized capital loss carryforwards to offset taxable gains realized during the year ended May 31, 2026:

 

      Utilized Amount  

Xtrackers MSCI All World ex US Hedged Equity ETF

    $ 6,671,684    

Xtrackers MSCI EAFE Hedged Equity ETF

      241,323,694    

Xtrackers MSCI Emerging Markets Hedged Equity ETF

      2,954,056    

Xtrackers MSCI Europe Hedged Equity ETF

      604,255    

Xtrackers MSCI Eurozone Hedged Equity ETF

      23,779    

Xtrackers MSCI Japan Hedged Equity ETF

        63,587,000    

Capital losses incurred after October 31 (“post-October capital losses”) and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the fiscal year ended May 31, 2026, the following Funds incurred and will elect to defer late year ordinary losses as follows:

 

      Late Year Ordinary
Losses		  

Xtrackers MSCI EAFE Hedged Equity ETF

    $   27,666,202    

Xtrackers MSCI Europe Hedged Equity ETF

      3,550,772    

Xtrackers MSCI Eurozone Hedged Equity ETF

      246,587    

For the fiscal year ended May 31, 2026, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to redemptions-in-kind.

 

      Distributable
earnings (loss)		   Paid-In Capital  

Xtrackers MSCI EAFE Hedged Equity ETF

    $ (414,961,201 )      $  414,961,201    

Xtrackers MSCI Emerging Markets Hedged Equity ETF

      (449,278 )      449,278    

Xtrackers MSCI Europe Hedged Equity ETF

      (30,159,426 )      30,159,426    

Xtrackers MSCI Eurozone Hedged Equity ETF

      (8,131,312 )      8,131,312    

Xtrackers MSCI Japan Hedged Equity ETF

      (22,569,059 )      22,569,059    

As of May 31, 2026, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:

 

      Aggregate Tax Cost   Net Unrealized
Appreciation
(Depreciation)		    Aggregate Gross
Unrealized
Appreciation		    Aggregate Gross
Unrealized
(Depreciation)

Xtrackers MSCI All World ex US Hedged Equity ETF

    $ 168,773,377      $ 93,968,759       $   109,305,172       $ (15,336,413 )   

Xtrackers MSCI EAFE Hedged Equity ETF

       5,873,723,586        2,823,168,675         3,339,983,887         (516,815,212 )   

Xtrackers MSCI Emerging Markets Hedged Equity ETF

      55,170,397       48,745,200         60,040,397         (11,295,197 )   

Xtrackers MSCI Europe Hedged Equity ETF

      606,730,496       155,713,031         212,341,922         (56,628,891 )   

Xtrackers MSCI Eurozone Hedged Equity ETF

      60,364,385       12,493,240         17,655,949         (5,162,709 )   

Xtrackers MSCI Japan Hedged Equity ETF

      509,013,510       139,745,079         194,434,729         (54,689,650 )   

Foreign Taxes. The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of May 31, 2026, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

In this reporting period, the Funds adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The adoption impacted financial statement disclosures only and did not affect the Funds’ financial position or results of operations.

A disaggregation of income taxes paid by jurisdiction is presented when such amounts are significant; however, income taxes paid by the Funds for the year ended May 31, 2026 were not considered significant.

 

  DBX ETF Trust  |  105

In consideration of recent decisions rendered by European courts, Xtrackers MSCI EAFE Hedged Equity ETF and Xtrackers MSCI Europe Hedged Equity ETF have filed for additional reclaims (“EU reclaims”) related to prior years. A corresponding receivable is established when both the amount is known and significant contingencies or uncertainties regarding collectability are removed. These amounts, if any, are reported in dividends and interest receivable in the Statement of Assets and Liabilities. For the period ended May 31, 2026, Xtrackers MSCI EAFE Hedged Equity ETF and Xtrackers MSCI Europe Hedged Equity ETF received reclaims and interest related to EU reclaims, which is reported in unaffiliated dividend income and other income in the Statement of Operations. Expenses incurred related to filing EU reclaims are recorded in other expenses in the Statement of Operations. For U.S. income tax purposes, EU tax reclaims received by the Funds, if any, reduce the amount of foreign taxes Fund shareholders can use as tax credits in their individual income tax returns. In the event that EU tax reclaims received by a fund during the fiscal year exceed foreign withholding taxes paid, and a fund previously passed foreign tax credits on to its shareholders, a fund must either amend historic tax reporting to shareholders or enter into a closing agreement with the Internal Revenue Service (“IRS”) in order to pay the associated tax liability on behalf of the fund’s shareholders. For the year ended May 31, 2026, the EU reclaims received by the Funds did not exceed the foreign withholding taxes of the Funds. During the fiscal year ended May 31, 2023, the EU reclaims received for Xtrackers MSCI Europe Hedged Equity ETF exceeded the foreign withholding taxes of the Fund. As a result, the Fund entered into a closing agreement with the IRS and recognized a closing agreement fee of $338,274.

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

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

Securities Lending. National Financial Services LLC (Fidelity Agency Lending), serves as securities lending agent for Xtrackers MSCI EAFE Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. Deutsche Bank AG, serves as securities lending agent for Xtrackers MSCI All World ex US Hedged Equity ETF and Xtrackers MSCI Emerging Markets Hedged Equity ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended May 31, 2026, the Funds invested the cash collateral, if any into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.13% annualized effective rate as of May 31, 2026) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

 

106  |  DBX ETF Trust  

As of May 31, 2026, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at year end.

 

Remaining Contractual Maturity of the Agreements, as of May 31, 2026  
Securities Lending Transactions    Overnight
and
Continuous		      <30 Days     

Between

30 & 90

Days

      >90 Days      Total  
Xtrackers MSCI All World ex US Hedged Equity ETF               

Exchange-Traded Funds

    $ 125,250      $     —      $     —      $     —      $ 125,250  

Gross amount of recognized liabilities and cash collateral for securities lending transactions

                                        $ 125,250  
Xtrackers MSCI EAFE Hedged Equity ETF               

Common Stocks

    $ 98,688,049      $ —      $ —      $ —      $ 98,688,049  

Exchange-Traded Funds

    $ 3,324,750      $ —      $ —      $ —      $ 3,324,750  

Preferred Stocks

    $ 2,392,865      $ —      $ —      $ —      $ 2,392,865  

Total Borrowing

    $ 104,405,664      $ —      $ —      $ —      $ 104,405,664  

Gross amount of recognized liabilities and cash collateral for securities lending transactions

                                        $ 104,405,664  

Common Stocks

    $ 22,978,670      $ —      $ —      $ —      $ 22,978,670  

Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions

 

             $ 22,978,670  
Xtrackers MSCI Emerging Markets Hedged Equity ETF               

Common Stocks

    $ 16,653      $ —      $ —      $ —      $ 16,653  

Gross amount of recognized liabilities and cash collateral for securities lending transactions

                                        $ 16,653  
Xtrackers MSCI Europe Hedged Equity ETF               

Common Stocks

    $ 7,155,426      $ —      $ —      $ —      $ 7,155,426  

Preferred Stocks

    $ 335,225      $ —      $ —      $ —      $ 335,225  

Total Borrowing

    $ 7,490,651      $ —      $ —      $ —      $ 7,490,651  

Gross amount of recognized liabilities and cash collateral for securities lending transactions

                                        $ 7,490,651  

Common Stocks

    $ 2,775,307      $ —      $ —      $ —      $ 2,775,307  

Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions

 

             $ 2,775,307  
Xtrackers MSCI Eurozone Hedged Equity ETF               

Common Stocks

    $ 1,099,138      $ —      $ —      $ —      $ 1,099,138  

Preferred Stocks

    $ 57,192      $ —      $ —      $ —      $ 57,192  

Total Borrowing

    $ 1,156,330      $ —      $ —      $ —      $ 1,156,330  

Gross amount of recognized liabilities and cash collateral for securities lending transactions

                                        $ 1,156,330  

Common Stocks

    $ 569,342      $ —      $ —      $ —      $ 569,342  

Gross amount of unrecognized liabilities related to non-cash collateral for securities lending transactions

 

             $ 569,342  

For the fiscal year ended May 31, 2026, Xtrackers MSCI Japan Hedged Equity ETF had no securities on loan.

Derivatives

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

A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the year ended May 31, 2026, Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI EAFE Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF and Xtrackers MSCI Eurozone Hedged Equity ETF, invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. Similarly, the Xtrackers MSCI Japan Hedged Equity ETF invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against the Japanese yen, respectively.

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

A summary of the open forward currency contracts as of May 31, 2026 is included in a table following the Funds’ Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the respective Fund had to the value of non U.S currencies during the year ended May 31, 2026.

Futures Contracts. Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the year ended May 31, 2026, Xtrackers MSCI All

 

  DBX ETF Trust  |  107

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

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

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

A summary of the open futures contracts as of May 31, 2026 is included in a table following the Funds’ Schedule of Investments.

 

108  |  DBX ETF Trust  

The following tables summarize the value of the Funds’ derivative instruments held as of May 31, 2026 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

 

     Asset Derivatives          Liability Derivatives       
Xtrackers MSCI All World ex US Hedged Equity ETF      

Equity contracts

   Unrealized appreciation on futures contracts*   $ 345,505     Unrealized depreciation on futures contracts*   $ 2,940  

Foreign exchange contracts

   Unrealized appreciation on forward foreign currency contracts     2,040,526     Unrealized depreciation on forward foreign currency contracts     718,363  
    Total   $ 2,386,031     Total   $ 721,303  
Xtrackers MSCI EAFE Hedged Equity ETF      

Equity contracts

   Unrealized appreciation on futures contracts*   $ 5,593,984     Unrealized depreciation on futures contracts*   $ —  

Foreign exchange contracts

   Unrealized appreciation on forward foreign currency contracts     74,672,273     Unrealized depreciation on forward foreign currency contracts     10,130,451  
    Total   $  80,266,257     Total   $  10,130,451  
Xtrackers MSCI Emerging Markets Hedged Equity ETF      

Equity contracts

   Unrealized appreciation on futures contracts*   $ 400,651     Unrealized depreciation on futures contracts*   $ —  

Foreign exchange contracts

   Unrealized appreciation on forward foreign currency contracts     478,145     Unrealized depreciation on forward foreign currency contracts     623,445  
    Total   $ 878,796     Total   $ 623,445  
Xtrackers MSCI Europe Hedged Equity ETF      

Equity contracts

   Unrealized appreciation on futures contracts*   $ 501,053     Unrealized depreciation on futures contracts*   $ —  

Foreign exchange contracts

   Unrealized appreciation on forward foreign currency contracts     4,928,270     Unrealized depreciation on forward foreign currency contracts     604,754  
    Total   $ 5,429,323     Total   $ 604,754  
Xtrackers MSCI Eurozone Hedged Equity ETF      

Equity contracts

   Unrealized appreciation on futures contracts*   $ 93,704     Unrealized depreciation on futures contracts*   $ —  

Foreign exchange contracts

   Unrealized appreciation on forward foreign currency contracts     491,975     Unrealized depreciation on forward foreign currency contracts     30,438  
    Total   $ 585,679     Total   $ 30,438  
Xtrackers MSCI Japan Hedged Equity ETF      

Equity contracts

   Unrealized appreciation on futures contracts*   $ 532,446     Unrealized depreciation on futures contracts*   $ —  

Foreign exchange contracts

   Unrealized appreciation on forward foreign currency contracts     11,465,364     Unrealized depreciation on forward foreign currency contracts     311,217  
    Total   $ 11,997,810     Total   $ 311,217  

 

*

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

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the year ended May 31, 2026 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

 

Net Realized Gain (Loss) from:    Futures Contracts
– Equity Contracts		  

Forward Foreign

Currency Contracts

– Foreign Exchange

Contracts

   Total

Xtrackers MSCI All World ex US Hedged Equity ETF

    $ 649,549       $ 2,401,782       $ 3,051,331    

Xtrackers MSCI EAFE Hedged Equity ETF

       21,521,207        98,665,838        120,187,045  

Xtrackers MSCI Emerging Markets Hedged Equity ETF

      467,531       1,036,225       1,503,756  

Xtrackers MSCI Europe Hedged Equity ETF

      1,050,947       (9,343,631 )      (8,292,684 ) 

Xtrackers MSCI Eurozone Hedged Equity ETF

      7,606       (971,885 )      (964,279 ) 

Xtrackers MSCI Japan Hedged Equity ETF

      2,686,515       54,353,232       57,039,747  

 

  DBX ETF Trust  |  109

Net Change in Unrealized Appreciation (Depreciation) on:    Futures Contracts
– Equity Contracts		   Forward Foreign
Currency Contracts
– Foreign Exchange
Contracts		   Total

Xtrackers MSCI All World ex US Hedged Equity ETF

    $ 107,396       $ 1,703,687       $ 1,811,083    

Xtrackers MSCI EAFE Hedged Equity ETF

       559,565        49,977,488        50,537,053  

Xtrackers MSCI Emerging Markets Hedged Equity ETF

      368,622       603,972       972,594  

Xtrackers MSCI Europe Hedged Equity ETF

      162,834       4,308,894       4,471,728  

Xtrackers MSCI Eurozone Hedged Equity ETF

      69,196       321,425       390,621  

Xtrackers MSCI Japan Hedged Equity ETF

      217,405       6,576,758       6,794,163  

For the year ended May 31, 2026 the average monthly volume of derivatives was as follows:

 

      Futures Contracts
(Contract Value)		      Forward Foreign
Currency Contracts
(Contract Value)		  

Xtrackers MSCI All World ex US Hedged Equity ETF

    $ 4,493,823      $ (209,202,489 ) 

Xtrackers MSCI EAFE Hedged Equity ETF

      144,692,346        (8,018,090,197 ) 

Xtrackers MSCI Emerging Markets Hedged Equity ETF

      1,717,994        (77,896,089 ) 

Xtrackers MSCI Europe Hedged Equity ETF

      10,910,713        (669,991,335 ) 

Xtrackers MSCI Eurozone Hedged Equity ETF

      795,008        (69,573,222 ) 

Xtrackers MSCI Japan Hedged Equity ETF

      9,609,020        (466,846,160 ) 

 

110  |  DBX ETF Trust  

As of May 31, 2026, the Funds have transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Funds may have collateral agreements with certain counterparties to mitigate risk. Interest expense from collateral received, if any, is included in Interest expense on the Statements of Operations. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:

 

Fund    Gross
Amounts
of Assets
Presented
in the
Statement
of Assets
and
Liabilities
($)		     

Financial
Instruments
and

Derivatives
Available for
Offset

($)

    

Collateral

Received
($)(a)

     

Net
Amount of
Derivative
Assets

($)

      Gross
Amounts of
Liabilities
Presented
in the
Statements
of Assets
and
Liabilities
($)		     

Financial
Instruments
and
Derivatives
Available for
Offset

($)

    

Collateral

Pledged
($)(a)

     Net
Amount of
Derivatives
Liabilities
($)		  

Xtrackers MSCI All World ex US Hedged Equity ETF

 

                                           

Bank of America

      319        (319 )      —        —        21,615        (319 )      —       21,296  

Citigroup Global Markets

      599        (599 )      —        —        3,060        (599 )      —       2,461  

Goldman Sachs & Co.

      6,294        (6,294 )      —        —        104,122        (6,294 )      —       97,828  

JP Morgan & Chase Co.

      262,991        (181,479 )      —        81,512        181,479        (181,479 )      —       —  

Morgan Stanley Capital

      1,055,153        (32,025 )      —        1,023,128        32,025        (32,025 )      —       —  

RBC Capital Markets

      651,027        (333,616 )      270,000        47,411        333,616        (333,616 )      —       —  

The Bank of New York Mellon

      64,143        (42,446 )      —        21,697        42,446        (42,446 )      —       —  
       2,040,526        (596,778 )      270,000        1,173,748        718,363        (596,778 )      —       121,585  

Xtrackers MSCI EAFE Hedged Equity ETF

 

                                           

Bank of America

      —        —       —        —        150,285        —       —       150,285  

Goldman Sachs & Co.

      344,209        (317,926 )      —        26,283        317,926        (317,926 )      —       —  

JP Morgan & Chase Co.

      506,479        (506,479 )      —        —        4,125,639        (506,479 )      —       3,619,160  

Morgan Stanley Capital

      59,515,939        (1,966,836 )      —        57,549,103        1,966,836        (1,966,836 )      —       —  

RBC Capital Markets

      12,049,767        (1,303,773 )      —        10,745,994        1,303,773        (1,303,773 )      —       —  

The Bank of New York Mellon

      2,255,879        (2,255,879 )      —        —        2,265,992        (2,255,879 )      —       10,113  
       74,672,273        (6,350,893 )      —        68,321,380        10,130,451        (6,350,893 )      —       3,779,558  

Xtrackers MSCI Emerging Markets Hedged Equity ETF

 

                                           

Bank of America

      501        (501 )      —        —        22,156        (501 )      —       21,655  

Citigroup Global Markets

      2,731        (2,731 )      —        —        39,858        (2,731 )      —       37,127  

Goldman Sachs & Co.

      5,869        (5,869 )      —        —        76,113        (5,869 )      —       70,244  

JP Morgan & Chase Co.

      106,840        (102,387 )      —        4,453        102,387        (102,387 )      —       —  

Morgan Stanley Capital

      3,385        (210 )      —        3,175        210        (210 )      —       —  

RBC Capital Markets

      330,858        (330,858 )      —        —        380,315        (330,858 )      (290,000 )      240,543  

The Bank of New York Mellon

      27,961        (2,406 )      —        25,555        2,406        (2,406 )      —       —  
       478,145        (444,962 )      —        33,183        623,445        (444,962 )      (290,000 )      111,517  

Xtrackers MSCI Europe Hedged Equity ETF

 

                                           

Bank of America

      —        —       —        —        19,971        —       —       19,971  

Goldman Sachs & Co.

      13,160        (13,160 )      —        —        63,722        (13,160 )      —       50,562  

Morgan Stanley Capital

      3,136,752        (182,954 )      —        2,953,798        182,954        (182,954 )      —       —  

RBC Capital Markets

      1,505,782        (33,513 )      —        1,472,269        33,513        (33,513 )      —       —  

The Bank of New York Mellon

      272,576        (272,576 )      —        —        304,594        (272,576 )      —       32,018  
       4,928,270        (502,203 )      —        4,426,067        604,754        (502,203 )      —       102,551  

Xtrackers MSCI Eurozone Hedged Equity ETF

 

                                           

Morgan Stanley Capital

      491,975        (30,438 )      —        461,537        30,438        (30,438 )      —       —  
       491,975        (30,438 )      —        461,537        30,438        (30,438 )      —       —  

Xtrackers MSCI Japan Hedged Equity ETF

 

                                           

Morgan Stanley Capital

      11,465,364        (311,217 )      —        11,154,147        311,217        (311,217 )      —       —  
       11,465,364        (311,217 )      —        11,154,147        311,217        (311,217 )      —       —  

 

(a)

The actual collateral received/(pledged) may be more than the amount shown.

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

 

  DBX ETF Trust  |  111

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

3. Investment Advisory and Other Agreements

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

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

 

     

Unitary Advisory

Fee

  

Xtrackers MSCI All World ex US Hedged Equity ETF

      0.40 %   

Xtrackers MSCI EAFE Hedged Equity ETF

      0.35 %   

Xtrackers MSCI Emerging Markets Hedged Equity ETF

      0.65 %   

Xtrackers MSCI Europe Hedged Equity ETF

      0.45 %   

Xtrackers MSCI Eurozone Hedged Equity ETF

      0.45 %   

Xtrackers MSCI Japan Hedged Equity ETF

      0.45 %   

The Advisor for the funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated cash management vehicles. For the year ended May 31, 2026, the Advisor waived expenses of the Funds as follows:

 

      Expenses Waived  

Xtrackers MSCI All World ex US Hedged Equity ETF

    $ 6,178    

Xtrackers MSCI EAFE Hedged Equity ETF

        116,185    

Xtrackers MSCI Emerging Markets Hedged Equity ETF

      1,648    

Xtrackers MSCI Europe Hedged Equity ETF

      7,627    

Xtrackers MSCI Eurozone Hedged Equity ETF

      650    

Xtrackers MSCI Japan Hedged Equity ETF

      7,848    

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

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

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

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

 

112  |  DBX ETF Trust  

Affiliated Securities Lending Agent Fees. Deutsche Bank AG serves as securities lending agent for the funds listed below. For the year ended May 31, 2026, the Funds incurred securities lending agent fees to Deutsche Bank AG as follows:

 

      Securities Lending
Agent Fees		  

Xtrackers MSCI All World ex US Hedged Equity ETF

    $ 388    

Xtrackers MSCI Emerging Markets Hedged Equity ETF

      58    

4. Investment Portfolio Transactions

For the year ended May 31, 2026, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

 

      Purchases              Sales

Xtrackers MSCI All World ex US Hedged Equity ETF

    $ 31,377,391               $ 21,546,017  

Xtrackers MSCI EAFE Hedged Equity ETF

       973,609,415                  1,129,609,544  

Xtrackers MSCI Emerging Markets Hedged Equity ETF

      12,145,922                 9,584,098  

Xtrackers MSCI Europe Hedged Equity ETF

      73,660,912                 91,307,316  

Xtrackers MSCI Eurozone Hedged Equity ETF

      7,679,300                 9,435,362  

Xtrackers MSCI Japan Hedged Equity ETF

      109,227,006                 53,199,462    

For the year ended May 31, 2026, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

 

      Purchases              Sales

Xtrackers MSCI All World ex US Hedged Equity ETF

    $ 21,896,786               $ —  

Xtrackers MSCI EAFE Hedged Equity ETF

       276,005,699                  867,110,184  

Xtrackers MSCI Emerging Markets Hedged Equity ETF

      459,028                 1,545,496  

Xtrackers MSCI Europe Hedged Equity ETF

      103,607,545                 105,318,086  

Xtrackers MSCI Eurozone Hedged Equity ETF

      10,756,078                 24,617,494  

Xtrackers MSCI Japan Hedged Equity ETF

      153,318,116                 63,695,815    

5. Fund Share Transactions

As of May 31, 2026, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

6. Payments by Affiliates

During the year ended May 31, 2026, the Advisor agreed to reimburse the Funds and amounts below for losses due to trades executed incorrectly. The amounts compensated were less than 0.01% of the Funds’ average net assets, thus having no impact on the Funds’ total return.

 

DBX Advisors LLC    Amount    

Xtrackers MSCI EAFE Hedged Equity ETF

    $   10,820    

Xtrackers MSCI Emerging Markets Hedged Equity ETF

      375    

Xtrackers MSCI Europe Hedged Equity ETF

      304    

7. Investing in Emerging Markets

Investing in emerging markets may involve special risks and considerations not typically associated with investing in developed markets. These risks include revaluation of currencies, high rates of inflation or deflation, repatriation restrictions on income and capital, future adverse political, social and economic developments, and US and foreign government actions such as the imposition of tariffs, economic and trade sanctions or embargoes. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls or delayed settlements, and may have prices that

 

  DBX ETF Trust  |  113

are more volatile or less easily assessed than those of comparable securities of issuers in developed markets. There is also substantially less publicly available information about emerging market issuers than there is about issuers in developed countries. Therefore, disclosure of certain material information may not be made, and less information may be available to the Funds and other investors than would be the case if the Funds’ investments were restricted to securities of issuers in developed countries. Investments in emerging markets are often considered speculative.

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

8. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at May 31, 2026.

 

114  |  DBX ETF Trust  

Report of Independent Registered Public Accounting Firm

To the Shareholders of

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

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI EAFE Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF (collectively referred to as the “Funds”), (six of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of May 31, 2026, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (six of the funds constituting DBX ETF Trust) at May 31, 2026, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2026, by correspondence with the custodian, brokers and others; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

LOGO

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

New York, New York

July 27, 2026

 

  DBX ETF Trust  |  115

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

 

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

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT WITH DBX ADVISORS LLC

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on May 12-13, 2026 (the “Meeting”), the Trustees, all of whom are Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI EAFE Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF (each a “Fund,” and collectively, the “Funds”) for another annual period ending on May 31, 2027. The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the Investment Advisory Agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) for Funds with three years of performance history as of December 31, 2025, each Fund’s tracking error as compared to its underlying index over the previous five years. The Independent Trustees met with representatives of the Advisor on May 12, 2026 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held during the Meeting.

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

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

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

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

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

 

 

 

116  |  DBX ETF Trust  

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

 

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

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

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

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

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

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

 

  -

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

  -

Xtrackers MSCI Japan Hedged Equity ETF had advisory fees and total expenses that were lower than the largest currency-hedged fund included in its Peer Group, and its advisory fees and total expenses were equal to the median of its Peer Group.

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

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

 

  DBX ETF Trust  |  117

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

 

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

Economies of Scale. The Board considered that Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI EAFE Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisors can share benefits of economies of scale.

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

 

118  |  DBX ETF Trust  

Tax Information (Unaudited)

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

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its period ended May 31, 2026.

 

      Qualified Dividend
Income*		  

Dividends  

Received  

Reduction*  

Xtrackers MSCI All World ex US Hedged Equity ETF

    85%     4 %   

Xtrackers MSCI EAFE Hedged Equity ETF

    72%     5 % 

Xtrackers MSCI Emerging Markets Hedged Equity ETF

    59%     — % 

Xtrackers MSCI Europe Hedged Equity ETF

    91%     9 % 

Xtrackers MSCI Eurozone Hedged Equity ETF

    86%     2 % 

Xtrackers MSCI Japan Hedged Equity ETF

    54%     — % 

 

*

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

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

 

      Gross Foreign
Income		   Foreign Taxes
Paid

Xtrackers MSCI All World ex US Hedged Equity ETF

    $ 5,726,337      $ 599,879    

Xtrackers MSCI EAFE Hedged Equity ETF

       187,330,003        12,990,385  

Xtrackers MSCI Emerging Markets Hedged Equity ETF

      2,052,676       323,350  

Xtrackers MSCI Europe Hedged Equity ETF

      18,667,501       754,797  

Xtrackers MSCI Eurozone Hedged Equity ETF

      1,998,746       275,386  

Xtrackers MSCI Japan Hedged Equity ETF

      11,116,068       942,862  

 

  DBX ETF Trust  |  119

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

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

Xtrackers Nifty 500 India ETF (IND)

 

 

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Table of Contents

 

   
      Page  
   

Schedule of Investments

     
   

Xtrackers Harvest CSI 300 China A-Shares ETF

      2  
   

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

      8  
   

Xtrackers Nifty 500 India ETF

      17  
   

Statements of Assets and Liabilities

      25  
   

Statements of Operations

      26  
   

Statements of Changes in Net Assets

      27  
   

Financial Highlights

      29  
   

Notes to Financial Statements

      32  
   

Report of Independent Registered Public Accounting Firm

      41  
   

Board Considerations in Approval of Investment Advisory Contracts

      43  
   

Tax Information

      49  
 

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

 

 

 

DBX ETF Trust  |  1

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF

May 31, 2026

 

    

Number

    of Shares

        Value $  

COMMON STOCKS — 99.8%

     

Communication Services — 0.8%

 

Beijing Enlight Media Co. Ltd., Class A

      759,300       1,430,990  

China United Network Communications Ltd., Class A

      8,559,581       5,503,700  

Focus Media Information Technology Co. Ltd., Class A

      5,197,979       4,287,278  

Kunlun Tech Co. Ltd., Class A *

      480,218       3,117,552  

Mango Excellent Media Co. Ltd., Class A

      389,422        1,004,451  

(Cost $15,434,870)

        15,343,971  

Consumer Discretionary — 5.6%

     

Beijing Roborock Technology Co. Ltd., Class A

      104,138       1,578,394  

BYD Co. Ltd., Class A

      1,331,546       18,930,143  

China Tourism Group Duty Free Corp. Ltd., Class A

      488,051       4,298,122  

Chongqing Changan Automobile Co. Ltd., Class A

      2,555,177       2,991,294  

Fuyao Glass Industry Group Co. Ltd., Class A

      814,524       6,340,123  

Great Wall Motor Co. Ltd., Class A

      716,723       1,789,344  

Gree Electric Appliances, Inc. of Zhuhai, Class A

      2,211,686       12,805,306  

Guangzhou Automobile Group Co. Ltd., Class A

      1,226,563       1,100,504  

Haier Smart Home Co. Ltd., Class A

      1,938,815       5,983,838  

Huali Industrial Group Co. Ltd., Class A

      88,760       448,438  

Huayu Automotive Systems Co. Ltd., Class A

      809,410       1,999,208  

Huizhou Desay Sv Automotive Co. Ltd., Class A

      159,734       2,402,633  

Midea Group Co. Ltd., Class A

      2,423,729       28,965,233  

Ningbo Tuopu Group Co. Ltd., Class A

      436,284       4,024,082  

SAIC Motor Corp. Ltd., Class A

      2,261,497       4,118,316  

Sailun Group Co. Ltd., Class A

      1,365,400       2,549,037  

Seres Group Co. Ltd., Class A

      402,944       4,851,790  

Zhejiang China Commodities City Group Co. Ltd., Class A

      1,357,566       2,570,532  

(Cost $80,275,134)

        107,746,337  

Consumer Staples — 6.7%

     

Anhui Gujing Distillery Co. Ltd., Class A

      83,849       1,153,012  

Eastroc Beverage Group Co. Ltd., Class A

      135,798       2,859,159  

Foshan Haitian Flavouring & Food Co. Ltd., Class A

      878,761       4,665,734  

Guangdong Haid Group Co. Ltd., Class A

      419,022       2,900,507  
    

Number

    of Shares

        Value $  

Henan Shuanghui Investment & Development Co. Ltd., Class A

      581,677        2,151,207  

Inner Mongolia Yili Industrial Group Co. Ltd., Class A

      3,148,957       12,530,106  

Jiangsu King’s Luck Brewery JSC Ltd., Class A

      355,871       1,593,853  

Jiangsu Yanghe Distillery Co. Ltd., Class A

      289,485       1,942,223  

Kweichow Moutai Co. Ltd., Class A

      302,326       59,255,950  

Luzhou Laojiao Co. Ltd., Class A

      355,581       4,785,020  

Muyuan Foods Group Co. Ltd., Class A

      1,337,772       7,527,971  

New Hope Liuhe Co. Ltd., Class A

      956,255       1,115,227  

Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A

      244,153       4,630,220  

Tsingtao Brewery Co. Ltd., Class A

      177,763       1,606,496  

Wens Foodstuff Group Co. Ltd., Class A

      2,629,618       5,317,307  

Wuliangye Yibin Co. Ltd., Class A

      953,321       11,962,133  

Yihai Kerry Arawana Holdings Co. Ltd., Class A

      318,170       1,258,515  

(Cost $97,078,676)

        127,254,640  

Energy — 2.5%

     

China Coal Energy Co. Ltd., Class A

      925,786       2,145,703  

China Merchants Energy Shipping Co. Ltd., Class A

      1,592,100       3,732,385  

China Oilfield Services Ltd., Class A

      334,539       644,324  

China Petroleum & Chemical Corp., Class A

      7,156,414       5,130,387  

China Shenhua Energy Co. Ltd., Class A

      1,797,328       12,465,172  

COSCO SHIPPING Energy Transportation Co. Ltd., Class A

      880,554       2,535,467  

PetroChina Co. Ltd., Class A

      5,618,762       9,027,825  

Shaanxi Coal Industry Co. Ltd., Class A

      1,955,829       7,441,361  

Shanxi Coking Coal Energy Group Co. Ltd., Class A

      1,437,650       1,442,898  

Yankuang Energy Group Co. Ltd., Class A

      953,380       3,072,101  

(Cost $27,338,658)

        47,637,623  

Financials — 19.2%

     

Agricultural Bank of China Ltd., Class A

      13,930,284       13,013,376  

Bank of Beijing Co. Ltd., Class A

      7,349,507       5,529,539  

Bank of Chengdu Co. Ltd., Class A

      1,290,656       3,548,431  

Bank of China Ltd., Class A

      6,981,800       6,047,529  

Bank of Communications Co. Ltd., Class A

      12,913,259       12,712,268  

 

See Notes to Financial Statements.

2  |  DBX ETF Trust

Schedule of Investments

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

May 31, 2026

 

    

Number

    of Shares

        Value $  

Bank of Hangzhou Co. Ltd., Class A

      2,519,261        5,961,800  

Bank of Jiangsu Co. Ltd., Class A

      7,218,370       12,046,088  

Bank of Nanjing Co. Ltd., Class A

      3,026,380       4,822,311  

Bank of Ningbo Co. Ltd., Class A

      1,614,434       7,404,828  

Bank of Shanghai Co. Ltd., Class A

      4,871,358       6,502,056  

Beijing Compass Technology Development Co. Ltd., Class A

      178,600       2,424,787  

Capital Securities Co. Ltd., Class A

      269,400       579,792  

China CITIC Bank Corp. Ltd., Class A

      2,571,522       2,820,376  

China Construction Bank Corp., Class A

      4,390,775       6,464,180  

China Everbright Bank Co. Ltd., Class A

      9,172,273       4,202,925  

China Galaxy Securities Co. Ltd., Class A

      1,120,617       2,034,082  

China International Capital Corp. Ltd., Class A

      582,010       2,906,910  

China Life Insurance Co. Ltd., Class A

      835,550       4,178,183  

China Merchants Bank Co. Ltd., Class A

      5,998,564       33,702,188  

China Merchants Securities Co. Ltd., Class A

      1,831,495       4,599,516  

China Minsheng Banking Corp. Ltd., Class A

      12,308,997       6,458,980  

China Pacific Insurance Group Co. Ltd., Class A

      1,672,420       7,955,076  

China Zheshang Bank Co. Ltd., Class A

      7,504,640       3,327,852  

Chongqing Rural Commercial Bank Co. Ltd., Class A

      2,715,030       2,664,745  

Cinda Securities Co. Ltd., Class A

      470,800       1,196,955  

CITIC Securities Co. Ltd., Class A

      4,811,681       18,527,529  

CNPC Capital Co. Ltd., Class A

      1,291,900       1,489,486  

CSC Financial Co. Ltd., Class A

      685,861       2,472,640  

East Money Information Co. Ltd., Class A

      6,276,644       17,776,078  

Everbright Securities Co. Ltd., Class A

      1,008,898       2,128,062  

Founder Securities Co. Ltd., Class A

      2,065,096       2,103,160  

GF Securities Co. Ltd., Class A

      1,472,853       4,112,485  

Guolian Minsheng Securities Co. Ltd., Class A

      846,100       1,086,812  

Guosen Securities Co. Ltd., Class A

      1,499,118       2,242,483  

Guotai Haitong Securities Co. Ltd.

      5,475,305       12,447,370  

Hithink RoyalFlush Information Network Co. Ltd., Class A

      160,193       5,393,044  

Hongta Securities Co. Ltd., Class A

      600,500       608,906  
    

Number

    of Shares

        Value $  

Huatai Securities Co. Ltd., Class A

      2,867,807        7,706,492  

Huaxia Bank Co. Ltd., Class A

      3,191,293       3,165,207  

Industrial & Commercial Bank of China Ltd., Class A

      15,695,651       16,750,565  

Industrial Bank Co. Ltd., Class A

      8,164,676       22,326,653  

Industrial Securities Co. Ltd., Class A

      3,523,523       2,994,732  

New China Life Insurance Co. Ltd., Class A

      421,553       3,719,970  

Orient Securities Co. Ltd., Class A

      2,412,671       3,320,173  

People’s Insurance Co. Group of China Ltd., Class A

      1,637,398       1,655,477  

Ping An Bank Co. Ltd., Class A

      4,800,551       7,755,757  

Ping An Insurance Group Co. of China Ltd., Class A

      5,193,041       41,066,575  

Postal Savings Bank of China Co. Ltd., Class A

      5,387,600       3,965,862  

SDIC Capital Co. Ltd., Class A

      1,084,029       1,031,905  

Shanghai Pudong Development Bank Co. Ltd., Class A

      6,421,412       8,893,712  

Shanghai Rural Commercial Bank Co. Ltd., Class A

      2,776,800       3,488,803  

Shenwan Hongyuan Group Co. Ltd., Class A

      4,490,587       2,927,215  

Zheshang Securities Co. Ltd., Class A

      1,365,950       1,905,986  

Zhongtai Securities Co. Ltd., Class A

      1,578,845       1,269,555  

(Cost $294,073,905)

        367,437,467  

Health Care — 4.2%

     

Aier Eye Hospital Group Co. Ltd., Class A

      2,434,594       3,281,968  

Beijing Tiantan Biological Products Corp. Ltd., Class A

      538,834       1,079,213  

Beijing Tong Ren Tang Co. Ltd., Class A

      371,096       1,406,975  

Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A *

      180,093       922,653  

Changchun High-Tech Industry Group Co. Ltd., Class A

      155,278       1,688,588  

China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A

      357,931       1,293,573  

Chongqing Zhifei Biological Products Co. Ltd., Class A *

      631,234       1,268,010  

Hangzhou Tigermed Consulting Co. Ltd., Class A

      259,734       1,514,567  

Huadong Medicine Co. Ltd., Class A

      461,068       1,977,768  

Imeik Technology Development Co. Ltd., Class A

      79,887       1,236,925  

Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A

      2,182,005       16,187,727  

 

See Notes to Financial Statements.

DBX ETF Trust  | 3

Schedule of Investments

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

May 31, 2026

 

    

Number

    of Shares

        Value $  

Pharmaron Beijing Co. Ltd., Class A

      535,085        1,985,224  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A

      670,322       2,303,666  

Shanghai Pharmaceuticals Holding Co. Ltd., Class A

      418,583       1,019,651  

Shanghai RAAS Blood Products Co. Ltd., Class A

      2,810,034       2,205,561  

Shanghai United Imaging Healthcare Co. Ltd., Class A

      247,841       4,407,088  

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A

      302,590       6,790,865  

Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A

      203,521       1,406,083  

Sichuan Biokin Pharmaceutical Co. Ltd., Class A *

      41,535       1,464,681  

Sichuan Kelun Pharmaceutical Co. Ltd., Class A

      571,800       3,073,975  

WuXi AppTec Co. Ltd., Class A

      1,199,028       18,006,777  

Yunnan Baiyao Group Co. Ltd., Class A

      488,050       3,602,681  

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A

      156,900       2,978,069  

(Cost $82,009,647)

        81,102,288  

Industrials — 16.8%

     

AECC Aviation Power Co. Ltd., Class A

      789,635       4,846,148  

Air China Cargo Co. Ltd., Class A

      708,700       540,537  

Air China Ltd., Class A *

      1,962,679       1,975,647  

Beijing New Building Materials PLC, Class A

      543,597       1,840,032  

Beijing-Shanghai High Speed Railway Co. Ltd., Class A

      14,901,626       11,057,331  

China CSSC Holdings Ltd., Class A

      2,248,781       12,425,086  

China Eastern Airlines Corp. Ltd., Class A *

      4,346,134       2,820,204  

China Energy Engineering Corp. Ltd., Class A

      7,213,777       3,081,581  

China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A

      1,035,037       1,536,040  

China National Chemical Engineering Co. Ltd., Class A

      2,128,416       2,428,772  

China Railway Group Ltd., Class A

      5,377,602       3,791,578  

China Southern Airlines Co. Ltd., Class A *

      2,827,666       2,294,634  

China State Construction Engineering Corp. Ltd., Class A

      10,352,107       7,390,755  

Contemporary Amperex Technology Co. Ltd., Class A

      1,275,887       79,963,356  

COSCO SHIPPING Holdings Co. Ltd., Class A

      3,135,517       6,553,473  

CRRC Corp. Ltd., Class A

      6,365,516       5,429,032  
    

Number

    of Shares

        Value $  

Daqin Railway Co. Ltd., Class A

      6,341,355        4,864,771  

Dongfang Electric Corp. Ltd., Class A

      661,564       3,445,065  

Eve Energy Co. Ltd., Class A

      616,092       5,799,113  

Goneo Group Co. Ltd., Class A

      207,978       1,278,247  

Gotion High-tech Co. Ltd., Class A

      550,426       2,680,818  

Jiangsu Expressway Co. Ltd., Class A

      279,323       532,197  

Jiangsu Hengli Hydraulic Co. Ltd., Class A

      269,030       4,338,886  

Jiangsu Zhongtian Technology Co. Ltd., Class A

      1,444,079       9,005,616  

Kuang-Chi Technologies Co. Ltd., Class A *

      846,400       5,030,633  

Metallurgical Corp. of China Ltd., Class A

      3,768,758       1,576,513  

NARI Technology Co. Ltd., Class A

      2,125,794       7,824,083  

Ningbo Deye Technology Co. Ltd., Class A

      258,670       4,421,474  

Ningbo Zhoushan Port Co. Ltd., Class A

      2,482,200       1,276,818  

Power Construction Corp. of China Ltd., Class A

      4,262,528       3,364,507  

Qingdao Port International Co. Ltd., Class A

      481,600       649,935  

Sany Heavy Industry Co. Ltd., Class A

      3,002,494       7,961,914  

SF Holding Co. Ltd., Class A

      1,199,975       6,199,153  

Shanghai International Airport Co. Ltd., Class A

      738,573       2,736,911  

Shanghai International Port Group Co. Ltd., Class A

      1,709,847       1,296,545  

Shenzhen Inovance Technology Co. Ltd., Class A

      959,516       10,489,676  

Sichuan Road & Bridge Group Co. Ltd., Class A

      1,355,299       1,754,899  

Sieyuan Electric Co. Ltd., Class A

      312,383       9,334,135  

Spring Airlines Co. Ltd., Class A

      238,291       1,725,904  

Sungrow Power Supply Co. Ltd., Class A

      704,270       18,528,818  

TBEA Co. Ltd., Class A

      2,483,378       9,305,372  

Weichai Power Co. Ltd., Class A

      2,702,818       14,118,751  

XCMG Construction Machinery Co. Ltd., Class A

      4,670,440       6,730,934  

YTO Express Group Co. Ltd., Class A

      890,643       2,468,413  

Yutong Bus Co. Ltd., Class A

      704,000       3,361,152  

Zhejiang Chint Electrics Co. Ltd., Class A

      575,092       2,477,079  

Zhejiang Huayou Cobalt Co. Ltd., Class A

      741,553       6,006,697  

Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A

      1,108,517       7,592,964  

Zhuzhou CRRC Times Electric Co. Ltd., Class A

      170,359       1,536,059  

 

See Notes to Financial Statements.

4   |  DBX ETF Trust

Schedule of Investments

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

May 31, 2026

 

    

Number

    of Shares

        Value $  

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A

      2,769,013        2,951,027  

(Cost $219,077,367)

        320,639,285  

Information Technology — 31.3%

     

360 Security Technology, Inc., Class A

      1,899,568       2,835,889  

ACM Research Shanghai, Inc., Class A

      58,919       1,994,709  

Advanced Micro-Fabrication Equipment, Inc., China, Class A

      327,178       14,396,161  

Anker Innovations Technology Co. Ltd., Class A

      124,000       2,304,300  

Avary Holding Shenzhen Co. Ltd., Class A

      377,643       5,861,719  

Beijing Kingsoft Office Software, Inc., Class A

      129,108       4,551,499  

BOE Technology Group Co. Ltd., Class A

      19,870,235       15,008,485  

Cambricon Technologies Corp. Ltd., Class A

      153,334       29,690,854  

Chaozhou Three-Circle Group Co. Ltd., Class A

      703,773       13,396,581  

China Railway Signal & Communication Corp. Ltd., Class A

      2,435,464       1,727,969  

China Resources Microelectronics Ltd., Class A

      321,810       3,048,617  

CSI Solar Co. Ltd., Class A

      787,979       1,543,276  

Empyrean Technology Co. Ltd., Class A *

      121,500       2,056,339  

Eoptolink Technology, Inc. Ltd., Class A *

      479,166       50,035,744  

Foxconn Industrial Internet Co. Ltd., Class A

      1,939,250       21,039,858  

GigaDevice Semiconductor, Inc., Class A

      333,465       23,019,155  

GoerTek, Inc., Class A

      1,401,521       5,558,188  

Hangzhou Silan Microelectronics Co. Ltd., Class A

      802,527       4,104,391  

Huaqin Co. Ltd., Class A

      226,814       3,567,175  

Hundsun Technologies, Inc., Class A

      959,614       3,442,542  

Hygon Information Technology Co. Ltd., Class A

      457,017       19,853,857  

IEIT Systems Co. Ltd., Class A

      565,187       5,399,322  

Iflytek Co. Ltd., Class A

      1,264,300       8,951,557  

Isoftstone Information Technology Group Co. Ltd., Class A

      394,653       1,927,385  

JA Solar Technology Co. Ltd.,
Class A *

      1,142,282       1,538,171  

JCET Group Co. Ltd., Class A

      790,789       9,590,741  

Jinko Solar Co. Ltd., Class A *

      2,091,179       1,811,347  

Lens Technology Co. Ltd., Class A

      1,054,678       6,313,757  
    

Number

    of Shares

         Value $  

Lingyi iTech Guangdong Co., Class A

      1,910,160        4,108,144  

LONGi Green Energy Technology Co. Ltd., Class A *

      3,077,055        6,317,576  

Loongson Technology Corp. Ltd., Class A *

      102,197        2,202,463  

Luxshare Precision Industry Co. Ltd., Class A

      2,495,775        27,037,286  

Maxscend Microelectronics Co. Ltd., Class A *

      216,917        3,466,029  

Montage Technology Co. Ltd., Class A

      580,824        21,720,910  

National Silicon Industry Group Co. Ltd., Class A *

      1,023,694        4,191,436  

NAURA Technology Group Co. Ltd., Class A

      218,116        20,307,262  

OmniVision Integrated Circuits Group, Inc.

      453,668        6,370,517  

Range Intelligent Computing Technology Group Co. Ltd., Class A

      426,008        5,281,257  

Rockchip Electronics Co. Ltd., Class A

      116,500        3,025,077  

SG Micro Corp., Class A

      246,851        4,297,170  

Shanghai Baosight Software Co. Ltd., Class A

      614,656        1,830,712  

Shengyi Technology Co. Ltd., Class A

      621,198        12,911,898  

Shennan Circuits Co. Ltd., Class A

      139,996        8,513,408  

Shenzhen Transsion Holdings Co. Ltd., Class A

      314,578        2,799,224  

Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A *

      637,160        20,065,176  

Suzhou TFC Optical Communication Co. Ltd., Class A

      230,563        15,513,322  

TCL Technology Group Corp., Class A

      11,074,354        7,006,081  

Tongwei Co. Ltd., Class A *

      1,403,489        3,064,097  

Unigroup Guoxin Microelectronics Co. Ltd., Class A

      415,592        4,871,394  

Unisplendour Corp. Ltd., Class A

      1,184,835        5,015,842  

Victory Giant Technology Huizhou Co. Ltd., Class A

      297,597        16,210,729  

WUS Printed Circuit Kunshan Co. Ltd., Class A

      679,299        13,258,043  

Xinjiang Daqo New Energy Co. Ltd., Class A *

      371,931        1,070,388  

Yealink Network Technology Corp. Ltd., Class A

      434,993        2,324,361  

Yonyou Network Technology Co. Ltd., Class A *

      1,150,019        1,762,774  

Zhejiang Dahua Technology Co. Ltd., Class A

      1,337,601        3,299,863  

Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A

      386,591        2,904,019  

 

See Notes to Financial Statements.

DBX ETF Trust  | 5

Schedule of Investments

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

May 31, 2026

 

    

Number

    of Shares

        Value $  

Zhongji Innolight Co. Ltd., Class A

      539,226       92,549,874  

ZTE Corp., Class A *

      1,600,452       8,686,769  

(Cost $248,261,492)

        596,552,689  

Materials — 9.2%

     

Aluminum Corp. of China Ltd., Class A

      3,962,518       6,688,832  

Anhui Conch Cement Co. Ltd., Class A

      1,232,167        3,669,928  

Baoshan Iron & Steel Co. Ltd., Class A

      4,366,743       3,892,135  

China Jushi Co. Ltd., Class A

      1,199,388       7,463,709  

China Northern Rare Earth Group High-Tech Co. Ltd., Class A

      1,239,822       8,910,195  

Citic Pacific Special Steel Group Co. Ltd., Class A

      471,472       985,413  

CMOC Group Ltd., Class A

      4,251,660       11,632,629  

Ganfeng Lithium Group Co. Ltd., Class A

      562,747       5,945,805  

Guangzhou Tinci Materials Technology Co. Ltd., Class A

      713,648       5,488,464  

Hengli Petrochemical Co. Ltd., Class A

      1,042,795       2,649,645  

Hoshine Silicon Industry Co. Ltd., Class A

      162,314       913,381  

Inner Mongolia BaoTou Steel Union Co. Ltd., Class A

      11,259,427       3,927,727  

Jiangsu Eastern Shenghong Co. Ltd., Class A *

      1,345,984       2,397,396  

Jiangxi Copper Co. Ltd., Class A

      524,381       3,371,702  

LB Group Co. Ltd., Class A

      903,390       1,909,521  

Ningxia Baofeng Energy Group Co. Ltd., Class A

      1,149,574       4,078,131  

Qinghai Salt Lake Industry Co. Ltd., Class A *

      1,623,989       7,386,242  

Rongsheng Petrochemical Co. Ltd., Class A *

      1,597,237       2,658,403  

Satellite Chemical Co. Ltd., Class A

      858,287       2,952,174  

Shandong Gold Mining Co. Ltd., Class A

      895,290       3,820,529  

Shandong Hualu Hengsheng Chemical Co. Ltd., Class A

      767,361       3,338,127  

Shandong Nanshan Aluminum Co. Ltd., Class A

      3,681,031       2,829,344  

Shanjin International Gold Co. Ltd., Class A

      865,800       2,874,354  

Tianqi Lithium Corp., Class A *

      516,009       4,796,039  

Tongling Nonferrous Metals Group Co. Ltd., Class A

      4,132,700       4,214,984  

Wanhua Chemical Group Co. Ltd., Class A

      928,598       10,081,670  

Yunnan Aluminium Co. Ltd., Class A

      1,047,647       4,411,846  
    

Number

    of Shares

        Value $  

Zangge Mining Co. Ltd., Class A

      400,501       4,569,002  

Zhejiang Juhua Co. Ltd., Class A

      689,180       3,363,742  

Zhejiang NHU Co. Ltd., Class A

      786,693       3,415,247  

Zhongjin Gold Corp. Ltd., Class A

      1,443,173        4,782,631  

Zijin Mining Group Co. Ltd., Class A

      7,998,502       35,988,707  

(Cost $102,728,029)

        175,407,654  

Real Estate — 0.4%

     

China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A

      1,727,605       2,252,298  

China Vanke Co. Ltd., Class A *

      3,237,105       1,698,627  

Hainan Airport Infrastructure Co. Ltd., Class A

      2,752,902       1,306,197  

Poly Developments and Holdings Group Co. Ltd., Class A

      3,631,086       3,096,887  

(Cost $12,713,783)

        8,354,009  

Utilities — 3.1%

     

CGN Power Co. Ltd., Class A

      4,443,730       3,008,335  

China National Nuclear Power Co. Ltd., Class A

      4,205,023       5,618,879  

China Three Gorges Renewables Group Co. Ltd., Class A

      7,507,119       4,627,243  

China Yangtze Power Co. Ltd., Class A

      6,042,791       24,786,403  

ENN Natural Gas Co. Ltd., Class A

      463,509       1,339,423  

GD Power Development Co. Ltd., Class A

      4,647,278       3,537,682  

Huadian New Energy Group Co. Ltd., Class A

      1,631,300       1,550,450  

Huadian Power International Corp. Ltd., Class A

      2,083,733       1,712,497  

Huaneng Lancang River Hydropower, Inc., Class A

      1,143,700       1,673,633  

Huaneng Power International, Inc., Class A

      2,285,902       2,997,051  

SDIC Power Holdings Co. Ltd., Class A

      1,277,466       2,700,215  

Sichuan Chuantou Energy Co. Ltd., Class A

      1,169,835       2,680,213  

Zhejiang Zheneng Electric Power Co. Ltd., Class A

      2,091,208       1,999,928  

(Cost $42,655,830)

        58,231,952  

TOTAL COMMON STOCKS

           

(Cost $1,221,647,391)

        1,905,707,915  

TOTAL INVESTMENTS — 99.8%

 

  

(Cost $1,221,647,391)

        1,905,707,915  

Other assets and liabilities,
net — 0.2%

        2,983,178  

NET ASSETS — 100.0%

        1,908,691,093  

 

See Notes to Financial Statements.

6   |  DBX ETF Trust

Schedule of Investments

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

May 31, 2026

 

*

Non-income producing security.

 

JSC:

Joint Stock Company

Fair Value Measurements

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

The following is a summary of the inputs used as of May 31, 2026 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

 

Assets    Level 1      Level 2      Level 3      Total  

Common Stocks (a)

    $  1,905,707,915      $       —      $       —      $  1,905,707,915  

TOTAL

    $ 1,905,707,915      $ —      $ —      $ 1,905,707,915  

 

(a)

See Schedule of Investments for additional detailed categorizations.

During the year ended May 31, 2026, the amount of transfers from Level 3 to Level 1 was $13,117,303. The investment was transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs. Transfers between price levels are recognized at the beginning of the reporting period.

 

See Notes to Financial Statements.

DBX ETF Trust  | 7

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

May 31, 2026

 

    

Number

    of Shares

     Value $  

COMMON STOCKS — 99.8%

     

Communication Services — 3.0%

     

Bluefocus Intelligent Communications Group Co. Ltd., Class A *

      89,220           220,238  

China Film Group Co. Ltd., Class A

      18,700       40,025  

China South Publishing & Media Group Co. Ltd., Class A

      16,800       27,043  

G-bits Network Technology Xiamen Co. Ltd., Class A

      1,100       53,973  

Giant Network Group Co. Ltd., Class A

      33,200        127,887  

Jiangsu Broadcasting Cable Information Network Corp. Ltd., Class A

      56,600       29,532  

Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A

      15,400       20,373  

Kingnet Network Co. Ltd., Class A

      42,500       100,764  

Leo Group Co. Ltd., Class A

      167,000       147,615  

Oriental Pearl Group Co. Ltd., Class A

      46,700       67,165  

People.cn Co. Ltd., Class A

      14,000       36,276  

Perfect World Co. Ltd., Class A

      34,700       71,859  

Ruyi Film Entertainment Co. Ltd., Class A *

      37,000       50,371  

Shandong Publishing & Media Co. Ltd., Class A

      16,300       17,323  

Talkweb Information System Co. Ltd., Class A *

      31,600       138,632  

Zhejiang Publishing & Media Co. Ltd., Class A

      10,600       11,704  

(Cost $979,527)

        1,160,780  

Consumer Discretionary — 6.0%

     

AIMA Technology Group Co. Ltd., Class A

      6,408       20,412  

Anhui Zhongding Sealing Parts Co. Ltd., Class A

      20,200       63,210  

BAIC Foton Motor Co. Ltd., Class A *

      113,800       49,286  

Bethel Automotive Safety Systems Co. Ltd., Class A

      15,658       74,271  

Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A

      3,600       67,580  

China Automotive Engineering Research Institute Co. Ltd., Class A

      10,800       24,983  

Chongqing Zongshen Power Machinery Co. Ltd., Class A

      18,200       39,654  

DBG Technology Co. Ltd., Class A *

      10,000       33,406  

Easyhome New Retail Group Co. Ltd., Class A *

      62,000       22,086  
    

Number

    of Shares

   Value $  

Ecovacs Robotics Co. Ltd., Class A

      5,500       47,738  

Fulin Precision Co. Ltd., Class A

      25,800       87,026  

Hangzhou GreatStar Industrial Co. Ltd.

      17,753            85,022  

Hangzhou Robam Appliances Co. Ltd., Class A

      10,800       27,633  

Hisense Home Appliances Group Co. Ltd., Class A

      11,900       43,376  

Hisense Visual Technology Co. Ltd., Class A

      19,200       73,277  

HLA Group Corp. Ltd., Class A

      54,200        45,665  

Jason Furniture Hangzhou Co. Ltd., Class A

      11,200       48,142  

Jiangsu Xinquan Automotive Trim Co. Ltd., Class A

      8,960       68,988  

Jianshe Industry Group Yunnan Co. Ltd., Class A *

      8,000       24,182  

Keboda Technology Co. Ltd., Class A

      2,700       19,384  

Loncin Motor Co. Ltd., Class A

      30,700       59,219  

Ninebot Ltd.

      13,318       75,633  

Ningbo Joyson Electronic Corp., Class A *

      25,220       97,744  

Offcn Education Technology Co. Ltd., Class A *

      123,500       44,176  

Oppein Home Group, Inc., Class A

      4,554       26,374  

Qingdao Sentury Tire Co. Ltd., Class A

      15,700       35,321  

Shandong Linglong Tyre Co. Ltd., Class A

      17,491       31,050  

Shanghai Jinjiang International Hotels Co. Ltd., Class A

      9,600       28,962  

Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A

      42,300       29,637  

Shenzhen Kedali Industry Co. Ltd., Class A

      4,900       125,939  

Shenzhen MTC Co. Ltd., Class A

      57,400       98,420  

Shuanglin Co. Ltd., Class A

      8,600       38,784  

Songcheng Performance Development Co. Ltd., Class A

      36,300       36,165  

Tianneng Battery Group Co. Ltd., Class A

      4,210       15,271  

Wanxiang Qianchao Co. Ltd., Class A

      33,800       73,842  

Wuchan Zhongda Group Co. Ltd., Class A

      74,400       54,657  

Zhejiang Cfmoto Power Co. Ltd., Class A

      2,700       89,397  

Zhejiang Shuanghuan Driveline Co. Ltd., Class A

      17,100       99,158  

Zhejiang Supor Co. Ltd., Class A

      3,683       24,579  

Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A

      37,300       65,389  

Zhejiang Yinlun Machinery Co. Ltd., Class A

      20,900       154,218  

 

See Notes to Financial Statements.

8   |  DBX ETF Trust

Schedule of Investments

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

May 31, 2026

 

    

Number

    of Shares

     Value $  

Zhongce Rubber Group Co. Ltd., Class A

      2,100       14,434  

(Cost $2,050,837)

        2,283,690  

Consumer Staples — 2.5%

     

Angel Yeast Co. Ltd., Class A

      15,200       82,232  

Anhui Kouzi Distillery Co. Ltd., Class A

      8,600       28,309  

Anjoy Foods Group Co. Ltd., Class A

      4,900       72,175  

Beijing Dabeinong Technology Group Co. Ltd., Class A

      84,362       41,774  

Beijing Yanjing Brewery Co. Ltd., Class A

      34,400       64,932  

Bloomage Biotechnology Corp. Ltd., Class A

      4,825       26,231  

By-health Co. Ltd., Class A

      22,600        32,638  

Chongqing Brewery Co. Ltd., Class A

      5,300       41,458  

COFCO Sugar Holding Co. Ltd., Class A

      26,700       50,912  

DaShenLin Pharmaceutical Group Co. Ltd., Class A

      10,212       24,906  

Fujian Sunner Development Co. Ltd., Class A

      15,600       39,177  

Fujian Wanchen Food Group Co. Ltd., Class A

      2,200       59,084  

Gambol Pet Group Co. Ltd., Class A

      2,500       16,363  

Guangzhou Zhujiang Brewery Co. Ltd,, Class A

      10,600       15,512  

Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A

      11,700       73,915  

Heilongjiang Agriculture Co. Ltd., Class A

      19,000       40,020  

Jiangxi Zhengbang Technology Co. Ltd., Class A *

      186,400       85,412  

Proya Cosmetics Co. Ltd., Class A

      5,700       52,077  

Shanghai Bairun Investment Holding Group Co. Ltd., Class A

      13,600       39,682  

Yifeng Pharmacy Chain Co. Ltd., Class A

      13,176       41,172  

Yunnan Botanee Bio-Technology Group Co. Ltd., Class A

      4,400       24,552  

(Cost $950,570)

        952,533  

Energy — 2.4%

     

China Coal Xinji Energy Co. Ltd., Class A

      40,100       60,755  

China Petroleum Engineering Corp., Class A

      48,200       25,221  

CNOOC Energy Technology & Services Ltd., Class A

      49,300       28,566  

Guangzhou Development Group, Inc., Class A

      27,300       32,282  

Inner Mongolia Dian Tou Energy Corp. Ltd., Class A

      28,000           128,095  
    

Number

    of Shares

     Value $  

Jinneng Holding Shanxi Coal Industry Co. Ltd., Class A

      20,700            56,177  

Jizhong Energy Resources Co. Ltd., Class A

      18,700       15,037  

Offshore Oil Engineering Co. Ltd., Class A *

      54,900       45,525  

Pingdingshan Tianan Coal Mining Co. Ltd., Class A

      38,100       44,265  

Shan Xi Hua Yang Group New Energy Co. Ltd., Class A

      45,705       62,761  

Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A

      30,100       71,187  

Sinopec Oilfield Service Corp., Class A *

      114,600       39,299  

Yantai Jereh Oilfield Services Group Co. Ltd., Class A

      15,229        316,046  

(Cost $577,149)

        925,216  

Financials — 6.0%

     

Bank of Changsha Co. Ltd., Class A

      59,200       83,131  

Bank of Guiyang Co. Ltd., Class A

      73,600       64,512  

Bank of Suzhou Co. Ltd., Class A

      111,210       133,972  

BOC International China Co. Ltd., Class A

      43,000       72,458  

Caida Securities Co. Ltd., Class A

      30,300       29,873  

Caitong Securities Co. Ltd., Class A

      79,725       92,508  

Changjiang Securities Co. Ltd., Class A

      85,798       103,105  

China Great Wall Securities Co. Ltd., Class A

      40,800       51,262  

Chinalin Securities Co. Ltd., Class A *

      7,600       16,379  

COFCO Capital Holdings Co. Ltd., Class A

      21,800       29,549  

Dongxing Securities Co. Ltd., Class A

      50,900       100,592  

First Capital Securities Co. Ltd., Class A

      108,800       112,574  

Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A

      39,255       46,593  

Guosheng Securities, Inc., Class A *

      14,687       25,052  

Guoyuan Securities Co. Ltd., Class A

      62,200       65,553  

Huaan Securities Co. Ltd., Class A

      69,615       73,779  

Huaxi Securities Co. Ltd., Class A

      39,700       47,473  

Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A

      82,050       85,989  

Jiangsu Financial Leasing Co. Ltd., Class A

      52,220       48,242  

 

See Notes to Financial Statements.

DBX ETF Trust  | 9

Schedule of Investments

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

May 31, 2026

 

    

Number

    of Shares

     Value $  

J-Yuan Trust Co. Ltd., Class A *

      104,200       47,593  

Minmetals Capital Co. Ltd., Class A

      58,000       40,808  

Nanjing Securities Co. Ltd., Class A

      49,600       49,122  

Pacific Securities Co. Ltd., Class A *

      175,100       86,964  

Qilu Bank Co. Ltd., Class A

      107,100       96,252  

Qingdao Rural Commercial Bank Corp., Class A

      118,500       50,270  

Sealand Securities Co. Ltd., Class A

      115,670       63,603  

Shaanxi International Trust Co. Ltd., Class A

      83,490       36,776  

Shanxi Securities Co. Ltd., Class A

      53,940       41,460  

Sinolink Securities Co. Ltd., Class A

      62,500        80,096  

SooChow Securities Co. Ltd., Class A

      95,365       110,514  

Southwest Securities Co. Ltd., Class A

      94,500       55,594  

SPIC Industry-Finance Holdings Co. Ltd., Class A

      40,900       36,878  

Tianfeng Securities Co. Ltd., Class A *

      174,400       86,358  

Western Securities Co. Ltd., Class A

      63,200       61,562  

Xiangcai Co. Ltd., Class A *

      29,300       36,726  

Yongan Futures Co. Ltd., Class A

      8,900       18,299  

(Cost $2,284,786)

        2,281,471  

Health Care — 6.3%

     

Andon Health Co. Ltd., Class A

      7,900       89,086  

Apeloa Pharmaceutical Co. Ltd., Class A

      14,800       36,337  

APT Medical, Inc., Class A

      2,134       64,850  

Asymchem Laboratories Tianjin Co. Ltd., Class A

      4,900       85,045  

Autobio Diagnostics Co. Ltd., Class A *

      3,880       19,224  

BeOne Medicines Ltd., Class A *

      2,884           103,973  

Betta Pharmaceuticals Co. Ltd., Class A

      6,200       48,278  

BGI Genomics Co. Ltd., Class A *

      6,500       35,348  

BrightGene Bio-Medical Technology Co. Ltd., Class A

      7,377       56,473  

Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A

      9,300       28,868  

China National Medicines Corp. Ltd., Class A

      8,233       33,551  

China Resources Double Crane Pharmaceutical Co. Ltd., Class A

      8,549       21,153  

Dizal Jiangsu Pharmaceutical Co. Ltd., Class A *

      3,476       28,531  

Dong-E-E-Jiao Co. Ltd., Class A

      11,300       83,497  
    

Number

    of Shares

     Value $  

Gan & Lee Pharmaceuticals Co. Ltd., Class A

      9,194            71,048  

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A

      16,500       52,485  

Hualan Biological Engineering, Inc., Class A

      27,000       54,836  

Hubei Jumpcan Pharmaceutical Co. Ltd., Class A

      8,400       34,182  

Intco Medical Technology Co. Ltd., Class A

      11,520       73,987  

iRay Group, Class A

      3,170        94,651  

Jafron Biomedical Co. Ltd., Class A *

      11,900       31,995  

Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A

      13,800       41,388  

Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A

      14,885       58,152  

Jilin Aodong Pharmaceutical Group Co. Ltd., Class A

      24,700       62,980  

Joincare Pharmaceutical Group Industry Co. Ltd., Class A

      26,456       39,888  

Jointown Pharmaceutical Group Co. Ltd., Class A

      53,348       37,851  

Lepu Medical Technology Beijing Co. Ltd., Class A

      32,900       61,323  

Livzon Pharmaceutical Group, Inc., Class A

      8,262       37,687  

Meinian Onehealth Healthcare Holdings Co. Ltd., Class A

      77,200       64,929  

MGI Tech Co. Ltd., Class A *

      6,239       46,572  

Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A

      10,012       11,958  

Shandong Buchang Pharmaceuticals Co. Ltd., Class A

      11,500       25,379  

Shanghai Allist Pharmaceuticals Co. Ltd., Class A

      6,663       88,363  

Shanghai Junshi Biosciences Co. Ltd., Class A *

      13,410       67,870  

Shenzhen Kangtai Biological Products Co. Ltd., Class A

      18,260       34,278  

Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A

      13,700       67,677  

Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A

      20,100       48,190  

Sinocelltech Group Ltd., Class A *

      3,316       18,748  

Sunshine Guojian Pharmaceutical Shanghai Co. Ltd., Class A

      3,104       29,566  

Suzhou Zelgen Biopharmaceutical Co. Ltd., Class A *

      4,601       67,961  

 

See Notes to Financial Statements.

10   |  DBX ETF Trust

Schedule of Investments

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

May 31, 2026

 

    

Number

    of Shares

     Value $  

Tasly Pharmaceutical Group Co. Ltd., Class A

      18,900       39,307  

Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class A

      7,562       45,515  

Topchoice Medical Corp., Class A

      7,603       42,042  

Walvax Biotechnology Co. Ltd., Class A

      40,200       76,475  

Winner Medical Co. Ltd., Class A

      5,940       25,725  

Xiamen Amoytop Biotech Co. Ltd., Class A

      4,200       35,107  

Yili Chuanning Biotechnology Co. Ltd., Class A

      17,200       22,627  

Zhejiang Huahai Pharmaceutical Co. Ltd., Class A

      26,520       62,563  

(Cost $2,274,037)

        2,407,519  

Industrials — 17.8%

     

AECC Aero-Engine Control Co. Ltd., Class A

      28,700        81,197  

AVIC Chengdu UAS Co. Ltd., Class A

      8,328       54,656  

AVICOPTER PLC, Class A *

      17,700       71,686  

Baimtec Material Co. Ltd., Class A

      7,048       54,131  

Beibuwan Port Co. Ltd., Class A

      24,900       49,945  

Beijing Easpring Material Technology Co. Ltd., Class A

      10,900       89,500  

Beijing Originwater Technology Co. Ltd., Class A *

      59,900       31,166  

Bohai Leasing Co. Ltd., Class A *

      91,400       55,662  

CCCC Design & Consulting Group Co. Ltd., Class A

      21,300       19,016  

CECEP Environmental Protection Co. Ltd., Class A

      19,600       17,412  

Centre Testing International Group Co. Ltd., Class A

      43,200       91,760  

China Baoan Group Co. Ltd., Class A

      48,380       52,918  

China First Heavy Industries Co. Ltd., Class A *

      93,900       51,771  

China International Marine Containers Group Co. Ltd., Class A

      47,180       76,851  

China Railway Construction Heavy Industry Corp. Ltd., Class A

      47,531       31,265  

China Railway Hi-tech Industry Co. Ltd., Class A

      31,800       34,971  

China Railway Special Cargo Logistics Co. Ltd., Class A

      15,600       8,785  

China Southern Power Grid Energy Efficiency&Clean Energy Co. Ltd., Class A

      31,900       35,270  

China Southern Power Grid Technology Co. Ltd., Class A

      4,725       42,338  

China XD Electric Co. Ltd., Class A

      63,800           156,263  
    

Number

    of Shares

     Value $  

CITIC Heavy Industries Co. Ltd., Class A

      50,300            41,339  

CITIC Metal Co. Ltd., Class A

      12,700       24,704  

CNGR Advanced Material Co. Ltd., Class A

      11,600       89,778  

COSCO SHIPPING Development Co. Ltd., Class A

      101,800       37,920  

Eastern Air Logistics Co. Ltd., Class A

      17,300        42,117  

Fangda Carbon New Material Co. Ltd., Class A

      72,900       54,201  

GEM Co. Ltd., Class A

      128,800       148,499  

Ginlong Technologies Co. Ltd., Class A

      6,000       101,565  

Goldwind Science & Technology Co. Ltd., Class A

      60,300       208,746  

Guangdong Provincial Expressway Development Co. Ltd., Class A

      13,900       28,785  

Guangshen Railway Co. Ltd., Class A

      87,300       39,874  

Guangxi Liugong Machinery Co. Ltd., Class A

      41,300       54,820  

Guangzhou Baiyun International Airport Co. Ltd., Class A

      26,800       32,760  

Guangzhou Port Co. Ltd., Class A

      43,800       19,941  

Hainan Jinpan Smart Technology Co. Ltd., Class A

      7,021       104,278  

Hangcha Group Co. Ltd., Class A

      14,100       53,105  

Han’s Laser Technology Industry Group Co. Ltd., Class A

      20,901       407,343  

Henan Pinggao Electric Co. Ltd., Class A

      21,700       68,096  

Higold Group Co. Ltd., Class A

      1,200       9,153  

Hongfa Technology Co. Ltd., Class A

      29,916       149,640  

Hunan Yuneng New Energy Battery Material Co. Ltd., Class A

      10,400       135,909  

Infore Environment Technology Group Co. Ltd., Class A

      33,500       52,934  

JL Mag Rare-Earth Co. Ltd., Class A

      17,040       81,280  

Juneyao Airlines Co. Ltd., Class A

      19,940       35,074  

Keda Industrial Group Co. Ltd., Class A *

      24,400       58,932  

Kehua Data Co. Ltd., Class A

      12,905       74,508  

Leader Harmonious Drive Systems Co. Ltd., Class A

      3,274       148,086  

Liaoning Cheng Da Co. Ltd., Class A

      23,158       36,832  

Liaoning Port Co. Ltd., Class A

      208,120       49,528  

Ming Yang Smart Energy Group Ltd., Class A

      40,700       99,444  

Neway Valve Suzhou Co. Ltd., Class A

      8,000       67,935  

 

See Notes to Financial Statements.

DBX ETF Trust  | 11

Schedule of Investments

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

May 31, 2026

 

    

Number

    of Shares

     Value $  

Ningbo Orient Wires & Cables Co. Ltd., Class A

      12,480       82,459  

Ningbo Sanxing Medical Electric Co. Ltd., Class A

      17,500       42,293  

North Industries Group Red Arrow Co. Ltd., Class A *

      21,247       61,776  

Qingdao TGOOD Electric Co. Ltd., Class A

      19,081       110,278  

RoboTechnik Intelligent Technology Co. Ltd., Class A

      2,500       236,242  

Sany Renewable Energy Co. Ltd., Class A

      6,760       20,924  

Shandong Himile Mechanical Science & Technology Co. Ltd., Class A

      14,910            115,286  

Shanghai Construction Group Co. Ltd., Class A

      135,100       50,323  

Shanghai M&G Stationery, Inc., Class A

      9,800       33,389  

Shanghai Moons’ Electric Co. Ltd., Class A

      4,800       43,507  

Shanghai Tunnel Engineering Co. Ltd., Class A

      50,400       42,836  

Shanghai Zhonggu Logistics Co. Ltd., Class A

      21,000       32,282  

Shanxi Coal International Energy Group Co. Ltd., Class A

      25,300       51,906  

Shenzhen Envicool Technology Co. Ltd., Class A *

      14,714       197,918  

Shenzhen Han’s CNC Technology Co. Ltd., Class A

      1,700       70,108  

Shenzhen Megmeet Electrical Co. Ltd., Class A

      11,000       204,950  

Shenzhen SED Industry Co. Ltd., Class A *

      12,700       30,918  

Shenzhen Woer Heat-Shrinkable Material Co. Ltd., Class A

      31,500       102,388  

Shenzhen Yan Tian Port Holding Co. Ltd., Class A

      54,900       36,274  

Shenzhen Zhaowei Machinery & Electronic Co. Ltd., Class A *

      2,300       32,919  

Siasun Robot & Automation Co. Ltd., Class A *

      32,900       71,924  

Sichuan Huafeng Technology Co. Ltd., Class A *

      4,649       97,539  

Sinoma International Engineering Co., Class A

      33,950       44,511  

Sinomach Heavy Equipment Group Co. Ltd., Class A *

      73,200       41,548  

Sinotrans Ltd., Class A

      42,700       38,311  

Sinotruk Jinan Truck Co. Ltd., Class A

      15,300       48,601  

State Grid Yingda Co. Ltd., Class A

      43,200       34,418  

Sunwoda Electronic Co. Ltd., Class A

      36,900       124,304  

Suzhou Kematek, Inc., Class A *

      4,600       62,922  

TangShan Port Group Co. Ltd., Class A

      77,474       50,273  
    

Number

    of Shares

     Value $  

Tian Di Science & Technology Co. Ltd., Class A *

      47,400            37,974  

Wolong Electric Group Co. Ltd., Class A

      26,966       157,285  

Wuxi Lead Intelligent Equipment Co. Ltd., Class A

      27,200       204,282  

Xiamen C & D, Inc., Class A

      42,300       60,587  

XTC New Energy Materials Xiamen Co. Ltd., Class A

      5,070       47,078  

Xuji Electric Co. Ltd., Class A

      17,900       70,432  

YUNDA Holding Group Co. Ltd., Class A

      30,600       31,210  

ZCZL Industrial Technology Group Co. Ltd., Class A

      28,000        75,160  

Zhefu Holding Group Co. Ltd., Class A

      72,600       55,266  

Zhejiang Changsheng Sliding Bearings Co. Ltd., Class A

      3,200       34,236  

Zhejiang Dingli Machinery Co. Ltd., Class A

      5,900       44,590  

Zhejiang Weiming Environment Protection Co. Ltd., Class A

      21,465       47,814  

Zhejiang Weixing New Building Materials Co. Ltd., Class A

      17,180       25,471  

Zhuhai CosMX Battery Co. Ltd., Class A

      17,043       40,106  

(Cost $4,798,975)

        6,808,507  

Information Technology — 32.2%

     

Accelink Technologies Co. Ltd., Class A

      12,322       371,465  

All Winner Technology Co. Ltd., Class A

      17,520       89,707  

Amlogic Shanghai Co. Ltd., Class A

      8,554       133,899  

Anhui XDLK Microsystem Corp. Ltd., Class A

      5,220       37,576  

Anji Microelectronics Technology Shanghai Co. Ltd., Class A

      2,997       125,913  

ASR Microelectronics Co. Ltd., Class A *

      6,184       97,239  

Beijing Shiji Information Technology Co. Ltd., Class A

      23,409       28,477  

Beijing Sinnet Technology Co. Ltd., Class A

      36,500       73,698  

Beijing Ultrapower Software Co. Ltd., Class A

      49,800       58,153  

Beijing Yandong Microelectronic Co. Ltd., Class A *

      6,982       74,585  

Bestechnic Shanghai Co. Ltd., Class A

      2,960       72,940  

Biwin Storage Technology Co. Ltd., Class A *

      8,143       394,036  

Chengdu Sino Microelectronics Technology Co. Ltd., Class A

      4,873       25,642  

China National Software & Service Co. Ltd., Class A *

      14,038       75,032  

 

See Notes to Financial Statements.

12   |  DBX ETF Trust

Schedule of Investments

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

May 31, 2026

 

    

Number

    of Shares

     Value $  

China Zhenhua Group Science & Technology Co. Ltd., Class A

      9,800            74,587  

CICT Mobile Communication Technology Co. Ltd., Class A *

      34,416       82,106  

Delton Technology Guangzhou, Inc., Class A *

      4,500       130,690  

DHC Software Co. Ltd., Class A

      56,900       62,491  

Digital China Group Co. Ltd., Class A

      14,600        55,765  

Electric Connector Technology Co. Ltd., Class A

      7,700       63,976  

Espressif Systems Shanghai Co. Ltd., Class A

      2,561       63,445  

Everdisplay Optronics Shanghai Co. Ltd., Class A *

      148,072       51,435  

Fiberhome Telecommunication Technologies Co. Ltd., Class A

      20,700       158,769  

Flat Glass Group Co. Ltd., Class A *

      19,000       32,747  

Founder Technology Group Corp., Class A *

      74,700       148,289  

GalaxyCore, Inc., Class A

      20,021       42,881  

Geovis Technology Co. Ltd., Class A *

      10,164       73,120  

Glarun Technology Co. Ltd., Class A

      12,800       45,181  

Glodon Co. Ltd., Class A

      41,000       59,997  

GRG Banking Equipment Co. Ltd., Class A

      32,600       50,210  

Guangzhou Haige Communications Group, Inc. Co., Class A

      49,500       115,898  

Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A

      10,900       58,872  

Guobo Electronics Co. Ltd., Class A

      4,517       60,758  

Hangzhou Chang Chuan Technology Co. Ltd., Class A

      11,200       348,964  

Hangzhou EZVIZ Network Co. Ltd., Class A

      4,345       18,131  

Hangzhou First Applied Material Co. Ltd., Class A

      26,300       69,586  

Hangzhou Lion Microelectronics Co. Ltd., Class A *

      13,500       110,509  

Hebei Sinopack Electronic Technology Co. Ltd., Class A

      4,680       98,162  

Hengdian Group DMEGC Magnetics Co. Ltd., Class A

      22,100       82,353  

Hengtong Optic-electric Co. Ltd., Class A

      48,500       552,868  

Hua Hong Semiconductor Ltd., Class A *

      10,142       354,812  

Hwatsing Technology Co. Ltd., Class A

      6,155       237,719  

Hytera Communications Corp. Ltd., Class A *

      27,700       34,311  

INESA Intelligent Tech, Inc., Class A

      16,900       46,164  
    

Number

    of Shares

     Value $  

Ingenic Semiconductor Co. Ltd., Class A

      8,500           197,835  

Intsig Information Co. Ltd., Class A

      2,612       49,346  

IRICO Display Devices Co. Ltd., Class A *

      37,100       53,578  

Jiangsu Hoperun Software Co. Ltd., Class A

      20,100       119,495  

Jiangsu Jiejie Microelectronics Co. Ltd., Class A

      12,900        64,545  

Jiangsu Pacific Quartz Co. Ltd., Class A

      7,300       72,532  

Jiangxi Lianchuang Optoelectronic Science & Technology Co.Ltd., Class A

      9,200       48,412  

Kingsemi Co. Ltd., Class A

      4,029       146,086  

Newland Digital Technology Co. Ltd., Class A

      18,940       57,895  

Olympic Circuit Technology Co. Ltd., Class A

      10,800       97,730  

Orbbec, Inc., Class A *

      5,062       83,405  

Qi An Xin Technology Group, Inc., Class A *

      7,494       29,676  

QuantumCTek Co. Ltd., Class A

      1,672       138,371  

Raytron Technology Co. Ltd., Class A

      9,255       174,832  

Sangfor Technologies, Inc., Class A

      6,300       99,585  

Shanghai Belling Co. Ltd., Class A

      14,400       61,599  

Shanghai BOCHU Electronic Technology Corp. Ltd., Class A

      2,959       71,223  

Shanghai Fudan Microelectronics Group Co. Ltd., Class A

      9,487       84,713  

Shanghai Huace Navigation Technology Ltd., Class A

      14,220       58,496  

Shanghai Longcheer Technology Co. Ltd.

      6,000       30,562  

Shanghai Stonehill Technology Co. Ltd., Class A *

      142,948       162,064  

Sharetronic Data Technology Co. Ltd., Class A

      8,400       297,557  

Shengyi Electronics Co. Ltd., Class A

      6,339       129,351  

Shenzhen Everwin Precision Technology Co. Ltd., Class A *

      24,300       119,860  

Shenzhen Fastprint Circuit Tech Co. Ltd., Class A

      42,600       243,562  

Shenzhen Fortune Trend Technology Co. Ltd., Class A

      2,081       34,451  

Shenzhen Goodix Technology Co. Ltd., Class A

      7,400       66,734  

Shenzhen H&T Intelligent Control Co. Ltd., Class A

      23,200       93,242  

Shenzhen Huaqiang Industry Co. Ltd., Class A

      10,600       45,657  

Shenzhen Kaifa Technology Co. Ltd., Class A

      27,900       164,093  

 

See Notes to Financial Statements.

DBX ETF Trust  | 13

Schedule of Investments

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

May 31, 2026

 

    

Number

    of Shares

     Value $  

Shenzhen Kinwong Electronic Co. Ltd., Class A

      12,120           141,850  

Shenzhen Longsys Electronics Co. Ltd., Class A *

      4,169       339,723  

Shenzhen SC New Energy Technology Corp., Class A *

      6,900       82,317  

Shenzhen Sunlord Electronics Co. Ltd., Class A

      19,900       148,104  

Shenzhen Sunway Communication Co. Ltd., Class A

      24,100       351,421  

SICC Co. Ltd., Class A *

      5,034       109,456  

Sigmastar Technology Ltd., Class A

      4,500       55,062  

Sinosoft Co. Ltd., Class A

      15,988       35,000  

Skyverse Technology Co. Ltd., Class A *

      5,235       168,604  

Smartsens Technology Shanghai Co. Ltd., Class A

      7,357       107,528  

StarPower Semiconductor Ltd., Class A

      2,960       56,310  

State Grid Information & Communication Co. Ltd., Class A

      15,800       40,846  

SUPCON Technology Co. Ltd., Class A *

      16,186       205,277  

Suzhou Centec Communications Co. Ltd., Class A *

      3,146        130,912  

Suzhou Maxwell Technologies Co. Ltd., Class A

      4,000       147,612  

Suzhou Novosense Microelectronics Co. Ltd., Class A *

      2,896       109,936  

T&S Communications Co. Ltd., Class A

      3,900       95,360  

Thunder Software Technology Co. Ltd., Class A

      9,300       86,851  

Tianma Microelectronics Co. Ltd., Class A *

      33,600       37,845  

Tianshui Huatian Technology Co. Ltd., Class A *

      66,100       188,960  

TongFu Microelectronics Co. Ltd., Class A

      30,500       297,548  

Trina Solar Co. Ltd., Class A *

      33,397       76,121  

United Nova Technology Co. Ltd., Class A *

      125,109       149,052  

Universal Scientific Industrial Shanghai Co. Ltd., Class A

      16,900       111,962  

Venustech Group, Inc., Class A *

      19,200       39,931  

Wangsu Science & Technology Co. Ltd., Class A *

      60,200       132,229  

Willfar Information Technology Co. Ltd., Class A

      4,044       21,657  

Wuhan Dameng Database Co. Ltd., Class A

      1,522       57,932  

Wuhan Guide Infrared Co. Ltd., Class A *

      45,300       86,177  

Wuhan Jingce Electronic Group Co. Ltd., Class A

      5,100       146,397  
    

Number

    of Shares

     Value $  

Xiamen Faratronic Co. Ltd., Class A

      3,600       88,269  

Yangzhou Yangjie Electronic Technology Co. Ltd., Class A

      8,800       139,337  

Zhejiang Crystal-Optech Co. Ltd., Class A

      34,362       199,915  

(Cost $7,343,007)

         12,325,146  

Materials — 19.6%

     

Angang Steel Co. Ltd., Class A *

      68,000       20,505  

Asia - Potash International Investment Guangzhou Co. Ltd., Class A *

      13,900       91,019  

Baiyin Nonferrous Group Co. Ltd., Class A

      74,500        69,046  

Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A

      48,300       97,310  

Beijing Shougang Co. Ltd., Class A

      41,600       22,198  

Bluestar Adisseo Co., Class A

      5,600       9,105  

Canmax Technologies Co. Ltd., Class A *

      14,640       181,168  

Cathay Biotech, Inc., Class A

      9,091       54,046  

Chifeng Jilong Gold Mining Group Ltd., Class A

      41,700       205,686  

China Hainan Rubber Industry Group Co. Ltd., Class A

      43,300       40,834  

China Rare Earth Resources And Technology Co. Ltd., Class A *

      18,700       134,889  

China Tungsten And Hightech Materials Co. Ltd., Class A

      22,600       227,159  

Guangdong HEC Technology Holding Co. Ltd., Class A *

      35,105       184,832  

Guangdong Hongda Holdings Group Co. Ltd., Class A

      12,100       57,322  

Hangzhou Iron & Steel Co., Class A *

      37,110       43,060  

Hangzhou Oxygen Plant Group Co. Ltd., Class A

      12,800       46,998  

Haohua Chemical Science & Technology Co. Ltd., Class A

      13,000       74,365  

Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A

      38,896       167,018  

Hengyi Petrochemical Co. Ltd., Class A

      56,497       107,310  

Hesteel Co. Ltd., Class A

      97,200       32,040  

Huafon Chemical Co. Ltd., Class A

      48,700       72,777  

Huaibei Mining Holdings Co. Ltd., Class A

      26,200       57,122  

Huaxin Building Materials Group Co. Ltd., Class A

      16,672       45,936  

Hubei Dinglong Co. Ltd., Class A

      19,000       188,559  

Hubei Feilihua Quartz Glass Co. Ltd., Class A *

      10,500       207,585  

Hubei Xingfa Chemicals Group Co. Ltd., Class A

      19,320       89,270  

 

See Notes to Financial Statements.

14   |  DBX ETF Trust

Schedule of Investments

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

May 31, 2026

 

    

Number

    of Shares

     Value $  

Hunan Gold Corp. Ltd., Class A

      27,170            97,510  

Hunan Valin Steel Co. Ltd., Class A

      86,020       50,987  

Inner Mongolia Berun Chemical Co. Ltd., Class A

      66,100        70,347  

Inner Mongolia ERDOS Resources Co. Ltd., Class A

      14,900       29,777  

Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A

      84,900       64,252  

Inner Mongolia Xingye Silver&Tin Mining Co. Ltd., Class A

      35,220       206,677  

JCHX Mining Management Co. Ltd., Class A

      9,700       106,358  

Jiangsu Nata Opto-electronic Material Co. Ltd., Class A

      17,620       134,234  

Jiangsu Yangnong Chemical Co. Ltd., Class A

      6,090       51,455  

Jiangsu Yoke Technology Co. Ltd., Class A

      7,096       112,933  

Jinan Shengquan Group Share Holding Co. Ltd., Class A *

      17,100       117,256  

Jinduicheng Molybdenum Co. Ltd., Class A

      24,300       86,816  

Kingfa Sci & Tech Co. Ltd., Class A

      53,500       133,724  

Levima Advanced Materials Corp., Class A

      10,700       39,208  

Luxi Chemical Group Co. Ltd., Class A

      26,600       51,075  

Maanshan Iron & Steel Co. Ltd., Class A *

      60,900       26,555  

MeiHua Holdings Group Co. Ltd., Class A *

      45,900       63,912  

Nanjing Iron & Steel Co. Ltd., Class A

      59,000       42,907  

Ningbo Shanshan Co. Ltd., Class A *

      45,200       97,879  

Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A *

      120,800       61,067  

Red Avenue New Materials Group Co. Ltd., Class A

      6,500       50,614  

Shaanxi Huaqin Technology Industry Co. Ltd., Class A

      2,992       33,390  

Shandong Sinocera Functional Material Co. Ltd., Class A

      20,400       153,122  

Shandong Sun Paper Industry JSC Ltd., Class A

      42,500       86,755  

Shanghai Putailai New Energy Technology Group Co. Ltd.

      26,600       120,432  

Shanxi Meijin Energy Co. Ltd., Class A *

      75,400       48,258  

Shanxi Taigang Stainless Steel Co. Ltd., Class A *

      57,700       33,006  

Shenghe Resources Holding Co. Ltd., Class A

      35,390       114,509  
    

Number

    of Shares

     Value $  

Shenzhen Capchem Technology Co. Ltd., Class A

      12,980           141,286  

Shenzhen YUTO Packaging Technology Co. Ltd., Class A

      9,040       51,498  

Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A

      80,100        91,285  

Sichuan Development Lomon Co. Ltd., Class A

      28,400       37,991  

Sichuan Hebang Biotechnology Co. Ltd., Class A *

      162,880       59,226  

Sinoma Science & Technology Co. Ltd., Class A

      17,500       184,046  

Sinomine Resource Group Co. Ltd., Class A

      18,120       165,765  

Sinopec Shanghai Petrochemical Co. Ltd., Class A

      60,700       24,405  

Skshu Paint Co. Ltd., Class A

      7,432       39,866  

Sunresin New Materials Co. Ltd., Class A

      6,750       59,855  

Tianshan Aluminum Group Co. Ltd., Class A

      70,400       155,362  

Tongkun Group Co. Ltd., Class A

      35,600       100,402  

Weihai Guangwei Composites Co. Ltd., Class A *

      15,600       68,992  

Western Mining Co. Ltd., Class A

      42,200       190,438  

Western Superconducting Technologies Co. Ltd., Class A

      10,894       108,790  

Xiamen Tungsten Co. Ltd., Class A

      27,620       221,970  

Xinfengming Group Co. Ltd., Class A

      20,716       51,994  

YongXing Special Materials Technology Co. Ltd., Class A

      9,700       89,554  

Yunnan Chihong Zinc & Germanium Co. Ltd., Class A

      83,000       116,796  

Yunnan Copper Co. Ltd., Class A

      35,800       93,769  

Yunnan Tin Co. Ltd., Class A

      24,930       138,187  

Yunnan Yuntianhua Co. Ltd., Class A

      31,300       141,757  

Zhejiang Hailiang Co. Ltd., Class A

      34,200       103,683  

Zhejiang JIULI Hi-tech Metals Co. Ltd., Class A

      17,800       61,883  

Zhejiang Longsheng Group Co. Ltd., Class A

      62,100       102,990  

Zhejiang Sanmei Chemical Industry Co. Ltd., Class A

      6,260       53,215  

Zhongfu Shenying Carbon Fiber Co. Ltd., Class A

      4,519       32,210  

(Cost $4,875,350)

        7,499,389  

Real Estate — 0.8%

     

China World Trade Center Co. Ltd., Class A

      4,900       15,529  

Greenland Holdings Corp. Ltd., Class A *

      106,700       23,184  

Hangzhou Binjiang Real Estate Group Co. Ltd., Class A

      31,000       47,563  

 

See Notes to Financial Statements.

DBX ETF Trust  | 15

Schedule of Investments

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

May 31, 2026

 

    

Number

    of Shares

     Value $  

Quzhou Xin’an Development Co. Ltd., Class A *

      105,800            46,290  

Seazen Holdings Co. Ltd., Class A *

      22,400       43,441  

Shanghai Lingang Holdings Corp. Ltd., Class A

      23,700        31,388  

Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A

      23,100       24,755  

Youngor Fashion Co. Ltd., Class A

      54,800       60,428  

Zhongtian Financial Group Co. Ltd., Class A * (a)

      139,200       0  

(Cost $347,579)

        292,578  

Utilities — 3.2%

     

Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A

      117,790       54,845  

Beijing Jingneng Power Co. Ltd., Class A

      53,700       74,454  

CECEP Solar Energy Co. Ltd., Class A

      60,400       54,193  

CECEP Wind-Power Corp., Class A

      103,850       77,366  

Chengdu Xingrong Environment Co. Ltd., Class A

      36,400       37,717  

China Southern Power Grid Energy Storage Co. Ltd., Class A

      26,400       60,953  

Datang International Power Generation Co. Ltd., Class A

      93,400       119,143  

Fujian Funeng Co. Ltd., Class A

      26,900       45,686  

Green Development Electricity Group of Tianjin Co. Ltd., Class A

      20,800       33,758  
    

Number

    of Shares

     Value $  

Guangdong Electric Power Development Co. Ltd., Class A

      22,000       28,877  

Hubei Energy Group Co. Ltd., Class A

      42,100       33,168  

Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A

      83,600       90,208  

Jiangsu Guoxin Corp. Ltd., Class A

      11,700       15,911  

Shaanxi Energy Investment Co. Ltd., Class A

      18,100       34,298  

Shanghai Electric Power Co. Ltd., Class A *

      35,400        116,582  

Shenergy Co. Ltd., Class A

      42,400       64,678  

Shenzhen Energy Group Co. Ltd., Class A

      34,360       41,037  

Shenzhen Gas Corp. Ltd., Class A

      17,000       16,283  

Sichuan New Energy Power Co. Ltd., Class A

      32,900       69,299  

Wintime Energy Group Co. Ltd., Class A *

      531,800       143,065  

Zhejiang Provincial New Energy Investment Group Co. Ltd., Class A

      13,800       21,642  

(Cost $803,872)

        1,233,163  

TOTAL COMMON STOCKS

           

(Cost $27,285,689)

        38,169,992  

TOTAL INVESTMENTS — 99.8%

 

  

(Cost $27,285,689)

        38,169,992  

Other assets and liabilities, net — 0.2%

        89,157  

NET ASSETS — 100.0%

         38,259,149  

 

*

Non-income producing security.

(a)

Investment was valued using significant unobservable inputs.

 

JSC:

Joint Stock Company

Fair Value Measurements

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

The following is a summary of the inputs used as of May 31, 2026 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)

    $  38,169,992      $       —      $       0      $  38,169,992  

TOTAL

    $ 38,169,992      $ —      $ 0      $ 38,169,992  

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

See Notes to Financial Statements.

16   |  DBX ETF Trust

Schedule of Investments

Xtrackers Nifty 500 India ETF

May 31, 2026

 

    

Number

    of Shares

     Value $  

COMMON STOCKS — 97.2%

     

Basic Materials — 0.3%

     

Vedanta Aluminium Metal Ltd. * (a)

      3,625              14,504  

Vedanta Iron and Steel Ltd. * (a)

      3,625       620  

(Cost $9,245)

        15,124  

Communication Services — 4.0%

     

Affle 3i Ltd. *

      135       2,079  

Bharti Airtel Ltd.

      6,548       126,066  

Bharti Hexacom Ltd.

      159       2,503  

HFCL Ltd.

      2,111       3,999  

Indus Towers Ltd. *

      2,796       13,010  

Info Edge India Ltd.

      815       8,536  

PVR Inox Ltd. *

      152       1,540  

Railtel Corp. of India Ltd.

      246       816  

Saregama India Ltd.

      199       889  

Sun TV Network Ltd.

      209       1,105  

Tata Communications Ltd.

      249       5,150  

Tata Teleservices Maharashtra Ltd. *

      1,402       632  

Vodafone Idea Ltd. *

      58,472       8,611  

Zee Entertainment Enterprises Ltd.

      1,957       1,918  

(Cost $207,635)

        176,854  

Consumer Discretionary — 11.2%

     

Aditya Birla Fashion and Retail Ltd. *

      1,187       807  

Aditya Birla Lifestyle Brands Ltd. *

      1,002       1,057  

Amber Enterprises India Ltd. *

      45       3,607  

Apollo Tyres Ltd.

      694       2,882  

Asahi India Glass Ltd.

      248       2,356  

Ather Energy Ltd. *

      409       4,151  

Bajaj Auto Ltd.

      237       26,095  

Balkrishna Industries Ltd.

      171       3,970  

Bata India Ltd.

      142       1,000  

Belrise Industries Ltd.

      654       1,490  

Bharat Forge Ltd.

      566       11,661  

Bosch Ltd.

      18       6,939  

BrainBees Solutions Ltd. *

      471       1,118  

Cartrade Tech Ltd. *

      90       1,644  

Ceat Ltd.

      45       1,535  

Chalet Hotels Ltd.

      154       1,272  

CIE Automotive India Ltd.

      271       1,274  

Crompton Greaves Consumer Electricals Ltd.

      1,381       4,087  

Devyani International Ltd. *

      889       1,080  

Dixon Technologies India Ltd.

      86       10,432  

Eicher Motors Ltd.

      297       22,438  

EIH Ltd.

      429       1,338  
    

Number

    of Shares

     Value $  

Endurance Technologies Ltd., 144A

      75        2,149  

Eternal Ltd. *

      15,334             40,446  

Exide Industries Ltd.

      972       3,955  

FSN E-Commerce Ventures Ltd. *

      2,894       7,990  

Gabriel India Ltd.

      136       1,575  

Hero MotoCorp Ltd.

      276       14,244  

Hyundai Motor India Ltd.

      302       6,116  

Indian Hotels Co. Ltd.

      1,865       12,844  

ITC Hotels Ltd.

      2,540       4,140  

JBM Auto Ltd.

      64       419  

JK Tyre & Industries Ltd.

      262       1,125  

Jubilant Foodworks Ltd.

      838       3,771  

Kalyan Jewellers India Ltd.

      817       3,053  

KPR Mill Ltd.

      239       2,432  

Leela Palaces Hotels & Resorts Ltd. *

      170       740  

Lemon Tree Hotels Ltd., 144A *

      1,073       1,287  

Lenskart Solutions Ltd. *

      629       3,468  

LG Electronics India Ltd. *

      186       2,984  

Mahindra & Mahindra Ltd.

      1,909       61,201  

Maruti Suzuki India Ltd.

      280       38,690  

Meesho Ltd. *

      604       1,165  

Minda Corp. Ltd.

      176       1,157  

Motherson Sumi Wiring India Ltd.

      5,435       2,229  

MRF Ltd.

      4       5,197  

Ola Electric Mobility Ltd. *

      4,267       1,864  

Page Industries Ltd.

      13       5,227  

Physicswallah Ltd., 144A *

      973       1,093  

Samvardhana Motherson International Ltd.

      9,415       14,444  

Sapphire Foods India Ltd. *

      522       994  

Schaeffler India Ltd.

      86       3,738  

Sona Blw Precision Forgings Ltd., 144A

      1,038       6,637  

Swan Corp. Ltd.

      302       1,047  

Swiggy Ltd. *

      2,941       7,984  

Tata Motors Passenger Vehicles Ltd.

      4,425       18,347  

Tbo Tek Ltd. *

      71       919  

Tenneco Clean Air India Ltd. *

      168       1,040  

Titan Co. Ltd.

      881       37,789  

Travel Food Services Ltd. *

      38       490  

Trent Ltd.

      473       21,031  

Trident Ltd./India

      3,107       786  

Tube Investments of India Ltd.

      227       7,506  

TVS Motor Co. Ltd.

      499       17,626  

UNO Minda Ltd.

      415       4,813  

Urban Co. Ltd., 144A *

      417       527  

Vardhman Textiles Ltd.

      227       1,379  

Vishal Mega Mart Ltd. *

      4,449       5,703  

 

See Notes to Financial Statements.

DBX ETF Trust  | 17

Schedule of Investments

Xtrackers Nifty 500 India ETF (Continued)

May 31, 2026

 

    

Number

    of Shares

     Value $  

Welspun Living Ltd.

      707        1,027  

Whirlpool of India Ltd.

      180       1,558  

ZF Commercial Vehicle Control Systems India Ltd.

      16       2,471  

(Cost $572,280)

        500,650  

Consumer Staples — 5.7%

     

Allied Blenders & Distillers Ltd.

      117       688  

Avenue Supermarts Ltd., 144A *

      311             13,273  

AWL Agri Business Ltd. *

      1,178       2,385  

Balrampur Chini Mills Ltd.

      245       1,328  

Bikaji Foods International Ltd.

      137       937  

Bombay Burmah Trading Co.

      45       711  

Britannia Industries Ltd.

      250       13,696  

CCL Products India Ltd.

      150       1,664  

Colgate-Palmolive India Ltd.

      278       6,028  

Dabur India Ltd.

      1,248       5,825  

Emami Ltd.

      418       1,756  

Gillette India Ltd.

      17       1,435  

Godfrey Phillips India Ltd.

      86       2,067  

Godrej Consumer Products Ltd.

      851       9,220  

Hindustan Unilever Ltd.

      1,895       42,957  

Honasa Consumer Ltd. *

      335       1,433  

ITC Ltd.

      20,600       62,212  

LT Foods Ltd.

      293       1,209  

Marico Ltd.

      1,125       9,731  

Nestle India Ltd.

      1,553       23,238  

Patanjali Foods Ltd.

      717       3,443  

Radico Khaitan Ltd.

      166       6,148  

Tata Consumer Products Ltd.

      1,379       17,105  

United Breweries Ltd.

      154       2,140  

United Spirits Ltd.

      628       8,395  

Varun Beverages Ltd.

      2,966       16,485  

Zydus Wellness Ltd.

      206       1,099  

(Cost $306,731)

        256,608  

Energy — 6.7%

     

Aegis Logistics Ltd.

      267       2,104  

Aegis Vopak Terminals Ltd. *

      296       611  

Bharat Petroleum Corp. Ltd.

      4,362       13,687  

Chennai Petroleum Corp. Ltd.

      102       1,136  

Coal India Ltd.

      4,845       23,353  

Great Eastern Shipping Co. Ltd.

      211       3,151  

Gujarat Mineral Development Corp. Ltd.

      176       1,241  

Hindustan Petroleum Corp. Ltd.

      2,008       8,325  

Indian Oil Corp. Ltd.

      7,897       11,658  

Mangalore Refinery & Petrochemicals Ltd.

      456       696  

Oil & Natural Gas Corp. Ltd.

      8,290       23,160  

Oil India Ltd.

      1,155       5,789  

Petronet LNG Ltd.

      1,591       4,539  

Reliance Industries Ltd.

      14,455       201,031  

(Cost $353,969)

        300,481  
    

Number

    of Shares

     Value $  

Financials — 29.4%

     

360 ONE WAM Ltd.

      565        6,569  

Aadhar Housing Finance Ltd. *

      224       1,125  

Aavas Financiers Ltd. *

      85       1,202  

Aditya Birla Capital Ltd. *

      1,749       6,689  

Aditya Birla Sun Life Asset Management Co. Ltd.

      153       1,714  

Anand Rathi Wealth Ltd.

      94       3,414  

Angel One Ltd.

      1,360       4,829  

Aptus Value Housing Finance India Ltd.

      759       2,080  

AU Small Finance Bank Ltd., 144A

      1,195             12,386  

Authum Investment & Infrastucture Ltd. *

      566       2,852  

Axis Bank Ltd.

      6,150       83,290  

Bajaj Finance Ltd. *

      5,711       54,600  

Bajaj Finserv Ltd.

      1,237       23,224  

Bajaj Holdings & Investment Ltd.

      95       10,361  

Bajaj Housing Finance Ltd. *

      2,491       2,226  

Bandhan Bank Ltd., 144A

      1,853       4,063  

Bank of Baroda

      4,106       11,605  

Bank of India

      2,973       4,378  

Bank of Maharashtra

      4,338       3,620  

Billionbrains Garage Ventures Ltd., 144A *

      1,297       2,524  

BSE Ltd. *

      883       38,537  

Can Fin Homes Ltd.

      180       1,572  

Canara Bank

      7,534       10,373  

Canara HSBC Life Insurance Co. Ltd. *

      437       635  

Capri Global Capital Ltd.

      820       1,712  

Central Bank of India Ltd.

      2,627       851  

Central Depository Services India Ltd.

      372       4,874  

Choice International Ltd. *

      170       1,203  

Cholamandalam Financial Holdings Ltd.

      210       3,497  

Cholamandalam Investment and Finance Co. Ltd.

      919       14,875  

City Union Bank Ltd.

      1,500       4,033  

CreditAccess Grameen Ltd. *

      114       1,555  

CRISIL Ltd.

      52       2,161  

Federal Bank Ltd.

      5,453       16,586  

Five-Star Business Finance Ltd.

      395       1,851  

General Insurance Corp. of India, 144A

      657       2,637  

Go Digit General Insurance Ltd. *

      511       1,643  

HDB Financial Services Ltd.

      385       2,698  

HDFC Asset Management Co. Ltd., 144A

      437       12,302  

HDFC Bank Ltd.

      32,650       255,890  

HDFC Life Insurance Co. Ltd., 144A

      2,292       14,350  

 

See Notes to Financial Statements.

18   |  DBX ETF Trust

Schedule of Investments

Xtrackers Nifty 500 India ETF (Continued)

May 31, 2026

 

    

Number

    of Shares

     Value $  

Home First Finance Co. India Ltd., 144A

      209        2,343  

Housing & Urban Development Corp. Ltd.

      1,064       2,279  

ICICI Bank Ltd.

      15,375       203,338  

ICICI Lombard General Insurance Co. Ltd., 144A

      521       9,829  

ICICI Prudential Asset Management Co. Ltd./India

      75       2,794  

ICICI Prudential Life Insurance Co. Ltd., 144A

      832       4,414  

IDBI Bank Ltd.

      1,200       933  

IDFC First Bank Ltd.

      14,000             10,510  

IFCI Ltd. *

      1,544       1,114  

IIFL Finance Ltd.

      492       2,418  

Indian Bank

      750       6,576  

Indian Energy Exchange Ltd., 144A

      1,682       2,272  

Indian Overseas Bank *

      2,692       947  

Indian Railway Finance Corp. Ltd., 144A

      4,267       4,380  

Indian Renewable Energy Development Agency Ltd.

      1,688       2,368  

IndusInd Bank Ltd. *

      1,446       13,917  

Jammu & Kashmir Bank Ltd.

      1,000       1,477  

Jio Financial Services Ltd.

      6,970       17,531  

JM Financial Ltd.

      828       1,136  

Karur Vysya Bank Ltd.

      1,950       5,927  

Kfin Technologies Ltd.

      281       2,537  

Kotak Mahindra Bank Ltd.

      15,800       63,899  

L&T Finance Ltd.

      1,873       5,651  

LIC Housing Finance Ltd.

      634       3,558  

Life Insurance Corp. of India

      932       4,036  

Mahindra & Mahindra Financial Services Ltd.

      1,395       4,459  

Manappuram Finance Ltd.

      1,170       4,008  

Max Financial Services Ltd. *

      568       10,009  

Motilal Oswal Financial Services Ltd.

      313       2,898  

Multi Commodity Exchange of India Ltd.

      545       16,949  

Muthoot Finance Ltd.

      227       7,988  

New India Assurance Co. Ltd., 144A

      517       857  

Nippon Life India Asset Management Ltd., 144A

      372       4,308  

Niva Bupa Health Insurance Co. Ltd. *

      1,317       1,158  

Nuvama Wealth Management Ltd.

      160       2,618  

One 97 Communications Ltd. *

      896       10,552  

PB Fintech Ltd. *

      739       13,244  

Pine Labs Ltd., 144A *

      378       575  

Piramal Finance Ltd. *

      256       5,192  

PNB Housing Finance Ltd., 144A

      398       4,317  
    

Number

    of Shares

     Value $  

Poonawalla Fincorp Ltd. *

      760        3,063  

Power Finance Corp. Ltd.

      3,105             14,008  

Punjab National Bank

      7,793       8,699  

RBL Bank Ltd., 144A

      1,350       4,903  

REC Ltd.

      2,646       9,404  

Sammaan Capital Ltd. *

      1,635       3,046  

SBFC Finance Ltd. *

      670       665  

SBI Cards & Payment Services Ltd.

      634       4,167  

SBI Life Insurance Co. Ltd., 144A

      959       18,474  

Shriram Finance Ltd.

      3,043       30,339  

Star Health & Allied Insurance Co. Ltd. *

      482       2,679  

State Bank of India

      8,932       90,674  

Sundaram Finance Ltd.

      146       6,438  

Tata Capital Ltd. *

      925       2,979  

Tata Investment Corp. Ltd.

      275       1,998  

UCO Bank

      2,967       787  

Union Bank of India Ltd.

      4,200       7,422  

UTI Asset Management Co. Ltd.

      88       871  

(Cost $1,520,688)

        1,312,518  

Health Care — 6.7%

     

Abbott India Ltd.

      11       3,110  

Acutaas Chemicals Ltd.

      112       3,693  

Ajanta Pharma Ltd.

      89       2,744  

Alkem Laboratories Ltd.

      127       7,350  

Anthem Biosciences Ltd. *

      134       1,072  

Apollo Hospitals Enterprise Ltd.

      220       18,935  

Aster DM Healthcare Ltd., 144A

      545       4,178  

Aurobindo Pharma Ltd.

      592       8,889  

Biocon Ltd.

      1,546       6,976  

Blue Jet Healthcare Ltd.

      110       520  

Caplin Point Laboratories Ltd.

      55       1,172  

Cipla Ltd.

      1,188       17,520  

Cohance Lifesciences Ltd. *

      396       1,799  

Concord Biotech Ltd.

      70       775  

Divi’s Laboratories Ltd.

      270       18,948  

Dr Lal PathLabs Ltd., 144A

      162       2,741  

Dr Reddy’s Laboratories Ltd.

      1,299       17,824  

Emcure Pharmaceuticals Ltd.

      69       1,232  

Eris Lifesciences Ltd., 144A

      115       1,694  

Fortis Healthcare Ltd.

      1,104       10,790  

Gland Pharma Ltd., 144A

      169       4,003  

GlaxoSmithKline Pharmaceuticals Ltd.

      88       2,047  

Glenmark Pharmaceuticals Ltd.

      322       7,711  

Global Health Ltd./India

      179       2,240  

Granules India Ltd.

      310       2,525  

Indegene Ltd.

      221       1,213  

Inventurus Knowledge Solutions Ltd. *

      101       1,781  

Ipca Laboratories Ltd.

      295       4,734  

 

See Notes to Financial Statements.

DBX ETF Trust  | 19

Schedule of Investments

Xtrackers Nifty 500 India ETF (Continued)

May 31, 2026

 

    

Number

    of Shares

     Value $  

JB Chemicals & Pharmaceuticals Ltd.

      172       3,924  

Jubilant Pharmova Ltd.

      172       1,801  

Krishna Institute of Medical Sciences Ltd., 144A *

      527       4,210  

Laurus Labs Ltd., 144A

      833        11,943  

Lupin Ltd.

      518       12,365  

Mankind Pharma Ltd.

      240       6,001  

Max Healthcare Institute Ltd.

      1,611             16,366  

Narayana Hrudayalaya Ltd.

      144       2,871  

Natco Pharma Ltd.

      190       2,032  

Neuland Laboratories Ltd.

      18       3,238  

Onesource Specialty Pharma Ltd. *

      118       2,266  

Pfizer Ltd.

      32       1,549  

Piramal Pharma Ltd.

      1,317       2,395  

Poly Medicure Ltd.

      81       1,151  

Rainbow Children’s Medicare Ltd.

      106       1,540  

SAI Life Sciences Ltd., 144A *

      294       3,590  

Sun Pharmaceutical Industries Ltd.

      2,254       42,688  

Syngene International Ltd., 144A

      403       1,875  

Torrent Pharmaceuticals Ltd.

      221       10,261  

Vijaya Diagnostic Centre Ltd.

      104       1,432  

Wockhardt Ltd. *

      176       3,763  

Zydus Lifesciences Ltd.

      529       6,001  

(Cost $304,519)

        301,478  

Industrials — 12.3%

     

3M India Ltd.

      6       2,072  

ABB India Ltd.

      111       8,475  

Action Construction Equipment Ltd.

      65       606  

Adani Enterprises Ltd.

      610       18,861  

Adani Ports & Special Economic Zone Ltd.

      1,569       29,804  

Afcons Infrastructure Ltd.

      318       1,135  

AIA Engineering Ltd.

      82       3,887  

Amara Raja Energy & Mobility Ltd.

      260       2,425  

Apar Industries Ltd.

      36       4,971  

Ashok Leyland Ltd.

      6,063       9,920  

Astral Ltd.

      261       4,336  

BEML Ltd.

      81       1,469  

Bharat Electronics Ltd.

      7,883       34,084  

Bharat Heavy Electricals Ltd.

      3,129       13,726  

BLS International Services Ltd.

      321       882  

Blue Dart Express Ltd.

      15       749  

Blue Star Ltd.

      277       4,633  

Cemindia Projects Ltd.

      119       1,342  

CG Power & Industrial Solutions Ltd.

      1,459       14,090  

Cochin Shipyard Ltd., 144A

      180       2,780  
    

Number

    of Shares

     Value $  

Computer Age Management Services Ltd.

      505       4,207  

Container Corp. Of India Ltd.

      734       3,582  

Craftsman Automation Ltd.

      26       2,483  

Cummins India Ltd.

      289       17,891  

Data Patterns India Ltd.

      63       2,681  

Delhivery Ltd. *

      1,226       5,838  

Doms Industries Ltd.

      38       874  

eClerx Services Ltd.

      90       1,428  

Elecon Engineering Co. Ltd.

      188       1,009  

Elgi Equipments Ltd.

      459       2,771  

Engineers India Ltd.

      583       1,422  

Escorts Kubota Ltd.

      71       2,137  

Finolex Cables Ltd.

      161       1,926  

Firstsource Solutions Ltd.

      674       1,864  

Force Motors Ltd.

      10       2,050  

Garden Reach Shipbuilders & Engineers Ltd.

      62       1,733  

GE Vernova T&D India Ltd.

      265       14,362  

GMR Airports Ltd. *

      7,567       7,995  

Godrej Industries Ltd. *

      94       1,096  

Graphite India Ltd.

      138       1,057  

Havells India Ltd.

      533        6,602  

HBL Engineering Ltd.

      238       2,061  

HEG Ltd.

      179       1,068  

Hindustan Aeronautics Ltd.

      425       19,254  

Hitachi Energy India Ltd.

      27       10,926  

IndiaMart InterMesh Ltd., 144A

      65       1,379  

Indian Railway Catering & Tourism Corp. Ltd.

      642       3,446  

Inox Wind Ltd. *

      2,046       2,003  

InterGlobe Aviation Ltd., 144A

      484             22,442  

International Gemological Institute Ltd.

      254       994  

IRB Infrastructure Developers Ltd.

      8,426       1,877  

IRCON International Ltd., 144A

      696       1,003  

JSW Infrastructure Ltd.

      683       1,979  

Jupiter Wagons Ltd. *

      350       1,071  

Jyoti CNC Automation Ltd. *

      182       1,142  

Kajaria Ceramics Ltd.

      177       1,998  

Kalpataru Projects International Ltd.

      241       3,311  

KEC International Ltd.

      275       1,446  

KEI Industries Ltd.

      132       7,319  

Kirloskar Oil Engines Ltd.

      177       3,592  

L&T Technology Services Ltd., 144A

      58       2,096  

Larsen & Toubro Ltd.

      2,507       107,577  

Latent View Analytics Ltd. *

      211       716  

Mazagon Dock Shipbuilders Ltd.

      186       4,810  

MMTC Ltd. *

      225       154  

Nava Ltd.

      293       1,828  

 

See Notes to Financial Statements.

20   |  DBX ETF Trust

Schedule of Investments

Xtrackers Nifty 500 India ETF (Continued)

May 31, 2026

 

    

Number

    of Shares

     Value $  

NBCC India Ltd.

      2,095        2,211  

NCC Ltd.

      874       1,399  

Olectra Greentech Ltd.

      88       1,093  

Polycab India Ltd.

      114       11,373  

Rail Vikas Nigam Ltd.

      1,204       3,111  

RITES Ltd.

      386       822  

RR Kabel Ltd.

      69       1,494  

Sagility Ltd.

      4,894       2,114  

Schneider Electric Infrastructure Ltd. *

      125       1,722  

Shipping Corp. of India Ltd.

      360       1,108  

Siemens Energy India Ltd.

      187       7,622  

Siemens Ltd. *

      187       7,567  

Supreme Industries Ltd.

      137       5,118  

Suzlon Energy Ltd. *

      25,526             15,313  

Tata Motors Ltd. *

      4,468       17,848  

Techno Electric & Engineering Co. Ltd.

      107       1,216  

Tega Industries Ltd.

      36       669  

Thermax Ltd.

      82       4,301  

Timken India Ltd.

      76       2,904  

Titagarh Rail System Ltd.

      171       1,487  

Transformers & Rectifiers India Ltd. *

      260       877  

Triveni Turbine Ltd.

      244       1,904  

Voltas Ltd.

      482       6,320  

(Cost $547,154)

        550,340  

Information Technology — 6.6%

     

Aditya Infotech Ltd. *

      42       1,284  

Birlasoft Ltd.

      350       1,177  

CE Info Systems Ltd.

      49       423  

Coforge Ltd.

      717       10,731  

Cyient Ltd.

      180       1,721  

Emmvee Photovoltaic Power Ltd., 144A *

      227       777  

HCL Technologies Ltd.

      2,252       28,062  

Hexaware Technologies Ltd.

      281       1,503  

Honeywell Automation India Ltd.

      5       1,869  

Infosys Ltd.

      7,478       91,381  

Intellect Design Arena Ltd.

      193       1,456  

ITI Ltd. *

      250       791  

Kaynes Technology India Ltd. *

      63       2,078  

KPIT Technologies Ltd.

      326       2,649  

LTIMindtree Ltd., 144A

      195       8,337  

Mphasis Ltd.

      283       6,766  

Netweb Technologies India Ltd.

      35       1,721  

Newgen Software Technologies Ltd.

      134       624  

Oracle Financial Services Software Ltd.

      50       5,244  

Persistent Systems Ltd.

      234       12,794  

PG Electroplast Ltd.

      339       1,722  

Premier Energies Ltd., 144A

      286       3,194  
    

Number

    of Shares

     Value $  

Redington Ltd.

      1,224        2,890  

Sonata Software Ltd.

      413       1,153  

Syrma SGS Technology Ltd.

      161       1,845  

Tata Consultancy Services Ltd.

      2,179       51,812  

Tata Elxsi Ltd.

      73       3,293  

Tata Technologies Ltd.

      365       2,710  

Tech Mahindra Ltd.

      1,354       21,150  

Tejas Networks Ltd., 144A

      194       1,063  

WAAREE Energies Ltd.

      201       6,645  

Wipro Ltd.

      6,008             12,917  

Zensar Technologies Ltd.

      242       1,259  

(Cost $399,000)

        293,041  

Materials — 9.1%

     

Aarti Industries Ltd.

      439       2,195  

ACC Ltd.

      135       1,988  

Ambuja Cements Ltd.

      1,329       6,265  

Anupam Rasayan India Ltd.

      59       804  

APL Apollo Tubes Ltd.

      384       7,401  

Asian Paints Ltd.

      965       27,138  

Atul Ltd.

      34       2,454  

Bayer CropScience Ltd.

      27       1,282  

Berger Paints India Ltd.

      605       3,188  

Carborundum Universal Ltd.

      246       2,665  

Castrol India Ltd.

      1,031       1,988  

Chambal Fertilisers and Chemicals Ltd.

      323       1,586  

Clean Science & Technology Ltd.

      117       982  

Coromandel International Ltd.

      250       4,615  

Dalmia Bharat Ltd.

      169       3,110  

DCM Shriram Ltd.

      85       928  

Deepak Fertilisers & Petrochemicals Corp. Ltd.

      143       2,123  

Deepak Nitrite Ltd.

      147       2,603  

EID Parry India Ltd. *

      219       1,741  

Fertilisers & Chemicals Travancore Ltd.

      133       1,226  

Gallantt Ispat Ltd.

      71       500  

Godawari Power and Ispat Ltd.

      521       1,580  

Grasim Industries Ltd.

      811       26,655  

Gravita India Ltd. *

      68       1,154  

Gujarat Fluorochemicals Ltd.

      87       3,323  

Himadri Speciality Chemical Ltd.

      501       3,198  

Hindalco Industries Ltd.

      3,080       36,529  

Hindustan Copper Ltd.

      702       3,981  

Hindustan Zinc Ltd.

      922       6,143  

India Cements Ltd. *

      161       647  

Jain Resource Recycling Ltd. *

      116       456  

Jindal Saw Ltd.

      525       1,365  

Jindal Stainless Ltd.

      680       4,904  

Jindal Steel Ltd.

      792       10,064  

JK Cement Ltd.

      89       4,844  

JSW Cement Ltd., 144A *

      518       707  

 

See Notes to Financial Statements.

DBX ETF Trust  | 21

Schedule of Investments

Xtrackers Nifty 500 India ETF (Continued)

May 31, 2026

 

    

Number

    of Shares

     Value $  

JSW Dulux Ltd.

      39        1,294  

JSW Steel Ltd.

      2,002       26,932  

Jubilant Ingrevia Ltd.

      181       1,231  

Linde India Ltd.

      45       3,413  

Lloyds Metals & Energy Ltd. *

      269       5,103  

National Aluminium Co. Ltd.

      1,919       8,574  

Navin Fluorine International Ltd.

      79       5,928  

NMDC Ltd.

      7,319       6,779  

NMDC Steel Ltd. *

      2,503       1,176  

Nuvoco Vistas Corp. Ltd. *

      255       936  

Paradeep Phosphates Ltd., 144A

      926       1,228  

PCBL CHEMICAL Ltd.

      375       1,144  

PI Industries Ltd.

      172       5,024  

Pidilite Industries Ltd.

      657             10,255  

PTC Industries Ltd. *

      13       2,216  

Ramco Cements Ltd.

      268       2,458  

Ramkrishna Forgings Ltd.

      221       1,318  

Rhi Magnesita India Ltd.

      175       749  

Sarda Energy & Minerals Ltd.

      195       1,051  

Shree Cement Ltd.

      28       7,449  

Shyam Metalics & Energy Ltd.

      150       1,537  

Solar Industries India Ltd.

      51       9,796  

SRF Ltd.

      308       8,805  

Steel Authority of India Ltd.

      3,078       6,622  

Sumitomo Chemical India Ltd.

      262       1,383  

Supreme Petrochem Ltd.

      134       939  

Tata Chemicals Ltd.

      335       2,673  

Tata Steel Ltd.

      17,630       38,604  

UltraTech Cement Ltd.

      253       30,578  

UPL Ltd.

      1,204       8,172  

Usha Martin Ltd.

      376       2,003  

Vedanta Ltd.

      3,625       13,454  

Welspun Corp. Ltd.

      278       4,029  

(Cost $378,209)

        405,185  

Real Estate — 1.0%

     

Aditya Birla Real Estate Ltd.

      111       1,453  

Anant Raj Ltd.

      289       1,564  

Brigade Enterprises Ltd.

      295       2,026  

DLF Ltd.

      1,419       8,822  

Godrej Properties Ltd. *

      319       5,919  

Lodha Developers Ltd., 144A

      650       6,419  

Oberoi Realty Ltd.

      249       4,474  

Phoenix Mills Ltd.

      395       7,364  
    

Number

    of Shares

     Value $  

Prestige Estates Projects Ltd.

      357        5,145  

SignatureGlobal India Ltd. *

      85       763  

Sobha Ltd.

      95       1,418  

(Cost $54,944)

              45,367  

Utilities — 4.2%

     

Acme Solar Holdings Ltd.

      275       898  

Adani Energy Solutions Ltd. *

      742       11,820  

Adani Green Energy Ltd. *

      693       10,762  

Adani Power Ltd. *

      8,879       22,746  

Adani Total Gas Ltd.

      588       4,786  

CESC Ltd.

      1,335       2,559  

GAIL India Ltd.

      5,706       9,881  

Indraprastha Gas Ltd.

      1,483       2,505  

Jaiprakash Power Ventures Ltd. *

      10,096       2,324  

JSW Energy Ltd.

      1,146       7,178  

Mahanagar Gas Ltd.

      121       1,395  

Malco Energy Ltd. * (a)

      3,625       2,474  

NHPC Ltd.

      6,698       5,561  

NLC India Ltd.

      693       2,535  

NTPC Green Energy Ltd. *

      1,982       2,160  

NTPC Ltd.

      10,132       41,264  

Power Grid Corp. of India Ltd.

      9,689       29,633  

Reliance Power Ltd. *

      6,070       1,766  

SJVN Ltd.

      1,538       1,217  

Talwandi Sabo Power Ltd. * (a)

      3,625       873  

Tata Power Co. Ltd.

      3,581       15,860  

Torrent Power Ltd.

      403       6,025  

(Cost $173,643)

        186,222  

TOTAL COMMON STOCKS

           

(Cost $4,828,017)

        4,343,868  

EXCHANGE-TRADED FUNDS — 0.4%

     

iShares MSCI India ETF *

     

(Cost $18,378)

      375       18,210  

CASH EQUIVALENTS — 1.8%

     

DWS Government Money Market Series “Institutional Shares”, 3.57% (b)

     

(Cost $80,897)

      80,897       80,897  

TOTAL INVESTMENTS — 99.4%

 

  

(Cost $4,927,292)

        4,442,975  

Other assets and liabilities, net — 0.6%

        28,108  

NET ASSETS — 100.0%

        4,471,083  

 

See Notes to Financial Statements.

22   |  DBX ETF Trust

Schedule of Investments

Xtrackers Nifty 500 India ETF (Continued)

May 31, 2026

 

A summary of the Fund’s transactions with affiliated investments during the period ended May 31, 2026 is as follows: 

 

Value ($) at

11/25/2025

(Commencement

of Operations)

    Purchases Cost
($)		    Sales Proceeds
($)		     Net Realized
Gain/(Loss)
($)		      Net Change
in Unrealized
Appreciation
(Depreciation)
($)		      Income ($)      Capital Gain
Distributions
($)		      Number of
Shares at
5/31/2026		      Value ($) at
5/31/2026		  

CASH EQUIVALENTS — 1.8%

                    

DWS Government Money Market Series “Institutional Shares”, 3.57% (b)

 

         

    —

    483,394      (402,497)       —        —        1,690        —        80,897        80,897  

 

*

Non-income producing security.

(a)

Investment was valued using significant unobservable inputs.

(b)

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

 

144A:

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

At May 31, 2026, open futures contracts purchased were as follows:

 

Contract Description    Currency      Number of
Contracts		    Notional
Amount ($)		      Contract Value
($)		      Expiration
Date		      Unrealized
Depreciation ($)		  

MSCI India Index

      USD       1      114,670        114,180        6/19/2026        (490 ) 

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

 

Currency Abbreviations

USD

     U.S. Dollar

 

See Notes to Financial Statements.

DBX ETF Trust  | 23

Schedule of Investments

Xtrackers Nifty 500 India ETF (Continued)

May 31, 2026

 

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, 2026 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)

   $ 4,325,397     $ —     $ 18,471     $ 4,343,868  

Exchange-Traded Funds

     18,210       —       —       18,210  

Short-Term Investments (a)

     80,897       —       —       80,897  

TOTAL

   $ 4,424,504     $ —     $ 18,471     $ 4,442,975  

 

Liabilities      Level 1           Level 2           Level 3           Total     

Derivatives (b)

        

 Futures Contracts

   $ (490 )    $ —     $ —     $ (490 ) 

TOTAL

   $ (490 )    $ —     $ —     $ (490 ) 

 

(a)

See Schedule of Investments for additional detailed categorizations.

(b)

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

 

See Notes to Financial Statements.

24   |  DBX ETF Trust

Statements of Assets and Liabilities

May 31, 2026

 

      


 Xtrackers
Harvest CSI
300 China
 A-Shares ETF 		  
 
 
 		    



 Xtrackers
Harvest CSI
500 China
A-Shares Small
Cap ETF		  
 
 
 
 		    
 Xtrackers Nifty
500 India ETF		  
 

Assets

                         

Investment in non-affiliated securities at value

    $ 1,905,707,915     $ 38,169,992     $ 4,362,078  

Investment in DWS Government Money Market Series

      —       —       80,897  

Cash

      979,960       3,992       —  

Foreign currency at value

      111,076,741 †      106,598 †      2,407  

Deposit with broker for futures contracts

      —       —       9,196  

Capital gain tax receivable

      —       —       29  

Receivables:

                         

Investment securities sold

      26,491       —       —  

Capital shares

      176,673       —       —  

Variation margin on futures contracts

      —       —       11,833  

Dividends

      —       —       5,095  

Interest

      —       —       261  

Total assets

    $ 2,017,967,780     $ 38,280,582     $ 4,471,796  

Liabilities

                         

Payables:

                         

Capital shares

    $ 108,204,628     $ —     $ —  

Investment advisory fees

      1,072,059       21,433       713  

Total liabilities

      109,276,687       21,433       713  

Net Assets, at value

    $ 1,908,691,093     $ 38,259,149     $ 4,471,083  

Net Assets Consist of

                         

Paid-in capital

    $ 2,178,041,855     $ 45,939,195     $ 4,999,628  

Distributable earnings (loss)

      (269,350,762 )      (7,680,046 )      (528,545 ) 

Net Assets, at value

    $ 1,908,691,093     $ 38,259,149     $ 4,471,083  

Number of Common Shares outstanding

      53,000,001       850,001       200,001  
Net Asset Value    $ 36.01     $ 45.01     $ 22.36  

Investment in non-affiliated securities at cost

    $ 1,221,647,391     $ 27,285,689     $ 4,846,395  
Investment in DWS Government Money Market Series at cost    $ —     $ —     $ 80,897  
Foreign currency at cost    $ 111,057,291     $ 105,107     $ 2,388  

 

†

Included in foreign currency at value is $79,542 and $6,943 respectively which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited.

 

See Notes to Financial Statements.

DBX ETF Trust  |  25

Statements of Operations

For the Year Ended May 31, 2026

 

      


 Xtrackers
Harvest CSI
300 China
 A-Shares ETF 		  
 
 
 		    



 Xtrackers
Harvest CSI
500 China
A-Shares Small
Cap ETF		  
 
 
 
 		    
 Xtrackers Nifty
500 India ETF(1)		  
 

Investment Income

                         

Unaffiliated interest income

    $ 2,806     $ 33     $ —  

Unaffiliated dividend income*

      47,202,945       400,232       15,495  

Income distributions from affiliated funds

      —       —       1,690  

Total investment income

      47,205,751       400,265       17,185  

Expenses

                         

Investment advisory fees

      12,221,243       198,628       4,567  

Other expenses

      61       58       32  

Total expenses

      12,221,304       198,686       4,599  

Less fees waived (see note 3):

       

Waiver

      —       —       (46 ) 

Net expenses

      12,221,304       198,686       4,553  

Net investment income (loss)

      34,984,447       201,579       12,632  

Realized and Unrealized Gain (Loss)

                         

Net realized gain (loss) from:

       

Investments**

      203,169,620       2,523,692       (22,389 ) 

Futures contracts

      —       —       (15,673 ) 

Foreign currency transactions

      343,883       (24,980 )      (18,790 ) 

Net realized gain (loss)

      203,513,503       2,498,712       (56,852 ) 

Net change in unrealized appreciation (depreciation) on:

       

Investments***

      385,094,535       10,402,864       (484,288 ) 

Futures contracts

      —       —       (490 ) 

Foreign currency translations

      (14,801 )      2,194       56  

Net change in unrealized appreciation (depreciation)

      385,079,734       10,405,058       (484,722 ) 
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions      588,593,237       12,903,770       (541,574 ) 

Net Increase (Decrease) in Net Assets Resulting from Operations

    $ 623,577,684     $ 13,105,349     $ (528,942 ) 

*  Unaffiliated foreign tax withheld

    $ 5,253,064     $ 44,128     $ 3,820  

** Including foreign taxes

    $ —     $ —     $ 11  

*** Including change in deferred foreign taxes

    $ —     $ —     $ 29  

 

(1)

For the period November 25, 2025 (commencement of operations) through May 31, 2026.

 

See Notes to Financial Statements.

26  |  DBX ETF Trust

Statements of Changes in Net Assets 

 

     Xtrackers Harvest CSI 300 China
A-Shares ETF		     Xtrackers Harvest CSI 500 China
A-Shares Small Cap ETF		  
      Year Ended
May 31, 2026		     Year Ended
May 31, 2025		     Year Ended
May 31, 2026		     Year Ended
May 31, 2025		  

Increase (Decrease) in Net Assets from Operations

                                 

Net investment income (loss)

    $ 34,984,447     $ 40,921,454     $ 201,579     $ 212,183  

Net realized gain (loss)

      203,513,503       (322,146,113 )      2,498,712       (3,754,207 ) 

Net change in net unrealized appreciation (depreciation)

      385,079,734       165,106,350       10,405,058       4,143,499  

Net increase (decrease) in net assets resulting from operations

      623,577,684       (116,118,309 )      13,105,349       601,475  

Distributions to Shareholders

      (41,468,618 )      (31,891,425 )      —       (247,897 ) 

Fund Shares Transactions

         

Proceeds from shares sold

      853,179,644       3,017,009,958       74,968,376       19,632,094  

Value of shares redeemed

      (1,541,273,378 )      (2,904,384,041 )      (76,685,115 )      (14,162,889 ) 
Net increase (decrease) in net assets resulting from fund share transactions      (688,093,734 )      112,625,917       (1,716,739 )      5,469,205  

Total net increase (decrease) in Net Assets

      (105,984,668 )      (35,383,817 )      11,388,610       5,822,783  

Net Assets

         

Beginning of year

      2,014,675,761       2,050,059,578       26,870,539       21,047,756  

End of year

    $   1,908,691,093     $   2,014,675,761     $     38,259,149     $     26,870,539  

Changes in Shares Outstanding

                                 

Shares outstanding, beginning of year

      75,900,001       83,800,001       950,001       800,001  

Shares sold

      25,700,000       106,900,000       1,750,000       650,000  

Shares redeemed

      (48,600,000 )      (114,800,000 )      (1,850,000 )      (500,000 ) 

Shares outstanding, end of year

      53,000,001       75,900,001       850,001       950,001  

 

See Notes to Financial Statements.

DBX ETF Trust  |  27

Statements of Changes in Net Assets (Continued)

 

     Xtrackers Nifty
500 India ETF		  
      For the Period
November 25,
2025(1) through
May 31, 2026		  

Increase (Decrease) in Net Assets from Operations

         

Net investment income (loss)

    $ 12,632  

Net realized gain (loss)

      (56,852 ) 

Net change in net unrealized appreciation (depreciation)

      (484,722 ) 

Net increase (decrease) in net assets resulting from operations

      (528,942 ) 

Fund Shares Transactions

   

Proceeds from shares sold

      5,000,000  

Value of shares redeemed

      —
Net increase (decrease) in net assets resulting from fund share transactions      5,000,000  

Total net increase (decrease) in Net Assets

      4,471,058  

Net Assets

   

Beginning of period

      25  

End of period

    $ 4,471,083  

Changes in Shares Outstanding

         

Shares outstanding, beginning of period

      1  

Shares sold

      200,000  

Shares redeemed

      —  

Shares outstanding, end of period

      200,001  

 

(1)

Commencement of Operations. 

 

See Notes to Financial Statements.

28  |  DBX ETF Trust

Financial Highlights

Xtrackers Harvest CSI 300 China A-Shares ETF

 

     Years Ended May 31,  
        2026         2025         2024         2023         2022    

Selected Per Share Data

                                         

Net Asset Value, beginning of year

    $ 26.54     $ 24.46     $ 26.74     $ 30.82     $ 41.83  

Income (loss) from investment operations:

           

Net investment income (loss)(a)

      0.59       0.49       0.51       0.46       0.36  

Net realized and unrealized gain (loss)

      9.64       1.89 (b)      (2.20 )      (4.22 )      (11.02 ) 

Total from investment operations

      10.23       2.38       (1.69 )      (3.76 )      (10.66 ) 

Less distributions from:

           

Net investment income

      (0.76 )      (0.30 )      (0.59 )      (0.32 )      (0.35 ) 

Total from distributions

      (0.76 )      (0.30 )      (0.59 )      (0.32 )      (0.35 ) 

Net Asset Value, end of year

    $ 36.01     $ 26.54     $ 24.46     $ 26.74     $ 30.82  

Total Return (%)

      38.86       9.72       (6.18 )      (12.28 )      (25.67 ) 

Ratios to Average Net Assets and Supplemental Data

                                         

Net Assets, end of year ($ millions)

      1,909       2,015       2,050       2,333       1,672  

Ratio of expenses (%)

      0.65       0.65       0.65       0.65       0.65  

Ratio of net investment income (loss) (%)

      1.86       1.87       2.02       1.55       0.97  

Portfolio turnover rate (%)

      53       143       50       69       95  

 

(a)

Based on average shares outstanding during the period.

(b)

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

 

See Notes to Financial Statements.

DBX ETF Trust  |  29

Financial Highlights (Continued)

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF 

 

     Years Ended May 31,  
        2026          2025         2024         2023         2022    

Selected Per Share Data

                                          

Net Asset Value, beginning of year

    $ 28.28      $ 26.31     $ 30.45     $ 32.55     $ 38.36  

Income (loss) from investment operations:

            

Net investment income (loss)(a)

      0.25        0.21       0.28       0.36       0.28  

Net realized and unrealized gain (loss)

      16.48        1.95       (4.24 )      (1.88 )      (5.77 ) 

Total from investment operations

      16.73        2.16       (3.96 )      (1.52 )      (5.49 ) 

Less distributions from:

            

Net investment income

      –        (0.19 )      (0.18 )      (0.58 )      (0.32 ) 

Total from distributions

      –        (0.19 )      (0.18 )      (0.58 )      (0.32 ) 

Net Asset Value, end of year

    $ 45.01      $ 28.28     $ 26.31     $ 30.45     $ 32.55  

Total Return (%)

      59.14        8.21       (13.03 )      (4.71 )      (14.50 ) 

Ratios to Average Net Assets and Supplemental Data

                                          

Net Assets, end of year ($ millions)

      38        27       21       26       34  

Ratio of expenses (%)

      0.65        0.65       0.65       0.65       0.65  

Ratio of net investment income (loss) (%)

      0.66        0.76       1.03       1.13       0.73  

Portfolio turnover rate (%)

      97        79       25       41       62  

 

(a)

Based on average shares outstanding during the period. 

 

See Notes to Financial Statements.

30  |  DBX ETF Trust

Financial Highlights (Continued)

Xtrackers Nifty 500 India ETF 

 

      Period Ended
5/31/2026(a)		  

Selected Per Share Data

         

Net Asset Value, beginning of period

    $ 25.00  

Income (loss) from investment operations:

   

Net investment income (loss)(b)

      0.06  

Net realized and unrealized gain (loss)

      (2.70 ) 

Total from investment operations

      (2.64 ) 

Net Asset Value, end of period

    $ 22.36  

Total Return (%)(c)

      (10.58 )** 

Ratios to Average Net Assets and Supplemental Data

         

Net Assets, end of period ($ millions)

      4  

Ratio of expenses before fee waiver (%)

      0.19 * 

Ratio of expenses after fee waiver (%)

      0.19 * 

Ratio of net investment income (loss) (%)

      0.53 * 

Portfolio turnover rate (%)

      3  

 

(a)

For the period November 25, 2025 (commencement of operations) through May 31, 2026.

(b)

Based on average shares outstanding during the period.

(c)

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

*

Annualized.

**

Not Annualized.

 

See Notes to Financial Statements.

DBX ETF Trust  |  31

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, 2026, Trust consists of forty-two investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

Xtrackers Harvest CSI 300 China A-Shares ETF

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

Xtrackers Nifty 500 India ETF

DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees (“Board”). Harvest Global Investments Limited serves as investment Sub-Advisor (the “Sub-Advisor”) to the Xtrackers Harvest CSI 300 China A-Shares ETF and the Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF. The Sub-Advisor is responsible for day-to-day management of each Fund, subject to supervision of the Advisor.

Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Xtrackers Nifty 500 India ETF offer shares that are listed and traded on the Nasdaq Stock Market (“NASDAQ”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, except for the Xtrackers Nifty 500 India ETF which lots consist of 25,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

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

 

Fund    Underlying Index

Xtrackers Harvest CSI 300 China A-Shares ETF

    CSI 300 Index

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

    CSI 500 Index

Xtrackers Nifty 500 India ETF

    Nifty 500 Index

CSI 300 Index is calculated and maintained by China Securities Index Co., Ltd. It is designed to reflect the price fluctuation and performance of the China A-Share market and is composed of the 300 largest and most liquid stocks in the China A-Share market. Constituent stocks for the Underlying Index generally must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange for specified time periods, have demonstrated positive performance, and not be subject to abnormal volatility or other evidence of possible market manipulation, among other factors. The composition of the Underlying Index is reviewed every six-months.

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

Nifty 500 Index was created and is maintained by NSE Indices Limited. Nifty 500 Index measures the equity performance of the top 500 companies traded on the National Stock Exchange of India based on full market capitalization that meet certain eligibility requirements. It includes representation from the large, mid and small-cap segments of the Indian equity market. The Nifty 500 Index is reconstituted on semi-annual basis.

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

 

32   |  DBX ETF Trust

Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF are diversified series of the Trust. Xtrackers Nifty 500 India ETF is non-diversified and is not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. Each Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.

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

2. Significant Accounting Policies

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

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

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

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

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

 

DBX ETF Trust  |  33

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

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

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

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

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

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

Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of the Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF to pay out dividends from its net investment income, if any, to investors annually. It is the policy of the Xtrackers Nifty 500 India ETF to pay out dividends from its net investment income, if any, to investors semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income.

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

The Funds file tax returns with the Internal Revenue Service, the State of New York, and various other states. Specific to U.S. federal and state taxes, generally, each of the tax years in the four-year period ended May 31, 2026 (or since the Fund’s inception if the Fund commenced operations less than four years prior to May 31, 2026), remains subject to examination by taxing authorities. Specific to foreign countries in which the Funds invest, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions. The open tax years vary by each jurisdiction in which each Fund invests.

 

34   |  DBX ETF Trust

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the year ended May 31, 2026, the Funds did not incur any interest or penalties.

As of May 31, 2026, the components of accumulated earnings (losses) on a tax basis were as follows:

 

      Undistributed
Ordinary Income*		      Capital and Other
Gains (Losses)		      Unrealized
Appreciation
(Depreciation)		      Total Accumulated
Earnings (Losses)		  

Xtrackers Harvest CSI 300 China A-Shares ETF

    $  12,218,154         $  (871,546,867)         $  589,977,951         $  (269,350,762)     

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

      290,298           (18,255,776)           10,285,432           (7,680,046)     

Xtrackers Nifty 500 India ETF

      —           (38,413)           (490,132)           (528,545)     

The tax character of dividends and distributions declared for the years ended May 31, 2026 and May 31, 2025 were as follows:

 

     Year Ended May
31, 2026		  
      Ordinary Income*  

Xtrackers Harvest CSI 300 China A-Shares ETF

    $   41,468,618     

 

     Year Ended May
31, 2025		  
      Ordinary Income*  

Xtrackers Harvest CSI 300 China A-Shares ETF

    $   31,891,425     

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

      247,897     

 

*

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

At May 31, 2026, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

 

      Short-Term      Long-Term      Total Amount  

Xtrackers Harvest CSI 300 China A-Shares ETF

    $  634,450,207         $  237,096,660         $  871,546,867     

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

      14,471,373           3,784,403           18,255,776     

Xtrackers Nifty 500 India ETF

      28,060           10,353           38,413     

Capital losses incurred after October 31 (“post-October capital losses”) and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the fiscal year ended May 31, 2026, the Funds had no post-October capital or late year ordinary losses.

The following Funds utilized capital loss carryforwards to offset taxable gains realized during the year ended May 31, 2026:

 

      Utilized Amount  

Xtrackers Harvest CSI 300 China A-Shares ETF

    $  122,567,470     

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

      2,434,284     

 

DBX ETF Trust  |  35

As of May 31, 2026, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:

 

      Aggregate Tax Cost      Net Unrealized
Appreciation
(Depreciation)		      Aggregate Gross
Unrealized
Appreciation		      Aggregate Gross
Unrealized
(Depreciation)		  

Xtrackers Harvest CSI 300 China A-Shares ETF

    $  1,315,749,414         $  589,958,501         $  785,544,393         $  (195,585,892)     

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

      27,886,051           10,283,941           12,880,795           (2,596,854)     

Xtrackers Nifty 500 India ETF

      4,933,192           (490,217)           207,399           (697,616)     

Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of May 31, 2026, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

In this reporting period, the Funds adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The adoption impacted financial statement disclosures only and did not affect the Funds’ financial position or results of operations.

A disaggregation of income taxes paid by jurisdiction is presented when such amounts are significant; however, income taxes paid by the Funds for the year ended May 31, 2026 were not considered significant.

Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF direct investments in China A-Shares will be subject to a number of Chinese tax rules and the application of many of those rules is evolving. Chinese taxes that may apply to the Funds’ direct investments in A-Shares include withholding income tax (“WHT”) on dividends, WHT on bank deposit interest, WHT on capital gains realized from the disposal of equity investments prior to November 17, 2014 and stamp duty. China imposes WHT at a rate of 10% on dividends on shares and interest income derived by non People’s Republic of China (“PRC”) enterprises including Qualified Foreign Institutional Investors (“QFII”) and Renminbi Qualified Foreign Institutional Investors (“RQFII”) from PRC resident issuers, subject to any lower rate provided by an applicable tax treaty.

Since November 17, 2014, QFIIs and RQFIIs have been temporarily exempt from WHT with respect to gains derived from the trading of equity investments (including shares in PRC enterprises). With respect to gains derived from equity investments prior to November 17, 2014, QFIIs and RQFIIs are subject to WHT at a rate of 10% on such gains on a gross basis, subject to any lower rate provided by an applicable tax treaty. The above WHT treatment applies to QFIIs and RQFIIs which do not have a permanent establishment (“PE”) in the PRC. The Funds do not have PEs in the PRC, therefore, the Funds are only subject to WHT at 10% with respect to gross realized gains derived from the disposal of land-rich A-Share companies and exempt from WHT with respect to gross realized gains derived from non land-rich A-Share companies prior to November 17, 2014 as long as treaty relief is eligible. Land-rich enterprises refer to companies whose value of immovable property in the PRC is greater than 50% of the value of their total assets at any time during the three-year period before the alienation of the PRC companies’ shares. The WHT relating to the realized gains from shares in land-rich companies prior to November 17, 2014 has been paid by the Funds while realized gains from shares in non land-rich companies prior to November 17, 2014 were granted treaty relief pursuant to the PRC-US Double Taxation Arrangement.

The PRC rules for taxation of QFIIs and RQFIIs are evolving and the tax regulations to be issued by the PRC State Taxation Administration and/or PRC Ministry of Finance, as well as the practices adopted by the local PRC authorities, may apply retroactively which may adversely affect the Fund and its shareholders.

The Xtrackers Nifty 500 India ETF is subject to tax in India on the income arising from investments in Indian securities, which could be in the form of dividends and/or capital gains arising on the sale of securities. A Securities Transaction Tax (“STT”) was introduced under Section 98 of the Finance (No.2) Act, 2004 on transactions relating to sale, purchases and redemption of shares made by purchasers or sellers of Indian securities. Income arising from sale of Indian securities by the Fund is treated as capital gains under the Indian Income Tax Act, 1961 (“IT Act”). Long-term capital gains on sale of securities are chargeable to tax in India at the rate of 12.5 %. The holding period for a security to qualify as long-term is 12 months for equity shares listed on a recognized stock exchange in India and 24 months in case of all other securities. The tax on long-

 

36   |  DBX ETF Trust

term capital gains arising on sale of listed equity shares and on which STT has been paid at the time of sale is calculated after allowing for a basic exemption limit of INR 125,000. Short-term capital gains arising from the sale of equity shares listed on a recognized stock exchange in India and on which STT has been paid at the time of sale are taxed at the rate of 20%. Short-term capital gains on the sale of all other securities are taxable at the rate of 35%. Capital gains arising from the transfer of depositary receipts outside India between non-resident investors are not subject to tax in India. Dividend income earned by the Fund will be subject to Indian income tax at the specified tax rate of 20% under the IT Act. The applicable tax is withheld by the dividend-paying issuer at the time of making payment. The India-USA Double Taxation Avoidance Agreement (“the DTAA”) provides for a reduced rate of 15% tax on dividends. However, the Fund does not anticipate claiming any treaty benefits.

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

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

Derivatives

Futures Contracts Xtrackers Nifty 500 India ETF may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. The Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. The Fund will not use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the year ended May 31, 2026, the Xtrackers Nifty 500 India ETF utilized futures in order to simulate investment in the Fund’s Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

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

A summary of the open futures contracts as of May 31, 2026 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, 2026 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

 

      Asset Derivatives            Liability Derivatives        

Xtrackers Nifty 500 India ETF

         

Equity contracts

        Unrealized appreciation on futures contracts*    $   —      Unrealized depreciation on futures contracts*    $   490  
         Total    $   —      Total    $   490  

 

*

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

 

DBX ETF Trust  |  37

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, 2026 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

 

Net Realized Gain (Loss) from:   

Futures Contracts

– Equity Contracts

  

Xtrackers Nifty 500 India ETF

    $  (15,673)     

 

Net Change in Unrealized Appreciation (Depreciation) on:   

Futures Contracts

– Equity Contracts

  

Xtrackers Nifty 500 India ETF

    $  (490)     

For the year ended May 31, 2026 the average monthly volume of derivatives was as follows:

 

      Futures Contracts
(Contract Value)		  

Xtrackers Nifty 500 India ETF

    $  105,235     

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

Affiliated Cash Management Vehicles The Funds may invest uninvested cash balances in DWS Government Money Market

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

3. Investment Advisory and Other Agreements

The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate. Harvest Global Investments Limited serves as investment sub-Advisor (the “Sub-Advisor”) to the Xtrackers Harvest CSI 300

China A-Shares ETF and the Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF. The Sub-Advisor is responsible for day-to-day management of each Fund, subject to supervision of the Advisor, and is paid by the Advisor for its services.

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

 

     

 Unitary Advisory 

Fee

Xtrackers Harvest CSI 300 China A-Shares ETF

      0.65 % 

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

      0.65 % 

Xtrackers Nifty 500 India ETF

      0.19 % 

The Advisor for the Fund below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated cash management vehicles. For the year ended May 31, 2026, the Advisor waived expenses of the Fund as follows:

 

      Expenses Waived  

Xtrackers Nifty 500 India ETF

    $   46     

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

 

38   |  DBX ETF Trust

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

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

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

4. Investment Portfolio Transactions

For the year ended May 31, 2026, the cost of investments purchased and proceeds from sale of investments (excluding short-term investments) were as follows:

 

      Purchases       Sales  

Xtrackers Harvest CSI 300 China A-Shares ETF

    $  1,001,911,442       $  1,695,724,280     

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

      29,678,488         31,223,751     

Xtrackers Nifty 500 India ETF

      4,996,666         109,645     

5. Fund Share Transactions

As of May 31, 2026, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units for each fund are generally issued in exchange for a specific amount of cash totaling the NAV of the Creation Units. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

6. Investing in China

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

7. Investing in India

Investments in Indian issuers involve risks that are specific to India, including legal, regulatory, political, currency and economic risks. The securities markets in India are relatively underdeveloped and may subject Xtrackers Nifty 500 India ETF to higher transaction costs or greater uncertainty than investments in more developed securities markets. Political and legal uncertainty, greater government control over the economy, currency fluctuations or blockage, and the risk of nationalization or expropriation of assets may result in an increased risk of loss. In addition, religious and border disputes persist in India. India has experienced acts of terrorism and has strained international relations with Pakistan, Bangladesh, China, Sri Lanka and other neighbors due to territorial disputes, historical animosities, terrorism, defense concerns, and other security

 

DBX ETF Trust  |  39

concerns. These situations may cause uncertainty in the Indian market and may adversely affect the Indian economy. Global factors and foreign actions may inhibit the flow of foreign capital on which India is dependent to sustain its growth. For example, India is heavily dependent upon trading with key partners and any reduction in this trading may have an adverse impact on the Fund’s investments.

8. Concentration of Ownership

From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At May 31, 2026, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding: Trust has entered

 

     

Approximate

Percent of

Outstanding

Shares Held

  

Xtrackers Nifty 500 India ETF

      48%   

9. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF and Xtrackers Nifty 500 India ETF, and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at May 31, 2026.

 

40   |  DBX ETF Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders of

Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, Xtrackers Nifty 500 India ETF and the Board of Trustees of DBX ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF and Xtrackers Nifty 500 India ETF (collectively referred to as the “Funds”), (three of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of May 31, 2026, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (three of the funds constituting DBX ETF Trust) at May 31, 2026, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

 

Individual fund constituting the DBX ETF Trust   Statement of operations   Statements of changes in net assets   Financial highlights

Xtrackers Harvest CSI 300 China A-Shares ETF

 

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

   For the year ended May 31, 2026   For each of the two years in the period ended May 31, 2026   For each of the five years in the period ended May 31, 2026
Xtrackers Nifty 500 India ETF   For the period November 25, 2025 (commencement of operations) through May 31, 2026

Basis for Opinion

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

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

 

DBX ETF Trust  |  41

Report of Independent Registered Public Accounting Firm (Continued)

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2026, by correspondence with the custodian, brokers and others; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

LOGO     

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

New York, New York

July 27, 2026

 

42  |  DBX ETF Trust

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

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

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT WITH DBX ADVISORS LLC AND INVESTMENT SUB-ADVISORY AGREEMENT WITH HARVEST GLOBAL INVESTMENTS LIMITED

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on May 12-13, 2026 (the “Meeting”) the Trustees, all of whom are Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement and Investment Sub-Advisory Agreement with respect to Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (each a “Fund,” and collectively, the “Funds”) for another annual period ending May 31, 2027. 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 and the Investment Sub-Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) and Harvest Global Investments Limited (“Harvest” or the “Sub-Advisor”) for purposes of reviewing the Investment Advisory Agreement’s and Investment Sub-Advisory Agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) each Fund’s tracking error as compared to its underlying index over the previous five years. The Independent Trustees met with representatives of the Advisor on May 12, 2026 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held during the Meeting.

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

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

In reaching its decision to approve the continuation of the Investment Sub-Advisory Agreement for another annual period, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the performance of Harvest with respect to its management of the Funds, as well as Harvest’s financial resources and its resulting ability to perform its obligations under the Investment Sub-Advisory Agreement; (3) the total cost of the services provided by Harvest from its relationship with the Funds; (4) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (5) fall out benefits, if any, enjoyed by the Sub-Advisor.

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

 

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

 

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

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

The Board considered that the Advisor provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Advisor pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its DWS Group affiliates, except as may otherwise be determined by the Board. The Board also considered that the Advisor arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operation. The Board also considered the role played by the Advisor in working with Harvest to manage the Funds’ portfolios, noting that the Advisor provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Funds. The Board considered the information regarding each Fund’s tracking error compared to its underlying index that had been provided by the Advisor and by Broadridge. The Board took note of the detailed information provided by the Advisor throughout the year with respect to each Fund’s tracking error and the sources thereof. The Trustees noted that tracking error for each Fund during the year was in an expected range.

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

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

Reasonableness of Advisory Fee. The Board compared each Fund’s advisory fee and total expenses to those of the other ETFs in its Peer Group. The Board noted that due to the special characteristics of the Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Group and the information in the Broadridge report accordingly may or may not provide meaningful direct comparisons to the Funds. The Board considered that each Fund’s advisory fees and total expenses were above the average and median of the Peer Group. The Board noted that not all funds in the Peer Group were sub-advised and that Harvest’s local market capabilities provided the Funds with the widest feasible range of means to access A-shares. The Board also considered that each Fund’s total expenses were equal to the median of the Peer Group when expense waivers were excluded. The Board accordingly noted that each Fund’s fee is competitive with the fees of the Peer Group.

The Board considered that the fee for the Funds is a unitary fee pursuant to which the Advisor pays all of the Funds’ operating expenses (subject to certain specified exceptions). The Board considered that each Fund’s fee had been priced to scale when it was established. The Board also considered that the Funds’ portfolios are managed on a day-to-day basis by the Sub-Advisor, which receives a fee from the Advisor. The Board considered the allocation of responsibilities between the Advisor and Sub-Advisor and noted that the Advisor provides oversight of day-to-day operations, including

 

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

 

monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee is reasonable in light of the services provided.

Costs of Services and Profitability. The Board considered the expenses of the Advisor in developing and rendering services to the Funds and the information provided by the Advisor to the Board regarding the Funds’ profitability. The Board considered that the Advisor had provided extensive information about the Advisor’s profitability and the Advisor’s methodology in determining profitability. While the Advisor had provided information about the Advisor’s expenses relating to marketing the Funds, the Board considered the Advisor’s profitability without accounting for such expenses. The Board determined that only Xtrackers Harvest CSI 300 China A-Shares ETF was profitable at this time and the Advisor’s profitability with respect to the Fund was not excessive. The Board considered whether the Advisor would benefit in other ways from its relationship with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.

Economies of Scale. The Board considered that Xtrackers Harvest CSI 300 China A-Shares ETF had attracted a substantial amount of assets, but determined that the Fund was not experiencing economies of scale beyond what was reflected in the Fund’s unitary fee, which the Board noted was competitive. The Board considered that Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF was not experiencing economies of scale at this time and determined to revisit this matter after the Fund had attracted more assets. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisors can share benefits of economies of scale.

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

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

Nature, Extent and Quality of Services. In considering the nature, extent and quality of services that Harvest provides to the Funds, the Board reviewed in detail the nature, extent and quality of services provided by Harvest under the Investment Sub-Advisory Agreement. In doing so, the Board considered the information it had received from, and discussions the Board and the Advisor had with, the Sub-Advisor during the prior year, in addition to the information the Sub-Advisor had provided in response to the Board’s requests prior to the Meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities.

The Board also considered Harvest’s operational capabilities and resources, and its experience in serving as investment sub-advisor to the Funds. The Board considered the professional experience, qualifications and performance of Harvest’s senior management and key professional personnel, as well as Harvest’s depth and breadth of experience in managing investment portfolios consisting of A-shares, and their techniques for implementing such strategies while minimizing index tracking error. The Board also noted that the Chinese authorities had abolished the quotas under the Renminbi Qualified Foreign Institutional Investor program, but that it remained in the Funds’ best interests to continue utilizing Harvest as the Funds’ sub-advisor and that Harvest’s local market capabilities provided the Funds with the widest feasible range of means to access A-shares. In addition, the Board considered Harvest’s operational capabilities and resources, and Harvest’s experience in managing index funds covering various asset classes. The Board also noted Harvest’s processes to minimize the cost of trading.

Based on its review, the Board concluded that the nature, extent, and quality of services provided by Harvest under the Investment Sub-Advisory Agreement are reasonable and appropriate in relation to the fees paid to Harvest, taking special consideration of the fact that the fees paid to Harvest are payable by the Advisor and not the Funds.

Performance of Harvest; Harvest’s Financial Resources. The Board considered Harvest’s performance in managing the Funds and its ability to minimize tracking error, taking note of the detailed information provided by the Advisor throughout the year with respect to each Fund’s tracking error and the sources thereof. The Board concluded that, given Harvest’s capabilities and experience in managing the Funds, Harvest had generally been able to keep the Funds’ tracking error within acceptable ranges.

 

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

 

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

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

Costs of Services and Profitability. The Board further considered that specific information about Harvest’s profitability with respect to its services provided to the Funds was not available because Harvest receives a fixed fee which is computed as a percentage of each Fund’s advisory fees and does not calculate the profitability of its sub-advisory services on a per-Fund level. The Board also considered that the overall fees paid by each Fund remained reasonable.

The Board also considered whether Harvest would benefit in other ways from its relationship with the Funds. The Board noted Harvest’s practices regarding the selection and compensation of brokers and dealers that execute portfolio transactions for the Funds and the brokers’ and dealers’ provision of brokerage services to Harvest. The Board concluded that any fall-out benefits to Harvest were reasonable.

Economies of Scale. The Board considered that Xtrackers Harvest CSI 300 China A-Shares ETF had attracted a substantial amount of assets, but determined that the Fund was not experiencing economies of scale beyond what was reflected in the Fund’s unitary fee, which the Board noted was competitive. The Board considered that Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF was not experiencing economies of scale at this time and determined to revisit this matter after the Fund had attracted more assets. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisors can share benefits of economies of scale.

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

 

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

 

Xtrackers Nifty 500 India ETF

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT WITH DBX ADVISORS LLC

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on May 12-13, 2026 (the “Meeting”), the Trustees, all of whom are Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers Nifty 500 India ETF (the “Fund”) for another annual period ending on May 31, 2027. The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the Investment Advisory Agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding fee and expense information for the Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (the “Peer Group”). The Independent Trustees met with representatives of the Advisor on May 12, 2026 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held during the Meeting.

The Independent Trustees also noted that they had received and took 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 periodic reports on brokerage commissions, portfolio execution and other services provided to the Fund.

In reaching its decision to approve the continuation of the Investment Advisory Agreement for another annual period, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the 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 during the prior year, in addition to the information the Advisor had provided in response to the Board’s requests prior to the Meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Fund, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Advisor, including portfolio management.

The Board considered that the Advisor provides, at its own expense, office facilities and equipment for use by the Fund and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Advisor pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Advisor arranges for the provision of transfer 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

 

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

 

portfolio 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. 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 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 the Fund, there were limitations faced by Broadridge in providing comparable funds in the Peer Group and the information in the Broadridge report accordingly may or may not provide meaningful direct comparisons to the Fund. The Board also noted that the advisory fees and total expenses (after waivers/reimbursements, as applicable) for the Fund were below the average and/or median of the ETFs in the Fund’s Peer Group.

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 operating expenses (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 the Fund was not profitable at this time. The Board considered whether the Advisor would benefit in other ways from its relationship 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 was not experiencing economies of scale at this time and determined to revisit this matter after the Fund had attracted more assets. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisors can share benefits of economies of scale.

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

 

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Tax Information (Unaudited)

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

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its period ended May 31, 2026.

 

      Qualified Dividend
Income*

Xtrackers Harvest CSI 300 China A-Shares ETF

     100%

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

      80%

Xtrackers Nifty 500 India ETF

      80%

 

*

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

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

 

      Gross Foreign
Income		      Foreign Taxes Paid  

Xtrackers Harvest CSI 300 China A-Shares ETF

    $  52,460,962           $    5,239,547     

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

      444,307           44,094     

Xtrackers Nifty 500 India ETF

      37,837           3,831     

 

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