DBX ETF Trust

Xtrackers Artificial Intelligence and Big Data ETF

XAIX: Nasdaq Stock Market

Annual Shareholder Report — May 31, 2025

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
XAIX	$32^{Footnote Reference(a)}	0.35%^{Footnote Reference(b)}

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

^(b) Annualized.

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

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

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

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

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

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

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

Fund Performance

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

Chart displaying hypothetical investment of ten thousand dollars over a period of ten years, or since Fund's inception.

	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

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

Average Annual Total Returns

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

Key Fund Statistics

Net Assets ($)	42,484,460
Number of Portfolio Holdings	94
Portfolio Turnover Rate (%)	11
Total Net Advisory Fees Paid ($)	69,255

What did the Fund invest in?

Holdings-based data is subject to change.

Ten Largest Equity Holdings

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

Sector Allocation

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

Additional Information

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

Householding

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

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

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

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

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

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

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

XAIX-TSRA

R-106209-1 (7/25) DBX006673 (07/26)

Xtrackers Cybersecurity Select Equity ETF

PSWD: Nasdaq Stock Market

Annual Shareholder Report — May 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

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

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

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

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

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

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

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

Fund Performance

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

	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

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	7,815,324
Number of Portfolio Holdings	52
Portfolio Turnover Rate (%)	49
Total Net Advisory Fees Paid ($)	13,218

What did the Fund invest in?

Holdings-based data is subject to change.

Ten Largest Equity Holdings

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

Sector Allocation

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

Additional Information

Householding

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

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

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

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

PSWD-TSRA

R-101067-2 (7/25) DBX006675 (07/26)

Xtrackers International Real Estate ETF

HAUZ: NYSE Arca, Inc.

Annual Shareholder Report — May 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

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

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

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

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

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

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

The Fund returned 10.39% for the period ended May 31, 2025. The Fund's underlying index returned 10.16% and the Fund's broad-based index the MSCI ACWI ex USA Index returned 13.75% during the same period.

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

Fund Performance

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

	Xtrackers International Real Estate ETF - NAV	iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index (the Underlying Index)	MSCI ACWI ex USA Index
'15	$10,000	$10,000	$10,000
'15	$9,648	$9,614	$9,607
'15	$9,372	$9,324	$9,125
'15	$8,565	$8,558	$8,198
'15	$8,389	$8,397	$8,009
'15	$8,915	$8,899	$8,614
'15	$8,702	$8,682	$8,398
'15	$8,706	$8,707	$8,423
'16	$8,112	$8,132	$7,763
'16	$8,050	$8,061	$7,693
'16	$8,644	$8,659	$8,582
'16	$8,636	$8,657	$8,576
'16	$8,702	$8,724	$8,443
'16	$8,758	$8,774	$8,622
'16	$9,124	$9,169	$9,102
'16	$9,325	$9,365	$9,291
'16	$9,400	$9,464	$9,457
'16	$9,317	$9,383	$9,300
'16	$9,250	$9,319	$9,093
'16	$9,231	$9,298	$8,991
'17	$9,554	$9,641	$9,513
'17	$9,766	$9,871	$9,841
'17	$10,022	$10,138	$10,144
'17	$10,226	$10,347	$10,303
'17	$10,472	$10,598	$10,578
'17	$10,642	$10,784	$10,773
'17	$11,033	$11,194	$11,330
'17	$11,168	$11,339	$11,445
'17	$11,194	$11,371	$11,412
'17	$11,638	$11,834	$11,875
'17	$11,644	$11,846	$11,948
'17	$11,868	$12,092	$12,317
'18	$12,538	$12,764	$13,144
'18	$12,075	$12,314	$12,523
'18	$11,800	$12,036	$12,228
'18	$12,005	$12,267	$12,367
'18	$11,959	$12,219	$12,265
'18	$11,674	$11,939	$11,804
'18	$11,798	$12,072	$11,931
'18	$11,737	$12,037	$11,798
'18	$11,571	$11,870	$11,635
'18	$10,524	$10,803	$10,441
'18	$10,829	$11,119	$10,907
'18	$10,589	$10,871	$10,602
'19	$11,281	$11,592	$11,374
'19	$11,502	$11,857	$10,500
'19	$11,911	$12,287	$10,562
'19	$11,710	$12,078	$10,841
'19	$11,625	$11,995	$10,260
'19	$12,008	$12,383	$10,877
'19	$11,935	$12,307	$10,746
'19	$11,887	$12,251	$10,414
'19	$12,101	$12,473	$10,682
'19	$12,492	$12,876	$11,054
'19	$12,434	$12,816	$11,152
'19	$12,826	$13,217	$11,635
'20	$12,716	$13,108	$11,322
'20	$11,790	$12,152	$10,427
'20	$9,185	$9,461	$8,918
'20	$9,814	$10,106	$9,593
'20	$9,906	$10,198	$9,907
'20	$10,128	$10,416	$10,355
'20	$10,323	$10,616	$10,817
'20	$10,820	$11,127	$11,280
'20	$10,514	$10,814	$11,002
'20	$10,158	$10,447	$10,766
'20	$11,586	$11,919	$12,214
'20	$12,024	$12,365	$12,874
'21	$11,816	$12,151	$12,902
'21	$12,104	$12,445	$13,158
'21	$12,291	$12,633	$13,324
'21	$12,717	$13,068	$13,716
'21	$13,098	$13,459	$14,130
'21	$13,051	$13,405	$14,054
'21	$13,196	$13,553	$13,822
'21	$13,420	$13,777	$14,085
'21	$12,832	$13,183	$13,634
'21	$13,200	$13,557	$13,959
'21	$12,733	$13,081	$13,331
'21	$13,148	$13,498	$13,881
'22	$12,679	$13,015	$13,370
'22	$12,462	$12,802	$13,105
'22	$12,635	$12,968	$13,126
'22	$11,851	$12,159	$12,302
'22	$11,622	$11,916	$12,390
'22	$10,540	$10,806	$11,324
'22	$11,077	$11,357	$11,712
'22	$10,550	$10,818	$11,335
'22	$9,240	$9,464	$10,203
'22	$9,179	$9,399	$10,507
'22	$10,169	$10,412	$11,748
'22	$10,219	$10,458	$11,660
'23	$10,867	$11,121	$12,606
'23	$10,384	$10,625	$12,163
'23	$10,053	$10,288	$12,461
'23	$10,311	$10,553	$12,677
'23	$9,669	$9,893	$12,216
'23	$9,835	$10,060	$12,764
'23	$10,375	$10,615	$13,283
'23	$10,009	$10,239	$12,683
'23	$9,597	$9,821	$12,283
'23	$9,107	$9,320	$11,776
'23	$10,038	$10,277	$12,836
'23	$10,891	$11,152	$13,481
'24	$10,499	$10,753	$13,347
'24	$10,297	$10,547	$13,685
'24	$10,781	$11,043	$14,092
'24	$10,422	$10,675	$13,859
'24	$10,531	$10,778	$14,262
'24	$10,241	$10,475	$14,248
'24	$10,827	$11,078	$14,578
'24	$11,399	$11,663	$14,993
'24	$11,952	$12,235	$15,397
'24	$11,027	$11,281	$14,641
'24	$10,893	$11,141	$14,509
'24	$10,314	$10,541	$14,227
'25	$10,545	$10,775	$14,800
'25	$10,529	$10,751	$15,006
'25	$10,533	$10,759	$14,971
'25	$11,254	$11,495	$15,512
'25	$11,625	$11,874	$16,223

Yearly periods ended May 31

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

Average Annual Total Returns

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

Key Fund Statistics

Net Assets ($)	824,687,814
Number of Portfolio Holdings	387
Portfolio Turnover Rate (%)	8
Total Net Advisory Fees Paid ($)	737,455

What did the Fund invest in?

Holdings-based data is subject to change.

Ten Largest Equity Holdings

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

Sector Allocation

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

Geographical Diversification

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

Material Fund Changes

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

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

Additional Information

Householding

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.

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

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

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

HAUZ-TSRA

R-101068-2 (7/25) DBX006678 (07/26)

Xtrackers Semiconductor Select Equity ETF

CHPS: Nasdaq Stock Market

Annual Shareholder Report — May 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

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

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

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

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

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

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

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

Fund Performance

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

	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

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	6,975,779
Number of Portfolio Holdings	54
Portfolio Turnover Rate (%)	19
Total Net Advisory Fees Paid ($)	10,872

What did the Fund invest in?

Holdings-based data is subject to change.

Ten Largest Equity Holdings

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

Sector Allocation

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

Additional Information

Householding

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.

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

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

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

CHPS-TSRA

R-101069-2 (7/25) DBX006687 (07/26)

Xtrackers US Green Infrastructure Select Equity ETF

UPGR: Nasdaq Stock Market

Annual Shareholder Report — May 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

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

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

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

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

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

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

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

Fund Performance

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

S&P Composite 1500^® 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

	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

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	3,829,011
Number of Portfolio Holdings	46
Portfolio Turnover Rate (%)	60
Total Net Advisory Fees Paid ($)	14,201

What did the Fund invest in?

Holdings-based data is subject to change.

Ten Largest Equity Holdings

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

Sector Allocation

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

Additional Information

Householding

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

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

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

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

UPGR-TSRA

R-101070-2 (7/25) DBX006689 (07/26)

Xtrackers US National Critical Technologies ETF

CRTC: NYSE Arca, Inc.

Annual Shareholder Report — May 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

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

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

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

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

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

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

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

Fund Performance

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

	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

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	112,124,556
Number of Portfolio Holdings	225
Portfolio Turnover Rate (%)	29
Total Net Advisory Fees Paid ($)	242,221

What did the Fund invest in?

Holdings-based data is subject to change.

Ten Largest Equity Holdings

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

Sector Allocation

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

Additional Information

Householding

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.

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

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

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

CRTC-TSRA

R-101071-2 (7/25) DBX006690 (07/26)

Xtrackers Harvest CSI 300 China A‑Shares ETF

ASHR: NYSE Arca, Inc.

Annual Shareholder Report — May 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

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

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

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

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

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

The Fund returned 9.72% for the period ended May 31, 2025. The Fund's underlying index returned 11.30% and the Fund's broad-based index the MSCI ACWI ex USA Index returned 13.75% during the same period.

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

Fund Performance

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

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

	Xtrackers Harvest CSI 300 China A-Shares ETF - NAV	CSI 300 Index (the Underlying Index)	MSCI ACWI ex USA Index
'15	$10,000	$10,000	$10,000
'15	$9,275	$9,268	$9,721
'15	$7,911	$7,952	$9,694
'15	$6,635	$6,831	$8,953
'15	$6,407	$6,526	$8,538
'15	$7,170	$7,236	$9,174
'15	$7,136	$7,222	$8,984
'15	$7,324	$7,443	$8,815
'16	$5,699	$5,804	$8,215
'16	$5,606	$5,695	$8,121
'16	$6,403	$6,450	$8,782
'16	$6,250	$6,317	$9,013
'16	$6,190	$6,253	$8,861
'16	$6,135	$6,203	$8,725
'16	$6,349	$6,351	$9,157
'16	$6,542	$6,580	$9,215
'16	$6,406	$6,447	$9,328
'16	$6,461	$6,514	$9,194
'16	$6,716	$6,792	$8,982
'16	$6,221	$6,269	$9,211
'17	$6,504	$6,509	$9,538
'17	$6,601	$6,647	$9,690
'17	$6,588	$6,632	$9,935
'17	$6,536	$6,597	$10,148
'17	$6,786	$6,785	$10,477
'17	$7,142	$7,213	$10,510
'17	$7,384	$7,462	$10,897
'17	$7,709	$7,792	$10,954
'17	$7,674	$7,744	$11,158
'17	$8,027	$8,138	$11,368
'17	$8,038	$8,162	$11,460
'17	$8,199	$8,335	$11,716
'18	$8,981	$9,140	$12,369
'18	$8,400	$8,561	$11,785
'18	$8,193	$8,338	$11,560
'18	$7,839	$7,977	$11,762
'18	$7,829	$8,013	$11,490
'18	$7,032	$7,204	$11,275
'18	$6,918	$7,051	$11,544
'18	$6,539	$6,693	$11,303
'18	$6,719	$6,854	$11,354
'18	$6,072	$6,213	$10,431
'18	$6,137	$6,273	$10,529
'18	$5,899	$6,032	$10,052
'19	$6,413	$6,559	$10,812
'19	$7,352	$7,537	$11,024
'19	$7,728	$7,910	$11,089
'19	$7,793	$7,976	$11,382
'19	$7,043	$7,247	$10,771
'19	$7,526	$7,731	$11,420
'19	$7,549	$7,779	$11,282
'19	$7,227	$7,434	$10,933
'19	$7,278	$7,499	$11,215
'19	$7,509	$7,733	$11,606
'19	$7,411	$7,627	$11,708
'19	$7,997	$8,234	$12,215
'20	$7,024	$8,094	$11,887
'20	$7,664	$7,881	$10,947
'20	$7,049	$7,283	$9,362
'20	$7,495	$7,779	$10,072
'20	$7,362	$7,600	$10,401
'20	$8,037	$8,332	$10,872
'20	$9,217	$9,565	$11,356
'20	$9,656	$10,016	$11,842
'20	$9,289	$9,606	$11,551
'20	$9,628	$10,010	$11,303
'20	$10,344	$10,739	$12,823
'20	$10,991	$11,384	$13,516
'21	$11,356	$11,825	$13,546
'21	$11,263	$11,782	$13,814
'21	$10,519	$10,988	$13,989
'21	$10,827	$11,317	$14,400
'21	$11,444	$11,941	$14,835
'21	$11,100	$11,635	$14,755
'21	$10,282	$10,765	$14,511
'21	$10,310	$10,776	$14,787
'21	$10,444	$10,910	$14,314
'21	$10,613	$11,142	$14,655
'21	$10,511	$10,999	$13,996
'21	$10,752	$11,243	$14,574
'22	$9,911	$10,407	$14,037
'22	$10,022	$10,530	$13,759
'22	$9,178	$9,657	$13,781
'22	$8,346	$8,835	$12,916
'22	$8,492	$8,934	$13,008
'22	$9,341	$9,804	$11,889
'22	$8,666	$9,118	$12,296
'22	$8,300	$8,732	$11,901
'22	$7,478	$7,923	$10,712
'22	$6,702	$7,121	$11,032
'22	$7,669	$7,964	$12,334
'22	$7,851	$8,242	$12,242
'23	$8,633	$9,111	$13,235
'23	$8,202	$8,684	$12,770
'23	$8,239	$8,739	$13,082
'23	$8,102	$8,628	$13,309
'23	$7,449	$7,936	$12,826
'23	$7,451	$7,928	$13,401
'23	$7,974	$8,469	$13,946
'23	$7,345	$7,802	$13,316
'23	$7,179	$7,634	$12,895
'23	$6,901	$7,382	$12,363
'23	$6,942	$7,421	$13,476
'23	$6,825	$7,326	$14,153
'24	$6,325	$6,778	$14,013
'24	$6,903	$7,400	$14,367
'24	$6,861	$7,376	$14,795
'24	$7,039	$7,541	$14,551
'24	$6,989	$7,506	$14,973
'24	$6,760	$7,288	$14,959
'24	$6,858	$7,363	$15,305
'24	$6,753	$7,258	$15,741
'24	$8,269	$8,886	$16,165
'24	$7,842	$8,488	$15,372
'24	$7,739	$8,418	$15,233
'24	$7,682	$8,389	$14,937
'25	$7,489	$8,191	$15,538
'25	$7,664	$8,324	$15,754
'25	$7,692	$8,362	$15,718
'25	$7,458	$8,102	$16,286
'25	$7,668	$8,354	$17,032

Yearly periods ended May 31

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	2,014,675,761
Number of Portfolio Holdings	285
Portfolio Turnover Rate (%)	143
Total Net Advisory Fees Paid ($)	14,257,775

What did the Fund invest in?

Holdings-based data is subject to change.

Ten Largest Equity Holdings

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

Sector Allocation

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

Additional Information

Householding

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.

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

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

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

ASHR-TSRA

R-101064-2 (7/25) DBX006676 (07/26)

Xtrackers Harvest CSI 500 China A‑Shares Small Cap ETF

ASHS: NYSE Arca, Inc.

Annual Shareholder Report — May 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

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

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

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

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

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

The Fund returned 8.21% for the period ended May 31, 2025. The Fund's underlying index returned 9.48% and the Fund's broad-based index the MSCI ACWI ex USA Index returned 13.75% during the same period.

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

Fund Performance

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

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

	Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF - NAV	CSI 500 Index (the Underlying Index)	MSCI ACWI ex USA Index
'15	$10,000	$10,000	$10,000
'15	$8,884	$8,944	$9,721
'15	$7,351	$7,762	$9,694
'15	$5,856	$6,436	$8,953
'15	$5,495	$6,011	$8,538
'15	$6,643	$6,987	$9,174
'15	$6,854	$7,227	$8,984
'15	$6,951	$7,321	$8,815
'16	$4,882	$5,190	$8,215
'16	$4,805	$5,100	$8,121
'16	$5,729	$5,942	$8,782
'16	$5,554	$5,767	$9,013
'16	$5,463	$5,648	$8,861
'16	$5,574	$5,782	$8,725
'16	$5,665	$5,856	$9,157
'16	$5,822	$6,050	$9,215
'16	$5,732	$5,959	$9,328
'16	$5,752	$5,986	$9,194
'16	$5,757	$6,008	$8,982
'16	$5,401	$5,648	$9,211
'17	$5,479	$5,682	$9,538
'17	$5,661	$5,901	$9,690
'17	$5,603	$5,836	$9,935
'17	$5,414	$5,661	$10,148
'17	$5,191	$5,374	$10,477
'17	$5,468	$5,722	$10,510
'17	$5,665	$5,924	$10,897
'17	$5,930	$6,205	$10,954
'17	$5,994	$6,266	$11,158
'17	$5,968	$6,263	$11,368
'17	$5,696	$5,998	$11,460
'17	$5,770	$6,077	$11,716
'18	$5,903	$6,219	$12,369
'18	$5,700	$6,024	$11,785
'18	$5,759	$6,074	$11,560
'18	$5,543	$5,851	$11,762
'18	$5,384	$5,703	$11,490
'18	$4,706	$5,019	$11,275
'18	$4,572	$4,854	$11,544
'18	$4,221	$4,505	$11,303
'18	$4,200	$4,457	$11,354
'18	$3,687	$3,920	$10,431
'18	$3,808	$4,030	$10,529
'18	$3,676	$3,889	$10,052
'19	$3,768	$3,985	$10,812
'19	$4,532	$4,806	$11,024
'19	$4,984	$5,276	$11,089
'19	$4,760	$5,038	$11,382
'19	$4,292	$4,566	$10,771
'19	$4,366	$4,653	$11,420
'19	$4,310	$4,604	$11,282
'19	$4,144	$4,420	$10,933
'19	$4,200	$4,487	$11,215
'19	$4,233	$4,520	$11,606
'19	$4,222	$4,505	$11,708
'19	$4,589	$4,891	$12,215
'20	$4,209	$5,022	$11,887
'20	$4,731	$5,038	$10,947
'20	$4,303	$4,602	$9,362
'20	$4,579	$4,918	$10,072
'20	$4,593	$4,907	$10,401
'20	$5,044	$5,406	$10,872
'20	$5,734	$6,153	$11,356
'20	$5,929	$6,359	$11,842
'20	$5,558	$5,943	$11,551
'20	$5,554	$5,971	$11,303
'20	$5,839	$6,269	$12,823
'20	$5,947	$6,371	$13,516
'21	$5,976	$6,423	$13,546
'21	$5,955	$6,436	$13,814
'21	$5,778	$6,236	$13,989
'21	$6,076	$6,560	$14,400
'21	$6,369	$6,861	$14,835
'21	$6,413	$6,952	$14,755
'21	$6,396	$6,929	$14,511
'21	$6,854	$7,432	$14,787
'21	$6,717	$7,275	$14,314
'21	$6,673	$7,276	$14,655
'21	$6,919	$7,539	$13,996
'21	$7,015	$7,649	$14,574
'22	$6,267	$6,853	$14,037
'22	$6,576	$7,193	$13,759
'22	$6,029	$6,606	$13,781
'22	$5,134	$5,654	$12,916
'22	$5,485	$6,020	$13,008
'22	$5,901	$6,453	$11,889
'22	$5,727	$6,277	$12,296
'22	$5,481	$6,003	$11,901
'22	$4,916	$5,418	$10,712
'22	$4,847	$5,364	$11,032
'22	$5,360	$5,791	$12,334
'22	$5,203	$5,675	$12,242
'23	$5,712	$6,265	$13,235
'23	$5,610	$6,165	$12,770
'23	$5,654	$6,216	$13,082
'23	$5,526	$6,073	$13,309
'23	$5,226	$5,756	$12,826
'23	$5,100	$5,624	$13,401
'23	$5,285	$5,809	$13,946
'23	$4,892	$5,373	$13,316
'23	$4,837	$5,318	$12,895
'23	$4,669	$5,157	$12,363
'23	$4,813	$5,313	$13,476
'23	$4,723	$5,228	$14,153
'24	$4,054	$4,466	$14,013
'24	$4,601	$5,075	$14,367
'24	$4,459	$4,935	$14,795
'24	$4,650	$5,131	$14,551
'24	$4,545	$5,030	$14,973
'24	$4,244	$4,700	$14,959
'24	$4,247	$4,690	$15,305
'24	$4,113	$4,541	$15,741
'24	$5,142	$5,688	$16,165
'24	$5,156	$5,761	$15,372
'24	$5,030	$5,626	$15,233
'24	$4,862	$5,457	$14,937
'25	$4,763	$5,353	$15,538
'25	$5,020	$5,597	$15,754
'25	$5,037	$5,625	$15,718
'25	$4,837	$5,396	$16,286
'25	$4,918	$5,507	$17,032

Yearly periods ended May 31

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	26,870,539
Number of Portfolio Holdings	489
Portfolio Turnover Rate (%)	79
Total Net Advisory Fees Paid ($)	181,855

What did the Fund invest in?

Holdings-based data is subject to change.

Ten Largest Equity Holdings

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

Sector Allocation

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

Additional Information

Householding

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.

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

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

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

ASHS-TSRA

R-101065-2 (7/25) DBX006677 (07/26)

Xtrackers MSCI All World ex US Hedged Equity ETF

DBAW: NYSE Arca, Inc.

Annual Shareholder Report — May 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

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

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

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

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

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

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

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

Fund Performance

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

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

	Xtrackers MSCI All World ex US Hedged Equity ETF - NAV	MSCI ACWI ex USA US Dollar Hedged Index (the Underlying Index)	MSCI ACWI ex USA Index
'15	$10,000	$10,000	$10,000
'15	$9,600	$9,604	$9,721
'15	$9,741	$9,751	$9,694
'15	$9,022	$9,046	$8,953
'15	$8,659	$8,671	$8,538
'15	$9,256	$9,276	$9,174
'15	$9,279	$9,307	$8,984
'15	$9,044	$9,082	$8,815
'16	$8,553	$8,595	$8,215
'16	$8,329	$8,368	$8,121
'16	$8,686	$8,732	$8,782
'16	$8,784	$8,826	$9,013
'16	$8,883	$8,933	$8,861
'16	$8,667	$8,712	$8,725
'16	$9,057	$9,112	$9,157
'16	$9,181	$9,235	$9,215
'16	$9,209	$9,275	$9,328
'16	$9,297	$9,373	$9,194
'16	$9,316	$9,418	$8,982
'16	$9,626	$9,730	$9,211
'17	$9,726	$9,836	$9,538
'17	$9,906	$10,022	$9,690
'17	$10,127	$10,248	$9,935
'17	$10,293	$10,412	$10,148
'17	$10,504	$10,622	$10,477
'17	$10,480	$10,603	$10,510
'17	$10,653	$10,784	$10,897
'17	$10,710	$10,846	$10,954
'17	$10,945	$11,090	$11,157
'17	$11,292	$11,445	$11,367
'17	$11,230	$11,390	$11,460
'17	$11,407	$11,574	$11,716
'18	$11,692	$11,867	$12,368
'18	$11,300	$11,477	$11,785
'18	$11,070	$11,241	$11,560
'18	$11,469	$11,654	$11,762
'18	$11,392	$11,574	$11,491
'18	$11,325	$11,504	$11,275
'18	$11,598	$11,785	$11,544
'18	$11,447	$11,637	$11,303
'18	$11,528	$11,722	$11,354
'18	$10,768	$10,949	$10,431
'18	$10,856	$11,039	$10,529
'18	$10,323	$10,502	$10,052
'19	$10,975	$11,168	$10,812
'19	$11,287	$11,495	$11,024
'19	$11,452	$11,660	$11,089
'19	$11,833	$12,045	$11,382
'19	$11,247	$11,456	$10,771
'19	$11,740	$11,964	$11,420
'19	$11,775	$12,002	$11,282
'19	$11,522	$11,745	$10,933
'19	$11,859	$12,095	$11,215
'19	$12,088	$12,334	$11,606
'19	$12,309	$12,564	$11,708
'19	$12,620	$12,889	$12,215
'20	$12,409	$12,694	$11,887
'20	$11,594	$11,855	$10,947
'20	$10,143	$10,377	$9,362
'20	$10,826	$11,079	$10,072
'20	$11,157	$11,414	$10,401
'20	$11,570	$11,841	$10,872
'20	$11,730	$12,010	$11,356
'20	$12,129	$12,422	$11,842
'20	$11,976	$12,268	$11,551
'20	$11,697	$11,990	$11,303
'20	$13,040	$13,372	$12,823
'20	$13,500	$13,853	$13,516
'21	$13,622	$13,977	$13,546
'21	$13,920	$14,289	$13,814
'21	$14,365	$14,745	$13,989
'21	$14,570	$14,958	$14,400
'21	$14,875	$15,276	$14,835
'21	$15,040	$15,446	$14,755
'21	$14,804	$15,198	$14,511
'21	$15,115	$15,528	$14,787
'21	$14,837	$15,248	$14,314
'21	$15,136	$15,557	$14,655
'21	$14,736	$15,150	$13,996
'21	$15,238	$15,671	$14,574
'22	$14,812	$15,230	$14,037
'22	$14,471	$14,921	$13,759
'22	$14,621	$15,045	$13,781
'22	$14,299	$14,714	$12,916
'22	$14,290	$14,696	$13,008
'22	$13,457	$13,845	$11,889
'22	$13,949	$14,355	$12,296
'22	$13,767	$14,192	$11,901
'22	$12,854	$13,246	$10,712
'22	$13,248	$13,663	$11,032
'22	$14,326	$14,786	$12,334
'22	$13,918	$14,374	$12,242
'23	$14,853	$15,335	$13,235
'23	$14,701	$15,188	$12,770
'23	$14,859	$15,345	$13,082
'23	$15,108	$15,604	$13,309
'23	$14,863	$15,364	$12,826
'23	$15,412	$15,934	$13,401
'23	$15,854	$16,403	$13,946
'23	$15,457	$16,004	$13,316
'23	$15,259	$15,799	$12,895
'23	$14,762	$15,289	$12,363
'23	$15,670	$16,245	$13,476
'23	$16,167	$16,768	$14,153
'24	$16,299	$16,911	$14,013
'24	$16,876	$17,524	$14,367
'24	$17,502	$18,170	$14,795
'24	$17,486	$18,166	$14,551
'24	$17,844	$18,544	$14,973
'24	$17,987	$18,702	$14,959
'24	$18,200	$18,937	$15,305
'24	$18,300	$19,060	$15,741
'24	$18,609	$19,388	$16,165
'24	$18,333	$19,086	$15,372
'24	$18,372	$19,128	$15,233
'24	$18,455	$19,218	$14,937
'25	$19,116	$19,960	$15,538
'25	$19,342	$20,140	$15,754
'25	$18,996	$19,788	$15,718
'25	$18,969	$19,779	$16,286
'25	$19,798	$20,651	$17,032

Yearly periods ended May 31

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	176,998,906
Number of Portfolio Holdings	1,846
Portfolio Turnover Rate (%)	13
Total Net Advisory Fees Paid ($)	589,586

What did the Fund invest in?

Holdings-based data is subject to change.

Ten Largest Equity Holdings

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

Sector Allocation

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

Geographical Diversification

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

Additional Information

Householding

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

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

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

DBAW-TSRA

R-101072-2 (7/25) DBX006679 (07/26)

Xtrackers MSCI EAFE Hedged Equity ETF

DBEF: NYSE Arca, Inc.

Annual Shareholder Report — May 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

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

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

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

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

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

The Fund returned 9.53% for the period ended May 31, 2025. The Fund's underlying index returned 9.69% and the Fund's broad-based index the MSCI EAFE Index returned 13.33% during the same period.

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

Fund Performance

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

	Xtrackers MSCI EAFE Hedged Equity ETF - NAV	MSCI EAFE US Dollar Hedged Index (the Underlying Index)	MSCI EAFE Index
'15	$10,000	$10,000	$10,000
'15	$9,535	$9,549	$9,717
'15	$9,869	$9,884	$9,918
'15	$9,111	$9,127	$9,189
'15	$8,677	$8,693	$8,722
'15	$9,355	$9,381	$9,404
'15	$9,472	$9,502	$9,258
'15	$9,213	$9,245	$9,134
'16	$8,685	$8,719	$8,473
'16	$8,372	$8,408	$8,318
'16	$8,631	$8,668	$8,859
'16	$8,742	$8,779	$9,116
'16	$8,911	$8,948	$9,033
'16	$8,570	$8,604	$8,730
'16	$8,981	$9,020	$9,172
'16	$9,064	$9,112	$9,179
'16	$9,102	$9,150	$9,291
'16	$9,213	$9,266	$9,101
'16	$9,320	$9,381	$8,920
'16	$9,743	$9,814	$9,225
'17	$9,760	$9,835	$9,493
'17	$9,971	$10,052	$9,628
'17	$10,227	$10,307	$9,893
'17	$10,383	$10,464	$10,145
'17	$10,618	$10,698	$10,518
'17	$10,544	$10,626	$10,499
'17	$10,625	$10,711	$10,802
'17	$10,631	$10,721	$10,798
'17	$10,929	$11,023	$11,066
'17	$11,259	$11,359	$11,234
'17	$11,206	$11,312	$11,352
'17	$11,358	$11,467	$11,534
'18	$11,507	$11,623	$12,113
'18	$11,148	$11,265	$11,566
'18	$10,906	$11,016	$11,338
'18	$11,425	$11,539	$11,617
'18	$11,366	$11,483	$11,356
'18	$11,350	$11,470	$11,217
'18	$11,664	$11,794	$11,493
'18	$11,487	$11,618	$11,271
'18	$11,667	$11,804	$11,369
'18	$10,934	$11,068	$10,464
'18	$10,927	$11,066	$10,451
'18	$10,307	$10,439	$9,944
'19	$10,892	$11,036	$10,597
'19	$11,285	$11,438	$10,867
'19	$11,462	$11,615	$10,936
'19	$11,872	$12,029	$11,243
'19	$11,351	$11,499	$10,704
'19	$11,865	$12,022	$11,338
'19	$11,967	$12,129	$11,195
'19	$11,699	$11,861	$10,905
'19	$12,128	$12,299	$11,217
'19	$12,356	$12,532	$11,620
'19	$12,626	$12,811	$11,751
'19	$12,822	$13,011	$12,133
'20	$12,680	$12,872	$11,879
'20	$11,678	$11,863	$10,806
'20	$10,263	$10,420	$9,363
'20	$10,845	$11,003	$9,968
'20	$11,288	$11,455	$10,402
'20	$11,592	$11,765	$10,757
'20	$11,379	$11,552	$11,007
'20	$11,846	$12,032	$11,573
'20	$11,734	$11,922	$11,272
'20	$11,278	$11,461	$10,822
'20	$12,791	$13,001	$12,500
'20	$13,120	$13,337	$13,081
'21	$13,071	$13,293	$12,942
'21	$13,411	$13,644	$13,232
'21	$14,108	$14,353	$13,536
'21	$14,298	$14,543	$13,944
'21	$14,705	$14,953	$14,444
'21	$14,809	$15,063	$14,236
'21	$14,871	$15,129	$14,344
'21	$15,204	$15,474	$14,597
'21	$15,022	$15,284	$14,173
'21	$15,355	$15,628	$14,522
'21	$14,979	$15,249	$13,846
'21	$15,648	$15,928	$14,555
'22	$15,088	$15,364	$13,851
'22	$14,762	$15,035	$13,606
'22	$15,092	$15,369	$13,694
'22	$14,918	$15,182	$12,808
'22	$14,902	$15,164	$12,904
'22	$14,003	$12,721	$11,706
'22	$14,749	$13,400	$12,289
'22	$14,439	$13,123	$11,706
'22	$13,603	$12,363	$10,611
'22	$14,357	$13,046	$11,181
'22	$15,347	$13,956	$12,441
'22	$14,905	$13,563	$12,451
'23	$15,895	$14,464	$13,459
'23	$16,018	$14,583	$13,178
'23	$16,144	$14,692	$13,505
'23	$16,554	$15,063	$13,886
'23	$16,337	$14,865	$13,298
'23	$16,963	$15,432	$13,904
'23	$17,283	$15,730	$14,353
'23	$16,999	$15,481	$13,804
'23	$16,856	$15,348	$13,332
'23	$16,327	$14,873	$12,792
'23	$17,297	$15,771	$13,979
'23	$17,839	$16,268	$14,722
'24	$18,324	$16,716	$14,806
'24	$18,902	$17,253	$15,077
'24	$19,681	$17,957	$15,556
'24	$19,580	$17,862	$15,174
'24	$20,114	$18,346	$15,762
'24	$20,043	$18,284	$15,508
'24	$20,236	$18,467	$15,963
'24	$20,359	$18,585	$16,482
'24	$20,323	$18,553	$16,634
'24	$20,058	$18,320	$15,729
'24	$20,204	$18,457	$15,640
'24	$20,328	$18,569	$15,284
'25	$21,340	$19,499	$16,088
'25	$21,572	$19,717	$16,400
'25	$21,005	$19,193	$16,333
'25	$21,007	$19,194	$17,082
'25	$22,031	$20,124	$17,863

Yearly periods ended May 31

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	8,031,260,664
Number of Portfolio Holdings	698
Portfolio Turnover Rate (%)	12
Total Net Advisory Fees Paid ($)	23,771,276

What did the Fund invest in?

Holdings-based data is subject to change.

Ten Largest Equity Holdings

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

Sector Allocation

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

Geographical Diversification

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

Additional Information

Householding

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

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

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

DBEF-TSRA

R-101066-2 (7/25) DBX006680 (07/26)

Xtrackers MSCI Emerging Markets Hedged Equity ETF

DBEM: NYSE Arca, Inc.

Annual Shareholder Report — May 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

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

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

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

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

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

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

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

Fund Performance

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

	Xtrackers MSCI Emerging Markets Hedged Equity ETF - NAV	MSCI EM US Dollar Hedged Index (the Underlying Index)	MSCI Emerging Markets Index
'15	$10,000	$10,000	$10,000
'15	$9,728	$9,751	$9,740
'15	$9,257	$9,309	$9,065
'15	$8,619	$8,693	$8,245
'15	$8,443	$8,521	$7,997
'15	$8,904	$8,969	$8,568
'15	$8,646	$8,708	$8,233
'15	$8,485	$8,598	$8,050
'16	$8,025	$8,137	$7,528
'16	$8,030	$8,127	$7,515
'16	$8,702	$8,817	$8,510
'16	$8,674	$8,790	$8,556
'16	$8,568	$8,701	$8,237
'16	$8,709	$8,825	$8,566
'16	$9,028	$9,183	$8,997
'16	$9,246	$9,415	$9,221
'16	$9,246	$9,436	$9,339
'16	$9,269	$9,472	$9,362
'16	$9,010	$9,250	$8,931
'16	$9,003	$9,243	$8,950
'17	$9,339	$9,598	$9,440
'17	$9,470	$9,745	$9,729
'17	$9,629	$9,918	$9,975
'17	$9,825	$10,135	$10,193
'17	$10,040	$10,371	$10,495
'17	$10,185	$10,526	$10,600
'17	$10,658	$11,031	$11,232
'17	$10,867	$11,248	$11,483
'17	$10,898	$11,286	$11,437
'17	$11,295	$11,711	$11,838
'17	$11,180	$11,601	$11,862
'17	$11,457	$11,882	$12,287
'18	$12,231	$12,686	$13,311
'18	$11,736	$12,189	$12,698
'18	$11,500	$11,936	$12,444
'18	$11,625	$12,083	$12,406
'18	$11,354	$11,816	$11,967
'18	$11,067	$11,524	$11,470
'18	$11,250	$11,715	$11,722
'18	$11,171	$11,644	$11,405
'18	$11,029	$11,502	$11,344
'18	$10,171	$10,614	$10,356
'18	$10,463	$10,931	$10,783
'18	$10,187	$10,653	$10,496
'19	$10,918	$11,426	$11,416
'19	$11,017	$11,547	$11,442
'19	$11,156	$11,701	$11,538
'19	$11,416	$11,992	$11,781
'19	$10,653	$11,201	$10,926
'19	$11,138	$11,715	$11,608
'19	$11,010	$11,592	$11,466
'19	$10,727	$11,297	$10,907
'19	$10,872	$11,457	$11,115
'19	$11,185	$11,798	$11,584
'19	$11,236	$11,859	$11,568
'19	$11,866	$12,540	$12,431
'20	$11,414	$12,125	$11,852
'20	$11,009	$11,664	$11,227
'20	$9,642	$10,218	$9,498
'20	$10,481	$11,120	$10,367
'20	$10,545	$11,182	$10,447
'20	$11,238	$11,918	$11,215
'20	$12,145	$12,884	$12,217
'20	$12,411	$13,154	$12,487
'20	$12,195	$12,930	$12,287
'20	$12,362	$13,114	$12,540
'20	$13,328	$14,138	$13,700
'20	$14,112	$14,996	$14,707
'21	$14,645	$15,552	$15,158
'21	$14,775	$15,702	$15,274
'21	$14,634	$15,554	$15,043
'21	$14,838	$15,791	$15,417
'21	$14,852	$15,822	$15,594
'21	$15,117	$16,104	$15,802
'21	$14,184	$15,112	$14,739
'21	$14,478	$15,437	$15,124
'21	$14,044	$14,990	$14,523
'21	$14,148	$15,103	$14,667
'21	$13,670	$14,601	$14,069
'21	$13,845	$14,796	$14,333
'22	$13,581	$14,515	$14,062
'22	$13,161	$14,184	$13,641
'22	$12,836	$13,768	$13,333
'22	$12,366	$13,276	$12,592
'22	$12,348	$13,240	$12,647
'22	$11,794	$12,641	$11,806
'22	$11,779	$12,649	$11,777
'22	$11,884	$12,793	$11,826
'22	$10,790	$11,610	$10,440
'22	$10,479	$11,300	$10,116
'22	$11,721	$12,650	$11,616
'22	$11,479	$12,387	$11,453
'23	$12,235	$13,198	$12,357
'23	$11,672	$12,593	$11,556
'23	$11,924	$12,863	$11,906
'23	$11,833	$12,773	$11,771
'23	$11,681	$12,641	$11,573
'23	$12,075	$13,072	$12,013
'23	$12,707	$13,770	$12,761
'23	$12,103	$13,134	$11,975
'23	$11,887	$12,901	$11,661
'23	$11,455	$12,434	$11,208
'23	$12,161	$13,217	$12,105
'23	$12,525	$13,635	$12,579
'24	$12,091	$13,166	$11,994
'24	$12,674	$13,830	$12,565
'24	$13,015	$14,203	$12,841
'24	$13,211	$14,442	$12,934
'24	$13,245	$14,513	$13,007
'24	$13,795	$15,135	$13,520
'24	$13,856	$15,227	$13,560
'24	$13,866	$15,289	$13,779
'24	$14,630	$16,149	$14,699
'24	$14,278	$15,695	$14,046
'24	$13,885	$15,268	$13,541
'24	$14,058	$15,447	$13,522
'25	$14,138	$15,684	$13,764
'25	$14,372	$15,793	$13,831
'25	$14,386	$15,837	$13,918
'25	$14,320	$15,797	$14,101
'25	$14,764	$16,294	$14,703

Yearly periods ended May 31

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	68,489,246
Number of Portfolio Holdings	1,184
Portfolio Turnover Rate (%)	10
Total Net Advisory Fees Paid ($)	473,957

What did the Fund invest in?

Holdings-based data is subject to change.

Ten Largest Equity Holdings

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

Sector Allocation

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

Geographical Diversification

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

Additional Information

Householding

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.

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

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

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

DBEM-TSRA

R-101073-2 (7/25) DBX006682 (07/26)

Xtrackers MSCI Europe Hedged Equity ETF

DBEU: NYSE Arca, Inc.

Annual Shareholder Report — May 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

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

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

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

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

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

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

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

Fund Performance

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

	Xtrackers MSCI Europe Hedged Equity ETF - NAV	MSCI Europe US Dollar Hedged Index (the Underlying Index)	MSCI Europe Index
'15	$10,000	$10,000	$10,000
'15	$9,489	$9,491	$9,693
'15	$9,900	$9,908	$9,996
'15	$9,177	$9,188	$9,284
'15	$8,820	$8,832	$8,850
'15	$9,457	$9,475	$9,484
'15	$9,634	$9,656	$9,310
'15	$9,268	$9,294	$9,071
'16	$8,822	$8,847	$8,473
'16	$8,654	$8,685	$8,321
'16	$8,836	$8,868	$8,843
'16	$8,986	$9,011	$9,059
'16	$9,154	$9,180	$9,006
'16	$8,974	$8,997	$8,605
'16	$9,335	$9,364	$8,966
'16	$9,445	$9,483	$8,992
'16	$9,493	$9,535	$9,071
'16	$9,530	$9,576	$8,775
'16	$9,471	$9,526	$8,584
'16	$10,023	$10,090	$9,034
'17	$10,000	$10,069	$9,222
'17	$10,279	$10,355	$9,332
'17	$10,658	$10,734	$9,707
'17	$10,834	$10,908	$10,049
'17	$11,145	$11,216	$10,537
'17	$10,901	$10,975	$10,422
'17	$10,980	$11,061	$10,733
'17	$11,003	$11,090	$10,739
'17	$11,313	$11,406	$11,093
'17	$11,557	$11,656	$11,146
'17	$11,359	$11,466	$11,170
'17	$11,487	$11,600	$11,338
'18	$11,627	$11,745	$11,951
'18	$11,241	$11,362	$11,249
'18	$11,052	$11,167	$11,113
'18	$11,612	$11,728	$11,421
'18	$11,573	$11,690	$11,046
'18	$11,563	$11,683	$10,972
'18	$11,960	$12,091	$11,337
'18	$11,701	$11,832	$11,021
'18	$11,758	$11,896	$11,060
'18	$11,168	$11,300	$10,216
'18	$11,079	$11,218	$10,121
'18	$10,510	$10,648	$9,653
'19	$11,121	$11,274	$10,289
'19	$11,544	$11,706	$10,635
'19	$11,792	$11,959	$10,700
'19	$12,303	$12,474	$11,082
'19	$11,793	$11,951	$10,475
'19	$12,371	$12,539	$11,179
'19	$12,472	$12,648	$10,962
'19	$12,286	$12,464	$10,686
'19	$12,684	$12,873	$10,977
'19	$12,766	$12,958	$11,329
'19	$13,076	$13,278	$11,499
'19	$13,323	$13,532	$11,948
'20	$13,126	$13,339	$11,647
'20	$12,104	$12,308	$10,567
'20	$10,498	$10,673	$9,041
'20	$11,097	$11,271	$9,577
'20	$11,534	$11,717	$10,013
'20	$11,914	$12,104	$10,420
'20	$11,739	$11,923	$10,821
'20	$12,061	$12,256	$11,266
'20	$11,953	$12,154	$10,891
'20	$11,318	$11,514	$10,276
'20	$12,947	$13,170	$12,025
'20	$13,253	$13,479	$12,591
'21	$13,123	$13,355	$12,409
'21	$13,437	$13,682	$12,712
'21	$14,241	$14,503	$13,105
'21	$14,603	$14,862	$13,700
'21	$15,030	$15,290	$14,293
'21	$15,202	$15,470	$14,077
'21	$15,425	$15,705	$14,337
'21	$15,759	$16,052	$14,554
'21	$15,306	$15,585	$13,859
'21	$15,881	$16,179	$14,483
'21	$15,520	$15,814	$13,736
'21	$16,346	$16,659	$14,643
'22	$15,849	$16,159	$13,973
'22	$15,354	$15,662	$13,578
'22	$15,500	$15,807	$13,564
'22	$15,418	$15,711	$12,784
'22	$15,384	$15,671	$12,880
'22	$14,247	$14,517	$11,599
'22	$15,168	$15,421	$12,173
'22	$14,628	$14,862	$11,414
'22	$13,799	$14,020	$10,422
'22	$14,663	$14,906	$11,169
'22	$15,744	$16,021	$12,436
'22	$15,339	$15,620	$12,438
'23	$16,453	$16,759	$13,517
'23	$16,702	$17,020	$13,433
'23	$16,759	$17,070	$13,751
'23	$17,199	$17,518	$14,323
'23	$16,736	$17,042	$13,482
'23	$17,182	$17,496	$14,128
'23	$17,457	$17,791	$14,561
'23	$17,086	$17,425	$13,984
'23	$16,889	$17,226	$13,428
'23	$16,330	$16,664	$12,926
'23	$17,330	$17,693	$14,202
'23	$17,939	$18,322	$14,912
'24	$18,183	$18,579	$14,894
'24	$18,623	$19,039	$15,126
'24	$19,471	$19,901	$15,692
'24	$19,360	$19,782	$15,394
'24	$19,995	$20,420	$16,140
'24	$19,742	$20,169	$15,777
'24	$19,965	$20,404	$16,116
'24	$20,249	$20,704	$16,751
'24	$20,135	$20,592	$16,816
'24	$19,608	$20,061	$15,825
'24	$19,726	$20,184	$15,559
'24	$19,651	$20,105	$15,178
'25	$21,023	$21,514	$16,224
'25	$21,693	$22,207	$16,820
'25	$20,930	$21,419	$16,769
'25	$20,803	$21,292	$17,502
'25	$21,766	$22,262	$18,300

Yearly periods ended May 31

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	684,512,143
Number of Portfolio Holdings	404
Portfolio Turnover Rate (%)	10
Total Net Advisory Fees Paid ($)	2,623,619

What did the Fund invest in?

Holdings-based data is subject to change.

Ten Largest Equity Holdings

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

Sector Allocation

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

Geographical Diversification

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

Additional Information

Householding

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.

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

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

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

DBEU-TSRA

R-101074-2 (7/25) DBX006683 (07/26)

Xtrackers MSCI Eurozone Hedged Equity ETF

DBEZ: NYSE Arca, Inc.

Annual Shareholder Report — May 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

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

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

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

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

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

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

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

Fund Performance

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

	Xtrackers MSCI Eurozone Hedged Equity ETF - NAV	MSCI EMU IMI US Dollar Hedged Index (the Underlying Index)	MSCI EMU IMI Index
'15	$10,000	$10,000	$10,000
'15	$9,610	$9,603	$9,763
'15	$10,060	$10,061	$10,135
'15	$9,233	$9,237	$9,412
'15	$8,815	$8,821	$8,942
'15	$9,631	$9,648	$9,707
'15	$9,908	$9,924	$9,555
'15	$9,383	$9,401	$9,264
'16	$8,791	$8,804	$8,644
'16	$8,537	$8,558	$8,416
'16	$8,816	$8,833	$9,071
'16	$8,930	$8,946	$9,226
'16	$9,155	$9,159	$9,315
'16	$8,602	$8,605	$8,722
'16	$9,062	$9,067	$9,237
'16	$9,183	$9,197	$9,322
'16	$9,209	$9,224	$9,420
'16	$9,316	$9,332	$9,288
'16	$9,286	$9,302	$8,947
'16	$9,942	$9,954	$9,508
'17	$9,879	$9,895	$9,669
'17	$10,146	$10,164	$9,758
'17	$10,705	$10,728	$10,347
'17	$10,993	$11,016	$10,796
'17	$11,220	$11,230	$11,340
'17	$10,953	$10,965	$11,215
'17	$11,023	$11,039	$11,647
'17	$10,994	$11,018	$11,702
'17	$11,499	$11,527	$12,159
'17	$11,776	$11,807	$12,260
'17	$11,551	$11,595	$12,304
'17	$11,506	$11,551	$12,317
'18	$11,902	$11,956	$13,187
'18	$11,490	$11,547	$12,438
'18	$11,274	$11,331	$12,279
'18	$11,820	$11,878	$12,631
'18	$11,690	$11,742	$12,037
'18	$11,610	$11,659	$11,924
'18	$12,011	$12,067	$12,341
'18	$11,742	$11,802	$11,972
'18	$11,709	$11,773	$11,896
'18	$10,981	$11,040	$10,836
'18	$10,892	$10,953	$10,718
'18	$10,266	$10,325	$10,172
'19	$10,959	$11,028	$10,876
'19	$11,400	$11,475	$11,208
'19	$11,580	$11,655	$11,202
'19	$12,203	$12,279	$11,753
'19	$11,534	$11,585	$10,992
'19	$12,161	$12,214	$11,801
'19	$12,204	$12,261	$11,558
'19	$12,072	$12,135	$11,286
'19	$12,521	$12,590	$11,573
'19	$12,725	$12,798	$12,000
'19	$13,089	$13,172	$12,188
'19	$13,287	$13,373	$12,562
'20	$13,079	$13,170	$12,188
'20	$12,080	$12,173	$11,137
'20	$9,984	$10,058	$9,167
'20	$10,682	$10,757	$9,778
'20	$11,212	$11,288	$10,409
'20	$11,753	$11,828	$11,004
'20	$11,620	$11,686	$11,442
'20	$12,044	$12,119	$11,990
'20	$11,852	$11,934	$11,562
'20	$11,184	$11,269	$10,834
'20	$13,166	$13,269	$13,040
'20	$13,479	$13,588	$13,639
'21	$13,344	$13,459	$13,403
'21	$13,830	$13,954	$13,875
'21	$14,699	$14,840	$14,303
'21	$15,054	$15,193	$14,982
'21	$15,535	$15,676	$15,627
'21	$15,586	$15,733	$15,260
'21	$15,809	$15,966	$15,475
'21	$16,216	$16,384	$15,801
'21	$15,702	$15,854	$14,992
'21	$16,322	$16,492	$15,565
'21	$15,792	$15,962	$14,635
'21	$16,584	$16,764	$15,501
'22	$16,015	$16,192	$14,741
'22	$15,213	$15,388	$14,030
'22	$15,147	$15,320	$13,818
'22	$14,907	$15,076	$12,864
'22	$15,019	$15,177	$13,131
'22	$13,645	$13,787	$11,589
'22	$14,633	$14,774	$12,106
'22	$13,925	$14,070	$11,339
'22	$13,058	$13,195	$10,314
'22	$14,127	$14,280	$11,231
'22	$15,350	$15,525	$12,650
'22	$14,851	$15,029	$12,664
'23	$16,330	$16,529	$14,126
'23	$16,629	$16,842	$14,038
'23	$16,708	$16,920	$14,418
'23	$16,975	$17,193	$14,857
'23	$16,607	$16,808	$13,989
'23	$17,261	$17,475	$14,845
'23	$17,642	$17,860	$15,304
'23	$17,141	$17,362	$14,615
'23	$16,615	$16,829	$13,790
'23	$16,067	$16,280	$13,300
'23	$17,404	$17,647	$14,822
'23	$18,019	$18,276	$15,511
'24	$18,369	$18,638	$15,543
'24	$18,943	$19,225	$15,954
'24	$19,808	$20,105	$16,632
'24	$19,482	$19,772	$16,173
'24	$20,086	$20,370	$16,890
'24	$19,563	$19,842	$16,214
'24	$19,694	$19,983	$16,462
'24	$20,008	$20,310	$17,081
'24	$20,220	$20,533	$17,385
'24	$19,588	$19,900	$16,349
'24	$19,617	$19,933	$15,912
'24	$19,892	$20,215	$15,807
'25	$21,315	$21,671	$16,988
'25	$22,066	$22,437	$17,574
'25	$21,433	$21,796	$17,720
'25	$21,525	$21,895	$18,708
'25	$22,810	$23,183	$19,748

Yearly periods ended May 31

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	76,427,572
Number of Portfolio Holdings	595
Portfolio Turnover Rate (%)	12
Total Net Advisory Fees Paid ($)	208,679

What did the Fund invest in?

Holdings-based data is subject to change.

Ten Largest Equity Holdings

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

Sector Allocation

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

Geographical Diversification

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

Additional Information

Householding

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.

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

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

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

DBEZ-TSRA

R-101114-2 (7/25) DBX006684 (07/26)

Xtrackers MSCI Japan Hedged Equity ETF

DBJP: NYSE Arca, Inc.

Annual Shareholder Report — May 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

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

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

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

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

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

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

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

Fund Performance

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

	Xtrackers MSCI Japan Hedged Equity ETF - NAV	MSCI Japan US Dollar Hedged Index (the Underlying Index)	MSCI Japan Index
'15	$10,000	$10,000	$10,000
'15	$9,696	$9,691	$9,829
'15	$9,858	$9,860	$9,875
'15	$9,066	$9,070	$9,301
'15	$8,353	$8,350	$8,668
'15	$9,249	$9,257	$9,543
'15	$9,344	$9,362	$9,448
'15	$9,149	$9,170	$9,478
'16	$8,457	$8,481	$8,699
'16	$7,640	$7,667	$8,460
'16	$7,974	$8,006	$8,860
'16	$7,945	$7,979	$9,272
'16	$8,135	$8,187	$9,176
'16	$7,301	$7,337	$8,950
'16	$7,761	$7,812	$9,530
'16	$7,862	$7,923	$9,566
'16	$7,831	$7,894	$9,720
'16	$8,229	$8,301	$9,848
'16	$8,671	$8,756	$9,610
'16	$8,966	$9,058	$9,704
'17	$8,985	$9,085	$10,065
'17	$9,029	$9,137	$10,177
'17	$8,973	$9,078	$10,140
'17	$9,074	$9,188	$10,246
'17	$9,281	$9,401	$10,554
'17	$9,536	$9,664	$10,666
'17	$9,571	$9,708	$10,882
'17	$9,536	$9,678	$10,876
'17	$9,946	$10,096	$11,090
'17	$10,509	$10,672	$11,601
'17	$10,672	$10,840	$11,948
'17	$10,832	$11,008	$12,031
'18	$10,992	$11,176	$12,582
'18	$10,580	$10,765	$12,393
'18	$10,279	$10,452	$12,047
'18	$10,727	$10,910	$12,212
'18	$10,556	$10,747	$12,092
'18	$10,512	$10,704	$11,787
'18	$10,680	$10,881	$11,834
'18	$10,620	$10,825	$11,861
'18	$11,216	$11,435	$12,221
'18	$10,215	$10,421	$11,188
'18	$10,335	$10,547	$11,232
'18	$9,312	$9,510	$10,481
'19	$9,823	$10,036	$11,121
'19	$10,057	$10,278	$11,117
'19	$10,083	$10,303	$11,180
'19	$10,307	$10,537	$11,335
'19	$9,649	$9,875	$10,886
'19	$9,954	$10,191	$11,294
'19	$10,066	$10,308	$11,309
'19	$9,750	$9,990	$11,195
'19	$10,336	$10,592	$11,647
'19	$10,863	$11,133	$12,212
'19	$11,072	$11,358	$12,281
'19	$11,249	$11,540	$12,537
'20	$11,080	$11,372	$12,367
'20	$10,022	$10,295	$11,236
'20	$9,333	$9,587	$10,433
'20	$9,761	$10,025	$10,995
'20	$10,409	$10,697	$11,646
'20	$10,424	$10,715	$11,644
'20	$10,052	$10,332	$11,459
'20	$10,845	$11,154	$12,332
'20	$10,900	$11,214	$12,452
'20	$10,628	$10,930	$12,253
'20	$11,935	$12,271	$13,784
'20	$12,315	$12,663	$14,353
'21	$12,357	$12,717	$14,209
'21	$12,754	$13,136	$14,425
'21	$13,349	$13,766	$14,578
'21	$13,008	$13,409	$14,356
'21	$13,373	$13,796	$14,679
'21	$13,365	$13,795	$14,537
'21	$13,042	$13,468	$14,353
'21	$13,452	$13,898	$14,793
'21	$14,033	$14,497	$15,200
'21	$13,856	$14,326	$14,689
'21	$13,446	$13,915	$14,327
'21	$13,903	$14,386	$14,598
'22	$13,204	$13,669	$13,858
'22	$13,050	$13,513	$13,703
'22	$13,654	$14,144	$13,634
'22	$13,336	$13,814	$12,434
'22	$13,462	$13,954	$12,637
'22	$13,128	$13,609	$11,640
'22	$13,679	$14,181	$12,304
'22	$13,844	$14,365	$11,989
'22	$13,040	$13,522	$10,747
'22	$13,803	$14,323	$11,066
'22	$14,279	$14,844	$12,136
'22	$13,550	$14,099	$12,169
'23	$14,248	$14,826	$12,925
'23	$14,395	$14,990	$12,429
'23	$14,690	$15,300	$12,922
'23	$15,140	$15,771	$12,969
'23	$15,856	$16,527	$13,210
'23	$17,122	$17,843	$13,751
'23	$17,413	$18,162	$14,166
'23	$17,475	$18,240	$13,823
'23	$17,627	$18,386	$13,533
'23	$17,179	$17,932	$12,923
'23	$18,286	$19,127	$14,029
'23	$18,289	$19,136	$14,641
'24	$19,864	$20,792	$15,317
'24	$20,999	$22,002	$15,776
'24	$21,881	$22,914	$16,177
'24	$21,856	$22,893	$15,463
'24	$22,206	$23,277	$15,671
'24	$22,652	$23,746	$15,559
'24	$22,503	$23,607	$16,461
'24	$21,963	$23,043	$16,545
'24	$21,550	$22,601	$16,450
'24	$22,153	$23,260	$15,809
'24	$22,051	$23,169	$15,912
'24	$23,053	$24,239	$15,858
'25	$23,157	$24,346	$16,106
'25	$22,266	$23,427	$15,887
'25	$22,216	$23,362	$15,911
'25	$22,337	$23,486	$16,743
'25	$23,553	$24,785	$17,421

Yearly periods ended May 31

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	389,909,318
Number of Portfolio Holdings	186
Portfolio Turnover Rate (%)	17
Total Net Advisory Fees Paid ($)	1,841,897

What did the Fund invest in?

Holdings-based data is subject to change.

Ten Largest Equity Holdings

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

Sector Allocation

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

Additional Information

Householding

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

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

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

DBJP-TSRA

R-101115-2 (7/25) DBX006685 (07/26)

Xtrackers California Municipal Bond ETF

CA: Nasdaq Stock Market

Annual Shareholder Report — May 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

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

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

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

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

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

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

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

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

Fund Performance

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

	Xtrackers California Municipal Bond ETF - NAV	ICE AMT-Free Broad Liquid California Municipal Index (the Underlying Index)	Bloomberg Municipal Bond Index
12/14/23	$10,000	$10,000	$10,000
12/31/23	$10,133	$10,149	$10,143
1/31/24	$10,121	$10,134	$10,123
2/29/24	$10,116	$10,135	$10,124
3/31/24	$10,101	$10,115	$10,110
4/30/24	$9,984	$10,006	$10,005
5/31/24	$9,960	$9,978	$9,978
6/30/24	$10,103	$10,124	$10,113
7/31/24	$10,176	$10,211	$10,205
8/31/24	$10,257	$10,291	$10,286
9/30/24	$10,357	$10,398	$10,387
10/31/24	$10,229	$10,263	$10,236
11/30/24	$10,383	$10,415	$10,413
12/31/24	$10,278	$10,306	$10,261
1/31/25	$10,281	$10,300	$10,313
2/28/25	$10,386	$10,408	$10,415
3/31/25	$10,209	$10,241	$10,238
4/30/25	$10,124	$10,162	$10,156
5/31/25	$10,107	$10,151	$10,162

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	21,835,621
Number of Portfolio Holdings	269
Portfolio Turnover Rate (%)	5
Total Net Advisory Fees Paid ($)	15,275
Modified duration to worst	6.1 years

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

What did the Fund invest in?

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

Holdings-based data is subject to change.

Credit Quality

Credit Rating	% of Net Assets
AAA	15%
AA	73%
A	9%
NR	0%

Sector Allocation

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

Material Fund Changes

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

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

Additional Information

Householding

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. The market for municipal bonds may be less liquid than for taxable bonds and there may be less information available on the financial condition of issuers of municipal securities than for public corporations. Bond investments are subject to interest rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Although the fund seeks income that is exempt from California and federal income taxes, a portion of the fund’s distributions may be subject to federal, state and local taxes, including the alternative minimum tax. This Fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. An investment in the Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

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

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

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

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

CA-TSRA

R-101117-2 (7/25) DBX006674 (07/26)

Xtrackers Municipal Infrastructure Revenue Bond ETF

RVNU: NYSE Arca, Inc.

Annual Shareholder Report — May 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

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

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

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

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

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

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

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

Fund Performance

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

	Xtrackers Municipal Infrastructure Revenue Bond ETF - NAV	Solactive Municipal Infrastructure Revenue Bond Index (the Underlying Index)	Bloomberg Municipal Bond Index
'15	$10,000	$10,000	$10,000
'15	$9,967	$9,966	$9,991
'15	$10,092	$10,090	$10,063
'15	$10,123	$10,128	$10,083
'15	$10,209	$10,204	$10,155
'15	$10,256	$10,255	$10,196
'15	$10,362	$10,375	$10,236
'15	$10,517	$10,526	$10,309
'16	$10,662	$10,656	$10,432
'16	$10,649	$10,679	$10,448
'16	$10,768	$10,800	$10,481
'16	$10,895	$10,928	$10,558
'16	$10,989	$11,025	$10,587
'16	$11,289	$11,305	$10,755
'16	$11,226	$11,263	$10,762
'16	$11,286	$11,324	$10,776
'16	$11,194	$11,252	$10,723
'16	$11,025	$11,088	$10,610
'16	$10,461	$10,525	$10,215
'16	$10,643	$10,699	$10,334
'17	$10,684	$10,727	$10,402
'17	$10,743	$10,790	$10,474
'17	$10,754	$10,814	$10,497
'17	$10,841	$10,911	$10,573
'17	$11,072	$11,148	$10,741
'17	$11,065	$11,145	$10,703
'17	$11,146	$11,238	$10,789
'17	$11,261	$11,359	$10,871
'17	$11,219	$11,318	$10,816
'17	$11,246	$11,363	$10,842
'17	$11,249	$11,365	$10,785
'17	$11,421	$11,538	$10,898
'18	$11,225	$11,347	$10,769
'18	$11,122	$11,252	$10,737
'18	$11,166	$11,307	$10,776
'18	$11,118	$11,260	$10,738
'18	$11,280	$11,428	$10,861
'18	$11,282	$11,429	$10,870
'18	$11,298	$11,449	$10,897
'18	$11,329	$11,473	$10,925
'18	$11,218	$11,365	$10,853
'18	$11,094	$11,245	$10,787
'18	$11,215	$11,378	$10,906
'18	$11,367	$11,542	$11,037
'19	$11,446	$11,624	$11,121
'19	$11,529	$11,708	$11,180
'19	$11,815	$12,006	$11,357
'19	$11,898	$12,099	$11,399
'19	$12,129	$12,333	$11,556
'19	$12,165	$12,373	$11,599
'19	$12,261	$12,474	$11,693
'19	$12,583	$12,783	$11,877
'19	$12,461	$12,668	$11,782
'19	$12,449	$12,659	$11,803
'19	$12,474	$12,686	$11,833
'19	$12,520	$12,736	$11,868
'20	$12,831	$13,054	$12,082
'20	$13,105	$13,332	$12,237
'20	$12,307	$12,527	$11,793
'20	$11,942	$12,164	$11,645
'20	$12,462	$12,690	$12,016
'20	$12,711	$12,934	$12,115
'20	$12,967	$13,203	$12,319
'20	$12,888	$13,119	$12,261
'20	$12,830	$13,047	$12,264
'20	$12,810	$13,034	$12,227
'20	$13,171	$13,424	$12,411
'20	$13,314	$13,570	$12,488
'21	$13,452	$13,729	$12,567
'21	$13,102	$13,384	$12,367
'21	$13,220	$13,528	$12,443
'21	$13,437	$13,750	$12,548
'21	$13,519	$13,848	$12,585
'21	$13,596	$13,938	$12,619
'21	$13,722	$14,067	$12,725
'21	$13,632	$13,976	$12,678
'21	$13,468	$13,812	$12,586
'21	$13,452	$13,792	$12,550
'21	$13,646	$14,002	$12,656
'21	$13,688	$14,041	$12,677
'22	$13,222	$13,562	$12,329
'22	$13,088	$13,424	$12,285
'22	$12,516	$12,852	$11,887
'22	$11,934	$12,271	$11,558
'22	$12,184	$12,537	$11,730
'22	$11,733	$12,087	$11,538
'22	$12,199	$12,547	$11,843
'22	$11,692	$12,024	$11,583
'22	$11,126	$11,447	$11,138
'22	$10,853	$11,175	$11,046
'22	$11,706	$12,042	$11,563
'22	$11,628	$11,962	$11,596
'23	$12,202	$12,554	$11,929
'23	$11,799	$12,140	$11,659
'23	$12,162	$12,506	$11,917
'23	$12,179	$12,530	$11,891
'23	$12,088	$12,443	$11,788
'23	$12,256	$12,611	$11,906
'23	$12,277	$12,645	$11,953
'23	$12,027	$12,383	$11,781
'23	$11,529	$11,865	$11,436
'23	$11,196	$11,537	$11,338
'23	$12,288	$12,662	$12,058
'23	$12,697	$13,101	$12,338
'24	$12,669	$13,057	$12,275
'24	$12,667	$13,055	$12,291
'24	$12,652	$13,036	$12,291
'24	$12,466	$12,848	$12,138
'24	$12,481	$12,865	$12,103
'24	$12,724	$13,114	$12,810
'24	$12,836	$13,240	$12,923
'24	$12,891	$13,296	$13,027
'24	$13,075	$13,494	$13,167
'24	$12,848	$13,244	$12,994
'24	$13,147	$13,541	$13,197
'24	$12,897	$13,299	$13,037
'25	$12,843	$13,245	$13,082
'25	$12,973	$13,390	$13,219
'25	$12,637	$13,059	$13,007
'25	$12,524	$12,950	$12,924
'25	$12,369	$12,791	$12,902

Yearly periods ended May 31

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	130,943,119
Number of Portfolio Holdings	312
Portfolio Turnover Rate (%)	18
Total Net Advisory Fees Paid ($)	204,240
Modified duration to worst	9.6 years

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

What did the Fund invest in?

Holdings-based data is subject to change.

Credit Quality

Credit Rating	% of Net Assets
AAA	11%
AA	64%
A	23%
BBB	2%

Sector Allocation

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

Top Five State Allocations

Holdings	% of Net Assets
New York	25%
California	15%
Florida	9%
Texas	9%
Illinois	6%

Additional Information

Householding

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.

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

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

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

RVNU-TSRA

R-101118-2 (7/25) DBX006686 (07/26)

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

HDEF: NYSE Arca, Inc.

Annual Shareholder Report — May 31, 2025

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

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

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

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

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

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

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

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

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

Fund Performance

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

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

	Xtrackers MSCI EAFE High Div Yield Equity ETF - NAV	MSCI EAFE High Dividend Yield Index (the Underlying Index)	MSCI EAFE Index
8/12/15	$10,000	$10,000	$10,000
8/31/15	$9,352	$9,353	$9,330
9/30/15	$9,059	$9,060	$8,856
10/31/15	$9,612	$9,620	$9,548
11/30/15	$9,612	$9,623	$9,400
12/31/15	$9,344	$9,355	$9,273
1/31/16	$8,986	$8,998	$8,603
2/29/16	$8,912	$8,933	$8,445
3/31/16	$9,209	$9,232	$8,995
4/30/16	$9,447	$9,469	$9,255
5/31/16	$9,492	$9,513	$9,171
6/30/16	$9,484	$9,509	$8,863
7/31/16	$9,808	$9,841	$9,312
8/31/16	$9,813	$9,848	$9,319
9/30/16	$9,941	$9,980	$9,433
10/31/16	$10,008	$10,051	$9,240
11/30/16	$9,941	$10,002	$9,056
12/31/16	$10,427	$10,490	$9,366
1/31/17	$10,377	$10,447	$9,638
2/28/17	$10,682	$10,761	$9,775
3/31/17	$11,049	$11,130	$10,045
4/30/17	$10,980	$11,062	$10,300
5/31/17	$11,290	$11,377	$10,678
6/30/17	$11,032	$11,119	$10,659
7/31/17	$10,955	$11,048	$10,967
8/31/17	$11,045	$11,144	$10,963
9/30/17	$11,304	$11,409	$11,235
10/31/17	$11,556	$11,668	$11,406
11/30/17	$11,417	$11,534	$11,526
12/31/17	$11,453	$11,573	$11,711
1/31/18	$11,530	$11,655	$12,298
2/28/18	$11,244	$11,368	$11,743
3/31/18	$11,043	$11,164	$11,512
4/30/18	$11,459	$11,579	$11,795
5/31/18	$11,061	$11,172	$11,529
6/30/18	$10,950	$11,059	$11,389
7/31/18	$11,299	$11,414	$11,669
8/31/18	$11,012	$11,125	$11,444
9/30/18	$11,088	$11,203	$11,543
10/31/18	$10,410	$10,521	$10,624
11/30/18	$10,334	$10,447	$10,611
12/31/18	$9,934	$10,042	$10,096
1/31/19	$10,600	$10,717	$10,759
2/28/19	$10,936	$11,058	$11,033
3/31/19	$10,986	$11,107	$11,103
4/30/19	$11,249	$11,365	$11,415
5/31/19	$10,646	$10,741	$10,867
6/30/19	$11,334	$11,436	$11,512
7/31/19	$11,112	$11,215	$11,365
8/31/19	$10,841	$10,945	$11,071
9/30/19	$11,300	$11,408	$11,388
10/31/19	$11,830	$11,946	$11,797
11/30/19	$11,869	$11,989	$11,930
12/31/19	$12,372	$12,498	$12,318
1/31/20	$11,985	$12,107	$12,061
2/29/20	$10,874	$10,986	$10,971
3/31/20	$9,338	$9,437	$9,506
4/30/20	$9,857	$9,954	$10,121
5/31/20	$10,049	$10,143	$10,561
6/30/20	$10,410	$10,502	$10,921
7/31/20	$10,476	$10,566	$11,175
8/31/20	$10,917	$11,013	$11,750
9/30/20	$10,517	$10,607	$11,445
10/31/20	$10,089	$10,175	$10,988
11/30/20	$11,697	$11,803	$12,691
12/31/20	$12,153	$12,265	$13,281
1/31/21	$12,064	$12,175	$13,139
2/28/21	$12,199	$12,312	$13,434
3/31/21	$12,613	$12,727	$13,743
4/30/21	$12,865	$12,972	$14,157
5/31/21	$13,302	$13,410	$14,664
6/30/21	$13,035	$13,143	$14,454
7/31/21	$13,156	$13,265	$14,563
8/31/21	$13,086	$13,194	$14,819
9/30/21	$12,429	$12,531	$14,389
10/31/21	$12,666	$12,769	$14,743
11/30/21	$12,215	$12,322	$14,057
12/31/21	$12,990	$13,106	$14,777
1/31/22	$13,179	$13,301	$14,063
2/28/22	$13,148	$13,275	$13,814
3/31/22	$13,444	$13,563	$13,903
4/30/22	$12,889	$13,004	$13,003
5/31/22	$13,016	$13,120	$13,101
6/30/22	$11,846	$11,943	$11,885
7/31/22	$12,020	$12,117	$12,478
8/31/22	$11,539	$11,638	$11,885
9/30/22	$10,530	$10,622	$10,773
10/31/22	$11,093	$11,192	$11,353
11/30/22	$12,418	$12,529	$12,631
12/31/22	$12,641	$12,759	$12,641
1/31/23	$13,431	$13,556	$13,665
2/28/23	$13,085	$13,209	$13,380
3/31/23	$13,537	$13,659	$13,711
4/30/23	$13,903	$14,018	$14,099
5/31/23	$13,070	$13,168	$13,502
6/30/23	$13,740	$13,845	$14,116
7/31/23	$14,349	$14,462	$14,573
8/31/23	$13,810	$13,923	$14,015
9/30/23	$13,705	$13,824	$13,536
10/31/23	$13,227	$13,342	$12,987
11/30/23	$14,229	$14,352	$14,193
12/31/23	$14,998	$15,128	$14,947
1/31/24	$14,750	$14,878	$15,033
2/29/24	$14,629	$14,756	$15,308
3/31/24	$15,117	$15,239	$15,794
4/30/24	$15,057	$15,170	$15,407
5/31/24	$15,656	$15,765	$16,003
6/30/24	$15,282	$15,385	$15,745
7/31/24	$15,977	$16,088	$16,207
8/31/24	$16,657	$16,771	$16,734
9/30/24	$17,031	$17,149	$16,888
10/31/24	$16,049	$16,164	$15,970
11/30/24	$15,871	$15,988	$15,879
12/31/24	$15,466	$15,583	$15,518
1/31/25	$16,258	$16,380	$16,334
2/28/25	$16,649	$16,776	$16,651
3/31/25	$17,250	$17,375	$16,583
4/30/25	$17,994	$18,108	$17,343
5/31/25	$18,338	$18,437	$18,137

Yearly periods ended May 31

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

Average Annual Total Returns

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

Key Fund Statistics

Net Assets ($)	2,011,112,677
Number of Portfolio Holdings	113
Portfolio Turnover Rate (%)	22
Total Net Advisory Fees Paid ($)	1,536,952

What did the Fund invest in?

Holdings-based data is subject to change.

Ten Largest Equity Holdings

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

Sector Allocation

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

Geographical Diversification

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

Material Fund Changes

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

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

Additional Information

Householding

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.

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

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

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

HDEF-TSRA

R-101121-2 (7/25) DBX006681 (07/26)

Xtrackers US 0-1 Year Treasury ETF

TRSY: Cboe BZX Exchange, Inc.

Annual Shareholder Report — May 31, 2025

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
TRSY	$4^{Footnote Reference(a)}	0.06%^{Footnote Reference(b)}

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

^(b) Annualized.

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

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

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

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

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

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

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

Fund Performance

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

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

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

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

Cumulative Growth of an Assumed $10,000 Investment

	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
10/24	$10,027	$10,028	$9,885
11/24	$10,064	$10,065	$9,965
12/24	$10,106	$10,108	$9,798
1/25	$10,142	$10,144	$9,852
2/25	$10,176	$10,178	$10,073
3/25	$10,210	$10,214	$10,092
4/25	$10,246	$10,250	$10,148
5/25	$10,278	$10,282	$10,039

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

Average Annual Total Returns

Key Fund Statistics

Net Assets ($)	27,143,854
Number of Portfolio Holdings	92
Portfolio Turnover Rate (%)	0
Total Net Advisory Fees Paid ($)	2,852
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?

Holdings-based data is subject to change.

Asset Allocation Table

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

Credit Quality

Credit Rating	% of Net Assets
AAA	65%
AA	34%

Additional Information

Householding

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.

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

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

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

TRSY-TSRA

R-106210-1 (7/25) DBX006688 (07/26)

DBX ETF Trust

LOGO

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

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

LOGO

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

Statements of Assets and Liabilities		18

Statements of Operations		19

Statements of Changes in Net Assets		20

Financial Highlights		21

Notes to Financial Statements		23

Report of Independent Registered Public Accounting Firm		29

Board Considerations in Approval of Investment Advisory Contracts		30

Tax Information		34

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

DBX ETF Trust | 1

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF

May 31, 2025


	Number of Shares		Value $

COMMON STOCKS — 99.8%

Communication Services — 1.2%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,263,131		2,571,737
China United Network Communications Ltd., Class A		12,128,781		9,022,562
Focus Media Information Technology Co. Ltd., Class A		7,752,279		8,037,073
Kunlun Tech Co. Ltd., Class A		663,418		3,077,100
Mango Excellent Media Co. Ltd., Class A		620,389		1,925,235


(Cost $22,594,448)				24,633,707

Consumer Discretionary — 8.7%
Beijing Roborock Technology Co. Ltd., Class A		112,181		3,541,689
BYD Co. Ltd., Class A		661,672		32,352,164
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		100,039		1,940,995
China Tourism Group Duty Free Corp. Ltd., Class A		717,093		6,030,098
Chongqing Changan Automobile Co. Ltd., Class A *		3,697,984		6,338,404
Fuyao Glass Industry Group Co. Ltd., Class A		1,258,249		10,123,200
Great Wall Motor Co. Ltd., Class A		991,577		3,100,527
Gree Electric Appliances, Inc. of Zhuhai, Class A		3,255,353		20,972,546
Guangzhou Automobile Group Co. Ltd., Class A		1,869,839		2,003,408
Haier Smart Home Co. Ltd., Class A		2,858,302		9,933,227
Huali Industrial Group Co. Ltd., Class A		134,560		988,475
Huayu Automotive Systems Co. Ltd., Class A		1,213,730		3,048,938
Huizhou Desay Sv Automotive Co. Ltd., Class A		210,334		3,227,420
Midea Group Co. Ltd., Class A *		3,564,605		39,112,552
Ningbo Tuopu Group Co. Ltd., Class A		541,906		3,707,821
Oppein Home Group, Inc., Class A		145,189		1,241,864
SAIC Motor Corp. Ltd., Class A		3,431,956		7,720,984
Sailun Group Co. Ltd., Class A		2,054,400		3,569,746
Seres Group Co. Ltd., Class A		602,500		11,373,857
Zhejiang China Commodities City Group Co. Ltd., Class A		2,070,566		5,063,408


(Cost $132,531,032)				175,391,323

Consumer Staples — 10.7%
Anhui Gujing Distillery Co. Ltd., Class A		114,309		2,388,411


	Number of Shares		Value $


Eastroc Beverage Group Co. Ltd., Class A		162,750		7,228,013
Foshan Haitian Flavouring & Food Co. Ltd., Class A		1,272,096		7,842,353
Guangdong Haid Group Co. Ltd., Class A		612,422		5,151,611
Henan Shuanghui Investment & Development Co. Ltd., Class A		810,727		2,739,817
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		4,613,654		19,401,512
Jiangsu King’s Luck Brewery JSC Ltd., Class A		478,271		2,926,592
Jiangsu Yanghe Distillery Co. Ltd., Class A		383,880		3,500,328
Kweichow Moutai Co. Ltd., Class A		450,109		95,078,054
Luzhou Laojiao Co. Ltd., Class A		534,024		8,665,578
Muyuan Foods Co. Ltd., Class A		1,903,092		10,681,171
New Hope Liuhe Co. Ltd., Class A *		1,460,093		1,941,305
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		357,202		9,136,653
Tsingtao Brewery Co. Ltd., Class A		269,510		2,774,285
Wens Foodstuff Group Co. Ltd., Class A		3,709,418		8,571,719
Wuliangye Yibin Co. Ltd., Class A		1,409,072		24,726,668
Yihai Kerry Arawana Holdings Co. Ltd., Class A		455,570		1,916,412


(Cost $158,970,113)				214,670,482

Energy — 2.6%
China Coal Energy Co. Ltd., Class A		1,508,134		2,241,699
China Merchants Energy Shipping Co. Ltd., Class A		2,321,500		1,949,270
China Oilfield Services Ltd., Class A		310,385		579,821
China Petroleum & Chemical Corp., Class A		10,869,614		8,719,466
China Shenhua Energy Co. Ltd., Class A		2,540,268		13,947,095
COSCO SHIPPING Energy Transportation Co. Ltd., Class A		862,464		1,208,955
PetroChina Co. Ltd., Class A		8,168,182		9,397,836
Shaanxi Coal Industry Co. Ltd., Class A		2,944,269		8,528,014
Shanxi Coking Coal Energy Group Co. Ltd., Class A		1,698,844		1,419,378
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		811,700		1,209,895
Yankuang Energy Group Co. Ltd., Class A		1,363,280		2,435,070


(Cost $40,933,414)				51,636,499

Financials — 25.7%

See Notes to Financial Statements.

2 | DBX ETF Trust

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $

Agricultural Bank of China Ltd., Class A		23,381,600		17,945,158
Bank of Beijing Co. Ltd., Class A		10,564,243		9,236,914
Bank of Chengdu Co. Ltd., Class A		1,861,356		5,009,048
Bank of China Ltd., Class A		15,603,900		11,954,190
Bank of Communications Co. Ltd., Class A		17,163,949		18,104,175
Bank of Hangzhou Co. Ltd., Class A		2,644,703		6,115,047
Bank of Jiangsu Co. Ltd., Class A		11,091,250		16,901,715
Bank of Nanjing Co. Ltd., Class A		3,990,354		6,346,641
Bank of Ningbo Co. Ltd., Class A		2,324,917		8,618,452
Bank of Shanghai Co. Ltd., Class A		7,601,365		11,161,567
Capital Securities Co. Ltd., Class A		406,800		1,059,725
China CITIC Bank Corp. Ltd., Class A		2,618,722		2,893,013
China Construction Bank Corp., Class A		5,635,775		7,063,002
China Everbright Bank Co. Ltd., Class A		13,931,073		7,675,789
China Galaxy Securities Co. Ltd., Class A		1,696,317		3,722,089
China International Capital Corp. Ltd., Class A		815,610		3,745,650
China Life Insurance Co. Ltd., Class A		1,294,730		6,880,381
China Merchants Bank Co. Ltd., Class A		8,925,033		53,795,704
China Merchants Securities Co. Ltd., Class A		2,820,587		6,333,823
China Minsheng Banking Corp. Ltd., Class A		18,047,297		10,895,555
China Pacific Insurance Group Co. Ltd., Class A		2,502,880		11,959,830
China Zheshang Bank Co. Ltd., Class A		10,387,840		4,642,256
Cinda Securities Co. Ltd., Class A		591,400		1,180,289
CITIC Securities Co. Ltd., Class A		7,204,588		25,517,478
CNPC Capital Co. Ltd., Class A		2,043,000		1,925,245
CSC Financial Co. Ltd., Class A		1,065,561		3,398,414
East Money Information Co. Ltd., Class A		9,078,257		25,979,995
Everbright Securities Co. Ltd., Class A		1,516,694		3,424,786
Founder Securities Co. Ltd., Class A		3,446,996		3,640,604
GF Securities Co. Ltd., Class A		2,249,353		5,085,418
Guosen Securities Co. Ltd., Class A		2,258,318		3,519,758
Guotai Haitong Securities Co. Ltd.		7,828,465		18,665,847
Hithink RoyalFlush Information Network Co. Ltd., Class A		159,895		5,490,351


	Number of Shares		Value $

Hongta Securities Co. Ltd., Class A		921,110		1,039,321
Huatai Securities Co. Ltd., Class A		3,922,147		9,123,171
Huaxia Bank Co. Ltd., Class A		4,827,193		5,044,726
Industrial & Commercial Bank of China Ltd., Class A		25,299,351		24,824,284
Industrial Bank Co. Ltd., Class A		10,508,670		33,019,623
Industrial Securities Co. Ltd., Class A		4,419,156		3,526,591
New China Life Insurance Co. Ltd., Class A		639,253		4,462,608
Orient Securities Co. Ltd., Class A		4,047,173		5,240,604
People’s Insurance Co. Group of China Ltd., Class A		2,500,098		2,869,529
Ping An Bank Co. Ltd., Class A		7,040,656		11,295,849
Ping An Insurance Group Co. of China Ltd., Class A		7,777,445		57,510,759
Postal Savings Bank of China Co. Ltd., Class A		8,095,400		5,988,436
SDIC Capital Co. Ltd., Class A		1,404,729		1,358,855
Shanghai Pudong Development Bank Co. Ltd., Class A		8,657,879		14,815,711
Shenwan Hongyuan Group Co. Ltd., Class A		6,810,887		4,471,084
Zheshang Securities Co. Ltd., Class A		2,004,750		2,904,749
Zhongtai Securities Co. Ltd., Class A		1,284,145		1,085,373


(Cost $418,768,267)				518,469,182

Health Care — 6.4%
Aier Eye Hospital Group Co. Ltd., Class A		3,593,899		6,189,927
Beijing Tiantan Biological Products Corp. Ltd., Class A		877,134		2,328,782
Beijing Tong Ren Tang Co. Ltd., Class A		542,996		2,863,704
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		271,765		2,613,815
Changchun High-Tech Industry Group Co. Ltd., Class A *		206,078		2,990,509
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		384,970		2,294,764
Chongqing Zhifei Biological Products Co. Ltd., Class A		803,184		2,133,560
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		466,211		1,748,946
Hangzhou Tigermed Consulting Co. Ltd., Class A		366,679		2,521,100
Huadong Medicine Co. Ltd., Class A		735,968		4,565,774
Hualan Biological Engineering, Inc., Class A		729,412		1,630,859

See Notes to Financial Statements.

DBX ETF Trust | 3

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $

Imeik Technology Development Co. Ltd., Class A		89,487		2,111,333
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		3,302,156		25,087,092
Pharmaron Beijing Co. Ltd., Class A		827,285		2,737,217
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		1,032,122		3,634,121
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		917,783		2,346,268
Shanghai RAAS Blood Products Co. Ltd., Class A		3,620,334		3,421,713
Shanghai United Imaging Healthcare Co. Ltd., Class A		312,276		5,956,184
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		439,790		13,786,431
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		295,184		2,457,648
Sichuan Biokin Pharmaceutical Co. Ltd., Class A *		63,192		2,641,412
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		1,006,300		5,385,331
WuXi AppTec Co. Ltd., Class A		1,807,228		15,929,531
Yunnan Baiyao Group Co. Ltd., Class A		725,686		5,688,416
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		232,060		6,571,808


(Cost $124,130,688)				129,636,245

Industrials — 16.0%
AECC Aviation Power Co. Ltd., Class A		1,363,135		6,708,502
Air China Ltd., Class A *		2,830,537		3,150,584
Beijing New Building Materials PLC, Class A		772,597		3,074,175
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		22,207,226		18,060,919
China CSSC Holdings Ltd., Class A		1,693,440		7,208,278
China Eastern Airlines Corp. Ltd., Class A *		5,980,445		3,344,926
China Energy Engineering Corp. Ltd., Class A		12,499,277		3,868,456
China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A		1,867,037		3,283,050
China National Chemical Engineering Co. Ltd., Class A		3,142,302		3,366,767
China Railway Group Ltd., Class A		8,110,292		6,292,109
China Southern Airlines Co. Ltd., Class A *		3,716,966		3,141,621
China State Construction Engineering Corp. Ltd., Class A		16,074,507		12,671,672


	Number of Shares		Value $

Contemporary Amperex Technology Co. Ltd., Class A		1,911,977		66,339,258
COSCO SHIPPING Holdings Co. Ltd., Class A		5,023,817		11,427,749
CRRC Corp. Ltd., Class A		9,640,216		9,633,125
Daqin Railway Co. Ltd., Class A		7,810,655		7,317,102
Dongfang Electric Corp. Ltd., Class A		1,011,664		2,240,872
Eve Energy Co. Ltd., Class A		938,873		5,871,459
FAW Jiefang Group Co. Ltd., Class A		1,311,588		1,308,803
Goneo Group Co. Ltd., Class A		198,794		1,953,370
Gotion High-tech Co. Ltd., Class A		979,426		3,328,959
Jiangsu Expressway Co. Ltd., Class A		578,323		1,313,112
Jiangsu Hengli Hydraulic Co. Ltd., Class A		418,440		3,955,995
Metallurgical Corp. of China Ltd., Class A		5,879,458		2,390,853
NARI Technology Co. Ltd., Class A		3,162,688		9,740,059
Ningbo Deye Technology Co. Ltd., Class A		212,226		2,426,433
Power Construction Corp. of China Ltd., Class A		6,772,928		4,436,764
Sany Heavy Industry Co. Ltd., Class A		4,705,388		12,296,845
SF Holding Co. Ltd., Class A		1,779,075		11,394,989
Shanghai International Airport Co. Ltd., Class A		970,573		4,358,978
Shanghai International Port Group Co. Ltd., Class A		2,660,347		2,156,250
Shenzhen Inovance Technology Co. Ltd., Class A *		1,603,093		14,635,263
Sichuan Road & Bridge Group Co. Ltd., Class A		1,947,300		2,502,602
Sieyuan Electric Co. Ltd., Class A		535,580		5,354,090
Spring Airlines Co. Ltd., Class A		372,791		3,042,221
Sungrow Power Supply Co. Ltd., Class A		1,077,630		9,031,973
TBEA Co. Ltd., Class A		3,822,178		6,158,728
Weichai Power Co. Ltd., Class A		4,176,070		8,716,930
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		970,199		2,683,589
XCMG Construction Machinery Co. Ltd., Class A		6,461,387		7,389,259
YTO Express Group Co. Ltd., Class A		1,194,943		2,185,801
Yutong Bus Co. Ltd., Class A		1,135,200		3,894,653
Zhejiang Chint Electrics Co. Ltd., Class A		856,692		2,605,044
Zhejiang Huayou Cobalt Co. Ltd., Class A		1,062,156		4,923,599
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		1,766,735		6,338,403
Zhuzhou CRRC Times Electric Co. Ltd., Class A		229,913		1,398,247

See Notes to Financial Statements.

4 | DBX ETF Trust

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		4,192,753		4,148,936


(Cost $293,883,845)				323,071,372

Information Technology — 15.9%
360 Security Technology, Inc., Class A		2,950,768		4,095,274
ACM Research Shanghai, Inc., Class A		131,374		1,847,182
Advanced Micro-Fabrication Equipment, Inc., China, Class A *		348,896		8,474,357
Avary Holding Shenzhen Co. Ltd., Class A		679,143		2,664,618
Beijing Kingsoft Office Software, Inc., Class A		180,253		7,049,463
BOE Technology Group Co. Ltd., Class A		30,212,435		15,933,723
Cambricon Technologies Corp. Ltd., Class A *		155,665		13,041,613
Chaozhou Three-Circle Group Co. Ltd., Class A		1,276,643		5,793,822
China Railway Signal & Communication Corp. Ltd., Class A		3,024,261		2,107,031
China Resources Microelectronics Ltd., Class A		522,717		3,455,375
CSI Solar Co. Ltd., Class A		1,265,606		1,568,548
Empyrean Technology Co. Ltd., Class A		176,800		3,117,979
Eoptolink Technology, Inc. Ltd., Class A		715,400		8,764,154
Flat Glass Group Co. Ltd., Class A		566,058		1,128,926
Foxconn Industrial Internet Co. Ltd., Class A		3,010,731		7,909,891
GigaDevice Semiconductor, Inc., Class A *		534,465		8,330,038
GoerTek, Inc., Class A		1,993,921		5,786,419
Hangzhou First Applied Material Co. Ltd., Class A		930,607		1,565,369
Hangzhou Silan Microelectronics Co. Ltd., Class A *		1,152,127		3,840,797
Huaqin Technology Co. Ltd., Class A		292,214		2,689,230
Hundsun Technologies, Inc., Class A		1,277,944		4,666,385
Hygon Information Technology Co. Ltd., Class A (a)		694,293		13,117,303
IEIT Systems Co. Ltd., Class A		867,887		5,896,086
Iflytek Co. Ltd., Class A		1,505,020		9,614,599
JA Solar Technology Co. Ltd., Class A *		1,601,782		2,031,878
JCET Group Co. Ltd., Class A		1,296,189		5,785,385
Jinko Solar Co. Ltd., Class A		3,340,783		2,411,013
Lens Technology Co. Ltd., Class A		1,676,777		4,717,121


	Number of Shares		Value $

LONGi Green Energy Technology Co. Ltd., Class A		4,635,925		9,252,162
Luxshare Precision Industry Co. Ltd., Class A		3,776,225		15,932,333
Maxscend Microelectronics Co. Ltd., Class A		307,017		3,002,292
Montage Technology Co. Ltd., Class A		921,067		9,756,129
National Silicon Industry Group Co. Ltd., Class A		1,508,610		3,877,626
NAURA Technology Group Co. Ltd., Class A		243,690		14,156,092
Ninestar Corp., Class A *		858,264		2,572,898
Range Intelligent Computing Technology Group Co. Ltd., Class A		554,480		3,303,655
SG Micro Corp., Class A		282,117		3,610,791
Shanghai Baosight Software Co. Ltd., Class A		797,856		2,777,155
Shengyi Technology Co. Ltd., Class A		1,045,398		3,801,289
Shennan Circuits Co. Ltd., Class A		240,396		2,811,232
Shenzhen Transsion Holdings Co. Ltd., Class A		381,235		3,846,054
Suzhou TFC Optical Communication Co. Ltd., Class A		253,131		2,870,221
TCL Technology Group Corp., Class A		14,679,584		8,719,779
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		2,564,748		2,698,124
Tongwei Co. Ltd., Class A		2,110,889		4,772,373
Trina Solar Co. Ltd., Class A		912,262		1,696,572
Unigroup Guoxin Microelectronics Co. Ltd., Class A		555,152		4,928,743
Unisplendour Corp. Ltd., Class A		1,939,435		6,468,103
Will Semiconductor Co. Ltd. Shanghai, Class A		666,763		11,530,216
Wingtech Technology Co. Ltd., Class A		814,907		3,840,817
WUS Printed Circuit Kunshan Co. Ltd., Class A		1,106,599		4,757,947
Xinjiang Daqo New Energy Co. Ltd., Class A		566,854		1,514,432
Yealink Network Technology Corp. Ltd., Class A		444,472		2,081,313
Yonyou Network Technology Co. Ltd., Class A *		1,608,019		2,912,391
Zhejiang Dahua Technology Co. Ltd., Class A		1,837,359		3,886,216
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		595,091		2,226,646
Zhongji Innolight Co. Ltd., Class A		662,226		8,598,010
ZTE Corp., Class A		2,495,957		10,769,754

See Notes to Financial Statements.

DBX ETF Trust | 5

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $


(Cost $292,864,233)				320,374,944

Materials — 7.8%
Aluminum Corp. of China Ltd., Class A		6,208,118		5,634,893
Anhui Conch Cement Co. Ltd., Class A		1,915,867		6,176,785
Baoshan Iron & Steel Co. Ltd., Class A		6,675,443		6,244,360
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		1,366,643		2,118,635
China Jushi Co. Ltd., Class A		1,745,613		2,740,050
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		2,024,922		6,539,621
Citic Pacific Special Steel Group Co. Ltd., Class A		409,272		645,833
CMOC Group Ltd., Class A		5,200,172		5,196,347
Ganfeng Lithium Group Co. Ltd., Class A		857,687		3,592,493
Guangzhou Tinci Materials Technology Co. Ltd., Class A		998,298		2,334,576
Hengli Petrochemical Co. Ltd., Class A *		1,542,795		3,243,910
Hoshine Silicon Industry Co. Ltd., Class A		253,914		1,725,698
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A *		18,351,327		4,431,642
Jiangsu Eastern Shenghong Co. Ltd., Class A		1,605,600		1,894,106
Jiangxi Copper Co. Ltd., Class A		892,901		2,633,359
LB Group Co. Ltd., Class A		1,349,890		3,096,843
Ningxia Baofeng Energy Group Co. Ltd., Class A		1,819,674		4,040,746
Qinghai Salt Lake Industry Co. Ltd., Class A *		3,127,989		6,876,514
Rongsheng Petrochemical Co. Ltd., Class A		2,097,937		2,501,114
Satellite Chemical Co. Ltd., Class A *		1,320,487		3,066,041
Shandong Gold Mining Co. Ltd., Class A		1,350,690		5,623,735
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		1,023,938		2,958,710
Shandong Nanshan Aluminum Co. Ltd., Class A		5,683,780		2,958,125
Shanghai Putailai New Energy Technology Co. Ltd., Class A		857,918		1,864,599
Shanjin International Gold Co. Ltd., Class A		1,333,100		3,642,977
Tianqi Lithium Corp., Class A		745,009		2,992,319
Tongling Nonferrous Metals Group Co. Ltd., Class A		5,863,700		2,579,758
Wanhua Chemical Group Co. Ltd., Class A		1,376,954		10,346,313
Yunnan Aluminium Co. Ltd., Class A		1,653,247		3,349,952


	Number of Shares		Value $

Yunnan Energy New Material Co. Ltd., Class A		399,284		1,539,991
Zangge Mining Co. Ltd., Class A		718,501		3,615,789
Zhejiang Juhua Co. Ltd., Class A		1,068,380		3,920,443
Zhejiang NHU Co. Ltd., Class A		1,380,408		4,201,400
Zhongjin Gold Corp. Ltd., Class A		2,338,873		4,528,233
Zijin Mining Group Co. Ltd., Class A		11,945,847		29,395,011


(Cost $145,582,033)				158,250,921

Real Estate — 0.8%
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		2,548,605		3,070,225
China Vanke Co. Ltd., Class A *		4,789,480		4,413,716
Hainan Airport Infrastructure Co. Ltd., Class A *		4,671,502		2,236,782
Poly Developments and Holdings Group Co. Ltd., Class A		4,918,486		5,549,705


(Cost $19,198,056)				15,270,428

Utilities — 4.0%
CGN Power Co. Ltd., Class A		6,604,084		3,363,772
China Longyuan Power Group Corp. Ltd., Class A		18,200		41,450
China National Nuclear Power Co. Ltd., Class A		6,516,401		8,664,056
China Three Gorges Renewables Group Co. Ltd., Class A		10,286,119		6,124,304
China Yangtze Power Co. Ltd., Class A		9,017,285		37,794,680
ENN Natural Gas Co. Ltd., Class A		693,109		1,823,844
GD Power Development Co. Ltd., Class A		6,704,878		4,252,605
Huadian Power International Corp. Ltd., Class A		2,372,233		1,926,022
Huaneng Lancang River Hydropower, Inc., Class A		1,656,500		2,315,096
Huaneng Power International, Inc., Class A		2,925,543		2,935,572
SDIC Power Holdings Co. Ltd., Class A		1,978,086		4,299,172
Sichuan Chuantou Energy Co. Ltd., Class A		1,785,542		4,175,591
Zhejiang Zheneng Electric Power Co. Ltd., Class A		3,109,108		2,308,540


(Cost $63,007,689)				80,024,704
TOTAL COMMON STOCKS


(Cost $1,712,463,818)				2,011,429,807
TOTAL INVESTMENTS — 99.8%
(Cost $1,712,463,818)				2,011,429,807
Other assets and liabilities, net — 0.2%				3,245,954


NET ASSETS — 100.0%				2,014,675,761

See Notes to Financial Statements.

6 | DBX ETF Trust

Schedule of Investments

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

May 31, 2025

*	Non-income producing security.

(a)	Investment was valued using significant unobservable inputs.

JSC:	Joint Stock Company

Fair Value Measurements

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

The following is a summary of the inputs used as of May 31, 2025 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.


Assets	Level 1		Level 2		Level 3		Total

Common Stocks (a)	$	1,998,312,504	$	—	$	13,117,303	$	2,011,429,807

TOTAL	$	1,998,312,504	$	—	$	13,117,303	$	2,011,429,807

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

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

See Notes to Financial Statements.

DBX ETF Trust | 7

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

May 31, 2025


	Number of Shares		Value $

COMMON STOCKS — 99.7%

Communication Services — 3.5%
Beijing Enlight Media Co. Ltd., Class A *		41,000		99,694
Bluefocus Intelligent Communications Group Co. Ltd., Class A		71,300		82,034
China Film Co. Ltd., Class A		17,200		24,587
China Science Publishing & Media Ltd., Class A		4,500		12,647
China South Publishing & Media Group Co. Ltd., Class A		19,000		36,627
Chinese Universe Publishing and Media Group Co. Ltd., Class A		20,489		30,114
G-bits Network Technology Xiamen Co. Ltd., Class A		973		33,968
Giant Network Group Co. Ltd., Class A		37,200		74,552
Jiangsu Broadcasting Cable Information Network Corp. Ltd., Class A		64,000		29,578
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A		17,600		28,750
Kingnet Network Co. Ltd., Class A		49,000		108,333
Oriental Pearl Group Co. Ltd., Class A		52,700		53,539
People.cn Co. Ltd., Class A		15,900		43,736
Perfect World Co. Ltd., Class A		41,000		76,477
Shandong Publishing & Media Co. Ltd., Class A		18,100		25,070
Talkweb Information System Co. Ltd., Class A *		28,800		117,074
Wanda Film Holding Co. Ltd., Class A *		35,500		53,900


(Cost $761,068)				930,680

Consumer Discretionary — 8.5%
AIMA Technology Group Co. Ltd., Class A		7,208		36,263
Anhui Jianghuai Automobile Group Corp. Ltd., Class A		48,200		256,209
Anhui Zhongding Sealing Parts Co. Ltd., Class A		24,900		59,405
Beiqi Foton Motor Co. Ltd., Class A *		128,400		49,540
Bethel Automotive Safety Systems Co. Ltd., Class A *		11,780		89,478
BTG Hotels Group Co. Ltd., Class A		14,945		30,366
China Automotive Engineering Research Institute Co. Ltd., Class A		12,000		30,444
Chow Tai Seng Jewellery Co. Ltd., Class A		11,700		24,374
Easyhome New Retail Group Co. Ltd., Class A		60,700		26,790


	Number of Shares		Value $

Ecovacs Robotics Co. Ltd., Class A		6,100		45,471
Hangzhou GreatStar Industrial Co. Ltd.		19,953		65,298
Hangzhou Robam Appliances Co. Ltd., Class A		14,200		39,001
Hisense Home Appliances Group Co. Ltd., Class A		13,300		51,518
Hisense Visual Technology Co. Ltd., Class A		21,600		71,557
HLA Group Corp. Ltd., Class A		61,200		60,986
Jason Furniture Hangzhou Co. Ltd., Class A		12,600		43,718
Jiangsu Xinquan Automotive Trim Co. Ltd., Class A		9,900		64,921
Keboda Technology Co. Ltd., Class A		2,500		18,597
Lao Feng Xiang Co. Ltd., Class A		3,700		26,410
Ninebot Ltd. *		14,108		128,484
Ningbo Joyson Electronic Corp., Class A		28,620		70,584
Offcn Education Technology Co. Ltd., Class A *		138,700		55,439
Qingdao Sentury Tire Co. Ltd., Class A		19,000		49,021
Shandong Linglong Tyre Co. Ltd., Class A		19,691		39,381
Shanghai Jinjiang International Hotels Co. Ltd., Class A		11,000		35,006
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		48,100		38,051
Shenzhen Kedali Industry Co. Ltd., Class A		5,500		84,233
Shenzhen MTC Co. Ltd., Class A		63,600		38,132
Sichuan Changhong Electric Co. Ltd., Class A		101,200		138,907
Songcheng Performance Development Co. Ltd., Class A		46,600		58,531
Suofeiya Home Collection Co. Ltd., Class A		17,118		33,521
Tianneng Battery Group Co. Ltd., Class A		4,624		17,270
Wangfujing Group Co. Ltd., Class A		19,830		38,530
Wanxiang Qianchao Co. Ltd., Class A		43,700		47,185
Wuchan Zhongda Group Co. Ltd., Class A		83,600		60,681
Zhejiang Cfmoto Power Co. Ltd., Class A		2,800		70,873
Zhejiang Semir Garment Co. Ltd., Class A		26,900		20,273
Zhejiang Shuanghuan Driveline Co. Ltd., Class A		19,900		87,910
Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A		36,600		82,289


(Cost $2,028,726)				2,284,647

Consumer Staples — 4.4%

See Notes to Financial Statements.

8 | DBX ETF Trust

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $

Angel Yeast Co. Ltd., Class A *		15,900		84,075
Anhui Kouzi Distillery Co. Ltd., Class A		8,800		44,126
Anjoy Foods Group Co. Ltd., Class A		5,500		63,967
Beijing Dabeinong Technology Group Co. Ltd., Class A		94,562		53,153
Beijing Yanjing Brewery Co. Ltd., Class A		38,600		75,483
Bloomage Biotechnology Corp. Ltd., Class A		5,407		37,851
By-health Co. Ltd., Class A		25,600		41,498
Chacha Food Co. Ltd., Class A		8,200		26,300
Chongqing Brewery Co. Ltd., Class A		6,100		48,933
Chongqing Fuling Zhacai Group Co. Ltd., Class A		24,969		47,129
COFCO Sugar Holding Co. Ltd., Class A		32,800		42,335
DaShenLin Pharmaceutical Group Co. Ltd., Class A		11,612		28,042
Fujian Sunner Development Co. Ltd., Class A		17,400		36,368
Gambol Pet Group Co. Ltd., Class A		1,500		22,475
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A		13,700		46,489
Heilongjiang Agriculture Co. Ltd., Class A		21,200		42,310
Innovation New Material Technology Co. Ltd., Class A		38,000		20,357
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A *		18,000		46,641
Laobaixing Pharmacy Chain JSC, Class A		10,426		27,840
Proya Cosmetics Co. Ltd., Class A		6,300		77,617
Shanghai Bairun Investment Holding Group Co. Ltd., Class A *		15,200		58,983
Shanghai Flyco Electrical Appliance Co. Ltd., Class A *		1,500		7,809
Yifeng Pharmacy Chain Co. Ltd., Class A		14,976		54,165
Yonghui Superstores Co. Ltd., Class A *		127,500		88,122
Yuan Longping High-tech Agriculture Co. Ltd., Class A		25,954		36,742
Yunnan Botanee Bio-Technology Group Co. Ltd., Class A		5,000		30,679


(Cost $1,246,357)				1,189,489

Energy — 2.2%
China Coal Xinji Energy Co. Ltd., Class A		44,700		41,565
China Petroleum Engineering Corp., Class A		53,200		23,036


	Number of Shares		Value $

China Suntien Green Energy Corp. Ltd., Class A		8,600		9,525
CNOOC Energy Technology & Services Ltd., Class A		62,700		35,939
COFCO Capital Holdings Co. Ltd., Class A		24,600		39,262
Guangzhou Development Group, Inc., Class A		30,500		27,895
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		31,400		86,243
Jiangsu Xukuang Energy Co. Ltd., Class A		33,500		23,573
Jinneng Holding Shanxi Coal Industry Co. Ltd., Class A		23,100		38,953
Jizhong Energy Resources Co. Ltd., Class A		21,900		20,364
Offshore Oil Engineering Co. Ltd., Class A		51,900		37,672
Pingdingshan Tianan Coal Mining Co. Ltd., Class A *		42,500		49,547
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		42,705		39,236
Sinopec Oilfield Service Corp., Class A *		127,200		33,189
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		17,629		84,459


(Cost $532,529)				590,458

Financials — 9.7%
Bank of Changsha Co. Ltd., Class A		78,200		106,469
Bank of Guiyang Co. Ltd., Class A		82,800		70,098
Bank of Lanzhou Co. Ltd., Class A		87,300		29,200
Bank of Suzhou Co. Ltd., Class A		125,010		151,290
Bank of Xi’an Co. Ltd., Class A		43,300		22,715
Beijing Compass Technology Development Co. Ltd., Class A *		10,310		83,235
BOC International China Co. Ltd., Class A		48,000		65,885
Caida Securities Co. Ltd., Class A		40,500		36,086
Caitong Securities Co. Ltd., Class A		89,325		91,366
Changjiang Securities Co. Ltd., Class A		95,598		86,903
China Great Wall Securities Co. Ltd., Class A		39,900		44,412
Chinalin Securities Co. Ltd., Class A		8,400		15,773
Dongxing Securities Co. Ltd., Class A		56,700		80,424
First Capital Securities Co. Ltd., Class A		121,800		112,075
Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A *		43,655		38,958

See Notes to Financial Statements.

DBX ETF Trust | 9

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $

Guolian Minsheng Securities Co. Ltd., Class A		38,200		52,539
Guosheng Financial Holding, Inc., Class A *		23,187		38,906
Guoyuan Securities Co. Ltd., Class A		70,000		73,349
Huaan Securities Co. Ltd., Class A		84,915		64,582
Huaxi Securities Co. Ltd., Class A		38,900		44,432
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A *		83,500		91,782
Jiangsu Financial Leasing Co. Ltd., Class A		59,620		49,399
J-Yuan Trust Co. Ltd., Class A *		116,400		43,295
Minmetals Capital Co. Ltd., Class A		64,900		47,648
Nanjing Securities Co. Ltd., Class A		56,000		60,233
Pacific Securities Co. Ltd., Class A *		195,900		97,606
Polaris Bay Group Co. Ltd., Class A *		62,100		56,194
Qilu Bank Co. Ltd., Class A		81,600		75,198
Qingdao Rural Commercial Bank Corp., Class A		131,700		63,243
Sealand Securities Co. Ltd., Class A		129,470		67,023
Shaanxi International Trust Co. Ltd., Class A		93,090		43,798
Shanxi Securities Co. Ltd., Class A		65,440		50,588
Sinolink Securities Co. Ltd., Class A		70,700		81,736
SooChow Securities Co. Ltd., Class A		107,165		118,539
Southwest Securities Co. Ltd., Class A		106,300		61,225
SPIC Industry-Finance Holdings Co. Ltd., Class A *		46,100		44,339
Tianfeng Securities Co. Ltd., Class A *		196,400		106,305
Western Securities Co. Ltd., Class A		77,600		79,805
Xiangcai Co. Ltd., Class A *		32,700		37,214
Yongan Futures Co. Ltd., Class A		9,700		16,707


(Cost $2,811,110)				2,600,574

Health Care — 10.7%
Andon Health Co. Ltd., Class A		10,500		55,041
Anhui Anke Biotechnology Group Co. Ltd., Class A		35,808		44,230
Apeloa Pharmaceutical Co. Ltd., Class A		16,600		32,254
APT Medical, Inc., Class A		1,597		87,883
Asymchem Laboratories Tianjin Co. Ltd., Class A		6,300		82,391


	Number of Shares		Value $

Autobio Diagnostics Co. Ltd., Class A		5,500		29,800
Betta Pharmaceuticals Co. Ltd., Class A		7,500		59,300
BGI Genomics Co. Ltd., Class A		7,300		52,096
Changchun BCHT Biotechnology Co. Ltd., Class A *		3,704		10,847
China Meheco Co. Ltd., Class A		22,721		33,079
China National Medicines Corp. Ltd., Class A		9,433		39,288
China Resources Double Crane Pharmaceutical Co. Ltd., Class A		12,349		33,437
Chongqing Taiji Industry Group Co. Ltd., Class A		11,500		33,884
CSPC Innovation Pharmaceutical Co. Ltd., Class A		11,900		85,733
Dong-E-E-Jiao Co. Ltd., Class A		11,700		89,001
Gan & Lee Pharmaceuticals Co. Ltd., Class A		10,700		80,933
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		8,200		33,026
Haisco Pharmaceutical Group Co. Ltd., Class A		10,000		63,550
Huaxia Eye Hospital Group Co. Ltd., Class A		7,300		19,098
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		9,400		35,250
Humanwell Healthcare Group Co. Ltd., Class A		30,800		94,812
Intco Medical Technology Co. Ltd., Class A		12,920		42,515
iRay Group, Class A		2,085		37,991
Jafron Biomedical Co. Ltd., Class A		14,700		44,536
Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A		15,600		50,035
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		16,685		87,509
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A		27,500		62,555
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		29,656		45,892
Jointown Pharmaceutical Group Co. Ltd., Class A		61,348		44,274
Lepu Medical Technology Beijing Co. Ltd., Class A		33,600		53,627
Livzon Pharmaceutical Group, Inc., Class A		9,262		46,790
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A		93,600		67,291
MGI Tech Co. Ltd., Class A *		6,229		60,965
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		15,412		24,085
Ovctek China, Inc., Class A		15,037		31,659

See Notes to Financial Statements.

10 | DBX ETF Trust

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $

Pacific Shuanglin Bio-pharmacy Co. Ltd., Class A		11,700		35,935
Remegen Co. Ltd., Class A *		5,335		43,677
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		13,100		30,363
Shandong Pharmaceutical Glass Co. Ltd., Class A		16,938		50,471
Shanghai Allist Pharmaceuticals Co. Ltd., Class A		6,396		86,993
Shanghai Junshi Biosciences Co. Ltd., Class A *		15,923		71,844
Shenyang Xingqi Pharmaceutical Co. Ltd., Class A		5,600		40,539
Shenzhen Kangtai Biological Products Co. Ltd., Class A		20,260		40,181
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		14,500		91,444
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		22,500		45,498
Sinocelltech Group Ltd., Class A *		4,161		22,875
Tasly Pharmaceutical Group Co. Ltd., Class A		25,500		57,793
Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class A		8,362		39,435
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A *		34,100		36,962
Topchoice Medical Corp., Class A		8,603		49,335
Walvax Biotechnology Co. Ltd., Class A		45,000		64,515
Winner Medical Co. Ltd., Class A		7,640		51,299
Xiamen Amoytop Biotech Co. Ltd., Class A		4,682		50,197
Yifan Pharmaceutical Co. Ltd., Class A		22,500		41,157
Yili Chuanning Biotechnology Co. Ltd., Class A *		19,200		34,481
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		22,520		54,039
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		13,917		29,204


(Cost $2,865,604)				2,862,894

Industrials — 16.4%
AECC Aero-Engine Control Co. Ltd., Class A		29,800		80,442
AVIC Chengdu UAS Co. Ltd., Class A *		7,871		50,217
AVICOPTER PLC, Class A		14,800		75,609
Baimtec Material Co. Ltd., Class A		5,829		44,308
Beijing Easpring Material Technology Co. Ltd., Class A		12,100		63,713


	Number of Shares		Value $

Beijing Originwater Technology Co. Ltd., Class A		66,300		41,867
CCCC Design & Consulting Group Co. Ltd., Class A		21,700		24,033
CECEP Environmental Protection Co. Ltd., Class A		29,100		24,757
Centre Testing International Group Co. Ltd., Class A		48,200		74,789
China Baoan Group Co. Ltd., Class A		61,580		68,543
China First Heavy Industries Co. Ltd., Class A *		98,100		36,761
China International Marine Containers Group Co. Ltd., Class A		56,680		60,807
China Railway Construction Heavy Industry Corp. Ltd., Class A		52,354		28,774
China Railway Hi-tech Industry Co. Ltd., Class A		35,600		36,315
China Southern Power Grid Energy Efficiency&Clean Energy Co. Ltd., Class A		35,300		24,300
China Southern Power Grid Technology Co. Ltd., Class A		5,231		21,141
China XD Electric Co. Ltd., Class A		61,200		52,916
CITIC Heavy Industries Co. Ltd., Class A *		62,900		38,323
CITIC Metal Co. Ltd., Class A		14,300		14,964
CNGR Advanced Material Co. Ltd., Class A		13,700		59,076
COSCO SHIPPING Development Co. Ltd., Class A		114,000		39,871
Dajin Heavy Industry Co. Ltd., Class A		10,300		39,169
Deppon Logistics Co. Ltd., Class A		9,500		27,424
Eastern Air Logistics Co. Ltd., Class A		19,100		34,805
Fangda Carbon New Material Co. Ltd., Class A		87,900		56,361
Farasis Energy Gan Zhou Co. Ltd., Class A *		22,549		40,246
GEM Co. Ltd., Class A		144,000		121,111
Ginlong Technologies Co. Ltd., Class A		5,700		40,417
Goldwind Science & Technology Co. Ltd., Class A		74,800		96,027
GoodWe Technologies Co. Ltd., Class A		5,067		28,256
Guangzhou Baiyun International Airport Co. Ltd., Class A		36,000		47,715
Guangzhou Port Co. Ltd., Class A		48,200		21,473
Hangcha Group Co. Ltd., Class A		15,700		42,076
Han’s Laser Technology Industry Group Co. Ltd., Class A		26,000		82,959

See Notes to Financial Statements.

DBX ETF Trust | 11

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $

Hefei Meiya Optoelectronic Technology, Inc., Class A		12,100		29,355
Henan Pinggao Electric Co. Ltd., Class A		24,100		51,342
Hongfa Technology Co. Ltd., Class A		24,412		110,993
Hoymiles Power Electronics, Inc., Class A		912		12,612
Hunan Yuneng New Energy Battery Material Co. Ltd., Class A		13,200		50,435
Infore Environment Technology Group Co. Ltd., Class A		37,300		37,842
JL Mag Rare-Earth Co. Ltd., Class A		20,340		56,091
Juneyao Airlines Co. Ltd., Class A		22,540		43,545
Keda Industrial Group Co. Ltd., Class A		28,400		40,598
Kuang-Chi Technologies Co. Ltd., Class A		43,200		265,964
Leader Harmonious Drive Systems Co. Ltd., Class A		2,948		47,461
Liaoning Cheng Da Co. Ltd., Class A		25,958		38,116
Liaoning Port Co. Ltd., Class A		231,720		47,597
Ming Yang Smart Energy Group Ltd., Class A		49,600		69,182
Ningbo Orient Wires & Cables Co. Ltd., Class A		12,200		80,783
Ningbo Ronbay New Energy Technology Co. Ltd., Class A		13,578		34,504
Ningbo Sanxing Medical Electric Co. Ltd., Class A		20,500		62,593
North Industries Group Red Arrow Co. Ltd., Class A		23,647		54,610
Qingdao TGOOD Electric Co. Ltd., Class A		23,181		71,294
Sany Renewable Energy Co. Ltd., Class A		7,499		24,437
Shandong Himile Mechanical Science & Technology Co. Ltd., Class A		12,200		103,861
Shandong Hi-speed Co. Ltd., Class A		19,400		30,802
Shanghai Construction Group Co. Ltd., Class A		163,700		54,072
Shanghai M&G Stationery, Inc., Class A		10,800		44,232
Shanghai Moons’ Electric Co. Ltd., Class A		4,800		36,959
Shanghai Tunnel Engineering Co. Ltd., Class A		57,000		47,939
Shanxi Coal International Energy Group Co. Ltd., Class A *		23,900		32,274
Shenzhen SED Industry Co. Ltd., Class A		13,600		36,674
Siasun Robot & Automation Co. Ltd., Class A *		36,500		81,862


	Number of Shares		Value $

Sinochem International Corp., Class A *		54,100		28,682
Sinoma International Engineering Co., Class A		38,350		48,009
Sinomach Heavy Equipment Group Co. Ltd., Class A *		99,200		41,716
Sinotrans Ltd., Class A		47,300		32,954
State Grid Yingda Co. Ltd., Class A		55,200		37,616
Sunwoda Electronic Co. Ltd., Class A *		43,000		110,524
TangShan Port Group Co. Ltd., Class A		86,274		49,212
Tian Di Science & Technology Co. Ltd., Class A		51,700		42,621
Titan Wind Energy Suzhou Co. Ltd., Class A		27,000		24,807
Wolong Electric Group Co. Ltd., Class A		25,139		80,350
Xiamen C & D, Inc., Class A		47,500		65,396
Xiamen ITG Group Corp. Ltd., Class A		37,548		32,622
Xiangtan Electric Manufacturing Co. Ltd., Class A *		28,364		43,184
XTC New Energy Materials Xiamen Co. Ltd., Class A		5,303		32,531
Xuji Electric Co. Ltd., Class A		20,100		59,335
YUNDA Holding Group Co. Ltd., Class A		35,400		34,244
Zhefu Holding Group Co. Ltd., Class A		80,400		36,265
Zhejiang Dingli Machinery Co. Ltd., Class A		6,700		42,086
Zhejiang Weiming Environment Protection Co. Ltd., Class A		19,888		53,823
Zhejiang Weixing New Building Materials Co. Ltd., Class A		18,980		29,503
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A		33,400		76,717
Zhuhai CosMX Battery Co. Ltd., Class A		20,430		38,334
Zhuzhou Kibing Group Co. Ltd., Class A		46,700		33,897


(Cost $4,338,329)				4,412,022

Information Technology — 23.5%
3peak, Inc., Class A *		2,671		53,755
Accelink Technologies Co. Ltd., Class A		13,722		78,463
Aisino Corp., Class A		34,300		41,653
Amlogic Shanghai Co. Ltd., Class A *		9,569		88,780
Anker Innovations Technology Co. Ltd., Class A		6,160		87,202
ASR Microelectronics Co. Ltd., Class A *		5,944		62,118

See Notes to Financial Statements.

12 | DBX ETF Trust

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $

Beijing E-Hualu Information Technology Co. Ltd., Class A *		14,640		43,847
Beijing Shiji Information Technology Co. Ltd., Class A		25,809		29,086
Beijing Sinnet Technology Co. Ltd., Class A		42,800		77,340
Beijing Ultrapower Software Co. Ltd., Class A		58,400		85,671
Beijing Yandong Microelectronic Co. Ltd., Class A		7,654		19,971
Biwin Storage Technology Co. Ltd., Class A *		8,630		67,169
CETC Cyberspace Security Technology Co. Ltd., Class A		17,304		38,617
China Greatwall Technology Group Co. Ltd., Class A *		55,400		111,949
China National Software & Service Co. Ltd., Class A *		16,838		102,846
China TransInfo Technology Co. Ltd., Class A		27,400		35,936
China Zhenhua Group Science & Technology Co. Ltd., Class A		11,000		70,119
CICT Mobile Communication Technology Co. Ltd., Class A *		42,776		33,543
DHC Software Co. Ltd., Class A		63,500		80,462
Digital China Group Co. Ltd., Class A		16,100		82,876
Everdisplay Optronics Shanghai Co. Ltd., Class A *		136,463		44,508
Fiberhome Telecommunication Technologies Co. Ltd., Class A		21,900		61,032
Glodon Co. Ltd., Class A		37,100		70,387
GRG Banking Equipment Co. Ltd., Class A		40,100		67,563
Guangdong Fenghua Advanced Technology Holding Co. Ltd., Class A		28,500		52,844
Guangzhou Haige Communications Group, Inc. Co., Class A		59,200		112,068
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A *		12,100		55,451
Guobo Electronics Co. Ltd., Class A		1,841		14,592
Hangzhou Chang Chuan Technology Co. Ltd., Class A		12,600		71,995
Hangzhou EZVIZ Network Co. Ltd., Class A		4,823		21,473
Hangzhou Lion Microelectronics Co. Ltd., Class A *		16,500		54,226
Hebei Sinopack Electronic Technology Co. Ltd., Class A		5,280		35,087
Hengdian Group DMEGC Magnetics Co. Ltd., Class A		24,500		43,864
Hengtong Optic-electric Co. Ltd., Class A		56,200		116,997
Hexing Electrical Co. Ltd., Class A		5,700		21,336


	Number of Shares		Value $

Hongyuan Green Energy Co. Ltd., Class A		11,800		22,960
Huagong Tech Co. Ltd., Class A		29,059		170,152
Hwatsing Technology Co. Ltd., Class A		3,921		80,442
Ingenic Semiconductor Co. Ltd., Class A *		10,000		88,060
IRICO Display Devices Co. Ltd., Class A *		41,300		35,194
Isoftstone Information Technology Group Co. Ltd., Class A		15,700		113,742
Jiangsu Hoperun Software Co. Ltd., Class A *		22,500		157,166
Jiangsu Pacific Quartz Co. Ltd., Class A *		8,100		33,737
Loongson Technology Corp. Ltd., Class A *		4,660		83,728
Newland Digital Technology Co. Ltd., Class A		23,540		101,507
Nexchip Semiconductor Corp., Class A *		23,232		65,679
Piotech, Inc., Class A		4,012		82,080
Qi An Xin Technology Group, Inc., Class A *		8,324		34,843
Raytron Technology Co. Ltd., Class A		10,968		92,550
Risen Energy Co. Ltd., Class A *		27,100		35,505
Rockchip Electronics Co. Ltd., Class A		5,900		118,159
Ruijie Networks Co. Ltd., Class A		2,300		21,333
Shanghai BOCHU Electronic Technology Corp. Ltd., Class A		2,342		61,373
Shanghai Fudan Microelectronics Group Co. Ltd., Class A		9,827		62,192
Shanghai Longcheer Technology Co. Ltd.		1,700		8,831
Shanghai Stonehill Technology Co. Ltd., Class A *		160,348		125,736
Shenzhen Fastprint Circuit Tech Co. Ltd., Class A		49,500		79,004
Shenzhen Goodix Technology Co. Ltd., Class A		8,200		78,503
Shenzhen Kaifa Technology Co. Ltd., Class A		27,500		65,951
Shenzhen Kinwong Electronic Co. Ltd., Class A		11,220		48,616
Shenzhen Longsys Electronics Co. Ltd., Class A		3,700		36,552
Shenzhen SC New Energy Technology Corp., Class A		8,200		58,792
Shenzhen Sunlord Electronics Co. Ltd., Class A		22,300		85,575
Shenzhen Sunway Communication Co. Ltd., Class A		29,700		88,540
SICC Co. Ltd., Class A *		5,296		44,101

See Notes to Financial Statements.

DBX ETF Trust | 13

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $

Sinosoft Co. Ltd., Class A		17,788		47,498
Skyverse Technology Co. Ltd., Class A		5,574		54,461
Smartsens Technology Shanghai Co. Ltd., Class A		8,205		103,170
StarPower Semiconductor Ltd., Class A *		3,400		37,844
State Grid Information & Communication Co. Ltd., Class A		17,600		44,090
SUPCON Technology Co. Ltd., Class A		18,082		110,671
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		38,600		150,858
Suzhou Maxwell Technologies Co. Ltd., Class A		4,100		38,813
Suzhou Novosense Microelectronics Co. Ltd., Class A *		2,900		73,574
Taiji Computer Corp. Ltd., Class A		12,919		42,870
Thunder Software Technology Co. Ltd., Class A		10,800		82,754
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		13,900		39,219
Tianma Microelectronics Co. Ltd., Class A *		39,700		45,290
Tianshui Huatian Technology Co. Ltd., Class A		73,700		89,398
TongFu Microelectronics Co. Ltd., Class A		28,900		94,016
United Nova Technology Co. Ltd., Class A *		122,118		81,691
Universal Scientific Industrial Shanghai Co. Ltd., Class A		20,600		38,654
Vanchip Tianjin Technology Co. Ltd., Class A		1,997		8,193
Venustech Group, Inc., Class A		21,400		45,442
Verisilicon Microelectronics Shanghai Co. Ltd., Class A *		9,974		120,860
Victory Giant Technology Huizhou Co. Ltd., Class A		17,400		208,840
Wangsu Science & Technology Co. Ltd., Class A		67,400		97,471
Wuhan Guide Infrared Co. Ltd., Class A *		50,300		61,711
Wuhan Jingce Electronic Group Co. Ltd., Class A *		5,700		45,187
Wuxi Autowell Technology Co. Ltd., Class A		4,941		22,767
Xiamen Faratronic Co. Ltd., Class A		4,000		57,352
Yangzhou Yangjie Electronic Technology Co. Ltd., Class A		9,800		64,537
Zhejiang Crystal-Optech Co. Ltd., Class A		38,562		97,297


(Cost $5,965,533)				6,319,957


	Number of Shares		Value $


Materials — 16.1%
Angang Steel Co. Ltd., Class A *		75,600		24,657
Asia - Potash International Investment Guangzhou Co. Ltd., Class A *		17,500		70,434
Baiyin Nonferrous Group Co. Ltd., Class A		91,500		35,557
BBMG Corp., Class A		97,400		20,817
Beijing Shougang Co. Ltd., Class A		46,200		22,762
Bluestar Adisseo Co., Class A		12,800		17,090
Canmax Technologies Co. Ltd., Class A		17,240		41,107
Cathay Biotech, Inc., Class A		10,176		66,660
Chengxin Lithium Group Co. Ltd., Class A *		18,600		28,912
Chifeng Jilong Gold Mining Co. Ltd., Class A *		46,700		170,200
China Hainan Rubber Industry Group Co. Ltd., Class A		54,600		34,555
China Rare Earth Resources And Technology Co. Ltd., Class A		21,700		102,035
Dazhong Mining Co. Ltd.		14,000		17,274
Do-Fluoride New Materials Co. Ltd., Class A *		36,140		57,681
Fujian Kuncai Material Technology Co. Ltd., Class A		5,940		15,853
Guangdong HEC Technology Holding Co. Ltd., Class A		41,705		54,814
Guangdong Hongda Holdings Group Co. Ltd., Class A		13,500		57,220
Hangjin Technology Co. Ltd., Class A *		16,600		50,915
Hangzhou Iron & Steel Co., Class A		41,110		50,836
Hangzhou Oxygen Plant Group Co. Ltd., Class A		14,200		37,484
Haohua Chemical Science & Technology Co. Ltd., Class A		10,700		35,581
Hengyi Petrochemical Co. Ltd., Class A		50,100		41,789
Hesteel Co. Ltd., Class A		110,000		33,434
Huafon Chemical Co. Ltd., Class A		60,100		56,219
Huaxin Cement Co. Ltd., Class A		18,672		32,004
Hubei Dinglong Co. Ltd., Class A *		22,800		87,874
Hubei Feilihua Quartz Glass Co. Ltd., Class A		14,600		90,758
Hubei Xingfa Chemicals Group Co. Ltd., Class A		21,820		63,292
Hunan Gold Corp. Ltd., Class A		24,700		76,891
Hunan Valin Steel Co. Ltd., Class A		103,320		68,542
Inner Mongolia Berun Chemical Co. Ltd., Class A *		65,600		45,795
Inner Mongolia ERDOS Resources Co. Ltd., Class A		16,700		21,578

See Notes to Financial Statements.

14 | DBX ETF Trust

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $

Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		94,900		70,069
Inner Mongolia Xingye Silver&Tin Mining Co. Ltd., Class A		35,700		65,550
JCHX Mining Management Co. Ltd., Class A		10,900		59,180
Jiangsu Yangnong Chemical Co. Ltd., Class A		5,790		44,349
Jiangsu Yoke Technology Co. Ltd., Class A		8,396		61,071
Jinduicheng Molybdenum Co. Ltd., Class A		29,400		43,047
Kingfa Sci & Tech Co. Ltd., Class A		59,700		85,010
Levima Advanced Materials Corp., Class A		11,900		24,971
Luxi Chemical Group Co. Ltd., Class A		30,000		43,509
Maanshan Iron & Steel Co. Ltd., Class A *		68,500		32,514
MeiHua Holdings Group Co. Ltd., Class A		56,500		82,178
Nanjing Iron & Steel Co. Ltd., Class A		65,800		38,903
Ningbo Shanshan Co. Ltd., Class A		26,900		28,523
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A *		134,600		46,702
Red Avenue New Materials Group Co. Ltd., Class A		7,300		33,505
Shaanxi Beiyuan Chemical Industry Group Co. Ltd., Class A		47,590		27,608
Shaanxi Huaqin Technology Industry Co. Ltd., Class A		1,857		14,036
Shandong Sinocera Functional Material Co. Ltd., Class A *		24,400		55,536
Shandong Sun Paper Industry JSC Ltd., Class A		47,500		92,952
Shanxi Meijin Energy Co. Ltd., Class A *		84,600		49,196
Shanxi Taigang Stainless Steel Co. Ltd., Class A *		64,500		31,869
Shenghe Resources Holding Co. Ltd., Class A		42,890		68,991
Shenzhen Capchem Technology Co. Ltd., Class A		15,480		65,033
Shenzhen YUTO Packaging Technology Co. Ltd., Class A		8,540		28,351
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A		74,400		45,949
Sichuan Hebang Biotechnology Co. Ltd., Class A		181,680		44,126
Sinoma Science & Technology Co. Ltd., Class A		19,500		45,548


	Number of Shares		Value $

Sinomine Resource Group Co. Ltd., Class A *		20,320		83,110
Sinopec Shanghai Petrochemical Co. Ltd., Class A *		67,300		26,340
Skshu Paint Co. Ltd., Class A		8,232		36,823
Sunresin New Materials Co. Ltd., Class A		7,550		47,320
Tangshan Jidong Cement Co. Ltd., Class A *		33,181		20,815
Tianshan Aluminum Group Co. Ltd., Class A		79,200		84,747
Tongkun Group Co. Ltd., Class A		45,600		68,540
Weihai Guangwei Composites Co. Ltd., Class A		17,400		73,968
Western Mining Co. Ltd., Class A *		47,200		103,502
Western Superconducting Technologies Co. Ltd., Class A		12,265		84,277
Xiamen Tungsten Co. Ltd., Class A		24,520		66,019
Xinfengming Group Co. Ltd., Class A *		18,316		27,657
Xinxing Ductile Iron Pipes Co. Ltd., Class A		66,050		32,176
YongXing Special Materials Technology Co. Ltd., Class A		9,100		38,697
Yunnan Chihong Zinc & Germanium Co. Ltd., Class A		92,300		65,715
Yunnan Copper Co. Ltd., Class A		40,100		64,168
Yunnan Tin Co. Ltd., Class A		27,930		53,144
Yunnan Yuntianhua Co. Ltd., Class A		35,100		106,197
Zhejiang Hailiang Co. Ltd., Class A		29,200		40,648
Zhejiang JIULI Hi-tech Metals Co. Ltd., Class A		19,800		67,710
Zhejiang Longsheng Group Co. Ltd., Class A		69,700		94,896
Zhejiang Sanmei Chemical Industry Co. Ltd., Class A		7,060		46,376
Zhongfu Shenying Carbon Fiber Co. Ltd., Class A *		2,598		7,302
Zibo Qixiang Tengda Chemical Co. Ltd., Class A		43,521		27,543


(Cost $4,400,088)				4,326,586
Real Estate — 1.5%
China World Trade Center Co. Ltd., Class A		5,500		16,457
Greenland Holdings Corp. Ltd., Class A *		119,700		27,743
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		35,200		45,775
Quzhou Xin’an Development Co. Ltd., Class A *		115,700		41,268
Seazen Holdings Co. Ltd., Class A *		25,000		43,718
Shanghai Lingang Holdings Corp. Ltd., Class A		22,600		28,260

See Notes to Financial Statements.

DBX ETF Trust | 15

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $

Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		21,700		27,828
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		20,700		71,708
Youngor Fashion Co. Ltd., Class A		61,600		64,205
Zhongtian Financial Group Co. Ltd., Class A * (a)		139,200		0
Zhuhai Huafa Properties Co. Ltd., Class A		58,140		39,619


(Cost $474,214)				406,581

Utilities — 3.2%
Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A		131,390		58,171
Beijing Jingneng Power Co. Ltd., Class A		59,700		36,125
CECEP Solar Energy Co. Ltd., Class A		68,600		41,320
CECEP Wind-Power Corp., Class A		115,850		47,110
Chengdu Xingrong Environment Co. Ltd., Class A		45,000		45,654
China Green Electricity Investment of Tianjin Co. Ltd., Class A		16,000		18,986
China Southern Power Grid Energy Storage Co. Ltd., Class A		29,200		41,053
Chongqing Water Group Co. Ltd., Class A		19,400		12,951
Datang International Power Generation Co. Ltd., Class A		104,400		46,221

*	Non-income producing security.

(a)	Investment was valued using significant unobservable inputs.

JSC:	Joint Stock Company


	Number of Shares		Value $

Fujian Funeng Co. Ltd., Class A		30,700		41,798
Guangdong Electric Power Development Co. Ltd., Class A		13,500		9,743
Hubei Energy Group Co. Ltd., Class A		44,100		28,460
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A		92,200		51,696
Jiangsu Guoxin Corp. Ltd., Class A		13,900		14,604
Shaanxi Energy Investment Co. Ltd., Class A		20,300		25,271
Shanghai Electric Power Co. Ltd., Class A		39,600		48,639
Shenergy Co. Ltd., Class A		57,649		71,849
Shenzhen Energy Group Co. Ltd., Class A		38,560		34,786
Shenzhen Gas Corp. Ltd., Class A		25,900		23,077
Sichuan New Energy Power Co. Ltd., Class A		26,200		36,689
Wintime Energy Group Co. Ltd., Class A		601,000		112,604
Zhejiang Provincial New Energy Investment Group Co. Ltd., Class A		21,100		22,929


(Cost $888,627)				869,736

TOTAL COMMON STOCKS


(Cost $26,312,185)				26,793,624

TOTAL INVESTMENTS — 99.7%

(Cost $26,312,185)				26,793,624

Other assets and liabilities, net — 0.3%				76,915


NET ASSETS — 100.0%				26,870,539

See Notes to Financial Statements.

16 | DBX ETF Trust

Schedule of Investments

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

May 31, 2025

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total

Common Stocks (a)	$	26,793,624	$	—	$	0	$	26,793,624

TOTAL	$	26,793,624	$	—	$	0	$	26,793,624

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

See Notes to Financial Statements.

DBX ETF Trust | 17

Statements of Assets and Liabilities

May 31, 2025


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

Assets

Investment in non-affiliated securities at value	$	2,011,429,807		$	26,793,624

Cash		123,939			1,729
Foreign currency at value^†		4,202,266			90,071
Total assets	$	2,015,756,012		$	26,885,424

Liabilities

Payables:
Investment advisory fees	$	1,080,251		$	14,885
Total liabilities		1,080,251			14,885
Net Assets, at value	$	2,014,675,761		$	26,870,539

Net Assets Consist of
Paid-in capital	$	2,866,135,589		$	47,655,934
Distributable earnings (loss)		(851,459,828	)		(20,785,395	)
Net Assets, at value	$	2,014,675,761		$	26,870,539
Number of Common Shares outstanding		75,900,001			950,001
Net Asset Value	$	26.54		$	28.28

Investment in non-affiliated securities at cost	$	1,712,463,818		$	26,312,185
Foreign currency at cost	$	4,168,015		$	90,774

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

See Notes to Financial Statements.

18 | DBX ETF Trust

Statements of Operations

May 31, 2025


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

Investment Income
Unaffiliated interest income	$	3,196		$	139
Unaffiliated dividend income*		55,176,091			393,957
Total investment income		55,179,287			394,096

Expenses
Investment advisory fees		14,257,775			181,855
Other expenses		58			58
Total expenses		14,257,833			181,913
Net investment income (loss)		40,921,454			212,183

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(318,931,248	)		(3,666,841	)
Foreign currency transactions		(3,214,865	)		(87,366	)
Net realized gain (loss)		(322,146,113	)		(3,754,207	)
Net change in unrealized appreciation (depreciation) on:
Investments		165,058,387			4,143,029
Foreign currency translations		47,963			470
Net change in unrealized appreciation (depreciation)		165,106,350			4,143,499
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(157,039,763	)		389,292
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(116,118,309	)	$	601,475

* Unaffiliated foreign tax withheld	$	6,127,638		$	43,823

See Notes to Financial Statements.

DBX ETF Trust | 19

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, 2025			Year Ended May 31, 2024			Year Ended May 31, 2025			Year Ended May 31, 2024

Increase (Decrease) in Net Assets from Operations

Net investment income (loss)	$	40,921,454		$	38,826,152		$	212,183		$	233,711
Net realized gain (loss)		(322,146,113	)		(240,456,368	)		(3,754,207	)		(1,091,827	)
Net change in net unrealized appreciation (depreciation)		165,106,350			39,182,518			4,143,499			(2,480,945	)
Net increase (decrease) in net assets resulting from operations		(116,118,309	)		(162,447,698	)		601,475			(3,339,061	)
Distributions to Shareholders		(31,891,425	)		(44,647,136	)		(247,897	)		(141,936	)

Fund Shares Transactions

Proceeds from shares sold		3,017,009,958			792,877,174			19,632,094			—
Value of shares redeemed		(2,904,384,041	)		(868,790,090	)		(14,162,889	)		(1,350,738	)
Net increase (decrease) in net assets resulting from fund share transactions		112,625,917			(75,912,916	)		5,469,205			(1,350,738	)
Total net increase (decrease) in Net Assets		(35,383,817	)		(283,007,750	)		5,822,783			(4,831,735	)

Net Assets
Beginning of year		2,050,059,578			2,333,067,328			21,047,756			25,879,491
End of year	$	2,014,675,761		$	2,050,059,578		$	26,870,539		$	21,047,756

Changes in Shares Outstanding

Shares outstanding, beginning of year		83,800,001			87,250,001			800,001			850,001
Shares sold		106,900,000			31,950,000			650,000			—
Shares redeemed		(114,800,000	)		(35,400,000	)		(500,000	)		(50,000	)
Shares outstanding, end of year		75,900,001			83,800,001			950,001			800,001

See Notes to Financial Statements.

20 | DBX ETF Trust

Financial Highlights

Xtrackers Harvest CSI 300 China A-Shares ETF


	Years Ended May 31,

	2025			2024			2023			2022			2021

Selected Per Share Data

Net Asset Value, beginning of year	$	24.46		$	26.74		$	30.82		$	41.83		$	27.18
Income (loss) from investment operations:
Net investment income (loss)(a)		0.49			0.51			0.46			0.36			0.30
Net realized and unrealized gain (loss)		1.89	(b)		(2.20	)		(4.22	)		(11.02	)		14.67
Total from investment operations		2.38			(1.69	)		(3.76	)		(10.66	)		14.97
Less distributions from:
Net investment income		(0.30	)		(0.59	)		(0.32	)		(0.35	)		(0.32	)
Total from distributions		(0.30	)		(0.59	)		(0.32	)		(0.35	)		(0.32	)
Net Asset Value, end of year	$	26.54		$	24.46		$	26.74		$	30.82		$	41.83
Total Return (%)		9.72			(6.18	)		(12.28	)		(25.67	)		55.20

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of year ($ millions)		2,015			2,050			2,333			1,672			2,715
Ratio of expenses (%)		0.65			0.65			0.65			0.65			0.65
Ratio of net investment income (loss) (%)		1.87			2.02			1.55			0.97			0.79
Portfolio turnover rate (%)		143			50			69			95			78

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

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

See Notes to Financial Statements.

DBX ETF Trust | 21

Financial Highlights (Continued)

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF


	Years Ended May 31,

	2025			2024			2023			2022			2021

Selected Per Share Data

Net Asset Value, beginning of year	$	26.31		$	30.45		$	32.55		$	38.36		$	27.59
Income (loss) from investment operations:
Net investment income (loss)(a)		0.21			0.28			0.36			0.28			0.13
Net realized and unrealized gain (loss)		1.95			(4.24	)		(1.88	)		(5.77	)		10.79
Total from investment operations		2.16			(3.96	)		(1.52	)		(5.49	)		10.92
Less distributions from:
Net investment income		(0.19	)		(0.18	)		(0.58	)		(0.32	)		(0.15	)
Total from distributions		(0.19	)		(0.18	)		(0.58	)		(0.32	)		(0.15	)
Net Asset Value, end of year	$	28.28		$	26.31		$	30.45		$	32.55		$	38.36
Total Return (%)		8.21			(13.03	)		(4.71	)		(14.50	)		39.64

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of year ($ millions)		27			21			26			34			40
Ratio of expenses (%)		0.65			0.65			0.65			0.65			0.65
Ratio of net investment income (loss) (%)		0.76			1.03			1.13			0.73			0.37
Portfolio turnover rate (%)		79			25			41			62			34

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

See Notes to Financial Statements.

22 | DBX ETF Trust

Notes to Financial Statements

1. Organization

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

As of May 31, 2025, Trust consists of forty investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

Xtrackers Harvest CSI 300 China A-Shares ETF

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees (“Board”). Harvest Global Investments Limited serves as investment Sub-Advisor (the “Sub-Advisor”) to the Xtrackers Harvest CSI 300 China A-Shares ETF and the Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF. The Sub-Advisor is responsible for day-to-day management of each Fund, subject to supervision of the Advisor.

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

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


Fund		Underlying Index
Xtrackers Harvest CSI 300 China A-Shares ETF		CSI 300 Index
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		CSI 500 Index

CSI 300 Index is calculated and maintained by China Securities Index Co., Ltd. It is designed to reflect the price fluctuation and performance of the China A-Share market and is composed of the 300 largest and most liquid stocks in the China A-Share market. Constituent stocks for the Underlying Index generally must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange for specified time periods, have demonstrated positive performance, and not be subject to abnormal volatility or other evidence of possible market manipulation, among other factors. The composition of the Underlying Index is reviewed every six-months.

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

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

Each Fund is a diversified series of the Trust. Each Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.

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

DBX ETF Trust | 23

2. Significant Accounting Policies

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

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

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

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

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

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

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

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

24 | DBX ETF Trust

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

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

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

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the year ended May 31, 2025, the Funds did not incur any interest or penalties.

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


	Undistributed Ordinary Income^*		Capital and Other Gains (Losses)		Unrealized Appreciation (Depreciation)		Total Accumulated Earnings (Losses)

Xtrackers Harvest CSI 300 China A-Shares ETF	$	19,481,622	$	(994,114,337)	$	123,172,887	$	(851,459,828)

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		—		(20,710,157)		(75,238)		(20,785,395)

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


	Year Ended May 31, 2025
	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

DBX ETF Trust | 25


	Year Ended May 31, 2024
	Ordinary Income*

Xtrackers Harvest CSI 300 China A-Shares ETF	$	44,647,136

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		141,936

At May 31, 2025, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.


	Short-Term		Long-Term		Total Amount

Xtrackers Harvest CSI 300 China A-Shares ETF	$	636,148,837	$	357,965,500	$	994,114,337

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		15,562,388		5,121,760		20,684,148

Capital losses incurred after October 31 (“post-October capital losses”) and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the fiscal year ended May 31, 2025, the Fund listed below incurred and will elect to defer late year ordinary losses as follows. The funds had no post-October capital losses.


	Late Year Ordinary Losses

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF	$	26,009

As of May 31, 2025, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers Harvest CSI 300 China A-Shares ETF	$	1,888,291,171	$	123,138,636	$	298,543,219	$	(175,404,583)
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		26,868,159		(74,535)		3,474,120		(3,548,655)

Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of May 31, 2025, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

The Funds’ direct investments in China A-Shares will be subject to a number of Chinese tax rules and the application of many of those rules is evolving. Chinese taxes that may apply to the Funds’ direct investments in A-Shares include withholding income tax (“WHT”) on dividends, WHT on bank deposit interest, WHT on capital gains realized from the disposal of equity investments prior to November 17, 2014 and stamp duty. China imposes WHT at a rate of 10% on dividends on shares and interest income derived by non People’s Republic of China (“PRC”) enterprises including Qualified Foreign Institutional Investors (“QFII”) and Renminbi Qualified Foreign Institutional Investors (“RQFII”) from PRC resident issuers, subject to any lower rate provided by an applicable tax treaty.

Since November 17, 2014, QFIIs and RQFIIs have been temporarily exempt from WHT with respect to gains derived from the trading of equity investments (including shares in PRC enterprises). With respect to gains derived from equity investments prior to November 17, 2014, QFIIs and RQFIIs are subject to WHT at a rate of 10% on such gains on a gross basis, subject to any lower rate provided by an applicable tax treaty. The above WHT treatment applies to QFIIs and RQFIIs which do not have a permanent establishment (“PE”) in the PRC. The Funds do not have PEs in the PRC, therefore, the Funds are only subject to WHT at 10% with respect to gross realized gains derived from the disposal of land-rich A-Share companies and exempt from WHT with respect to gross realized gains derived from non land-rich A-Share companies prior to November 17, 2014 as long as treaty relief is eligible. Land-rich enterprises refer to companies whose value of immovable property in the PRC is greater than 50% of the value of their total assets at any time during the three-year period before the alienation of the PRC

26 | DBX ETF Trust

companies’ shares. The WHT relating to the realized gains from shares in land-rich companies prior to November 17, 2014 has been paid by the Funds while realized gains from shares in non land-rich companies prior to November 17, 2014 were granted treaty relief pursuant to the PRC-US Double Taxation Arrangement.

The PRC rules for taxation of QFIIs and RQFIIs are evolving and the tax regulations to be issued by the PRC State Taxation Administration and/or PRC Ministry of Finance, as well as the practices adopted by the local PRC authorities, may apply retroactively which may adversely affect the Fund and its shareholders.

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

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

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

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

3. Investment Advisory and Other Agreements

The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate. Harvest Global Investments Limited serves as investment sub-Advisor (the “Sub-Advisor”) to the Xtrackers Harvest CSI 300 China A-Shares ETF and the Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF. The Sub-Advisor is responsible for day-to-day management of each Fund, subject to supervision of the Advisor, and is paid by the Advisor for its services.

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


	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	%

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

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

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

DBX ETF Trust | 27

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

4. Investment Portfolio Transactions

For the year ended May 31, 2025, the cost of investments purchased and proceeds from sale of investments (excluding short-term investments) were as follows:


	Purchases		Sales
Xtrackers Harvest CSI 300 China A-Shares ETF	$	3,238,395,221	$	3,118,673,537
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		26,940,854		21,528,418

5. Fund Share Transactions

As of May 31, 2025, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units for Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF are generally issued in exchange for a specific amount of cash totaling the NAV of the Creation Units. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

6. Investing in China

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

7. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at May 31, 2025.

28 | DBX ETF Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders of

Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF and the Board of Trustees of DBX ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, (collectively referred to as the “Funds”), (two of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of May 31, 2025, and the related statements of operations for the year ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (two of the funds constituting DBX ETF Trust) at May 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

LOGO

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

New York, New York

July 23, 2025

DBX ETF Trust | 29

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

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

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT WITH DBX ADVISORS LLC AND INVESTMENT SUB-ADVISORY AGREEMENT WITH HARVEST GLOBAL INVESTMENTS LIMITED

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on May 13-14, 2025 (the “Meeting”) the Trustees, all of whom are Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement and Investment Sub-Advisory Agreement with respect to Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (each a “Fund,” and collectively, the “Funds”) for another annual period ending May 31, 2026. The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to continue in effect the Investment Advisory Agreement and the Investment Sub-Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) and Harvest Global Investments Limited (“Harvest” or the “Sub-Advisor”) for purposes of reviewing the Investment Advisory Agreement’s and Investment Sub-Advisory Agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) each Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees met with representatives of the Advisor on May 13, 2025 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held during the Meeting.

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

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

In reaching its decision to approve the continuation of the Investment Sub-Advisory Agreement for another annual period, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the performance of Harvest with respect to its management of the Funds, as well as Harvest’s financial resources and its resulting ability to perform its obligations under the Investment Sub-Advisory Agreement; (3) the total cost of the services provided by Harvest from its relationship with the Funds; (4) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (5) fall out benefits, if any, enjoyed by the Sub-Advisor.

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

30 | DBX ETF Trust

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

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

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

The Board considered that the Advisor provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Advisor pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its DWS Group affiliates, except as may otherwise be determined by the Board. The Board also considered that the Advisor arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operation. The Board also considered the role played by the Advisor in working with Harvest to manage the Funds’ portfolios, noting that the Advisor provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Funds. The Board considered the information regarding each Fund’s tracking error compared to its underlying index that had been provided by the Advisor and by Broadridge. The Board took note of the detailed information provided by the Advisor throughout the year with respect to each Fund’s tracking error and the sources thereof. The Trustees noted that tracking error for each Fund during the year was in an expected range.

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

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

Reasonableness of Advisory Fee. The Board compared each Fund’s advisory fee and total expenses to those of the other ETFs in its Peer Group. The Board noted that due to the special characteristics of the Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Group and the information in the Broadridge report accordingly may or may not provide meaningful direct comparisons to the Funds. The Board considered that while each Fund’s advisory fees and total expenses were above or equal to the average and median of the Peer Group, many of the other ETFs in the Funds’ Peer Group only invested directly in A-shares through the Stock Connect programs, rather than also utilizing the Renminbi Qualified Foreign Institutional Investor (“RQFII”) program, as the Funds did using the quota allocated to the Sub-Advisor. The Board also noted that the Chinese authorities had abolished the quotas under the RQFII system, but that it remained in the Funds’ best interests to continue utilizing Harvest as the Funds’ sub-advisor and that Harvest’s local market capabilities provided the Funds with the widest feasible range of means to access A-shares. The Board accordingly noted that each Fund’s fee is competitive with the fees of the Peer Group.

The Board considered that the fee for the Funds is a unitary fee pursuant to which the Advisor pays all of the Funds’ operating expenses (subject to certain specified exceptions). The Board considered that each Fund’s fee had been priced to scale when it was established. The Board also considered that the Funds’ portfolios are managed on a day-to-day basis by the Sub-Advisor, which receives a fee from the Advisor. The Board considered the allocation of responsibilities

DBX ETF Trust | 31

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

between the Advisor and Sub-Advisor and noted that the Advisor provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee is reasonable in light of the services provided.

Costs of Services and Profitability. The Board considered the expenses of the Advisor in developing and rendering services to the Funds and the information provided by the Advisor to the Board regarding the Funds’ profitability. The Board considered that the Advisor had provided extensive information about the Advisor’s profitability and the Advisor’s methodology in determining profitability. While the Advisor had provided information about the Advisor’s expenses relating to marketing the Funds, the Board considered the Advisor’s profitability without accounting for such expenses. The Board determined that only Xtrackers Harvest CSI 300 China A-Shares ETF was profitable as of this time and the Advisor’s profitability with respect to the Fund was not excessive The Board considered whether the Advisor would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.

Economies of Scale. The Board considered that Xtrackers Harvest CSI 300 China A-Shares ETF had attracted a substantial amount of assets, but determined that the Fund was not experiencing economies of scale beyond what was reflected in the Fund’s unitary fee, which the Board noted was competitive. The Board considered that Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF was not experiencing economies of scale at this time and determined to revisit this matter after the Fund had attracted more assets. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisors can share benefits of economies of scale.

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

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

Nature, Extent and Quality of Services. In considering the nature, extent and quality of services that Harvest provides to the Funds, the Board reviewed in detail the nature, extent and quality of services provided by Harvest under the Investment Sub-Advisory Agreement. In doing so, the Board considered the information it had received from, and discussions the Board and the Advisor had with, the Sub-Advisor regularly during the prior year, in addition to the information the Sub-Advisor had provided in response to the Board’s requests prior to the Meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities.

The Board also considered Harvest’s operational capabilities and resources, and its experience in serving as investment sub-advisor to the Funds. The Board considered the professional experience, qualifications and performance of Harvest’s senior management and key professional personnel, as well as Harvest’s depth and breadth of experience in managing investment portfolios consisting of A-shares, and their techniques for implementing such strategies while minimizing index tracking error. The Board also noted that the Chinese authorities had abolished the quotas under the RQFII system, but that it remained in the Funds’ best interests to continue utilizing Harvest as the Funds’ sub-advisor and that Harvest’s local market capabilities provided the Funds with the widest feasible range of means to access A-shares. In addition, the Board considered Harvest’s operational capabilities and resources, and Harvest’s experience in managing index funds covering various asset classes. The Board also noted Harvest’s processes to minimize the cost of trading.

Based on its review, the Board concluded that the nature, extent, and quality of services provided by Harvest under the Investment Sub-Advisory Agreement are reasonable and appropriate in relation to the fees paid to Harvest, taking special consideration of the fact that the fees paid to Harvest are payable by the Advisor and not the Funds.

Performance of Harvest; Harvest’s Financial Resources. The Board considered Harvest’s performance in managing the Funds and its ability to minimize tracking error, taking note of the detailed information provided by the Advisor throughout the year with respect to each Fund’s tracking error and the sources thereof. The Board concluded that, given Harvest’s capabilities and experience in managing the Funds, Harvest had generally been able to keep the Funds’ tracking error within acceptable ranges.

32 | DBX ETF Trust

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

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

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

Costs of Services and Profitability. The Board further considered that specific information about Harvest’s profitability with respect to its services provided to the Funds was not available because Harvest receives a fixed fee which is computed as a percentage of each Fund’s advisory fees and does not calculate the profitability of its sub-advisory services on a per-Fund level. The Board also considered that the overall fees paid by each Fund remained reasonable.

The Board also considered whether Harvest would benefit in other ways from its relationship with the Funds. The Board discussed Harvest’s practices regarding the selection and compensation of brokers and dealers that execute portfolio transactions for the Funds and the brokers’ and dealers’ provision of brokerage services to Harvest.

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

DBX ETF Trust | 33

Tax Information (Unaudited)

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

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its period ended May 31, 2025.


	Qualified Dividend Income^*
Xtrackers Harvest CSI 300 China A-Shares ETF		100	%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		100	%

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

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


	Gross Foreign Income		Foreign Taxes Paid
Xtrackers Harvest CSI 300 China A-Shares ETF	$	61,301,958	$	6,117,427
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		437,736		43,774

34 | DBX ETF Trust

LOGO

CHINA-NCSRA

LOGO

Xtrackers California Municipal Bond ETF (CA)

Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU)

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF)

Xtrackers US 0-1 Year Treasury ETF (TRSY)

LOGO

Table of Contents


	Page
Schedule of Investments

Xtrackers California Municipal Bond ETF		2

Xtrackers Municipal Infrastructure Revenue Bond ETF		8

Xtrackers MSCI EAFE High Dividend Yield Equity ETF		16

Xtrackers US 0-1 Year Treasury ETF		20

Statements of Assets and Liabilities		22

Statements of Operations		23

Statements of Changes in Net Assets		24

Financial Highlights		26

Notes to Financial Statements		30

Report of Independent Registered Public Accounting Firm		39

Board Considerations in Approval of Investment Advisory Contracts		41

Tax Information		44

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

DBX ETF Trust | 1

Schedule of Investments

Xtrackers California Municipal Bond ETF

May 31, 2025


	Principal Amount $		Value $

MUNICIPAL BONDS – 97.0%

California – 97.0%
Allan Hancock Joint Community College District Series 2006-C, 0.00% - 5.60%, 8/1/47 (a)		160,000		112,221
Anaheim Public Financing Authority
Series C, Zero Coupon, 9/1/30		50,000		41,743
Series C, Zero Coupon, 9/1/32		150,000		115,748
Series C, Zero Coupon, 9/1/33		160,000		118,229
Bay Area Toll Authority
Series F-2, 5.00%, 4/1/42		100,000		105,462
Series F-2, 5.00%, 4/1/43		100,000		104,787
Bay Area Toll Authority, Highway Revenue Tolls, Series F-1, 5.00%, 4/1/56		70,000		72,967
California Community Choice Financing Authority
Series B-1, 4.00%, 2/1/52		250,000		247,038
Series A, 5.00%, 7/1/53		300,000		311,839
Series E-1, 5.00%, 2/1/54		100,000		104,550
Series D, 5.50%, 5/1/54		250,000		262,292
Series G-1, 5.25%, 11/1/54		100,000		104,897
Series F, 5.00%, 2/1/55		300,000		317,411
Series C, 5.00%, 8/1/55		100,000		104,137
Series H, 5.00%, 1/1/56		200,000		212,739
California Educational Facilities Authority
Series V-3, 5.00%, 6/1/33		25,000		28,705
Series U-1, 5.25%, 4/1/40		235,000		269,080
Series U-7, 5.00%, 6/1/46		120,000		129,789
Series 2016, 5.00%, 10/1/49		75,000		76,410
California Enterprise Development Authority Series A, 5.50%, 11/1/59		50,000		53,979
California Health Facilities Financing Authority
Series A, 5.00%, 11/15/30		50,000		50,293
Series A, 5.00%, 11/15/32		75,000		78,028
Series A, 5.00%, 11/15/33		55,000		57,069
Series A, 4.00%, 4/1/38		100,000		95,651
Series B, 3.25%, 8/15/39		145,000		128,581
Series B, 4.00%, 8/15/39		100,000		96,883
Series A, 5.00%, 10/1/39		25,000		25,723
Series C, 5.00%, 6/1/41		75,000		80,726
Series A, 5.00%, 11/15/41		75,000		75,738
Series A-2, 4.00%, 11/1/44		25,000		22,355
Series A, 5.00%, 11/15/46		100,000		100,984
Series A-2, 5.00%, 11/1/47		100,000		106,452
Series A, 4.00%, 8/15/48		100,000		93,171
Series A, 4.00%, 11/15/48		70,000		59,254
Series A, 5.00%, 11/15/48		60,000		59,727


	Principal Amount $		Value $
Series A, 4.00%, 6/1/50		50,000		41,350
Series A, 4.00%, 8/15/50		100,000		88,277
California Infrastructure & Economic Development Bank
Series A, 5.00%, 7/1/29		80,000		84,485
Series A, 5.00%, 7/1/33		125,000		132,273
Series A, 4.00%, 11/1/45		50,000		45,696
Series A, 4.00%, 7/1/50		180,000		157,330
California Municipal Finance Authority Series A, 5.00%, 9/1/49		35,000		35,654
California Public Finance Authority Series A, 4.00%, 8/1/47		50,000		45,015
California School Facilities Financing Authority Series A, Zero Coupon, 8/1/49		300,000		83,859
California State Public Works Board
Series A, 5.00%, 8/1/34		30,000		32,719
Series B, 4.00%, 5/1/46		170,000		155,024
Series A, 4.00%, 11/1/46		225,000		204,967
California State University
Series A, 5.00%, 11/1/27		25,000		25,447
Series A, 5.00%, 11/1/29		40,000		41,595
Series A, 5.00%, 11/1/30		50,000		50,831
Series A, 5.00%, 11/1/32		105,000		106,592
Series A, 5.00%, 11/1/32		60,000		62,140
Series A, 5.00%, 11/1/34		30,000		30,900
Series A, 5.00%, 11/1/43		165,000		165,112
California Statewide Communities Development Authority
Series 2004-L, 5.00%, 4/1/38		155,000		166,835
Series A, 4.00%, 7/1/48		25,000		22,830
Series A, 3.00%, 4/1/50		50,000		34,176
Series A, 4.00%, 8/15/51		50,000		42,953
Centinela Valley Union High School District Series B, 4.00%, 8/1/50		30,000		26,377
Chino Valley Unified School District Series 2020-B, 5.00%, 8/1/55		100,000		101,928
City of Irvine CA 4.00%, 9/1/58		75,000		66,331
City of Los Angeles CA Wastewater System Revenue Series C, 5.00%, 6/1/28		100,000		106,357
City of Los Angeles Department of Airports
Series D, 4.00%, 5/15/48		100,000		90,730
Series A, 5.00%, 5/15/49		300,000		302,678

See Notes to Financial Statements.

2 | DBX ETF Trust

Schedule of Investments

Xtrackers California Municipal Bond ETF (Continued)

May 31, 2025


	Principal Amount $		Value $
City of Los Angeles Department of Airports, Private Airport & Marina Revenue,
Series A, 5.00%, 5/15/36		30,000		31,761
Series A, 5.00%, 5/15/37		30,000		31,615
City of San Francisco CA Public Utilities Commission Water Revenue Series C, 5.00%, 11/1/31		20,000		22,565
Coast Community College District 5.00%, 8/1/31		65,000		65,276
Coronado Community Development Agency Successor Agency Series A, 5.00%, 9/1/33		55,000		55,213
County of Sacramento CA Airport System Revenue Series A, 5.00%, 7/1/41		60,000		60,121
Desert Community College District Series A-1, 4.00%, 8/1/51		100,000		90,679
East Bay Municipal Utility District Water System Revenue
Series B, 5.00%, 6/1/28		25,000		26,149
Series B, 5.00%, 6/1/30		50,000		52,173
Series B, 5.00%, 6/1/31		50,000		52,095
Folsom Cordova Unified School District Series D, 4.00%, 10/1/44		100,000		92,743
Golden State Tobacco Securitization Corp.
Series A, 5.00%, 6/1/40		50,000		50,000
Series A, 5.00%, 6/1/45		85,000		85,000
Hartnell Community College District Series 2002-D, 7.00%, 8/1/34		100,000		108,137
Hayward Area Recreation & Park District Series A, 4.00%, 8/1/46		30,000		27,487
Hayward Unified School District
4.00%, 8/1/42		50,000		46,481
4.00%, 8/1/43		300,000		276,676
Long Beach Bond Finance Authority Series A, 5.50%, 11/15/30		100,000		107,278
Los Angeles County Facilities, Inc. Series A, 4.00%, 12/1/48		130,000		118,892
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue
Series A, 5.00%, 6/1/31		50,000		56,307
Series A, 5.00%, 6/1/33		30,000		33,429
Series A, 5.00%, 6/1/34		30,000		32,644


	Principal Amount $		Value $
Series B, 5.00%, 7/1/34		25,000		26,293
Series B, 5.00%, 7/1/35		50,000		52,398
Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue Series A, 5.00%, 6/1/33		110,000		113,542
Los Angeles County Public Works Financing Authority Series D, 4.00%, 12/1/40		60,000		56,012
Los Angeles Department of Water & Power
Series B, 5.00%, 7/1/26		150,000		152,185
Series D, 5.00%, 7/1/26		100,000		101,457
Series A, 5.00%, 7/1/29		45,000		47,530
Series B, 5.00%, 7/1/33		150,000		155,130
Series A, 5.00%, 7/1/34		110,000		111,531
Series B, 5.00%, 7/1/51		20,000		19,867
Series B, 5.25%, 7/1/53		25,000		25,326
Los Angeles Department of Water & Power Power System Revenue, Electric, Power & Light Revenue, Series D, 5.00%, 7/1/44		20,000		19,853
Los Angeles Department of Water & Power Water System Revenue
Series B, 5.00%, 7/1/47		30,000		30,155
Series A, 5.00%, 7/1/49		200,000		200,582
Series D, 5.00%, 7/1/52		50,000		49,641
Los Angeles Department of Water & Power, Electric, Power & Light Revenue,
Series B, 5.00%, 7/1/45		75,000		75,415
Series B, 5.00%, 7/1/51		45,000		44,701
Los Angeles Unified School District
Series A, 5.00%, 7/1/27		60,000		62,708
Series B, 2.00%, 7/1/29		95,000		88,675
Series B-1, 5.00%, 7/1/29		25,000		26,297
Series A, 5.00%, 7/1/30		55,000		59,413
Series B, 5.00%, 7/1/30		100,000		102,108
Series C, 5.00%, 7/1/30		50,000		55,025
Series C, 3.00%, 7/1/35		20,000		18,412
Series B-1, 5.00%, 7/1/36		35,000		36,201
Series QRR, 5.00%, 7/1/37		50,000		55,074
Series B-1, 5.25%, 7/1/42		25,000		25,566
Series M-1, 5.25%, 7/1/42		15,000		15,339
Series RYQ, 4.00%, 7/1/44		75,000		69,297
Marin Healthcare District Series 2021, 4.00%, 8/1/45		165,000		148,746
Metropolitan Water District of Southern California
Series A, 2.50%, 7/1/25		30,000		29,970
Series A, 5.00%, 7/1/27		40,000		42,076

See Notes to Financial Statements.

DBX ETF Trust | 3

Schedule of Investments

Xtrackers California Municipal Bond ETF (Continued)

May 31, 2025


	Principal Amount $		Value $
Series A, 5.00%, 7/1/27		75,000		78,893
Series C, 5.00%, 10/1/27		40,000		42,249
Series A, 5.00%, 7/1/34		95,000		101,399
Series A, 5.00%, 10/1/49		30,000		30,837
Series A, 5.00%, 10/1/51		20,000		20,707
Mount San Antonio Community College District Series A, 0.00% - 6.25%, 8/1/43 (a)		100,000		95,690
M-S-R Energy Authority Series C, 6.50%, 11/1/39		60,000		70,742
Municipal Improvement Corp. of Los Angeles
Series B, 5.00%, 11/1/27		25,000		25,685
Series B, 5.00%, 11/1/29		30,000		30,721
Napa Valley Unified School District Series C, 4.00%, 8/1/44		70,000		65,041
Northern California Sanitation Agencies Financing Authority
Series 2021, 3.00%, 12/1/34		25,000		23,757
Series A, 5.00%, 12/1/45		55,000		57,121
Ontario International Airport Authority Series A, 4.00%, 5/15/51		190,000		173,995
Palomar Community College District
Series 2006-C, 5.00%, 8/1/44		70,000		70,240
Series 2006-D, 4.00%, 8/1/46		15,000		13,733
Perris Union High School District Series A, 4.00%, 9/1/48		50,000		45,441
Rancho Santiago Community College District Series 2002-C, Zero Coupon, 9/1/30		60,000		50,638
Regents of The University of California Medical Center Pooled Revenue
Series L, 5.00%, 5/15/35		25,000		25,314
Series L, 5.00%, 5/15/41		75,000		75,366
Series L, 3.00%, 5/15/42		255,000		208,624
Series P, 5.00%, 5/15/47		175,000		178,639
Series P, 4.00%, 5/15/53		25,000		21,586
Rio Hondo Community College District Series A, 5.25%, 8/1/55		245,000		257,288
River Islands Public Financing Authority Series A-1, 5.25%, 9/1/52		50,000		51,037
Riverside County Transportation Commission Sales Tax Revenue Series B, 5.00%, 6/1/35		120,000		124,714


	Principal Amount $		Value $
Sacramento City Financing Authority Series E, 5.25%, 12/1/30		100,000		109,419
Sacramento City Unified School District Series G, 4.00%, 8/1/49		30,000		26,722
Sacramento Municipal Utility District Series G, 5.00%, 8/15/39		50,000		52,057
Sacramento Municipal Utility District, Electric, Power & Light Revenue, Series H, 5.00%, 8/15/50		50,000		51,421
Sacramento Transportation Authority Sales Tax Revenue Series A, 5.00%, 10/1/33		60,000		69,117
San Bernardino Community College District Series A, 4.00%, 8/1/49		45,000		46,402
San Diego Community College District 5.00%, 8/1/31		100,000		102,703
San Diego County Regional Airport Authority
Series A, 5.00%, 7/1/44		35,000		35,642
Series A, 5.00%, 7/1/46		75,000		76,530
San Diego County Regional
Transportation Commission Series A, 5.00%, 4/1/35		15,000		17,036
San Diego County Water Authority Series S-1, 5.00%, 5/1/28		100,000		106,315
San Diego Public Facilities Financing Authority
Series A, 5.00%, 5/15/27		50,000		51,087
Series A, 5.00%, 5/15/28		20,000		20,414
Series B, 5.00%, 8/1/28		35,000		35,614
San Diego Unified School District
Series 2012-I, 4.00%, 7/1/47		100,000		90,128
Series C, 0.00% - 6.63%, 7/1/48 (a)		85,000		77,609
Series L, 4.00%, 7/1/49		30,000		27,024
Series 2018 G-3, 4.00%, 7/1/53		200,000		178,515
San Francisco Bay Area Rapid Transit District
Series 2004 F-1, 3.00%, 8/1/38		75,000		64,711
Series C-1, 4.00%, 8/1/45		35,000		32,498
San Francisco City & County Airport Commission-San Francisco International Airport, Private Airport & Marina Revenue, Series E, 5.00%, 5/1/48		25,000		25,173

See Notes to Financial Statements.

4 | DBX ETF Trust

Schedule of Investments

Xtrackers California Municipal Bond ETF (Continued)

May 31, 2025


	Principal Amount $		Value $
San Francisco City & County Airport Comm-San Francisco International Airport Series D, 5.00%, 5/1/36		40,000		42,134
San Francisco City & County Public Utilities Commission Wastewater Revenue
Series A, 5.00%, 10/1/27		50,000		52,741
Series A, 5.00%, 10/1/46		85,000		87,447
San Francisco Community College District Series B, 5.25%, 6/15/49		100,000		105,283
San Francisco Municipal Transportation Agency Series 2017, 4.00%, 3/1/46		130,000		117,629
San Joaquin Hills Transportation Corridor Agency
Zero Coupon, 1/1/28		55,000		51,164
Series A, 5.00%, 1/15/33		40,000		43,487
San Jose Redevelopment Agency Successor Agency Series A, 5.00%, 8/1/35		45,000		46,497
San Marcos Unified School District Series B, Zero Coupon, 8/1/47		300,000		105,442
San Mateo County Community College District Series A, 5.00%, 9/1/45		65,000		65,337
San Mateo Foster City Public Financing Authority Series B, 5.00%, 8/1/25		100,000		100,351
San Mateo Union High School District Series 2010, 0.00% - 6.70%, 9/1/41 (a)		130,000		131,794
Santa Clara Unified School District Series 2017, 3.50%, 7/1/42		130,000		111,813
Santa Clara Valley Transportation Authority Series A, 5.00%, 4/1/26		50,000		50,957
Santa Clara Valley Water District Series 2023C-1, 4.00%, 6/1/26		50,000		50,610
Southern California Public Power Authority
5.00%, 7/1/36		95,000		101,135
Series 2023-A1, 5.00%, 7/1/48		20,000		20,090
State of California
Series B, 5.00%, 8/1/25		125,000		125,453
5.00%, 10/1/25		100,000		100,734
5.00%, 12/1/25		50,000		50,560
5.00%, 8/1/26		110,000		112,841
5.00%, 8/1/26		100,000		100,338
Series B, 5.00%, 8/1/26		110,000		112,841
4.00%, 9/1/26		50,000		50,777


	Principal Amount $		Value $
5.00%, 10/1/26		50,000		51,482
5.00%, 12/1/26		110,000		113,637
5.00%, 8/1/27		100,000		102,299
5.00%, 10/1/27		30,000		31,521
5.00%, 11/1/27		115,000		121,028
5.00%, 11/1/27		50,000		52,621
5.00%, 11/1/27		50,000		52,621
5.00%, 8/1/28		90,000		94,024
5.00%, 9/1/28		110,000		112,661
Series B, 5.00%, 10/1/28		100,000		107,034
5.00%, 12/1/28		45,000		48,302
Series C, 5.00%, 8/1/29		200,000		204,391
5.00%, 11/1/29		25,000		26,197
5.00%, 8/1/30		5,000		5,235
5.00%, 8/1/30		50,000		52,030
5.00%, 11/1/30		35,000		38,625
5.00%, 11/1/30		30,000		31,345
5.00%, 4/1/31		40,000		44,366
5.00%, 4/1/32		50,000		55,998
5.25%, 8/1/32		100,000		111,940
2.50%, 9/1/32		125,000		114,378
5.00%, 9/1/32		30,000		33,253
5.00%, 11/1/32		30,000		32,830
Series B, 5.00%, 11/1/32		30,000		32,830
Series C, 3.375%, 9/1/33		50,000		48,672
5.00%, 3/1/34		55,000		59,180
5.00%, 12/1/34		50,000		54,153
3.00%, 9/1/35		200,000		183,534
3.00%, 10/1/35		95,000		88,658
4.00%, 10/1/35		50,000		50,719
5.00%, 10/1/35		100,000		101,148
4.00%, 11/1/35		125,000		126,199
4.00%, 11/1/35		5,000		5,265
5.00%, 12/1/35		70,000		75,387
4.00%, 3/1/36		80,000		80,622
3.00%, 9/1/36		50,000		44,691
4.00%, 9/1/36		100,000		98,616
3.00%, 10/1/36		25,000		22,764
5.00%, 10/1/36		50,000		54,829
Series B, 5.00%, 11/1/36		30,000		32,073
4.00%, 3/1/37		50,000		50,142
5.00%, 4/1/37		40,000		41,836
5.00%, 9/1/37		150,000		164,803
5.00%, 9/1/41		100,000		105,915
4.00%, 4/1/42		200,000		193,020
Series C, 5.00%, 11/1/42		100,000		106,140
3.00%, 12/1/43		25,000		19,747
5.00%, 10/1/45		350,000		366,002
5.25%, 10/1/45		25,000		26,589
4.00%, 11/1/45		85,000		79,009
4.00%, 3/1/46		30,000		27,366

See Notes to Financial Statements.

DBX ETF Trust | 5

Schedule of Investments

Xtrackers California Municipal Bond ETF (Continued)

May 31, 2025


	Principal Amount $		Value $
3.00%, 11/1/50		100,000		73,891
State of California Department of Water Resources
Series BB, 5.00%, 12/1/26		130,000		134,881
Series AX, 5.00%, 12/1/27		45,000		47,670
Series BB, 5.00%, 12/1/33		25,000		27,702
Sweetwater Union High School District 4.00%, 8/1/42		100,000		93,533
University of California
Series AY, 5.00%, 5/15/28		70,000		72,756
Series BQ, 5.00%, 5/15/29		25,000		27,034
Series AY, 5.00%, 5/15/30		25,000		25,886
Series BQ, 5.00%, 5/15/31		30,000		33,226
Series BQ, 5.00%, 5/15/33		25,000		28,169
Series BQ, 5.00%, 5/15/35		40,000		44,365
Series M, 5.00%, 5/15/35		75,000		76,875
Series AY, 5.00%, 5/15/36		50,000		51,213
Series BE, 5.00%, 5/15/36		170,000		180,786
Series BE, 5.00%, 5/15/42		25,000		25,860
Series BN, 5.00%, 5/15/42		30,000		31,665
Series BS, 5.00%, 5/15/43		25,000		26,358
Series K, 4.00%, 5/15/46		50,000		45,882
Series Q, 5.00%, 5/15/46		15,000		15,317
Series M, 4.00%, 5/15/47		100,000		91,052
Series AZ, 5.00%, 5/15/48		100,000		101,087
Series Q, 3.00%, 5/15/51		50,000		35,624
5.00%, 5/15/52		100,000		102,363


	Principal Amount $		Value $
Ventura County Community College District 3.125%, 8/1/31		100,000		99,021
Ventura Unified School District Series A, 4.00%, 8/1/52		50,000		44,840
West Contra Costa Unified School District Series B, 5.00%, 8/1/49		100,000		102,929
William S Hart Union High School District Series C, 3.50%, 8/1/38		75,000		69,998
Yosemite Community College District
5.00%, 8/1/30		35,000		35,123
5.00%, 8/1/32		65,000		65,228


(Cost $22,070,096)				21,175,475

TOTAL MUNICIPAL BONDS


(Cost $22,070,096)				21,175,475

	Number of Shares

CASH EQUIVALENTS – 1.9%
DWS Government Money Market Series “Institutional Shares”, 4.26% (b) (Cost $424,491)		424,491		424,491

TOTAL INVESTMENTS – 98.9%

(Cost $22,494,587)				21,599,966

Other assets and liabilities, net – 1.1%				235,655


NET ASSETS – 100.0%				21,835,621

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


Value ($) at 5/31/2024	Purchases Cost ($)	Sales Proceeds ($)		Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2025		Value ($) at 5/31/2025
CASH EQUIVALENTS –1.9%
DWS Government Money Market Series “Institutional Shares”, 4.26% (b)
419,583	2,955,707		(2,950,799)		—		—		19,053		—		424,491		424,491

(a)	Security is a “step-up” bond where the coupon increases or steps-up at a predetermined date. The range of rates shown is the current coupon rate through the final coupon rate, date shown is the final maturity date.

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

See Notes to Financial Statements.

6 | DBX ETF Trust

Schedule of Investments

Xtrackers California Municipal Bond ETF (Continued)

May 31, 2025

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total

Municipal Bonds (a)	$	—	$	21,175,475	$	—	$	21,175,475

Short-Term Investments (a)		424,491		—		—		424,491

TOTAL	$	424,491	$	21,175,475	$	—	$	21,599,966

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

See Notes to Financial Statements.

DBX ETF Trust | 7

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF

May 31, 2025


	Principal Amount $		Value $

MUNICIPAL BONDS – 97.6%

Arizona – 2.7%
City of Phoenix Civic Improvement Corp., Intergovernmental, Series A, 5.00%, 7/1/45		705,000		723,189
Salt River Project Agricultural Improvement & Power District, Electric, Power & Light Revenue, Series B, 5.25%, 1/1/53		2,650,000		2,752,688


(Cost $3,660,611)				3,475,877

California – 14.5%
Bay Area Toll Authority, Highway Revenue Tolls,
Sub-Series S-8, 3.00%, 4/1/54		535,000		374,040
Series F-1, 5.00%, 4/1/54		500,000		514,913
Series F-2, 2.60%, 4/1/56		160,000		96,741
California Enterprise Development Authority
Series A, 5.25%, 11/1/49		500,000		531,847
Series A, 5.25%, 11/1/54		100,000		105,605
Series A, 5.50%, 11/1/59		550,000		594,288
City of Los Angeles Department of Airports, Private Airport & Marina Revenue,
Series B, 5.00%, 5/15/45		260,000		267,611
Series C, AMT, 5.00%, 5/15/45		50,000		50,054
Series A, AMT, 5.00%, 5/15/46		600,000		599,985
Series B, 5.00%, 5/15/48		250,000		255,005
Series E, 5.00%, 5/15/48		20,000		20,227
Series F, AMT, 3.00%, 5/15/49		330,000		222,698
Series D, AMT, 5.00%, 5/15/49		100,000		97,876
Series C, AMT, 4.00%, 5/15/50		500,000		428,522
Series A, AMT, 5.00%, 5/15/51		135,000		133,145
City of Riverside CA Electric Revenue, Electric, Power & Light Revenue, Series A, 5.00%, 10/1/49		150,000		156,058
City of San Francisco CA Public Utilities Commission Water Revenue, Water Revenue,
Series D, 3.00%, 11/1/50		340,000		239,806
Series C, 4.00%, 11/1/50		600,000		530,612
Los Angeles Department of Water & Power Power System Revenue, Electric, Power & Light Revenue,
Series B, 5.00%, 7/1/40		260,000		265,526
Series C, 5.00%, 7/1/49		635,000		624,045


	Principal Amount $		Value $
Los Angeles Department of Water & Power Water System Revenue, Water Revenue,
Series A, 5.00%, 7/1/41		270,000		274,936
Series A, 5.00%, 7/1/50		210,000		209,695
Los Angeles Department of Water & Power, Electric, Power & Light Revenue,
Series B, 5.00%, 7/1/45		45,000		45,269
Series D, 5.00%, 7/1/47		500,000		503,740
Series B, 5.00%, 7/1/48		500,000		501,884
Series A, 5.00%, 7/1/51		1,000,000		994,787
Series B, 5.00%, 7/1/51		280,000		278,540
Metropolitan Water District of Southern California, Water Revenue,
Series C, 5.00%, 7/1/39		25,000		26,574
Series C, 5.00%, 7/1/40		100,000		105,606
Series A, 5.00%, 4/1/48		265,000		278,626
Riverside County Transportation Commission, Highway Revenue Tolls,
Series B-1, 4.00%, 6/1/46		10,000		8,925
Series B-1, 3.00%, 6/1/49		650,000		465,489
Sacramento Municipal Utility District, Electric, Power & Light Revenue,
Series H, 5.00%, 8/15/50		40,000		41,159
San Diego County Regional Airport Authority, Private Airport & Marina Revenue,
Series A, 5.00%, 7/1/49		200,000		202,158
Series B, AMT, 4.00%, 7/1/51		700,000		585,533
Series A, 5.00%, 7/1/51		500,000		506,361
Series B, AMT, 5.00%, 7/1/51		500,000		492,397
Series A, 5.00%, 7/1/56		1,300,000		1,312,604
San Francisco City & County Airport Commission-San Francisco International Airport, Private Airport & Marina Revenue,
Series A, AMT, 5.00%, 5/1/44		810,000		807,000
Series D, 5.00%, 5/1/48		75,000		73,482
Series A, AMT, 4.00%, 5/1/49		990,000		847,165
Series A, AMT, 5.00%, 5/1/49		400,000		394,751
Series E, AMT, 5.00%, 5/1/50		370,000		363,779
Series A, 5.50%, 5/1/55		600,000		623,037
San Francisco City & County Public Utilities Commission Wastewater Revenue, Sewer Revenue,
Series C, 5.00%, 10/1/49		200,000		207,304
Series C, 5.00%, 10/1/54		700,000		718,218

See Notes to Financial Statements.

8 | DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2025


	Principal Amount $		Value $
San Francisco Municipal Transportation Agency, Transit Revenue,
Series C, 4.00%, 3/1/51		40,000		35,435
Series C, 5.00%, 3/1/51		500,000		511,084
Southern California Public Power Authority, Intergovernmental, 5.00%, 7/1/53		1,400,000		1,389,419
State of California Department of Water Resources, Water Revenue, Series BB, 5.00%, 12/1/35		45,000		49,291


(Cost $21,663,117)				18,962,852

Colorado – 3.0%
Arkansas River Power Authority, Electric, Power & Light Revenue, Series A, 5.00%, 10/1/43		215,000		211,540
City & County of Denver Co. Airport System Revenue, Private Airport & Marina Revenue,
Series A, 5.50%, 11/15/35		400,000		438,999
Sub-Series A, AMT, 5.00%, 12/1/36		300,000		317,980
Series A, AMT, 4.00%, 12/1/43		650,000		582,771
Series A, 5.00%, 11/15/47		100,000		99,245
Series A, AMT, 5.00%, 12/1/48		700,000		687,551
Sub-Series B, 5.00%, 12/1/48		40,000		39,884
Series D, 5.00%, 11/15/53		600,000		590,994
Series A, 5.50%, 11/15/53		300,000		307,721
City & County of Denver Co. Dedicated Excise Tax Revenue, Hotel Occupancy Tax, Series A, 4.00%, 8/1/51		700,000		592,725
City of Colorado Springs CO Utilities System Revenue, Multiple Utility Revenue, Series B, 4.00%, 11/15/51		100,000		87,630


(Cost $4,426,064)				3,957,040

Connecticut – 0.3%
State of Connecticut Special Tax Revenue, Fuel Sales Tax Revenue,
5.00%, 5/1/37		100,000		105,240
5.00%, 5/1/38		100,000		104,559
5.00%, 5/1/40		120,000		124,185


(Cost $371,434)				333,984

District of Columbia – 1.9%
District of Columbia, Income Tax Revenue,
Series C, 4.00%, 5/1/45		500,000		454,007
Series C, 5.00%, 5/1/45		170,000		172,952


	Principal Amount $		Value $
Metropolitan Washington Airports Authority Aviation Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 10/1/46		600,000		598,400
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Highway Revenue Tolls,
Series B, 5.00%, 10/1/47		500,000		502,740
Series B, 4.00%, 10/1/53		900,000		744,194


(Cost $2,910,010)				2,472,293

Florida – 8.9%
Broward County FL Water & Sewer Utility Revenue, Water Revenue, Series A, 4.00%, 10/1/47		240,000		217,074
Central Florida Expressway Authority, Highway Revenue Tolls, Series D, 5.00%, 7/1/35		40,000		43,044
City of Fort Lauderdale Fl Water & Sewer Revenue, Water Revenue, Series B, 5.50%, 9/1/48		400,000		427,355
City of Gainesville Fl Utilities System Revenue, Multiple Utility Revenue, Series A, 5.00%, 10/1/47		215,000		217,476
City of Miami Fl, Miscellaneous Taxes, Series A, 5.00%, 3/1/48		200,000		202,580
City of Tampa FL Water & Wastewater System Revenue, Water Revenue,
Series A, 5.00%, 10/1/54		1,000,000		1,017,430
Series A, 5.25%, 10/1/57		300,000		311,934
County of Broward FL Airport System Revenue, Private Airport & Marina Revenue,
Series A, AMT, 4.00%, 10/1/44		100,000		89,407
Series A, AMT, 4.00%, 10/1/49		150,000		127,787
County of Lee Fl Airport Revenue, Private Airport & Marina Revenue, 5.25%, 10/1/54		400,000		400,785
County of Manatee FL Public Utilities Revenue, Water Revenue 4.00%, 10/1/48		550,000		493,813
County of Miami-Dade FL Aviation Revenue, Private Airport & Marina Revenue,
Series A, AMT, 4.00%, 10/1/44		400,000		349,412
Series A, AMT, 5.00%, 10/1/49		380,000		371,848

See Notes to Financial Statements.

DBX ETF Trust | 9

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2025


	Principal Amount $		Value $
County of Miami-Dade FL Transit System, Sales Tax Revenue,
Series A, 4.00%, 7/1/49		500,000		429,914
Series A, 4.00%, 7/1/50		90,000		76,746
County of Miami-Dade FL Water & Sewer System Revenue, Water Revenue,
4.00%, 10/1/46		255,000		228,901
4.00%, 10/1/48		450,000		396,374
4.00%, 10/1/48		400,000		354,882
Series B, 4.00%, 10/1/49		500,000		427,790
4.00%, 10/1/51		275,000		236,526
4.00%, 10/1/51		100,000		82,936
County of Miami-Dade Seaport Department, Private Airport & Marina Revenue, Series A, 5.25%, 10/1/52		1,200,000		1,192,468
Greater Orlando Aviation Authority, Private Airport & Marina Revenue,
Series A, AMT, 5.00%, 10/1/44		165,000		162,772
Series A, AMT, 4.00%, 10/1/52		300,000		251,278
Sub-Series A, AMT, 5.00%, 10/1/52		605,000		590,974
Hillsborough County Aviation Authority, Private Airport & Marina Revenue,
Series F, 5.00%, 10/1/48		195,000		194,159
Series A, AMT, 4.00%, 10/1/52		500,000		418,797
JEA Water & Sewer System Revenue, Water Revenue, Series A, 5.25%, 10/1/49		1,250,000		1,299,171
Orlando Utilities Commission, Water Revenue, Series A, 5.00%, 10/1/48		200,000		204,926
State of Florida Department of Transportation Turnpike System Revenue, Highway Revenue Tolls, Series B, 4.00%, 7/1/51		500,000		436,390
Tampa Bay Water, Water Revenue, 5.00%, 10/1/52		400,000		407,775


(Cost $13,077,367)				11,662,724

Georgia – 2.0%
City of Atlanta GA Department of Aviation, Private Airport & Marina Revenue, Series B, AMT, 4.00%, 7/1/49		200,000		171,041
Georgia Ports Authority, Private Airport & Marina Revenue,
4.00%, 7/1/51		765,000		680,129
4.00%, 7/1/52		320,000		283,249
5.25%, 7/1/52		200,000		207,056


	Principal Amount $		Value $
Main Street Natural Gas, Inc., Natural Gas Revenue, Series A, 5.00%, 5/15/43		30,000		30,070
Municipal Electric Authority of Georgia, Nuclear Revenue,
Series A, 5.00%, 1/1/62		500,000		504,183
Series A, 5.50%, 7/1/63		750,000		762,555


(Cost $2,800,738)				2,638,283

Hawaii – 0.4%
State of Hawaii Airports System Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 7/1/51
(Cost $530,868)		500,000		493,817

Illinois – 6.0%
Chicago O’Hare International Airport, Private Airport & Marina Revenue,
Series A, AMT, 4.00%, 1/1/43		115,000		102,598
Series A, 4.50%, 1/1/48		570,000		525,065
Series A, 5.00%, 1/1/48		200,000		196,509
Series A, 5.25%, 1/1/48		1,000,000		1,009,506
Series B, 4.00%, 1/1/53		130,000		111,342
Series B, 5.00%, 1/1/53		500,000		496,252
Series B, 5.25%, 1/1/53		110,000		112,508
Series A, AMT, 5.00%, 1/1/55		500,000		489,141
Series B, 5.25%, 1/1/56		200,000		202,561
Series A, 5.50%, 1/1/59		1,150,000		1,185,348
Series B, 5.50%, 1/1/59		1,000,000		1,042,046
Chicago Transit Authority Sales Tax Receipts Fund, Sales Tax Revenue,
Series A, 5.00%, 12/1/52		160,000		157,195
Series A, 5.00%, 12/1/57		1,200,000		1,167,425
City of Chicago IL Wastewater Transmission Revenue, Sewer Revenue, Series A, 5.25%, 1/1/48		85,000		87,759
City of Chicago IL Waterworks Revenue, Water Revenue, Series A, 5.50%, 11/1/62		200,000		205,626
Illinois State Toll Highway Authority, Highway Revenue Tolls,
Series A, 5.00%, 1/1/41		30,000		30,809
Series A, 5.00%, 1/1/45		775,000		783,089


(Cost $8,425,129)				7,904,779

See Notes to Financial Statements.

10 | DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2025


	Principal Amount $		Value $
Kentucky – 0.8%
Kenton County Airport Board, Private Airport & Marina Revenue,
Series A, 5.25%, 1/1/49 (Cost $1,070,488)		1,000,000		1,014,772

Louisiana – 0.9%
East Baton Rouge Sewerage Commission, Sewer Revenue, Series A, 4.00%, 2/1/45		245,000		223,972
Jefferson Sales Tax District, Sales Tax Revenue, Series B, 4.00%, 12/1/42		115,000		104,419
Louisiana Stadium & Exposition District, Hotel Occupancy Tax,
Series A, 5.00%, 7/1/48		450,000		453,756
Series A, 5.25%, 7/1/53		420,000		427,995


(Cost $1,323,204)				1,210,142

Maryland – 0.6%
Maryland State Transportation Authority, Highway Revenue Tolls,
4.00%, 7/1/50		650,000		570,318
Series A, 5.00%, 7/1/51		255,000		258,648


(Cost $990,964)				828,966

Massachusetts – 1.5%
Massachusetts Bay Transportation Authority Sales Tax Revenue, Sales Tax Revenue,
Series A-1, 4.00%, 7/1/51		605,000		538,711
Massachusetts Port Authority, Private Airport & Marina Revenue,
Series C, AMT, 5.00%, 7/1/44		400,000		401,884
Series E, AMT, 5.00%, 7/1/46		500,000		498,044
Series E, AMT, 5.00%, 7/1/51		505,000		495,893


(Cost $2,176,875)				1,934,532

Michigan – 0.9%
Lansing Board of Water & Light, Electric, Power & Light Revenue,
Series A, 5.00%, 7/1/44		400,000		405,667
Series A, 5.00%, 7/1/48		90,000		90,781
State of Michigan Trunk Line Revenue, Fuel Sales Tax Revenue,
Series B, 4.00%, 11/15/45		800,000		728,326


(Cost $1,392,099)				1,224,774


	Principal Amount $		Value $
Minnesota – 0.0%
Minneapolis-St Paul Metropolitan Airports Commission, Private Airport & Marina Revenue,
Series A, 5.00%, 1/1/52 (Cost $42,879)		40,000		40,307

Nebraska – 0.3%
Omaha Airport Authority, Private Airport & Marina Revenue,
5.25%, 12/15/54 (Cost $422,723)		400,000		404,715

Nevada – 0.7%
City of Reno NV, Sales Tax Revenue,
Series A, 4.00%, 6/1/58		145,000		121,943
County of Clark NV, Fuel Sales Tax Revenue,
4.00%, 7/1/40		500,000		483,768
Las Vegas Convention & Visitors Authority, Hotel Occupancy Tax,
Series B, 4.00%, 7/1/49		290,000		248,163


(Cost $921,857)				853,874

New Jersey – 1.4%
New Jersey Turnpike Authority, Highway Revenue Tolls,
Series A, 4.00%, 1/1/48		45,000		39,729
Series A, 5.00%, 1/1/48		740,000		747,573
Series B, 5.25%, 1/1/52		405,000		417,401
South Jersey Transportation Authority, Highway Revenue Tolls,
Series A, 4.625%, 11/1/47		100,000		95,097
Series A, 5.25%, 11/1/52		500,000		506,373


(Cost $1,892,077)				1,806,173

New York – 25.0%
Battery Park City Authority, Miscellaneous Revenue,
Series A, 5.00%, 11/1/48		65,000		66,972
Series A, 5.00%, 11/1/53		225,000		230,497
Long Island Power Authority, Electric, Power & Light Revenue,
Series E, 5.00%, 9/1/48		350,000		355,477
Series A, 5.00%, 9/1/54		300,000		303,914
Metropolitan Transportation Authority Dedicated Tax Fund, Fuel Sales Tax Revenue,
Series B-2, 5.00%, 11/15/46		1,000,000		1,029,589
Series B-2, 5.00%, 11/15/47		400,000		410,404

See Notes to Financial Statements.

DBX ETF Trust | 11

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2025


	Principal Amount $		Value $
Metropolitan Transportation Authority, Transit Revenue,
Series D, 4.00%, 11/15/42		430,000		380,592
Series E, 4.00%, 11/15/45		1,000,000		861,834
Series C-1, 4.75%, 11/15/45		500,000		490,707
Sub-Series A, 5.00%, 11/15/45		75,000		74,574
Series D, 4.00%, 11/15/46		790,000		668,371
Series D-2, 4.00%, 11/15/48		630,000		533,989
Series A-1-GROUP 1, 5.00%, 11/15/48		600,000		598,250
Series D-3, 4.00%, 11/15/49		140,000		117,653
Series A-1, 4.00%, 11/15/50		85,000		71,964
Series D-3, 4.00%, 11/15/50		250,000		208,635
Series C-1, 5.00%, 11/15/50		700,000		695,010
Series B, 5.00%, 11/15/52		115,000		112,004
Series A-1-GROUP 2, 4.00%, 11/15/54		60,000		49,877
Series C-1, 5.25%, 11/15/55		500,000		507,525
New York City Municipal Water Finance Authority, Water Revenue,
Series AA, 5.00%, 6/15/40		95,000		97,862
4.00%, 6/15/42		400,000		368,278
Series AA-2, 4.00%, 6/15/42		100,000		92,339
Series BB2, 4.00%, 6/15/42		40,000		36,936
Series BB-1, 5.00%, 6/15/44		140,000		143,736
Series BB-1, 4.00%, 6/15/45		255,000		229,832
Series GG-1, 5.00%, 6/15/48		210,000		212,776
Series BB-1, 4.00%, 6/15/49		200,000		173,145
Series CC-1, 4.00%, 6/15/49		200,000		173,438
Series FF-1, 4.00%, 6/15/49		15,000		12,986
Series BB-1, 5.00%, 6/15/49		270,000		272,985
Series BB-1, 4.00%, 6/15/50		285,000		245,105
Series GG-1, 4.00%, 6/15/50		305,000		263,636
Sub-Series DD-1, 4.00%, 6/15/50		600,000		517,763
Series AA-1, 5.00%, 6/15/50		140,000		141,744
Series AA-1, 3.00%, 6/15/51		300,000		207,253
Series CC-1, 5.00%, 6/15/51		250,000		253,027
Series CC-1, 4.00%, 6/15/52		850,000		720,200
Series CC-1, 5.00%, 6/15/52		400,000		404,901
Series AA-1, 5.25%, 6/15/52		505,000		521,178
Sub-Series AA-1, 5.25%, 6/15/53		200,000		207,930
Series BB, Sub-Series BB-1, 5.25%, 6/15/54		400,000		415,525
Series CC, Sub-Series CC-1, 5.25%, 6/15/54		900,000		934,599
New York Power Authority, Electric, Power & Light Revenue,
Series A, 4.00%, 11/15/45		35,000		31,567
Series A, 4.00%, 11/15/47		115,000		101,919
Series A, 4.00%, 11/15/50		180,000		156,197


	Principal Amount $		Value $
New York State Environmental Facilities Corp., Water Revenue,
Series A, 5.00%, 6/15/51		500,000		513,215
New York Transportation Development Corp., Private Airport & Marina Revenue,
5.00%, 6/30/49		450,000		445,307
6.00%, 6/30/54		1,000,000		1,049,027
5.125%, 6/30/60		2,100,000		2,080,178
5.375%, 6/30/60		1,800,000		1,791,911
5.50%, 6/30/60		1,300,000		1,302,169
Port Authority of New York & New Jersey, Private Airport & Marina Revenue,
Series 224, 4.00%, 7/15/51		15,000		12,811
Triborough Bridge & Tunnel Authority Sales Tax Revenue, Sales Tax Revenue,
Series A, 4.00%, 5/15/48		360,000		314,790
Series D-2, 5.50%, 5/15/52		650,000		681,605
Series A, 5.00%, 5/15/53		95,000		96,682
Series A, 4.00%, 5/15/57		1,000,000		830,702
Series A, 4.25%, 5/15/58		600,000		526,018
Series A, 4.50%, 5/15/63		450,000		410,236
Series A-3, 5.25%, 5/15/64		300,000		305,107
Series A-2, 5.25%, 5/15/64		1,400,000		1,443,689
Triborough Bridge & Tunnel Authority, Fuel Sales Tax Revenue,
Series D-2, 5.25%, 5/15/47		1,000,000		1,037,754
Triborough Bridge & Tunnel Authority, Miscellaneous Taxes,
Series C-1A, 4.00%, 5/15/46		600,000		529,420
Series C-3, 3.00%, 5/15/51		600,000		421,481
Series A-1, 5.00%, 5/15/51		2,000,000		2,020,000
Series C-1A, 5.00%, 5/15/51		225,000		227,412
Series A, 5.25%, 12/1/54		850,000		880,583
Series A, 5.50%, 12/1/59		1,000,000		1,055,603


(Cost $36,008,096)				32,680,395

North Carolina – 1.4%
City of Charlotte NC Airport Revenue, Private Airport & Marina Revenue,
Series A, 5.00%, 7/1/48		1,310,000		1,342,217
City of Charlotte Nc Water & Sewer System Revenue, Water Revenue,
5.00%, 7/1/49		10,000		10,395
5.00%, 7/1/54		250,000		258,431

See Notes to Financial Statements.

12 | DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2025


	Principal Amount $		Value $
County of Union NC Enterprise System Revenue, Water Revenue,
3.00%, 6/1/51		300,000		208,042


(Cost $1,874,282)				1,819,085

Ohio – 1.5%
Columbus Regional Airport Authority, Private Airport & Marina Revenue,
Series A, 5.50%, 1/1/50		1,000,000		1,033,044
Franklin County Convention Facilities Authority, Industrial Revenue,
5.00%, 12/1/51		100,000		88,963
Ohio Turnpike & Infrastructure Commission, Highway Revenue Tolls,
Series A, 5.00%, 2/15/39		350,000		374,573
Series A, 5.00%, 2/15/46		275,000		284,067
Ohio Water Development Authority, Intergovernmental,
5.00%, 6/1/46		225,000		230,639


(Cost $2,100,092)				2,011,286

Oklahoma – 0.6%
Oklahoma City Water Utilities Trust, Water Revenue,
5.25%, 7/1/64		500,000		518,119
Oklahoma Turnpike Authority Highway Revenue Tolls,
5.50%, 1/1/53		320,000		334,415


(Cost $903,210)				852,534

Oregon – 1.2%
Port of Portland Or Airport Revenue, Private Airport & Marina Revenue,
Series 28, AMT, 5.00%, 7/1/52		100,000		97,837
Port of Portland OR Airport Revenue, Private Airport & Marina Revenue,
Series 25B, AMT, 5.00%, 7/1/44		315,000		310,033
Series 28, AMT, 4.00%, 7/1/47		500,000		431,400
State of Oregon Department of Transportation, Fuel Sales Tax Revenue,
Series A, 5.00%, 11/15/40		700,000		732,760


(Cost $1,668,236)				1,572,030

Pennsylvania – 5.0%
Allegheny County Airport
Authority, Private Airport &
Marina Revenue,
Series A, AMT, 4.00%, 1/1/46		700,000		607,390
Series A, AMT, 5.00%, 1/1/51		500,000		486,207
Series A, AMT, 4.00%, 1/1/56		500,000		405,768


	Principal Amount $		Value $
City of Philadelphia PA Water & Wastewater, Water Revenue,
Series A, 5.00%, 11/1/45		515,000		525,795
Series A, 5.00%, 10/1/48		35,000		35,201
Series A, 5.00%, 11/1/50		500,000		490,751
Pennsylvania Turnpike Commission, Fran. Tax & Bus. LIC Fees,
Series A, 5.00%, 12/1/48		480,000		482,011
Pennsylvania Turnpike Commission, Highway Revenue Tolls,
Series A, 5.00%, 12/1/44		230,000		231,171
Series A, 4.00%, 12/1/46		20,000		17,910
Series B, 4.00%, 12/1/46		390,000		349,254
Series C, 5.00%, 12/1/46		45,000		45,942
Series A, 5.00%, 12/1/47		55,000		55,986
Sub-Series A, 4.00%, 12/1/49		285,000		248,363
Series A, 5.00%, 12/1/49		15,000		15,119
Series A, 4.00%, 12/1/50		255,000		222,200
Series B, 5.00%, 12/1/50		1,705,000		1,712,479
Series A, 4.00%, 12/1/51		65,000		56,231
Series B, 4.00%, 12/1/51		300,000		259,306
Series B, 5.00%, 12/1/51		15,000		15,208
Philadelphia Gas Works Co., Natural Gas Revenue,
Series A, 5.25%, 8/1/54		300,000		310,066


(Cost $7,546,047)				6,572,358

South Carolina – 1.1%
Charleston County Airport District, Private Airport & Marina Revenue,
Series A, 5.25%, 7/1/54		200,000		202,409
Series B, 5.25%, 7/1/54		300,000		310,229
South Carolina Public Service Authority, Electric, Power & Light Revenue,
Series A, 4.00%, 12/1/42		475,000		433,910
Series A, 4.00%, 12/1/52		600,000		502,315


(Cost $1,592,218)				1,448,863

Tennessee – 2.2%
City of Clarksville TN Water Sewer & Gas Revenue, Water Revenue,
Series A, 4.00%, 2/1/51		380,000		336,634
Metropolitan Government of Nashville & Davidson County TN Electric Revenue, Electric, Power & Light Revenue,
Series A, 5.00%, 5/15/46		245,000		251,330
Metropolitan Nashville Airport Authority, Private Airport & Marina Revenue,
Series B, AMT, 5.25%, 7/1/47		400,000		408,600

See Notes to Financial Statements.

DBX ETF Trust | 13

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2025


	Principal Amount $		Value $
Series B, AMT, 5.00%, 7/1/49		125,000		122,336
Series B, AMT, 4.00%, 7/1/54		550,000		454,287
Series A, 5.00%, 7/1/54		805,000		805,605
Series B, AMT, 5.00%, 7/1/54		500,000		488,577


(Cost $3,226,988)				2,867,369

Texas – 8.8%
Central Texas Regional Mobility Authority, Highway Revenue Tolls,
Series E, 5.00%, 1/1/45		100,000		101,077
Series B, 5.00%, 1/1/46		300,000		303,042
Series B, 4.00%, 1/1/51		50,000		43,570
City of Austin TX Airport System Revenue, Private Airport & Marina Revenue,
5.00%, 11/15/52		200,000		195,938
City of Austin TX Electric Utility Revenue, Electric, Power & Light Revenue,
Series B, 5.00%, 11/15/44		125,000		127,187
Series B, 5.00%, 11/15/49		125,000		126,628
City of Austin TX Water & Wastewater System Revenue, Water Revenue,
Series C, 5.00%, 11/15/50		305,000		308,816
City of Corpus Christi TX Utility System Revenue, Water Revenue,
4.25%, 7/15/54		635,000		563,029
City of Dallas TX Waterworks & Sewer System Revenue, Water Revenue,
Series C, 4.00%, 10/1/49		110,000		96,518
City of El Paso TX Water & Sewer Revenue, Water Revenue,
5.25%, 3/1/49		400,000		413,612
City of Georgetown TX Utility System Revenue, Multiple Utility Revenue,
4.25%, 8/15/47		500,000		458,218
City of Houston TX Airport System Revenue, Private Airport & Marina Revenue,
Sub-Series A, AMT, 4.00%, 7/1/46		575,000		499,908
City of Houston TX Combined Utility System, Water Revenue,
Series C, 4.00%, 11/15/43		165,000		148,744
Series C, 3.00%, 11/15/47		145,000		105,399
Series C, 4.00%, 11/15/49		55,000		47,058


	Principal Amount $		Value $
City of San Antonio TX Electric & Gas Systems Revenue, Electric, Power & Light Revenue,
Series A, 5.00%, 2/1/46		260,000		263,070
County of Harris TX Toll Road Revenue, Highway Revenue Tolls,
Series A, 5.25%, 8/15/49		500,000		522,781
Series A, 5.25%, 8/15/54		200,000		208,095
Dallas Fort Worth International Airport
Series B, 5.00%, 11/1/47		600,000		610,846
Dallas Fort Worth International Airport, Private Airport & Marina Revenue,
Series B, 4.00%, 11/1/45		105,000		96,002
Harris County Toll Road Authority, Highway Revenue Tolls,
4.00%, 8/15/50		670,000		581,276
Harris County-Houston Sports Authority, Hotel Occupancy Tax,
Series A, 3.125%, 11/15/56		110,000		72,954
Lower Colorado River Authority, Intergovernmental,
5.00%, 5/15/47		250,000		251,810
North Fort Bend Water Authority, Water Revenue,
Series A, 4.00%, 12/15/58		200,000		166,404
North Texas Tollway Authority, Highway Revenue Tolls,
4.25%, 1/1/49		30,000		25,416
Series B, 3.00%, 1/1/51		250,000		170,237
Port Authority of Houston of Harris County Texas, Private Airport & Marina Revenue,
5.00%, 10/1/53		650,000		657,445
San Antonio Water System, Water Revenue,
Series A, 5.00%, 5/15/46		325,000		331,401
Series A, 4.00%, 5/15/51		335,000		287,823
Texas Water Development Board, Water Revenue,
4.00%, 10/15/45		320,000		283,802
4.00%, 4/15/51		525,000		441,674
Series A, 5.25%, 10/15/51		450,000		468,016
4.80%, 10/15/52		400,000		394,395
Series A, 5.00%, 10/15/53		1,000,000		1,023,204
Series A, 5.00%, 10/15/58		1,100,000		1,116,971
West Harris County Regional Water Authority, Water Revenue,
3.00%, 12/15/58		85,000		53,398


(Cost $13,062,922)				11,565,764

See Notes to Financial Statements.

14 | DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

May 31, 2025


	Principal Amount $		Value $
Utah – 1.5%
City of Salt Lake City UT Airport Revenue, Private Airport & Marina Revenue,
Series A, AMT, 5.00%, 7/1/48		750,000		736,755
Series A, AMT, 5.25%, 7/1/48		225,000		225,553
Intermountain Power Agency, Electric, Power & Light Revenue,
Series A, 5.00%, 7/1/42		1,000,000		1,021,575


(Cost $2,096,156)				1,983,883

Virginia – 1.1%
Hampton Roads Transportation Accountability Commission, Appropriations,
Series A, 4.00%, 7/1/45		275,000		251,225
Series A, 5.00%, 7/1/50		40,000		40,640
Series A, 4.00%, 7/1/55		700,000		601,166
Series A, 5.00%, 7/1/60		500,000		502,574


(Cost $1,704,204)				1,395,605


	Principal Amount $		Value $
Washington – 1.2%
Central Puget Sound Regional Transit Authority, Sales Tax Revenue,
Series S-1, 4.00%, 11/1/46		700,000		629,362
Port of Seattle WA, Private Airport & Marina Revenue,
AMT, 5.00%, 4/1/44		500,000		494,598
Series B, AMT, 5.00%, 8/1/47		500,000		485,049


(Cost $1,864,341)				1,609,009

West Virginia – 0.2%
West Virginia Parkways Authority, Highway Revenue Tolls,
5.00%, 6/1/47
(Cost $299,253)		250,000		254,057

TOTAL MUNICIPAL BONDS


(Cost $142,044,549)				127,852,142

TOTAL INVESTMENTS – 97.6%
(Cost $142,044,549)				127,852,142
Other assets and liabilities, net – 2.4%				3,090,977


NET ASSETS – 100.0%				130,943,119

AMT: Alternative Minimum Tax

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total


Municipal Bonds (a)	$	—	$	127,852,142	$	—	$	127,852,142


TOTAL	$	—	$	127,852,142	$	—	$	127,852,142

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

See Notes to Financial Statements.

DBX ETF Trust | 15

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

May 31, 2025


	Number of Shares		Value $

COMMON STOCKS – 99.0%

Australia – 4.3%
Coles Group Ltd.		869,370		12,084,837
Fortescue Ltd.		1,097,615		10,871,038
Medibank Pvt Ltd.		1,783,617		5,475,230
QBE Insurance Group Ltd.		978,557		14,585,021
Santos Ltd.		2,106,255		8,932,618
Suncorp Group Ltd.		701,719		9,316,330
Telstra Group Ltd.		2,608,972		8,025,640
Woodside Energy Group Ltd.		1,231,012		17,626,849


(Cost $94,036,570)				86,917,563

Austria – 0.4%
OMV AG (a)		95,503		5,106,576
Verbund AG (a)		44,115		3,443,110


(Cost $8,253,520)				8,549,686

Belgium – 0.3%
Ageas SA/NV

(Cost $4,528,593)		96,568		6,298,181

China – 0.1%
Yangzijiang Shipbuilding Holdings Ltd.

(Cost $2,753,243)		1,674,133		2,752,142

Denmark – 0.3%
Tryg A/S

(Cost $4,806,086)		219,595		5,641,310

Finland – 1.9%
Elisa OYJ		92,136		4,853,323
Kesko OYJ, Class B		177,000		4,280,010
Kone OYJ, Class B		220,261		13,712,825
Metso Corp.		402,878		4,861,818
UPM-Kymmene OYJ		345,995		9,580,176


(Cost $33,629,756)				37,288,152

France – 14.9%
Amundi SA, 144A		40,762		3,324,866
AXA SA		1,148,212		54,108,649
Bouygues SA		122,779		5,350,989
Cie Generale des Etablissements Michelin SCA		434,535		16,614,556
Edenred SE		156,494		4,885,649
FDJ UNITED, 144A		72,031		2,644,547
Pernod Ricard SA		130,798		13,515,428
Sanofi SA		719,581		71,495,528
Teleperformance SE		34,918		3,529,607
TotalEnergies SE		1,324,262		77,664,079
Vinci SA		320,849		45,840,125


(Cost $262,316,318)				298,974,023

Germany – 7.1%
Allianz SE		250,269		99,071,989
Bayerische Motoren Werke AG		187,896		16,659,442


	Number of Shares		Value $
Deutsche Post AG		622,241		27,810,956


(Cost $101,105,123)				143,542,387

Hong Kong – 2.4%
CK Infrastructure Holdings Ltd.		408,283		2,642,381
CLP Holdings Ltd.		1,064,449		9,033,811
Hang Seng Bank Ltd.		488,011		6,833,293
Henderson Land Development Co. Ltd.		941,388		2,947,259
HKT Trust & HKT Ltd. (b)		2,457,085		3,540,762
Hong Kong & China Gas Co. Ltd.		7,256,623		6,385,306
Power Assets Holdings Ltd.		897,860		5,684,941
Sino Land Co. Ltd.		2,336,967		2,360,347
SITC International Holdings Co. Ltd.		870,886		2,782,064
WH Group Ltd., 144A		5,406,016		4,991,303


(Cost $42,734,974)				47,201,467

Ireland – 0.7%
AIB Group PLC		1,358,288		10,670,624
DCC PLC		64,136		4,009,708


(Cost $14,827,139)				14,680,332

Israel – 1.8%
Bank Hapoalim BM		812,870		13,602,692
Bank Leumi Le-Israel BM		971,456		15,635,386
Mizrahi Tefahot Bank Ltd.		100,735		5,759,312


(Cost $20,381,711)				34,997,390

Italy – 2.6%
Banca Mediolanum SpA		144,999		2,408,248
FinecoBank Banca Fineco SpA		396,430		8,559,904
Generali (a)		559,350		20,351,834
Snam SpA		1,307,488		7,816,466
Terna - Rete Elettrica Nazionale		911,979		9,274,442
Unipol Assicurazioni SpA		232,389		4,545,616


(Cost $38,332,576)				52,956,510

Japan – 7.1%
AGC, Inc.		126,841		3,764,047
Daito Trust Construction Co. Ltd.		37,973		4,273,755
Daiwa House Industry Co. Ltd.		363,276		12,263,193
Eisai Co. Ltd.		170,124		4,882,245
Honda Motor Co. Ltd.		2,737,875		27,854,052
Isuzu Motors Ltd.		346,927		4,711,206
Komatsu Ltd.		585,591		17,945,760
Mitsui OSK Lines Ltd.		223,435		7,935,856
Obayashi Corp.		420,914		6,360,601
Ono Pharmaceutical Co. Ltd.		242,459		2,630,511
Sekisui House Ltd.		386,736		8,799,018
SoftBank Corp.		18,556,749		28,472,672
Subaru Corp.		380,091		7,056,820
Yamaha Motor Co. Ltd. (a)		598,721		4,605,706


(Cost $121,351,751)				141,555,442

See Notes to Financial Statements.

16 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $

Netherlands – 2.8%
ASR Nederland NV (a)		95,827		6,144,329
Koninklijke Ahold Delhaize NV		591,794		24,978,814
Koninklijke KPN NV		2,520,982		11,842,738
NN Group NV		174,324		10,967,700
Randstad NV (a)		70,331		2,951,010


(Cost $41,837,845)				56,884,591

Norway – 1.0%
Aker BP ASA		204,065		4,693,606
Equinor ASA		542,621		12,719,567
Gjensidige Forsikring ASA		132,749		3,357,330


(Cost $21,658,016)				20,770,503

Singapore – 5.1%
DBS Group Holdings Ltd.		1,380,665		47,877,899
Genting Singapore Ltd.		3,916,772		2,095,667
Oversea-Chinese Banking Corp. Ltd.		2,194,823		27,622,501
United Overseas Bank Ltd.		818,465		22,473,516
Wilmar International Ltd.		1,246,393		2,947,812


(Cost $76,580,078)				103,017,395

Spain – 4.2%
Iberdrola SA		3,756,911		68,581,792
Redeia Corp. SA		262,927		5,432,484
Repsol SA		750,467		10,100,085


(Cost $70,143,948)				84,114,361

Sweden – 2.2%
Boliden AB		184,120		5,748,868
H & M Hennes & Mauritz AB, Class B		367,090		5,247,446
Tele2 AB, Class B (a)		354,580		5,295,655
Volvo AB, Class B		1,029,452		28,498,981


(Cost $36,652,954)				44,790,950

Switzerland – 20.1%
Baloise Holding AG		26,704		6,344,861
Helvetia Holding AG		24,041		5,700,428
Holcim AG		337,832		37,428,603
Kuehne + Nagel International AG		31,309		7,052,195
Novartis AG		888,560		101,699,588
Partners Group Holding AG		14,708		19,728,825
Roche Holding AG		314,703		101,702,448
SGS SA		104,402		10,900,862
Swiss Re AG		195,497		34,563,860
Swisscom AG		16,790		11,557,112
Zurich Insurance Group AG		94,856		66,643,398


(Cost $300,113,626)				403,322,180

United Kingdom – 19.7%
Barratt Redrow PLC		889,833		5,529,533
British American Tobacco PLC		1,284,020		57,730,438
Imperial Brands PLC		507,022		19,213,239
Kingfisher PLC		1,155,743		4,326,615


	Number of Shares		Value $
Mondi PLC		286,179		4,652,351
National Grid PLC		3,174,025		44,793,711
Reckitt Benckiser Group PLC		441,965		29,991,347
Schroders PLC		469,168		2,248,606
Shell PLC		3,000,001		99,098,324
Tesco PLC		4,361,345		22,820,210
Unilever PLC		1,581,352		100,378,388
WPP PLC		699,193		5,651,728


(Cost $337,346,104)				396,434,490

TOTAL COMMON STOCKS


(Cost $1,633,389,931)				1,990,689,055

PREFERRED STOCKS – 0.1%

Germany – 0.1%
Bayerische Motoren Werke AG

(Cost $3,059,361)		36,292		3,005,579

SECURITIES LENDING COLLATERAL – 1.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.22% (c)(d)

(Cost $25,966,095)		25,966,095		25,966,095

CASH EQUIVALENTS – 0.3%
DWS Government Money Market Series “Institutional Shares”, 4.26% (c)

(Cost $5,250,803)		5,250,803		5,250,803

TOTAL INVESTMENTS – 100.7%

(Cost $1,667,666,190)				2,024,911,532
Other assets and liabilities, net – (0.7%)				(13,798,855)


NET ASSETS – 100.0%				2,011,112,677

See Notes to Financial Statements.

DBX ETF Trust | 17

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

May 31, 2025

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



Value ($) at 5/31/2024	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2025		Value ($) at 5/31/2025
SECURITIES LENDING COLLATERAL —1.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.22% (c)(d)
29,576,000		—		(3,609,905	) (e)		—		—		251,573		—		25,966,095		25,966,095

CASH EQUIVALENTS —0.3%
DWS Government Money Market Series “Institutional Shares”, 4.26% (c)
20,936,447		91,927,251		(107,612,895	)		—		—		280,122		—		5,250,803		5,250,803

50,512,447		91,927,251		(111,222,800	)		—		—		531,695		—		31,216,898		31,216,898

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at May 31, 2025 amounted to $24,733,981, which is 1.2% of net assets.

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

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

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

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

144A:

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

Securities are listed in country of domicile.

At May 31, 2025, open futures contracts purchased were as follows:


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

CAC 40 Index	EUR	20		1,773,671		1,758,731		6/20/2025		(14,940)

DAX Index	EUR	1		669,244		682,428		6/20/2025		13,184

FTSE 100 Index	GBP	16		1,871,914		1,894,768		6/20/2025		22,854

FTSE MIB Index	EUR	1		229,262		227,822		6/20/2025		(1,440)

IBEX 35 Index	EUR	3		479,484		481,975		6/20/2025		2,491

MSCI EAFE Index	USD	63		8,026,175		8,204,175		6/20/2025		178,000

MSCI Singapore Index	SGD	30		949,873		955,296		6/27/2025		5,423

SMI Index	CHF	17		2,536,409		2,528,842		6/20/2025		(7,567)

SPI 200 Index	AUD	3		388,488		408,188		6/19/2025		19,700

Total net unrealized appreciation										217,705

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

Currency Abbreviations

AUD	Australian Dollar

CHF	Swiss Franc

EUR

Euro

GBP	Pound Sterling

SGD	Singapore Dollar

USD	U.S. Dollar

See Notes to Financial Statements.

18 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

May 31, 2025

Fair Value Measurements


Assets	Level 1			Level 2		Level 3		Total

Common Stocks (a)	$	1,990,689,055		$	—	$	—	$	1,990,689,055

Preferred Stocks		3,005,579			—		—		3,005,579

Short-Term Investments (a)		31,216,898			—		—		31,216,898

Derivatives (b)

Futures Contracts		241,652			—		—		241,652

TOTAL	$	2,025,153,184		$	—	$	—	$	2,025,153,184

Liabilities	Level 1			Level 2		Level 3		Total

Derivatives (b)

Futures Contracts	$	(23,947	)	$	—	$	—	$	(23,947	)

TOTAL	$	(23,947	)	$	—	$	—	$	(23,947	)

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

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

See Notes to Financial Statements.

DBX ETF Trust | 19

Schedule of Investments

Xtrackers US 0-1 Year Treasury ETF

May 31, 2025


	Principal Amount $		Value $

U.S. TREASURY OBLIGATIONS – 99.5%
U.S. Treasury Bills
3.679%, 7/1/25 (a)		601,600		599,556
3.682%, 7/3/25 (a)		980,000		976,445
3.681%, 7/8/25 (a)		606,600		604,046
3.682%, 7/10/25 (a)		1,192,600		1,187,294
3.688%, 7/15/25 (a)		606,600		603,546
3.223%, 7/17/25 (a)		665,400		661,892
3.696%, 7/22/25 (a)		609,600		606,031
3.437%, 7/24/25 (a)		666,200		662,137
3.460%, 7/29/25 (a)		271,700		269,881
3.694%, 7/31/25 (a)		668,700		664,073
2.864%, 8/5/25 (a)		271,600		269,554
3.698%, 8/7/25 (a)		876,200		869,413
2.868%, 8/12/25 (a)		270,600		268,341
3.761%, 8/14/25 (a)		666,600		660,884
2.873%, 8/19/25 (a)		271,600		269,113
3.758%, 8/21/25 (a)		655,700		649,542
2.870%, 8/26/25 (a)		271,600		268,892
3.740%, 8/28/25 (a)		646,800		640,180
2.162%, 9/2/25 (a)		271,000		268,076
3.392%, 9/4/25 (a)		515,500		509,833
2.163%, 9/9/25 (a)		271,000		267,858
3.384%, 9/11/25 (a)		308,100		304,478
2.165%, 9/16/25 (a)		271,000		267,635
3.369%, 9/18/25 (a)		308,000		304,117
2.165%, 9/23/25 (a)		271,000		267,414
3.368%, 9/25/25 (a)		307,100		302,987
3.165%, 10/2/25 (a)		525,000		517,544
2.803%, 10/9/25 (a)		307,200		302,604
2.806%, 10/16/25 (a)		307,100		302,257
2.802%, 10/23/25 (a)		307,200		302,115
3.662%, 10/30/25 (a)		523,700		514,579
2.148%, 11/6/25 (a)		307,000		301,429
2.150%, 11/13/25 (a)		307,000		301,177
2.158%, 11/20/25 (a)		307,000		300,918
3.504%, 11/28/25 (a)		523,800		512,966
3.203%, 12/26/25 (a)		216,800		211,711
3.236%, 1/22/26 (a)		212,700		207,147
3.254%, 2/19/26 (a)		213,800		207,571
3.248%, 3/19/26 (a)		214,200		207,297
2.648%, 4/16/26 (a)		208,800		201,533
2.072%, 5/14/26 (a)		210,000		202,061

(Cost $17,817,107)				17,816,127


U.S. Treasury Notes
3.521%, 7/15/25		193,800		193,469
3.460%, 7/31/25		183,200		181,998
3.498%, 7/31/25		97,600		97,366
3.917%, 7/31/25		158,700		158,806
3.113%, 8/15/25		16,300		16,394


	Principal Amount $		Value $
3.473%, 8/15/25		165,600		165,178
3.496%, 8/15/25		221,600		220,559
3.607%, 8/31/25		198,300		196,362
3.687%, 8/31/25		102,500		102,119
3.882%, 8/31/25		202,900		203,182
3.409%, 9/15/25		182,900		182,452
3.435%, 9/30/25		234,800		231,717
3.553%, 9/30/25		104,600		104,157
3.815%, 9/30/25		214,500		214,932
3.381%, 10/15/25		177,500		177,465
3.348%, 10/31/25		231,100		227,286
3.437%, 10/31/25		86,000		85,540
3.556%, 10/31/25		209,900		210,416
3.510%, 11/15/25		263,100		260,709
3.543%, 11/15/25		179,000		179,114
3.329%, 11/30/25		212,500		208,411
3.396%, 11/30/25		94,900		94,232
3.536%, 11/30/25		214,900		215,434
3.419%, 12/15/25		174,500		174,364
3.278%, 12/31/25		256,100		256,057
3.288%, 12/31/25		244,300		238,910
3.454%, 12/31/25		102,300		101,350
3.405%, 1/15/26		174,500		174,180
3.108%, 1/31/26		265,800		265,711
3.325%, 1/31/26		263,100		256,439
3.459%, 1/31/26		110,400		109,227
3.085%, 2/15/26		217,200		213,295
3.088%, 2/15/26		161,100		160,811
3.234%, 2/15/26		28,000		28,341
3.285%, 2/28/26		112,700		111,266
3.312%, 2/28/26		244,200		237,564
3.442%, 2/28/26		272,700		273,421
3.261%, 3/15/26		173,400		173,918
3.244%, 3/31/26		282,800		283,499
3.257%, 3/31/26		114,400		112,606
3.398%, 3/31/26		243,500		236,762
2.650%, 4/15/26		177,100		176,433
2.642%, 4/30/26		85,700		84,328
2.643%, 4/30/26		251,500		243,867
2.643%, 4/30/26		310,800		312,683
2.081%, 5/15/26		160,000		159,216
2.765%, 5/15/26		215,000		209,967
2.077%, 5/31/26		106,000		103,931
2.077%, 5/31/26		308,000		310,138
2.082%, 5/31/26		250,000		241,764

(Cost $9,182,840)				9,177,346

TOTAL U.S. TREASURY OBLIGATIONS


(Cost $26,999,947)				26,993,473

See Notes to Financial Statements.

20 | DBX ETF Trust

Schedule of Investments

Xtrackers US 0-1 Year Treasury ETF (Continued)

May 31, 2025


	Number of Shares		Value $

CASH EQUIVALENTS – 0.0%
DWS Government Money Market Series “Institutional Shares”, 4.26% (b)

(Cost $9,530)		9,530		9,530

TOTAL INVESTMENTS – 99.5%

(Cost $27,009,477)				27,003,003

Other assets and liabilities, net – 0.5%				140,851


NET ASSETS – 100.0%				27,143,854

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


Value ($) at 10/9/2024 (Commencement of Operations)	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2025		Value ($) at 5/31/2025
CASH EQUIVALENTS – 0.0%

DWS Government Money Market Series “Institutional Shares”, 4.26% (b)

—		396,055		(386,525	)		—		—		345		—		9,530		9,530

(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.

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total

U.S. Treasury Obligations (a)	$	—	$	26,993,473	$	—	$	26,993,473

Short-Term Investments (a)		9,530		—		—		9,530

TOTAL	$	9,530	$	26,993,473	$	—	$	27,003,003

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

See Notes to Financial Statements.

DBX ETF Trust | 21

Statements of Assets and Liabilities

May 31, 2025


	Xtrackers California Municipal Bond ETF			Xtrackers Municipal Infrastructure Revenue Bond ETF			Xtrackers MSCI EAFE High Dividend Yield Equity ETF		Xtrackers US 0-1 Year Treasury ETF

Assets

Investment in non-affiliated securities at value	$	21,175,475		$	127,852,142		$	1,993,694,634	$	26,993,473

Investment in DWS Government Money Market Series		424,491			—			5,250,803		9,530

Investment in DWS Government & Agency Securities Portfolio*		—			—			25,966,095		—

Cash		—			1,295,081			—		—

Foreign currency at value		—			—			29,204,722		—

Deposit with broker for futures contracts		—			—			1,037,240		—

Receivables:

Investment securities sold		—			—			240,934,111		7,332,526

Capital shares		—			—			21,564,782		—

Variation margin on futures contracts		—			—			1,990,259		—

Dividends		—			—			6,404,783		—

Interest		236,910			1,812,707			18,887		58,325

Affiliated securities lending income		—			—			25,641		—

Foreign tax reclaim		—			—			8,972,037		—

Total assets	$	21,836,876		$	130,959,930		$	2,335,063,994	$	34,393,854

Liabilities

Payable upon return of securities loaned	$	—		$	—		$	25,966,095	$	—

Payables:

Investment securities purchased		—			—			211,827,686		7,248,686

Capital shares		—			—			86,006,045		—

Investment advisory fees		1,255			16,811			151,491		1,314

Total liabilities		1,255			16,811			323,951,317		7,250,000

Net Assets, at value	$	21,835,621		$	130,943,119		$	2,011,112,677	$	27,143,854

Net Assets Consist of

Paid-in capital	$	22,674,560		$	152,712,193		$	1,787,464,941	$	27,055,942

Distributable earnings (loss)		(838,939	)		(21,769,074	)		223,647,736		87,912

Net Assets, at value	$	21,835,621		$	130,943,119		$	2,011,112,677	$	27,143,854

Number of Common Shares outstanding		900,001			5,450,001			70,150,001		900,001

Net Asset Value	$	24.26		$	24.03		$	28.67	$	30.16

Investment in non-affiliated securities at cost	$	22,070,096		$	142,044,549		$	1,636,449,292	$	26,999,947

Value of securities loaned	$	—		$	—		$	24,733,981	$	—

Investment in DWS Government Money Market Series at cost	$	424,491		$	—		$	5,250,803	$	9,530

Investment in DWS Government & Agency Securities Portfolio at cost*	$	—		$	—		$	25,966,095	$	—

Foreign currency at cost	$	—		$	—		$	28,808,210	$	—

*	Represents collateral on securities loaned.

See Notes to Financial Statements.

22 | DBX ETF Trust

Statements of Operations

For the Year Ended May 31, 2025


	Xtrackers California Municipal Bond ETF			Xtrackers Municipal Infrastructure Revenue Bond ETF			Xtrackers MSCI EAFE High Dividend Yield Equity ETF			Xtrackers US 0-1 Year Treasury ETF⁽¹⁾

Investment Income

Unaffiliated interest income	$	687,880		$	4,593,249		$	—		$	206,723

Unaffiliated dividend income*		—			—			81,029,945			—

Income distributions from affiliated funds		19,053			—			280,122			345

Affiliated securities lending income		—			—			251,573			—

Total investment income		706,933			4,593,249			81,561,640			207,068

Expenses

Investment advisory fees		19,293			204,240			1,884,148			2,862

Other expenses		52			58			3,650			—

Total expenses		19,345			204,298			1,887,798			2,862
Less fees waived (see note 3):

Waiver		(4,018	)		—			(347,196	)		(10	)

Net expenses		15,327			204,298			1,540,602			2,852

Net investment income (loss)		691,606			4,388,951			80,021,038			204,216

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:

Investments		(3,241	)		(2,731,222	)		(35,310,358	)		(135	)

In-kind redemptions		—			—			43,346,958			(1,256	)

Futures contracts		—			—			1,609,194			—

Foreign currency transactions		—			—			(82,918	)		—
Net realized gain (loss)		(3,241	)		(2,731,222	)		9,562,876			(1,391	)
Net change in unrealized appreciation (depreciation) on:

Investments		(349,471	)		(2,973,001	)		191,365,046			(6,474	)

Futures contracts		—			—			(317,833	)		—

Foreign currency translations		—			—			966,469			—

Net change in unrealized appreciation (depreciation)		(349,471	)		(2,973,001	)		192,013,682			(6,474	)

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(352,712	)		(5,704,223	)		201,576,558			(7,865	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	338,894		$	(1,315,272	)	$	281,597,596		$	196,351

* Unaffiliated foreign tax withheld	$	—		$	—		$	7,860,783		$	—

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

See Notes to Financial Statements.

DBX ETF Trust | 23

Statements of Changes in Net Assets


	Xtrackers California Municipal Bond ETF						Xtrackers Municipal Infrastructure Revenue Bond ETF

	Year Ended May 31, 2025			For the Period December 14, 2023⁽¹⁾to May 31, 2024			Year Ended May 31, 2025			Year Ended May 31, 2024

Increase (Decrease) in Net Assets from Operations

Net investment income (loss)	$	691,606		$	279,045		$	4,388,951		$	3,418,235
Net realized gain (loss)		(3,241	)		(612	)		(2,731,222	)		(950,491	)
Net change in net unrealized appreciation (depreciation)		(349,471	)		(545,150	)		(2,973,001	)		922,519
Net increase (decrease) in net assets resulting from operations		338,894			(266,717	)		(1,315,272	)		3,390,263

Distributions to Shareholders		(706,123	)		(204,993	)		(4,326,490	)		(3,363,269	)

Fund Shares Transactions

Proceeds from shares sold		—			22,674,535			8,966,614			15,280,869
Value of shares redeemed		—			—			—			—
Net increase (decrease) in net assets resulting from fund share transactions		—			22,674,535			8,966,614			15,280,869
Total net increase (decrease) in Net Assets		(367,229	)		22,202,825			3,324,852			15,307,863

Net Assets
Beginning of period		22,202,850			25			127,618,267			112,310,404
End of period	$	21,835,621		$	22,202,850		$	130,943,119		$	127,618,267

Changes in Shares Outstanding
Shares outstanding, beginning of period		900,001			1			5,100,001			4,500,001
Shares sold		—			900,000			350,000			600,000
Shares redeemed		—			—			—			—
Shares outstanding, end of period		900,001			900,001			5,450,001			5,100,001

(1)	Commencement of Operations.

See Notes to Financial Statements.

24 | DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers MSCI EAFE High Dividend Yield Equity ETF						Xtrackers US 0-1 Year Treasury ETF

	Year Ended May 31, 2025			Year Ended May 31, 2024			For the Period October 9, 2024⁽¹⁾ to May 31, 2025

Increase (Decrease) in Net Assets from Operations

Net investment income (loss)	$	80,021,038		$	64,172,857		$	204,216
Net realized gain (loss)		9,562,876			20,448,782			(1,391	)
Net change in net unrealized appreciation (depreciation)		192,013,682			167,764,812			(6,474	)
Net increase (decrease) in net assets resulting from operations		281,597,596			252,386,451			196,351

Distributions to Shareholders		(69,349,174	)		(69,088,520	)		(109,697	)

Fund Shares Transactions
Proceeds from shares sold		393,551,341			257,617,875			33,076,380
Value of shares redeemed		(160,491,090	)		(123,648,832	)		(6,019,210	)
Net increase (decrease) in net assets resulting from fund share transactions		233,060,251			133,969,043			27,057,170
Total net increase (decrease) in Net Assets		445,308,673			317,266,974			27,143,824

Net Assets
Beginning of period		1,565,804,004			1,248,537,030			30
End of period	$	2,011,112,677		$	1,565,804,004		$	27,143,854

Changes in Shares Outstanding

Shares outstanding, beginning of period		61,300,001			55,600,001			1

Shares sold		14,850,000			10,700,000			1,100,000

Shares redeemed		(6,000,000	)		(5,000,000	)		(200,000	)

Shares outstanding, end of period		70,150,001			61,300,001			900,001

(1)	Commencement of Operations.

See Notes to Financial Statements.

DBX ETF Trust | 25

Financial Highlights

Xtrackers California Municipal Bond ETF


	Year Ended 5/31/2025			Period Ended 5/31/2024(a)

Selected Per Share Data

Net Asset Value, beginning of period	$	24.67		$	25.00
Income (loss) from investment operations:

Net investment income (loss)(b)		0.77			0.35

Net realized and unrealized gain (loss)		(0.40	)		(0.45	)

Total from investment operations		0.37			(0.10	)
Less distributions from:

Net investment income		(0.78	)		(0.23	)

Total from distributions		(0.78	)		(0.23	)

Net Asset Value, end of period	$	24.26		$	24.67

Total Return (%)(c)		1.48			(0.40	)**

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of period ($ millions)		22			22
Ratio of expenses before fee waiver (%)		0.09			0.15	*
Ratio of expenses after fee waiver (%)		0.07			0.08	*
Ratio of net investment income (loss) (%)		3.08			3.02	*
Portfolio turnover rate (%)(d)		5			2	**

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

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

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

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

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

26 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers Municipal Infrastructure Revenue Bond ETF


	Years Ended May 31,

	2025			2024			2023			2022			2021

Selected Per Share Data
Net Asset Value, beginning of year	$	25.02		$	24.96		$	25.88		$	29.35		$	27.75
Income (loss) from investment operations:

Net investment income (loss)(a)		0.81			0.73			0.69			0.63			0.70

Net realized and unrealized gain (loss)		(1.00	)		0.05	(b)		(0.91	)		(3.48	)		1.63

Total from investment operations		(0.19	)		0.78			(0.22	)		(2.85	)		2.33
Less distributions from:

Net investment income		(0.80	)		(0.72	)		(0.70	)		(0.62	)		(0.73	)

Total from distributions		(0.80	)		(0.72	)		(0.70	)		(0.62	)		(0.73	)

Net Asset Value, end of year	$	24.03		$	25.02		$	24.96		$	25.88		$	29.35

Total Return (%)		(0.90	)		3.25			(0.79	)		(9.87	)		8.50

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of year ($ millions)		131			128			112			162			138
Ratio of expenses (%)		0.15			0.15			0.15			0.15			0.15
Ratio of net investment income (loss) (%)		3.22			2.94			2.79			2.24			2.42
Portfolio turnover rate (%)(c)		18			9			12			27			10

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

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

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

See Notes to Financial Statements.

DBX ETF Trust | 27

Financial Highlights (Continued)

Xtrackers MSCI EAFE High Dividend Yield Equity ETF


	Years Ended May 31,

	2025			2024			2023			2022			2021

Selected Per Share Data

Net Asset Value, beginning of year	$	25.54		$	22.46		$	23.47		$	25.00		$	19.89
Income (loss) from investment operations:

Net investment income (loss)(a)		1.21			1.09			1.15			1.17			1.21

Net realized and unrealized gain (loss)		3.00			3.20			(1.14	)		(1.60	)		4.94

Total from investment operations		4.21			4.29			0.01			(0.43	)		6.15
Less distributions from:

Net investment income		(1.08	)		(1.21	)		(1.02	)		(1.10	)		(1.04	)

Total from distributions		(1.08	)		(1.21	)		(1.02	)		(1.10	)		(1.04	)

Net Asset Value, end of year	$	28.67		$	25.54		$	22.46		$	23.47		$	25.00
Total Return (%)(b)		17.13			19.79			0.46			(1.72	)		31.74

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of year ($ millions)		2,011			1,566			1,249			955			739

Ratio of expenses before fee waiver (%)		0.11			0.20			0.20			0.20			0.20

Ratio of expenses after fee waiver (%)		0.09			0.12			0.20			0.20			0.20

Ratio of net investment income (loss) (%)		4.66			4.62			5.32			4.92			5.38

Portfolio turnover rate (%)(c)		22			26			29			30			57

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

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

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

See Notes to Financial Statements.

28 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers US 0-1 Year Treasury ETF


	Period Ended 5/31/2025(a)

Selected Per Share Data

Net Asset Value, beginning of period	$	30.00
Income (loss) from investment operations:

Net investment income (loss)(b)		0.82

Net realized and unrealized gain (loss)		0.01	(c)

Total from investment operations		0.83
Less distributions from:

Net investment income		(0.67	)

Total from distributions		(0.67	)

Net Asset Value, end of period	$	30.16
Total Return (%)(d)		2.78	**

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of period ($ millions)		27

Ratio of expenses before fee waiver (%)		0.06	*

Ratio of expenses after fee waiver (%)		0.06	*

Ratio of net investment income (loss) (%)		4.28	*

Portfolio turnover rate (%)(e)		0	**

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

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

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

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

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

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust | 29

Notes to Financial Statements

1. Organization

As of May 31, 2025, the Trust consists of forty investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

Xtrackers California Municipal Bond ETF

Xtrackers Municipal Infrastructure Revenue Bond ETF

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

Xtrackers US 0-1 Year Treasury ETF

Xtrackers California Municipal Bond ETF offer shares that are listed and traded on the Nasdaq Stock Market (“NASDAQ”). Xtrackers Municipal Infrastructure Revenue Bond ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF offer shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Xtrackers US 0-1 Year Treasury ETF offer shares that are listed and traded on the Cboe BZX Exchange, Inc. (Cboe). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares except for Xtrackers US 0-1 Year Treasury ETF which lots consist of 20,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.


Fund		Underlying Index

Xtrackers California Municipal Bond ETF		ICE AMT-Free Broad Liquid California Municipal Index

Xtrackers Municipal Infrastructure Revenue Bond ETF		Solactive Municipal Infrastructure Revenue Bond Index

Xtrackers MSCI EAFE High Dividend Yield Equity ETF		MSCI EAFE High Dividend Yield Index

Xtrackers US 0-1 Year Treasury ETF		ICE U.S. Treasury Short Bond Index

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

The Solactive Municipal Infrastructure Revenue Bond Index is designed to track the performance of the segment of the U.S. long term tax-exempt bond market, consisting of infrastructure revenue bonds. It is comprised of tax-exempt municipal securities issued by states, cities, counties, districts, their respective agencies and other tax-exempt issuers. The Underlying Index is intended to track bonds that have been issued with the intention of funding federal, state and local infrastructure projects such as water and sewer systems, public power systems, toll roads, bridges, tunnels and many other public use projects. It is designed to only hold bonds issued by state and local municipalities where the interest and principal repayments are generated from dedicated revenue streams or a double-barreled revenue stream (pledged revenue stream and a general obligation pledge). Under normal circumstances, the Solactive Municipal Infrastructure Revenue Bond Index is rebalanced monthly on the last business day of each month.

The MSCI EAFE High Dividend Yield Index is designed to reflect the performance of equities (excluding REITs) in developed markets in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. Under normal circumstances, the MSCI High Dividend Yield Indices are rebalanced semi-annually in May and November.

30 | DBX ETF Trust

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

Xtrackers California Municipal Bond ETF and Xtrackers US 0-1 Year Treasury ETF are non-diversified and are not limited by the 1940 Act with regard to the percentage of their assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. The Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks. Xtrackers Municipal Infrastructure Revenue Bond ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF are diversified series of the Trust. In addition, Xtrackers MSCI EAFE High Dividend Yield Equity ETF may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index the Fund tracks.

2. Significant Accounting Policies

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.

DBX ETF Trust | 31

Municipal debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

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

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

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

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

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

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

32 | DBX ETF Trust

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

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

As of May 31, 2025, 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 California Municipal Bond ETF	$	—	$	59,670	$	(3,853	)	$	(894,756	)	$	(838,939	)

Xtrackers Municipal Infrastructure Revenue Bond ETF		—		385,407		(7,962,074	)		(14,192,407	)		(21,769,074	)

Xtrackers MSCI EAFE High Dividend Yield Equity ETF		42,926,764		—		(151,238,603	)		331,959,575			223,647,736

Xtrackers US 0-1 Year Treasury ETF		94,841		—		—			(6,929	)		87,912

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


	Year Ended May 31, 2025

	Ordinary Income^*		Tax-Exempt

Xtrackers California Municipal Bond ETF	$	18,640	$	687,483

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		—


	Year Ended May 31, 2024

	Ordinary Income^*		Tax-Exempt

Xtrackers California Municipal Bond ETF	$	8,714	$	196,279

Xtrackers Municipal Infrastructure Revenue Bond ETF		—		3,363,269

Xtrackers MSCI EAFE High Dividend Yield Equity ETF		69,088,520		—

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

DBX ETF Trust | 33


	Short-Term		Long-Term		Total Amount

Xtrackers California Municipal Bond ETF	$	3,273	$	580	$	3,853

Xtrackers Municipal Infrastructure Revenue Bond ETF		2,333,252		5,628,822		7,962,074

Xtrackers MSCI EAFE High Dividend Yield Equity ETF		30,200,818		121,037,785		151,238,603

For the fiscal year ended May 31, 2025, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to redemptions-in-kind.


	Distributable earnings (loss)			Paid-In Capital

Xtrackers MSCI EAFE High Dividend Yield Equity ETF	$	(40,521,349	)	$	40,521,349

Xtrackers US 0-1 Year Treasury ETF		1,258			(1,258)


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

Xtrackers California Municipal Bond ETF	$	22,494,587	$	(894,756	)	$	755	$	(895,511	)

Xtrackers Municipal Infrastructure Revenue Bond ETF		142,044,549		(14,192,407	)		10,161		(14,202,568	)

Xtrackers MSCI EAFE High Dividend Yield Equity ETF		1,693,904,098		331,018,669			359,645,339		(28,626,670	)

Xtrackers US 0-1 Year Treasury ETF		27,009,932		(6,929	)		1,679		(8,608	)

Foreign Taxes. The Xtrackers MSCI EAFE High Dividend Yield Equity ETF may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of May 31, 2025, if any, are disclosed in the Fund’s Statements of Assets and Liabilities.

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

Securities Lending. The Funds, except the Xtrackers California Municipal Bond ETF and the Xtrackers Municipal Infrastructure Revenue Bond ETF, may lend securities to certain financial institutions under the terms of their securities lending agreement. National Financial Services LLC (Fidelity Agency Lending), serves as securities lending agent for

35 | DBX ETF Trust

Xtrackers MSCI EAFE High Dividend Yield Equity ETF. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended May 31, 2025, the Funds invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.13% annualized effective rate as of May 31, 2025) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of May 31, 2025, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at year end.


Remaining Contractual Maturity of the Agreements, as of May 31, 2025
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	$	25,966,095	$	—	$	—	$	—	$	25,966,095

Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	25,966,095

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

Derivatives

Futures Contracts. Xtrackers MSCI EAFE High Dividend Yield Equity ETF may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. The Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. The Fund will not use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the year ended May 31, 2025, Xtrackers MSCI EAFE High Dividend Yield Equity ETF utilized futures in order to simulate investment in the Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

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

A summary of the open futures contracts as of May 31, 2025 is included in a table following the Fund’s Schedule of Investments.

DBX ETF Trust | 35

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


	Asset Derivatives			Liability Derivatives
Xtrackers MSCI EAFE High Dividend Yield Equity ETF

Equity contracts	Unrealized appreciation on futures contracts^*	$	241,652	Unrealized depreciation on futures contracts^*	$	23,947

	Total	$	241,652	Total	$	23,947

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

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the year ended May 31, 2025 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:


Net Realized Gain (Loss) from:	Futures Contracts — Equity Contracts

Xtrackers MSCI EAFE High Dividend Yield Equity ETF	$	1,609,194


Net Change in Unrealized Appreciation (Depreciation) on:	Futures Contracts — Equity Contracts

Xtrackers MSCI EAFE High Dividend Yield Equity ETF	$	(317,833)

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


	Futures Contracts (Contract Value)

Xtrackers MSCI EAFE High Dividend Yield Equity ETF	$	18,545,203

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

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

3. Investment Advisory and Other Agreements

For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary advisory fee based on each Fund’s average daily net assets (through August 12, 2024 for Xtrackers California Municipal Bond ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF), computed and accrued daily and payable monthly, at an annual rate equal to:


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

36 | DBX ETF Trust

Effective August 13, 2024, for its investment advisory services to the Funds below, the Advisor was entitled to receive a unitary advisory fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:


	Unitary Advisory Fee

Xtrackers California Municipal Bond ETF		0.07	%

Xtrackers MSCI EAFE High Dividend Yield Equity ETF		0.09	%

The Advisor for the Xtrackers California Municipal Bond ETF had contractually agreed through August 12, 2024 to waive a portion of its fees and or reimburse fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) from exceeding 0.07% of the fund’s average daily net assets. For the year ended May 31, 2025, the Advisor waived $3,599 of expenses to the Fund.

The Advisor for the Xtrackers MSCI EAFE High Dividend Yield Equity ETF had contractually agreed through August 12, 2024 to waive a portion of its fees and or reimburse fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) from exceeding 0.09% of the fund’s average daily net assets. For the year ended May 31, 2025, the Advisor waived $340,156 of expenses to the Fund.

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the year ended May 31, 2025, the Advisor waived expenses of the Funds as follows:


	Expenses Waived

Xtrackers California Municipal Bond ETF	$	419

Xtrackers MSCI EAFE High Dividend Yield Equity ETF		7,040

Xtrackers US 0-1 Year Treasury ETF		10

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

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

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

4. Investment Portfolio Transactions

For the year ended May 31, 2025, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:


	Purchases		Sales

Xtrackers California Municipal Bond ETF	$	2,227,911	$	982,401

Xtrackers Municipal Infrastructure Revenue Bond ETF		28,485,428		23,759,826

Xtrackers MSCI EAFE High Dividend Yield Equity ETF		432,101,363		381,355,090

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


	Purchases		Sales

Xtrackers Municipal Infrastructure Revenue Bond ETF	$	5,070,013	$	—

Xtrackers MSCI EAFE High Dividend Yield Equity ETF		369,871,497		158,976,085

Xtrackers US 0-1 Year Treasury ETF		30,307,241		5,955,447

DBX ETF Trust | 37

5. Fund Share Transactions

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

6. Concentration of Ownership

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


	Approximate Percent of Outstanding Shares Held

Xtrackers California Municipal Bond ETF		41%

Xtrackers US 0-1 Year Treasury ETF		9%

7. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers MSCI EAFE High Dividend Yield Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. The Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain the Fund’s status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. The Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at May 31, 2025.

38 | DBX ETF Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders of

Xtrackers California Municipal Bond ETF, Xtrackers Municipal Infrastructure Revenue Bond ETF, Xtrackers MSCI EAFE High Dividend Yield Equity ETF, and Xtrackers US 0-1 Year Treasury ETF and the Board of Trustees of DBX ETF Trust

Opinion on the Financial Statements

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


Individual fund constituting the DBX ETF Trust	Statement of operations	Statements of changes in net assets	Financial highlights
Xtrackers California Municipal Bond ETF	For the year ended May 31, 2025	For the year ended May 31, 2025 and the period from December 14, 2023 (commencement of operations) through May 31, 2024

Xtrackers Municipal Infrastructure Revenue Bond ETF	For the year ended May 31, 2025	For each of the two years in the period ended May 31, 2025	For each of the five years in the period ended May 31, 2025

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

Xtrackers US 0-1 Year Treasury ETF	For the period from October 9, 2024 (commencement of operations) through May 31, 2025

Basis for Opinion

DBX ETF Trust | 39

Report of Independent Registered Public Accounting Firm (Continued)

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

New York, New York

July 23, 2025

40 | DBX ETF Trust

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

Xtrackers California Municipal Bond ETF, Xtrackers MSCI EAFE High Dividend Yield Equity ETF, Xtrackers Municipal Infrastructure Revenue Bond ETF and Xtrackers US 0-1 Year Treasury ETF

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT WITH DBX ADVISORS LLC

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on May 13-14, 2025 (the “Meeting”), the Trustees, all of whom are Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers California Municipal Bond ETF, Xtrackers MSCI EAFE High Dividend Yield Equity ETF, Xtrackers Municipal Infrastructure Revenue Bond ETF and Xtrackers US 0-1 Year Treasury ETF (each a “Fund,” and collectively, the “Funds”) for another annual period ending on May 31, 2026. The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the Investment Advisory Agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) for Funds with two years of performance history as of December 31, 2024, each Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees met with representatives of the Advisor on May 13, 2025 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held during the Meeting.

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

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

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

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

DBX ETF Trust | 41

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

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.

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

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

42 | DBX ETF Trust

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

Economies of Scale. The Board considered that Xtrackers MSCI EAFE High Dividend Yield Equity ETF and Xtrackers Municipal Infrastructure Revenue Bond ETF had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisors can share benefits of economies of scale.

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

DBX ETF Trust | 43

Tax Information (Unaudited)

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

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its year ended May 31, 2025.


	Qualified Dividend Income^*

Xtrackers MSCI EAFE High Dividend Yield Equity ETF		86	%

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

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


	Gross Foreign Income		Foreign Taxes Paid

Xtrackers MSCI EAFE High Dividend Yield Equity ETF	$	88,877,527	$	6,822,015

44 | DBX ETF Trust

This Page is Intentionally Left Blank

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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)

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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		75

Xtrackers MSCI Japan Hedged Equity ETF		84

Statements of Assets and Liabilities		89

Statements of Operations		91

Statements of Changes in Net Assets		93

Financial Highlights		96

Notes to Financial Statements		102

Report of Independent Registered Public Accounting Firm		115

Board Considerations in Approval of Investment Advisory Contracts		116

Tax Information		119

DBX ETF Trust | 1

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF

May 31, 2025


	Number of Shares		Value $


COMMON STOCKS – 96.5%

Australia – 4.1%

ANZ Group Holdings Ltd.		17,935		335,729

APA Group (a)		6,810		36,391

Aristocrat Leisure Ltd.		3,489		140,338

ASX Ltd.		1,051		48,304

BHP Group Ltd.		30,313		747,396

BlueScope Steel Ltd.		2,509		36,794

Brambles Ltd.		8,465		126,537

CAR Group Ltd.		2,214		50,749

Cochlear Ltd.		402		70,354

Coles Group Ltd.		8,842		123,110

Commonwealth Bank of Australia		9,850		1,117,161

Computershare Ltd.		3,322		86,126

CSL Ltd.		2,809		447,220

Evolution Mining Ltd.		11,526		65,752

Fortescue Ltd.		10,151		100,702

Goodman Group REIT		11,672		247,683

Insurance Australia Group Ltd.		14,755		82,176

Lottery Corp. Ltd.		14,318		47,070

Macquarie Group Ltd.		2,082		287,482

Medibank Pvt Ltd.		16,423		50,496

MMG Ltd. *		18,846		6,994

National Australia Bank Ltd.		17,961		439,951

Northern Star Resources Ltd.		8,330		112,652

Origin Energy Ltd.		11,382		79,385

Pro Medicus Ltd.		262		47,627

Qantas Airways Ltd.		5,685		38,881

QBE Insurance Group Ltd.		9,136		136,391

REA Group Ltd.		211		32,603

Reece Ltd.		1,695		17,110

Rio Tinto Ltd.		2,349		170,586

Santos Ltd.		19,490		82,792

Scentre Group REIT		30,485		72,118

SGH Ltd.		1,278		41,808

Sigma Healthcare Ltd.		26,866		54,032

Sonic Healthcare Ltd.		2,771		47,638

South32 Ltd.		26,555		52,208

Stockland REIT		16,353		57,555

Suncorp Group Ltd.		6,586		87,581

Telstra Group Ltd.		24,516		75,538

Transurban Group (a)		18,830		172,114

Vicinity Ltd. REIT		24,133		38,268

Washington H Soul Pattinson & Co. Ltd.		1,246		29,661

Wesfarmers Ltd.		6,833		365,666

Westpac Banking Corp.		19,994		419,638

WiseTech Global Ltd.		1,375		94,970

Woodside Energy Group Ltd.		11,372		163,101


	Number of Shares		Value $


Woolworths Group Ltd.		7,324		150,365


(Cost $6,279,248)				7,334,803

Austria – 0.1%

Erste Group Bank AG		1,977		159,043

OMV AG		851		45,511

Verbund AG		409		31,928


(Cost $152,730)				236,482

Belgium – 0.5%

Ageas SA/NV		872		56,882

Anheuser-Busch InBev SA/NV		5,606		394,905

D’ieteren Group		149		30,605

Elia Group SA/NV		282		29,874

Groupe Bruxelles Lambert NV		509		41,583

KBC Group NV		1,357		133,989

Lotus Bakeries NV		2		20,688

Sofina SA		98		28,353

Syensqo SA		442		33,876

UCB SA		786		142,705


(Cost $818,853)				913,460

Brazil – 0.9%

Ambev SA		32,083		78,700

B3 SA - Brasil Bolsa Balcao		29,886		72,893

Banco Bradesco SA		9,033		22,079

Banco BTG Pactual S.A		6,567		45,410

Banco do Brasil SA		11,297		46,258

BB Seguridade Participacoes SA		3,790		24,856

BRF SA		3,410		12,103

Caixa Seguridade Participacoes S/A		4,395		11,580

Centrais Eletricas Brasileiras SA		7,085		51,978

Cia de Saneamento Basico do Estado de Sao Paulo		2,960		60,747

CPFL Energia SA		1,773		12,552

Embraer SA		3,734		42,755

Energisa SA		2,580		21,427

Engie Brasil Energia SA		1,304		9,361

Equatorial Energia SA		6,072		38,909

JBS SA		4,376		30,696

Klabin SA		4,054		12,978

Localiza Rent a Car SA		4,455		33,462

Motiva Infraestrutura de Mobilidade SA		5,360		12,633

Natura & Co. Holding SA *		5,456		9,988

NU Holdings Ltd., Class A *		18,982		227,974

Petroleo Brasileiro SA		23,712		136,439

PRIO SA *		4,353		29,644

Raia Drogasil SA		6,634		17,224

Rede D’Or Sao Luiz SA, 144A		5,070		33,490

Rumo SA *		6,691		22,017

Suzano SA		4,224		36,668

Telefonica Brasil SA		4,640		23,251

See Notes to Financial Statements.

2 | DBX ETF Trust

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $


TIM SA		4,993		17,014

TOTVS SA		3,879		28,627

Ultrapar Participacoes SA		3,444		9,809

Vale SA		21,096		192,167

Vibra Energia SA		5,454		19,243

WEG SA		10,319		76,407

XP, Inc., Class A		2,060		39,882


(Cost $1,424,009)				1,561,221

Canada – 7.7%

Agnico Eagle Mines Ltd.		2,914		343,497

Alamos Gold, Inc., Class A		2,217		57,414

Alimentation Couche-Tard, Inc.		4,339		224,957

AltaGas Ltd.		1,640		45,818

ARC Resources Ltd.		3,645		76,175

Bank of Montreal		4,215		452,628

Bank of Nova Scotia		7,213		385,944

Barrick Mining Corp.		10,926		209,547

BCE, Inc.		603		13,138

Brookfield Corp.		8,176		472,145

CAE, Inc. *		1,906		49,068

Cameco Corp.		2,524		147,760

Canadian Imperial Bank of Commerce		5,662		385,471

Canadian National Railway Co.		3,360		353,200

Canadian Natural Resources Ltd.		12,708		385,865

Canadian Pacific Kansas City Ltd.		5,414		442,202

Canadian Tire Corp. Ltd., Class A		314		39,901

Canadian Utilities Ltd., Class A		840		23,492

CCL Industries, Inc., Class B		874		50,968

Celestica, Inc. *		741		85,809

Cenovus Energy, Inc.		8,086		106,529

CGI, Inc.		1,251		134,485

Constellation Software, Inc.		118		427,835

Descartes Systems Group, Inc. *		564		65,394

Dollarama, Inc.		1,640		210,923

Element Fleet Management Corp.		2,327		55,447

Emera, Inc.		1,672		76,646

Empire Co. Ltd., Class A		799		30,840

Enbridge, Inc.		13,227		615,593

Fairfax Financial Holdings Ltd.		118		200,779

First Quantum Minerals Ltd. *		4,156		61,567

FirstService Corp.		266		46,625

Fortis, Inc.		3,060		149,505

Franco-Nevada Corp.		1,154		194,389

George Weston Ltd.		358		72,077

GFL Environmental, Inc.		1,455		73,537

Gildan Activewear, Inc.		930		43,303

Great-West Lifeco, Inc.		1,499		56,897

Hydro One Ltd., 144A		2,158		79,458

iA Financial Corp., Inc.		597		60,781


	Number of Shares		Value $


IGM Financial, Inc.		312		9,960

Imperial Oil Ltd.		943		67,326

Intact Financial Corp.		1,039		235,722

Ivanhoe Mines Ltd., Class A *		4,601		35,639

Keyera Corp.		1,364		41,576

Kinross Gold Corp.		7,762		114,590

Loblaw Cos. Ltd.		841		141,886

Lundin Gold, Inc.		631		30,489

Lundin Mining Corp.		4,173		39,500

Magna International, Inc.		1,425		51,731

Manulife Financial Corp.		10,349		329,545

Metro, Inc.		1,125		87,747

National Bank of Canada		2,235		219,974

Nutrien Ltd.		3,047		180,020

Open Text Corp.		1,610		45,589

Pan American Silver Corp.		2,192		53,460

Pembina Pipeline Corp.		3,504		131,315

Power Corp. of Canada		3,461		133,941

Quebecor, Inc., Class B		1,048		29,485

Restaurant Brands International, Inc.		1,825		130,297

Rogers Communications, Inc., Class B		2,263		60,749

Royal Bank of Canada		8,306		1,052,753

Saputo, Inc.		1,551		29,882

Shopify, Inc., Class A *		7,252		774,900

Stantec, Inc.		702		72,213

Sun Life Financial, Inc.		3,291		211,990

Suncor Energy, Inc.		7,539		268,028

TC Energy Corp.		6,265		317,461

Teck Resources Ltd., Class B		2,713		100,545

TELUS Corp.		2,928		47,963

TFI International, Inc.		466		40,235

Thomson Reuters Corp.		995		197,688

TMX Group Ltd.		1,769		71,503

Toromont Industries Ltd.		545		47,262

Toronto-Dominion Bank		10,647		735,247

Tourmaline Oil Corp.		2,213		99,785

West Fraser Timber Co. Ltd.		379		27,921

Wheaton Precious Metals Corp.		2,645		229,181

Whitecap Resources, Inc.		7,385		46,064

WSP Global, Inc.		820		168,027


(Cost $9,602,129)				13,716,798

Chile – 0.1%

Antofagasta PLC		2,276		54,294

Banco de Chile		293,780		43,221

Banco de Credito e Inversiones SA		482		18,594

Banco Santander Chile		358,448		21,356

Cencosud SA		8,366		28,792

Empresas CMPC SA		7,004		11,178

Empresas Copec SA		2,082		14,303

See Notes to Financial Statements.

DBX ETF Trust | 3

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $


Enel Americas SA		107,638		10,036

Enel Chile SA		123,794		8,976

Falabella SA		4,372		20,860

Latam Airlines Group SA		1,400,125		26,636


(Cost $228,701)				258,246

China – 7.3%

360 Security Technology, Inc., Class A		3,700		5,135

37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,900		3,868

AAC Technologies Holdings, Inc.		5,971		27,757

Advanced Micro-Fabrication Equipment, Inc., China, Class A *		350		8,501

Agricultural Bank of China Ltd., Class A		29,100		22,334

Agricultural Bank of China Ltd., Class H		158,759		102,045

Aier Eye Hospital Group Co. Ltd., Class A		4,061		6,994

Air China Ltd., Class A *		6,900		7,680

Akeso, Inc., 144A *		5,053		54,003

Alibaba Group Holding Ltd.		100,855		1,465,022

Aluminum Corp. of China Ltd., Class A		7,300		6,626

Aluminum Corp. of China Ltd., Class H		18,664		10,878

Anhui Conch Cement Co. Ltd., Class A		1,200		3,869

Anhui Conch Cement Co. Ltd., Class H		6,511		16,981

Anhui Gujing Distillery Co. Ltd., Class A		100		2,089

Anhui Gujing Distillery Co. Ltd., Class B		1,726		25,090

Anhui Jianghuai Automobile Group Corp. Ltd., Class A		1,600		8,505

ANTA Sports Products Ltd.		7,876		95,875

Autohome, Inc., ADR		400		9,808

Avary Holding Shenzhen Co. Ltd., Class A		1,900		7,455

AviChina Industry & Technology Co. Ltd., Class H		21,910		11,037

BAIC BluePark New Energy Technology Co. Ltd., Class A *		7,100		7,124

Baidu, Inc., Class A *		12,145		126,467

Bank of Beijing Co. Ltd., Class A		11,100		9,705

Bank of China Ltd., Class A		7,300		5,593

Bank of China Ltd., Class H		418,774		243,538

Bank of Communications Co. Ltd., Class A		11,800		12,446

Bank of Communications Co. Ltd., Class H		47,334		41,472

Bank of Hangzhou Co. Ltd., Class A		3,100		7,168


	Number of Shares		Value $


Bank of Jiangsu Co. Ltd., Class A		5,500		8,381

Bank of Nanjing Co. Ltd., Class A		3,100		4,931

Bank of Ningbo Co. Ltd., Class A		2,210		8,192

Bank of Shanghai Co. Ltd., Class A		5,590		8,208

Baoshan Iron & Steel Co. Ltd., Class A		10,200		9,541

Beijing Enlight Media Co. Ltd., Class A *		7,000		17,021

Beijing Kingsoft Office Software, Inc., Class A		26		1,017

Beijing Tong Ren Tang Co. Ltd., Class A		100		527

Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		203		1,952

Beijing-Shanghai High Speed Railway Co. Ltd., Class A		21,700		17,648

Bilibili, Inc., Class Z *		2,026		38,008

BOE Technology Group Co. Ltd., Class A		15,500		8,175

BYD Co. Ltd., Class A		600		29,337

BYD Co. Ltd., Class H		7,208		361,085

BYD Electronic International Co. Ltd.		4,758		18,902

Cambricon Technologies Corp. Ltd., Class A *		200		16,756

Capital Securities Co. Ltd., Class A		2,700		7,034

CGN Power Co. Ltd., Class A		5,389		2,745

CGN Power Co. Ltd., Class H, 144A		57,302		18,781

Changchun High-Tech Industry Group Co. Ltd., Class A *		200		2,902

Chaozhou Three-Circle Group Co. Ltd., Class A		1,100		4,992

China CITIC Bank Corp. Ltd., Class H		49,807		43,893

China Coal Energy Co. Ltd., Class H		10,449		11,700

China Communications Services Corp. Ltd., Class H		14,234		8,205

China Construction Bank Corp., Class A		4,300		5,389

China Construction Bank Corp., Class H		557,339		500,397

China CSSC Holdings Ltd., Class A		1,300		5,534

China Eastern Airlines Corp. Ltd., Class A *		8,400		4,698

China Energy Engineering Corp. Ltd., Class A		17,700		5,478

China Everbright Bank Co. Ltd., Class A		14,000		7,714

China Everbright Bank Co. Ltd., Class H		13,497		6,248

China Feihe Ltd., 144A		21,663		16,825

See Notes to Financial Statements.

4 | DBX ETF Trust

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $


China Galaxy Securities Co. Ltd., Class A		1,470		3,226

China Galaxy Securities Co. Ltd., Class H		18,478		17,863

China Hongqiao Group Ltd.		19,821		35,440

China International Capital Corp. Ltd., Class A		1,700		7,807

China International Capital Corp. Ltd., Class H, 144A		8,796		16,423

China Jushi Co. Ltd., Class A		4,400		6,907

China Life Insurance Co. Ltd., Class A		700		3,720

China Life Insurance Co. Ltd., Class H		46,028		93,804

China Literature Ltd., 144A *		2,048		7,000

China Longyuan Power Group Corp. Ltd., Class H		18,611		15,452

China Mengniu Dairy Co. Ltd.		16,190		36,505

China Merchants Bank Co. Ltd., Class A		7,500		45,206

China Merchants Bank Co. Ltd., Class H		24,581		153,296

China Merchants Energy Shipping Co. Ltd., Class A		6,700		5,626

China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A		5,300		9,320

China Merchants Securities Co. Ltd., Class A		4,100		9,207

China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		2,300		2,771

China Minsheng Banking Corp. Ltd., Class A		13,500		8,150

China Minsheng Banking Corp. Ltd., Class H		28,898		14,852

China National Building Material Co. Ltd., Class H		31,644		14,125

China National Nuclear Power Co. Ltd., Class A		5,600		7,446

China National Software & Service Co. Ltd., Class A *		1,100		6,719

China Northern Rare Earth Group High-Tech Co. Ltd., Class A		1,300		4,198

China Oilfield Services Ltd., Class H		10,996		8,933

China Pacific Insurance Group Co. Ltd., Class A		2,100		10,035

China Pacific Insurance Group Co. Ltd., Class H		15,860		49,556

China Petroleum & Chemical Corp., Class A		9,200		7,380

China Petroleum & Chemical Corp., Class H		135,815		73,441

China Railway Group Ltd., Class A		6,200		4,810

China Railway Group Ltd., Class H		18,491		8,348


	Number of Shares		Value $


China Resources Microelectronics Ltd., Class A		622		4,112

China Resources Mixc Lifestyle Services Ltd., 144A		3,535		16,839

China Resources Pharmaceutical Group Ltd., 144A		14,040		9,221

China Shenhua Energy Co. Ltd., Class A		2,516		13,814

China Shenhua Energy Co. Ltd., Class H		20,492		86,635

China State Construction Engineering Corp. Ltd., Class A		13,900		10,957

China Three Gorges Renewables Group Co. Ltd., Class A		12,800		7,621

China Tourism Group Duty Free Corp. Ltd., Class A		800		6,727

China Tower Corp. Ltd., Class H, 144A		27,889		41,401

China United Network Communications Ltd., Class A		10,000		7,439

China Vanke Co. Ltd., Class A *		3,300		3,041

China Vanke Co. Ltd., Class H *		11,678		7,640

China Yangtze Power Co. Ltd., Class A		8,500		35,627

Chongqing Brewery Co. Ltd., Class A		200		1,604

Chongqing Changan Automobile Co. Ltd., Class A *		3,040		5,211

Chongqing Rural Commercial Bank Co. Ltd., Class A		7,100		7,144

Chongqing Zhifei Biological Products Co. Ltd., Class A		1,200		3,188

CITIC Ltd.		28,361		35,880

CITIC Securities Co. Ltd., Class A		3,430		12,149

CITIC Securities Co. Ltd., Class H		9,345		23,693

CMOC Group Ltd., Class A		6,163		6,158

CMOC Group Ltd., Class H		22,003		17,622

CNPC Capital Co. Ltd., Class A		7,900		7,445

Contemporary Amperex Technology Co. Ltd., Class A		1,386		48,090

Contemporary Amperex Technology Co. Ltd., Class H *		463		17,915

COSCO SHIPPING Energy Transportation Co. Ltd., Class A		2,600		3,645

COSCO SHIPPING Holdings Co. Ltd., Class A		6,330		14,399

COSCO SHIPPING Holdings Co. Ltd., Class H		16,269		28,093

CRRC Corp. Ltd., Class A		8,000		7,994

CRRC Corp. Ltd., Class H		22,253		14,247

CSC Financial Co. Ltd., Class A		1,960		6,251

CSPC Pharmaceutical Group Ltd.		49,507		51,142

Daqin Railway Co. Ltd., Class A		7,700		7,213

See Notes to Financial Statements.

DBX ETF Trust | 5

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $


Dongfang Electric Corp. Ltd., Class A		100		222

East Money Information Co. Ltd., Class A		5,434		15,551

Eastroc Beverage Group Co. Ltd., Class A		500		22,206

Ecovacs Robotics Co. Ltd., Class A		200		1,491

ENN Energy Holdings Ltd.		3,958		31,649

Eoptolink Technology, Inc. Ltd., Class A		700		8,576

Eve Energy Co. Ltd., Class A		900		5,628

Everbright Securities Co. Ltd., Class A		1,800		4,065

Flat Glass Group Co. Ltd., Class A		8,300		16,553

Focus Media Information Technology Co. Ltd., Class A		3,200		3,318

Foshan Haitian Flavouring & Food Co. Ltd., Class A		1,821		11,226

Fosun International Ltd.		21,044		12,319

Foxconn Industrial Internet Co. Ltd., Class A		4,300		11,297

Fuyao Glass Industry Group Co. Ltd., Class A		1,100		8,850

Fuyao Glass Industry Group Co. Ltd., Class H, 144A		3,192		22,817

Ganfeng Lithium Group Co. Ltd., Class A		700		2,932

Genscript Biotech Corp. *		6,892		11,268

GF Securities Co. Ltd., Class A		2,000		4,522

Giant Biogene Holding Co. Ltd., 144A		1,520		13,763

GigaDevice Semiconductor, Inc., Class A *		168		2,618

GoerTek, Inc., Class A		1,500		4,353

Goldwind Science & Technology Co. Ltd., Class A		4,300		5,520

Gotion High-tech Co. Ltd., Class A		1,500		5,098

Great Wall Motor Co. Ltd., Class A		1,200		3,752

Great Wall Motor Co. Ltd., Class H *		12,420		19,293

Gree Electric Appliances, Inc. of Zhuhai, Class A		1,000		6,442

Guangdong Haid Group Co. Ltd., Class A		400		3,365

Guanghui Energy Co. Ltd., Class A		2,500		2,058

Guangzhou Automobile Group Co. Ltd., Class A		3,800		4,071

Guangzhou Tinci Materials Technology Co. Ltd., Class A		800		1,871

Guolian Minsheng Securities Co. Ltd., Class A		12,600		17,330

Guosen Securities Co. Ltd., Class A		5,900		9,196


	Number of Shares		Value $


Guotai Haitong Securities Co. Ltd.		5,600		13,352

Guotai Haitong Securities Co. Ltd., Class H, 144A		8,614		12,194

H World Group Ltd., ADR		1,339		47,227

Haidilao International Holding Ltd., 144A		9,239		17,768

Haier Smart Home Co. Ltd., Class A		2,100		7,298

Haier Smart Home Co. Ltd., Class H		13,919		40,828

Haitian International Holdings Ltd.		4,489		10,946

Hangzhou First Applied Material Co. Ltd., Class A		1,097		1,845

Hangzhou Silan Microelectronics Co. Ltd., Class A *		800		2,667

Hansoh Pharmaceutical Group Co. Ltd., 144A		6,809		22,447

Henan Shuanghui Investment & Development Co. Ltd., Class A		1,100		3,717

Hengan International Group Co. Ltd.		3,819		10,350

Hengli Petrochemical Co. Ltd., Class A *		1,800		3,785

Hisense Home Appliances Group Co. Ltd., Class H		2,456		8,112

Hithink RoyalFlush Information Network Co. Ltd., Class A		400		13,735

Hoshine Silicon Industry Co. Ltd., Class A		500		3,398

Hua Hong Semiconductor Ltd., 144A		2,689		10,837

Huadian Power International Corp. Ltd., Class A		8,000		6,495

Huadong Medicine Co. Ltd., Class A		700		4,343

Hualan Biological Engineering, Inc., Class A		670		1,498

Huaneng Power International, Inc., Class A		3,500		3,512

Huaneng Power International, Inc., Class H		33,381		21,116

Huatai Securities Co. Ltd., Class A		1,700		3,954

Huatai Securities Co. Ltd., Class H, 144A		9,693		16,342

Huaxia Bank Co. Ltd., Class A		2,800		2,926

Huayu Automotive Systems Co. Ltd., Class A		1,700		4,270

Huizhou Desay Sv Automotive Co. Ltd., Class A		300		4,603

Hundsun Technologies, Inc., Class A		1,456		5,317

Hygon Information Technology Co. Ltd., Class A (b)		639		12,073

Iflytek Co. Ltd., Class A		900		5,750

Imeik Technology Development Co. Ltd., Class A		140		3,303

See Notes to Financial Statements.

6 | DBX ETF Trust

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $


Industrial & Commercial Bank of China Ltd., Class A		18,571		18,222

Industrial & Commercial Bank of China Ltd., Class H		381,862		278,077

Industrial Bank Co. Ltd., Class A		8,400		26,394

Industrial Securities Co. Ltd., Class A		1,950		1,556

Ingenic Semiconductor Co. Ltd., Class A *		300		2,642

Inner Mongolia BaoTou Steel Union Co. Ltd., Class A *		32,600		7,873

Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		2,600		1,920

Inner Mongolia Yili Industrial Group Co. Ltd., Class A		2,100		8,831

Inner Mongolia Yitai Coal Co. Ltd., Class B		6,200		12,623

Innovent Biologics, Inc., 144A *		9,087		71,793

J&T Global Express Ltd. *		20,737		18,063

JA Solar Technology Co. Ltd., Class A *		1,764		2,238

JD Health International, Inc., 144A *		5,481		28,065

JD Logistics, Inc., 144A *		11,237		17,828

JD.com, Inc., Class A		14,090		231,626

Jiangsu Eastern Shenghong Co. Ltd., Class A		2,200		2,595

Jiangsu Expressway Co. Ltd., Class H		8,873		11,305

Jiangsu Hengli Hydraulic Co. Ltd., Class A		600		5,672

Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		2,100		15,954

Jiangsu King’s Luck Brewery JSC Ltd., Class A		1,100		6,731

Jiangsu Yanghe Distillery Co. Ltd., Class A		700		6,383

Jiangsu Zhongtian Technology Co. Ltd., Class A		1,300		2,401

Jiangxi Copper Co. Ltd., Class A		2,200		6,488

Jiangxi Copper Co. Ltd., Class H		3,974		7,035

Jinko Solar Co. Ltd., Class A		4,383		3,163

Kanzhun Ltd., ADR *		1,607		27,255

KE Holdings, Inc., ADR		4,630		85,470

Kingdee International Software Group Co. Ltd. *		25,866		40,575

Kingsoft Corp. Ltd. *		5,555		23,662

Kuaishou Technology, 144A *		15,794		107,360

Kuang-Chi Technologies Co. Ltd., Class A		1,500		9,235

Kunlun Tech Co. Ltd., Class A		1,400		6,494

Kweichow Moutai Co. Ltd., Class A		400		84,493

Lenovo Group Ltd.		47,974		55,309


	Number of Shares		Value $


Lens Technology Co. Ltd., Class A		2,610		7,342

Li Auto, Inc., Class A *		7,275		104,192

Li Ning Co. Ltd.		11,941		22,813

Lingyi iTech Guangdong Co., Class A		3,100		3,468

Longfor Group Holdings Ltd., 144A		10,206		12,795

LONGi Green Energy Technology Co. Ltd., Class A		2,240		4,470

Luxshare Precision Industry Co. Ltd., Class A		2,249		9,489

Luzhou Laojiao Co. Ltd., Class A		600		9,736

Mango Excellent Media Co. Ltd., Class A		1,200		3,724

Maxscend Microelectronics Co. Ltd., Class A		160		1,565

Meituan, Class B, 144A *		29,028		510,880

Metallurgical Corp. of China Ltd., Class A		5,900		2,399

Midea Group Co. Ltd. *		1,939		20,376

Midea Group Co. Ltd., Class A *		1,200		13,167

MINISO Group Holding Ltd.		2,200		9,511

Montage Technology Co. Ltd., Class A		617		6,535

Muyuan Foods Co. Ltd., Class A		3,934		22,080

NARI Technology Co. Ltd., Class A		4,191		12,907

NAURA Technology Group Co. Ltd., Class A		200		11,618

NetEase, Inc.		10,160		247,097

New China Life Insurance Co. Ltd., Class A		1,300		9,075

New China Life Insurance Co. Ltd., Class H		4,257		17,400

New Hope Liuhe Co. Ltd., Class A *		1,400		1,861

New Oriental Education & Technology Group, Inc.		7,870		37,337

Ninestar Corp., Class A *		548		1,643

Ningbo Deye Technology Co. Ltd., Class A		252		2,881

Ningbo Tuopu Group Co. Ltd., Class A		725		4,961

Ningxia Baofeng Energy Group Co. Ltd., Class A		4,466		9,917

NIO, Inc., Class A *		9,362		33,550

Nongfu Spring Co. Ltd., Class H, 144A		12,021		58,870

Oppein Home Group, Inc., Class A		500		4,277

Orient Securities Co. Ltd., Class A		2,048		2,652

People’s Insurance Co. Group of China Ltd., Class A		5,600		6,428

People’s Insurance Co. Group of China Ltd., Class H		43,946		28,751

See Notes to Financial Statements.

DBX ETF Trust | 7

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $


PetroChina Co. Ltd., Class A		7,700		8,859

PetroChina Co. Ltd., Class H		132,277		111,171

Pharmaron Beijing Co. Ltd., Class A		900		2,978

PICC Property & Casualty Co. Ltd., Class H		42,336		80,665

Ping An Bank Co. Ltd., Class A		6,600		10,589

Ping An Insurance Group Co. of China Ltd., Class A		4,100		30,318

Ping An Insurance Group Co. of China Ltd., Class H		37,567		221,106

Poly Developments and Holdings Group Co. Ltd., Class A		3,900		4,401

Pop Mart International Group Ltd., 144A		3,192		89,722

Postal Savings Bank of China Co. Ltd., Class A		14,000		10,356

Postal Savings Bank of China Co. Ltd., Class H, 144A		41,878		27,238

Power Construction Corp. of China Ltd., Class A		5,900		3,865

Qifu Technology, Inc., ADR		545		22,400

Qinghai Salt Lake Industry Co. Ltd., Class A *		2,400		5,276

Range Intelligent Computing Technology Group Co. Ltd., Class A		2,800		16,683

Rongsheng Petrochemical Co. Ltd., Class A		2,550		3,040

SAIC Motor Corp. Ltd., Class A		2,400		5,399

Sanan Optoelectronics Co. Ltd., Class A		1,700		2,933

Sany Heavy Industry Co. Ltd., Class A		2,300		6,011

Satellite Chemical Co. Ltd., Class A *		2,937		6,819

SDIC Power Holdings Co. Ltd., Class A		2,500		5,434

Seres Group Co. Ltd., Class A		500		9,439

SF Holding Co. Ltd., Class A		1,860		11,913

SG Micro Corp., Class A		195		2,496

Shaanxi Coal Industry Co. Ltd., Class A		4,300		12,455

Shandong Gold Mining Co. Ltd., Class A		2,200		9,160

Shandong Gold Mining Co. Ltd., Class H, 144A		4,780		14,905

Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		900		2,601

Shandong Weigao Group Medical Polymer Co. Ltd., Class H		13,432		9,610

Shanghai Baosight Software Co. Ltd., Class A		1,310		4,560

Shanghai Baosight Software Co. Ltd., Class B		4,867		6,746


	Number of Shares		Value $


Shanghai Electric Group Co. Ltd., Class A *		6,400		6,608

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		1,100		3,873

Shanghai M&G Stationery, Inc., Class A		800		3,276

Shanghai Pharmaceuticals Holding Co. Ltd., Class A		1,300		3,323

Shanghai Pudong Development Bank Co. Ltd., Class A		9,300		15,915

Shanghai Putailai New Energy Technology Co. Ltd., Class A		1,160		2,521

Shanghai Rural Commercial Bank Co. Ltd., Class A		7,000		8,705

Shanghai United Imaging Healthcare Co. Ltd., Class A		246		4,692

Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		2,100		7,275

Shanxi Coking Coal Energy Group Co. Ltd., Class A		1,600		1,337

Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		420		10,743

Shenwan Hongyuan Group Co. Ltd., Class A		11,900		7,812

Shenzhen Inovance Technology Co. Ltd., Class A *		1,050		9,586

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		390		12,226

Shenzhen Transsion Holdings Co. Ltd., Class A		368		3,713

Shenzhou International Group Holdings Ltd.		4,293		31,290

Sichuan Chuantou Energy Co. Ltd., Class A		1,900		4,443

Sichuan Road & Bridge Group Co. Ltd., Class A		3,920		5,038

Silergy Corp.		1,719		20,076

Sinopharm Group Co. Ltd., Class H		7,555		18,307

Sinotruk Hong Kong Ltd.		4,034		10,186

Smoore International Holdings Ltd., 144A		10,110		24,910

Sungrow Power Supply Co. Ltd., Class A		700		5,867

Sunny Optical Technology Group Co. Ltd. *		5,632		43,383

SUPCON Technology Co. Ltd., Class A		248		1,518

Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		2,100		8,207

TAL Education Group, ADR *		2,188		21,508

TBEA Co. Ltd., Class A		1,950		3,142

TCL Technology Group Corp., Class A		1,280		760

TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		1,375		1,447

See Notes to Financial Statements.

8 | DBX ETF Trust

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $


Tencent Holdings Ltd.		37,802		2,401,826

Tencent Music Entertainment Group, ADR		4,605		77,548

Tianqi Lithium Corp., Class A		800		3,213

Tingyi Cayman Islands Holding Corp.		13,114		21,541

Tongcheng Travel Holdings Ltd.		5,989		16,918

TongFu Microelectronics Co. Ltd., Class A		2,000		6,506

Tongwei Co. Ltd., Class A		1,700		3,843

TravelSky Technology Ltd., Class H		4,346		6,186

Trina Solar Co. Ltd., Class A		1,184		2,202

Tsingtao Brewery Co. Ltd., Class A		200		2,059

Tsingtao Brewery Co. Ltd., Class H		3,845		26,700

Unigroup Guoxin Microelectronics Co. Ltd., Class A		475		4,217

Unisplendour Corp. Ltd., Class A		1,880		6,270

Vipshop Holdings Ltd., ADR		2,109		29,083

Wanhua Chemical Group Co. Ltd., Class A		1,021		7,672

Weichai Power Co. Ltd., Class A		2,100		4,383

Weichai Power Co. Ltd., Class H		12,414		24,286

Wens Foodstuff Group Co. Ltd., Class A		2,440		5,638

Will Semiconductor Co. Ltd., Class A		540		9,338

Wingtech Technology Co. Ltd., Class A		397		1,871

Wuliangye Yibin Co. Ltd., Class A		1,200		21,058

WUS Printed Circuit Kunshan Co. Ltd., Class A		1,500		6,449

WuXi AppTec Co. Ltd., Class A		920		8,109

WuXi AppTec Co. Ltd., Class H, 144A		1,801		15,791

Wuxi Biologics Cayman, Inc., 144A *		21,153		67,308

XCMG Construction Machinery Co. Ltd., Class A		14,800		16,925

Xiaomi Corp., Class B, 144A *		101,825		661,640

Xinjiang Daqo New Energy Co. Ltd., Class A		1,551		4,144

Xinyi Solar Holdings Ltd.		24,571		7,427

XPeng, Inc., Class A *		7,114		69,270

Yadea Group Holdings Ltd., 144A		6,987		10,693

Yangzijiang Shipbuilding Holdings Ltd.		16,100		26,464

Yankuang Energy Group Co. Ltd., Class A		1,365		2,438

Yankuang Energy Group Co. Ltd., Class H		17,253		20,507

Yealink Network Technology Corp. Ltd., Class A		1,600		7,492


	Number of Shares		Value $


Yifeng Pharmacy Chain Co. Ltd., Class A		1,008		3,646

Yihai Kerry Arawana Holdings Co. Ltd., Class A		1,000		4,207

Yonghui Superstores Co. Ltd., Class A *		24,300		16,795

Yonyou Network Technology Co. Ltd., Class A *		1,700		3,079

YTO Express Group Co. Ltd., Class A		900		1,646

Yum China Holdings, Inc.		2,390		104,324

Yunnan Baiyao Group Co. Ltd., Class A		560		4,390

Yunnan Energy New Material Co. Ltd., Class A		300		1,157

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		200		5,664

Zhaojin Mining Industry Co. Ltd., Class H		7,875		19,906

Zhejiang China Commodities City Group Co. Ltd., Class A		7,300		17,852

Zhejiang Chint Electrics Co. Ltd., Class A		1,200		3,649

Zhejiang Dahua Technology Co. Ltd., Class A		2,500		5,288

Zhejiang Expressway Co. Ltd., Class H		8,028		6,368

Zhejiang Huayou Cobalt Co. Ltd., Class A		650		3,013

Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		600		2,245

Zhejiang Leapmotor Technology Co. Ltd., 144A *		2,532		17,889

Zhejiang Zheneng Electric Power Co. Ltd., Class A		10,700		7,945

Zhongji Innolight Co. Ltd., Class A		340		4,414

Zhongsheng Group Holdings Ltd.		3,824		5,774

Zhuzhou CRRC Times Electric Co. Ltd., Class H		3,305		14,036

Zijin Mining Group Co. Ltd., Class A		6,200		15,256

Zijin Mining Group Co. Ltd., Class H		35,214		78,592

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		4,400		4,354

ZTE Corp., Class A		1,512		6,524

ZTE Corp., Class H		3,477		9,756

ZTO Express Cayman, Inc.		2,469		43,548


(Cost $11,404,453)				13,004,497

Colombia – 0.0%

Grupo Cibest SA		1,292		15,175

Interconexion Electrica SA ESP		2,692		12,517


(Cost $24,936)				27,692

See Notes to Financial Statements.

DBX ETF Trust | 9

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $


Czech Republic – 0.0%

CEZ AS		975		53,665

Komercni Banka AS		439		20,322

Moneta Money Bank AS, 144A		1,946		12,733


(Cost $52,341)				86,720

Denmark – 1.4%

A.P. Moller – Maersk A/S, Class A		15		26,804

A.P. Moller – Maersk A/S, Class B		26		47,033

Carlsberg AS, Class B		601		85,914

Coloplast A/S, Class B		727		70,332

Danske Bank A/S		4,191		160,176

Demant A/S *		632		24,722

DSV A/S		1,202		283,211

Genmab A/S *		368		77,269

Novo Nordisk A/S, Class B		18,800		1,298,116

Novonesis (Novozymes) B, Class B		1,991		139,946

Orsted AS, 144A *		1,160		47,371

Pandora A/S		508		92,515

ROCKWOOL A/S, Class B		329		15,591

Tryg A/S		2,127		54,648

Vestas Wind Systems A/S		5,883		92,812


(Cost $1,778,239)				2,516,460

Egypt – 0.0%

Commercial International Bank - Egypt (CIB)		20,165		33,575

Eastern Co. SAE		16,695		11,189

Talaat Moustafa Group		5,332		5,893


(Cost $52,946)				50,657

Finland – 0.7%

Elisa OYJ		971		51,157

Fortum OYJ		2,707		46,720

Kesko OYJ, Class B		1,714		41,453

Kone OYJ, Class B		2,136		133,005

Metso Corp.		4,120		49,728

Neste OYJ		2,444		26,224

Nokia OYJ		32,552		169,134

Nordea Bank Abp		19,015		275,604

Orion OYJ, Class B		669		45,387

Sampo OYJ, Class A		14,990		159,924

Stora Enso OYJ, Class R		3,517		35,565

UPM-Kymmene OYJ		3,199		88,592

Wartsila OYJ Abp		3,063		61,315


(Cost $1,113,102)				1,183,808

France – 6.7%

Accor SA		1,232		65,397

Aeroports de Paris SA		184		24,674

Air Liquide SA		3,405		705,197

Airbus SE		3,543		652,032


	Number of Shares		Value $


Alstom SA *		2,145		48,479

Amundi SA, 144A		398		32,470

Arkema SA		287		20,497

AXA SA		10,573		498,333

BioMerieux		253		33,926

BNP Paribas SA		6,094		533,765

Bollore SE		3,783		24,054

Bouygues SA		1,091		47,557

Bureau Veritas SA		1,847		63,083

Capgemini SE		937		155,598

Carrefour SA		3,323		49,673

Cie de Saint-Gobain SA		2,677		300,434

Cie Generale des Etablissements Michelin SCA		4,048		154,804

Covivio SA REIT		452		27,098

Credit Agricole SA		6,333		115,808

Danone SA		4,057		346,595

Dassault Aviation SA		122		44,162

Dassault Systemes SE		4,241		158,910

Edenred SE		1,509		47,118

Eiffage SA		463		63,664

Engie SA		10,907		235,117

EssilorLuxottica SA		1,749		485,951

Eurazeo SE		263		18,380

FDJ UNITED, 144A		555		20,380

Gecina SA REIT		281		30,917

Getlink SE *		2,029		38,820

Hermes International SCA		184		507,265

Ipsen SA *		216		25,433

Kering SA		450		88,068

Klepierre SA REIT		1,315		51,453

Legrand SA		1,605		194,906

L’Oreal SA		1,415		598,321

LVMH Moet Hennessy Louis Vuitton SE		1,618		878,621

Orange SA		10,756		160,417

Pernod Ricard SA		1,254		129,599

Publicis Groupe SA		1,220		132,818

Renault SA		1,227		63,223

Rexel SA		1,455		40,856

Safran SA		2,147		637,244

Sanofi SA		6,548		650,705

Sartorius Stedim Biotech		171		37,667

Schneider Electric SE		3,193		802,503

Societe Generale SA		3,970		215,695

Sodexo SA		542		37,448

Teleperformance SE		351		35,486

Thales SA		516		156,668

TotalEnergies SE		11,869		696,205

Unibail-Rodamco-Westfield REIT *		749		70,979

Veolia Environnement SA		3,969		136,460

See Notes to Financial Statements.

10 | DBX ETF Trust

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $


Vinci SA		3,054		436,406


(Cost $8,565,974)				11,827,339

Germany – 6.2%

adidas AG		1,015		252,970

Allianz SE		2,262		895,597

BASF SE		5,307		255,496

Bayer AG		5,540		155,593

Bayerische Motoren Werke AG		1,721		152,616

Beiersdorf AG		604		82,743

Brenntag SE		800		54,175

Commerzbank AG		5,224		158,907

Continental AG		686		60,210

Covestro AG *		1,188		81,609

CTS Eventim AG & Co. KGaA		387		46,886

Daimler Truck Holding AG		2,807		121,783

Delivery Hero SE, 144A *		1,187		32,859

Deutsche Bank AG (c)		11,041		305,389

Deutsche Boerse AG		1,137		366,001

Deutsche Lufthansa AG		3,773		30,185

Deutsche Post AG		5,912		264,282

Deutsche Telekom AG		20,443		772,496

E.ON SE		13,611		238,465

Evonik Industries AG		1,610		34,843

Fresenius Medical Care AG		1,217		69,120

Fresenius SE & Co. KGaA		2,516		123,356

GEA Group AG		942		62,999

Hannover Rueck SE		367		116,012

Heidelberg Materials AG		859		168,199

Henkel AG & Co. KGaA		743		54,499

Infineon Technologies AG		7,952		309,473

Knorr-Bremse AG		451		45,576

LEG Immobilien SE		433		36,751

Mercedes-Benz Group AG		4,125		246,318

Merck KGaA		784		102,817

MTU Aero Engines AG		288		114,617

Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen		787		510,603

Nemetschek SE		360		49,992

Rational AG		23		18,894

Rheinmetall AG		262		560,765

RWE AG		3,938		148,138

SAP SE		6,145		1,855,276

Scout24 SE, 144A		452		61,536

Siemens AG		4,477		1,076,667

Siemens Energy AG *		3,981		386,480

Siemens Healthineers AG, 144A		1,917		101,389

Symrise AG		837		99,837

Talanx AG		369		47,890

Vonovia SE		4,472		146,391


	Number of Shares		Value $


Zalando SE, 144A *		1,407		50,244


(Cost $7,061,318)				10,926,944

Greece – 0.2%

Alpha Services and Holdings SA		12,672		40,719

Eurobank Ergasias Services and Holdings SA		11,714		36,085

Hellenic Telecommunications Organization SA		1,160		22,378

JUMBO SA		775		25,185

Metlen Energy & Metals SA		598		30,351

National Bank of Greece SA		5,260		62,711

OPAP SA		1,061		22,817

Piraeus Financial Holdings SA		6,614		44,098

Public Power Corp. SA		1,228		18,726


(Cost $165,609)				303,070

Hong Kong – 1.6%

AIA Group Ltd.		62,136		520,237

Alibaba Health Information Technology Ltd. *		43,731		25,265

Beijing Enterprises Holdings Ltd.		2,297		9,653

Beijing Enterprises Water Group Ltd.		29,600		9,739

BOC Hong Kong Holdings Ltd.		24,416		103,068

Bosideng International Holdings Ltd.		27,462		15,410

C&D International Investment Group Ltd.		5,104		9,165

China Gas Holdings Ltd.		17,761		16,218

China Merchants Port Holdings Co. Ltd.		8,916		17,238

China Overseas Land & Investment Ltd.		19,908		33,514

China Power International Development Ltd.		30,065		12,270

China Resources Beer Holdings Co. Ltd.		7,978		25,487

China Resources Gas Group Ltd.		5,155		13,740

China Resources Land Ltd.		18,811		61,415

China Resources Power Holdings Co. Ltd.		10,908		28,379

China Ruyi Holdings Ltd. *		32,428		8,478

China State Construction International Holdings Ltd.		10,251		14,433

China Taiping Insurance Holdings Co. Ltd.		8,417		12,946

Chow Tai Fook Jewellery Group Ltd.		11,774		16,788

CK Asset Holdings Ltd.		10,118		41,937

CK Hutchison Holdings Ltd.		16,111		90,714

CK Infrastructure Holdings Ltd.		3,282		21,242

CLP Holdings Ltd.		9,540		80,969

Far East Horizon Ltd.		11,701		9,043

Futu Holdings Ltd., ADR		305		31,089

Galaxy Entertainment Group Ltd.		11,600		49,411

See Notes to Financial Statements.

DBX ETF Trust | 11

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $


GCL Technology Holdings Ltd. *		116,245		12,157

Geely Automobile Holdings Ltd.		37,670		84,650

Guangdong Investment Ltd.		16,239		13,213

Hang Seng Bank Ltd.		4,647		65,073

Henderson Land Development Co. Ltd.		7,467		23,379

HKT Trust & HKT Ltd. (a)		18,599		26,803

Hong Kong & China Gas Co. Ltd.		67,619		59,503

Hong Kong Exchanges & Clearing Ltd.		6,971		351,879

Hongkong Land Holdings Ltd.		7,792		40,285

Jardine Matheson Holdings Ltd.		838		37,291

Kunlun Energy Co. Ltd.		21,049		21,073

Link REIT		15,967		84,813

MTR Corp. Ltd.		7,610		26,592

Orient Overseas International Ltd.		824		14,197

Power Assets Holdings Ltd.		7,592		48,073

Prudential PLC		15,197		172,979

Sino Biopharmaceutical Ltd.		84,131		47,746

Sino Land Co. Ltd.		26,978		27,249

SITC International Holdings Co. Ltd.		7,015		22,411

Sun Hung Kai Properties Ltd.		8,607		92,479

Swire Pacific Ltd., Class A		1,744		14,869

Techtronic Industries Co. Ltd.		8,780		98,369

Want Want China Holdings Ltd.		25,127		16,183

WH Group Ltd., 144A		48,213		44,517

Wharf Holdings Ltd.		4,979		13,240

Wharf Real Estate Investment Co. Ltd.		9,333		23,401


(Cost $2,803,170)				2,760,272

Hungary – 0.1%

MOL Hungarian Oil & Gas PLC *		2,389		20,657

OTP Bank Nyrt		1,192		90,404

Richter Gedeon Nyrt		1,031		29,996


(Cost $95,240)				141,057

India – 4.7%

ABB India Ltd.		258		18,002

Adani Enterprises Ltd.		813		23,940

Adani Ports & Special Economic Zone Ltd.		2,854		47,785

Adani Power Ltd. *		4,633		29,441

Alkem Laboratories Ltd.		221		13,167

Ambuja Cements Ltd.		3,510		22,703

APL Apollo Tubes Ltd.		732		15,497

Apollo Hospitals Enterprise Ltd.		547		43,981

Ashok Leyland Ltd.		7,955		21,941

Asian Paints Ltd.		2,219		58,580

AU Small Finance Bank Ltd., 144A		2,202		17,833

Aurobindo Pharma Ltd. *		1,299		17,423

Avenue Supermarts Ltd., 144A *		910		42,558


	Number of Shares		Value $


Axis Bank Ltd.		12,984		180,888

Bajaj Auto Ltd.		359		36,108

Bajaj Finance Ltd.		1,606		172,292

Bajaj Finserv Ltd.		2,240		52,807

Bajaj Holdings & Investment Ltd.		169		26,491

Balkrishna Industries Ltd.		396		11,440

Bank of Baroda		4,431		12,922

Bharat Electronics Ltd.		20,683		92,956

Bharat Forge Ltd.		1,373		19,910

Bharat Heavy Electricals Ltd.		6,308		19,153

Bharat Petroleum Corp. Ltd.		9,893		36,809

Bharti Airtel Ltd.		14,841		321,915

Bosch Ltd.		25		9,178

Britannia Industries Ltd.		553		35,610

CG Power & Industrial Solutions Ltd.		3,365		27,003

Cholamandalam Investment and Finance Co. Ltd.		2,296		42,955

Cipla Ltd.		2,886		49,430

Coal India Ltd.		9,586		44,505

Colgate-Palmolive India Ltd.		646		18,539

Container Corp. Of India Ltd.		1,276		11,696

Cummins India Ltd.		859		32,805

Dabur India Ltd.		2,240		12,642

Divi’s Laboratories Ltd.		726		56,095

Dixon Technologies India Ltd.		166		28,500

DLF Ltd.		3,586		33,434

Dr Reddy’s Laboratories Ltd.		2,977		43,527

Eicher Motors Ltd.		753		46,931

Eternal Ltd. *		43,086		119,986

GAIL India Ltd.		10,749		23,841

GMR Airports Ltd. *		13,971		13,727

Godrej Consumer Products Ltd.		2,012		28,952

Godrej Properties Ltd. *		708		18,564

Grasim Industries Ltd.		1,431		42,571

Havells India Ltd.		1,336		23,840

HCL Technologies Ltd.		5,208		99,602

HDFC Asset Management Co. Ltd., 144A		429		23,978

HDFC Bank Ltd. *		30,730		698,414

HDFC Life Insurance Co. Ltd., 144A		4,823		43,783

Hero MotoCorp Ltd.		637		32,077

Hindalco Industries Ltd.		7,498		55,507

Hindustan Aeronautics Ltd.		1,131		65,740

Hindustan Petroleum Corp. Ltd.		5,382		25,852

Hindustan Unilever Ltd.		4,574		125,517

Hyundai Motor India Ltd. *		897		19,362

ICICI Bank Ltd.		29,250		494,182

ICICI Lombard General Insurance Co. Ltd., 144A		1,369		30,002

ICICI Prudential Life Insurance Co. Ltd., 144A		2,347		18,167

See Notes to Financial Statements.

12 | DBX ETF Trust

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $


IDFC First Bank Ltd. *		21,661		17,205

Indian Hotels Co. Ltd.		4,947		44,504

Indian Oil Corp. Ltd.		8,015		13,297

Indian Railway Catering & Tourism Corp. Ltd.		1,366		12,068

Indus Towers Ltd. *		6,648		29,843

Info Edge India Ltd.		1,700		28,358

Infosys Ltd.		18,730		342,032

InterGlobe Aviation Ltd., 144A *		990		61,662

ITC Ltd.		17,041		83,249

Jindal Stainless Ltd.		2,345		17,668

Jindal Steel & Power Ltd.		1,718		19,050

Jio Financial Services Ltd. *		15,269		51,146

JSW Energy Ltd. *		2,972		16,946

JSW Steel Ltd.		3,093		35,909

Jubilant Foodworks Ltd.		2,498		19,136

Kotak Mahindra Bank Ltd.		6,385		154,799

Larsen & Toubro Ltd.		3,906		167,747

LTIMindtree Ltd., 144A		340		20,139

Lupin Ltd.		1,226		28,047

Macrotech Developers Ltd., 144A		1,607		26,769

Mahindra & Mahindra Ltd.		5,401		187,878

Mankind Pharma Ltd. *		582		16,783

Marico Ltd.		3,062		25,636

Maruti Suzuki India Ltd.		731		105,232

Max Healthcare Institute Ltd.		4,486		58,985

Mphasis Ltd.		664		19,854

MRF Ltd.		13		21,096

Muthoot Finance Ltd.		753		19,494

Nestle India Ltd.		1,652		46,258

NHPC Ltd.		19,812		20,237

NMDC Ltd.		13,836		11,507

NTPC Ltd.		25,266		98,584

Oberoi Realty Ltd.		674		13,754

Oil & Natural Gas Corp. Ltd.		16,220		45,376

Page Industries Ltd.		24		13,008

PB Fintech Ltd. *		1,625		33,451

Persistent Systems Ltd.		463		30,504

Petronet LNG Ltd.		3,652		13,114

Phoenix Mills Ltd.		552		9,915

PI Industries Ltd.		474		21,180

Pidilite Industries Ltd.		727		26,397

Polycab India Ltd.		304		21,283

Power Finance Corp. Ltd.		7,689		36,475

Power Grid Corp. of India Ltd.		26,926		91,169

Punjab National Bank		13,880		17,164

REC Ltd.		6,491		30,515

Reliance Industries Ltd.		22,025		365,706

Reliance Industries Ltd., GDR, 144A		3,159		207,862


	Number of Shares		Value $


Samvardhana Motherson International Ltd.		10,995		19,673

SBI Cards & Payment Services Ltd.		667		7,179

SBI Life Insurance Co. Ltd., 144A		2,238		47,394

Shree Cement Ltd.		27		9,338

Shriram Finance Ltd.		7,935		59,284

Siemens Energy India Ltd. * (b)		511		14,798

Siemens Ltd.		511		19,500

Solar Industries India Ltd.		147		27,663

Sona Blw Precision Forgings Ltd., 144A		2,520		16,018

SRF Ltd.		534		17,853

State Bank of India		10,154		96,384

Sun Pharmaceutical Industries Ltd.		5,302		103,940

Sundaram Finance Ltd.		404		24,249

Supreme Industries Ltd.		453		21,948

Suzlon Energy Ltd. *		44,929		37,529

Tata Consultancy Services Ltd.		5,237		211,952

Tata Consumer Products Ltd.		3,257		42,106

Tata Motors Ltd.		11,282		94,857

Tata Power Co. Ltd.		7,650		35,114

Tata Steel Ltd.		41,581		78,240

Tech Mahindra Ltd.		2,890		53,153

Titan Co. Ltd.		1,927		80,052

Torrent Pharmaceuticals Ltd.		430		15,952

Torrent Power Ltd.		1,113		17,870

Trent Ltd. *		980		64,629

Tube Investments of India Ltd.		584		20,897

TVS Motor Co. Ltd.		1,152		37,435

UltraTech Cement Ltd.		653		85,541

United Spirits Ltd.		1,771		31,459

UPL Ltd.		1,668		12,239

Varun Beverages Ltd.		8,613		47,904

Vedanta Ltd.		7,066		35,964

Voltas Ltd.		1,270		18,741

Wipro Ltd.		14,655		42,757

Yes Bank Ltd. *		52,644		13,214

Zydus Lifesciences Ltd.		1,681		18,269


(Cost $5,454,482)				8,232,142

Indonesia – 0.4%

Alamtri Resources Indonesia

Tbk PT		86,503		11,682

Amman Mineral Internasional PT *		40,165		17,075

GoTo Gojek Tokopedia Tbk PT *		5,542,949		21,777

PT Astra International Tbk		135,715		40,406

PT Bank Central Asia Tbk		309,502		178,595

PT Bank Mandiri Persero Tbk		220,234		71,654

PT Bank Negara Indonesia Persero Tbk		87,224		24,042

See Notes to Financial Statements.

DBX ETF Trust | 13

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $


PT Bank Rakyat Indonesia

Persero Tbk		418,764		114,395

PT Barito Pacific Tbk		150,495		11,641

PT Chandra Asri Pacific Tbk *		49,471		28,319

PT Charoen Pokphand Indonesia Tbk		48,511		14,413

PT Indofood CBP Sukses Makmur Tbk		15,943		10,668

PT Indofood Sukses Makmur Tbk		13,766		6,655

PT Kalbe Farma Tbk *		133,773		12,441

PT Sumber Alfaria Trijaya Tbk *		115,010		17,156

PT Telkom Indonesia Persero Tbk *		291,473		50,458

PT United Tractors Tbk		11,803		16,266


(Cost $660,827)				647,643

Ireland – 0.8%

AerCap Holdings NV		1,178		136,330

AIB Group PLC		12,914		101,470

Bank of Ireland Group PLC		6,072		83,285

DCC PLC		601		37,541

Experian PLC		5,277		262,571

James Hardie Industries PLC CDI *		2,592		59,213

Kerry Group PLC, Class A		1,000		109,230

Kingspan Group PLC		935		80,154

PDD Holdings, Inc., ADR *		4,063		392,120

Ryanair Holdings PLC		4,870		129,228


(Cost $1,092,679)				1,391,142

Israel – 0.6%

Azrieli Group Ltd.		264		20,182

Bank Hapoalim BM		7,489		125,524

Bank Leumi Le-Israel BM		9,139		147,327

Check Point Software Technologies Ltd. *		492		112,609

CyberArk Software Ltd. *		264		101,054

Elbit Systems Ltd.		153		61,357

ICL Group Ltd.		4,363		28,747

Israel Discount Bank Ltd., Class A		8,332		70,906

Mizrahi Tefahot Bank Ltd.		1,054		60,357

Monday.com Ltd. *		278		82,702

Nice Ltd. *		409		68,937

Teva Pharmaceutical Industries Ltd., ADR *		7,131		119,658

Wix.com Ltd. *		297		44,238


(Cost $723,734)				1,043,598

Italy – 1.9%

Banca Mediolanum SpA		1,074		17,841

Banco BPM SpA		6,306		72,389

BPER Banca SPA		5,995		53,177

Davide Campari-Milano NV		3,504		22,853

DiaSorin SpA		160		16,598

Enel SpA		49,162		451,313


	Number of Shares		Value $


Eni SpA		13,749		202,510

Ferrari NV		740		354,074

FinecoBank Banca Fineco SpA		3,710		80,122

Generali		5,292		192,582

Infrastrutture Wireless Italiane SpA, 144A		2,255		26,449

Intesa Sanpaolo SpA		88,582		493,850

Leonardo SpA		2,473		152,248

Mediobanca Banca di Credito Finanziario SpA		2,880		68,411

Moncler SpA		1,369		85,587

Nexi SpA, 144A		3,404		20,470

Poste Italiane SpA, 144A		3,013		65,378

Prysmian SpA		1,703		109,446

Recordati Industria Chimica e Farmaceutica SpA		659		39,508

Snam SpA		12,444		74,406

Telecom Italia SpA *		62,757		26,821

Terna - Rete Elettrica Nazionale		7,918		80,537

UniCredit SpA		8,264		530,723

Unipol Assicurazioni SpA		2,320		45,388


(Cost $1,921,540)				3,282,681

Japan – 13.6%

Advantest Corp.		4,700		240,626

Aeon Co. Ltd.		3,700		114,038

AGC, Inc.		1,000		29,758

Aisin Corp.		3,100		39,705

Ajinomoto Co., Inc.		5,234		131,382

ANA Holdings, Inc.		1,000		19,855

Asahi Group Holdings Ltd.		9,100		120,536

Asahi Kasei Corp.		5,700		40,226

Asics Corp.		3,320		80,361

Astellas Pharma, Inc.		11,200		111,226

Bandai Namco Holdings, Inc.		3,400		108,596

Bridgestone Corp.		3,100		133,893

Canon, Inc.		5,600		172,481

Capcom Co. Ltd.		2,100		62,754

Central Japan Railway Co.		4,700		103,247

Chiba Bank Ltd.		2,700		24,655

Chubu Electric Power Co., Inc.		4,900		60,205

Chugai Pharmaceutical Co. Ltd.		3,881		204,522

Concordia Financial Group Ltd.		6,600		42,518

Dai Nippon Printing Co. Ltd.		2,000		29,626

Daifuku Co. Ltd.		1,800		48,385

Dai-ichi Life Holdings, Inc.		20,700		162,340

Daiichi Sankyo Co. Ltd.		10,074		268,976

Daikin Industries Ltd.		1,613		185,911

Daito Trust Construction Co. Ltd.		300		33,858

Daiwa House Industry Co. Ltd.		3,671		124,267

Daiwa Securities Group, Inc.		8,300		56,475

Denso Corp.		11,600		158,125

Dentsu Group, Inc.		1,790		38,837

See Notes to Financial Statements.

14 | DBX ETF Trust

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $


Disco Corp.		523		119,469

East Japan Railway Co.		6,110		128,658

Eisai Co. Ltd.		1,200		34,534

ENEOS Holdings, Inc.		17,393		82,846

FANUC Corp.		5,225		140,452

Fast Retailing Co. Ltd.		1,167		392,122

Fuji Electric Co. Ltd.		800		35,743

FUJIFILM Holdings Corp.		6,500		148,344

Fujikura Ltd.		1,400		65,362

Fujitsu Ltd.		10,300		237,502

Hankyu Hanshin Holdings, Inc.		1,900		51,298

Hikari Tsushin, Inc.		100		27,339

Hitachi Ltd.		27,040		760,303

Honda Motor Co. Ltd.		25,148		256,557

Hoshizaki Corp.		656		24,595

Hoya Corp.		1,940		230,745

Hulic Co. Ltd.		2,500		25,400

Idemitsu Kosan Co. Ltd.		6,660		40,799

IHI Corp.		800		77,751

Inpex Corp.		6,400		86,797

Isuzu Motors Ltd.		3,400		46,300

ITOCHU Corp.		6,900		371,146

Japan Airlines Co. Ltd.		900		18,282

Japan Exchange Group, Inc.		6,400		71,119

Japan Post Bank Co. Ltd.		11,100		119,991

Japan Post Holdings Co. Ltd.		11,899		117,051

Japan Post Insurance Co. Ltd.		1,100		24,279

Japan Tobacco, Inc.		7,229		222,956

JFE Holdings, Inc.		4,500		53,523

Kajima Corp.		2,200		54,490

Kansai Electric Power Co., Inc.		6,100		69,565

Kao Corp.		2,611		119,867

Kawasaki Kisen Kaisha Ltd.		2,100		31,771

KDDI Corp.		18,500		321,286

Keyence Corp.		1,158		488,807

Kikkoman Corp.		5,000		45,954

Kirin Holdings Co. Ltd.		5,525		79,557

Kobe Bussan Co. Ltd.		800		25,296

Komatsu Ltd.		5,500		169,019

Konami Group Corp.		500		68,296

Kubota Corp.		6,600		76,299

Kyocera Corp.		7,918		96,929

Kyowa Kirin Co. Ltd.		1,200		19,627

Lasertec Corp.		462		46,892

LY Corp.		16,300		59,131

M3, Inc.		2,442		34,578

Makita Corp.		1,400		43,257

Marubeni Corp.		7,800		159,637

MatsukiyoCocokara & Co.		1,800		36,477

MEIJI Holdings Co. Ltd.		1,500		33,618

MINEBEA MITSUMI, Inc.		2,800		39,569


	Number of Shares		Value $


Mitsubishi Chemical Group Corp.		7,800		41,771

Mitsubishi Corp.		19,919		406,284

Mitsubishi Electric Corp.		11,500		232,086

Mitsubishi Estate Co. Ltd.		6,400		117,463

Mitsubishi HC Capital, Inc.		5,700		41,930

Mitsubishi Heavy Industries Ltd.		18,700		435,612

Mitsubishi UFJ Financial Group, Inc.		68,000		957,184

Mitsui & Co. Ltd.		14,600		307,331

Mitsui Fudosan Co. Ltd.		16,413		158,547

Mitsui OSK Lines Ltd.		1,900		67,671

Mizuho Financial Group, Inc.		14,047		390,674

MonotaRO Co. Ltd.		1,200		24,868

MS&AD Insurance Group Holdings, Inc.		7,927		190,387

Murata Manufacturing Co. Ltd.		10,365		153,572

NEC Corp.		7,625		200,567

Nexon Co. Ltd.		1,460		26,502

Nidec Corp.		4,928		96,235

Nintendo Co. Ltd.		6,586		541,682

Nippon Building Fund, Inc. REIT		53		48,471

Nippon Paint Holdings Co. Ltd.		7,000		53,000

Nippon Sanso Holdings Corp.		1,000		35,971

Nippon Steel Corp.		5,110		103,269

Nippon Telegraph & Telephone Corp.		185,700		207,000

Nippon Yusen KK		2,400		87,914

Nissan Motor Co. Ltd. *		12,000		30,764

Nissin Foods Holdings Co. Ltd.		1,745		37,133

Nitori Holdings Co. Ltd.		401		40,046

Nitto Denko Corp.		4,300		79,055

Nomura Holdings, Inc.		18,300		112,970

Nomura Research Institute Ltd.		2,156		83,576

NTT Data Group Corp.		3,900		108,141

Obayashi Corp.		3,700		56,068

Obic Co. Ltd.		2,000		73,206

Olympus Corp.		6,087		78,470

Omron Corp.		1,100		28,629

Ono Pharmaceutical Co. Ltd.		1,700		18,495

Oracle Corp.		200		23,482

Oriental Land Co. Ltd.		7,025		156,860

ORIX Corp.		6,284		133,894

Osaka Gas Co. Ltd.		1,808		46,150

Otsuka Corp.		1,216		25,060

Otsuka Holdings Co. Ltd.		2,483		126,829

Pan Pacific International Holdings Corp.		2,100		69,161

Panasonic Holdings Corp.		13,481		156,269

Rakuten Group, Inc. *		8,800		48,839

Recruit Holdings Co. Ltd.		8,200		495,151

Renesas Electronics Corp.		10,465		129,672

Resona Holdings, Inc.		11,900		105,814

See Notes to Financial Statements.

DBX ETF Trust | 15

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $


Ricoh Co. Ltd.		2,761		25,913

Sanrio Co. Ltd.		1,000		44,074

SBI Holdings, Inc.		2,117		64,571

SCREEN Holdings Co. Ltd.		400		28,771

SCSK Corp.		900		27,464

Secom Co. Ltd.		2,310		84,569

Sekisui Chemical Co. Ltd.		2,200		38,375

Sekisui House Ltd.		3,700		84,416

Seven & i Holdings Co. Ltd.		13,083		197,843

SG Holdings Co. Ltd.		1,900		18,558

Shimadzu Corp.		1,400		33,984

Shimano, Inc.		453		64,741

Shin-Etsu Chemical Co. Ltd.		10,595		341,717

Shionogi & Co. Ltd.		4,327		72,410

Shiseido Co. Ltd.		1,927		31,203

SMC Corp.		314		118,163

SoftBank Corp.		177,900		273,721

SoftBank Group Corp.		5,800		306,899

Sompo Holdings, Inc.		5,100		155,486

Sony Group Corp.		36,200		958,491

Subaru Corp.		3,600		67,024

Sumitomo Corp.		6,800		174,944

Sumitomo Electric Industries Ltd.		4,200		88,615

Sumitomo Metal Mining Co. Ltd.		1,528		35,244

Sumitomo Mitsui Financial Group, Inc.		21,400		550,262

Sumitomo Mitsui Trust Holdings, Inc.		4,320		117,776

Sumitomo Realty & Development Co. Ltd.		1,656		63,929

Suntory Beverage & Food Ltd.		800		26,080

Suzuki Motor Corp.		9,700		124,878

Sysmex Corp.		3,600		60,857

T&D Holdings, Inc.		2,500		57,577

Taisei Corp.		800		44,772

Takeda Pharmaceutical Co. Ltd.		9,253		277,407

TDK Corp.		11,775		130,929

Terumo Corp.		8,200		151,640

TIS, Inc.		1,000		32,996

Toho Co. Ltd.		700		37,044

Tokio Marine Holdings, Inc.		10,953		465,233

Tokyo Electron Ltd.		2,664		425,810

Tokyo Gas Co. Ltd.		1,900		63,974

Tokyo Metro Co. Ltd.		1,600		20,220

Tokyu Corp.		3,400		41,397

TOPPAN Holdings, Inc.		1,800		48,160

Toray Industries, Inc.		8,547		59,285

Toyota Industries Corp.		900		113,301

Toyota Motor Corp.		55,720		1,072,231

Toyota Tsusho Corp.		3,800		81,073

Trend Micro, Inc.		786		59,130


	Number of Shares		Value $


Unicharm Corp.		7,115		56,739

West Japan Railway Co.		2,441		52,910

Yakult Honsha Co. Ltd.		1,200		24,343

Yamaha Motor Co. Ltd.		5,900		45,512

Yokogawa Electric Corp.		1,461		36,034

Zensho Holdings Co. Ltd.		600		32,937

ZOZO, Inc.		2,199		23,901


(Cost $17,060,308)				24,003,827

Kazakhstan – 0.0%

Solidcore Resources PLC * (b)

(Cost $24,991)		1,592		0

Kuwait – 0.2%

Boubyan Bank KSCP		7,376		16,153

Gulf Bank KSCP		8,088		8,830

Kuwait Finance House KSCP		65,912		161,102

Mabanee Co KPSC		4,089		11,194

Mobile Telecommunications Co. KSCP		10,296		16,005

National Bank of Kuwait SAKP		49,355		153,767


(Cost $283,274)				367,051

Luxembourg – 0.1%

ArcelorMittal SA		2,831		85,890

CVC Capital Partners PLC, 144A		1,308		24,312

Eurofins Scientific SE		799		53,291

Reinet Investments SCA		851		23,058

Tenaris SA		2,740		45,952


(Cost $204,933)				232,503

Macau – 0.0%

Sands China Ltd. *

(Cost $50,469)		13,486		26,521

Malaysia – 0.4%

AMMB Holdings Bhd		23,387		28,791

Axiata Group Bhd		11,876		5,720

Celcomdigi Bhd		20,644		18,042

CIMB Group Holdings Bhd		45,418		73,945

Gamuda Bhd		35,349		37,952

Genting Bhd		15,600		10,995

Hong Leong Bank Bhd		3,524		16,210

IHH Healthcare Bhd		19,591		31,758

IOI Corp. Bhd		12,200		10,318

Kuala Lumpur Kepong Bhd		2,217		10,146

Malayan Banking Bhd		34,323		78,863

Maxis Bhd		12,100		10,035

MISC Bhd		5,400		9,540

MR DIY Group M Bhd, 144A		17,400		6,459

Nestle Malaysia Bhd		300		5,540

Petronas Chemicals Group Bhd		20,457		16,437

Petronas Dagangan Bhd		1,500		6,942

Petronas Gas Bhd		4,241		17,895

PPB Group Bhd		2,440		6,466

See Notes to Financial Statements.

16 | DBX ETF Trust

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $


Press Metal Aluminium Holdings Bhd		19,400		22,971

Public Bank Bhd		87,200		88,296

QL Resources Bhd		12,700		13,426

RHB Bank Bhd		10,331		15,606

SD Guthrie Bhd		12,711		13,378

Sime Darby Bhd		25,100		10,025

Sunway Bhd		11,200		12,499

Telekom Malaysia Bhd		4,400		6,750

Tenaga Nasional Bhd		16,600		54,599

YTL Corp. Bhd		21,000		8,979

YTL Power International Bhd		20,000		15,036


(Cost $642,305)				663,619

Mexico – 0.6%

Alfa SAB de CV, Class A		24,891		19,442

America Movil SAB de CV, Series B		113,367		95,797

Arca Continental SAB de CV		3,188		35,054

Cemex SAB de CV, Series CPO		84,089		57,574

Coca-Cola Femsa SAB de CV		3,108		29,519

Fibra Uno Administracion SA de CV REIT		17,569		24,720

Fomento Economico Mexicano SAB de CV		9,354		99,515

Gruma SAB de CV, Class B		941		17,733

Grupo Aeroportuario del Centro Norte SAB de CV		1,330		16,449

Grupo Aeroportuario del Pacifico SAB de CV, Class B		2,382		54,765

Grupo Aeroportuario del Sureste SAB de CV, Class B		1,404		45,057

Grupo Bimbo SAB de CV, Series A		6,907		19,304

Grupo Carso SAB de CV, Series A1		3,612		23,021

Grupo Comercial Chedraui SA de CV		2,588		18,724

Grupo Financiero Banorte SAB de CV, Class O		15,424		136,348

Grupo Financiero Inbursa SAB de CV, Class O		11,446		28,686

Grupo Mexico SAB de CV, Series B		18,980		104,059

Industrias Penoles SAB de CV *		1,381		29,188

Kimberly-Clark de Mexico SAB de CV, Class A		8,343		14,818

Prologis Property Mexico SA de CV REIT		6,518		24,952

Promotora y Operadora de Infraestructura SAB de CV		1,145		12,855

Qualitas Controladora SAB de CV		1,567		16,951

Wal-Mart de Mexico SAB de CV		32,425		106,490


(Cost $835,381)				1,031,021


	Number of Shares		Value $


Netherlands – 3.0%

ABN AMRO Bank NV, 144A		3,167		81,880

Adyen NV, 144A *		148		283,932

Aegon Ltd.		8,290		59,358

Akzo Nobel NV		1,063		72,371

Argenx SE *		375		215,622

ASM International NV		282		153,567

ASML Holding NV		2,308		1,713,624

ASR Nederland NV		870		55,793

BE Semiconductor Industries NV		474		57,346

Euronext NV, 144A		532		86,622

EXOR NV		592		57,001

Ferrovial SE		3,182		162,007

Heineken Holding NV		760		59,198

Heineken NV		1,735		154,488

IMCD NV		315		42,741

ING Groep NV		18,575		393,980

JDE Peet’s NV		579		15,923

Koninklijke Ahold Delhaize NV		5,588		235,903

Koninklijke KPN NV		23,955		112,552

Koninklijke Philips NV		5,036		115,792

Nebius Group N.V., Class A * (b)		1,576		0

NEPI Rockcastle NV *		4,060		31,222

NN Group NV		1,601		100,746

Prosus NV *		7,900		405,447

QIAGEN NV *		1,362		61,473

Randstad NV		768		32,230

Stellantis NV		10,590		107,799

Universal Music Group NV		6,374		203,804

Wolters Kluwer NV		1,433		254,316


(Cost $3,749,037)				5,326,737

New Zealand – 0.2%

Auckland International Airport Ltd.		10,672		48,146

Contact Energy Ltd.		5,093		27,877

Fisher & Paykel Healthcare Corp. Ltd.		3,453		75,312

Infratil Ltd.		5,724		36,068

Meridian Energy Ltd.		8,233		27,009

Xero Ltd. *		779		92,540


(Cost $251,283)				306,952

Norway – 0.4%

Aker BP ASA		1,863		42,891

DNB Bank ASA		5,302		141,959

Equinor ASA		5,024		117,880

Gjensidige Forsikring ASA		1,091		27,619

Kongsberg Gruppen ASA		500		88,073

Mowi ASA		2,672		49,894

Norsk Hydro ASA		7,755		42,515

Orkla ASA		4,610		52,209

Salmar ASA		500		22,288

See Notes to Financial Statements.

DBX ETF Trust | 17

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $


Telenor ASA		3,581		54,939

Yara International ASA		1,190		42,669


(Cost $562,677)				682,936

Peru – 0.1%

Cia de Minas Buenaventura SAA, ADR		1,258		18,845

Credicorp Ltd.		397		84,088


(Cost $81,397)				102,933

Philippines – 0.1%

Ayala Corp.		1,320		13,722

Ayala Land, Inc.		41,600		17,148

Bank of the Philippine Islands		11,915		29,705

BDO Unibank, Inc.		14,492		41,818

International Container Terminal Services, Inc.		7,460		54,818

Jollibee Foods Corp.		1,940		7,754

Manila Electric Co.		1,820		17,941

Metropolitan Bank & Trust Co.		10,741		14,159

PLDT, Inc.		455		9,916

SM Investments Corp.		1,065		15,938

SM Prime Holdings, Inc.		65,700		26,553


(Cost $229,091)				249,472

Poland – 0.3%

Allegro.eu SA, 144A *		3,684		33,902

Bank Millennium SA *		4,264		16,564

Bank Polska Kasa Opieki SA		1,140		56,131

Budimex SA *		97		16,166

CCC SA *		307		17,913

CD Projekt SA		404		23,940

Dino Polska SA, 144A *		316		46,399

InPost SA *		1,212		19,927

KGHM Polska Miedz SA		929		30,503

LPP SA		6		23,115

mBank SA *		107		23,441

ORLEN SA		3,189		62,654

PGE Polska Grupa Energetyczna SA *		5,529		13,793

Powszechna Kasa Oszczednosci Bank Polski SA		5,338		107,357

Powszechny Zaklad Ubezpieczen SA		3,845		62,846

Santander Bank Polska SA		253		33,836


(Cost $430,473)				588,487

Portugal – 0.1%

EDP SA		20,509		81,737

Galp Energia SGPS SA		2,834		45,195

Jeronimo Martins SGPS SA		1,478		37,189


(Cost $150,197)				164,121

Qatar – 0.2%

Al Rayan Bank		37,307		22,931

Barwa Real Estate Co.		7,266		5,747


	Number of Shares		Value $


Commercial Bank PSQC		17,134		21,642

Dukhan Bank		10,103		9,995

Industries Qatar QSC		7,879		25,643

Mesaieed Petrochemical Holding Co.		25,772		9,443

Ooredoo QPSC		5,108		17,326

Qatar Electricity & Water Co. QSC		2,691		11,707

Qatar Fuel QSC		2,870		11,824

Qatar Gas Transport Co. Ltd.		15,797		20,782

Qatar International Islamic Bank QSC		7,580		21,880

Qatar Islamic Bank QPSC		12,137		70,335

Qatar National Bank QPSC		26,393		122,868


(Cost $337,438)				372,123

Russia – 0.0%

Alrosa PJSC * (b)		15,266		0

Gazprom PJSC * (b)		63,321		0

GMK Norilskiy Nickel PAO * (b)		35,200		0

Inter RAO UES PJSC * (b)		208,853		0

LUKOIL PJSC * (b)		2,194		0

Magnit PJSC * (b)		443		0

Mobile TeleSystems PJSC, ADR * (b)		3,019		0

Moscow Exchange MICEX-RTS PJSC * (b)		8,105		0

Novatek PJSC * (b)		5,150		0

Novolipetsk Steel PJSC * (b)		7,219		0

Ozon Holdings PLC, ADR * (b)		322		0

PhosAgro PJSC * (b)		217		0

PhosAgro PJSC, GDR * (b)		4		0

Polyus PJSC * (b)		2,040		0

Rosneft Oil Co. PJSC * (b)		6,103		0

Sberbank of Russia PJSC * (b)		57,586		0

Severstal PAO * (b)		1,243		0

Surgutneftegas PAO * (b)		29,592		0

Tatneft PJSC * (b)		7,874		0

TKS Holding MKPAO JSC * (b)		70		0

United Co. RUSAL International PJSC * (b)		21,438		0

VK IPJSC * (b)		417		0

VK IPJSC, GDR * (b)		35		0

VTB Bank PJSC * (b)		3,389		0

X5 Retail Group NV, GDR * (b)		635		0


(Cost $1,047,597)				0

Saudi Arabia – 1.0%

ACWA Power Co. *		942		65,032

Ades Holding Co.		1,878		6,988

Al Rajhi Bank		12,294		298,531

Al Rajhi Co. For Co.-Operative Insurance *		183		5,512

Alinma Bank		7,011		48,308

Almarai Co. JSC		3,368		46,054

See Notes to Financial Statements.

18 | DBX ETF Trust

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $


Arab National Bank		7,057		40,743

Arabian Internet & Communications Services Co.		132		9,261

Bank AlBilad		3,892		26,817

Bank Al-Jazira *		3,888		13,244

Banque Saudi Fransi		6,861		31,602

Bupa Arabia for Cooperative Insurance Co.		387		17,227

Co. for Cooperative Insurance		415		15,332

Dallah Healthcare Co.		193		6,101

Dar Al Arkan Real Estate Development Co. *		3,148		16,799

Dr Sulaiman Al Habib Medical Services Group Co.		449		31,332

Elm Co.		152		41,496

Etihad Etisalat Co.		2,089		33,186

Jarir Marketing Co.		3,200		10,969

Mouwasat Medical Services Co.		497		9,618

Nahdi Medical Co.		215		6,992

Riyad Bank		10,107		78,261

SABIC Agri-Nutrients Co.		1,850		47,290

Sahara International Petrochemical Co.		1,801		9,073

SAL Saudi Logistics Services		155		7,354

Saudi Arabian Mining Co. *		7,474		101,602

Saudi Arabian Oil Co., 144A		36,981		246,431

Saudi Aramco Base Oil Co.		330		8,761

Saudi Awwal Bank		7,358		66,193

Saudi Basic Industries Corp.		6,126		90,951

Saudi Electricity Co.		3,192		12,048

Saudi Industrial Investment Group		1,873		8,257

Saudi Investment Bank		3,382		13,342

Saudi Kayan Petrochemical Co. *		4,663		6,252

Saudi National Bank		18,362		169,835

Saudi Research & Media Group *		223		8,524

Saudi Tadawul Group Holding Co.		210		9,784

Saudi Telecom Co.		12,736		142,241

Yanbu National Petrochemical Co.		1,411		11,208


(Cost $1,728,236)				1,818,551

Singapore – 1.2%

BOC Aviation Ltd., 144A		1,235		9,994

CapitaLand Ascendas REIT		21,708		44,603

CapitaLand Integrated

Commercial Trust REIT		32,107		52,028

CapitaLand Investment Ltd.		15,057		29,419

DBS Group Holdings Ltd.		12,246		424,610

Genting Singapore Ltd.		46,800		25,037

Grab Holdings Ltd., Class A *		13,590		66,183

Keppel Ltd.		9,000		47,381

Oversea-Chinese Banking Corp. Ltd.		20,766		261,316


	Number of Shares		Value $


Sea Ltd., ADR *		2,217		355,540

Sembcorp Industries Ltd.		3,300		16,938

Singapore Airlines Ltd.		6,750		37,315

Singapore Exchange Ltd.		4,693		51,015

Singapore Technologies Engineering Ltd.		9,930		60,208

Singapore Telecommunications Ltd.		45,700		135,001

Trip.com Group Ltd.		3,574		225,167

United Overseas Bank Ltd.		7,922		217,498

Wilmar International Ltd.		11,737		27,756


(Cost $1,528,646)				2,087,009

South Africa – 0.8%

Absa Group Ltd.		5,163		49,762

Aspen Pharmacare Holdings Ltd.		2,212		14,902

Bid Corp. Ltd.		2,113		55,969

Bidvest Group Ltd.		1,829		24,776

Capitec Bank Holdings Ltd.		534		102,343

Clicks Group Ltd.		1,234		26,638

Discovery Ltd.		3,186		38,638

FirstRand Ltd.		30,778		127,528

Gold Fields Ltd.		5,337		120,306

Harmony Gold Mining Co. Ltd.		3,444		48,981

Impala Platinum Holdings Ltd. *		6,008		43,139

Kumba Iron Ore Ltd.		437		7,161

MTN Group Ltd.		10,018		69,637

Naspers Ltd., Class N		949		272,514

Nedbank Group Ltd.		2,812		39,954

Old Mutual Ltd.		29,600		19,209

OUTsurance Group Ltd.		6,011		25,388

Pepkor Holdings Ltd., 144A		11,416		18,531

Remgro Ltd.		3,631		32,202

Sanlam Ltd.		10,396		51,233

Sasol Ltd. *		3,517		15,885

Shoprite Holdings Ltd.		3,360		54,562

Standard Bank Group Ltd.		6,405		83,075

Valterra Platinum Ltd.		506		19,830

Vodacom Group Ltd.		2,978		22,815

Woolworths Holdings Ltd.		6,047		19,705


(Cost $1,148,089)				1,404,683

South Korea – 2.6%

Alteogen, Inc. *		240		57,404

Amorepacific Corp.		157		15,214

Celltrion, Inc.		1,022		119,259

CJ CheilJedang Corp.		38		6,376

Coway Co. Ltd.		301		19,395

DB Insurance Co. Ltd.		263		19,157

Doosan Bobcat, Inc.		160		5,450

Doosan Enerbility Co. Ltd. *		3,020		88,321

Ecopro BM Co. Ltd. *		246		15,993

Ecopro Co. Ltd.		529		16,410

See Notes to Financial Statements.

DBX ETF Trust | 19

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $


Hana Financial Group, Inc.		1,676		88,313

Hanjin Kal Corp.		155		15,874

Hankook Tire & Technology Co. Ltd.		342		9,543

Hanmi Semiconductor Co. Ltd.		251		14,627

Hanwha Aerospace Co. Ltd.		215		126,379

Hanwha Ocean Co. Ltd. *		673		38,047

Hanwha Systems Co. Ltd.		510		16,782

HD Hyundai Co. Ltd.		267		21,616

HD Hyundai Electric Co. Ltd.		144		39,556

HD Hyundai Heavy Industries Co. Ltd. *		122		35,856

HD Korea Shipbuilding & Offshore Engineering Co. Ltd.		279		64,002

HLB, Inc. *		676		26,752

HMM Co. Ltd.		1,687		26,044

HYBE Co. Ltd. *		180		34,703

Hyundai Glovis Co. Ltd.		217		17,836

Hyundai Mobis Co. Ltd.		329		60,330

Hyundai Motor Co.		851		114,293

Hyundai Rotem Co. Ltd.		573		60,801

Industrial Bank of Korea		1,244		14,192

Kakao Corp.		1,712		52,984

KakaoBank Corp.		701		11,940

KB Financial Group, Inc.		2,317		175,156

Kia Corp.		1,453		94,150

Korea Aerospace Industries Ltd.		404		24,480

Korea Electric Power Corp.		1,465		32,226

Korea Investment Holdings Co. Ltd.		306		23,953

Korea Zinc Co. Ltd.		42		22,253

Korean Air Lines Co. Ltd.		983		16,031

Krafton, Inc. *		155		41,455

KT&G Corp.		644		56,106

LG Chem Ltd.		290		41,471

LG Corp.		544		27,994

LG Display Co. Ltd. *		1,760		10,983

LG Electronics, Inc.		583		30,044

LG Energy Solution Ltd. *		259		53,688

LG H&H Co. Ltd.		41		9,688

LG Innotek Co. Ltd.		79		8,297

LG Uplus Corp.		922		8,554

LS Electric Co. Ltd.		154		28,184

Meritz Financial Group, Inc.		541		43,799

Mirae Asset Securities Co. Ltd.		1,783		20,095

NAVER Corp.		878		119,319

NH Investment & Securities Co. Ltd.		1,593		19,905

Orion Corp.		110		8,802

POSCO Future M Co. Ltd. *		176		14,874

POSCO Holdings, Inc.		433		78,459

Posco International Corp.		477		16,958


	Number of Shares		Value $


Samsung Biologics Co. Ltd., 144A *		96		71,807

Samsung C&T Corp.		454		49,293

Samsung Electro-Mechanics Co. Ltd.		331		29,317

Samsung Electronics Co. Ltd.		27,538		1,121,719

Samsung Fire & Marine Insurance Co. Ltd.		170		49,841

Samsung Heavy Industries Co. Ltd. *		3,612		44,244

Samsung Life Insurance Co. Ltd.		413		29,605

Samsung SDI Co. Ltd.		348		42,601

Samsung SDS Co. Ltd.		242		22,837

Samyang Foods Co. Ltd.		23		18,521

Shinhan Financial Group Co. Ltd.		2,482		104,519

SK Biopharmaceuticals Co. Ltd. *		140		9,437

SK Hynix, Inc.		3,144		466,006

SK Innovation Co. Ltd.		333		21,601

SK Square Co. Ltd. *		536		44,599

SK Telecom Co. Ltd.		188		7,017

SK, Inc.		186		22,069

SKC Co. Ltd. *		106		6,845

S-Oil Corp.		343		13,524

Woori Financial Group, Inc.		3,509		49,010

Yuhan Corp.		390		29,482


(Cost $3,404,198)				4,534,267

Spain – 2.0%

Acciona SA		162		26,120

ACS Actividades de Construccion y Servicios SA		1,053		69,167

Aena SME SA, 144A		471		126,747

Amadeus IT Group SA		2,831		235,877

Banco Bilbao Vizcaya Argentaria SA		35,181		527,690

Banco de Sabadell SA		27,639		88,029

Banco Santander SA		89,970		718,262

Bankinter SA		4,166		53,641

CaixaBank SA		22,233		189,031

Cellnex Telecom SA, 144A *		2,677		102,495

EDP Renovaveis SA		1,787		17,937

Endesa SA		1,994		60,859

Grifols SA *		1,866		20,065

Iberdrola SA		34,996		638,959

Industria de Diseno Textil SA		6,574		356,204

Redeia Corp. SA		2,510		51,870

Repsol SA		7,391		99,488

Telefonica SA		20,480		109,573


(Cost $2,246,629)				3,492,014

Sweden – 2.3%

AddTech AB, Class B		1,530		52,570

Alfa Laval AB		1,671		71,062

Assa Abloy AB, Class B		6,096		193,239

See Notes to Financial Statements.

20 | DBX ETF Trust

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $


Atlas Copco AB, Class A		16,713		268,295

Atlas Copco AB, Class B		9,635		137,234

Beijer Ref AB		2,158		31,851

Boliden AB *		1,671		52,272

Epiroc AB, Class A		4,156		92,987

Epiroc AB, Class B		2,474		48,386

EQT AB		2,207		64,596

Essity AB, Class B		3,661		107,039

Evolution AB, 144A		774		53,123

Fastighets AB Balder, Class B *		4,001		28,037

H & M Hennes & Mauritz AB, Class B		3,246		46,488

Hexagon AB, Class B		13,054		131,535

Holmen AB, Class B		450		18,588

Industrivarden AB, Class A		764		27,685

Industrivarden AB, Class C		1,087		39,265

Indutrade AB		1,577		42,736

Investment AB Latour, Class B		931		24,550

Investor AB, Class B		10,410		306,427

L E Lundbergforetagen AB, Class B		472		24,105

Lifco AB, Class B		1,328		54,079

Nibe Industrier AB, Class B		8,739		35,797

Saab AB, Class B		1,916		96,840

Sagax AB, Class B		1,140		24,948

Sandvik AB		6,510		142,193

Securitas AB, Class B		3,060		45,244

Skandinaviska Enskilda Banken AB, Class A		9,681		161,519

Skanska AB, Class B		1,982		47,116

SKF AB, Class B		1,939		42,635

Spotify Technology SA *		902		599,956

Svenska Cellulosa AB SCA, Class B		3,764		50,903

Svenska Handelsbanken AB, Class A		9,509		127,009

Swedbank AB, Class A		5,469		148,035

Swedish Orphan Biovitrum AB *		1,088		33,274

Tele2 AB, Class B		3,631		54,331

Telefonaktiebolaget LM Ericsson, Class B		16,463		139,920

Telia Co. AB		15,545		60,059

Trelleborg AB, Class B		1,310		47,989

Volvo AB, Class B		9,315		258,357


(Cost $3,224,794)				4,032,274

Switzerland – 6.3%

ABB Ltd.		9,351		528,792

Alcon, Inc.		2,926		251,359

Avolta AG *		579		31,011

Baloise Holding AG		293		69,494

Banque Cantonale Vaudoise		186		21,515

Barry Callebaut AG		17		17,423

BKW AG		156		32,773


	Number of Shares		Value $


Chocoladefabriken Lindt & Spruengli AG Participation Certificates		11		176,829

Cie Financiere Richemont SA, Class A		3,125		587,978

Coca-Cola HBC AG *		1,234		64,211

DSM-Firmenich AG		1,179		131,219

EMS-Chemie Holding AG		51		38,730

Galderma Group AG		530		69,357

Geberit AG		209		155,671

Givaudan SA		54		270,853

Glencore PLC *		58,388		222,948

Helvetia Holding AG		242		57,280

Holcim AG *		3,141		347,380

Julius Baer Group Ltd.		1,174		77,202

Kuehne + Nagel International AG		315		70,827

Logitech International SA		897		74,594

Lonza Group AG		423		292,554

Nestle SA		15,419		1,643,070

Novartis AG		11,257		1,286,143

Partners Group Holding AG		136		182,105

Roche Holding AG		4,163		1,342,985

Roche Holding AG		188		63,961

Sandoz Group AG		2,624		133,049

Schindler Holding AG		157		53,796

Schindler Holding AG Participation Certificates		280		99,480

SGS SA		935		97,454

SIG Group AG *		1,730		35,315

Sika AG		957		255,471

Sonova Holding AG		314		98,282

STMicroelectronics NV		2,677		67,190

STMicroelectronics NV, Class Y		1,046		26,161

Straumann Holding AG		681		87,338

Swatch Group AG – Bearer		179		30,134

Swiss Life Holding AG		176		175,658

Swiss Prime Site AG		578		82,100

Swiss Re AG		1,828		322,621

Swisscom AG		169		116,123

Temenos AG		315		23,367

UBS Group AG		19,135		608,925

VAT Group AG, 144A		159		60,412

Zurich Insurance Group AG		872		611,566


(Cost $8,273,131)				11,092,706

Taiwan – 5.1%

Accton Technology Corp.		2,774		68,960

Acer, Inc.		18,006		20,849

Advantech Co. Ltd.		2,495		28,473

Airtac International Group		754		23,474

Alchip Technologies Ltd.		412		38,631

ASE Technology Holding Co. Ltd.		21,264		97,917

Asia Cement Corp.		11,867		16,572

See Notes to Financial Statements.

DBX ETF Trust | 21

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $


Asia Vital Components Co. Ltd.		1,803		37,301

Asustek Computer, Inc.		3,902		81,377

AUO Corp. *		37,980		16,285

Catcher Technology Co. Ltd.		3,236		22,676

Cathay Financial Holding Co. Ltd.		60,200		120,125

Chailease Holding Co. Ltd.		8,109		32,876

Chang Hwa Commercial Bank Ltd.		45,387		27,639

Cheng Shin Rubber Industry Co. Ltd.		9,594		16,263

China Airlines Ltd.		17,656		13,050

China Steel Corp.		60,130		39,627

Chunghwa Telecom Co. Ltd.		22,197		95,918

Compal Electronics, Inc.		42,255		40,607

CTBC Financial Holding Co. Ltd.		101,756		138,703

Delta Electronics, Inc.		11,859		147,998

E Ink Holdings, Inc.		4,419		31,260

E.Sun Financial Holding Co. Ltd.		82,557		82,093

Eclat Textile Co. Ltd. *		1,052		15,147

Elite Material Co. Ltd.		2,042		51,036

eMemory Technology, Inc.		312		25,038

Eva Airways Corp.		15,674		21,365

Evergreen Marine Corp. Taiwan Ltd.		5,708		46,569

Far Eastern New Century Corp.		19,992		21,881

Far EasTone Telecommunications Co. Ltd.		15,025		43,368

Feng TAY Enterprise Co. Ltd.		2,494		10,111

First Financial Holding Co. Ltd.		70,723		63,836

Formosa Chemicals & Fibre Corp.		18,084		14,452

Formosa Plastics Corp.		21,207		24,555

Fortune Electric Co. Ltd.		697		10,687

Fubon Financial Holding Co. Ltd.		50,186		133,300

Gigabyte Technology Co. Ltd.		2,797		25,759

Global Unichip Corp.		512		19,904

Globalwafers Co. Ltd.		1,991		20,927

Hon Hai Precision Industry Co. Ltd.		71,598		372,701

Hotai Motor Co. Ltd.		2,030		43,217

Hua Nan Financial Holdings Co. Ltd.		58,128		51,012

Innolux Corp.		39,143		15,935

International Games System Co. Ltd.		1,110		31,224

Inventec Corp.		19,349		27,214

Jentech Precision Industrial Co. Ltd.		517		23,376

KGI Financial Holding Co. Ltd.		91,491		52,815

Largan Precision Co. Ltd.		566		43,722

Lite-On Technology Corp.		11,131		37,699

Lotes Co. Ltd.		502		22,027

MediaTek, Inc.		9,174		385,713


	Number of Shares		Value $


Mega Financial Holding Co. Ltd.		67,454		89,245

Micro-Star International Co. Ltd.		4,202		19,981

Nan Ya Plastics Corp.		31,331		29,953

Nien Made Enterprise Co. Ltd.		740		10,692

Novatek Microelectronics Corp.		3,526		60,711

Pegatron Corp.		9,681		27,103

PharmaEssentia Corp. *		1,065		17,769

Pou Chen Corp.		28,351		29,516

President Chain Store Corp.		2,846		24,264

Quanta Computer, Inc. *		16,966		153,704

Realtek Semiconductor Corp.		2,711		48,940

Ruentex Development Co. Ltd.		9,137		9,116

Shanghai Commercial & Savings Bank Ltd.		33,649		52,267

Shin Kong Financial Holding Co. Ltd. *		92,752		37,295

SinoPac Financial Holdings Co. Ltd.		65,079		49,838

Synnex Technology International Corp.		6,351		15,089

Taishin Financial Holding Co. Ltd.		61,346		35,106

Taiwan Business Bank		36,232		17,833

Taiwan Cooperative Financial Holding Co. Ltd.		69,157		55,384

Taiwan High Speed Rail Corp.		9,687		8,873

Taiwan Mobile Co. Ltd.		13,484		51,293

Taiwan Semiconductor Manufacturing Co. Ltd.		145,913		4,708,206

TCC Group Holdings Co. Ltd.		40,655		39,816

Unimicron Technology Corp.		6,931		24,515

Uni-President Enterprises Corp.		28,405		75,447

United Microelectronics Corp.		65,693		102,479

Vanguard International Semiconductor Corp.		5,210		14,534

Voltronic Power Technology Corp.		330		14,866

Wan Hai Lines Ltd.		4,590		16,541

Wistron Corp.		14,896		57,907

Wiwynn Corp.		564		45,544

WPG Holdings Ltd.		9,332		21,922

Yageo Corp.		2,234		36,527

Yang Ming Marine Transport Corp.		9,320		24,755

Yuanta Financial Holding Co. Ltd.		57,331		59,974

Zhen Ding Technology Holding Ltd.		3,857		13,256


(Cost $4,562,920)				8,993,525

Thailand – 0.3%

Advanced Info Service PCL, NVDR		4,300		37,463

Airports of Thailand PCL, NVDR		26,730		27,074

Bangkok Dusit Medical Services PCL, NVDR		64,400		42,178

See Notes to Financial Statements.

22 | DBX ETF Trust

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $


Bumrungrad Hospital PCL,

NVDR		5,100		21,750

Central Pattana PCL, NVDR		11,600		16,078

Charoen Pokphand Foods PCL, NVDR		25,100		18,733

CP ALL PCL, NVDR		34,500		49,395

CP AXTRA PCL		18,581		10,641

Delta Electronics Thailand PCL, NVDR		18,900		59,877

Gulf Development PCL *		27,838		38,160

Home Product Center PCL, NVDR		30,500		7,154

Kasikornbank PCL, NVDR		4,600		21,579

Krung Thai Bank PCL, NVDR		27,700		18,732

Minor International PCL, NVDR		20,194		15,256

PTT Exploration & Production PCL, NVDR		8,793		26,250

PTT Oil & Retail Business PCL, NVDR		17,400		6,255

PTT PCL, NVDR		66,800		60,538

SCB X PCL, NVDR		7,700		27,795

Siam Cement PCL		6,000		30,340

TMBThanachart Bank PCL, NVDR		305,800		17,886

True Corp. PCL, NVDR *		69,212		26,354


(Cost $661,431)				579,488

Turkey – 0.1%

Akbank TAS		17,062		22,168

Aselsan Elektronik Sanayi Ve Ticaret AS		10,909		36,054

BIM Birlesik Magazalar AS		2,601		31,572

Coca-Cola Icecek AS		6,391		7,947

Eregli Demir ve Celik Fabrikalari TAS *		17,774		10,624

Ford Otomotiv Sanayi AS		3,010		6,152

Haci Omer Sabanci Holding AS		7,349		14,487

KOC Holding AS		5,267		19,032

Pegasus Hava Tasimaciligi AS *		1,372		8,439

Sasa Polyester Sanayi AS *		57,848		4,839

Turk Hava Yollari AO *		3,451		24,047

Turkcell Iletisim Hizmetleri AS		9,584		23,181

Turkiye Is Bankasi AS, Class C		48,161		13,203

Turkiye Petrol Rafinerileri AS		5,789		18,306

Turkiye Sise ve Cam Fabrikalari AS		9,429		7,935

Yapi ve Kredi Bankasi AS *		14,459		9,388


(Cost $246,669)				257,374

United Arab Emirates – 0.5%

Abu Dhabi Commercial Bank PJSC		20,051		65,945

Abu Dhabi Islamic Bank PJSC		9,407		49,122

Abu Dhabi National Oil Co. for Distribution PJSC		15,036		14,860

ADNOC Drilling Co. PJSC		18,107		25,881


	Number of Shares		Value $


Adnoc Gas PLC		34,516		30,823

Aldar Properties PJSC		23,083		52,224

Americana Restaurants International PLC – Foreign Co.		14,047		7,802

Dubai Electricity & Water Authority PJSC		32,203		23,935

Dubai Islamic Bank PJSC		23,280		52,290

Emaar Development PJSC		5,442		19,854

Emaar Properties PJSC		42,273		151,345

Emirates NBD Bank PJSC		12,978		79,147

Emirates Telecommunications Group Co. PJSC		20,327		95,077

First Abu Dhabi Bank PJSC		25,639		112,385

Multiply Group PJSC *		20,274		12,861

Salik Co PJSC		10,937		17,032


(Cost $626,377)				810,583

United Kingdom – 8.8%

3i Group PLC		5,832		319,968

Admiral Group PLC		1,613		72,805

Anglo American PLC *		7,848		233,157

Anglogold Ashanti PLC		2,950		126,317

Ashtead Group PLC		2,640		154,196

Associated British Foods PLC		2,124		59,611

AstraZeneca PLC		9,177		1,325,490

Auto Trader Group PLC, 144A		5,790		61,941

Aviva PLC		15,791		129,911

BAE Systems PLC		17,482		447,887

Barclays PLC		86,437		381,410

Barratt Redrow PLC		8,423		52,295

BP PLC		95,901		464,841

British American Tobacco PLC		11,565		519,508

BT Group PLC		39,253		94,907

Bunzl PLC		2,032		65,051

Centrica PLC		30,856		65,832

Coca-Cola Europacific Partners PLC		1,354		124,284

Compass Group PLC		9,696		340,315

Croda International PLC		785		32,449

Diageo PLC		12,805		347,990

Entain PLC		3,937		39,816

GSK PLC		25,291		513,523

Haleon PLC		55,727		310,772

Halma PLC		2,368		92,717

Hikma Pharmaceuticals PLC		894		25,777

HSBC Holdings PLC		103,867		1,222,003

Imperial Brands PLC		4,872		184,457

Informa PLC		8,028		84,953

InterContinental Hotels Group PLC		826		94,531

International Consolidated Airlines Group SA		7,399		32,555

Intertek Group PLC		802		51,716

J Sainsbury PLC		11,007		42,326

See Notes to Financial Statements.

DBX ETF Trust | 23

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $


JD Sports Fashion PLC		15,480		17,545

Kingfisher PLC		11,903		44,520

Land Securities Group PLC REIT		4,325		36,887

Legal & General Group PLC		34,449		115,434

Lloyds Banking Group PLC		353,352		367,541

London Stock Exchange Group PLC		2,758		418,978

M&G PLC		12,281		39,166

Marks & Spencer Group PLC		12,575		63,434

Melrose Industries PLC		8,235		51,938

Mondi PLC		2,527		41,044

National Grid PLC		29,545		416,585

NatWest Group PLC		47,426		335,217

Next PLC		704		122,029

Pearson PLC		3,796		59,584

Phoenix Group Holdings PLC		3,992		34,100

Reckitt Benckiser Group PLC		4,143		280,890

RELX PLC		10,752		578,600

Rentokil Initial PLC		16,561		78,454

Rio Tinto PLC		6,541		387,949

Rolls-Royce Holdings PLC		50,883		593,843

Sage Group PLC		6,034		99,104

Schroders PLC		4,412		21,127

Segro PLC REIT		7,585		71,231

Severn Trent PLC		1,751		63,769

Shell PLC		34,960		1,153,798

Smith & Nephew PLC		5,681		82,245

Smiths Group PLC		2,135		61,962

Spirax Group PLC		409		31,493

SSE PLC		6,896		163,620

Standard Chartered PLC		11,797		184,061

Tesco PLC		41,030		214,493

Unilever PLC		14,671		930,432

United Utilities Group PLC		3,974		62,700

Vodafone Group PLC		116,094		120,255

Whitbread PLC		1,089		42,463

Wise PLC, Class A *		4,052		60,000

WPP PLC		6,490		52,413


(Cost $12,250,880)				15,614,215

United States – 0.2%

BeOne Medicines Ltd. *		4,485		86,084

Brookfield Asset Management Ltd., Class A		2,297		129,232

Brookfield Renewable Corp.		822		24,199

Legend Biotech Corp., ADR *		484		14,012

RB Global, Inc.		1,167		122,954

Southern Copper Corp.		532		48,364


(Cost $312,178)				424,845

TOTAL COMMON STOCKS


(Cost $127,631,289)				170,706,569


	Number of Shares		Value $


PREFERRED STOCKS – 0.6%

Brazil – 0.3%

Banco Bradesco SA		32,049		90,776

Centrais Eletricas Brasileiras SA, Class B		958		7,868

Cia Energetica de Minas Gerais		9,615		18,223

Companhia Paranaense de Energia, Class B		3,634		8,050

Gerdau SA		7,372		19,656

Itau Unibanco Holding SA		31,659		207,185

Itausa SA		39,459		76,372

Petroleo Brasileiro SA		28,225		152,488


(Cost $466,055)				580,618

Chile – 0.0%

Sociedad Quimica y Minera de Chile SA, Class B *

(Cost $24,377)		751		22,436

Colombia – 0.0%

Grupo Cibest SA

(Cost $22,107)		2,362		24,330

Germany – 0.2%

Bayerische Motoren Werke AG		349		28,908

Dr Ing hc F Porsche AG, 144A		740		35,676

Henkel AG & Co. KGaA		994		79,546

Porsche Automobil Holding SE		862		34,355

Sartorius AG		186		44,562

Volkswagen AG		1,280		138,594


(Cost $506,304)				361,641

Russia – 0.0%

Surgutneftegas PAO * (b)

(Cost $22,479)		41,062		0

South Korea – 0.1%

Hyundai Motor Co.		104		11,148

Hyundai Motor Co. – 2nd Preferred		210		22,481

Samsung Electronics Co. Ltd.		4,938		164,994


(Cost $137,973)				198,623

TOTAL PREFERRED STOCKS


(Cost $1,179,295)				1,187,648

RIGHTS – 0.0%

South Korea – 0.0%

Hanwha Aerospace Co. Ltd.* , expires 7/7/25

(Cost $0)		13		1,197

WARRANTS – 0.0%

Canada – 0.0%

Constellation Software, Inc.* (b), expires 3/31/40

(Cost $0)		108		0

See Notes to Financial Statements.

24 | DBX ETF Trust

Schedule of Investments

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

May 31, 2025


	Number of Shares		Value $


Malaysia – 0.0%

YTL Corp. Bhd* (b), expires 12/31/99		4,200		0

YTL Power International Bhd* (b), expires 12/31/99		4,000		0


(Cost $0)				0

Thailand – 0.0%

BTS Group Holdings PCL*, expires 11/20/26

(Cost $0)		7,920		5


TOTAL WARRANTS

(Cost $0)				5


	Number of Shares		Value $


EXCHANGE-TRADED FUNDS – 0.1%

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

(Cost $159,480)		6,000		158,040

CASH EQUIVALENTS – 1.0%

DWS Government Money Market Series “Institutional Shares”, 4.26% (e)

(Cost $1,734,283)		1,734,283		1,734,283

TOTAL INVESTMENTS – 98.2%

(Cost $130,704,347)				173,787,742

Other assets and liabilities, net – 1.8%				3,211,164


NET ASSETS – 100.0%				176,998,906

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


Value ($) at 5/31/2024	Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2025		Value ($) at 5/31/2025

COMMON STOCKS – 0.2%

Germany – 0.2%

Deutsche Bank AG (c)

179,649		60,399		(51,306)		15,542		101,105			8,058		—		11,041		305,389

EXCHANGE-TRADED FUNDS – 0.1%

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

—		159,480		—		—		(1,440	)		—		—		6,000		158,040

SECURITIES LENDING COLLATERAL – 0.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.22% (e)(f)

409,881		—		(409,881) (g)		—		—			2,240		—		—		—

CASH EQUIVALENTS – 1.0%

DWS Government Money Market Series “Institutional Shares”, 4.26% (e)

3,344,936		23,588,917		(25,199,570)		—		—			136,297		—		1,734,283		1,734,283


3,934,466		23,808,796		(25,660,757)		15,542		99,665			146,595		—		1,751,324		2,197,712

*	Non-income producing security.

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

(b)	Investment was valued using significant unobservable inputs.

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

(d)	Affiliated fund advised by DBX Advisors LLC.

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

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

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

See Notes to Financial Statements.

DBX ETF Trust | 25

Schedule of Investments

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

May 31, 2025



ADR:		American Depositary Receipt

CDI:		Chess Depositary Interests

CPO:		Ordinary Participation Certificates

GDR:		Global Depositary Receipt

JSC:		Joint Stock Company

KSCP:		Kuwait Shareholding Company Public

NVDR:		Non Voting Depositary Receipt

PJSC:		Public Joint Stock Company

PSQC:		Public Shareholders Qatari Company

QPSC:		Qatari Public Shareholders Company

QSC:		Qatari Shareholders Company

REIT:		Real Estate Investment Trust

SAE:		Societe Anonyme Egyptienne

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

Securities are listed in country of domicile.

At May 31, 2025, open futures contracts purchased were as follows:


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

MSCI EAFE Index		USD		20		2,480,027		2,604,500		6/20/2025		124,473

MSCI Emerging Markets Index		USD		22		1,236,756		1,264,230		6/20/2025		27,474

MSCI India Index		USD		8		951,700		1,028,240		6/20/2025		76,540

S&P/TSX 60 Index Mini		CAD		5		278,959		285,641		6/19/2025		6,682

Total unrealized appreciation												235,169

At May 31, 2025, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date		Currency To Deliver		Currency To Receive		Unrealized Appreciation ($)		Unrealized Depreciation ($)

JP Morgan & Chase Co.		6/2/2025	CAD	7,822,800	USD	5,672,350		—		(27,945	)

RBC Capital Markets		6/2/2025	CAD	11,717,800	USD	8,499,653		—		(38,839	)

JP Morgan & Chase Co.		6/2/2025	USD	385,763	CAD	532,000		1,894		—

JP Morgan & Chase Co.		6/2/2025	USD	5,302,593	CAD	7,290,800		10,046		—

RBC Capital Markets		6/2/2025	USD	8,520,425	CAD	11,717,800		18,067		—

Citigroup Global Markets		6/3/2025	AED	593,200	USD	161,517		13		—

JP Morgan & Chase Co.		6/3/2025	AED	1,978,200	USD	538,626		43		—

RBC Capital Markets		6/3/2025	AUD	11,798,700	USD	7,551,852		—		(53,918	)

Goldman Sachs & Co.		6/3/2025	CHF	10,043,300	USD	12,268,919		61,106		—

RBC Capital Markets		6/3/2025	CZK	1,736,400	USD	79,162		38		—

Citigroup Global Markets		6/3/2025	DKK	18,648,800	USD	2,846,495		7,410		—

The Bank of New York Mellon		6/3/2025	EUR	36,102,800	USD	41,111,558		110,692		—

RBC Capital Markets		6/3/2025	GBP	13,073,600	USD	17,464,329		—		(150,649	)

The Bank of New York Mellon		6/3/2025	HKD	113,006,700	USD	14,578,500		162,110		—

JP Morgan & Chase Co.		6/3/2025	HUF	56,205,800	USD	157,764		—		(209	)

RBC Capital Markets		6/3/2025	JPY	3,700,906,700	USD	26,039,251		311,010		—

JP Morgan & Chase Co.		6/3/2025	KWD	115,000	USD	375,263		454		—

Bank of America		6/3/2025	MXN	788,000	USD	40,093		—		(519	)

Bank of America		6/3/2025	MXN	18,813,500	USD	956,133		—		(13,465	)

Goldman Sachs & Co.		6/3/2025	NOK	7,116,800	USD	686,284		—		(10,933	)

RBC Capital Markets		6/3/2025	PHP	13,434,900	USD	240,311		—		(463	)

RBC Capital Markets		6/3/2025	PLN	78,000	USD	20,700		—		(138	)

See Notes to Financial Statements.

26 | DBX ETF Trust

Schedule of Investments

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

May 31, 2025


Counterparty	Settlement Date		Currency To Deliver		Currency To Receive		Unrealized Appreciation ($)		Unrealized Depreciation ($)

RBC Capital Markets		6/3/2025	PLN	1,941,000	USD	514,892		—		(3,632	)

JP Morgan & Chase Co.		6/3/2025	QAR	1,416,600	USD	388,917		—		(162	)

Citigroup Global Markets		6/3/2025	SAR	7,164,200	USD	1,909,282		—		(260	)

JP Morgan & Chase Co.		6/3/2025	SEK	35,639,200	USD	3,701,655		—		(16,485	)

RBC Capital Markets		6/3/2025	SGD	2,048,500	USD	1,571,007		—		(17,585	)

Goldman Sachs & Co.		6/3/2025	TRY	10,690,800	USD	267,539		—		(4,224	)

Citigroup Global Markets		6/3/2025	USD	161,503	AED	593,200		1		—

JP Morgan & Chase Co.		6/3/2025	USD	538,579	AED	1,978,200		4		—

RBC Capital Markets		6/3/2025	USD	257,949	AUD	403,000		1,836		—

RBC Capital Markets		6/3/2025	USD	7,333,703	AUD	11,395,700		12,283		—

Goldman Sachs & Co.		6/3/2025	USD	1,198,010	CHF	981,000		—		(5,587	)

The Bank of New York Mellon		6/3/2025	USD	11,030,735	CHF	9,062,300		—		(15,345	)

RBC Capital Markets		6/3/2025	USD	79,040	CZK	1,736,400		83		—

Citigroup Global Markets		6/3/2025	USD	2,518,251	DKK	16,546,800		827		—

Citigroup Global Markets		6/3/2025	USD	320,846	DKK	2,102,000		—		(839	)

Morgan Stanley Capital		6/3/2025	USD	38,406,416	EUR	33,830,800		14,208		—

The Bank of New York Mellon		6/3/2025	USD	2,587,306	EUR	2,272,000		—		(7,064	)

Morgan Stanley Capital		6/3/2025	USD	16,552,912	GBP	12,274,600		—		(14,482	)

RBC Capital Markets		6/3/2025	USD	1,067,358	GBP	799,000		9,191		—

RBC Capital Markets		6/3/2025	USD	13,370,405	HKD	104,844,700		4,749		—

The Bank of New York Mellon		6/3/2025	USD	1,052,949	HKD	8,162,000		—		(11,714	)

JP Morgan & Chase Co.		6/3/2025	USD	157,939	HUF	56,205,800		34		—

RBC Capital Markets		6/3/2025	USD	2,026,641	JPY	288,036,000		—		(24,251	)

RBC Capital Markets		6/3/2025	USD	23,652,037	JPY	3,412,870,700		73,813		—

JP Morgan & Chase Co.		6/3/2025	USD	374,776	KWD	115,000		32		—

Bank of America		6/3/2025	USD	1,010,074	MXN	19,601,500		136		—

Goldman Sachs & Co.		6/3/2025	USD	696,554	NOK	7,116,800		663		—

JP Morgan & Chase Co.		6/3/2025	USD	240,989	PHP	13,434,900		—		(214	)

RBC Capital Markets		6/3/2025	USD	539,392	PLN	2,019,000		—		(31	)

JP Morgan & Chase Co.		6/3/2025	USD	389,069	QAR	1,416,600		10		—

Citigroup Global Markets		6/3/2025	USD	1,886,157	SAR	7,076,200		—		(70	)

Citigroup Global Markets		6/3/2025	USD	23,455	SAR	88,000		1		—

JP Morgan & Chase Co.		6/3/2025	USD	276,284	SEK	2,660,000		1,226		—

Morgan Stanley Capital		6/3/2025	USD	3,433,563	SEK	32,979,200		7,066		—

RBC Capital Markets		6/3/2025	USD	1,521,436	SGD	1,962,500		464		—

RBC Capital Markets		6/3/2025	USD	65,902	SGD	86,000		791		—

Goldman Sachs & Co.		6/3/2025	USD	272,108	TRY	10,690,800		—		(345	)

Goldman Sachs & Co.		6/3/2025	USD	1,647,886	ZAR	29,732,800		5,179		—

Goldman Sachs & Co.		6/3/2025	ZAR	495,000	USD	26,543		—		(978	)

Goldman Sachs & Co.		6/3/2025	ZAR	29,237,800	USD	1,567,816		—		(57,728	)

JP Morgan & Chase Co.		6/4/2025	BRL	2,565,000	USD	449,689		1,640		—

RBC Capital Markets		6/4/2025	BRL	8,159,600	USD	1,430,448		5,145		—

Goldman Sachs & Co.		6/4/2025	CLP	194,720,700	USD	203,549		—		(2,253	)

JP Morgan & Chase Co.		6/4/2025	CNH	14,264,500	USD	1,965,347		—		(15,026	)

Citigroup Global Markets		6/4/2025	EGP	830,000	USD	16,056		—		(597	)

JP Morgan & Chase Co.		6/4/2025	IDR	9,905,307,200	USD	596,023		—		(11,925	)

JP Morgan & Chase Co.		6/4/2025	IDR	393,702,000	USD	23,700		—		(464	)

JP Morgan & Chase Co.		6/4/2025	ILS	89,000	USD	24,471		—		(860	)

JP Morgan & Chase Co.		6/4/2025	ILS	2,023,000	USD	556,315		—		(19,485	)

JP Morgan & Chase Co.		6/4/2025	INR	14,701,000	USD	173,385		1,631		—

JP Morgan & Chase Co.		6/4/2025	INR	244,359,100	USD	2,883,463		28,578		—

See Notes to Financial Statements.

DBX ETF Trust | 27

Schedule of Investments

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

May 31, 2025


Counterparty	Settlement Date		Currency To Deliver		Currency To Receive		Unrealized Appreciation ($)		Unrealized Depreciation ($)

RBC Capital Markets		6/4/2025	INR	429,981,400	USD	5,074,796		51,256		—

JP Morgan & Chase Co.		6/4/2025	NZD	42,000	USD	24,950		—		(151	)

JP Morgan & Chase Co.		6/4/2025	NZD	320,300	USD	190,263		—		(1,160	)

JP Morgan & Chase Co.		6/4/2025	THB	21,369,700	USD	642,215		—		(8,969	)

JP Morgan & Chase Co.		6/4/2025	TWD	219,539,800	USD	6,906,591		—		(421,611	)

RBC Capital Markets		6/4/2025	TWD	65,227,300	USD	2,051,437		—		(125,839	)

JP Morgan & Chase Co.		6/4/2025	USD	447,281	BRL	2,565,000		768		—

RBC Capital Markets		6/4/2025	USD	1,426,878	BRL	8,159,600		—		(1,574	)

Goldman Sachs & Co.		6/4/2025	USD	205,996	CLP	194,720,700		—		(195	)

JP Morgan & Chase Co.		6/4/2025	USD	1,885,887	CNH	13,581,500		—		(336	)

JP Morgan & Chase Co.		6/4/2025	USD	94,110	CNH	683,000		713		—

Citigroup Global Markets		6/4/2025	USD	16,686	EGP	830,000		—		(33	)

JP Morgan & Chase Co.		6/4/2025	USD	630,642	IDR	10,299,009,200		1,470		—

JP Morgan & Chase Co.		6/4/2025	USD	600,136	ILS	2,112,000		995		—

JP Morgan & Chase Co.		6/4/2025	USD	3,027,818	INR	259,060,100		—		(1,178	)

RBC Capital Markets		6/4/2025	USD	5,025,390	INR	429,981,400		—		(1,850	)

JP Morgan & Chase Co.		6/4/2025	USD	216,311	NZD	362,300		213		—

JP Morgan & Chase Co.		6/4/2025	USD	651,257	THB	21,369,700		—		(74	)

JP Morgan & Chase Co.		6/4/2025	USD	6,725,479	TWD	200,822,800		—		(22,048	)

JP Morgan & Chase Co.		6/4/2025	USD	587,642	TWD	18,717,000		37,128		—

RBC Capital Markets		6/4/2025	USD	2,183,194	TWD	65,227,300		—		(5,918	)

JP Morgan & Chase Co.		6/5/2025	COP	156,011,000	USD	36,728		—		(798	)

RBC Capital Markets		6/5/2025	KRW	6,674,397,500	USD	4,703,024		—		(136,335	)

RBC Capital Markets		6/5/2025	MYR	2,744,400	USD	637,640		—		(7,247	)

JP Morgan & Chase Co.		6/5/2025	USD	37,532	COP	156,011,000		—		(6	)

RBC Capital Markets		6/5/2025	USD	4,637,473	KRW	6,396,068,500		80		—

RBC Capital Markets		6/5/2025	USD	195,721	KRW	278,329,000		6,085		—

RBC Capital Markets		6/5/2025	USD	646,195	MYR	2,744,400		—		(1,309	)

Citigroup Global Markets		7/2/2025	AED	593,200	USD	161,516		—		(1	)

Citigroup Global Markets		7/2/2025	AED	546,000	USD	148,660		—		(5	)

JP Morgan & Chase Co.		7/2/2025	AED	1,978,200	USD	538,623		—		(4	)

RBC Capital Markets		7/2/2025	AUD	610,000	USD	392,723		—		(667	)

RBC Capital Markets		7/2/2025	AUD	11,395,700	USD	7,336,734		—		(12,362	)

JP Morgan & Chase Co.		7/2/2025	CAD	7,290,800	USD	5,310,538		—		(10,710	)

JP Morgan & Chase Co.		7/2/2025	CAD	1,058,000	USD	770,623		—		(1,567	)

RBC Capital Markets		7/2/2025	CAD	11,717,800	USD	8,533,201		—		(19,128	)

JP Morgan & Chase Co.		7/2/2025	CHF	153,000	USD	186,896		249		—

The Bank of New York Mellon		7/2/2025	CHF	9,062,300	USD	11,070,216		15,027		—

RBC Capital Markets		7/2/2025	CZK	1,736,400	USD	79,103		—		(86	)

Citigroup Global Markets		7/2/2025	DKK	16,546,800	USD	2,523,509		—		(814	)

Citigroup Global Markets		7/2/2025	DKK	689,000	USD	105,074		—		(37	)

JP Morgan & Chase Co.		7/2/2025	EUR	1,841,000	USD	2,093,856		—		(843	)

Morgan Stanley Capital		7/2/2025	EUR	33,830,800	USD	38,477,816		—		(15,032	)

JP Morgan & Chase Co.		7/2/2025	GBP	105,000	USD	141,614		122		—

Morgan Stanley Capital		7/2/2025	GBP	12,274,600	USD	16,555,121		14,460		—

JP Morgan & Chase Co.		7/2/2025	HUF	56,205,800	USD	157,700		—		(39	)

JP Morgan & Chase Co.		7/2/2025	ILS	2,112,000	USD	600,247		—		(1,052	)

RBC Capital Markets		7/2/2025	JPY	3,412,870,700	USD	23,729,543		—		(74,633	)

RBC Capital Markets		7/2/2025	JPY	203,174,000	USD	1,412,651		—		(4,452	)

JP Morgan & Chase Co.		7/2/2025	KWD	115,000	USD	375,045		—		(71	)

Bank of America		7/2/2025	MXN	19,601,500	USD	1,006,335		—		(161	)

See Notes to Financial Statements.

28 | DBX ETF Trust

Schedule of Investments

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

May 31, 2025


Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation ($)		Unrealized Depreciation ($)

Bank of America		7/2/2025		MXN	1,461,000		USD	75,006		—		(14	)

Goldman Sachs & Co.		7/2/2025		NOK	7,116,800		USD	696,527		—		(668	)

JP Morgan & Chase Co.		7/2/2025		NZD	362,300		USD	216,512		—		(234	)

JP Morgan & Chase Co.		7/2/2025		PHP	13,434,900		USD	240,756		135		—

RBC Capital Markets		7/2/2025		PLN	199,000		USD	53,105		—		(20	)

RBC Capital Markets		7/2/2025		PLN	2,019,000		USD	539,006		12		—

JP Morgan & Chase Co.		7/2/2025		QAR	1,416,600		USD	389,133		—		(34	)

Citigroup Global Markets		7/2/2025		SAR	7,076,200		USD	1,885,328		—		(64	)

JP Morgan & Chase Co.		7/2/2025		SEK	1,381,000		USD	144,026		—		(304	)

Morgan Stanley Capital		7/2/2025		SEK	32,979,200		USD	3,439,539		—		(7,143	)

RBC Capital Markets		7/2/2025		SGD	1,962,500		USD	1,524,153		—		(533	)

JP Morgan & Chase Co.		7/2/2025		THB	21,369,700		USD	651,654		—		(1,020	)

Goldman Sachs & Co.		7/2/2025		TRY	10,690,800		USD	263,699		293		—

Citigroup Global Markets		7/2/2025		USD	82,336		SAR	309,000		—		(5	)

Goldman Sachs & Co.		7/2/2025		ZAR	29,732,800		USD	1,644,377		—		(5,141	)

JP Morgan & Chase Co.		7/3/2025		BRL	2,565,000		USD	444,372		—		(644	)

JP Morgan & Chase Co.		7/3/2025		BRL	596,000		USD	103,380		—		(24	)

RBC Capital Markets		7/3/2025		BRL	8,159,600		USD	1,417,572		1,916		—

Goldman Sachs & Co.		7/3/2025		CLP	194,720,700		USD	206,000		198		—

JP Morgan & Chase Co.		7/3/2025		CNH	13,581,500		USD	1,889,771		—		(213	)

JP Morgan & Chase Co.		7/3/2025		CNH	417,000		USD	58,024		—		(5	)

JP Morgan & Chase Co.		7/3/2025		COP	156,011,000		USD	37,422		17		—

RBC Capital Markets		7/3/2025		HKD	6,619,000		USD	846,515		—		(346	)

RBC Capital Markets		7/3/2025		HKD	104,844,700		USD	13,408,794		—		(5,453	)

JP Morgan & Chase Co.		7/3/2025		IDR	10,299,009,200		USD	629,986		—		(1,343	)

JP Morgan & Chase Co.		7/3/2025		IDR	1,008,550,000		USD	61,568		—		(256	)

JP Morgan & Chase Co.		7/3/2025		INR	26,207,000		USD	305,781		75		—

JP Morgan & Chase Co.		7/3/2025		INR	259,060,100		USD	3,022,061		105		—

RBC Capital Markets		7/3/2025		INR	429,981,400		USD	5,014,764		—		(1,001	)

RBC Capital Markets		7/3/2025		KRW	414,957,000		USD	301,054		—		(431	)

RBC Capital Markets		7/3/2025		KRW	6,396,068,500		USD	4,643,196		—		(3,842	)

RBC Capital Markets		7/3/2025		MYR	2,744,400		USD	646,138		526		—

JP Morgan & Chase Co.		7/3/2025		TWD	200,822,800		USD	6,770,829		50,590		—

JP Morgan & Chase Co.		7/3/2025		TWD	16,828,000		USD	567,191		4,067		—

RBC Capital Markets		7/3/2025		TWD	65,227,300		USD	2,197,907		15,172		—

Citigroup Global Markets		7/7/2025		EGP	830,000		USD	16,459		47		—

Total unrealized appreciation (depreciation)										1,054,193		(1,435,717	)

For information on the Fund’s policy and additional disclosures regarding futures contracts and forward foreign currency contracts, please refer to the

Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

See Notes to Financial Statements.

DBX ETF Trust | 29

Schedule of Investments

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

May 31, 2025

Currency Abbreviations



AED		Arab Emirates Dirham

AUD		Australian Dollar

BRL		Brazilian Real

CAD		Canadian Dollar

CHF		Swiss Franc

CLP		Chilean Peso

CNH		Chinese Yuan

COP		Colombian Peso

CZK		Czech Koruna

DKK		Danish Krone

EGP		Egyptian Pound

EUR		Euro

GBP		Pound Sterling

HKD		Hong Kong Dollar

HUF		Hungarian Forint

IDR		Indonesian Rupiah

ILS		Israeli Shekel

INR		Indian Rupee

JPY		Japanese Yen

KRW		South Korean Won

KWD		Kuwaiti Dinar

MXN		Mexican Peso

MYR		Malaysian Ringgit

NOK		Norwegian Krone

NZD		New Zealand Dollar

PHP		Philippine Peso

PLN		Polish Zloty

QAR		Qatari Rial

SAR		Saudi Riyal

SEK		Swedish Krona

SGD		Singapore Dollar

THB		Thai Baht

TRY		Turkish Lira

TWD		New Taiwan Dollar

USD		U.S. Dollar

ZAR		South African Rand

See Notes to Financial Statements.

30 | DBX ETF Trust

Schedule of Investments

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

May 31, 2025

Fair Value Measurements


Assets	Level 1		Level 2			Level 3		Total

Common Stocks (a)	$	170,679,698	$	—		$	26,871	$	170,706,569

Preferred Stocks (a)		1,187,648		—			0		1,187,648

Rights		—		1,197			—		1,197

Warrants (a)		5		—			0		5

Exchange-Traded Funds		158,040		—			—		158,040

Short-Term Investments (a)		1,734,283		—			—		1,734,283

Derivatives (b)

Forward Foreign Currency Contracts		—		1,054,193			—		1,054,193

Futures Contracts		235,169		—			—		235,169

TOTAL	$	173,994,843	$	1,055,390		$	26,871	$	175,077,104

Liabilities	Level 1		Level 2			Level 3		Total

Derivatives (b)

Forward Foreign Currency Contracts	$	—	$	(1,435,717	)	$	—	$	(1,435,717	)

TOTAL	$	—	$	(1,435,717	)	$	—	$	(1,435,717	)

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

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

During the year ended May 31, 2025, the amount of transfers from Level 1 to Level 3 was $6,271. The investment was transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity. Transfers between price levels are recognized at the beginning of the reporting period.

See Notes to Financial Statements.

DBX ETF Trust | 31

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF

May 31, 2025


	Number of Shares		Value $


COMMON STOCKS – 97.1%

Australia – 6.5%

ANZ Group Holdings Ltd.		1,263,785		23,657,027

APA Group (a)		527,618		2,819,451

Aristocrat Leisure Ltd.		236,805		9,525,018

ASX Ltd.		83,163		3,822,170

BHP Group Ltd.		2,151,274		53,041,710

BlueScope Steel Ltd.		179,044		2,625,618

Brambles Ltd.		582,316		8,704,620

CAR Group Ltd.		153,915		3,528,036

Cochlear Ltd.		29,271		5,122,686

Coles Group Ltd.		570,955		7,949,613

Commonwealth Bank of Australia		711,058		80,646,337

Computershare Ltd.		221,762		5,749,361

CSL Ltd.		203,384		32,380,720

Evolution Mining Ltd.		860,197		4,907,175

Fortescue Ltd.		711,906		7,062,389

Goodman Group REIT		859,260		18,233,699

Insurance Australia Group Ltd.		1,042,218		5,804,471

Lottery Corp. Ltd.		1,000,735		3,289,877

Macquarie Group Ltd.		153,420		21,184,200

Medibank Pvt Ltd.		1,261,467		3,878,686

National Australia Bank Ltd.		1,305,789		31,985,044

Northern Star Resources Ltd.		574,539		7,769,899

Origin Energy Ltd.		711,568		4,962,883

Pro Medicus Ltd.		23,924		4,348,992

Qantas Airways Ltd.		331,172		2,264,954

QBE Insurance Group Ltd.		634,798		9,476,860

REA Group Ltd.		23,489		3,629,452

Reece Ltd.		97,292		982,108

Rio Tinto Ltd.		155,032		11,258,524

Santos Ltd.		1,326,491		5,634,820

Scentre Group REIT		2,168,072		5,128,969

SGH Ltd.		84,179		2,753,786

Sigma Healthcare Ltd.		1,962,439		3,946,764

Sonic Healthcare Ltd.		201,789		3,469,052

South32 Ltd.		2,021,143		3,973,628

Stockland REIT		1,001,962		3,526,422

Suncorp Group Ltd.		480,304		6,387,130

Telstra Group Ltd.		1,696,653		5,227,707

Transurban Group (a)		1,304,978		11,928,059

Vicinity Ltd. REIT		1,650,752		2,617,624

Washington H Soul Pattinson & Co. Ltd.		95,759		2,279,551

Wesfarmers Ltd.		480,208		25,698,186

Westpac Banking Corp.		1,457,978		30,600,302

WiseTech Global Ltd.		85,619		5,913,610

Woodside Energy Group Ltd.		793,890		11,386,249

Woolworths Group Ltd.		518,237		10,639,671


(Cost $440,016,067)				521,723,110


	Number of Shares		Value $


Austria – 0.2%

Erste Group Bank AG		129,805		10,442,382

OMV AG (b)		63,174		3,378,529

Verbund AG (b)		28,942		2,259,277


(Cost $9,435,525)				16,080,188

Belgium – 0.8%

Ageas SA/NV		57,374		3,742,600

Anheuser-Busch InBev SA/NV		420,416		29,615,518

D’ieteren Group		9,112		1,871,633

Elia Group SA/NV		20,780		2,201,382

Groupe Bruxelles Lambert NV		36,299		2,965,472

KBC Group NV		96,653		9,543,401

Lotus Bakeries NV		172		1,779,160

Sofina SA		6,753		1,953,730

Syensqo SA		31,944		2,448,282

UCB SA		53,243		9,666,723


(Cost $54,671,033)				65,787,901

Chile – 0.0%

Antofagasta PLC

(Cost $2,540,969)		157,458		3,756,137

China – 0.0%

Yangzijiang Shipbuilding Holdings Ltd.

(Cost $2,238,148)		1,137,100		1,869,085

Denmark – 2.3%

A.P. Moller – Maersk A/S, Class A (b)		1,208		2,158,588

A.P. Moller – Maersk A/S, Class B		1,800		3,256,165

Carlsberg AS, Class B		41,620		5,949,696

Coloplast A/S, Class B		52,936		5,121,175

Danske Bank A/S		292,045		11,161,720

Demant A/S *		37,828		1,479,726

DSV A/S		86,361		20,348,071

Genmab A/S *		27,165		5,703,823

Novo Nordisk A/S, Class B		1,366,420		94,349,533

Novonesis (Novozymes) B, Class B		147,394		10,360,205

Orsted AS, 144A * (b)		68,513		2,797,875

Pandora A/S		34,460		6,275,706

ROCKWOOL A/S, Class B		40,003		1,895,728

Tryg A/S		143,586		3,689,089

Vestas Wind Systems A/S		424,444		6,696,137


(Cost $145,192,410)				181,243,237

Finland – 1.0%

Elisa OYJ		60,960		3,211,672

Fortum OYJ		195,976		3,382,321

Kesko OYJ, Class B		110,566		2,674,050

Kone OYJ, Class B		141,846		8,832,484

Metso Corp. (b)		271,070		3,271,772

Neste OYJ		200,883		2,155,476

See Notes to Financial Statements.

32 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $


Nokia OYJ		2,259,049		11,737,618

Nordea Bank Abp		1,341,212		19,439,565

Orion OYJ, Class B		46,888		3,181,031

Sampo OYJ, Class A		1,019,863		10,880,608

Stora Enso OYJ, Class R		245,310		2,480,654

UPM-Kymmene OYJ		237,493		6,577,047

Wartsila OYJ Abp		204,308		4,089,837


(Cost $71,235,402)				81,914,135

France – 10.6%

Accor SA		86,244		4,578,032

Aeroports de Paris SA (b)		15,203		2,038,673

Air Liquide SA		245,134		50,768,776

Airbus SE		252,171		46,408,002

Alstom SA *		155,189		3,507,450

Amundi SA, 144A		25,599		2,088,421

Arkema SA		27,554		1,967,903

AXA SA		752,383		35,461,738

BioMerieux		18,641		2,499,697

BNP Paribas SA		431,506		37,795,037

Bollore SE		302,992		1,926,582

Bouygues SA		81,786		3,565,048

Bureau Veritas SA		138,640		4,735,160

Capgemini SE		70,067		11,635,303

Carrefour SA (b)		227,086		3,394,529

Cie de Saint-Gobain SA		190,030		21,326,678

Cie Generale des Etablissements Michelin SCA		288,475		11,031,856

Covivio SA REIT		21,270		1,275,175

Credit Agricole SA (b)		452,191		8,268,961

Danone SA		274,195		23,424,840

Dassault Aviation SA		8,324		3,013,136

Dassault Systemes SE		282,458		10,583,666

Edenred SE		107,606		3,359,986

Eiffage SA		28,835		3,964,902

Engie SA		770,906		16,618,060

EssilorLuxottica SA		126,153		35,050,955

Eurazeo SE		18,642		1,302,833

FDJ UNITED, 144A		45,439		1,668,542

Gecina SA REIT		20,025		2,203,254

Getlink SE *		142,585		2,727,986

Hermes International SCA		13,423		37,005,526

Ipsen SA *		17,775		2,092,940

Kering SA		31,229		6,111,712

Klepierre SA REIT		89,776		3,512,722

Legrand SA		110,707		13,443,866

L’Oreal SA		101,922		43,096,888

LVMH Moet Hennessy Louis Vuitton SE		116,656		63,347,629

Orange SA		791,564		11,805,501

Pernod Ricard SA		84,613		8,744,646

Publicis Groupe SA		98,352		10,707,289


	Number of Shares		Value $


Renault SA		84,732		4,365,965

Rexel SA		97,018		2,724,236

Safran SA		152,494		45,261,261

Sanofi SA		473,469		47,050,816

Sartorius Stedim Biotech		12,857		2,832,107

Schneider Electric SE		232,024		58,315,062

Societe Generale SA		305,142		16,578,767

Sodexo SA		37,994		2,625,088

Teleperformance SE		24,113		2,437,837

Thales SA		39,206		11,903,707

TotalEnergies SE		866,653		50,835,600

Unibail-Rodamco-Westfield REIT*		50,964		4,829,589

Veolia Environnement SA		269,366		9,261,193

Vinci SA		209,769		29,975,251


(Cost $613,154,774)				847,056,379

Germany – 9.7%

adidas AG		72,251		18,007,221

Allianz SE		164,093		64,969,617

BASF SE		375,077		18,057,374

Bayer AG		414,089		11,629,845

Bayerische Motoren Werke AG		120,224		10,661,309

Beiersdorf AG		41,341		5,663,392

Brenntag SE		56,589		3,832,110

Commerzbank AG		380,243		11,566,508

Continental AG		48,331		4,242,028

Covestro AG *		78,242		5,374,816

CTS Eventim AG & Co. KGaA		28,059		3,399,421

Daimler Truck Holding AG		199,767		8,667,006

Delivery Hero SE, 144A *		78,853		2,182,832

Deutsche Bank AG (c)		783,618		21,674,545

Deutsche Boerse AG		80,008		25,754,598

Deutsche Lufthansa AG		260,025		2,080,300

Deutsche Post AG		404,744		18,093,148

Deutsche Telekom AG		1,483,536		56,059,564

E.ON SE		951,895		16,677,205

Evonik Industries AG		111,490		2,412,832

Fresenius Medical Care AG		91,834		5,215,735

Fresenius SE & Co. KGaA		176,440		8,650,635

GEA Group AG		65,962		4,411,410

Hannover Rueck SE		25,546		8,075,333

Heidelberg Materials AG		57,575		11,273,673

Henkel AG & Co. KGaA		47,047		3,450,903

Infineon Technologies AG		554,737		21,589,019

Knorr-Bremse AG		31,217		3,154,638

LEG Immobilien SE (b)		30,965		2,628,153

Mercedes-Benz Group AG		304,956		18,209,946

Merck KGaA		54,447		7,140,428

MTU Aero Engines AG		22,597		8,993,052

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		56,865		36,893,817

See Notes to Financial Statements.

DBX ETF Trust | 33

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $


Nemetschek SE		24,793		3,442,896

Rational AG		2,249		1,847,550

Rheinmetall AG		19,054		40,781,746

RWE AG		266,082		10,009,335

SAP SE		443,401		133,870,015

Scout24 SE, 144A		32,511		4,426,065

Siemens AG		322,514		77,560,899

Siemens Energy AG *		290,164		28,169,423

Siemens Healthineers AG, 144A		145,584		7,699,835

Symrise AG		55,686		6,642,176

Talanx AG		28,155		3,654,013

Vonovia SE (b)		313,222		10,253,336

Zalando SE, 144A *		102,056		3,644,412


(Cost $498,463,686)				782,694,114

Hong Kong – 2.0%

AIA Group Ltd.		4,559,050		38,170,873

BOC Hong Kong Holdings Ltd.		1,545,728		6,525,053

CK Asset Holdings Ltd.		792,450		3,284,568

CK Hutchison Holdings Ltd.		1,100,521		6,196,580

CK Infrastructure Holdings Ltd.		266,015		1,721,731

CLP Holdings Ltd.		686,055		5,822,775

Futu Holdings Ltd., ADR		24,511		2,498,406

Galaxy Entertainment Group Ltd.		980,380		4,176,033

Hang Seng Bank Ltd.		329,143		4,609,035

Henderson Land Development Co. Ltd.		596,907		1,868,879

HKT Trust & HKT Ltd. (a)		1,673,982		2,412,416

Hong Kong & China Gas Co. Ltd.		4,629,416		4,073,787

Hong Kong Exchanges & Clearing Ltd.		508,890		25,687,552

Hongkong Land Holdings Ltd.		513,759		2,656,134

Jardine Matheson Holdings Ltd.		67,447		3,001,391

Link REIT		1,079,534		5,734,220

MTR Corp. Ltd.		655,855		2,291,825

Power Assets Holdings Ltd.		595,317		3,769,559

Prudential PLC		1,122,086		12,772,057

Sino Land Co. Ltd.		1,677,955		1,694,839

SITC International Holdings Co. Ltd.		575,485		1,838,505

Sun Hung Kai Properties Ltd.		601,194		6,459,629

Swire Pacific Ltd., Class A		181,248		1,545,246

Techtronic Industries Co. Ltd.		605,500		6,783,892

WH Group Ltd., 144A		3,710,880		3,426,403

Wharf Holdings Ltd.		433,308		1,152,194

Wharf Real Estate Investment Co. Ltd.		729,182		1,828,279


(Cost $150,998,752)				162,001,861

Ireland – 0.9%

AerCap Holdings NV		78,073		9,035,388

AIB Group PLC		922,556		7,248,817

Bank of Ireland Group PLC		446,662		6,126,526

DCC PLC		42,881		2,678,484


	Number of Shares		Value $


Experian PLC		387,183		19,265,327

James Hardie Industries PLC CDI *		193,430		4,418,836

Kerry Group PLC, Class A		69,018		7,538,861

Kingspan Group PLC		66,291		5,682,898

Ryanair Holdings PLC		355,517		9,433,816


(Cost $51,962,817)				71,428,953

Israel – 0.9%

Azrieli Group Ltd.		18,555		1,418,492

Bank Hapoalim BM		531,449		8,907,651

Bank Leumi Le-Israel BM		645,046		10,398,579

Check Point Software Technologies Ltd. *		37,188		8,511,589

CyberArk Software Ltd. *		19,222		7,357,797

Elbit Systems Ltd.		11,359		4,555,239

ICL Group Ltd.		334,935		2,206,844

Israel Discount Bank Ltd., Class A		520,712		4,431,276

Mizrahi Tefahot Bank Ltd.		65,859		3,771,405

Monday.com Ltd. *		17,327		5,154,609

Nice Ltd. *		26,788		4,515,114

Teva Pharmaceutical Industries Ltd., ADR *		472,010		7,920,328

Wix.com Ltd. *		23,563		3,509,709


(Cost $44,714,062)				72,658,632

Italy – 2.9%

Banca Mediolanum SpA		102,562		1,703,723

Banco BPM SpA		490,906		5,635,310

BPER Banca SPA		411,558		3,650,578

Davide Campari-Milano NV		289,965		1,891,160

DiaSorin SpA		10,072		1,044,817

Enel SpA		3,442,895		31,606,187

Eni SpA		921,350		13,570,626

Ferrari NV		53,424		25,562,259

FinecoBank Banca Fineco SpA		270,724		5,846,630

Generali		369,021		13,429,116

Infrastrutture Wireless Italiane SpA, 144A		137,422		1,611,851

Intesa Sanpaolo SpA		6,410,792		35,740,571

Leonardo SpA		172,801		10,638,345

Mediobanca Banca di Credito Finanziario SpA (b)		204,830		4,865,456

Moncler SpA		97,329		6,084,806

Nexi SpA, 144A		213,585		1,284,361

Poste Italiane SpA, 144A		190,402		4,131,431

Prysmian SpA		117,404		7,545,146

Recordati Industria Chimica e Farmaceutica SpA		50,437		3,023,789

Snam SpA		830,068		4,963,212

Telecom Italia SpA *		4,171,762		1,782,943

Terna - Rete Elettrica Nazionale		588,557		5,986,430

UniCredit SpA		592,359		38,041,944

See Notes to Financial Statements.

34 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $


Unipol Assicurazioni SpA		160,459		3,139,190


(Cost $138,053,255)				232,779,881

Japan – 21.4%

Advantest Corp.		325,200		16,649,282

Aeon Co. Ltd.		276,700		8,528,194

AGC, Inc.		83,500		2,484,777

Aisin Corp.		220,862		2,828,790

Ajinomoto Co., Inc.		385,794		9,684,061

ANA Holdings, Inc. (b)		66,800		1,326,298

Asahi Group Holdings Ltd.		627,995		8,318,277

Asahi Kasei Corp.		527,600		3,723,394

Asics Corp.		278,800		6,748,396

Astellas Pharma, Inc.		763,032		7,577,558

Bandai Namco Holdings, Inc.		251,500		8,032,899

Bridgestone Corp.		241,076		10,412,366

Canon, Inc.		394,286		12,144,102

Capcom Co. Ltd.		145,800		4,356,927

Central Japan Railway Co.		328,270		7,211,241

Chiba Bank Ltd.		222,000		2,027,228

Chubu Electric Power Co., Inc.		260,800		3,204,381

Chugai Pharmaceutical Co. Ltd.		285,000		15,018,972

Concordia Financial Group Ltd.		441,315		2,843,038

Dai Nippon Printing Co. Ltd.		163,400		2,420,425

Daifuku Co. Ltd.		142,163		3,821,443

Dai-ichi Life Holdings, Inc.		1,494,252		11,718,707

Daiichi Sankyo Co. Ltd.		731,693		19,536,221

Daikin Industries Ltd.		111,988		12,907,474

Daito Trust Construction Co. Ltd.		24,013		2,710,109

Daiwa House Industry Co. Ltd.		237,736		8,047,618

Daiwa Securities Group, Inc.		594,287		4,043,687

Denso Corp.		800,912		10,917,606

Dentsu Group, Inc. (b)		76,900		1,668,451

Disco Corp.		38,800		8,863,102

East Japan Railway Co.		384,659		8,099,773

Eisai Co. Ltd.		109,352		3,146,924

ENEOS Holdings, Inc.		1,105,528		5,265,846

FANUC Corp.		400,685		10,770,698

Fast Retailing Co. Ltd.		80,951		27,200,256

Fuji Electric Co. Ltd.		53,000		2,367,956

FUJIFILM Holdings Corp.		474,662		10,832,830

Fujikura Ltd.		110,100		5,140,219

Fujitsu Ltd.		746,420		17,211,311

Hankyu Hanshin Holdings, Inc.		96,540		2,606,469

Hikari Tsushin, Inc.		7,400		2,023,114

Hitachi Ltd.		1,945,305		54,697,551

Honda Motor Co. Ltd.		1,793,697		18,299,087

Hoshizaki Corp.		45,200		1,694,666

Hoya Corp.		147,774		17,576,372

Hulic Co. Ltd.		190,300		1,933,483

Idemitsu Kosan Co. Ltd.		335,320		2,054,169

IHI Corp.		62,600		6,084,027


	Number of Shares		Value $


Inpex Corp.		355,817		4,825,580

Isuzu Motors Ltd.		223,800		3,047,612

ITOCHU Corp.		504,354		27,128,809

Japan Airlines Co. Ltd.		67,273		1,366,545

Japan Exchange Group, Inc.		420,756		4,675,554

Japan Post Bank Co. Ltd.		761,958		8,236,740

Japan Post Holdings Co. Ltd.		753,413		7,411,349

Japan Post Insurance Co. Ltd.		69,800		1,540,601

Japan Tobacco, Inc.		514,541		15,869,439

JFE Holdings, Inc.		241,385		2,871,055

Kajima Corp.		174,000		4,309,642

Kansai Electric Power Co., Inc.		394,767		4,501,982

Kao Corp.		197,004		9,044,153

Kawasaki Kisen Kaisha Ltd.		155,700		2,355,599

KDDI Corp.		1,301,866		22,609,285

Keyence Corp.		82,570		34,853,899

Kikkoman Corp.		285,810		2,626,802

Kirin Holdings Co. Ltd.		323,423		4,657,093

Kobe Bussan Co. Ltd.		63,500		2,007,888

Komatsu Ltd.		381,973		11,738,313

Konami Group Corp.		42,466		5,800,544

Kubota Corp. (b)		414,081		4,786,989

Kyocera Corp.		542,500		6,641,049

Kyowa Kirin Co. Ltd.		100,200		1,638,839

Lasertec Corp.		34,100		3,461,069

LY Corp.		1,248,900		4,530,566

M3, Inc.		194,242		2,750,395

Makita Corp.		100,300		3,099,022

Marubeni Corp.		598,100		12,240,901

MatsukiyoCocokara & Co.		152,700		3,094,431

MEIJI Holdings Co. Ltd.		95,780		2,146,638

MINEBEA MITSUMI, Inc.		151,820		2,145,495

Mitsubishi Chemical Group Corp.		574,500		3,076,616

Mitsubishi Corp.		1,450,875		29,593,232

Mitsubishi Electric Corp.		806,579		16,277,879

Mitsubishi Estate Co. Ltd.		460,751		8,456,467

Mitsubishi HC Capital, Inc.		347,200		2,554,023

Mitsubishi Heavy Industries Ltd.		1,370,090		31,915,923

Mitsubishi UFJ Financial Group, Inc.		4,864,552		68,474,583

Mitsui & Co. Ltd.		1,048,120		22,063,001

Mitsui Fudosan Co. Ltd.		1,122,278		10,841,005

Mitsui OSK Lines Ltd.		150,500		5,360,245

Mizuho Financial Group, Inc.		1,014,258		28,208,489

MonotaRO Co. Ltd.		109,600		2,271,289

MS&AD Insurance Group Holdings, Inc.		545,563		13,103,066

Murata Manufacturing Co. Ltd.		707,031		10,475,625

NEC Corp.		518,695		13,643,703

Nexon Co. Ltd.		146,645		2,661,918

Nidec Corp.		353,692		6,906,943

See Notes to Financial Statements.

DBX ETF Trust | 35

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $


Nintendo Co. Ltd.		468,210		38,509,089

Nippon Building Fund, Inc. REIT		2,850		2,606,484

Nippon Paint Holdings Co. Ltd.		392,210		2,969,615

Nippon Sanso Holdings Corp.		68,600		2,467,588

Nippon Steel Corp.		407,909		8,243,507

Nippon Telegraph & Telephone Corp.		12,690,150		14,145,732

Nippon Yusen KK		190,400		6,974,519

Nissan Motor Co. Ltd. *		939,542		2,408,680

Nissin Foods Holdings Co. Ltd.		78,800		1,676,817

Nitori Holdings Co. Ltd. (b)		33,101		3,305,614

Nitto Denko Corp.		298,420		5,486,432

Nomura Holdings, Inc.		1,271,654		7,850,240

Nomura Research Institute Ltd.		159,843		6,196,214

NTT Data Group Corp.		267,234		7,410,012

Obayashi Corp.		267,800		4,058,083

Obic Co. Ltd.		137,400		5,029,263

Olympus Corp.		475,316		6,127,462

Omron Corp. (b)		75,292		1,959,544

Ono Pharmaceutical Co. Ltd. (b)		146,406		1,592,818

Oracle Corp. (b)		16,600		1,949,039

Oriental Land Co. Ltd. (b)		458,800		10,244,445

ORIX Corp.		499,746		10,648,190

Osaka Gas Co. Ltd.		153,400		3,915,620

Otsuka Corp.		95,600		1,970,199

Otsuka Holdings Co. Ltd.		187,167		9,560,287

Pan Pacific International Holdings Corp.		161,072		5,304,703

Panasonic Holdings Corp.		988,785		11,461,784

Rakuten Group, Inc. *		637,086		3,535,751

Recruit Holdings Co. Ltd.		594,953		35,925,825

Renesas Electronics Corp.		715,000		8,859,550

Resona Holdings, Inc.		884,725		7,866,887

Ricoh Co. Ltd.		218,400		2,049,753

Sanrio Co. Ltd.		76,000		3,349,609

SBI Holdings, Inc.		111,425		3,398,619

SCREEN Holdings Co. Ltd.		33,700		2,423,955

SCSK Corp.		69,400		2,117,762

Secom Co. Ltd.		177,500		6,498,280

Sekisui Chemical Co. Ltd.		152,200		2,654,866

Sekisui House Ltd.		250,651		5,718,665

Seven & i Holdings Co. Ltd.		938,428		14,191,037

SG Holdings Co. Ltd.		155,000		1,513,969

Shimadzu Corp.		107,000		2,597,387

Shimano, Inc.		31,994		4,572,477

Shin-Etsu Chemical Co. Ltd.		766,020		24,706,201

Shionogi & Co. Ltd.		320,685		5,366,479

Shiseido Co. Ltd.		177,457		2,873,448

SMC Corp.		24,182		9,100,075

SoftBank Corp.		12,078,300		18,583,937

SoftBank Group Corp.		405,528		21,457,939

Sompo Holdings, Inc.		377,605		11,512,236


	Number of Shares		Value $


Sony Group Corp.		2,609,580		69,095,520

Subaru Corp.		247,734		4,612,248

Sumitomo Corp.		461,276		11,867,290

Sumitomo Electric Industries Ltd.		309,800		6,536,383

Sumitomo Metal Mining Co. Ltd. (b)		101,600		2,343,448

Sumitomo Mitsui Financial Group, Inc.		1,581,145		40,656,288

Sumitomo Mitsui Trust Holdings, Inc.		272,962		7,441,745

Sumitomo Realty & Development Co. Ltd.		131,203		5,065,031

Suntory Beverage & Food Ltd.		53,200		1,734,328

Suzuki Motor Corp.		682,204		8,782,674

Sysmex Corp.		205,121		3,467,506

T&D Holdings, Inc.		209,500		4,824,928

Taisei Corp.		66,815		3,739,263

Takeda Pharmaceutical Co. Ltd.		673,011		20,177,000

TDK Corp.		823,160		9,152,896

Terumo Corp.		564,488		10,438,880

TIS, Inc.		93,000		3,068,654

Toho Co. Ltd.		43,400		2,296,751

Tokio Marine Holdings, Inc.		780,650		33,158,434

Tokyo Electron Ltd.		190,292		30,416,039

Tokyo Gas Co. Ltd.		139,680		4,703,079

Tokyo Metro Co. Ltd.		104,200		1,316,847

Tokyu Corp.		225,310		2,743,272

TOPPAN Holdings, Inc.		108,589		2,905,366

Toray Industries, Inc.		609,243		4,225,897

Toyota Industries Corp.		68,900		8,673,849

Toyota Motor Corp.		4,022,320		77,402,301

Toyota Tsusho Corp.		270,633		5,773,955

Trend Micro, Inc.		53,376		4,015,395

Unicharm Corp.		473,300		3,774,362

West Japan Railway Co.		200,812		4,352,706

Yakult Honsha Co. Ltd.		107,358		2,177,824

Yamaha Motor Co. Ltd. (b)		379,522		2,927,617

Yokogawa Electric Corp.		100,244		2,472,400

Zensho Holdings Co. Ltd.		38,900		2,135,384

ZOZO, Inc.		169,791		1,845,465


(Cost $1,250,897,056)				1,715,945,372

Luxembourg – 0.2%

ArcelorMittal SA		197,454		5,990,605

CVC Capital Partners PLC, 144A		91,329		1,697,562

Eurofins Scientific SE		50,988		3,400,715

Tenaris SA		177,797		2,981,764


(Cost $12,110,773)				14,070,646

Macau – 0.0%

Sands China Ltd. *

(Cost $3,393,026)		1,028,897		2,023,389

See Notes to Financial Statements.

36 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $


Netherlands – 4.7%

ABN AMRO Bank NV, 144A		188,679		4,878,147

Adyen NV, 144A *		10,731		20,586,969

Aegon Ltd.		538,190		3,853,522

Akzo Nobel NV		69,198		4,711,112

Argenx SE *		25,388		14,597,904

ASM International NV		20,206		11,003,424

ASML Holding NV		167,243		124,173,120

ASR Nederland NV (b)		63,592		4,078,171

BE Semiconductor Industries NV		35,301		4,270,795

Euronext NV, 144A		32,274		5,254,970

EXOR NV		40,400		3,889,963

Ferrovial SE		211,336		10,759,879

Heineken Holding NV		52,856		4,117,055

Heineken NV		121,124		10,785,129

IMCD NV		24,176		3,280,354

ING Groep NV		1,332,358		28,259,607

JDE Peet’s NV		70,087		1,927,436

Koninklijke Ahold Delhaize NV		389,960		16,462,574

Koninklijke KPN NV		1,633,952		7,677,116

Koninklijke Philips NV		351,758		8,087,929

NN Group NV		111,622		7,024,002

Prosus NV *		558,040		28,639,938

QIAGEN NV *		96,290		4,345,969

Randstad NV (b)		47,471		1,992,180

Stellantis NV		840,716		8,557,914

Universal Music Group NV (b)		468,683		14,985,808

Wolters Kluwer NV		101,205		17,960,948


(Cost $254,278,182)				376,161,935

New Zealand – 0.3%

Auckland International Airport Ltd.		709,452		3,200,695

Contact Energy Ltd.		331,199		1,812,837

Fisher & Paykel Healthcare Corp. Ltd.		244,979		5,343,133

Infratil Ltd.		402,043		2,533,339

Meridian Energy Ltd.		568,208		1,864,035

Xero Ltd. *		60,609		7,199,946


(Cost $17,686,261)				21,953,985

Norway – 0.6%

Aker BP ASA		147,292		3,391,032

DNB Bank ASA		374,963		10,039,519

Equinor ASA		348,568		8,178,580

Gjensidige Forsikring ASA		87,906		2,225,337

Kongsberg Gruppen ASA		38,706		6,817,935

Mowi ASA		187,512		3,501,360

Norsk Hydro ASA		636,238		3,488,046

Orkla ASA		304,339		3,446,675

Salmar ASA (b)		28,380		1,265,053

Telenor ASA		243,889		3,741,699


	Number of Shares		Value $


Yara International ASA		71,766		2,573,266


(Cost $40,159,311)				48,668,502

Poland – 0.0%

InPost SA *

(Cost $1,751,444)		98,548		1,620,260

Portugal – 0.1%

EDP SA		1,314,068		5,237,129

Galp Energia SGPS SA		179,792		2,867,216

Jeronimo Martins SGPS SA		126,552		3,184,249


(Cost $9,801,988)				11,288,594

Singapore – 1.7%

CapitaLand Ascendas REIT		1,569,699		3,225,201

CapitaLand Integrated Commercial Trust REIT		2,602,781		4,217,726

CapitaLand Investment Ltd.		1,095,600		2,140,657

DBS Group Holdings Ltd.		903,245		31,318,563

Genting Singapore Ltd.		2,491,278		1,332,802

Grab Holdings Ltd., Class A *		1,031,973		5,025,709

Keppel Ltd.		641,200		3,375,653

Oversea-Chinese Banking Corp. Ltd.		1,421,087		17,882,723

Sea Ltd., ADR *		162,667		26,086,907

Sembcorp Industries Ltd.		434,600		2,230,705

Singapore Airlines Ltd.		689,550		3,811,972

Singapore Exchange Ltd.		370,900		4,031,803

Singapore Technologies Engineering Ltd.		655,100		3,971,996

Singapore Telecommunications Ltd.		3,225,889		9,529,472

United Overseas Bank Ltd.		532,654		14,623,980

Wilmar International Ltd.		838,766		1,983,513


(Cost $94,450,871)				134,789,382

Spain – 3.1%

Acciona SA		10,514		1,695,214

ACS Actividades de Construccion y Servicios SA		79,850		5,245,013

Aena SME SA, 144A		32,278		8,686,069

Amadeus IT Group SA		189,740		15,809,018

Banco Bilbao Vizcaya Argentaria SA		2,447,517		36,711,053

Banco de Sabadell SA		2,292,664		7,301,996

Banco Santander SA		6,436,261		51,382,952

Bankinter SA		293,931		3,784,659

CaixaBank SA		1,671,529		14,211,766

Cellnex Telecom SA, 144A *		206,186		7,894,326

EDP Renovaveis SA		155,466		1,560,472

Endesa SA		133,102		4,062,395

Grifols SA *		131,097		1,409,649

Iberdrola SA		2,474,408		45,177,861

Industria de Diseno Textil SA		462,624		25,066,685

Redeia Corp. SA		166,194		3,434,433

Repsol SA		517,587		6,967,119

See Notes to Financial Statements.

DBX ETF Trust | 37

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $


Telefonica SA (b)		1,544,959		8,265,908


(Cost $164,430,407)				248,666,588

Sweden – 3.5%

AddTech AB, Class B		107,721		3,701,208

Alfa Laval AB		119,201		5,069,208

Assa Abloy AB, Class B		423,699		13,430,979

Atlas Copco AB, Class A		1,132,787		18,184,711

Atlas Copco AB, Class B		663,207		9,446,270

Beijer Ref AB		170,914		2,522,630

Boliden AB *		120,569		3,771,652

Epiroc AB, Class A		287,029		6,422,034

Epiroc AB, Class B		152,785		2,988,144

EQT AB (b)		154,660		4,526,736

Essity AB, Class B		257,102		7,517,061

Evolution AB, 144A		61,775		4,239,925

Fastighets AB Balder, Class B *		320,340		2,244,764

H & M Hennes & Mauritz AB, Class B (b)		236,662		3,389,367

Hexagon AB, Class B		878,988		8,856,857

Holmen AB, Class B (b)		34,143		1,410,316

Industrivarden AB, Class A		49,839		1,806,004

Industrivarden AB, Class C		55,006		1,986,928

Indutrade AB		122,749		3,326,417

Investment AB Latour, Class B		60,983		1,608,072

Investor AB, Class B		730,144		21,492,408

L E Lundbergforetagen AB, Class B		32,140		1,641,371

Lifco AB, Class B		99,847		4,065,972

Nibe Industrier AB, Class B (b)		644,430		2,639,710

Saab AB, Class B		135,476		6,847,318

Sagax AB, Class B		97,068		2,124,228

Sandvik AB		443,564		9,688,410

Securitas AB, Class B		216,329		3,198,581

Skandinaviska Enskilda Banken AB, Class A		671,782		11,208,104

Skanska AB, Class B		149,171		3,546,078

SKF AB, Class B		148,016		3,254,609

Spotify Technology SA *		65,244		43,396,394

Svenska Cellulosa AB SCA, Class B		246,710		3,336,405

Svenska Handelsbanken AB, Class A		619,766		8,278,028

Swedbank AB, Class A		359,209		9,723,086

Swedish Orphan Biovitrum AB *		90,748		2,775,368

Tele2 AB, Class B		227,758		3,407,954

Telefonaktiebolaget LM Ericsson, Class B		1,179,007		10,020,443

Telia Co. AB		1,051,406		4,062,197

Trelleborg AB, Class B		87,870		3,218,953

Volvo AB, Class B		671,696		18,629,905


(Cost $215,196,338)				283,004,805


	Number of Shares		Value $


Switzerland – 9.9%

ABB Ltd.		671,059		37,947,856

Alcon, Inc.		211,495		18,168,525

Avolta AG *		34,449		1,845,093

Baloise Holding AG		17,121		4,060,777

Banque Cantonale Vaudoise		11,408		1,319,613

Barry Callebaut AG (b)		1,584		1,623,456

BKW AG		10,389		2,182,574

Chocoladefabriken Lindt & Spruengli AG		45		7,064,399

Chocoladefabriken Lindt & Spruengli AG Participation Certificates		383		6,156,853

Cie Financiere Richemont SA, Class A		227,951		42,889,687

Coca-Cola HBC AG *		96,293		5,010,578

DSM-Firmenich AG		78,711		8,760,289

EMS-Chemie Holding AG		3,361		2,552,400

Galderma Group AG		45,520		5,956,870

Geberit AG		14,152		10,540,919

Givaudan SA		3,907		19,596,714

Glencore PLC *		4,367,522		16,676,916

Helvetia Holding AG		16,305		3,859,312

Holcim AG *		219,859		24,315,390

Julius Baer Group Ltd.		86,549		5,691,412

Kuehne + Nagel International AG		20,923		4,704,497

Logitech International SA		63,947		5,317,780

Lonza Group AG		30,613		21,172,442

Nestle SA		1,112,630		118,563,367

Novartis AG		809,868		92,529,633

Partners Group Holding AG		9,604		12,859,791

Roche Holding AG		13,935		4,740,948

Roche Holding AG		297,988		96,131,001

Sandoz Group AG		176,535		8,951,161

Schindler Holding AG		11,037		3,781,815

Schindler Holding AG Participation Certificates		16,900		6,004,326

SGS SA		68,530		7,142,774

SIG Group AG *		144,442		2,948,512

Sika AG		63,601		16,978,299

Sonova Holding AG		21,332		6,676,942

STMicroelectronics NV		150,397		3,774,835

STMicroelectronics NV, Class Y		132,215		3,306,697

Straumann Holding AG		46,630		5,980,312

Swatch Group AG – Bearer (b)		12,238		2,060,237

Swiss Life Holding AG		12,100		12,076,476

Swiss Prime Site AG		32,826		4,662,648

Swiss Re AG		128,051		22,599,523

Swisscom AG		10,978		7,543,207

Temenos AG		25,829		1,915,991

UBS Group AG		1,396,461		44,439,020

VAT Group AG, 144A		12,178		4,627,048

See Notes to Financial Statements.

38 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $


Zurich Insurance Group AG		62,211		43,630,850


(Cost $591,505,740)				791,339,765

United Kingdom – 13.8%

3i Group PLC		411,832		22,594,808

Admiral Group PLC		112,952		5,098,231

Anglo American PLC *		534,330		15,874,460

Ashtead Group PLC		183,284		10,705,192

Associated British Foods PLC		143,873		4,037,842

AstraZeneca PLC		657,533		94,971,467

Auto Trader Group PLC, 144A		399,377		4,272,523

Aviva PLC		1,175,025		9,666,844

BAE Systems PLC		1,274,390		32,649,722

Barclays PLC		6,077,341		26,816,724

Barratt Redrow PLC		593,095		3,682,286

BP PLC		6,812,709		33,021,854

British American Tobacco PLC		842,450		37,843,434

BT Group PLC		2,698,289		6,523,982

Bunzl PLC		148,500		4,753,940

Centrica PLC		2,241,478		4,782,262

Coca-Cola Europacific Partners PLC		98,202		9,013,962

Compass Group PLC		721,263		25,315,248

Croda International PLC		57,132		2,361,650

Diageo PLC		941,829		25,595,214

Entain PLC		263,037		2,660,150

GSK PLC		1,752,624		35,586,298

Haleon PLC		3,834,588		21,384,295

Halma PLC		158,777		6,216,759

Hikma Pharmaceuticals PLC		73,961		2,132,541

HSBC Holdings PLC		7,497,970		88,214,145

Imperial Brands PLC		333,580		12,629,528

Informa PLC		562,944		5,957,128

InterContinental Hotels Group PLC		65,960		7,548,727

International Consolidated Airlines Group SA		500,000		2,199,936

Intertek Group PLC		70,996		4,578,122

J Sainsbury PLC		757,771		2,913,887

JD Sports Fashion PLC		1,037,685		1,176,104

Kingfisher PLC		835,034		3,123,233

Land Securities Group PLC REIT		305,798		2,608,069

Legal & General Group PLC		2,385,472		7,993,388

Lloyds Banking Group PLC		25,692,999		26,724,704

London Stock Exchange Group PLC		202,538		30,768,326

M&G PLC		1,058,968		3,377,240

Marks & Spencer Group PLC		888,985		4,484,470

Melrose Industries PLC		564,284		3,558,911

Mondi PLC		204,599		3,323,162

National Grid PLC		2,063,372		29,093,607

NatWest Group PLC		3,425,025		24,208,776

Next PLC		50,807		8,806,719


	Number of Shares		Value $


Pearson PLC		270,961		4,253,178

Phoenix Group Holdings PLC		308,766		2,637,543

Reckitt Benckiser Group PLC		290,025		19,663,321

RELX PLC		785,890		42,291,260

Rentokil Initial PLC		1,053,576		4,991,092

Rio Tinto PLC		481,680		28,568,633

Rolls-Royce Holdings PLC		3,603,722		42,058,160

Sage Group PLC		422,381		6,937,275

Schroders PLC		348,640		1,669,458

Segro PLC REIT		568,206		5,336,044

Severn Trent PLC		103,848		3,782,030

Shell PLC		2,530,584		83,517,793

Smith & Nephew PLC		342,091		4,952,550

Smiths Group PLC		151,891		4,408,172

Spirax Group PLC		31,691		2,440,242

SSE PLC		454,628		10,786,892

Standard Chartered PLC		866,654		13,521,819

Tesco PLC		2,850,410		14,901,153

Unilever PLC		1,056,299		66,990,292

United Utilities Group PLC		307,523		4,851,939

Vodafone Group PLC		8,168,004		8,460,775

Whitbread PLC		79,091		3,083,943

Wise PLC, Class A *		290,466		4,301,043

WPP PLC		473,124		3,820,960


(Cost $873,795,974)				1,109,075,437

TOTAL COMMON STOCKS


(Cost $5,752,134,271)				7,799,602,273

PREFERRED STOCKS – 0.3%

Germany – 0.3%

Bayerische Motoren Werke AG		25,870		2,142,841

Dr Ing hc F Porsche AG, 144A		49,440		2,383,564

Henkel AG & Co. KGaA		68,587		5,488,782

Porsche Automobil Holding SE		66,873		2,665,178

Sartorius AG		11,396		2,730,255

Volkswagen AG		86,519		9,367,982


(Cost $30,651,860)				24,778,602

EXCHANGE-TRADED FUNDS – 0.0%

iShares Currency Hedged MSCI EAFE ETF

(Cost $2,605,500)		75,000		2,832,750

SECURITIES LENDING

COLLATERAL – 1.1%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.22% (d)(e)

(Cost $87,680,530)		87,680,530		87,680,530

See Notes to Financial Statements.

DBX ETF Trust | 39

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $


CASH EQUIVALENTS – 1.2%

DWS Government Money Market Series “Institutional Shares”, 4.26% (d)

(Cost $95,373,226)		95,373,226		95,373,226


	Number of Shares	Value $


TOTAL INVESTMENTS – 99.7%

(Cost $5,968,445,387)			8,010,267,381

Other assets and liabilities, net – 0.3%			20,993,283


NET ASSETS – 100.0%			8,031,260,664

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


Value ($) at 5/31/2024	Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2025		Value ($) at 5/31/2025
COMMON STOCKS – 0.2%

Germany – 0.2%

Deutsche Bank AG (c)

11,115,151		4,557,109			(2,946,919	)		(1,352,250	)		10,301,454		605,516		—		783,618		21,674,545

SECURITIES LENDING COLLATERAL – 1.1%

DWS Government & Agency Securities Portfolio “ DWS Government Cash Institutional Shares”, 4.22% (d)(e)

49,090,266		38,590,264	(f)		—			—			—		828,727		—		87,680,530		87,680,530

CASH EQUIVALENTS – 1.2%

DWS ESG Liquidity Fund “Capital Shares” (g)

12,467,188		—			(12,467,188	)		(1,247	)		1,247		27,407		—		—		—

DWS Government Money Market Series “Institutional Shares”, 4.26% (d)

131,771,708		460,170,611			(496,569,093	)		—			—		4,565,983		—		95,373,226		95,373,226

204,444,313		503,317,984			(511,983,200	)		(1,353,497	)		10,302,701		6,027,633		—		183,837,374		204,728,301

*	Non-income producing security.

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

(b)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at May 31, 2025 amounted to $83,154,499, which is 1.0% of net assets.

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

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

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

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

(g)	Affiliated fund managed by DWS Investment Management Americas, Inc.


ADR:		American Depositary Receipt

CDI:		Chess Depositary Interests

REIT:		Real Estate Investment Trust

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

Securities are listed in country of domicile.

See Notes to Financial Statements.

40 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2025

At May 31, 2025, open futures contracts purchased were as follows:


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

CAC 40 Index		EUR		155		13,744,824		13,632,563		6/20/2025		(112,261)

DAX Index		EUR		10		6,651,649		6,825,479		6/20/2025		173,830

EURO STOXX 50 Index		EUR		635		38,003,297		38,703,883		6/20/2025		700,586

FTSE 100 Index		GBP		260		30,209,850		30,762,587		6/20/2025		552,737

FTSE MIB Index		EUR		5		1,067,703		1,139,311		6/20/2025		71,608

IBEX 35 Index		EUR		18		2,815,353		2,892,361		6/20/2025		77,008

MSCI EAFE Index		USD		215		26,922,623		27,998,375		6/20/2025		1,075,752

MSCI Singapore Index		SGD		125		3,957,336		3,979,938		6/27/2025		22,602

OMXS30 Index		SEK		325		8,568,345		8,454,722		6/19/2025		(113,623)

SMI Index		CHF		45		6,777,901		6,682,199		6/20/2025		(95,702)

SPI 200 Index		AUD		125		16,200,907		17,035,571		6/19/2025		834,664

TOPIX Index		JPY		235		43,839,741		45,686,959		6/12/2025		1,847,218

Total net unrealized appreciation												5,034,419

At May 31, 2025, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date		Currency To Deliver		Currency To Receive		Unrealized Appreciation ($)		Unrealized Depreciation ($)

RBC Capital Markets		6/3/2025	AUD	823,371,142	USD	527,005,286		—		(3,762,657	)

Goldman Sachs & Co.		6/3/2025	CHF	695,013,500	USD	849,030,109		4,228,649		—

Citigroup Global Markets		6/3/2025	DKK	1,289,006,400	USD	196,749,963		512,155		—

The Bank of New York Mellon		6/3/2025	EUR	2,492,981,400	USD	2,838,847,668		7,643,561		—

RBC Capital Markets		6/3/2025	GBP	910,649,000	USD	1,216,487,735		—		(10,493,543	)

The Bank of New York Mellon		6/3/2025	HKD	1,103,224,800	USD	142,322,204		1,582,594		—

RBC Capital Markets		6/3/2025	JPY	259,619,164,700	USD	1,826,657,412		21,817,432		—

Goldman Sachs & Co.		6/3/2025	NOK	302,750,700	USD	29,194,719		—		(465,107	)

JP Morgan & Chase Co.		6/3/2025	NOK	7,366,900	USD	710,398		—		(11,321	)

RBC Capital Markets		6/3/2025	NOK	211,411,000	USD	20,376,202		—		(335,273	)

JP Morgan & Chase Co.		6/3/2025	SEK	2,508,489,900	USD	260,543,555		—		(1,160,308	)

Goldman Sachs & Co.		6/3/2025	SGD	48,250,200	USD	37,012,757		—		(404,805	)

RBC Capital Markets		6/3/2025	SGD	94,329,900	USD	72,342,154		—		(809,769	)

RBC Capital Markets		6/3/2025	USD	19,056,834	AUD	29,773,000		135,670		—

RBC Capital Markets		6/3/2025	USD	510,113,217	AUD	792,655,142		854,339		—

RBC Capital Markets		6/3/2025	USD	604,249	AUD	943,000		3,635		—

Goldman Sachs & Co.		6/3/2025	USD	7,660,245	CHF	6,300,000		—		(2,481	)

Goldman Sachs & Co.		6/3/2025	USD	74,992,245	CHF	61,408,000		—		(349,712	)

The Bank of New York Mellon		6/3/2025	USD	763,563,386	CHF	627,305,500		—		(1,062,223	)

Citigroup Global Markets		6/3/2025	USD	171,533,143	DKK	1,127,101,400		56,314		—

Citigroup Global Markets		6/3/2025	USD	24,712,952	DKK	161,905,000		—		(64,601	)

Morgan Stanley Capital		6/3/2025	USD	2,636,435,804	EUR	2,322,339,400		975,308		—

The Bank of New York Mellon		6/3/2025	USD	150,408,792	EUR	132,079,000		—		(410,638	)

The Bank of New York Mellon		6/3/2025	USD	43,763,568	EUR	38,563,000		31,273		—

Morgan Stanley Capital		6/3/2025	USD	1,138,238,233	GBP	844,046,000		—		(995,850	)

RBC Capital Markets		6/3/2025	USD	88,972,750	GBP	66,603,000		766,144		—

RBC Capital Markets		6/3/2025	USD	128,040,859	HKD	1,004,038,800		45,483		—

The Bank of New York Mellon		6/3/2025	USD	12,795,620	HKD	99,186,000		—		(142,352	)

See Notes to Financial Statements.

DBX ETF Trust | 41

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2025


Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation ($)		Unrealized Depreciation ($)

RBC Capital Markets		6/3/2025		USD	13,472,560		JPY	1,919,346,000		—		(129,507	)

RBC Capital Markets		6/3/2025		USD	146,500,831		JPY	20,821,401,000		—		(1,753,054	)

RBC Capital Markets		6/3/2025		USD	1,641,625,959		JPY	236,878,417,700		5,123,191		—

Goldman Sachs & Co.		6/3/2025		USD	2,798,347		NOK	29,018,000		44,484		—

Goldman Sachs & Co.		6/3/2025		USD	26,240,263		NOK	268,100,700		24,979		—

Goldman Sachs & Co.		6/3/2025		USD	541,398		NOK	5,632,000		10,357		—

JP Morgan & Chase Co.		6/3/2025		USD	721,029		NOK	7,366,900		690		—

RBC Capital Markets		6/3/2025		USD	20,708,195		NOK	211,411,000		3,280		—

JP Morgan & Chase Co.		6/3/2025		USD	1,107,038		SEK	10,681,000		7,281		—

JP Morgan & Chase Co.		6/3/2025		USD	24,932,370		SEK	240,043,000		110,657		—

Morgan Stanley Capital		6/3/2025		USD	235,062,744		SEK	2,257,765,900		483,773		—

Goldman Sachs & Co.		6/3/2025		USD	31,064,826		SGD	40,061,200		2,246		—

Goldman Sachs & Co.		6/3/2025		USD	6,282,230		SGD	8,189,000		68,260		—

RBC Capital Markets		6/3/2025		USD	73,129,622		SGD	94,329,900		22,300		—

JP Morgan & Chase Co.		6/4/2025		ILS	8,837,000		USD	2,429,814		—		(85,433	)

JP Morgan & Chase Co.		6/4/2025		ILS	139,402,500		USD	38,335,020		—		(1,342,660	)

JP Morgan & Chase Co.		6/4/2025		NZD	15,135,400		USD	8,990,670		—		(54,825	)

RBC Capital Markets		6/4/2025		NZD	10,227,000		USD	6,074,593		—		(37,454	)

JP Morgan & Chase Co.		6/4/2025		USD	42,123,068		ILS	148,239,500		69,858		—

JP Morgan & Chase Co.		6/4/2025		USD	765,126		NZD	1,288,000		4,632		—

JP Morgan & Chase Co.		6/4/2025		USD	8,267,590		NZD	13,847,400		8,147		—

RBC Capital Markets		6/4/2025		USD	6,105,008		NZD	10,227,000		7,039		—

RBC Capital Markets		7/2/2025		AUD	792,655,142		USD	510,324,063		—		(859,853	)

RBC Capital Markets		7/2/2025		AUD	41,790,000		USD	26,904,736		—		(45,667	)

JP Morgan & Chase Co.		7/2/2025		CHF	8,934,000		USD	10,913,241		14,566		—

The Bank of New York Mellon		7/2/2025		CHF	627,305,500		USD	766,296,328		1,040,190		—

Citigroup Global Markets		7/2/2025		DKK	1,127,101,400		USD	171,891,274		—		(55,428	)

Citigroup Global Markets		7/2/2025		DKK	76,474,000		USD	11,662,475		—		(4,134	)

JP Morgan & Chase Co.		7/2/2025		EUR	128,196,000		USD	145,803,336		—		(58,692	)

Morgan Stanley Capital		7/2/2025		EUR	2,322,339,400		USD	2,641,337,101		—		(1,031,892	)

JP Morgan & Chase Co.		7/2/2025		GBP	20,517,000		USD	27,671,463		23,739		—

Morgan Stanley Capital		7/2/2025		GBP	844,046,000		USD	1,138,390,162		994,300		—

JP Morgan & Chase Co.		7/2/2025		ILS	148,239,500		USD	42,130,849		—		(73,850	)

RBC Capital Markets		7/2/2025		JPY	236,878,417,700		USD	1,647,005,450		—		(5,180,060	)

RBC Capital Markets		7/2/2025		JPY	15,000,436,000		USD	104,296,712		—		(328,704	)

Goldman Sachs & Co.		7/2/2025		NOK	15,624,000		USD	1,529,134		—		(1,466	)

Goldman Sachs & Co.		7/2/2025		NOK	268,100,700		USD	26,239,241		—		(25,150	)

JP Morgan & Chase Co.		7/2/2025		NOK	7,366,900		USD	721,001		—		(695	)

RBC Capital Markets		7/2/2025		NOK	211,411,000		USD	20,707,388		—		(3,416	)

JP Morgan & Chase Co.		7/2/2025		NZD	13,847,400		USD	8,275,262		—		(8,948	)

RBC Capital Markets		7/2/2025		NZD	10,227,000		USD	6,110,673		—		(7,632	)

JP Morgan & Chase Co.		7/2/2025		SEK	79,576,000		USD	8,299,044		—		(17,506	)

Morgan Stanley Capital		7/2/2025		SEK	2,257,765,900		USD	235,471,837		—		(489,043	)

Goldman Sachs & Co.		7/2/2025		SGD	3,611,000		USD	2,805,096		—		(328	)

Goldman Sachs & Co.		7/2/2025		SGD	40,061,200		USD	31,120,329		—		(3,636	)

RBC Capital Markets		7/2/2025		SGD	94,329,900		USD	73,260,252		—		(25,635	)

JP Morgan & Chase Co.		7/2/2025		USD	1,591,339		ILS	5,598,000		2,447		—

RBC Capital Markets		7/3/2025		HKD	1,004,038,800		USD	128,408,487		—		(52,216	)

RBC Capital Markets		7/3/2025		HKD	136,007,000		USD	17,394,159		—		(7,115	)

Total unrealized appreciation (depreciation)										46,718,973		(32,154,639	)

See Notes to Financial Statements.

42 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2025

For information on the Fund’s policy and additional disclosures regarding futures contracts and forward foreign currency contracts, please refer to the

Derivatives section of Note 2 in the accompanying Notes to Financial Statements.


Currency Abbreviations
Currency Abbreviations

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


Assets	Level 1			Level 2			Level 3		Total

Common Stocks (a)	$	7,799,602,273		$	—		$	—	$	7,799,602,273

Preferred Stocks		24,778,602			—			—		24,778,602

Exchange-Traded Funds		2,832,750			—			—		2,832,750

Short-Term Investments (a)		183,053,756			—			—		183,053,756

Derivatives (b)

Forward Foreign Currency Contracts		—			46,718,973			—		46,718,973

Futures Contracts		5,356,005			—			—		5,356,005

TOTAL	$	8,015,623,386		$	46,718,973		$	—	$	8,062,342,359

Liabilities	Level 1			Level 2			Level 3		Total

Derivatives (b)

Forward Foreign Currency Contracts	$	—		$	(32,154,639	)	$	—	$	(32,154,639	)

Futures Contracts		(321,586	)		—			—		(321,586	)

TOTAL	$	(321,586	)	$	(32,154,639	)	$	—	$	(32,476,225	)

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

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

See Notes to Financial Statements.

DBX ETF Trust | 43

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF

May 31, 2025


	Number of Shares		Value $


COMMON STOCKS – 96.0%

Australia – 0.0%

MMG Ltd. *

(Cost $15,230)		31,146		11,559

Brazil – 3.1%

Ambev SA		37,208		91,272

B3 SA – Brasil Bolsa Balcao		42,093		102,666

Banco Bradesco SA		11,633		28,434

Banco BTG Pactual S.A		9,080		62,788

Banco do Brasil SA		13,621		55,775

BB Seguridade Participacoes SA		5,376		35,257

BRF SA		3,755		13,327

Caixa Seguridade Participacoes S/A		5,437		14,326

Centrais Eletricas Brasileiras SA		10,088		74,009

Cia de Saneamento Basico do Estado de Sao Paulo		3,801		78,007

CPFL Energia SA		2,098		14,852

Embraer SA		5,729		65,599

Energisa SA		2,330		19,350

Eneva SA *		6,793		16,592

Engie Brasil Energia SA		1,711		12,283

Equatorial Energia SA		9,096		58,286

JBS SA		6,279		44,045

Klabin SA		5,807		18,590

Localiza Rent a Car SA		7,806		58,632

Motiva Infraestrutura de Mobilidade SA		8,375		19,739

Natura & Co. Holding SA *		8,243		15,089

NU Holdings Ltd., Class A *		25,749		309,245

Petroleo Brasileiro SA		29,176		167,879

PRIO SA *		6,061		41,276

Raia Drogasil SA		9,682		25,138

Rede D’Or Sao Luiz SA, 144A		6,422		42,420

Rumo SA *		11,443		37,653

Suzano SA		5,824		50,557

Telefonica Brasil SA		6,240		31,268

TIM SA		7,661		26,106

TOTVS SA		4,235		31,254

Ultrapar Participacoes SA		4,665		13,287

Vale SA		29,523		268,931

Vibra Energia SA		8,349		29,458

WEG SA		13,736		101,708

XP, Inc., Class A		2,956		57,228


(Cost $1,595,880)				2,132,326

Chile – 0.4%

Banco de Chile		358,062		52,678

Banco de Credito e Inversiones SA		640		24,689

Banco Santander Chile		488,880		29,126

Cencosud SA		9,797		33,717

Empresas CMPC SA		9,695		15,473


	Number of Shares		Value $


Empresas Copec SA		3,581		24,601

Enel Americas SA		183,232		17,085

Enel Chile SA		168,928		12,248

Falabella SA		5,055		24,119

Latam Airlines Group SA		1,826,707		34,752


(Cost $224,803)				268,488

China – 25.9%

360 Security Technology, Inc., Class A		2,016		2,798

37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,600		3,258

AAC Technologies Holdings, Inc.		6,614		30,746

Advanced Micro-Fabrication Equipment, Inc., China, Class A *		139		3,376

AECC Aviation Power Co. Ltd., Class A		1,200		5,906

Agricultural Bank of China Ltd., Class A		43,400		33,309

Agricultural Bank of China Ltd., Class H		225,286		144,806

Aier Eye Hospital Group Co. Ltd., Class A		4,684		8,067

Air China Ltd., Class A *		7,800		8,682

Akeso, Inc., 144A *		5,319		56,846

Alibaba Group Holding Ltd., ADR		1,322		150,497

Alibaba Group Holding Ltd.		127,970		1,858,895

Aluminum Corp. of China Ltd., Class A		7,412		6,728

Aluminum Corp. of China Ltd., Class H		31,419		18,312

Anhui Conch Cement Co. Ltd., Class A		1,500		4,836

Anhui Conch Cement Co. Ltd., Class H		10,622		27,703

Anhui Gujing Distillery Co. Ltd., Class A		272		5,683

Anhui Gujing Distillery Co. Ltd., Class B		645		9,376

Anhui Jianghuai Automobile Group Corp. Ltd., Class A		1,300		6,910

Anhui Yingjia Distillery Co. Ltd., Class A		492		2,759

Anker Innovations Technology Co. Ltd., Class A		200		2,831

ANTA Sports Products Ltd.		10,371		126,247

Autohome, Inc., ADR		485		11,892

Avary Holding Shenzhen Co. Ltd., Class A		730		2,864

AviChina Industry & Technology Co. Ltd., Class H		25,697		12,945

BAIC BluePark New Energy Technology Co. Ltd., Class A *		5,000		5,017

Baidu, Inc., Class A *		17,764		184,978

Bank of Beijing Co. Ltd., Class A		12,500		10,929

See Notes to Financial Statements.

44 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $


Bank of Changsha Co. Ltd., Class A		4,992		6,797

Bank of Chengdu Co. Ltd., Class A		2,451		6,596

Bank of China Ltd., Class A		15,400		11,798

Bank of China Ltd., Class H		571,091		332,119

Bank of Communications Co. Ltd., Class A		19,300		20,357

Bank of Communications Co. Ltd., Class H		74,629		65,386

Bank of Hangzhou Co. Ltd., Class A		3,560		8,231

Bank of Jiangsu Co. Ltd., Class A		10,354		15,778

Bank of Nanjing Co. Ltd., Class A		5,700		9,066

Bank of Ningbo Co. Ltd., Class A		2,170		8,044

Bank of Shanghai Co. Ltd., Class A		7,740		11,365

Baoshan Iron & Steel Co. Ltd., Class A		12,500		11,693

Beijing Kingsoft Office Software, Inc., Class A		252		9,855

Beijing New Building Materials PLC, Class A		1,470		5,849

Beijing Tiantan Biological Products Corp. Ltd., Class A		44		117

Beijing Tong Ren Tang Co. Ltd., Class A		900		4,747

Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		609		5,857

Beijing Yanjing Brewery Co. Ltd., Class A		3,600		7,040

Beijing-Shanghai High Speed Railway Co. Ltd., Class A		20,550		16,713

Bilibili, Inc., Class Z *		1,997		37,464

BOC International China Co. Ltd., Class A		2,100		2,882

BOE Technology Group Co. Ltd., Class A		18,900		9,968

BYD Co. Ltd., Class A		900		44,005

BYD Co. Ltd., Class H		9,865		494,187

BYD Electronic International Co. Ltd.		6,393		25,397

Caitong Securities Co. Ltd., Class A		3,204		3,277

Cambricon Technologies Corp. Ltd., Class A *		218		18,264

CCOOP Group Co. Ltd., Class A *		13,900		4,746

CGN Power Co. Ltd., Class A		5,565		2,835

CGN Power Co. Ltd., Class H, 144A		77,193		25,301

Changchun High-Tech Industry Group Co. Ltd., Class A *		360		5,224

Changjiang Securities Co. Ltd., Class A		1,400		1,273


	Number of Shares		Value $


Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		328		6,364

Chaozhou Three-Circle Group Co. Ltd., Class A		64		290

China CITIC Bank Corp. Ltd., Class H		66,619		58,708

China Coal Energy Co. Ltd., Class H		16,450		18,420

China Communications Services Corp. Ltd., Class H		23,581		13,593

China Construction Bank Corp., Class A		7,000		8,773

China Construction Bank Corp., Class H		773,454		694,433

China CSSC Holdings Ltd., Class A		2,412		10,267

China Eastern Airlines Corp. Ltd., Class A *		11,535		6,452

China Energy Engineering Corp. Ltd., Class A		23,840		7,378

China Everbright Bank Co. Ltd., Class A		23,100		12,728

China Everbright Bank Co. Ltd., Class H		31,032		14,366

China Feihe Ltd., 144A		29,189		22,670

China Galaxy Securities Co. Ltd., Class A		3,700		8,119

China Galaxy Securities Co. Ltd., Class H		30,839		29,812

China Greatwall Technology Group Co. Ltd., Class A *		700		1,415

China Hongqiao Group Ltd.		22,985		41,098

China International Capital Corp. Ltd., Class A		1,549		7,114

China International Capital Corp. Ltd., Class H, 144A		13,134		24,522

China Jushi Co. Ltd., Class A		3,804		5,971

China Life Insurance Co. Ltd., Class A		1,900		10,097

China Life Insurance Co. Ltd., Class H		58,254		118,720

China Literature Ltd., 144A *		3,453		11,802

China Longyuan Power Group Corp. Ltd., Class H		27,101		22,500

China Mengniu Dairy Co. Ltd.		24,190		54,543

China Merchants Bank Co. Ltd., Class A		9,263		55,833

China Merchants Bank Co. Ltd., Class H		31,964		199,339

China Merchants Energy Shipping Co. Ltd., Class A		4,324		3,631

China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A		4,300		7,561

China Merchants Securities Co. Ltd., Class A		3,700		8,309

See Notes to Financial Statements.

DBX ETF Trust | 45

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $


China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		3,800		4,578

China Minsheng Banking Corp. Ltd., Class A		19,400		11,712

China Minsheng Banking Corp. Ltd., Class H		57,153		29,374

China National Building Material Co. Ltd., Class H		29,966		13,376

China National Chemical Engineering Co. Ltd., Class A		4,000		4,286

China National Nuclear Power Co. Ltd., Class A		11,900		15,822

China National Software & Service Co. Ltd., Class A *		10		61

China Northern Rare Earth Group High-Tech Co. Ltd., Class A		1,400		4,521

China Oilfield Services Ltd., Class H		16,263		13,212

China Pacific Insurance Group Co. Ltd., Class A		3,900		18,636

China Pacific Insurance Group Co. Ltd., Class H		21,459		67,050

China Petroleum & Chemical Corp., Class A		11,300		9,065

China Petroleum & Chemical Corp., Class H		205,577		111,164

China Railway Group Ltd., Class A		12,300		9,543

China Railway Group Ltd., Class H		30,220		13,643

China Railway Signal & Communication Corp. Ltd., Class A		1,147		799

China Rare Earth Resources And Technology Co. Ltd., Class A		1,300		6,113

China Resources Microelectronics Ltd., Class A		893		5,903

China Resources Mixc Lifestyle Services Ltd., 144A		5,666		26,989

China Resources Pharmaceutical Group Ltd., 144A		17,884		11,746

China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		330		1,967

China Shenhua Energy Co. Ltd., Class A		3,329		18,278

China Shenhua Energy Co. Ltd., Class H		27,121		114,660

China Southern Airlines Co. Ltd., Class A *		300		254

China State Construction Engineering Corp. Ltd., Class A		22,600		17,816

China Three Gorges Renewables Group Co. Ltd., Class A		14,675		8,737

China Tourism Group Duty Free Corp. Ltd., Class A		1,200		10,091


	Number of Shares		Value $


China Tower Corp. Ltd., Class H, 144A		34,185		50,747

China United Network Communications Ltd., Class A		18,499		13,761

China Vanke Co. Ltd., Class A *		400		369

China Vanke Co. Ltd., Class H *		18,643		12,197

China Yangtze Power Co. Ltd., Class A		12,200		51,135

China Zheshang Bank Co. Ltd., Class A		5,070		2,266

Chongqing Brewery Co. Ltd., Class A		500		4,011

Chongqing Changan Automobile Co. Ltd., Class A *		4,862		8,334

Chongqing Rural Commercial Bank Co. Ltd., Class A		2,544		2,560

Chongqing Rural Commercial Bank Co. Ltd., Class H		21,729		17,929

Chongqing Zhifei Biological Products Co. Ltd., Class A		1,435		3,812

CITIC Ltd.		27,964		35,378

CITIC Securities Co. Ltd., Class A		6,210		21,995

CITIC Securities Co. Ltd., Class H		13,391		33,951

CMOC Group Ltd., Class A		10,100		10,093

CMOC Group Ltd., Class H		23,373		18,720

CNGR Advanced Material Co. Ltd., Class A		840		3,622

CNPC Capital Co. Ltd., Class A		7,300		6,879

Contemporary Amperex Technology Co. Ltd., Class A		2,073		71,926

Contemporary Amperex Technology Co. Ltd., Class H *		672		26,002

COSCO SHIPPING Energy Transportation Co. Ltd., Class A		2,100		2,944

COSCO SHIPPING Holdings Co. Ltd., Class A		7,230		16,446

COSCO SHIPPING Holdings Co. Ltd., Class H		22,362		38,615

CRRC Corp. Ltd., Class A		12,300		12,291

CRRC Corp. Ltd., Class H		37,163		23,792

CSC Financial Co. Ltd., Class A		2,433		7,760

CSPC Pharmaceutical Group Ltd.		61,905		63,949

Daqin Railway Co. Ltd., Class A		7,015		6,572

Dong-E-E-Jiao Co. Ltd., Class A		200		1,521

Dongfang Electric Corp. Ltd., Class A		2,280		5,050

Dongxing Securities Co. Ltd., Class A		600		851

East Money Information Co. Ltd., Class A		7,480		21,406

Eastroc Beverage Group Co. Ltd., Class A		263		11,680

Ecovacs Robotics Co. Ltd., Class A		500		3,727

See Notes to Financial Statements.

46 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $


Empyrean Technology Co. Ltd., Class A		400		7,054

ENN Energy Holdings Ltd.		6,113		48,882

ENN Natural Gas Co. Ltd., Class A		100		263

Eoptolink Technology, Inc. Ltd., Class A		560		6,860

Eve Energy Co. Ltd., Class A		1,428		8,930

Everbright Securities Co. Ltd., Class A		2,000		4,516

Flat Glass Group Co. Ltd., Class A		700		1,396

Focus Media Information Technology Co. Ltd., Class A		8,020		8,315

Foshan Haitian Flavouring & Food Co. Ltd., Class A		2,451		15,110

Fosun International Ltd.		19,610		11,479

Founder Securities Co. Ltd., Class A		1,900		2,007

Foxconn Industrial Internet Co. Ltd., Class A		4,833		12,697

Fuyao Glass Industry Group Co. Ltd., Class A		600		4,827

Fuyao Glass Industry Group Co. Ltd., Class H, 144A		4,704		33,625

Ganfeng Lithium Group Co. Ltd., Class A		480		2,011

GD Power Development Co. Ltd., Class A		7,854		4,981

Genscript Biotech Corp. *		10,369		16,953

GF Securities Co. Ltd., Class A		3,600		8,139

Giant Biogene Holding Co. Ltd., 144A		2,558		23,162

GigaDevice Semiconductor, Inc., Class A *		133		2,073

GoerTek, Inc., Class A		1,900		5,514

Goldwind Science & Technology Co. Ltd., Class A		1,138		1,461

Goneo Group Co. Ltd., Class A		498		4,893

Gotion High-tech Co. Ltd., Class A		1,200		4,079

Great Wall Motor Co. Ltd., Class A		1,576		4,928

Great Wall Motor Co. Ltd., Class H *		19,305		29,988

Gree Electric Appliances, Inc. of Zhuhai, Class A		800		5,154

Guangdong Haid Group Co. Ltd., Class A		901		7,579

Guanghui Energy Co. Ltd., Class A		3,641		2,997

Guangzhou Automobile Group Co. Ltd., Class A		2,900		3,107

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		600		2,251


	Number of Shares		Value $


Guangzhou Haige Communications Group, Inc. Co., Class A		3,500		6,626

Guangzhou Tinci Materials Technology Co. Ltd., Class A		1,940		4,537

Guolian Minsheng Securities Co. Ltd., Class A		1,900		2,613

Guosen Securities Co. Ltd., Class A		500		779

Guotai Haitong Securities Co. Ltd.		7,592		18,102

Guotai Haitong Securities Co. Ltd., Class H, 144A		13,717		19,418

Guoyuan Securities Co. Ltd., Class A		30		31

H World Group Ltd., ADR		1,731		61,052

Haidilao International Holding Ltd., 144A		13,953		26,834

Haier Smart Home Co. Ltd., Class A		1,900		6,603

Haier Smart Home Co. Ltd., Class H		21,222		62,250

Hainan Airlines Holding Co. Ltd., Class A *		3,364		630

Haitian International Holdings Ltd.		6,127		14,940

Hangzhou First Applied Material Co. Ltd., Class A		1,600		2,691

Hangzhou Silan Microelectronics Co. Ltd., Class A *		1,300		4,334

Hangzhou Tigermed Consulting Co. Ltd., Class A		174		1,196

Hansoh Pharmaceutical Group Co. Ltd., 144A		8,552		28,194

Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A		621		1,423

Henan Shuanghui Investment & Development Co. Ltd., Class A		1,808		6,110

Hengan International Group Co. Ltd.		5,475		14,838

Hengli Petrochemical Co. Ltd., Class A *		3,502		7,363

Hengtong Optic-electric Co. Ltd., Class A		1,900		3,955

Hisense Home Appliances Group Co. Ltd., Class H		1,862		6,150

Hithink RoyalFlush Information Network Co. Ltd., Class A		195		6,696

Hoshine Silicon Industry Co. Ltd., Class A		500		3,398

Hua Hong Semiconductor Ltd., 144A		5,718		23,044

Huadian Power International Corp. Ltd., Class A		6,600		5,359

Huadong Medicine Co. Ltd., Class A		1,300		8,065

Huafon Chemical Co. Ltd., Class A		2,500		2,339

See Notes to Financial Statements.

DBX ETF Trust | 47

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $


Huaibei Mining Holdings Co. Ltd., Class A		2,156		3,719

Hualan Biological Engineering, Inc., Class A		2,141		4,787

Huaneng Lancang River Hydropower, Inc., Class A		400		559

Huaneng Power International, Inc., Class A		6,000		6,021

Huaneng Power International, Inc., Class H		34,712		21,958

Huaqin Technology Co. Ltd., Class A		500		4,601

Huatai Securities Co. Ltd., Class A		3,400		7,909

Huatai Securities Co. Ltd., Class H, 144A		10,359		17,465

Huaxia Bank Co. Ltd., Class A		9,300		9,719

Huayu Automotive Systems Co. Ltd., Class A		1,600		4,019

Huizhou Desay Sv Automotive Co. Ltd., Class A		400		6,138

Humanwell Healthcare Group Co. Ltd., Class A		1,500		4,617

Hunan Valin Steel Co. Ltd., Class A		4,600		3,052

Hundsun Technologies, Inc., Class A		389		1,420

Hygon Information Technology Co. Ltd., Class A (a)		1,117		21,104

IEIT Systems Co. Ltd., Class A		921		6,257

Iflytek Co. Ltd., Class A		1,250		7,985

Imeik Technology Development Co. Ltd., Class A		232		5,474

Industrial & Commercial Bank of China Ltd., Class A		30,500		29,927

Industrial & Commercial Bank of China Ltd., Class H		526,248		383,221

Industrial Bank Co. Ltd., Class A		9,759		30,664

Industrial Securities Co. Ltd., Class A		6,700		5,347

Inner Mongolia BaoTou Steel Union Co. Ltd., Class A *		32,500		7,848

Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		8		22

Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		2,800		2,067

Inner Mongolia Yili Industrial Group Co. Ltd., Class A		3,500		14,718

Inner Mongolia Yitai Coal Co. Ltd., Class B		7,863		16,009

Innovent Biologics, Inc., 144A *		10,011		79,094

Isoftstone Information Technology Group Co. Ltd., Class A		330		2,391

J&T Global Express Ltd. *		19,401		16,899

JA Solar Technology Co. Ltd., Class A *		2,276		2,887


	Number of Shares		Value $


JCET Group Co. Ltd., Class A		1,300		5,802

JD Health International, Inc., 144A *		7,822		40,052

JD Logistics, Inc., 144A *		16,457		26,109

JD.com, Inc., Class A		19,597		322,155

Jiangsu Eastern Shenghong Co. Ltd., Class A		1,992		2,350

Jiangsu Expressway Co. Ltd., Class H		7,196		9,168

Jiangsu Hengli Hydraulic Co. Ltd., Class A		804		7,601

Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		3,478		26,423

Jiangsu Hoperun Software Co. Ltd., Class A *		800		5,588

Jiangsu King’s Luck Brewery JSC Ltd., Class A		778		4,761

Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A		3,656		5,972

Jiangsu Yanghe Distillery Co. Ltd., Class A		800		7,295

Jiangsu Yoke Technology Co. Ltd., Class A		500		3,637

Jiangsu Zhongtian Technology Co. Ltd., Class A		2,496		4,611

Jiangxi Copper Co. Ltd., Class A		1,400		4,129

Jiangxi Copper Co. Ltd., Class H		10,376		18,367

Jinko Solar Co. Ltd., Class A		5,688		4,105

Kanzhun Ltd., ADR *		2,277		38,618

KE Holdings, Inc., ADR		5,469		100,958

Kingdee International Software Group Co. Ltd. *		24,296		38,112

Kingsoft Corp. Ltd. *		7,835		33,374

Kuaishou Technology, 144A *		21,302		144,801

Kuang-Chi Technologies Co. Ltd., Class A		1,500		9,235

Kunlun Tech Co. Ltd., Class A		200		928

Kweichow Moutai Co. Ltd., Class A		639		134,978

LB Group Co. Ltd., Class A		1,916		4,396

Lenovo Group Ltd.		67,259		77,543

Lens Technology Co. Ltd., Class A		3,076		8,653

Li Auto, Inc., Class A *		10,188		145,912

Li Ning Co. Ltd.		17,115		32,697

Lingyi iTech Guangdong Co., Class A		2,590		2,897

Longfor Group Holdings Ltd., 144A		15,038		18,852

LONGi Green Energy Technology Co. Ltd., Class A		3,054		6,095

Luxshare Precision Industry Co. Ltd., Class A		3,270		13,797

Luzhou Laojiao Co. Ltd., Class A		800		12,982

Mango Excellent Media Co. Ltd., Class A		1,803		5,595

See Notes to Financial Statements.

48 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $


Maxscend Microelectronics Co. Ltd., Class A		448		4,381

Meituan, Class B, 144A *		40,003		704,036

Metallurgical Corp. of China Ltd., Class A		16,000		6,506

Midea Group Co. Ltd. *		2,331		24,496

Midea Group Co. Ltd., Class A *		1,800		19,750

MINISO Group Holding Ltd.		3,343		14,453

Montage Technology Co. Ltd., Class A		489		5,180

Muyuan Foods Co. Ltd., Class A		1,964		11,023

NARI Technology Co. Ltd., Class A		4,223		13,005

National Silicon Industry Group Co. Ltd., Class A		907		2,331

NAURA Technology Group Co. Ltd., Class A		235		13,651

NetEase, Inc.		14,034		341,315

New China Life Insurance Co. Ltd., Class A		1,100		7,679

New China Life Insurance Co. Ltd., Class H		6,815		27,856

New Hope Liuhe Co. Ltd., Class A *		2,400		3,191

New Oriental Education & Technology Group, Inc.		9,778		46,389

Nexchip Semiconductor Corp., Class A *		1,745		4,933

Ninestar Corp., Class A *		1,200		3,597

Ningbo Deye Technology Co. Ltd., Class A		504		5,762

Ningbo Orient Wires & Cables Co. Ltd., Class A		600		3,973

Ningbo Tuopu Group Co. Ltd., Class A		1,078		7,376

Ningxia Baofeng Energy Group Co. Ltd., Class A		3,956		8,785

NIO, Inc., Class A *		12,707		45,538

Nongfu Spring Co. Ltd., Class H, 144A		16,493		80,771

OFILM Group Co. Ltd., Class A *		3,200		5,218

Oppein Home Group, Inc., Class A		460		3,935

Orient Securities Co. Ltd., Class A		3,238		4,193

People’s Insurance Co. Group of China Ltd., Class A		6,700		7,690

People’s Insurance Co. Group of China Ltd., Class H		68,091		44,548

PetroChina Co. Ltd., Class A		7,632		8,781

PetroChina Co. Ltd., Class H		174,020		146,254

Pharmaron Beijing Co. Ltd., Class A		1,575		5,211

PICC Property & Casualty Co. Ltd., Class H		54,515		103,870

Ping An Bank Co. Ltd., Class A		10,700		17,167


	Number of Shares		Value $


Ping An Insurance Group Co. of China Ltd., Class A		5,117		37,838

Ping An Insurance Group Co. of China Ltd., Class H		54,718		322,051

Piotech, Inc., Class A		94		1,923

Poly Developments and Holdings Group Co. Ltd., Class A		7,100		8,011

Pop Mart International Group Ltd., 144A		4,409		123,930

Postal Savings Bank of China Co. Ltd., Class A		16,616		12,291

Postal Savings Bank of China Co. Ltd., Class H, 144A		73,073		47,528

Power Construction Corp. of China Ltd., Class A		7,801		5,110

Qifu Technology, Inc., ADR		846		34,771

Qinghai Salt Lake Industry Co. Ltd., Class A *		1,900		4,177

Range Intelligent Computing Technology Group Co. Ltd., Class A		800		4,767

Rongsheng Petrochemical Co. Ltd., Class A		6,975		8,315

SAIC Motor Corp. Ltd., Class A		4,500		10,124

Sailun Group Co. Ltd., Class A		2,700		4,692

Sanan Optoelectronics Co. Ltd., Class A		3,400		5,865

Sany Heavy Industry Co. Ltd., Class A		3,164		8,269

Satellite Chemical Co. Ltd., Class A *		2,190		5,085

SDIC Capital Co. Ltd., Class A		1,400		1,354

SDIC Power Holdings Co. Ltd., Class A		4,100		8,911

Seres Group Co. Ltd., Class A		830		15,669

SF Holding Co. Ltd., Class A		2,675		17,133

SG Micro Corp., Class A		197		2,521

Shaanxi Coal Industry Co. Ltd., Class A		4,200		12,165

Shandong Gold Mining Co. Ltd., Class A		1,736		7,228

Shandong Gold Mining Co. Ltd., Class H, 144A		5,865		18,288

Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		1,296		3,745

Shandong Nanshan Aluminum Co. Ltd., Class A		6,800		3,539

Shandong Sun Paper Industry JSC Ltd., Class A		64		125

Shandong Weigao Group Medical Polymer Co. Ltd., Class H		21,669		15,503

Shanghai Baosight Software Co. Ltd., Class A		1,004		3,495

Shanghai Baosight Software Co. Ltd., Class B		7,090		9,827

See Notes to Financial Statements.

DBX ETF Trust | 49

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $


Shanghai BOCHU Electronic Technology Corp. Ltd., Class A		32		839

Shanghai Electric Group Co. Ltd., Class A *		6,300		6,505

Shanghai International Airport Co. Ltd., Class A		900		4,042

Shanghai M&G Stationery, Inc., Class A		275		1,126

Shanghai Pharmaceuticals Holding Co. Ltd., Class A		1,900		4,857

Shanghai Pudong Development Bank Co. Ltd., Class A		13,300		22,760

Shanghai Putailai New Energy Technology Co. Ltd., Class A		942		2,047

Shanghai RAAS Blood Products Co. Ltd., Class A		5,600		5,293

Shanghai Rural Commercial Bank Co. Ltd., Class A		1,988		2,472

Shanghai United Imaging Healthcare Co. Ltd., Class A		494		9,422

Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		1,700		5,889

Shanjin International Gold Co. Ltd., Class A		1,992		5,444

Shanxi Coking Coal Energy Group Co. Ltd., Class A		1,740		1,454

Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		2,300		3,428

Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		580		14,835

Shengyi Technology Co. Ltd., Class A		135		491

Shennan Circuits Co. Ltd., Class A		455		5,321

Shenwan Hongyuan Group Co. Ltd., Class A		14,400		9,453

Shenzhen Inovance Technology Co. Ltd., Class A *		383		3,497

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		683		21,411

Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		314		2,614

Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		200		1,261

Shenzhen Transsion Holdings Co. Ltd., Class A		441		4,449

Shenzhou International Group Holdings Ltd.		6,900		50,291

Sichuan Changhong Electric Co. Ltd., Class A		3,600		4,941

Sichuan Chuantou Energy Co. Ltd., Class A		1,900		4,443

Sichuan Kelun Pharmaceutical Co. Ltd., Class A		400		2,141


	Number of Shares		Value $


Sichuan Road & Bridge Group Co. Ltd., Class A		5,708		7,336

Sieyuan Electric Co. Ltd., Class A		232		2,319

Silergy Corp.		2,840		33,168

Sinopharm Group Co. Ltd., Class H		11,651		28,232

Sinotruk Hong Kong Ltd.		6,665		16,830

Smoore International Holdings Ltd., 144A		14,604		35,983

SooChow Securities Co. Ltd., Class A		1,352		1,496

Sungrow Power Supply Co. Ltd., Class A		1,153		9,664

Sunny Optical Technology Group Co. Ltd. *		6,036		46,495

Sunwoda Electronic Co. Ltd., Class A *		1,800		4,627

SUPCON Technology Co. Ltd., Class A		582		3,562

Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		898		3,510

Suzhou TFC Optical Communication Co. Ltd., Class A		500		5,669

TAL Education Group, ADR *		3,424		33,658

TBEA Co. Ltd., Class A		2,130		3,432

TCL Technology Group Corp., Class A		11,716		6,959

TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		3,361		3,536

Tencent Holdings Ltd.		51,967		3,301,827

Tencent Music Entertainment Group, ADR		5,882		99,053

Tianqi Lithium Corp., Class A		1,200		4,820

Tianshan Aluminum Group Co. Ltd., Class A		774		828

Tingyi Cayman Islands Holding Corp.		17,099		28,087

Tongcheng Travel Holdings Ltd.		10,149		28,670

TongFu Microelectronics Co. Ltd., Class A		340		1,106

Tongling Nonferrous Metals Group Co. Ltd., Class A		2,600		1,144

Tongwei Co. Ltd., Class A		3,200		7,235

TravelSky Technology Ltd., Class H		8,468		12,052

Trina Solar Co. Ltd., Class A		1,708		3,176

Tsingtao Brewery Co. Ltd., Class A		500		5,147

Tsingtao Brewery Co. Ltd., Class H		5,173		35,922

Unigroup Guoxin Microelectronics Co. Ltd., Class A		773		6,863

Unisplendour Corp. Ltd., Class A		1,954		6,517

See Notes to Financial Statements.

50 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $


Vipshop Holdings Ltd., ADR		2,752		37,950

Wanhua Chemical Group Co. Ltd., Class A		1,758		13,209

Weichai Power Co. Ltd., Class A		3,100		6,471

Weichai Power Co. Ltd., Class H		16,021		31,343

Wens Foodstuff Group Co. Ltd., Class A		3,606		8,333

Western Securities Co. Ltd., Class A		900		926

Western Superconducting Technologies Co. Ltd., Class A		789		5,421

Will Semiconductor Co. Ltd., Class A		586		10,134

Wingtech Technology Co. Ltd., Class A		1,014		4,779

Wuliangye Yibin Co. Ltd., Class A		1,907		33,464

WUS Printed Circuit Kunshan Co. Ltd., Class A		632		2,717

WuXi AppTec Co. Ltd., Class A		782		6,893

WuXi AppTec Co. Ltd., Class H, 144A		2,715		23,805

Wuxi Biologics Cayman, Inc., 144A *		26,992		85,887

XCMG Construction Machinery Co. Ltd., Class A		7,200		8,234

Xiamen C & D, Inc., Class A		1,600		2,203

Xiamen Tungsten Co. Ltd., Class A		1,800		4,846

Xiaomi Corp., Class B, 144A *		138,067		897,134

Xinjiang Daqo New Energy Co. Ltd., Class A		1,567		4,186

Xinyi Solar Holdings Ltd.		34,651		10,473

XPeng, Inc., Class A *		10,255		99,855

Yadea Group Holdings Ltd., 144A		10,831		16,576

Yankuang Energy Group Co. Ltd., Class A		3,273		5,846

Yankuang Energy Group Co. Ltd., Class H		27,014		32,109

Yantai Jereh Oilfield Services Group Co. Ltd., Class A		1,100		5,270

Yealink Network Technology Corp. Ltd., Class A		1,044		4,889

Yifeng Pharmacy Chain Co. Ltd., Class A		1,024		3,704

Yihai Kerry Arawana Holdings Co. Ltd., Class A		900		3,786

Yonghui Superstores Co. Ltd., Class A *		3,300		2,281

Yonyou Network Technology Co. Ltd., Class A *		2,697		4,885

Youngor Fashion Co. Ltd., Class A		500		521

YTO Express Group Co. Ltd., Class A		2,500		4,573

Yum China Holdings, Inc.		3,038		132,609

Yunnan Aluminium Co. Ltd., Class A		464		940


	Number of Shares		Value $


Yunnan Baiyao Group Co. Ltd., Class A		400		3,135

Yunnan Energy New Material Co. Ltd., Class A		760		2,931

Yunnan Yuntianhua Co. Ltd., Class A		1,500		4,538

Yutong Bus Co. Ltd., Class A		1,700		5,832

Zangge Mining Co. Ltd., Class A		1,300		6,542

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		300		8,496

Zhaojin Mining Industry Co. Ltd., Class H		12,462		31,500

Zhejiang China Commodities City Group Co. Ltd., Class A		3,300		8,070

Zhejiang Chint Electrics Co. Ltd., Class A		100		304

Zhejiang Dahua Technology Co. Ltd., Class A		1,632		3,452

Zhejiang Expressway Co. Ltd., Class H		11,479		9,106

Zhejiang Huayou Cobalt Co. Ltd., Class A		27		125

Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		1,100		4,116

Zhejiang Juhua Co. Ltd., Class A		1,740		6,385

Zhejiang Leapmotor Technology Co. Ltd., 144A *		4,112		29,053

Zhejiang NHU Co. Ltd., Class A		1,483		4,514

Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		1,800		6,458

Zhejiang Supor Co. Ltd., Class A		68		513

Zhejiang Weiming Environment Protection Co. Ltd., Class A		1,500		4,060

Zhejiang Zheneng Electric Power Co. Ltd., Class A		9,300		6,905

Zheshang Securities Co. Ltd., Class A		2,100		3,043

Zhongji Innolight Co. Ltd., Class A		311		4,038

Zhongjin Gold Corp. Ltd., Class A		1,800		3,485

Zhongsheng Group Holdings Ltd.		8,027		12,121

Zhongtai Securities Co. Ltd., Class A		4,000		3,381

Zhuzhou CRRC Times Electric Co. Ltd., Class A		771		4,689

Zhuzhou CRRC Times Electric Co. Ltd., Class H		3,178		13,497

Zijin Mining Group Co. Ltd., Class A		10,800		26,575

Zijin Mining Group Co. Ltd., Class H		46,039		102,751

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		5,076		5,023

ZTE Corp., Class A		1,900		8,198

ZTE Corp., Class H		7,087		19,884

See Notes to Financial Statements.

DBX ETF Trust | 51

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $


ZTO Express Cayman, Inc.		3,268		57,640


(Cost $13,037,422)				17,760,544

Colombia – 0.1%

Grupo Cibest SA		1,983		23,290

Interconexion Electrica SA ESP		4,027		18,725


(Cost $36,089)				42,015

Czech Republic – 0.2%

CEZ AS		1,359		74,801

Komercni Banka AS		638		29,535

Moneta Money Bank AS, 144A		1,836		12,013


(Cost $65,157)				116,349

Egypt – 0.1%

Commercial International Bank - Egypt (CIB)		17,827		29,682

Eastern Co. SAE		9,146		6,130

Talaat Moustafa Group		8,338		9,216


(Cost $47,506)				45,028

Greece – 0.6%

Alpha Services and Holdings SA		17,421		55,979

Eurobank Ergasias Services and Holdings SA		19,515		60,116

Hellenic Telecommunications Organization SA		1,311		25,291

JUMBO SA		945		30,709

Metlen Energy & Metals SA		745		37,812

National Bank of Greece SA		6,753		80,511

OPAP SA		1,394		29,979

Piraeus Financial Holdings SA		8,985		59,906

Public Power Corp. SA		1,659		25,298


(Cost $202,079)				405,601

Hong Kong – 1.1%

Alibaba Health Information Technology Ltd. *		47,156		27,243

Beijing Enterprises Holdings Ltd.		3,838		16,128

Beijing Enterprises Water Group Ltd.		33,642		11,070

Bosideng International Holdings Ltd.		34,590		19,410

C&D International Investment Group Ltd.		6,953		12,485

China Gas Holdings Ltd.		21,274		19,426

China Merchants Port Holdings Co. Ltd.		11,902		23,012

China Overseas Land & Investment Ltd.		30,837		51,912

China Power International Development Ltd.		27,605		11,266

China Resources Beer Holdings Co. Ltd.		11,999		38,333

China Resources Gas Group Ltd.		7,379		19,668

China Resources Land Ltd.		24,891		81,265

China Resources Power Holdings Co. Ltd.		16,643		43,300


	Number of Shares		Value $


China Ruyi Holdings Ltd. *		53,136		13,892

China State Construction International Holdings Ltd.		15,813		22,264

China Taiping Insurance Holdings Co. Ltd.		13,216		20,327

Chow Tai Fook Jewellery Group Ltd.		16,477		23,493

Far East Horizon Ltd.		13,100		10,124

GCL Technology Holdings Ltd. *		200,448		20,962

Geely Automobile Holdings Ltd.		47,603		106,970

Guangdong Investment Ltd.		25,556		20,794

Kunlun Energy Co. Ltd.		31,616		31,652

Orient Overseas International Ltd.		1,113		19,177

Sino Biopharmaceutical Ltd.		85,083		48,287

Want Want China Holdings Ltd.		35,970		23,166


(Cost $732,316)				735,626

Hungary – 0.3%

MOL Hungarian Oil & Gas PLC *		3,593		31,068

OTP Bank Nyrt		1,817		137,804

Richter Gedeon Nyrt		1,058		30,782


(Cost $101,615)				199,654

India – 18.2%

ABB India Ltd.		387		27,003

Adani Enterprises Ltd.		1,195		35,189

Adani Ports & Special Economic Zone Ltd.		4,234		70,891

Adani Power Ltd. *		4,906		31,176

Alkem Laboratories Ltd.		357		21,270

Ambuja Cements Ltd.		4,573		29,578

APL Apollo Tubes Ltd.		1,363		28,856

Apollo Hospitals Enterprise Ltd.		860		69,147

Ashok Leyland Ltd.		11,448		31,575

Asian Paints Ltd.		3,208		84,688

Astral Ltd.		717		12,552

AU Small Finance Bank Ltd., 144A		2,338		18,935

Aurobindo Pharma Ltd. *		2,236		29,991

Avenue Supermarts Ltd., 144A *		1,359		63,557

Axis Bank Ltd.		18,374		255,980

Bajaj Auto Ltd.		537		54,011

Bajaj Finance Ltd.		2,223		238,484

Bajaj Finserv Ltd.		3,012		71,007

Bajaj Holdings & Investment Ltd.		194		30,410

Balkrishna Industries Ltd.		557		16,091

Bank of Baroda		9,222		26,893

Bharat Electronics Ltd.		29,134		130,937

Bharat Forge Ltd.		1,882		27,290

Bharat Heavy Electricals Ltd.		9,304		28,250

Bharat Petroleum Corp. Ltd.		11,409		42,450

Bharti Airtel Ltd.		20,727		449,588

Bosch Ltd.		54		19,824

See Notes to Financial Statements.

52 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $


Britannia Industries Ltd.		916		58,985

BSE Ltd.		1,671		52,214

Canara Bank		15,649		20,986

CG Power & Industrial Solutions Ltd.		4,587		36,809

Cholamandalam Investment and Finance Co. Ltd.		3,303		61,795

Cipla Ltd.		4,567		78,222

Coal India Ltd.		15,132		70,253

Colgate-Palmolive India Ltd.		1,133		32,516

Container Corp. Of India Ltd.		1,680		15,399

Coromandel International Ltd.		945		25,282

Cummins India Ltd.		1,184		45,217

Dabur India Ltd.		3,916		22,100

Divi’s Laboratories Ltd.		1,001		77,343

Dixon Technologies India Ltd.		294		50,476

DLF Ltd.		6,184		57,656

Dr Reddy’s Laboratories Ltd.		4,898		71,614

Eicher Motors Ltd.		1,051		65,504

Eternal Ltd. *		38,666		107,677

FSN E-Commerce Ventures Ltd. *		8,889		21,113

GAIL India Ltd.		19,410		43,050

GMR Airports Ltd. *		23,095		22,692

Godrej Consumer Products Ltd.		3,145		45,256

Godrej Properties Ltd. *		1,314		34,453

Grasim Industries Ltd.		2,190		65,151

Havells India Ltd.		1,750		31,227

HCL Technologies Ltd.		7,483		143,110

HDFC Asset Management Co. Ltd., 144A		772		43,149

HDFC Bank Ltd. *		45,676		1,038,098

HDFC Life Insurance Co. Ltd., 144A		7,634		69,301

Hero MotoCorp Ltd.		1,002		50,458

Hindalco Industries Ltd.		10,483		77,604

Hindustan Aeronautics Ltd.		1,628		94,628

Hindustan Petroleum Corp. Ltd.		7,892		37,908

Hindustan Unilever Ltd.		6,615		181,525

Hyundai Motor India Ltd. *		1,333		28,774

ICICI Bank Ltd.		42,595		719,648

ICICI Lombard General Insurance Co. Ltd., 144A		2,093		45,869

ICICI Prudential Life Insurance Co. Ltd., 144A		3,178		24,600

IDFC First Bank Ltd. *		32,142		25,530

Indian Hotels Co. Ltd.		6,721		60,463

Indian Oil Corp. Ltd.		23,519		39,018

Indian Railway Catering & Tourism Corp. Ltd.		1,549		13,684

Indus Towers Ltd. *		10,630		47,719

IndusInd Bank Ltd.		4,878		46,568

Info Edge India Ltd.		2,873		47,925


	Number of Shares		Value $


Infosys Ltd.		26,812		489,619

InterGlobe Aviation Ltd., 144A *		1,576		98,160

ITC Ltd.		24,603		120,190

Jindal Stainless Ltd.		2,384		17,962

Jindal Steel & Power Ltd.		3,367		37,335

Jio Financial Services Ltd. *		23,786		79,676

JSW Energy Ltd. *		3,733		21,286

JSW Steel Ltd.		4,954		57,514

Jubilant Foodworks Ltd.		2,997		22,959

Kalyan Jewellers India Ltd.		3,561		23,320

Kotak Mahindra Bank Ltd.		8,963		217,301

Larsen & Toubro Ltd.		5,475		235,129

LTIMindtree Ltd., 144A		607		35,955

Lupin Ltd.		1,881		43,032

Macrotech Developers Ltd., 144A		2,258		37,614

Mahindra & Mahindra Ltd.		7,495		260,720

Mankind Pharma Ltd. *		1,080		31,144

Marico Ltd.		4,478		37,491

Maruti Suzuki India Ltd.		1,026		147,698

Max Healthcare Institute Ltd.		6,195		81,456

Mphasis Ltd.		852		25,476

MRF Ltd.		20		32,455

Muthoot Finance Ltd.		1,113		28,814

Nestle India Ltd.		2,781		77,871

NHPC Ltd.		24,205		24,724

NMDC Ltd.		18,974		15,780

NTPC Ltd.		35,200		137,345

Oberoi Realty Ltd.		1,075		21,937

Oil & Natural Gas Corp. Ltd.		24,435		68,358

Oil India Ltd.		4,107		20,483

Oracle Financial Services Software Ltd.		184		18,196

Page Industries Ltd.		48		26,015

PB Fintech Ltd. *		2,847		58,607

Persistent Systems Ltd.		847		55,804

Petronet LNG Ltd.		5,900		21,187

Phoenix Mills Ltd.		1,655		29,727

PI Industries Ltd.		564		25,201

Pidilite Industries Ltd.		1,160		42,119

Polycab India Ltd.		455		31,854

Power Finance Corp. Ltd.		11,639		55,213

Power Grid Corp. of India Ltd.		37,410		126,667

Prestige Estates Projects Ltd.		1,501		25,724

Punjab National Bank		20,720		25,622

Rail Vikas Nigam Ltd.		4,271		20,241

REC Ltd.		9,996		46,993

Reliance Industries Ltd., GDR, 144A		2,377		156,407

Reliance Industries Ltd.		39,842		661,542

Samvardhana Motherson International Ltd.		26,668		47,717

See Notes to Financial Statements.

DBX ETF Trust | 53

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $


SBI Cards & Payment Services Ltd.		2,332		25,099

SBI Life Insurance Co. Ltd., 144A		3,606		76,363

Shree Cement Ltd.		77		26,629

Shriram Finance Ltd.		11,452		85,560

Siemens Energy India Ltd. * (a)		798		23,109

Siemens Ltd.		768		29,307

Solar Industries India Ltd.		210		39,519

Sona Blw Precision Forgings Ltd., 144A		3,844		24,434

SRF Ltd.		1,094		36,575

State Bank of India		14,511		137,742

Sun Pharmaceutical Industries Ltd.		7,834		153,577

Sundaram Finance Ltd.		577		34,633

Supreme Industries Ltd.		445		21,561

Suzlon Energy Ltd. *		78,211		65,329

Tata Communications Ltd.		951		18,628

Tata Consultancy Services Ltd.		7,269		294,192

Tata Consumer Products Ltd.		4,915		63,540

Tata Elxsi Ltd.		254		19,113

Tata Motors Ltd.		16,121		135,543

Tata Power Co. Ltd.		13,561		62,247

Tata Steel Ltd.		59,759		112,444

Tech Mahindra Ltd.		4,228		77,762

Thermax Ltd.		230		9,106

Titan Co. Ltd.		2,863		118,936

Torrent Pharmaceuticals Ltd.		896		33,240

Torrent Power Ltd.		1,617		25,963

Trent Ltd. *		1,501		98,988

Tube Investments of India Ltd.		912		32,634

TVS Motor Co. Ltd.		1,908		62,001

UltraTech Cement Ltd.		927		121,433

Union Bank of India Ltd.		13,496		23,150

United Spirits Ltd.		2,205		39,168

UPL Ltd.		3,475		25,498

Varun Beverages Ltd.		10,982		61,080

Vedanta Ltd.		11,712		59,610

Vodafone Idea Ltd. *		206,018		16,660

Voltas Ltd.		1,728		25,499

Wipro Ltd.		10,212		29,794

Wipro Ltd., ADR		12,024		34,629

Yes Bank Ltd. *		122,907		30,851

Zydus Lifesciences Ltd.		1,637		17,790


(Cost $6,985,400)				12,446,768

Indonesia – 1.3%

Alamtri Resources Indonesia Tbk PT		75,789		10,235

Amman Mineral Internasional PT *		60,008		25,510

GoTo Gojek Tokopedia Tbk PT *		7,309,228		28,716

PT Astra International Tbk		173,374		51,618


	Number of Shares		Value $


PT Bank Central Asia Tbk		451,829		260,724

PT Bank Mandiri Persero Tbk		296,391		96,432

PT Bank Negara Indonesia Persero Tbk		118,770		32,737

PT Bank Rakyat Indonesia Persero Tbk		545,347		148,974

PT Barito Pacific Tbk		171,633		13,276

PT Chandra Asri Pacific Tbk *		69,810		39,962

PT Charoen Pokphand Indonesia Tbk		42,108		12,511

PT Indofood CBP Sukses Makmur Tbk		21,265		14,229

PT Indofood Sukses Makmur Tbk		34,636		16,744

PT Kalbe Farma Tbk *		194,327		18,073

PT Sumber Alfaria Trijaya Tbk *		143,418		21,394

PT Telkom Indonesia Persero Tbk *		412,611		71,428

PT United Tractors Tbk		11,700		16,124


(Cost $862,679)				878,687

Ireland – 0.8%

PDD Holdings, Inc., ADR *

(Cost $537,795)		5,597		540,167

Kazakhstan – 0.0%

Solidcore Resources PLC * (a)

(Cost $66,377)		4,065		0

Kuwait – 0.7%

Boubyan Bank KSCP		10,412		22,802

Gulf Bank KSCP		14,631		15,973

Kuwait Finance House KSCP		90,657		221,583

Mabanee Co KPSC		6,225		17,041

Mobile Telecommunications Co. KSCP		16,952		26,352

National Bank of Kuwait SAKP		66,097		205,927


(Cost $336,787)				509,678

Luxembourg – 0.1%

Reinet Investments SCA		1,236		33,489

Zabka Group SA *		2,535		15,313


(Cost $38,270)				48,802

Malaysia – 1.3%

AMMB Holdings Bhd		17,546		21,600

Axiata Group Bhd		25,099		12,088

Celcomdigi Bhd		24,660		21,552

CIMB Group Holdings Bhd		63,889		104,018

Gamuda Bhd		34,521		37,064

Genting Bhd		19,267		13,579

Hong Leong Bank Bhd		5,441		25,029

IHH Healthcare Bhd		15,750		25,532

IOI Corp. Bhd		23,994		20,293

Kuala Lumpur Kepong Bhd		3,239		14,823

Malayan Banking Bhd		44,818		102,977

Maxis Bhd		15,696		13,017

See Notes to Financial Statements.

54 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $


MISC Bhd		12,700		22,437

MR DIY Group M Bhd, 144A		21,900		8,129

Nestle Malaysia Bhd		483		8,919

Petronas Chemicals Group Bhd		24,024		19,303

Petronas Dagangan Bhd		1,704		7,886

Petronas Gas Bhd		5,790		24,430

PPB Group Bhd		4,462		11,825

Press Metal Aluminium Holdings Bhd		32,350		38,305

Public Bank Bhd		119,910		121,417

QL Resources Bhd		16,650		17,602

RHB Bank Bhd		13,681		20,667

SD Guthrie Bhd		18,323		19,285

Sime Darby Bhd		24,923		9,954

Sunway Bhd		21,400		23,881

Telekom Malaysia Bhd		10,645		16,331

Tenaga Nasional Bhd		21,105		69,416

YTL Corp. Bhd		29,500		12,614

YTL Power International Bhd		22,000		16,539


(Cost $798,929)				880,512

Mexico – 2.0%

Alfa SAB de CV, Class A		31,202		24,372

America Movil SAB de CV,

Series B		147,234		124,416

Arca Continental SAB de CV		4,073		44,785

Cemex SAB de CV, Series CPO		118,334		81,021

Coca-Cola Femsa SAB de CV		4,436		42,132

Fibra Uno Administracion SA de CV REIT		20,991		29,534

Fomento Economico Mexicano SAB de CV		14,234		151,433

Gruma SAB de CV, Class B		1,263		23,801

Grupo Aeroportuario del Centro Norte SAB de CV		2,201		27,221

Grupo Aeroportuario del Pacifico SAB de CV, Class B		3,214		73,894

Grupo Aeroportuario del Sureste SAB de CV, Class B		1,453		46,629

Grupo Bimbo SAB de CV, Series A		11,636		32,521

Grupo Carso SAB de CV, Series A1		4,826		30,758

Grupo Comercial Chedraui SA de CV		1,992		14,412

Grupo Financiero Banorte SAB de CV, Class O		20,399		180,326

Grupo Financiero Inbursa SAB de CV, Class O		13,829		34,658

Grupo Mexico SAB de CV, Series B		24,982		136,966

Industrias Penoles SAB de CV *		1,708		36,099

Kimberly-Clark de Mexico SAB de CV, Class A		12,084		21,463

Prologis Property Mexico SA de CV REIT		9,222		35,303


	Number of Shares		Value $


Promotora y Operadora de Infraestructura SAB de CV		1,457		16,358

Qualitas Controladora SAB de CV		1,667		18,033

Wal-Mart de Mexico SAB de CV		41,171		135,213


(Cost $1,142,003)				1,361,348

Netherlands – 0.0%

Nebius Group N.V., Class A * (a)		4,277		0

NEPI Rockcastle NV *		4,274		32,868


(Cost $352,476)				32,868

Peru – 0.2%

Cia de Minas Buenaventura SAA, ADR		1,414		21,182

Credicorp Ltd.		530		112,259


(Cost $105,780)				133,441

Philippines – 0.5%

Ayala Corp.		2,324		24,159

Ayala Land, Inc.		45,224		18,642

Bank of the Philippine Islands		17,186		42,846

BDO Unibank, Inc.		20,663		59,624

International Container Terminal Services, Inc.		8,501		62,468

Jollibee Foods Corp.		3,123		12,482

Manila Electric Co.		2,360		23,264

Metropolitan Bank & Trust Co.		15,952		21,028

PLDT, Inc.		456		9,938

SM Investments Corp.		1,923		28,779

SM Prime Holdings, Inc.		70,379		28,444


(Cost $292,076)				331,674

Poland – 1.1%

Allegro.eu SA, 144A *		4,904		45,128

Bank Millennium SA *		4,782		18,576

Bank Polska Kasa Opieki SA		1,499		73,808

Budimex SA *		98		16,332

CCC SA *		430		25,090

CD Projekt SA		510		30,221

Dino Polska SA, 144A *		384		56,384

KGHM Polska Miedz SA		1,209		39,696

LPP SA		8		30,820

mBank SA *		121		26,508

ORLEN SA		4,748		93,284

PGE Polska Grupa Energetyczna SA *		7,490		18,686

Powszechna Kasa Oszczednosci Bank Polski SA		7,147		143,740

Powszechny Zaklad Ubezpieczen SA		4,851		79,289

Santander Bank Polska SA		337		45,071


(Cost $597,181)				742,633

Qatar – 0.7%

Al Rayan Bank		48,069		29,546

Barwa Real Estate Co.		19,846		15,698

See Notes to Financial Statements.

DBX ETF Trust | 55

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $


Commercial Bank PSQC		28,547		36,058

Dukhan Bank		10,641		10,527

Industries Qatar QSC		11,237		36,572

Mesaieed Petrochemical Holding Co.		39,417		14,442

Ooredoo QPSC		7,304		24,775

Qatar Electricity & Water Co. QSC		3,702		16,105

Qatar Fuel QSC		5,395		22,226

Qatar Gas Transport Co. Ltd.		21,403		28,157

Qatar International Islamic Bank QSC		8,835		25,503

Qatar Islamic Bank QPSC		14,061		81,485

Qatar National Bank QPSC		36,362		169,277


(Cost $419,909)				510,371

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

Mobile TeleSystems PJSC, ADR * (a)		6,594		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)		700		0

PhosAgro PJSC * (a)		713		0

PhosAgro PJSC, GDR * (a)		13		0

Polyus PJSC * (a)		4,760		0

Rosneft Oil Co. PJSC * (a)		14,582		0

Sberbank of Russia PJSC * (a)		146,997		0

Severstal PAO * (a)		707		0

Severstal PAO, GDR * (a)		2,248		0

Surgutneftegas PAO * (a)		68,300		0

Surgutneftegas PAO, ADR * (a)		2,000		0

Tatneft PJSC * (a)		17,973		0

TKS Holding MKPAO JSC * (a)		58		0

United Co. RUSAL International

PJSC * (a)		39,327		0

VK IPJSC, GDR * (a)		1,643		0

VK IPJSC * (a)		48		0

VTB Bank PJSC * (a)		9,756		0

X5 Retail Group NV, GDR * (a)		1,749		0


(Cost $2,514,228)				0

Saudi Arabia – 3.5%

ACWA Power Co. *		1,208		83,396

Ades Holding Co.		3,069		11,420

Al Rajhi Bank		15,672		380,558

Al Rajhi Co. For Co.-Operative Insurance *		355		10,693


	Number of Shares		Value $


Alinma Bank		10,194		70,240

Almarai Co. JSC		4,075		55,721

Arab National Bank		7,581		43,769

Arabian Internet & Communications Services Co.		212		14,873

Bank AlBilad		6,327		43,595

Bank Al-Jazira *		4,880		16,624

Banque Saudi Fransi		9,483		43,678

Bupa Arabia for Cooperative Insurance Co.		708		31,516

Co. for Cooperative Insurance		669		24,715

Dallah Healthcare Co.		315		9,958

Dar Al Arkan Real Estate Development Co. *		4,069		21,713

Dr Sulaiman Al Habib Medical Services Group Co.		656		45,777

Elm Co.		184		50,232

Etihad Etisalat Co.		2,828		44,927

Jarir Marketing Co.		5,755		19,727

Mouwasat Medical Services Co.		925		17,900

Nahdi Medical Co.		371		12,065

Riyad Bank		11,952		92,547

SABIC Agri-Nutrients Co.		1,940		49,590

Sahara International Petrochemical Co.		3,209		16,166

SAL Saudi Logistics Services		227		10,770

Saudi Arabian Mining Co. *		10,846		147,441

Saudi Arabian Oil Co., 144A		48,769		324,984

Saudi Aramco Base Oil Co.		379		10,062

Saudi Awwal Bank		7,693		69,206

Saudi Basic Industries Corp.		6,882		102,176

Saudi Electricity Co.		5,648		21,317

Saudi Industrial Investment Group		3,178		14,011

Saudi Investment Bank		5,435		21,441

Saudi Kayan Petrochemical Co. *		3,480		4,666

Saudi National Bank		24,058		222,519

Saudi Research & Media Group *		302		11,543

Saudi Tadawul Group Holding Co.		441		20,547

Saudi Telecom Co.		16,249		181,476

Yanbu National Petrochemical Co.		2,602		20,668


(Cost $1,989,384)				2,394,227

Singapore – 0.5%

BOC Aviation Ltd., 144A		1,785		14,444

Trip.com Group Ltd.		4,965		312,802


(Cost $185,394)				327,246

South Africa – 2.8%

Absa Group Ltd.		6,889		66,398

Aspen Pharmacare Holdings Ltd.		3,360		22,637

Bid Corp. Ltd.		2,848		75,438

Bidvest Group Ltd.		2,528		34,244

See Notes to Financial Statements.

56 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $


Capitec Bank Holdings Ltd.		688		131,858

Clicks Group Ltd.		1,958		42,266

Discovery Ltd.		4,415		53,542

FirstRand Ltd.		39,954		165,548

Gold Fields Ltd.		7,178		161,806

Harmony Gold Mining Co. Ltd.		4,740		67,413

Impala Platinum Holdings Ltd. *		7,340		52,703

Kumba Iron Ore Ltd.		583		9,553

MTN Group Ltd.		13,676		95,065

Naspers Ltd., Class N		1,329		381,635

Nedbank Group Ltd.		3,760		53,423

Old Mutual Ltd.		31,528		20,460

OUTsurance Group Ltd.		7,728		32,640

Pepkor Holdings Ltd., 144A		19,738		32,040

Remgro Ltd.		3,790		33,612

Sanlam Ltd.		14,145		69,708

Sasol Ltd. *		4,920		22,222

Shoprite Holdings Ltd.		3,913		63,541

Standard Bank Group Ltd.		10,406		134,970

Valterra Platinum Ltd.		745		29,196

Vodacom Group Ltd.		4,796		36,744

Woolworths Holdings Ltd.		7,525		24,522


(Cost $2,032,176)				1,913,184

South Korea – 9.0%

Alteogen, Inc. *		328		78,452

Amorepacific Corp.		226		21,901

Celltrion, Inc.		1,259		146,915

CJ CheilJedang Corp.		72		12,081

Coway Co. Ltd.		495		31,895

DB Insurance Co. Ltd.		400		29,137

Doosan Bobcat, Inc.		506		17,237

Doosan Enerbility Co. Ltd. *		3,722		108,852

Ecopro BM Co. Ltd. *		361		23,470

Ecopro Co. Ltd.		872		27,050

Hana Financial Group, Inc.		2,256		118,875

Hanjin Kal Corp.		173		17,718

Hankook Tire & Technology Co. Ltd.		508		14,176

Hanmi Semiconductor Co. Ltd.		395		23,018

Hanwha Aerospace Co. Ltd.		276		162,235

Hanwha Ocean Co. Ltd. *		806		45,566

Hanwha Systems Co. Ltd.		609		20,040

HD Hyundai Co. Ltd.		307		24,855

HD Hyundai Electric Co. Ltd.		197		54,115

HD Hyundai Heavy Industries Co. Ltd. *		183		53,784

HD Korea Shipbuilding & Offshore Engineering Co. Ltd.		347		79,601

HLB, Inc. *		866		34,271

HMM Co. Ltd.		2,180		33,655

HYBE Co. Ltd. *		170		32,775

Hyundai Glovis Co. Ltd.		343		28,192


	Number of Shares		Value $


Hyundai Mobis Co. Ltd.		468		85,819

Hyundai Motor Co.		1,083		145,452

Hyundai Rotem Co. Ltd.		649		68,865

Industrial Bank of Korea		2,475		28,235

Kakao Corp.		2,451		75,855

KakaoBank Corp.		1,538		26,196

KB Financial Group, Inc.		3,009		227,469

Kia Corp.		1,939		125,641

Korea Aerospace Industries Ltd.		556		33,690

Korea Electric Power Corp.		2,211		48,637

Korea Investment Holdings Co. Ltd.		290		22,701

Korea Zinc Co. Ltd.		34		18,014

Korean Air Lines Co. Ltd.		1,584		25,832

Krafton, Inc. *		239		63,920

KT&G Corp.		776		67,605

LG Chem Ltd.		413		59,060

LG Corp.		628		32,317

LG Display Co. Ltd. *		2,523		15,745

LG Electronics, Inc.		899		46,328

LG Energy Solution Ltd. *		384		79,600

LG H&H Co. Ltd.		67		15,831

LG Innotek Co. Ltd.		128		13,443

LG Uplus Corp.		1,105		10,251

LS Electric Co. Ltd.		122		22,327

Meritz Financial Group, Inc.		658		53,271

Mirae Asset Securities Co. Ltd.		1,655		18,653

NAVER Corp.		1,165		158,322

NH Investment & Securities Co. Ltd.		1,085		13,558

Orion Corp.		154		12,323

POSCO Future M Co. Ltd. *		291		24,593

POSCO Holdings, Inc.		588		106,545

Posco International Corp.		431		15,323

Samsung Biologics Co. Ltd., 144A *		141		105,466

Samsung C&T Corp.		688		74,699

Samsung Electro-Mechanics Co. Ltd.		471		41,716

Samsung Electronics Co. Ltd.		38,169		1,554,757

Samsung Fire & Marine Insurance Co. Ltd.		250		73,295

Samsung Heavy Industries Co. Ltd. *		5,492		67,272

Samsung Life Insurance Co. Ltd.		614		44,013

Samsung SDI Co. Ltd.		491		60,107

Samsung SDS Co. Ltd.		337		31,802

Samyang Foods Co. Ltd.		33		26,573

Shinhan Financial Group Co. Ltd.		3,454		145,450

SK Biopharmaceuticals Co. Ltd.*		295		19,885

SK Hynix, Inc.		4,395		651,430

SK Innovation Co. Ltd.		572		37,105

See Notes to Financial Statements.

DBX ETF Trust | 57

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $


SK Square Co. Ltd. *		771		64,152

SK Telecom Co. Ltd.		470		17,544

SK, Inc.		292		34,645

SKC Co. Ltd. *		185		11,947

S-Oil Corp.		343		13,524

Woori Financial Group, Inc.		5,248		73,298

Yuhan Corp.		440		33,262


(Cost $3,577,380)				6,183,229

Taiwan – 17.9%

Accton Technology Corp.		4,347		108,064

Acer, Inc.		22,359		25,889

Advantech Co. Ltd.		4,166		47,542

Airtac International Group		1,201		37,390

Alchip Technologies Ltd.		682		63,948

ASE Technology Holding Co. Ltd.		26,055		119,979

Asia Cement Corp.		19,771		27,609

Asia Vital Components Co. Ltd.		2,880		59,583

Asustek Computer, Inc.		6,014		125,423

AUO Corp. *		42,118		18,059

Catcher Technology Co. Ltd.		4,902		34,350

Cathay Financial Holding Co. Ltd.		75,612		150,878

Chailease Holding Co. Ltd.		12,313		49,920

Chang Hwa Commercial Bank Ltd.		49,566		30,184

Cheng Shin Rubber Industry Co. Ltd.		11,914		20,196

China Airlines Ltd.		18,002		13,305

China Steel Corp.		89,914		59,256

Chunghwa Telecom Co. Ltd.		29,772		128,651

Compal Electronics, Inc.		27,941		26,851

CTBC Financial Holding Co. Ltd.		135,026		184,054

Delta Electronics, Inc.		16,064		200,475

E Ink Holdings, Inc.		6,948		49,151

E.Sun Financial Holding Co. Ltd.		111,563		110,936

Eclat Textile Co. Ltd. *		1,653		23,801

Elite Material Co. Ltd.		2,516		62,882

eMemory Technology, Inc.		533		42,774

Eva Airways Corp.		19,709		26,865

Evergreen Marine Corp. Taiwan Ltd.		8,688		70,882

Far Eastern New Century Corp.		25,694		28,122

Far EasTone Telecommunications Co. Ltd.		15,325		44,233

Feng TAY Enterprise Co. Ltd.		4,388		17,790

First Financial Holding Co. Ltd.		91,398		82,497

Formosa Chemicals & Fibre Corp.		22,831		18,246

Formosa Plastics Corp.		32,231		37,320

Fortune Electric Co. Ltd.		867		13,293

Fubon Financial Holding Co. Ltd.		67,408		179,044

Gigabyte Technology Co. Ltd.		4,487		41,324

Global Unichip Corp.		774		30,089


	Number of Shares		Value $


Globalwafers Co. Ltd.		1,704		17,911

Hon Hai Precision Industry Co. Ltd.		99,633		518,636

Hotai Motor Co. Ltd.		2,515		53,542

Hua Nan Financial Holdings Co. Ltd.		72,929		64,002

Innolux Corp.		64,932		26,433

International Games System Co. Ltd.		2,170		61,041

Inventec Corp.		23,145		32,553

Jentech Precision Industrial Co. Ltd.		742		33,549

KGI Financial Holding Co. Ltd.		124,192		71,693

Largan Precision Co. Ltd.		890		68,750

Lite-On Technology Corp.		17,660		59,812

Lotes Co. Ltd.		741		32,515

MediaTek, Inc.		12,354		519,413

Mega Financial Holding Co. Ltd.		92,480		122,356

Micro-Star International Co. Ltd.		6,111		29,058

Nan Ya Plastics Corp.		40,807		39,012

Nien Made Enterprise Co. Ltd.		1,519		21,947

Novatek Microelectronics Corp.		4,965		85,488

Pegatron Corp.		14,533		40,687

PharmaEssentia Corp. *		2,100		35,037

Pou Chen Corp.		20,336		21,172

President Chain Store Corp.		5,004		42,662

Quanta Computer, Inc. *		21,366		193,565

Realtek Semiconductor Corp.		4,281		77,282

Ruentex Development Co. Ltd.		9,601		9,579

Shanghai Commercial & Savings

Bank Ltd.		28,517		44,295

Shin Kong Financial Holding Co. Ltd. *		120,583		48,485

SinoPac Financial Holdings Co. Ltd.		84,596		64,784

Synnex Technology International Corp.		11,129		26,441

Taishin Financial Holding Co. Ltd.		92,087		52,698

Taiwan Business Bank		60,875		29,962

Taiwan Cooperative Financial Holding Co. Ltd.		80,617		64,561

Taiwan High Speed Rail Corp.		10,015		9,173

Taiwan Mobile Co. Ltd.		14,741		56,075

Taiwan Semiconductor Manufacturing Co. Ltd.		198,527		6,405,913

TCC Group Holdings Co. Ltd.		56,348		55,185

Unimicron Technology Corp.		9,795		34,645

Uni-President Enterprises Corp.		37,645		99,990

United Microelectronics Corp.		92,638		144,513

Vanguard International Semiconductor Corp.		8,994		25,090

Voltronic Power Technology Corp.		541		24,371

Wan Hai Lines Ltd.		4,683		16,876

See Notes to Financial Statements.

58 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $


Wistron Corp.		21,648		84,155

Wiwynn Corp.		842		67,993

WPG Holdings Ltd.		13,102		30,778

Yageo Corp.		3,397		55,543

Yang Ming Marine Transport Corp.		14,261		37,879

Yuanta Financial Holding Co. Ltd.		82,276		86,069

Zhen Ding Technology Holding Ltd.		4,188		14,394


(Cost $4,021,695)				12,268,418

Thailand – 1.0%

Advanced Info Service PCL, NVDR		8,573		74,690

Airports of Thailand PCL, NVDR		34,800		35,248

Bangkok Dusit Medical Services PCL, NVDR		90,900		59,534

Bumrungrad Hospital PCL, NVDR		5,200		22,177

Central Pattana PCL, NVDR		17,300		23,978

Charoen Pokphand Foods PCL, NVDR		34,269		25,576

CP ALL PCL, NVDR		41,749		59,773

CP AXTRA PCL		17,016		9,745

Delta Electronics Thailand PCL, NVDR		25,580		81,039

Gulf Development PCL *		34,211		46,897

Home Product Center PCL, NVDR		30,100		7,060

Kasikornbank PCL, NVDR		4,003		18,779

Krung Thai Bank PCL, NVDR		32,329		21,863

Minor International PCL, NVDR		27,447		20,735

PTT Exploration & Production PCL, NVDR		10,083		30,101

PTT Oil & Retail Business PCL, NVDR		26,200		9,418

PTT PCL		500		457

PTT PCL, NVDR		79,780		72,301

SCB X PCL, NVDR		6,698		24,178

Siam Cement PCL		2,878		14,553

Siam Cement PCL		2,558		12,935

TMBThanachart Bank PCL, NVDR		206,800		12,095

True Corp. PCL, NVDR *		91,272		34,754


(Cost $824,855)				717,886

Turkey – 0.5%

Akbank TAS		27,174		35,307

Aselsan Elektronik Sanayi Ve Ticaret AS		10,043		33,191

BIM Birlesik Magazalar AS		3,707		44,997

Coca-Cola Icecek AS		7,027		8,738

Eregli Demir ve Celik Fabrikalari TAS *		32,759		19,581

Ford Otomotiv Sanayi AS		5,738		11,728


	Number of Shares		Value $


Haci Omer Sabanci Holding AS		9,274		18,281

KOC Holding AS		5,990		21,645

Pegasus Hava Tasimaciligi AS *		1,826		11,234

Sasa Polyester Sanayi AS *		72,384		6,054

Turk Hava Yollari AO *		4,501		31,364

Turkcell Iletisim Hizmetleri AS		10,062		24,338

Turkiye Is Bankasi AS, Class C		80,043		21,943

Turkiye Petrol Rafinerileri AS		6,827		21,588

Turkiye Sise ve Cam Fabrikalari AS		12,908		10,863

Yapi ve Kredi Bankasi AS *		25,797		16,749


(Cost $366,723)				337,601

United Arab Emirates – 1.5%

Abu Dhabi Commercial Bank PJSC		23,911		78,640

Abu Dhabi Islamic Bank PJSC		11,117		58,052

Abu Dhabi National Oil Co. for Distribution PJSC		27,496		27,174

ADNOC Drilling Co. PJSC		26,026		37,200

Adnoc Gas PLC		50,240		44,864

Aldar Properties PJSC		32,279		73,030

Americana Restaurants International PLC - Foreign Co.		18,057		10,029

Dubai Electricity & Water Authority PJSC		46,777		34,768

Dubai Islamic Bank PJSC		23,995		53,896

Emaar Development PJSC		8,831		32,218

Emaar Properties PJSC		54,209		194,078

Emirates NBD Bank PJSC		15,116		92,186

Emirates Telecommunications Group Co. PJSC		27,899		130,494

First Abu Dhabi Bank PJSC		35,333		154,876

Multiply Group PJSC *		25,358		16,086

Salik Co PJSC		15,085		23,492


(Cost $678,439)				1,061,083

United Kingdom – 0.3%

Anglogold Ashanti PLC

(Cost $61,042)		4,023		172,263

United States – 0.3%

BeOne Medicines Ltd. *		6,390		122,648

Legend Biotech Corp., ADR *		576		16,675

Southern Copper Corp.		738		67,092


(Cost $163,224)				206,415

TOTAL COMMON STOCKS


(Cost $45,008,299)				65,715,691

PREFERRED STOCKS – 1.7%

Brazil – 1.2%

Banco Bradesco SA		43,448		123,063

Centrais Eletricas Brasileiras SA, Class B		1,548		12,713

Cia Energetica de Minas Gerais		14,238		26,985

See Notes to Financial Statements.

DBX ETF Trust | 59

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $


Companhia Paranaense de Energia, Class B		10,199		22,593

Gerdau SA		9,692		25,842

Itau Unibanco Holding SA		43,051		281,738

Itausa SA		49,355		95,526

Klabin SA		2		1

Petroleo Brasileiro SA		38,561		208,328


(Cost $589,085)				796,789

Chile – 0.0%

Sociedad Quimica y Minera de Chile SA, Class B *

(Cost $22,842)		1,243		37,134

Colombia – 0.1%

Grupo Cibest SA

(Cost $35,584)		3,821		39,359

Russia – 0.0%

Surgutneftegas PAO * (a)

(Cost $55,822)		101,715		0

South Korea – 0.4%

Hyundai Motor Co.		192		20,582

Hyundai Motor Co. - 2nd Preferred		321		34,363

Samsung Electronics Co. Ltd.		6,553		218,956


(Cost $137,172)				273,901

TOTAL PREFERRED STOCKS


(Cost $840,505)				1,147,183


	Number of Shares		Value $


RIGHTS – 0.0%

South Korea – 0.0%

Hanwha Aerospace Co. Ltd. * , expires 7/7/25

(Cost $0)		18		1,657

WARRANTS – 0.0%

Malaysia – 0.0%

YTL Corp. Bhd * (a), expires 12/31/99		5,900		0

YTL Power International Bhd * (a), expires 12/31/99		4,400		0


(Cost $0)				0

Thailand – 0.0%

BTS Group Holdings PCL * , expires 11/20/26		23,669		15

Srisawad Corp. PCL * , expires 8/29/25		432		2


(Cost $0)				17

TOTAL WARRANTS


(Cost $0)				17

CASH EQUIVALENTS – 1.2%

DWS Government Money Market

Series “Institutional Shares”, 4.26% (b)

(Cost $855,034)		855,034		855,034

TOTAL INVESTMENTS – 98.9%

(Cost $46,703,838)				67,719,582

Other assets and liabilities, net – 1.1%				769,664


NET ASSETS – 100.0%				68,489,246

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


Value ($) at 5/31/2024	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2025		Value ($) at 5/31/2025

SECURITIES LENDING COLLATERAL – 0.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.22% (b)(c)

13,930		—		(13,930	) (d)		—		—		625		—		—		—

CASH EQUIVALENTS – 1.2%

DWS Government Money Market Series “Institutional Shares”, 4.26% (b)

1,063,663		15,369,282		(15,577,911	)		—		—		50,886		—		855,034		855,034


1,077,593		15,369,282		(15,591,841	)		—		—		51,511		—		855,034		855,034

*	Non-income producing security.

(a)	Investment was valued using significant unobservable inputs.

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

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

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

See Notes to Financial Statements.

60 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025


ADR:		American Depositary Receipt

CPO:		Ordinary Participation Certificates

GDR:		Global Depositary Receipt

JSC:		Joint Stock Company

KSCP:		Kuwait Shareholding Company Public

NVDR:		Non Voting Depositary Receipt

PJSC:		Public Joint Stock Company

PSQC:		Public Shareholders Qatari Company

QPSC:		Qatari Public Shareholders Company

QSC:		Qatari Shareholders Company

REIT:		Real Estate Investment Trust

SAE:		Societe Anonyme Egyptienne

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

Securities are listed in country of domicile.

At May 31, 2025, open futures contracts purchased were as follows:

Contract Description

Currency

Number of
Contracts

Notional
Amount ($)

Contract Value
($)

Expiration
Date

Unrealized
Appreciation ($)

MSCI Emerging Markets Index

USD

2,036,711

2,068,740

6/20/2025

32,029

At May 31, 2025, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date		Currency To Deliver		Currency To Receive		Unrealized Appreciation ($)		Unrealized Depreciation ($)

Citigroup Global Markets		6/3/2025	AED	506,000	USD	137,774		11		—

JP Morgan & Chase Co.		6/3/2025	AED	3,200,500	USD	871,435		70		—

RBC Capital Markets		6/3/2025	CZK	2,629,610	USD	119,883		57		—

The Bank of New York Mellon		6/3/2025	EUR	385,800	USD	439,324		1,183		—

The Bank of New York Mellon		6/3/2025	HKD	138,222,100	USD	17,831,428		198,282		—

RBC Capital Markets		6/3/2025	HUF	78,082,600	USD	219,096		—		(364	)

JP Morgan & Chase Co.		6/3/2025	KWD	177,000	USD	577,578		699		—

Bank of America		6/3/2025	MXN	1,019,000	USD	51,846		—		(671	)

Bank of America		6/3/2025	MXN	27,225,600	USD	1,383,650		—		(19,486	)

JP Morgan & Chase Co.		6/3/2025	PHP	6,924,000	USD	123,846		—		(243	)

RBC Capital Markets		6/3/2025	PHP	13,373,600	USD	239,215		—		(461	)

RBC Capital Markets		6/3/2025	PLN	219,000	USD	58,118		—		(386	)

RBC Capital Markets		6/3/2025	PLN	2,663,300	USD	706,497		—		(4,984	)

JP Morgan & Chase Co.		6/3/2025	QAR	2,081,400	USD	571,433		—		(238	)

Citigroup Global Markets		6/3/2025	SAR	10,925,000	USD	2,911,548		—		(396	)

Goldman Sachs & Co.		6/3/2025	TRY	15,267,200	USD	382,064		—		(6,033	)

Citigroup Global Markets		6/3/2025	USD	137,762	AED	506,000		1		—

JP Morgan & Chase Co.		6/3/2025	USD	37,386	AED	137,300		—		(5	)

JP Morgan & Chase Co.		6/3/2025	USD	833,978	AED	3,063,200		7		—

RBC Capital Markets		6/3/2025	USD	119,699	CZK	2,629,610		126		—

Morgan Stanley Capital		6/3/2025	USD	405,398	EUR	357,100		150		—

The Bank of New York Mellon		6/3/2025	USD	17,082	EUR	15,000		—		(47	)

The Bank of New York Mellon		6/3/2025	USD	15,518	EUR	13,700		41		—

RBC Capital Markets		6/3/2025	USD	15,703,031	HKD	123,136,100		5,578		—

The Bank of New York Mellon		6/3/2025	USD	605,464	HKD	4,736,000		—		(1,287	)

The Bank of New York Mellon		6/3/2025	USD	1,335,215	HKD	10,350,000		—		(14,854	)

RBC Capital Markets		6/3/2025	USD	219,413	HUF	78,082,600		47		—

See Notes to Financial Statements.

DBX ETF Trust | 61

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025


Counterparty	Settlement Date		Currency To Deliver		Currency To Receive		Unrealized Appreciation ($)		Unrealized Depreciation ($)

JP Morgan & Chase Co.		6/3/2025	USD	26,149	KWD	8,000		—		(75	)

JP Morgan & Chase Co.		6/3/2025	USD	550,758	KWD	169,000		48		—

Bank of America		6/3/2025	USD	1,401,551	MXN	27,198,500		188		—

Bank of America		6/3/2025	USD	53,897	MXN	1,046,100		17		—

JP Morgan & Chase Co.		6/3/2025	USD	350,604	PHP	19,545,800		—		(312	)

RBC Capital Markets		6/3/2025	USD	13,500	PHP	751,800		—		(26	)

RBC Capital Markets		6/3/2025	USD	28,478	PLN	106,800		53		—

RBC Capital Markets		6/3/2025	USD	741,498	PLN	2,775,500		—		(43	)

JP Morgan & Chase Co.		6/3/2025	USD	19,227	QAR	70,000		—		(1	)

JP Morgan & Chase Co.		6/3/2025	USD	20,440	QAR	74,500		22		—

JP Morgan & Chase Co.		6/3/2025	USD	531,969	QAR	1,936,900		13		—

Citigroup Global Markets		6/3/2025	USD	2,786,241	SAR	10,453,000		—		(104	)

Citigroup Global Markets		6/3/2025	USD	125,803	SAR	472,000		4		—

Goldman Sachs & Co.		6/3/2025	USD	16,473	TRY	658,000		253		—

Goldman Sachs & Co.		6/3/2025	USD	13,773	TRY	541,100		—		(18	)

Goldman Sachs & Co.		6/3/2025	USD	358,069	TRY	14,068,100		—		(454	)

Citigroup Global Markets		6/3/2025	USD	230,098	ZAR	4,155,000		909		—

Goldman Sachs & Co.		6/3/2025	USD	2,007,155	ZAR	36,215,100		6,308		—

Goldman Sachs & Co.		6/3/2025	USD	86,384	ZAR	1,552,700		—		(58	)

Citigroup Global Markets		6/3/2025	ZAR	380,000	USD	20,376		—		(751	)

Citigroup Global Markets		6/3/2025	ZAR	3,775,000	USD	202,417		—		(7,463	)

Goldman Sachs & Co.		6/3/2025	ZAR	37,767,800	USD	2,025,219		—		(74,570	)

JP Morgan & Chase Co.		6/4/2025	BRL	7,227,700	USD	1,267,142		4,620		—

RBC Capital Markets		6/4/2025	BRL	8,818,600	USD	1,545,977		5,560		—

Goldman Sachs & Co.		6/4/2025	CLP	159,278,000	USD	166,499		—		(1,843	)

RBC Capital Markets		6/4/2025	CLP	160,863,300	USD	168,031		—		(1,987	)

JP Morgan & Chase Co.		6/4/2025	CNH	20,163,400	USD	2,778,091		—		(21,240	)

Citigroup Global Markets		6/4/2025	EGP	2,317,000	USD	44,820		—		(1,666	)

JP Morgan & Chase Co.		6/4/2025	IDR	6,458,547,000	USD	388,624		—		(7,775	)

RBC Capital Markets		6/4/2025	IDR	8,065,795,800	USD	485,382		—		(9,664	)

JP Morgan & Chase Co.		6/4/2025	INR	493,584,800	USD	5,824,353		57,724		—

JP Morgan & Chase Co.		6/4/2025	INR	41,618,000	USD	490,848		4,618		—

RBC Capital Markets		6/4/2025	INR	577,425,800	USD	6,814,989		68,832		—

JP Morgan & Chase Co.		6/4/2025	THB	24,850,600	USD	746,825		—		(10,429	)

RBC Capital Markets		6/4/2025	THB	3,559,100	USD	106,921		—		(1,533	)

JP Morgan & Chase Co.		6/4/2025	TWD	254,001,200	USD	7,990,726		—		(487,791	)

RBC Capital Markets		6/4/2025	TWD	155,108,600	USD	4,878,258		—		(299,241	)

JP Morgan & Chase Co.		6/4/2025	USD	1,260,356	BRL	7,227,700		2,165		—

RBC Capital Markets		6/4/2025	USD	1,438,192	BRL	8,224,300		—		(1,586	)

RBC Capital Markets		6/4/2025	USD	105,025	BRL	594,300		—		(1,213	)

Goldman Sachs & Co.		6/4/2025	USD	168,501	CLP	159,278,000		—		(159	)

RBC Capital Markets		6/4/2025	USD	12,525	CLP	11,857,100		7		—

RBC Capital Markets		6/4/2025	USD	157,837	CLP	149,006,200		—		(352	)

JP Morgan & Chase Co.		6/4/2025	USD	2,637,965	CNH	18,997,700		—		(471	)

JP Morgan & Chase Co.		6/4/2025	USD	59,938	CNH	435,000		454		—

JP Morgan & Chase Co.		6/4/2025	USD	101,552	CNH	730,700		—		(107	)

Citigroup Global Markets		6/4/2025	USD	46,580	EGP	2,317,000		—		(93	)

JP Morgan & Chase Co.		6/4/2025	USD	856,433	IDR	13,986,404,200		1,997		—

RBC Capital Markets		6/4/2025	USD	32,896	IDR	537,938,600		121		—

JP Morgan & Chase Co.		6/4/2025	USD	6,255,292	INR	535,202,800		—		(2,434	)

RBC Capital Markets		6/4/2025	USD	481,106	INR	41,208,500		339		—

See Notes to Financial Statements.

62 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025


Counterparty	Settlement Date		Currency To Deliver		Currency To Receive		Unrealized Appreciation ($)		Unrealized Depreciation ($)

RBC Capital Markets		6/4/2025	USD	6,267,018	INR	536,217,300		—		(2,307	)

JP Morgan & Chase Co.		6/4/2025	USD	725,274	THB	23,798,400		—		(82	)

JP Morgan & Chase Co.		6/4/2025	USD	32,240	THB	1,052,200		—		(177	)

RBC Capital Markets		6/4/2025	USD	108,443	THB	3,559,100		11		—

JP Morgan & Chase Co.		6/4/2025	USD	757,873	TWD	24,139,000		47,883		—

JP Morgan & Chase Co.		6/4/2025	USD	477,214	TWD	14,258,200		—		(1,278	)

JP Morgan & Chase Co.		6/4/2025	USD	7,220,496	TWD	215,604,000		—		(23,671	)

RBC Capital Markets		6/4/2025	USD	5,191,572	TWD	155,108,600		—		(14,073	)

Goldman Sachs & Co.		6/5/2025	COP	388,992,400	USD	91,676		—		(1,890	)

JP Morgan & Chase Co.		6/5/2025	KRW	4,377,350,700	USD	3,086,467		—		(87,388	)

RBC Capital Markets		6/5/2025	KRW	5,315,974,600	USD	3,745,830		—		(108,587	)

RBC Capital Markets		6/5/2025	MYR	4,304,500	USD	1,000,117		—		(11,366	)

Goldman Sachs & Co.		6/5/2025	USD	93,401	COP	388,992,400		165		—

JP Morgan & Chase Co.		6/5/2025	USD	200,997	KRW	285,824,000		6,243		—

JP Morgan & Chase Co.		6/5/2025	USD	2,965,756	KRW	4,091,526,700		859		—

RBC Capital Markets		6/5/2025	USD	3,601,724	KRW	4,967,548,600		62		—

RBC Capital Markets		6/5/2025	USD	253,856	KRW	348,426,000		—		(1,225	)

RBC Capital Markets		6/5/2025	USD	976,004	MYR	4,145,100		—		(1,977	)

RBC Capital Markets		6/5/2025	USD	37,576	MYR	159,400		—		(120	)

Citigroup Global Markets		7/2/2025	AED	506,000	USD	137,773		—		(1	)

Citigroup Global Markets		7/2/2025	AED	504,000	USD	137,225		—		(5	)

JP Morgan & Chase Co.		7/2/2025	AED	3,063,200	USD	834,046		—		(6	)

RBC Capital Markets		7/2/2025	CZK	2,629,610	USD	119,793		—		(130	)

JP Morgan & Chase Co.		7/2/2025	EUR	23,000	USD	26,159		—		(10	)

Morgan Stanley Capital		7/2/2025	EUR	357,100	USD	406,151		—		(159	)

RBC Capital Markets		7/2/2025	HUF	78,082,600	USD	219,082		—		(54	)

JP Morgan & Chase Co.		7/2/2025	KWD	169,000	USD	551,153		—		(104	)

Bank of America		7/2/2025	MXN	478,000	USD	24,540		—		(4	)

Bank of America		7/2/2025	MXN	27,198,500	USD	1,396,363		—		(223	)

JP Morgan & Chase Co.		7/2/2025	PHP	19,545,800	USD	350,264		197		—

RBC Capital Markets		7/2/2025	PLN	168,000	USD	44,832		—		(17	)

RBC Capital Markets		7/2/2025	PLN	2,775,500	USD	740,967		17		—

JP Morgan & Chase Co.		7/2/2025	QAR	1,936,900	USD	532,057		—		(47	)

Citigroup Global Markets		7/2/2025	SAR	10,453,000	USD	2,785,016		—		(94	)

JP Morgan & Chase Co.		7/2/2025	THB	23,798,400	USD	725,716		—		(1,136	)

RBC Capital Markets		7/2/2025	THB	3,559,100	USD	108,509		—		(193	)

Goldman Sachs & Co.		7/2/2025	TRY	14,068,100	USD	347,003		386		—

JP Morgan & Chase Co.		7/2/2025	USD	13,050	KWD	4,000		—		(3	)

Citigroup Global Markets		7/2/2025	USD	270,721	SAR	1,016,000		—		(17	)

JP Morgan & Chase Co.		7/2/2025	USD	21,369	THB	700,000		11		—

Citigroup Global Markets		7/2/2025	ZAR	4,155,000	USD	229,607		—		(904	)

Goldman Sachs & Co.		7/2/2025	ZAR	36,215,100	USD	2,002,881		—		(6,262	)

JP Morgan & Chase Co.		7/3/2025	BRL	7,227,700	USD	1,252,159		—		(1,816	)

RBC Capital Markets		7/3/2025	BRL	8,224,300	USD	1,428,812		1,932		—

Goldman Sachs & Co.		7/3/2025	CLP	159,278,000	USD	168,504		162		—

RBC Capital Markets		7/3/2025	CLP	149,006,200	USD	157,841		354		—

JP Morgan & Chase Co.		7/3/2025	CNH	18,997,700	USD	2,643,397		—		(297	)

JP Morgan & Chase Co.		7/3/2025	CNH	663,000	USD	92,254		—		(8	)

Goldman Sachs & Co.		7/3/2025	COP	388,992,400	USD	93,127		—		(137	)

RBC Capital Markets		7/3/2025	HKD	123,136,100	USD	15,748,117		—		(6,404	)

RBC Capital Markets		7/3/2025	HKD	5,929,000	USD	758,270		—		(310	)

See Notes to Financial Statements.

DBX ETF Trust | 63

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

May 31, 2025


Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation ($)		Unrealized Depreciation ($)

JP Morgan & Chase Co.		7/3/2025		IDR	13,986,404,200		USD	855,542		—		(1,824	)

JP Morgan & Chase Co.		7/3/2025		IDR	1,018,318,000		USD	62,165		—		(258	)

JP Morgan & Chase Co.		7/3/2025		INR	535,202,800		USD	6,243,398		217		—

JP Morgan & Chase Co.		7/3/2025		INR	16,417,000		USD	191,552		47		—

RBC Capital Markets		7/3/2025		INR	536,217,300		USD	6,253,766		—		(1,249	)

JP Morgan & Chase Co.		7/3/2025		KRW	4,091,526,700		USD	2,971,269		—		(1,413	)

JP Morgan & Chase Co.		7/3/2025		KRW	363,502,000		USD	263,790		—		(311	)

RBC Capital Markets		7/3/2025		KRW	4,967,548,600		USD	3,606,168		—		(2,984	)

RBC Capital Markets		7/3/2025		MYR	4,145,100		USD	975,918		794		—

JP Morgan & Chase Co.		7/3/2025		TWD	215,604,000		USD	7,269,184		54,313		—

JP Morgan & Chase Co.		7/3/2025		TWD	15,716,000		USD	529,711		3,798		—

RBC Capital Markets		7/3/2025		TWD	155,108,600		USD	5,226,559		36,078		—

Citigroup Global Markets		7/7/2025		EGP	2,317,000		USD	45,946		130		—

Total unrealized appreciation (depreciation)										514,163		(1,263,435	)

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, 2025

Fair Value Measurements


Assets	Level 1		Level 2			Level 3		Total

Common Stocks (a)	$	65,671,478	$	—		$	44,213	$	65,715,691

Preferred Stocks (a)		1,147,183		—			0		1,147,183

Rights		—		1,657			—		1,657

Warrants (a)		17		—			0		17

Short-Term Investments (a)		855,034		—			—		855,034

Derivatives (b)

Forward Foreign Currency Contracts		—		514,163			—		514,163

Futures Contracts		32,029		—			—		32,029

TOTAL	$	67,705,741	$	515,820		$	44,213	$	68,265,774

Liabilities	Level 1		Level 2			Level 3		Total

Derivatives (b)

Forward Foreign Currency Contracts	$	—	$	(1,263,435	)	$	—	$	(1,263,435	)

TOTAL	$	—	$	(1,263,435	)	$	—	$	(1,263,435	)

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

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

During the year ended May 31, 2025, the amount of transfers from Level 1 to Level 3 was $12,013. The investment was transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity. Transfers between price levels are recognized at the beginning of the reporting period.

See Notes to Financial Statements.

DBX ETF Trust | 65

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF

May 31, 2025


	Number of Shares		Value $


COMMON STOCKS – 96.1%

Austria – 0.3%

Erste Group Bank AG		17,051		1,371,696

OMV AG (a)		7,376		394,467

Verbund AG (a)		3,732		291,328


(Cost $1,422,914)				2,057,491

Belgium – 1.2%

Ageas SA/NV		8,813		574,886

Anheuser-Busch InBev SA/NV		53,769		3,787,669

D’ieteren Group		1,051		215,879

Elia Group SA/NV		2,671		282,959

Groupe Bruxelles Lambert NV		4,210		343,939

KBC Group NV		12,287		1,213,204

Lotus Bakeries NV		21		217,223

Sofina SA		767		221,903

Syensqo SA		4,032		309,024

UCB SA		6,656		1,208,454


(Cost $7,977,633)				8,375,140

Chile – 0.1%

Antofagasta PLC

(Cost $489,400)		22,498		536,687

Denmark – 3.4%

A.P. Moller - Maersk A/S, Class A		154		275,184

A.P. Moller - Maersk A/S, Class B		228		412,447

Carlsberg AS, Class B		4,956		708,474

Coloplast A/S, Class B		6,765		654,465

Danske Bank A/S		36,547		1,396,796

Demant A/S *		5,228		204,505

DSV A/S		11,032		2,599,321

Genmab A/S *		3,382		710,117

Novo Nordisk A/S, Class B		172,822		11,933,135

Novonesis (Novozymes) B, Class B		18,672		1,312,440

Orsted AS, 144A *		9,397		383,747

Pandora A/S		4,479		815,696

ROCKWOOL A/S, Class B		4,533		214,817

Tryg A/S		18,277		469,583

Vestas Wind Systems A/S		53,688		846,996


(Cost $24,046,132)				22,937,723

Finland – 1.5%

Elisa OYJ		7,391		389,394

Fortum OYJ		25,065		432,593

Kesko OYJ, Class B		13,711		331,602

Kone OYJ, Class B		17,922		1,115,969

Metso Corp.		35,600		429,686

Neste OYJ		22,310		239,387

Nokia OYJ		284,077		1,476,014

Nordea Bank Abp		169,963		2,463,449

Orion OYJ, Class B		6,203		420,831

Sampo OYJ, Class A		130,005		1,386,984


	Number of Shares		Value $


Stora Enso OYJ, Class R		33,884		342,646

UPM-Kymmene OYJ		29,364		813,196

Wartsila OYJ Abp		28,572		571,954


(Cost $10,764,421)				10,413,705

France – 15.7%

Accor SA		10,518		558,320

Aeroports de Paris SA		1,833		245,799

Air Liquide SA		31,187		6,459,022

Airbus SE		32,061		5,900,310

Alstom SA *		19,216		434,304

Amundi SA, 144A		3,321		270,934

Arkema SA		3,108		221,973

AXA SA		95,699		4,510,539

BioMerieux		2,459		329,744

BNP Paribas SA		54,945		4,812,560

Bollore SE		39,339		250,138

Bouygues SA		10,544		459,612

Bureau Veritas SA		17,899		611,329

Capgemini SE		8,838		1,467,635

Carrefour SA (a)		28,230		421,988

Cie de Saint-Gobain SA		24,224		2,718,610

Cie Generale des Etablissements Michelin SCA		36,061		1,379,044

Covivio SA REIT		3,514		210,671

Credit Agricole SA		58,012		1,060,833

Danone SA		34,869		2,978,904

Dassault Aviation SA		981		355,104

Dassault Systemes SE		35,651		1,335,838

Edenred SE		12,357		385,846

Eiffage SA		3,939		541,625

Engie SA		98,296		2,118,921

EssilorLuxottica SA		16,072		4,465,522

Eurazeo SE		2,663		186,109

FDJ UNITED, 144A		5,286		194,104

Gecina SA REIT		2,196		241,615

Getlink SE *		16,991		325,078

Hermes International SCA		1,707		4,705,985

Ipsen SA *		1,988		234,079

Kering SA		4,119		806,114

Klepierre SA REIT		12,012		470,001

Legrand SA		13,986		1,698,410

L’Oreal SA		12,970		5,484,259

LVMH Moet Hennessy Louis Vuitton SE		14,819		8,047,152

Orange SA		99,714		1,487,149

Pernod Ricard SA		10,715		1,107,382

Publicis Groupe SA		12,263		1,335,036

Renault SA		9,815		505,735

Rexel SA		12,503		351,080

Safran SA		19,440		5,769,925

Sanofi SA		60,078		5,970,230

See Notes to Financial Statements.

66 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $


Sartorius Stedim Biotech		1,483		326,671

Schneider Electric SE		29,521		7,419,573

Societe Generale SA		38,875		2,112,130

Sodexo SA		4,942		341,454

Teleperformance SE		3,143		317,759

Thales SA		5,008		1,520,527

TotalEnergies SE		110,685		6,492,493

Unibail-Rodamco-Westfield REIT *		7,182		680,600

Veolia Environnement SA		34,258		1,177,840

Vinci SA		26,777		3,826,339


(Cost $95,989,003)				107,639,954

Germany – 14.5%

adidas AG		9,195		2,291,683

Allianz SE		20,900		8,274,972

BASF SE		48,065		2,313,999

Bayer AG		52,935		1,486,699

Bayerische Motoren Werke AG		15,299		1,356,696

Beiersdorf AG		5,434		744,415

Brenntag SE		6,367		431,162

Commerzbank AG		48,124		1,463,871

Continental AG		6,194		543,650

Covestro AG *		9,572		657,546

CTS Eventim AG & Co. KGaA		3,531		427,790

Daimler Truck Holding AG		25,671		1,113,751

Delivery Hero SE, 144A *		10,345		286,373

Deutsche Bank AG (b)		99,815		2,760,841

Deutsche Boerse AG		10,175		3,275,335

Deutsche Lufthansa AG		30,073		240,596

Deutsche Post AG		51,870		2,318,729

Deutsche Telekom AG		188,430		7,120,355

E.ON SE		121,117		2,121,970

Evonik Industries AG		14,226		307,875

Fresenius Medical Care AG		11,902		675,977

Fresenius SE & Co. KGaA		22,361		1,096,332

GEA Group AG		8,818		589,731

Hannover Rueck SE		3,198		1,010,918

Heidelberg Materials AG		7,380		1,445,067

Henkel AG & Co. KGaA		5,447		399,538

Infineon Technologies AG		70,189		2,731,586

Knorr-Bremse AG		3,969		401,088

LEG Immobilien SE (a)		4,124		350,024

Mercedes-Benz Group AG		39,009		2,329,358

Merck KGaA		6,808		892,832

MTU Aero Engines AG		2,977		1,184,773

Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen		7,244		4,699,882

Nemetschek SE		3,037		421,735

Rational AG		288		236,592

Rheinmetall AG		2,417		5,173,165

RWE AG		33,659		1,266,167


	Number of Shares		Value $


SAP SE		56,356		17,014,798

Scout24 SE, 144A		4,143		564,030

Siemens AG		41,023		9,865,559

Siemens Energy AG *		36,771		3,569,767

Siemens Healthineers AG, 144A		18,394		972,846

Symrise AG		6,961		830,302

Talanx AG		3,237		420,104

Vonovia SE (a)		39,275		1,285,669

Zalando SE, 144A *		12,023		429,340


(Cost $77,084,381)				99,395,488

Hong Kong – 0.2%

Prudential PLC

(Cost $2,397,572)		142,015		1,616,475

Ireland – 1.3%

AerCap Holdings NV		10,017		1,159,267

AIB Group PLC		111,608		876,940

Bank of Ireland Group PLC		54,638		749,428

DCC PLC		5,659		353,479

Experian PLC		49,486		2,462,308

Kerry Group PLC, Class A		8,833		964,832

Kingspan Group PLC		8,532		731,419

Ryanair Holdings PLC		45,997		1,220,553


(Cost $7,001,544)				8,518,226

Italy – 4.3%

Banca Mediolanum SpA		12,595		209,224

Banco BPM SpA		62,072		712,550

BPER Banca SPA (a)		55,226		489,862

Davide Campari-Milano NV		32,056		209,070

DiaSorin SpA		1,276		132,366

Enel SpA		438,651		4,026,869

Eni SpA		120,224		1,770,787

Ferrari NV		6,806		3,256,528

FinecoBank Banca Fineco SpA		33,576		725,117

Generali (a)		47,543		1,730,147

Infrastrutture Wireless Italiane SpA, 144A		15,115		177,287

Intesa Sanpaolo SpA		819,081		4,566,428

Leonardo SpA		22,282		1,371,772

Mediobanca Banca di Credito Finanziario SpA		25,721		610,967

Moncler SpA		12,462		779,098

Nexi SpA, 144A		25,986		156,263

Poste Italiane SpA, 144A		25,243		547,734

Prysmian SpA		15,147		973,445

Recordati Industria Chimica e Farmaceutica SpA		5,693		341,306

Snam SpA		108,429		648,328

Telecom Italia SpA *		521,752		222,988

Terna - Rete Elettrica Nazionale		78,960		803,131

UniCredit SpA		75,417		4,843,362

See Notes to Financial Statements.

DBX ETF Trust | 67

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $


Unipol Assicurazioni SpA		18,276		357,548


(Cost $20,198,215)				29,662,177

Luxembourg – 0.3%

ArcelorMittal SA		25,070		760,605

CVC Capital Partners PLC, 144A		11,815		219,609

Eurofins Scientific SE		5,995		399,845

Tenaris SA		20,234		339,337


(Cost $1,609,217)				1,719,396

Netherlands – 7.0%

ABN AMRO Bank NV, 144A		23,740		613,779

Adyen NV, 144A *		1,363		2,614,858

Aegon Ltd.		74,922		536,453

Akzo Nobel NV		9,709		661,004

Argenx SE *		3,269		1,879,650

ASM International NV		2,503		1,363,039

ASML Holding NV		21,242		15,771,574

ASR Nederland NV		7,482		479,823

BE Semiconductor Industries NV		4,558		551,437

Euronext NV, 144A		4,224		687,767

EXOR NV		4,929		474,595

Ferrovial SE		27,660		1,408,270

Heineken Holding NV		7,009		545,944

Heineken NV		15,380		1,369,467

IMCD NV		3,129		424,563

ING Groep NV		169,894		3,603,489

JDE Peet’s NV		7,955		218,767

Koninklijke Ahold Delhaize NV		49,790		2,101,938

Koninklijke KPN NV		215,421		1,012,155

Koninklijke Philips NV		45,136		1,037,807

NN Group NV		14,468		910,423

Prosus NV *		70,829		3,635,112

QIAGEN NV *		12,274		553,977

Randstad NV		5,253		220,449

Stellantis NV		106,564		1,084,749

Universal Music Group NV		59,521		1,903,142

Wolters Kluwer NV		12,874		2,284,761


(Cost $42,154,026)				47,948,992

Norway – 0.9%

Aker BP ASA		15,854		364,999

DNB Bank ASA		48,424		1,296,538

Equinor ASA		46,939		1,101,347

Gjensidige Forsikring ASA (a)		10,821		273,933

Kongsberg Gruppen ASA		4,708		829,299

Mowi ASA		23,835		445,065

Norsk Hydro ASA		74,683		409,434

Orkla ASA		37,360		423,106

Salmar ASA		3,959		176,474

Telenor ASA		31,780		487,563

Yara International ASA		8,913		319,588


(Cost $5,604,336)				6,127,346


	Number of Shares		Value $


Poland – 0.0%

InPost SA *

(Cost $184,712)		10,394		170,891

Portugal – 0.2%

EDP SA		171,070		681,788

Galp Energia SGPS SA		24,427		389,547

Jeronimo Martins SGPS SA		15,930		400,824

(Cost $1,499,324)				1,472,159


Spain – 4.6%

Acciona SA		1,121		180,743

ACS Actividades de Construccion y Servicios SA		9,688		636,364

Aena SME SA, 144A		4,186		1,126,460

Amadeus IT Group SA		24,256		2,020,995

Banco Bilbao Vizcaya Argentaria SA		311,489		4,672,118

Banco de Sabadell SA		297,513		947,561

Banco Santander SA		818,829		6,537,002

Bankinter SA		36,421		468,957

CaixaBank SA		213,227		1,812,911

Cellnex Telecom SA, 144A *		26,419		1,011,515

EDP Renovaveis SA		16,932		169,953

Endesa SA		17,278		527,341

Grifols SA *		13,285		142,850

Iberdrola SA		314,611		5,744,183

Industria de Diseno Textil SA		58,751		3,183,347

Redeia Corp. SA		22,592		466,868

Repsol SA		64,302		865,554

Telefonica SA (a)		196,375		1,050,654


(Cost $23,996,362)				31,565,376

Sweden – 5.3%

AddTech AB, Class B		13,668		469,622

Alfa Laval AB		14,951		635,815

Assa Abloy AB, Class B		53,851		1,707,041

Atlas Copco AB, Class A		145,235		2,331,468

Atlas Copco AB, Class B		83,319		1,186,739

Beijer Ref AB		20,042		295,813

Boliden AB *		15,437		482,902

Epiroc AB, Class A		35,023		783,610

Epiroc AB, Class B		20,650		403,869

EQT AB		19,646		575,018

Essity AB, Class B		32,687		955,691

Evolution AB, 144A		8,479		581,956

Fastighets AB Balder, Class B *		42,329		296,618

H & M Hennes & Mauritz AB, Class B		32,624		467,226

Hexagon AB, Class B		114,894		1,157,695

Holmen AB, Class B		4,493		185,588

Industrivarden AB, Class A		6,151		222,892

Industrivarden AB, Class C		8,752		316,140

Indutrade AB		15,131		410,040

See Notes to Financial Statements.

68 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $


Investment AB Latour, Class B		7,964		210,004

Investor AB, Class B		92,554		2,724,405

L E Lundbergforetagen AB, Class B		4,207		214,849

Lifco AB, Class B		13,005		529,590

Nibe Industrier AB, Class B		78,672		322,256

Saab AB, Class B		16,679		843,001

Sagax AB, Class B		12,628		276,350

Sandvik AB		56,925		1,243,367

Securitas AB, Class B		26,992		399,096

Skandinaviska Enskilda Banken AB, Class A		85,104		1,419,887

Skanska AB, Class B		17,200		408,877

SKF AB, Class B		19,871		436,928

Spotify Technology SA *		8,308		5,525,983

Svenska Cellulosa AB SCA, Class B		30,573		413,457

Svenska Handelsbanken AB, Class A		79,756		1,065,277

Swedbank AB, Class A		44,883		1,214,895

Swedish Orphan Biovitrum AB *		11,539		352,900

Tele2 AB, Class B		30,555		457,196

Telefonaktiebolaget LM Ericsson, Class B		153,679		1,306,126

Telia Co. AB		130,560		504,430

Trelleborg AB, Class B		10,836		396,957

Volvo AB, Class B		85,498		2,371,340


(Cost $32,815,935)				36,102,914

Switzerland – 14.7%

ABB Ltd.		85,154		4,815,391

Alcon, Inc.		26,993		2,318,840

Avolta AG *		5,370		287,618

Baloise Holding AG		2,363		560,459

Banque Cantonale Vaudoise		1,653		191,210

Barry Callebaut AG (a)		206		211,131

BKW AG		1,229		258,195

Chocoladefabriken Lindt & Spruengli AG		6		941,920

Chocoladefabriken Lindt & Spruengli AG Participation Certificates		50		803,767

Cie Financiere Richemont SA, Class A		28,946		5,446,280

Coca-Cola HBC AG *		11,864		617,340

DSM-Firmenich AG		10,325		1,149,140

EMS-Chemie Holding AG		368		279,465

Galderma Group AG		5,805		759,658

Geberit AG		1,777		1,323,573

Givaudan SA		498		2,497,866

Glencore PLC *		555,773		2,122,160

Helvetia Holding AG		1,865		441,436

Holcim AG *		28,088		3,106,403

Julius Baer Group Ltd.		11,523		757,746


	Number of Shares		Value $


Kuehne + Nagel International AG		2,503		562,795

Logitech International SA		8,056		669,930

Lonza Group AG		3,900		2,697,303

Nestle SA		141,308		15,057,973

Novartis AG		102,932		11,760,262

Partners Group Holding AG		1,215		1,626,889

Roche Holding AG		37,911		12,230,098

Roche Holding AG		1,749		595,042

Sandoz Group AG		22,561		1,143,950

Schindler Holding AG		1,256		430,367

Schindler Holding AG Participation Certificates		2,311		821,065

SGS SA		8,793		916,481

SIG Group AG *		16,972		346,451

Sika AG		8,120		2,167,635

Sonova Holding AG		2,702		845,729

STMicroelectronics NV		18,581		466,367

STMicroelectronics NV, Class Y		18,616		465,586

Straumann Holding AG		6,116		784,379

Swatch Group AG - Bearer (a)		1,685		283,666

Swiss Life Holding AG		1,532		1,529,022

Swiss Prime Site AG		4,107		583,364

Swiss Re AG		16,260		2,869,702

Swisscom AG		1,442		990,827

Temenos AG		3,382		250,876

UBS Group AG		177,276		5,641,383

VAT Group AG, 144A		1,511		574,107

Zurich Insurance Group AG		7,882		5,527,935


(Cost $86,543,312)				100,728,782

United Kingdom – 20.6%

3i Group PLC		52,420		2,875,978

Admiral Group PLC		14,003		632,043

Anglo American PLC *		68,226		2,026,933

Ashtead Group PLC		23,463		1,370,419

Associated British Foods PLC		18,273		512,838

AstraZeneca PLC		83,702		12,089,586

Auto Trader Group PLC, 144A		49,815		532,919

Aviva PLC		142,215		1,169,992

BAE Systems PLC		162,445		4,161,822

Barclays PLC		776,150		3,424,820

Barratt Redrow PLC		76,490		474,895

BP PLC		867,620		4,205,437

British American Tobacco PLC		107,152		4,813,342

BT Group PLC		315,808		763,567

Bunzl PLC		16,781		537,211

Centrica PLC		260,314		555,388

Coca-Cola Europacific Partners PLC		12,407		1,138,839

Compass Group PLC		91,009		3,194,279

Croda International PLC		7,971		329,495

Diageo PLC		119,927		3,259,145

See Notes to Financial Statements.

DBX ETF Trust | 69

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $


Entain PLC		35,740		361,446

GSK PLC		223,808		4,544,328

Haleon PLC		490,020		2,732,688

Halma PLC		21,059		824,545

Hikma Pharmaceuticals PLC		9,463		272,850

HSBC Holdings PLC		955,106		11,236,889

Imperial Brands PLC		42,548		1,610,891

Informa PLC		69,097		731,191

InterContinental Hotels Group PLC		7,989		914,293

International Consolidated Airlines Group SA		68,241		300,252

Intertek Group PLC		8,182		527,610

J Sainsbury PLC		103,086		396,401

JD Sports Fashion PLC		142,287		161,267

Kingfisher PLC		88,456		330,847

Land Securities Group PLC REIT		33,934		289,414

Legal & General Group PLC		312,027		1,045,560

Lloyds Banking Group PLC		3,271,244		3,402,601

London Stock Exchange Group PLC		25,739		3,910,110

M&G PLC		127,736		407,373

Marks & Spencer Group PLC		111,716		563,549

Melrose Industries PLC		64,091		404,219

Mondi PLC		23,877		387,818

National Grid PLC		262,945		3,707,532

NatWest Group PLC		436,353		3,084,232

Next PLC		6,272		1,087,168

Pearson PLC		30,995		486,517

Phoenix Group Holdings PLC		37,483		320,188

Reckitt Benckiser Group PLC		36,936		2,504,213

RELX PLC		100,172		5,390,576

Rentokil Initial PLC		136,210		645,266

Rio Tinto PLC		60,580		3,593,024

Rolls-Royce Holdings PLC		458,818		5,354,753

Sage Group PLC		53,818		883,918

Schroders PLC		43,557		208,572

Segro PLC REIT		70,719		664,125

Severn Trent PLC		15,158		552,038

Shell PLC		323,118		10,663,982

Smith & Nephew PLC		44,476		643,892

Smiths Group PLC		18,404		534,120

Spirax Group PLC		4,133		318,246

SSE PLC		58,589		1,390,133

Standard Chartered PLC		110,679		1,726,850

Tesco PLC		363,538		1,900,476

Unilever PLC		135,010		8,562,310

United Utilities Group PLC		38,177		602,337

Vodafone Group PLC		1,063,082		1,101,187

Whitbread PLC		9,011		351,360

Wise PLC, Class A *		37,386		553,589


	Number of Shares		Value $


WPP PLC		61,415		495,989


(Cost $125,433,940)				140,751,683

TOTAL COMMON STOCKS


(Cost $567,212,379)				657,740,605

PREFERRED STOCKS – 0.5%

Germany – 0.5%

Bayerische Motoren Werke AG		3,446		285,436

Dr Ing hc F Porsche AG, 144A		6,470		311,927

Henkel AG & Co. KGaA		9,604		768,575

Porsche Automobil Holding SE		8,407		335,055

Sartorius AG		1,507		361,047

Volkswagen AG		11,009		1,192,017


(Cost $5,048,883)				3,254,057

SECURITIES LENDING

COLLATERAL – 0.8%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.22% (c)(d)

(Cost $5,319,270)		5,319,270		5,319,270

CASH EQUIVALENTS – 2.0%

DWS Government Money Market

Series “Institutional Shares”, 4.26% (c)

(Cost $14,028,943)		14,028,943		14,028,943

TOTAL INVESTMENTS – 99.4%

(Cost $591,609,475)				680,342,875

Other assets and liabilities, net – 0.6%				4,169,268


NET ASSETS – 100.0%				684,512,143

See Notes to Financial Statements.

70 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2025

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


Value ($) at 5/31/2024	Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2025		Value ($) at 5/31/2025

COMMON STOCKS – 0.4%

Germany – 0.4%

Deutsche Bank AG (b)

1,534,518		554,546			(427,573	)		(76,895)			1,176,245		75,322		—		99,815		2,760,841

SECURITIES LENDING COLLATERAL – 0.8%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.22% (c)(d)

2,725,326		2,593,944	(e)		—			—			—		74,699		—		5,319,270		5,319,270

CASH EQUIVALENTS – 2.0%

DWS Government Money Market Series “Institutional Shares”, 4.26% (c)

7,222,795		48,944,560			(42,138,412	)		—			—		414,173		—		14,028,943		14,028,943

DWS ESG Liquidity Fund “Capital Shares”, 2.56% (c),(f)

701,999		—			(701,999	)		(70	)		70		1,543		—		—		—

12,184,638		52,093,050			(43,267,984	)		(76,965	)		1,176,315		565,737		—		19,448,028		22,109,054

See Notes to Financial Statements.

DBX ETF Trust | 71

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2025

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at May 31, 2025 amounted to $5,024,027, which is 0.7% of net assets.

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

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

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

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

(f)	Affiliated fund managed by DWS Investment Management Americas, Inc.


REIT:		Real Estate Investment Trust

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

Securities are listed in country of domicile.

At May 31, 2025, open futures contracts purchased were as follows:


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

CAC 40 Index		EUR		30		2,662,070		2,638,560		6/20/2025		(23,510	)

DAX Index		EUR		3		1,912,131		2,047,643		6/20/2025		135,512

EURO STOXX 50 Index		EUR		62		3,670,986		3,778,962		6/20/2025		107,976

FTSE 100 Index		GBP		43		4,981,558		5,087,659		6/20/2025		106,101

FTSE MIB Index		EUR		4		864,753		911,449		6/20/2025		46,696

IBEX 35 Index		EUR		8		1,251,157		1,285,494		6/20/2025		34,337

MSCI EUROPE Index		EUR		54		2,259,043		2,268,631		6/20/2025		9,588

OMXS30 Index		SEK		56		1,476,400		1,456,814		6/19/2025		(19,586	)

SMI Index		CHF		23		3,474,241		3,415,346		6/20/2025		(58,895	)

Total net unrealized appreciation												338,219

At May 31, 2025, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date		Currency To Deliver		Currency To Receive		Unrealized Appreciation ($)		Unrealized Depreciation ($)

Goldman Sachs & Co.		6/3/2025	CHF	537,200	USD	652,719		—		(258	)

Goldman Sachs & Co.		6/3/2025	CHF	1,074,400	USD	1,309,821		3,868		—

Goldman Sachs & Co.		6/3/2025	CHF	86,655,039	USD	105,857,997		527,233		—

Goldman Sachs & Co.		6/3/2025	CHF	268,600	USD	324,766		—		(1,722	)

Citigroup Global Markets		6/3/2025	DKK	160,756,642	USD	24,537,398		63,873		—

Citigroup Global Markets		6/3/2025	DKK	1,916,300	USD	292,024		288		—

Citigroup Global Markets		6/3/2025	DKK	479,100	USD	72,788		—		(150	)

Citigroup Global Markets		6/3/2025	DKK	958,200	USD	146,011		136		—

The Bank of New York Mellon		6/3/2025	EUR	3,958,900	USD	4,500,632		4,628		—

The Bank of New York Mellon		6/3/2025	EUR	308,102,496	USD	350,847,404		944,652		—

The Bank of New York Mellon		6/3/2025	EUR	1,979,400	USD	2,249,988		2,043		—

The Bank of New York Mellon		6/3/2025	EUR	989,700	USD	1,121,718		—		(2,255	)

See Notes to Financial Statements.

72 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2025


Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation ($)		Unrealized Depreciation ($)

RBC Capital Markets		6/3/2025		GBP	112,723,324		USD	150,581,114		—		(1,298,928	)

RBC Capital Markets		6/3/2025		GBP	1,432,600		USD	1,938,981		8,739		—

RBC Capital Markets		6/3/2025		GBP	358,200		USD	483,750		1,122		—

RBC Capital Markets		6/3/2025		GBP	716,300		USD	966,604		1,482		—

Goldman Sachs & Co.		6/3/2025		NOK	65,435,791		USD	6,310,075		—		(100,527	)

Goldman Sachs & Co.		6/3/2025		NOK	822,700		USD	81,499		901		—

JP Morgan & Chase Co.		6/3/2025		SEK	1,929,100		USD	201,851		593		—

JP Morgan & Chase Co.		6/3/2025		SEK	964,600		USD	100,303		—		(331	)

JP Morgan & Chase Co.		6/3/2025		SEK	3,858,300		USD	405,371		2,845		—

JP Morgan & Chase Co.		6/3/2025		SEK	312,184,486		USD	32,424,949		—		(144,402	)

Goldman Sachs & Co.		6/3/2025		USD	9,531,567		CHF	7,805,000		—		(44,449	)

Goldman Sachs & Co.		6/3/2025		USD	510,683		CHF	420,000		—		(165	)

The Bank of New York Mellon		6/3/2025		USD	97,754,536		CHF	80,310,239		—		(135,990	)

Citigroup Global Markets		6/3/2025		USD	21,800,440		DKK	143,245,242		7,157		—

Citigroup Global Markets		6/3/2025		USD	3,184,804		DKK	20,865,000		—		(8,325	)

Morgan Stanley Capital		6/3/2025		USD	335,948,284		EUR	295,924,496		124,279		—

The Bank of New York Mellon		6/3/2025		USD	3,972,007		EUR	3,500,000		2,838		—

The Bank of New York Mellon		6/3/2025		USD	17,771,785		EUR	15,606,000		—		(48,520	)

Morgan Stanley Capital		6/3/2025		USD	144,412,746		GBP	107,087,424		—		(126,347	)

RBC Capital Markets		6/3/2025		USD	10,877,965		GBP	8,143,000		93,670		—

Goldman Sachs & Co.		6/3/2025		USD	5,958,853		NOK	60,882,491		5,672		—

Goldman Sachs & Co.		6/3/2025		USD	51,141		NOK	532,000		978		—

Goldman Sachs & Co.		6/3/2025		USD	467,130		NOK	4,844,000		7,426		—

JP Morgan & Chase Co.		6/3/2025		USD	55,969		SEK	540,000		368		—

JP Morgan & Chase Co.		6/3/2025		USD	3,114,949		SEK	29,990,000		13,825		—

Morgan Stanley Capital		6/3/2025		USD	30,026,860		SEK	288,406,486		61,797		—

JP Morgan & Chase Co.		7/2/2025		CHF	1,107,000		USD	1,352,245		1,805		—

The Bank of New York Mellon		7/2/2025		CHF	80,310,239		USD	98,104,418		133,169		—

Citigroup Global Markets		7/2/2025		DKK	10,360,000		USD	1,579,926		—		(560	)

Citigroup Global Markets		7/2/2025		DKK	143,245,242		USD	21,845,956		—		(7,044	)

JP Morgan & Chase Co.		7/2/2025		EUR	16,863,000		USD	19,179,082		—		(7,720	)

Morgan Stanley Capital		7/2/2025		EUR	295,924,496		USD	336,572,833		—		(131,489	)

JP Morgan & Chase Co.		7/2/2025		GBP	2,506,000		USD	3,379,865		2,899		—

Morgan Stanley Capital		7/2/2025		GBP	107,087,424		USD	144,432,021		126,151		—

Goldman Sachs & Co.		7/2/2025		NOK	60,882,491		USD	5,958,621		—		(5,711	)

Goldman Sachs & Co.		7/2/2025		NOK	2,171,000		USD	212,478		—		(204	)

JP Morgan & Chase Co.		7/2/2025		SEK	10,218,000		USD	1,065,643		—		(2,248	)

Morgan Stanley Capital		7/2/2025		SEK	288,406,486		USD	30,079,117		—		(62,470	)

Total unrealized appreciation (depreciation)										2,144,437		(2,129,815	)

For information on the Fund’s policy and additional disclosures regarding futures contracts and forward foreign currency contracts, please refer to the

Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

See Notes to Financial Statements.

DBX ETF Trust | 73

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Xtrackers MSCI Europe Hedged Equity ETF (Continued)

May 31, 2025



Currency Abbreviations

Currency Abbreviations

CHF		Swiss Franc

DKK		Danish Krone

EUR		Euro

GBP		Pound Sterling

NOK		Norwegian Krone

SEK		Swedish Krona

USD		U.S. Dollar

Fair Value Measurements


Assets	Level 1			Level 2			Level 3		Total

Common Stocks (a)	$	657,740,605		$	—		$	—	$	657,740,605

Preferred Stocks		3,254,057			—			—		3,254,057

Short-Term Investments (a)		19,348,213			—			—		19,348,213

Derivatives (b)

Forward Foreign Currency Contracts		—			2,144,437			—		2,144,437

Futures Contracts		440,210			—			—		440,210

TOTAL	$	680,783,085		$	2,144,437		$	—	$	682,927,522

Liabilities	Level 1			Level 2			Level 3		Total

Derivatives (b)

Forward Foreign Currency Contracts	$	—		$	(2,129,815	)	$	—	$	(2,129,815	)

Futures Contracts		(101,991	)		—			—		(101,991	)

TOTAL	$	(101,991	)	$	(2,129,815	)	$	—	$	(2,231,806	)

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

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

See Notes to Financial Statements.

74 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF

May 31, 2025


	Number of Shares		Value $

COMMON STOCKS – 97.2%

Austria – 1.1%

ANDRITZ AG		774		53,477

BAWAG Group AG, 144A *		824		102,450

CA Immobilien Anlagen AG (a)		410		11,266

CPI Europe AG *		347		7,037

DO & CO AG *		87		16,951

Erste Group Bank AG		3,286		264,348

EVN AG		347		9,318

Kontron AG *		382		9,968

Lenzing AG *		194		5,815

Oesterreichische Post AG		377		12,863

OMV AG (a)		1,562		83,535

Palfinger AG		143		4,822

Porr AG		85		2,809

Raiffeisen Bank International AG		1,394		42,546

Schoeller-Bleckmann Oilfield Equipment AG		143		4,961

UNIQA Insurance Group AG		1,049		14,555

Verbund AG (a)		778		60,733

Vienna Insurance Group AG Wiener Versicherung Gruppe		355		17,413

voestalpine AG		1,250		32,900

Wienerberger AG		1,037		38,385


(Cost $636,049)				796,152

Belgium – 2.8%

Ackermans & van Haaren NV		234		59,516

Aedifica SA REIT (a)		499		37,678

Ageas SA/NV		1,572		102,544

Anheuser-Busch InBev SA/NV		10,403		732,822

Azelis Group NV		1,917		31,714

Barco NV		629		9,213

Bekaert SA		375		15,201

Cofinimmo SA REIT		448		38,558

Colruyt Group NV		381		17,183

Deme Group NV		85		13,203

D’ieteren Group		210		43,135

Elia Group SA/NV		553		58,583

Fagron		678		16,667

Galapagos NV *		524		15,267

Groupe Bruxelles Lambert NV		875		71,484

KBC Ancora		438		31,829

KBC Group NV		2,467		243,589

Kinepolis Group NV		143		5,642

Lotus Bakeries NV		4		41,376

Melexis NV		208		13,958

Montea NV REIT		173		12,768

Ontex Group NV *		678		6,036

Proximus SADP		1,706		14,867

Recticel SA *		411		5,255

Retail Estates NV REIT *		121		8,875


	Number of Shares		Value $

Sofina SA		175		50,630

Solvay SA		761		24,937

Syensqo SA		819		62,771

Tessenderlo Group SA		225		6,885

UCB SA		1,350		245,104

Umicore SA		2,172		23,799

Vastned NV REIT		117		4,158

VGP NV		119		11,390

Warehouses De Pauw CVA REIT		2,031		49,489

X-Fab Silicon Foundries SE, 144A *		440		2,568

Xior Student Housing NV REIT		318		10,760


(Cost $1,938,130)				2,139,454

Finland – 3.1%

Citycon OYJ *		1,241		5,278

Elisa OYJ		1,451		76,446

Finnair OYJ *		696		2,328

Fortum OYJ		4,549		78,511

Harvia OYJ		173		9,439

Hiab OYJ		406		21,860

Huhtamaki OYJ		1,131		41,762

Kalmar OYJ, Class B		406		14,300

Kemira OYJ		1,250		27,464

Kempower OYJ *		172		2,154

Kesko OYJ, Class B		2,701		65,324

Kojamo OYJ *		1,354		16,250

Kone OYJ, Class B		3,599		224,103

Konecranes OYJ		745		58,199

Mandatum OYJ		5,253		30,860

Marimekko OYJ		265		4,026

Metsa Board OYJ, Class B		1,789		6,614

Metso Corp.		6,196		74,785

Neste OYJ		4,874		52,298

Nokia OYJ		56,876		295,518

Nokian Renkaat OYJ		1,224		9,131

Nordea Bank Abp		32,881		476,578

Orion OYJ, Class B		1,102		74,763

Outokumpu OYJ (a)		4,500		17,423

Puuilo OYJ		983		14,543

QT Group OYJ *		198		13,287

Revenio Group OYJ		231		7,069

Sampo OYJ, Class A		25,201		268,862

Stora Enso OYJ, Class R		6,439		65,113

TietoEVRY OYJ		1,095		19,993

Tokmanni Group Corp.		500		6,268

UPM-Kymmene OYJ		5,574		154,364

Valmet OYJ		1,619		52,814

Wartsila OYJ Abp		5,474		109,579

YIT OYJ *		1,194		3,679


(Cost $2,309,712)				2,400,985

See Notes to Financial Statements.

DBX ETF Trust | 75

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $

France – 28.9%

Accor SA		2,016		107,014

Aeroports de Paris SA		383		51,359

Air France-KLM *		1,137		12,500

Air Liquide SA		6,106		1,264,591

Airbus SE		6,268		1,153,524

Alstom SA *		3,725		84,189

Altarea SCA REIT		60		7,003

Alten SA		285		23,688

Amundi SA, 144A		692		56,455

Antin Infrastructure Partners SA		350		4,507

Arkema SA		573		40,924

Assystem SA (a)		169		7,963

Aubay		32		1,853

AXA SA		18,711		881,897

Beneteau SACA		580		5,545

BioMerieux		442		59,271

BNP Paribas SA		10,701		937,286

Bollore SE		7,474		47,524

Bouygues SA		1,914		83,431

Bureau Veritas SA		3,353		114,520

Capgemini SE		1,707		283,464

Carmila SA REIT *		693		14,683

Carrefour SA (a)		5,544		82,873

Cie de Saint-Gobain SA		4,706		528,145

Cie des Alpes		356		7,381

Cie Generale des Etablissements Michelin SCA		7,178		274,501

Clariane SE *		137		587

Coface SA		1,180		22,067

Covivio SA REIT		633		37,950

Credit Agricole SA		11,282		206,308

Danone SA		6,870		586,913

Dassault Aviation SA		199		72,034

Dassault Systemes SE		7,182		269,109

Derichebourg SA		1,022		6,997

Edenred SE		2,477		77,344

Eiffage SA		733		100,790

Elior Group SA, 144A *		919		3,251

Elis SA		1,665		45,335

Emeis SA *		868		10,043

Engie SA		19,106		411,859

Equasens		60		3,372

Eramet SA		88		5,176

EssilorLuxottica SA		3,138		871,877

Esso SA Francaise		28		4,305

Etablissements Maurel et Prom SA		460		2,500

Eurazeo SE		438		30,611

Eutelsat Communications SACA * (a)		1,759		6,551

Exail Technologies SA *		120		9,156


	Number of Shares		Value $

Exosens SAS		279		13,733

FDJ UNITED, 144A		1,130		41,494

Fnac Darty SA		143		4,936

Forvia SE		1,572		14,772

Gaztransport Et Technigaz SA		350		65,056

Gecina SA REIT		523		57,543

Getlink SE *		3,230		61,797

Havas NV *		8,083		14,148

Hermes International SCA		334		920,796

ICADE REIT		377		10,342

ID Logistics Group SACA *		31		14,766

Imerys SA		318		10,616

Interparfums SA		236		10,097

Ipsen SA *		361		42,506

IPSOS SA		407		20,768

JCDecaux SE		609		10,455

Kaufman & Broad SA		116		4,412

Kering SA		777		152,064

Klepierre SA REIT		2,307		90,267

Legrand SA		2,804		340,508

LISI SA		146		5,413

L’Oreal SA		2,535		1,071,904

Louis Hachette Group		8,083		15,065

LVMH Moet Hennessy Louis Vuitton SE		2,898		1,573,699

Manitou BF SA		85		2,017

Mercialys SA REIT		1,270		15,949

Mersen SA		199		4,621

Metropole Television SA		231		3,252

Nexans SA		380		43,708

Nexity SA *		377		4,289

Opmobility		525		6,420

Orange SA		19,915		297,015

Pernod Ricard SA		2,158		223,027

Peugeot Invest SA		32		2,667

Pierre Et Vacances SA *		726		1,180

Planisware SA *		193		5,369

Pluxee NV		919		20,661

Publicis Groupe SA		2,443		265,962

Quadient SA		318		5,943

Remy Cointreau SA		234		12,536

Renault SA		1,945		100,220

Rexel SA		2,521		70,789

Rubis SCA		827		26,931

Safran SA		3,805		1,129,350

Sanofi SA		11,728		1,165,466

Sartorius Stedim Biotech		322		70,929

Schneider Electric SE		5,760		1,447,672

SCOR SE		1,687		55,473

SEB SA		231		22,924

Seche Environnement SACA		24		2,665

Societe BIC SA		231		14,269

See Notes to Financial Statements.

76 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $

Societe Generale SA		7,682		417,373

Sodexo SA		894		61,768

SOITEC *		246		12,128

Sopra Steria Group *		159		34,266

SPIE SA		1,455		73,914

Technip Energies NV		1,440		54,513

Teleperformance SE		571		57,728

Television Francaise 1 SA		353		3,413

Thales SA		988		299,976

TotalEnergies SE		21,521		1,262,366

Trigano SA		84		12,313

Ubisoft Entertainment SA *		1,195		13,677

Unibail-Rodamco-Westfield REIT *		1,289		122,152

Valeo SE		2,671		28,084

Vallourec SACA		1,857		31,449

Veolia Environnement SA		6,628		227,880

Verallia SA, 144A		747		23,715

Vicat SACA		177		11,516

Vinci SA		5,211		744,634

Virbac SACA		36		13,612

Vivendi SE *		8,083		27,249

Voltalia SA *		289		2,889

VusionGroup		52		13,438

Wavestone		60		3,474

Wendel SE		293		28,495

Worldline SA, 144A *		2,500		14,846


(Cost $20,674,304)				22,105,555

Germany – 27.1%

1&1 AG		380		7,870

Adesso SE		28		2,795

adidas AG		1,815		452,355

AIXTRON SE		1,138		15,712

Allianz SE		4,069		1,611,046

AlzChem Group AG		68		9,651

Atoss Software SE		111		16,359

Aurubis AG		324		28,438

Auto1 Group SE, 144A *		1,332		35,693

BASF SE		9,434		454,182

Bayer AG		10,472		294,110

Bayerische Motoren Werke AG		3,049		270,381

Bechtle AG		865		37,695

Beiersdorf AG		1,079		147,815

Bilfinger SE		370		32,748

Brenntag SE		1,263		85,528

CANCOM SE		350		11,187

Carl Zeiss Meditec AG		409		26,424

CECONOMY AG *		1,589		4,790

Cewe Stiftung & Co. KGaA		32		3,630

Commerzbank AG		9,346		284,293

Continental AG		1,118		98,127


	Number of Shares		Value $

Covestro AG *		1,832		125,849

CTS Eventim AG & Co. KGaA		623		75,478

CureVac NV *		1,194		5,466

Daimler Truck Holding AG		5,048		219,010

Delivery Hero SE, 144A *		2,052		56,804

Dermapharm Holding SE		172		6,845

Deutsche Bank AG (b)		19,704		545,004

Deutsche Boerse AG		1,982		638,006

Deutsche Lufthansa AG		6,896		55,171

Deutsche Pfandbriefbank AG, 144A *		1,253		8,188

Deutsche Post AG		10,184		455,252

Deutsche Telekom AG		36,869		1,393,198

Deutz AG		1,647		13,829

Douglas AG *		346		4,746

Duerr AG		519		13,495

E.ON SE		23,947		419,552

Eckert & Ziegler SE		143		10,034

Elmos Semiconductor SE		86		6,611

Energiekontor AG *		58		2,809

Evonik Industries AG		2,791		60,402

Evotec SE *		1,489		11,754

Fielmann Group AG		317		20,157

flatexDEGIRO AG		900		24,996

Formycon AG *		92		2,476

Fraport AG Frankfurt Airport Services Worldwide *		377		26,155

Freenet AG		1,384		45,698

Fresenius Medical Care AG		2,344		133,128

Fresenius SE & Co. KGaA		4,459		218,619

Friedrich Vorwerk Group SE		133		9,182

GEA Group AG		1,614		107,941

Gerresheimer AG		371		26,686

GFT Technologies SE		172		4,697

GRENKE AG		261		4,119

Hamborner REIT AG REIT *		757		5,656

Hannover Rueck SE		636		201,046

Heidelberg Materials AG		1,398		273,740

HelloFresh SE *		1,646		19,540

Henkel AG & Co. KGaA		1,050		77,018

Hensoldt AG		669		69,885

Hornbach Holding AG & Co. KGaA		92		9,287

HUGO BOSS AG		571		26,452

Hypoport SE *		49		10,905

Infineon Technologies AG		13,707		533,443

IONOS Group SE *		570		26,374

Jenoptik AG		612		13,432

JOST Werke SE, 144A		116		6,704

K+S AG		1,937		35,256

KION Group AG		756		35,109

Kloeckner & Co. SE		616		4,392

See Notes to Financial Statements.

DBX ETF Trust | 77

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $

Knorr-Bremse AG		809		81,754

Krones AG		143		22,504

LANXESS AG		904		27,878

LEG Immobilien SE (a)		767		65,099

MBB SE		3		523

Mercedes-Benz Group AG		7,695		459,494

Merck KGaA		1,361		178,488

MTU Aero Engines AG		570		226,846

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		1,411		915,452

Mutares SE & Co. KGaA		150		5,612

Nagarro SE *		85		5,607

Nemetschek SE		584		81,098

Nordex SE *		1,324		26,865

Norma Group SE		233		3,291

Northern Data AG *		144		4,542

PATRIZIA SE		382		3,565

Pfeiffer Vacuum Technology AG		32		5,799

PNE AG (a)		321		5,577

ProSiebenSat.1 Media SE		1,646		13,223

Puma SE		1,209		31,299

Rational AG		58		47,647

RENK Group AG		787		70,040

Rheinmetall AG		473		1,012,374

RWE AG		6,753		254,031

SAF-Holland SE		513		9,506

Salzgitter AG		294		7,010

SAP SE		11,032		3,330,741

Schaeffler AG		2,151		10,356

Schott Pharma AG & Co. KGaA (a)		409		13,235

Scout24 SE, 144A		776		105,645

Secunet Security Networks AG		28		6,518

SGL Carbon SE *		897		3,758

Siemens AG		8,011		1,926,553

Siemens Energy AG *		7,190		698,013

Siemens Healthineers AG, 144A		3,491		184,637

Siltronic AG		173		7,111

Sixt SE		143		13,574

Stabilus SE		236		6,847

Stroeer SE & Co. KGaA		379		21,947

Suedzucker AG		611		7,819

SUSS MircoTec SE		210		9,123

Symrise AG		1,369		163,293

TAG Immobilien AG		2,062		34,839

Takkt AG		289		2,300

Talanx AG		657		85,267

TeamViewer SE, 144A *		1,707		19,886

thyssenkrupp AG		5,466		53,263

Thyssenkrupp Nucera AG & Co. KGaA, 144A *		290		3,080


	Number of Shares		Value $

TUI AG *		5,328		44,514

United Internet AG		977		25,448

Vonovia SE (a)		7,852		257,036

Vossloh AG		90		7,838

Wacker Chemie AG		199		14,133

Wacker Neuson SE		260		6,613

Wuestenrot & Wuerttembergische AG		172		2,707

Zalando SE, 144A *		2,324		82,990


(Cost $16,742,395)				20,744,633

Ireland – 1.6%

AerCap Holdings NV		1,934		223,822

AIB Group PLC		22,490		176,711

Bank of Ireland Group PLC		10,071		138,136

Cairn Homes PLC		6,749		16,744

Dalata Hotel Group PLC		1,880		12,274

Glanbia PLC		2,082		30,259

Glenveagh Properties PLC, 144A *		6,427		13,121

Irish Residential Properties REIT PLC REIT		4,808		5,853

Kerry Group PLC, Class A		1,754		191,590

Kingspan Group PLC		1,617		138,620

Ryanair Holdings PLC		8,871		235,396

Uniphar PLC		2,404		9,854


(Cost $1,033,500)				1,192,380

Italy – 9.0%

A2A SpA		16,667		43,224

ACEA SpA		464		11,159

AMCO - Asset Management Co SpA, Class B * (c)		13		0

Amplifon SpA		1,441		33,100

Ariston Holding NV *		484		2,627

Arnoldo Mondadori Editore SpA		818		2,002

Ascopiave SpA		435		1,534

Azimut Holding SpA		1,271		37,089

Banca Generali SpA		616		35,916

Banca IFIS SpA		235		6,180

Banca Mediolanum SpA		2,319		38,522

Banca Monte dei Paschi di Siena SpA		9,082		74,980

Banca Popolare di Sondrio SpA		3,629		48,952

Banco BPM SpA		11,995		137,696

BFF Bank SpA, 144A *		1,880		19,383

BPER Banca SPA		10,840		96,152

Brembo NV		1,443		13,206

Brunello Cucinelli SpA		387		47,655

Buzzi SpA		972		49,907

Carel Industries SpA, 144A		692		16,265

Cembre SpA		6		379

Cementir Holding NV		460		7,281

CIR SpA-Compagnie Industriali *		6,632		4,601

See Notes to Financial Statements.

78 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $

Credito Emiliano SpA		790		10,854

Danieli & C Officine Meccaniche SpA		114		4,660

Danieli & C Officine Meccaniche SpA-RSP		354		11,327

Davide Campari-Milano NV		6,892		44,950

De’ Longhi SpA		818		26,768

DiaSorin SpA		240		24,896

El.En. SpA		409		4,988

Enav SpA, 144A *		2,581		12,350

Enel SpA		85,926		788,811

Eni SpA		23,303		343,231

ERG SpA		674		14,234

Ferrari NV		1,326		634,463

Ferretti SpA (a)		1,531		4,972

Fila SpA		201		2,189

Fincantieri SpA *		814		14,520

FinecoBank Banca Fineco SpA		6,458		139,469

Generali		9,241		336,291

GVS SpA, 144A *		587		2,843

Hera SpA		8,361		41,506

Industrie De Nora SpA		318		2,365

Infrastrutture Wireless Italiane SpA, 144A		3,824		44,853

Intercos SpA		526		8,529

Interpump Group SpA		895		34,897

Intesa Sanpaolo SpA		159,065		886,797

Iren SpA		5,743		17,854

Italgas SpA		5,132		42,130

Iveco Group NV		1,850		36,865

Juventus Football Club SpA * (a)		1,237		4,416

Leonardo SpA		4,310		265,341

Lottomatica Group SpA		1,966		51,700

LU-VE SpA		178		6,174

Maire SpA		1,370		17,469

MARR SpA		318		3,448

Mediobanca Banca di Credito Finanziario SpA		5,100		121,144

MFE-MediaForEurope NV, Class A		1,428		5,250

MFE-MediaForEurope NV, Class B		440		2,117

Moncler SpA		2,395		149,730

Nexi SpA, 144A		5,383		32,370

OVS SpA, 144A		1,999		8,580

Pharmanutra SpA		31		1,758

Piaggio & C SpA		1,471		3,038

Pirelli & C SpA, 144A		4,796		34,307

Poste Italiane SpA, 144A		4,825		104,695

Prysmian SpA		2,995		192,478

RAI Way SpA, 144A		918		6,150


	Number of Shares		Value $

Recordati Industria Chimica e Farmaceutica SpA		1,267		75,959

Reply SpA		253		42,659

Saipem SpA		14,633		36,271

Salvatore Ferragamo SpA *		842		5,464

Sanlorenzo SpA		116		4,004

Sesa SpA		85		7,895

Snam SpA		21,506		128,590

SOL SpA		356		18,513

Tamburi Investment Partners SpA		984		8,994

Technogym SpA, 144A		1,422		19,262

Technoprobe SpA *		1,976		15,425

Telecom Italia SpA *		104,017		44,455

Terna - Rete Elettrica Nazionale		14,588		148,380

UniCredit SpA		14,764		948,160

Unipol Assicurazioni SpA		3,958		77,434

Webuild SpA		6,166		25,134

Wiit SpA		56		1,090

Zignago Vetro SpA		318		3,008


(Cost $5,235,151)				6,886,284

Luxembourg – 0.6%

APERAM SA		469		14,240

ArcelorMittal SA		4,949		150,149

Aroundtown SA *		8,547		27,154

Befesa SA, 144A		344		10,640

CVC Capital Partners PLC, 144A		2,486		46,208

d’Amico International Shipping SA		492		1,841

Eurofins Scientific SE		1,231		82,103

Grand City Properties SA *		698		8,861

RTL Group SA		362		13,872

SES SA		3,948		22,504

Shurgard Self Storage Ltd. REIT		383		15,590

Tenaris SA		4,053		67,971


(Cost $479,452)				461,133

Netherlands – 12.8%

Aalberts NV		927		32,356

ABN AMRO Bank NV, 144A		4,676		120,894

Adyen NV, 144A *		266		510,310

Aegon Ltd.		13,388		95,860

Akzo Nobel NV		1,741		118,530

AMG Critical Materials NV		289		6,153

Arcadis NV		833		43,016

Argenx SE *		638		366,845

ASM International NV		497		270,647

ASML Holding NV		4,162		3,090,165

ASR Nederland NV		1,609		103,186

Basic-Fit NV, 144A *		500		13,114

BE Semiconductor Industries NV		825		99,810

Brunel International NV		231		2,368

See Notes to Financial Statements.

DBX ETF Trust | 79

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $

Corbion NV		552		11,927

Eurocommercial Properties NV REIT		411		12,787

Euronext NV, 144A		804		130,910

EXOR NV		887		85,406

Ferrovial SE		5,462		278,090

Flow Traders Ltd.		289		9,615

Fugro NV		1,308		16,589

Heineken Holding NV		1,323		103,051

Heineken NV		3,022		269,085

IMCD NV		604		81,955

ING Groep NV		33,386		708,124

JDE Peet’s NV		1,823		50,134

Just Eat Takeaway.com NV, 144A *		1,937		42,811

Koninklijke Ahold Delhaize NV		9,695		409,285

Koninklijke BAM Group NV		3,012		25,188

Koninklijke Heijmans N.V.		283		17,995

Koninklijke KPN NV		40,359		189,627

Koninklijke Philips NV		8,817		202,728

Koninklijke Vopak NV		529		24,242

NN Group NV		2,798		176,069

OCI NV *		1,063		9,239

Pharming Group NV * (a)		8,198		9,155

Pharvaris NV * (a)		195		3,237

PostNL NV (a)		4,756		5,163

Prosus NV *		13,846		710,610

QIAGEN NV *		2,283		103,041

Randstad NV		1,254		52,626

Redcare Pharmacy NV, 144A *		169		21,952

SBM Offshore NV		1,428		32,785

Signify NV, 144A		1,520		37,176

Sligro Food Group NV		231		3,599

Stellantis NV		21,085		214,631

TKH Group NV		410		17,700

TomTom NV *		616		3,371

Universal Music Group NV		11,583		370,358

Van Lanschot Kempen NV		319		19,777

Wereldhave NV REIT		347		6,848

Wolters Kluwer NV		2,523		447,759


(Cost $8,728,722)				9,787,899

Poland – 0.1%

InPost SA *

(Cost $38,238)		2,631		43,257

Portugal – 0.5%

Altri SGPS SA		558		3,364

Banco Comercial Portugues SA, Class R		93,647		72,943

Corticeira Amorim SGPS SA		437		3,831

CTT-Correios de Portugal SA		1,124		9,444

EDP SA		32,159		128,168


	Number of Shares		Value $

Galp Energia SGPS SA		4,133		65,911

Jeronimo Martins SGPS SA		3,133		78,831

Mota-Engil SGPS SA *		831		4,237

Navigator Co. SA		2,201		8,607

NOS SGPS SA		2,261		9,884

REN - Redes Energeticas Nacionais SGPS SA		4,118		13,747

Semapa-Sociedade de Investimento e Gestao		207		4,141

Sonae SGPS SA		5,931		8,216


(Cost $371,315)				411,324

Spain – 8.7%

Acciona SA		237		38,212

Acerinox SA		1,684		19,905

ACS Actividades de Construccion y Servicios SA		1,851		121,584

Aedas Homes SA, 144A		233		7,196

Aena SME SA, 144A		786		211,514

Almirall SA		1,013		12,836

Amadeus IT Group SA		4,796		399,600

Atresmedia Corp. de Medios de Comunicacion SA		744		5,026

Audax Renovables SA *		2,572		4,737

Banco Bilbao Vizcaya Argentaria SA		60,801		911,973

Banco de Sabadell SA		57,972		184,637

Banco Santander SA		159,924		1,276,730

Bankinter SA		6,979		89,862

CaixaBank SA		41,175		350,080

Cellnex Telecom SA, 144A *		5,182		198,405

CIE Automotive SA		494		13,602

Construcciones y Auxiliar de Ferrocarriles SA		172		9,521

Distribuidora Internacional de Alimentacion SA *		115		3,369

EDP Renovaveis SA		2,932		29,430

eDreams ODIGEO SA *		670		5,896

Enagas SA		2,529		40,676

Ence Energia y Celulosa SA (a)		949		3,114

Endesa SA		3,278		100,048

Fluidra SA		1,021		25,041

Gestamp Automocion SA, 144A		2,690		8,961

Grenergy Renovables SA *		197		15,636

Grifols SA *		3,471		37,323

HBX Group International PLC *		797		8,959

Iberdrola SA		61,489		1,122,669

Indra Sistemas SA (a)		768		31,602

Industria de Diseno Textil SA		11,448		620,295

Inmobiliaria Colonial Socimi SA REIT		2,991		20,818

Laboratorios Farmaceuticos Rovi SA		253		15,642

Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		5,864		9,109

See Notes to Financial Statements.

80 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $

Logista Integral SA		698		22,540

Melia Hotels International SA		949		7,279

Merlin Properties Socimi SA REIT		4,371		54,097

Neinor Homes SA, 144A *		147		2,360

Pharma Mar SA *		144		13,898

Prosegur Cash SA, 144A		4,491		4,115

Prosegur Cia de Seguridad SA		2,290		7,085

Redeia Corp. SA		4,167		86,112

Repsol SA		12,132		163,306

Sacyr SA		6,049		24,479

Solaria Energia y Medio Ambiente SA *		803		6,933

Talgo SA, 144A *		934		3,505

Tecnicas Reunidas SA *		343		7,236

Telefonica SA		38,637		206,717

Unicaja Banco SA, 144A		11,586		25,482

Vidrala SA		217		23,210

Viscofan SA		431		31,027


(Cost $5,122,585)				6,643,389

Switzerland – 0.5%

DSM-Firmenich AG		1,925		214,246

STMicroelectronics NV		2,947		73,967

STMicroelectronics NV, Class Y		4,072		101,841


(Cost $361,546)				390,054

United Kingdom – 0.4%

Allfunds Group PLC		3,543		22,227

Coca-Cola Europacific Partners PLC		2,484		228,006

International Consolidated Airlines Group SA		12,597		55,425


(Cost $264,035)				305,658

TOTAL COMMON STOCKS


(Cost $63,935,134)				74,308,157

PREFERRED STOCKS – 1.0%

Germany – 1.0%

Bayerische Motoren Werke AG		642		53,178

Dr Ing hc F Porsche AG, 144A		1,176		56,696

Draegerwerk AG & Co. KGaA		119		9,066

Einhell Germany AG		85		7,596

FUCHS SE		697		35,170

Henkel AG & Co. KGaA		1,845		147,649

Jungheinrich AG		616		24,760

Porsche Automobil Holding SE		1,685		67,155

Sartorius AG		286		68,520

Sixt SE		230		15,695

STO SE & Co. KGaA		28		3,688

Volkswagen AG		2,198		237,992


(Cost $862,611)				727,165


	Number of Shares		Value $

RIGHTS – 0.0%

Spain – 0.0%

Almirall SA * , expires 6/16/25		971		224

Viscofan SA * , expires 6/5/25 (c)		413		792


(Cost $980)				1,016

TOTAL RIGHTS


(Cost $980)				1,016

WARRANTS – 0.0%

Italy – 0.0%

Webuild SpA * (c), expires 8/2/30

(Cost $0)		38		124

EXCHANGE-TRADED FUNDS – 0.1%

iShares Currency Hedged MSCI Eurozone ETF		1,000		41,100

iShares MSCI Eurozone ETF		50		2,950


(Cost $37,844)				44,050

SECURITIES LENDING COLLATERAL – 0.9%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.22% (d)(e)

(Cost $700,075)		700,075		700,075

CASH EQUIVALENTS – 0.2%

DWS Government Money Market Series “Institutional Shares”, 4.26% (d)

(Cost $166,743)		166,743		166,743

TOTAL INVESTMENTS – 99.4%

(Cost $65,703,387)				75,947,330

Other assets and liabilities, net – 0.6%				480,242


NET ASSETS – 100.0%				76,427,572

See Notes to Financial Statements.

DBX ETF Trust | 81

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2025

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


Value ($) at 5/31/2024	Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2025		Value ($) at 5/31/2025

COMMON STOCKS – 0.7%

Germany – 0.7%

Deutsche Bank AG (b)

196,005		274,280			(94,122)			20,753		148,088		15,121		—		19,704		545,004

SECURITIES LENDING COLLATERAL – 0.9%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.22% (d)(e)

27,401		672,674	(f)		—			—		—		5,874		—		700,075		700,075

CASH EQUIVALENTS – 0.2%

DWS Government Money Market Series “Institutional Shares”, 4.26% (d)

9,347		2,051,138			(1,893,742	)		—		—		6,075		—		166,743		166,743


232,753		2,998,092			(1,987,864	)		20,753		148,088		27,070		—		886,522		1,411,822

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at May 31, 2025 amounted to $657,382, which is 0.9% of net assets.

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

(c)	Investment was valued using significant unobservable inputs.

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

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

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



CVA:		Certificaten Van Aandelen (Dutch Certificate)

REIT:		Real Estate Investment Trust

RSP:		Risparmio (Convertible Savings Shares)

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

Securities are listed in country of domicile.

At May 31, 2025, open futures contracts purchased were as follows:

Contract Description

Currency

Number of

Contracts

Notional

Amount ($)

Contract Value
($)

Expiration

Date

Unrealized

Appreciation ($)

EURO STOXX 50 Index

EUR

1,255,463

1,279,971

6/20/2025

24,508

At May 31, 2025, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date			Currency To Deliver			Currency To Receive		Unrealized Appreciation ($)		Unrealized Depreciation ($)

RBC Capital Markets		6/3/2025	EUR		2,158,500	USD		2,408,638		—		(42,705	)

RBC Capital Markets		6/3/2025	EUR		428,700	USD		487,503		642		—

The Bank of New York Mellon		6/3/2025	EUR		64,453,830	USD		73,395,897		197,617		—

Morgan Stanley Capital		6/3/2025	USD		71,550,301	EUR		63,026,030		26,469		—

The Bank of New York Mellon		6/3/2025	USD		4,572,198	EUR		4,015,000		—		(12,483	)

See Notes to Financial Statements.

82 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

May 31, 2025


Counterparty	Settlement Date			Currency To Deliver			Currency To Receive		Unrealized Appreciation ($)		Unrealized Depreciation ($)

JP Morgan & Chase Co.		7/2/2025	EUR		3,264,000	USD		3,712,301		—		(1,494	)

Morgan Stanley Capital		7/2/2025	EUR		63,026,030	USD		71,683,317		—		(28,005	)

JP Morgan & Chase Co.		7/2/2025	USD		516,492	EUR		454,000		71		—

Total unrealized appreciation (depreciation)										224,799		(84,687	)

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


Assets	Level 1		Level 2			Level 3		Total

Common Stocks (a)	$	74,308,157	$	—		$	0	$	74,308,157

Preferred Stocks		727,165		—			—		727,165

Rights		224		—			792		1,016

Warrants		—		—			124		124

Exchange-Traded Funds		44,050		—			—		44,050

Short-Term Investments (a)		866,818		—			—		866,818

Derivatives (b)

Forward Foreign Currency Contracts		—		224,799			—		224,799

Futures Contracts		24,508		—			—		24,508

TOTAL	$	75,970,922	$	224,799		$	916	$	76,196,637

Liabilities	Level 1		Level 2			Level 3		Total

Derivatives (b)

Forward Foreign Currency Contracts	$	—	$	(84,687	)	$	—	$	(84,687	)

TOTAL	$	—	$	(84,687	)	$	—	$	(84,687	)

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

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

See Notes to Financial Statements.

DBX ETF Trust | 83

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF

May 31, 2025


	Number of Shares		Value $


COMMON STOCKS – 97.4%

Communication Services – 7.8%

Capcom Co. Ltd.		32,300		965,218

Dentsu Group, Inc. (a)		19,236		417,351

KDDI Corp.		287,130		4,986,538

Konami Group Corp.		9,277		1,267,170

LY Corp.		265,728		963,967

Nexon Co. Ltd.		30,164		547,541

Nintendo Co. Ltd.		103,769		8,534,738

Nippon Telegraph & Telephone Corp.		2,806,500		3,128,410

SoftBank Corp.		2,681,900		4,126,430

SoftBank Group Corp.		89,971		4,760,688

Toho Co. Ltd. (a)		10,398		550,268


(Cost $22,997,505)				30,248,319

Consumer Discretionary – 17.7%

Aisin Corp.		50,741		649,888

Asics Corp.		61,600		1,491,037

Bandai Namco Holdings, Inc.		56,021		1,789,308

Bridgestone Corp.		53,107		2,293,756

Denso Corp.		178,140		2,428,310

Fast Retailing Co. Ltd.		17,943		6,029,008

Honda Motor Co. Ltd.		398,135		4,061,727

Isuzu Motors Ltd.		49,198		669,957

Nissan Motor Co. Ltd. *		212,147		543,876

Nitori Holdings Co. Ltd.		7,347		733,704

Oriental Land Co. Ltd. (a)		102,125		2,280,327

Pan Pacific International Holdings Corp.		35,300		1,162,561

Panasonic Holdings Corp.		219,844		2,548,385

Rakuten Group, Inc. *		142,739		792,184

Sanrio Co. Ltd.		17,100		753,662

Sekisui House Ltd.		55,187		1,259,105

Shimano, Inc.		7,084		1,012,422

Sony Group Corp.		577,665		15,295,206

Subaru Corp.		54,708		1,018,539

Sumitomo Electric Industries Ltd.		66,213		1,397,009

Suzuki Motor Corp.		148,856		1,916,368

Toyota Motor Corp.		888,165		17,091,135

Yamaha Motor Co. Ltd.		87,880		677,903

Zensho Holdings Co. Ltd.		9,000		494,048

ZOZO, Inc.		38,702		420,653


(Cost $57,662,922)				68,810,078

Consumer Staples – 5.2%

Aeon Co. Ltd.		61,602		1,898,640

Ajinomoto Co., Inc.		85,102		2,136,199

Asahi Group Holdings Ltd.		134,442		1,780,788

Japan Tobacco, Inc.		113,189		3,490,968

Kao Corp.		43,484		1,996,284


	Number of Shares		Value $


Kikkoman Corp.		64,662		594,291

Kirin Holdings Co. Ltd.		73,589		1,059,637

Kobe Bussan Co. Ltd.		14,100		445,846

MatsukiyoCocokara & Co.		30,800		624,155

MEIJI Holdings Co. Ltd.		22,586		506,201

Nissin Foods Holdings Co. Ltd.		18,810		400,266

Seven & i Holdings Co. Ltd.		208,006		3,145,495

Shiseido Co. Ltd.		38,707		626,758

Suntory Beverage & Food Ltd.		12,834		418,390

Unicharm Corp.		103,922		828,733

Yakult Honsha Co. Ltd.		23,593		478,599


(Cost $19,732,910)				20,431,250

Energy – 0.7%

ENEOS Holdings, Inc.		254,037		1,210,028

Idemitsu Kosan Co. Ltd.		76,700		469,863

Inpex Corp.		82,244		1,115,391


(Cost $2,647,814)				2,795,282

Financials – 16.0%

Chiba Bank Ltd.		53,760		490,918

Concordia Financial Group Ltd.		95,938		618,052

Dai-ichi Life Holdings, Inc.		331,276		2,598,040

Daiwa Securities Group, Inc.		123,144		837,905

Japan Exchange Group, Inc.		92,330		1,025,996

Japan Post Bank Co. Ltd.		168,125		1,817,426

Japan Post Holdings Co. Ltd.		169,270		1,665,115

Japan Post Insurance Co. Ltd.		18,600		410,533

Mitsubishi HC Capital, Inc.		80,016		588,602

Mitsubishi UFJ Financial Group, Inc.		1,076,942		15,159,290

Mizuho Financial Group, Inc.		224,312		6,238,553

MS&AD Insurance Group Holdings, Inc.		121,167		2,910,130

Nomura Holdings, Inc.		279,677		1,726,516

ORIX Corp.		109,983		2,343,430

Resona Holdings, Inc.		194,576		1,730,150

SBI Holdings, Inc.		24,899		759,455

Sompo Holdings, Inc.		84,225		2,567,810

Sumitomo Mitsui Financial Group, Inc.		346,316		8,904,890

Sumitomo Mitsui Trust Holdings, Inc.		60,424		1,647,336

T&D Holdings, Inc.		45,349		1,044,418

Tokio Marine Holdings, Inc.		172,813		7,340,304


(Cost $41,009,785)				62,424,869

Health Care – 7.1%

Astellas Pharma, Inc.		168,035		1,668,731

Chugai Pharmaceutical Co. Ltd.		63,335		3,337,637

Daiichi Sankyo Co. Ltd.		161,471		4,311,280

Eisai Co. Ltd.		24,312		699,649

Hoya Corp.		32,501		3,865,698

Kyowa Kirin Co. Ltd.		21,960		359,171

See Notes to Financial Statements.

84 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $


M3, Inc.		42,684		604,390

Olympus Corp.		108,276		1,395,823

Ono Pharmaceutical Co. Ltd.		36,183		393,651

Otsuka Holdings Co. Ltd.		41,100		2,099,343

Shionogi & Co. Ltd.		70,324		1,176,832

Sysmex Corp.		46,432		784,918

Takeda Pharmaceutical Co. Ltd.		149,823		4,491,722

Terumo Corp.		126,004		2,330,148


(Cost $28,309,789)				27,518,993

Industrials – 23.5%

AGC, Inc.		17,762		528,558

ANA Holdings, Inc.		15,618		310,092

Central Japan Railway Co.		73,060		1,604,939

Dai Nippon Printing Co. Ltd.		38,358		568,193

Daifuku Co. Ltd.		29,900		803,733

Daikin Industries Ltd.		24,948		2,875,448

East Japan Railway Co.		84,255		1,774,159

FANUC Corp.		89,345		2,401,657

Fuji Electric Co. Ltd.		12,294		549,276

Fujikura Ltd.		23,400		1,092,472

Hankyu Hanshin Holdings, Inc.		21,840		589,655

Hikari Tsushin, Inc.		1,652		451,647

Hitachi Ltd.		429,510		12,076,844

Hoshizaki Corp.		9,708		363,978

IHI Corp.		13,900		1,350,926

ITOCHU Corp.		111,279		5,985,611

Japan Airlines Co. Ltd.		13,154		267,203

Kajima Corp.		40,376		1,000,035

Kawasaki Kisen Kaisha Ltd.		33,500		506,824

Komatsu Ltd.		85,337		2,622,469

Kubota Corp. (a)		90,863		1,050,423

Makita Corp.		21,903		676,749

Marubeni Corp.		133,187		2,725,847

MINEBEA MITSUMI, Inc.		35,031		495,052

Mitsubishi Corp.		319,873		6,524,391

Mitsubishi Electric Corp.		179,326		3,619,047

Mitsubishi Heavy Industries Ltd.		301,520		7,023,837

Mitsui & Co. Ltd.		232,542		4,895,026

Mitsui OSK Lines Ltd.		32,100		1,143,282

MonotaRO Co. Ltd.		23,500		487,001

Nidec Corp.		78,480		1,532,568

Nippon Yusen KK		40,636		1,488,532

Obayashi Corp.		60,208		912,357

Recruit Holdings Co. Ltd.		132,291		7,988,300

Secom Co. Ltd.		38,944		1,425,741

Sekisui Chemical Co. Ltd.		35,752		623,632

SG Holdings Co. Ltd.		29,100		284,235

SMC Corp.		5,415		2,037,751

Sumitomo Corp.		102,973		2,649,196

Taisei Corp.		14,752		825,587

Tokyo Metro Co. Ltd.		26,600		336,162


	Number of Shares		Value $


Tokyu Corp.		47,622		579,824

TOPPAN Holdings, Inc.		22,039		589,667

Toyota Industries Corp.		15,199		1,913,408

Toyota Tsusho Corp.		59,293		1,265,016

West Japan Railway Co.		41,458		898,624


(Cost $67,908,854)				91,714,974

Information Technology – 12.8%

Advantest Corp.		72,200		3,696,427

Canon, Inc.		88,197		2,716,488

Disco Corp.		8,700		1,987,345

FUJIFILM Holdings Corp.		104,171		2,377,411

Fujitsu Ltd.		165,654		3,819,729

Keyence Corp.		18,298		7,723,830

Kyocera Corp.		119,232		1,459,586

Lasertec Corp.		7,304		741,339

Murata Manufacturing Co. Ltd.		157,735		2,337,058

NEC Corp.		115,865		3,047,702

Nomura Research Institute Ltd.		35,222		1,365,359

NTT Data Group Corp.		58,840		1,631,548

Obic Co. Ltd.		30,135		1,103,034

Omron Corp.		16,417		427,268

Oracle Corp. (a)		3,572		419,396

Otsuka Corp.		20,620		424,953

Renesas Electronics Corp.		159,424		1,975,420

Ricoh Co. Ltd.		49,734		466,769

SCREEN Holdings Co. Ltd.		7,700		553,841

SCSK Corp.		15,000		457,730

Shimadzu Corp.		22,636		549,481

TDK Corp.		180,720		2,009,465

TIS, Inc.		19,700		650,027

Tokyo Electron Ltd.		42,142		6,735,926

Trend Micro, Inc.		11,859		892,134

Yokogawa Electric Corp.		20,779		512,489


(Cost $43,630,087)				50,081,755

Materials – 3.4%

Asahi Kasei Corp.		115,084		812,174

JFE Holdings, Inc.		55,519		660,348

Mitsubishi Chemical Group Corp.		129,396		692,954

Nippon Paint Holdings Co. Ltd.		90,915		688,362

Nippon Sanso Holdings Corp.		16,280		585,603

Nippon Steel Corp.		90,237		1,823,616

Nitto Denko Corp.		65,555		1,205,224

Shin-Etsu Chemical Co. Ltd.		169,560		5,468,765

Sumitomo Metal Mining Co. Ltd.		22,959		529,559

Toray Industries, Inc.		127,996		887,820


(Cost $13,363,699)				13,354,425

Real Estate – 2.3%

Daito Trust Construction Co. Ltd.		5,451		615,200

Daiwa House Industry Co. Ltd.		52,117		1,764,216

See Notes to Financial Statements.

DBX ETF Trust | 85

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

May 31, 2025


	Number of Shares		Value $


Hulic Co. Ltd.		44,610		453,246

Mitsubishi Estate Co. Ltd.		100,724		1,848,654

Mitsui Fudosan Co. Ltd.		249,346		2,408,638

Nippon Building Fund, Inc. REIT		726		663,968

Sumitomo Realty & Development Co. Ltd.		28,750		1,109,880


(Cost $7,666,519)				8,863,802

Utilities – 0.9%

Chubu Electric Power Co., Inc.		61,849		759,922

Kansai Electric Power Co., Inc.		88,038		1,003,999

Osaka Gas Co. Ltd.		33,989		867,588

Tokyo Gas Co. Ltd.		31,465		1,059,439


(Cost $3,395,039)				3,690,948

TOTAL COMMON STOCKS


(Cost $308,324,923)				379,934,695

EXCHANGE-TRADED FUNDS – 0.1%

iShares Currency Hedged MSCI Japan ETF (a)

(Cost $182,462)		4,500		197,010

SECURITIES LENDING COLLATERAL – 1.3%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.22% (b)(c)

(Cost $4,866,100)		4,866,100		4,866,100


	Number of Shares		Value $


CASH EQUIVALENTS – 1.2%

DWS Government Money Market Series “Institutional Shares”, 4.26% (b)

(Cost $4,747,890)		4,747,890		4,747,890

TOTAL INVESTMENTS – 100.0%

(Cost $318,121,375)				389,745,695

Other assets and liabilities, net – 0.0%				163,623


NET ASSETS – 100.0%				389,909,318

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


Value ($) at 5/31/2024	Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2025		Value ($) at 5/31/2025

SECURITIES LENDING COLLATERAL — 1.3%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.22% (b)(c)

849,800		4,016,300	(d)		—			—			—		38,371		—		4,866,100		4,866,100
CASH EQUIVALENTS — 1.2%

DWS Government Money Market Series “Institutional Shares”, 4.26% (b)

4,531,945		32,364,011			(32,148,066	)		—			—		243,029		—		4,747,890		4,747,890

DWS ESG Liquidity Fund “Capital Shares” (e)

129,095		—			(129,095	)		(11	)		11		284		—		—		—


5,510,840		36,380,311			(32,277,161	)		(11	)		11		281,684		—		9,613,990		9,613,990

See Notes to Financial Statements.

86 | DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

May 31, 2025

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at May 31, 2025 amounted to $4,631,616, which is 1.2% of net assets.

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

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

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

(e)	Affiliated fund managed by DWS Investment Management Americas, Inc.



REIT:		Real Estate Investment Trust

At May 31, 2025, open futures contracts purchased were as follows:


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

MSCI Japan Index		USD		8		730,080		754,640		6/20/2025		24,560

Nikkei 225 Index		JPY		5		1,278,628		1,319,017		6/12/2025		40,389

TOPIX Index		JPY		40		7,526,412		7,776,504		6/12/2025		250,092

Total unrealized appreciation												315,041

At May 31, 2025, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation ($)		Unrealized Depreciation ($)

RBC Capital Markets		6/3/2025		JPY	58,652,031,750		USD	412,670,492		4,928,899		—

RBC Capital Markets		6/3/2025		USD	33,455,027		JPY	4,754,789,000		—		(400,328	)

RBC Capital Markets		6/3/2025		USD	3,584,147		JPY	518,242,700		18,612		—

RBC Capital Markets		6/3/2025		USD	3,522,974		JPY	518,242,700		79,784		—

RBC Capital Markets		6/3/2025		USD	7,156,731		JPY	1,036,485,400		48,786		—

RBC Capital Markets		6/3/2025		USD	359,155,008		JPY	51,824,271,950		1,120,852		—

RBC Capital Markets		7/2/2025		JPY	51,824,271,950		USD	360,331,934		—		(1,133,294	)

RBC Capital Markets		7/2/2025		JPY	3,921,073,000		USD	27,262,876		—		(85,922	)

Total unrealized appreciation (depreciation)										6,196,933		(1,619,544	)

For information on the Fund’s policy and additional disclosures regarding futures contracts and forward foreign currency contracts, please refer to the

Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

Currency Abbreviations


JPY		Japanese Yen

USD		U.S. Dollar

See Notes to Financial Statements.

DBX ETF Trust | 87

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

May 31, 2025

Fair Value Measurements


Assets	Level 1		Level 2			Level 3		Total

Common Stocks (a)	$	379,934,695	$	—		$	—	$	379,934,695

Exchange-Traded Funds		197,010		—			—		197,010

Short-Term Investments (a)		9,613,990		—			—		9,613,990

Derivatives (b)

Forward Foreign Currency Contracts		—		6,196,933			—		6,196,933

Futures Contracts		315,041		—			—		315,041

TOTAL	$	390,060,736	$	6,196,933		$	—	$	396,257,669

Liabilities	Level 1		Level 2			Level 3		Total

Derivatives (b)

Forward Foreign Currency Contracts	$	—	$	(1,619,544	)	$	—	$	(1,619,544	)

TOTAL	$	—	$	(1,619,544	)	$	—	$	(1,619,544	)

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

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

See Notes to Financial Statements.

88 | DBX ETF Trust

Statements of Assets and Liabilities

May 31, 2025


	Xtrackers MSCI 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	$	171,590,030	$	7,805,539,080	$	66,864,548	$	658,233,821
Investment in affiliated securities at value		463,429		21,674,545		—		2,760,841
Investment in DWS Government Money Market Series		1,734,283		95,373,226		855,034		14,028,943
Investment in DWS Government & Agency Securities Portfolio*		—		87,680,530		—		5,319,270
Cash		335		—		475		—
Foreign currency at value		1,038,454		52,774,254		182,831		5,743,025
Receivable for return of collateral pledged for forward foreign currency contracts		470,000		—		760,000		—
Unrealized appreciation on forward foreign currency contracts		1,054,193		46,718,973		514,163		2,144,437
Deposit with broker for futures contracts		275,268		13,932,284		90,329		1,682,396
Receivables:
Investment securities sold		4,276,909		53,794,405		1,772,401		3,443,105
Capital shares		—		—		—		4,427,622
Variation margin on futures contracts		—		—		—		171,007
Dividends		541,085		31,640,322		116,670		1,416,698
Interest		6,110		410,493		1,950		75,511
Affiliated securities lending income		371		144,221		3		13,694
Foreign tax reclaim		237,036		16,916,208		584		3,012,865
Total assets	$	181,687,503	$	8,226,598,541	$	71,158,988	$	702,473,235

Liabilities
Payable upon return of securities loaned	$	—	$	87,680,530	$	—	$	5,319,270
Unrealized depreciation on forward foreign currency contracts		1,435,717		32,154,639		1,263,435		2,129,815
Payables:
Investment securities purchased		2,734,326		72,865,024		718,270		10,039,542
Investment advisory fees		59,016		2,335,164		38,645		250,965
Variation margin on futures contracts		65,872		281,020		35,841		—
Deferred foreign tax		393,666		—		613,551		—
IRS closing agreement fee		—		—		—		180,000
Accrued other expenses		—		21,500		—		41,500
Total liabilities		4,688,597		195,337,877		2,669,742		17,961,092
Net Assets, at value	$	176,998,906	$	8,031,260,664	$	68,489,246	$	684,512,143

Net Assets Consist of
Paid-in capital	$	151,001,226	$	6,752,002,384	$	68,106,740	$	706,692,670
Distributable earnings (loss)		25,997,680		1,279,258,280		382,506		(22,180,527	)
Net Assets, at value	$	176,998,906	$	8,031,260,664	$	68,489,246	$	684,512,143
Number of Common Shares outstanding		4,850,001		178,150,001		2,600,001		14,950,001
Net Asset Value	$	36.49	$	45.08	$	26.34	$	45.79

Investment in non-affiliated securities at cost	$	128,659,338	$	5,771,990,216	$	45,848,804	$	570,046,098
Investment in affiliated securities at cost	$	310,726	$	13,401,415	$	—	$	2,215,164
Value of securities loaned	$	—	$	83,154,499	$	—	$	5,024,027
Investment in DWS Government Money Market Series at cost	$	1,734,283	$	95,373,226	$	855,034	$	14,028,943
Investment in DWS Government & Agency Securities Portfolio at cost*	$	—	$	87,680,530	$	—	$	5,319,270
Foreign currency at cost	$	1,059,525	$	51,935,335	$	232,044	$	5,619,869

* Represents collateral on securities loaned.

See Notes to Financial Statements.

DBX ETF Trust | 89

Statements of Assets and Liabilities (Continued)

May 31, 2025


	Xtrackers MSCI Eurozone Hedged Equity ETF		Xtrackers MSCI Japan Hedged Equity ETF

Assets
Investment in non-affiliated securities at value	$	74,535,508	$	380,131,705
Investment in affiliated securities at value		545,004		—
Investment in DWS Government Money Market Series		166,743		4,747,890
Investment in DWS Government & Agency Securities Portfolio*		700,075		4,866,100
Foreign currency at value		876,246		696,860
Unrealized appreciation on forward foreign currency contracts		224,799		6,196,933
Deposit with broker for futures contracts		92,129		587,256
Receivables:
Investment securities sold		1,348,519		1,557,907
Capital shares		12,102		—
Dividends		91,292		3,560,937
Interest		589		17,508
Affiliated securities lending income		749		525
Foreign tax reclaim		61,038		—
Total assets	$	78,654,793	$	402,363,621

Liabilities
Payable upon return of securities loaned	$	700,075	$	4,866,100
Unrealized depreciation on forward foreign currency contracts		84,687		1,619,544
Payables:
Investment securities purchased		876,495		5,784,220
Capital shares		527,225		794
Investment advisory fees		28,127		147,941
Variation margin on futures contracts		10,612		35,704
Total liabilities		2,227,221		12,454,303
Net Assets, at value	$	76,427,572	$	389,909,318

Net Assets Consist of
Paid-in capital	$	69,271,887	$	437,585,905
Distributable earnings (loss)		7,155,685		(47,676,587	)
Net Assets, at value	$	76,427,572	$	389,909,318
Number of Common Shares outstanding		1,450,001		5,000,001
Net Asset Value	$	52.71	$	77.98

Investment in non-affiliated securities at cost	$	64,458,912	$	308,507,385
Investment in affiliated securities at cost	$	377,657	$	—
Value of securities loaned	$	657,382	$	4,631,616
Investment in DWS Government Money Market Series at cost	$	166,743	$	4,747,890
Investment in DWS Government & Agency Securities Portfolio at cost*	$	700,075	$	4,866,100
Foreign currency at cost	$	864,913	$	694,842

* Represents collateral on securities loaned.

See Notes to Financial Statements.

90 | DBX ETF Trust

Statements of Operations

For the Year Ended May 31, 2025


	Xtrackers MSCI 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*	$	4,302,988		$	212,304,856		$	2,013,996		$	19,043,571
Affiliated dividend income		8,058			605,516			—			75,322
Income distributions from affiliated funds		136,297			4,593,390			50,886			415,716
Affiliated securities lending income		2,240			828,727			625			74,699
Other income		—			128,829			—			28,361
Total investment income		4,449,583			218,461,318	^†		2,065,507			19,637,669	^†

Expenses
Investment advisory fees		592,996			23,877,843			475,082			2,633,419
Interest expense (see note 2):		1,299			6,886			5,730			790
Other expenses		1,150			55,150			58			23,150
Total expenses		595,445			23,939,879			480,870			2,657,359
Less fees waived (see note 3):
Waiver		(3,410	)		(106,567	)		(1,125	)		(9,800	)
Net expenses		592,035			23,833,312			479,745			2,647,559
Net investment income (loss)		3,857,548			194,628,006			1,585,762			16,990,110

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments**		(2,684,186	)		(178,674,303	)		1,108,117			(18,973,946	)
Investments in affiliates		2,834			(1,475,610	)		—			(106,832	)
In-kind redemptions		6,105,647			77,087,918			564,772			12,130,680
In-kind redemptions in affiliates		12,708			122,113			—			29,867
Futures contracts		642			5,592,866			73,906			1,179,763
Foreign currency transactions		60,783			1,936,425			44,607			331,338
Forward foreign currency contracts		(5,660,108	)		(397,693,889	)		49,727			(39,497,480	)
Net realized gain (loss)		(2,161,680	)		(493,104,480	)		1,841,129			(44,906,610	)
Net change in unrealized appreciation (depreciation) on:
Investments***		12,845,256			864,790,688			4,935,510			67,466,453
Investments in affiliates		99,665			10,302,701			—			1,176,315
Futures contracts		197,448			2,061,104			31,815			236,872
Foreign currency translations		(2,551	)		2,221,724			(55,885	)		227,692
Forward foreign currency contracts		967,527			80,425,623			(485,400	)		8,608,543
Net change in unrealized appreciation (depreciation)		14,107,345			959,801,840			4,426,040			77,715,875
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		11,945,665			466,697,360			6,267,169			32,809,265
Net Increase (Decrease) in Net Assets Resulting from Operations	$	15,803,213		$	661,325,366		$	7,852,931		$	49,799,375

* Unaffiliated foreign tax withheld	$	490,845		$	19,086,463		$	238,696		$	1,818,292
** Including foreign taxes	$	77,861		$	—		$	354,491		$	—
*** Including (Net of) change in deferred foreign taxes	$	(88,257	)	$	—		$	75,931		$	—

†

Total investment income includes $2,296,389 and $558,644 of non-recurring foreign dividend reclaims, and $128,829 and $28,361 of non-recurring related interest which are included in Unaffiliated dividend income and Other income, respectively for Xtrackers MSCI EAFE Hedged Equity ETF and Xtrackers MSCI Europe Hedged Equity ETF, respectively.

See Notes to Financial Statements.

DBX ETF Trust | 91

Statements of Operations (Continued)

For the Year Ended May 31, 2025


	Xtrackers MSCI Eurozone Hedged Equity ETF			Xtrackers MSCI Japan Hedged Equity ETF

Investment Income
Unaffiliated dividend income*	$	1,751,106		$	8,785,815
Affiliated dividend income		15,121			—
Income distributions from affiliated funds		6,075			243,313
Affiliated securities lending income		5,874			38,371
Unaffiliated securities lending income, net of borrower rebates		260			—
Total investment income		1,778,436			9,067,499

Expenses
Investment advisory fees		208,811			1,847,556
Other expenses		173			2,150
Total expenses		208,984			1,849,706
Less fees waived (see note 3):
Waiver		(132	)		(5,659	)
Net expenses		208,852			1,844,047
Net investment income (loss)		1,569,584			7,223,452

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(1,189,929	)		(13,600,019	)
Investments in affiliates		(7,024	)		(11	)
In-kind redemptions		2,587,379			31,392,485
In-kind redemptions in affiliates		27,777			—
Futures contracts		(5,835	)		(460,957	)
Foreign currency transactions		17,846			(204,842	)
Forward foreign currency contracts		(3,521,282	)		(25,907,502	)
Payments by Affiliates (see note 6)		—			3,631
Net realized gain (loss)		(2,091,068	)		(8,777,215	)
Net change in unrealized appreciation (depreciation) on:
Investments		5,987,717			18,492,891
Investments in affiliates		148,088			11
Futures contracts		26,780			303,234
Foreign currency translations		12,022			217,256
Forward foreign currency contracts		666,888			3,122,055
Net change in unrealized appreciation (depreciation)		6,841,495			22,135,447
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		4,750,427			13,358,232
Net Increase (Decrease) in Net Assets Resulting from Operations	$	6,320,011		$	20,581,684

* Unaffiliated foreign tax withheld	$	285,458		$	975,322

See Notes to Financial Statements.

92 | DBX ETF Trust

Statements of Changes in Net Assets


	Xtrackers MSCI All World ex US						Xtrackers MSCI EAFE Hedged
	Hedged Equity ETF						Equity ETF
	Year Ended			Year Ended			Year Ended			Year Ended
	May 31, 2025			May 31, 2024			May 31, 2025			May 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	3,857,548		$	3,664,416		$	194,628,006		$	136,625,119
Net realized gain (loss)		(2,161,680	)		5,822,194			(493,104,480	)		281,609,450
Net change in net unrealized appreciation (depreciation)		14,107,345			16,332,214			959,801,840			595,776,833
Net increase (decrease) in net assets resulting from operations		15,803,213			25,818,824			661,325,366			1,014,011,402
Distributions to Shareholders		(2,397,520	)		(4,798,675	)		(82,236,139	)		(191,362,884	)
Fund Shares Transactions
Proceeds from shares sold		31,504,679			—			1,635,716,705			1,111,866,112
Value of shares redeemed		(21,830,648	)		—			(167,245,555	)		—
Net increase (decrease) in net assets resulting from fund share transactions		9,674,031			—			1,468,471,150			1,111,866,112
Total net increase (decrease) in Net Assets		23,079,724			21,020,149			2,047,560,377			1,934,514,630
Net Assets
Beginning of year		153,919,182			132,899,033			5,983,700,287			4,049,185,657
End of year	$	176,998,906		$	153,919,182		$	8,031,260,664		$	5,983,700,287

Changes in Shares Outstanding
Shares outstanding, beginning of year		4,600,001			4,600,001			143,550,001			114,150,001
Shares sold		900,000			—			38,600,000			29,400,000
Shares redeemed		(650,000	)		—			(4,000,000	)		—
Shares outstanding, end of year		4,850,001			4,600,001			178,150,001			143,550,001

See Notes to Financial Statements.

DBX ETF Trust | 93

Statements of Changes in Net Assets (Continued)


	Xtrackers MSCI Emerging						Xtrackers MSCI Europe Hedged
	Markets Hedged Equity ETF						Equity ETF
	Year Ended			Year Ended			Year Ended			Year Ended
	May 31, 2025			May 31, 2024			May 31, 2025			May 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,585,762		$	2,185,338		$	16,990,110		$	14,450,769
Net realized gain (loss)		1,841,129			4,372,699			(44,906,610	)		46,104,664
Net change in net unrealized appreciation (depreciation)		4,426,040			5,394,102			77,715,875			40,667,873
Net increase (decrease) in net assets resulting from operations		7,852,931			11,952,139			49,799,375			101,223,306
Distributions to Shareholders		(1,740,485	)		(2,456,982	)		(390,610	)		(17,261,146	)
Fund Shares Transactions
Proceeds from shares sold		—			6,775,025			133,081,049			157,074,836
Value of shares redeemed		(10,265,473	)		(32,417,391	)		(55,218,970	)		(142,479,345	)
Net increase (decrease) in net assets resulting from fund share transactions		(10,265,473	)		(25,642,366	)		77,862,079			14,595,491
Total net increase (decrease) in Net Assets		(4,153,027	)		(16,147,209	)		127,270,844			98,557,651
Net Assets
Beginning of year		72,642,273			88,789,482			557,241,299			458,683,648
End of year	$	68,489,246		$	72,642,273		$	684,512,143		$	557,241,299

Changes in Shares Outstanding
Shares outstanding, beginning of year		3,000,001			4,050,001			13,250,001			12,550,001
Shares sold		—			300,000			3,050,000			4,250,000
Shares redeemed		(400,000	)		(1,350,000	)		(1,350,000	)		(3,550,000	)
Shares outstanding, end of year		2,600,001			3,000,001			14,950,001			13,250,001

See Notes to Financial Statements.

94 | DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers MSCI Eurozone Hedged						Xtrackers MSCI Japan Hedged
	Equity ETF						Equity ETF
	Year Ended			Year Ended			Year Ended			Year Ended
	May 31, 2025			May 31, 2024			May 31, 2025			May 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,569,584		$	934,958		$	7,223,452		$	5,397,629
Net realized gain (loss)		(2,091,068	)		3,459,457			(8,777,215	)		68,488,599
Net change in net unrealized appreciation (depreciation)		6,841,495			2,671,579			22,135,447			35,899,155
Net increase (decrease) in net assets resulting from operations		6,320,011			7,065,994			20,581,684			109,785,383
Distributions to Shareholders		(241,630	)		(693,739	)		(12,059,378	)		(16,910,387	)
Fund Shares Transactions
Proceeds from shares sold		38,709,313			13,945,201			48,707,187			94,852,083
Value of shares redeemed		(8,056,979	)		(8,185,401	)		(98,541,867	)		(47,515,291	)
Net increase (decrease) in net assets resulting from fund share transactions		30,652,334			5,759,800			(49,834,680	)		47,336,792
Total net increase (decrease) in Net Assets		36,730,715			12,132,055			(41,312,374	)		140,211,788
Net Assets
Beginning of year		39,696,857			27,564,802			431,221,692			291,009,904
End of year	$	76,427,572		$	39,696,857		$	389,909,318		$	431,221,692

Changes in Shares Outstanding
Shares outstanding, beginning of year		850,001			700,001			5,700,001			5,100,001
Shares sold		760,000			350,000			650,000			1,400,000
Shares redeemed		(160,000	)		(200,000	)		(1,350,000	)		(800,000	)
Shares outstanding, end of year		1,450,001			850,001			5,000,001			5,700,001

See Notes to Financial Statements.

DBX ETF Trust | 95

Financial Highlights

Xtrackers MSCI All World ex US Hedged Equity ETF


	Years Ended May 31,

	2025			2024			2023			2022			2021

Selected Per Share Data
Net Asset Value, beginning of year	$	33.46		$	28.89		$	31.45		$	33.37		$	25.63
Income (loss) from investment operations:
Net investment income (loss)(a)		0.90			0.80			0.81			0.88			0.64
Net realized and unrealized gain (loss)		2.71			4.81			0.25			(2.11	)		7.73
Total from investment operations		3.61			5.61			1.06			(1.23	)		8.37
Less distributions from:
Net investment income		(0.58	)		(1.04	)		(0.62	)		(0.69	)		(0.63	)
Net realized gains		–			–			(3.00	)		–			–
Total from distributions		(0.58	)		(1.04	)		(3.62	)		(0.69	)		(0.63	)
Net Asset Value, end of year	$	36.49		$	33.46		$	28.89		$	31.45		$	33.37
Total Return (%)(b)		10.95			20.06			4.02			(3.79	)		33.10

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		177			154			133			156			125
Ratio of expenses before fee waiver (%)		0.40			0.40			0.41			0.40			0.40
Ratio of expenses after fee waiver (%)		0.40			0.40			0.41			0.40			0.40
Ratio of net investment income (loss) (%)		2.60			2.63			2.77			2.69			2.15
Portfolio turnover rate (%)(c)		13			9			14			6			14

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

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

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

See Notes to Financial Statements.

96 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI EAFE Hedged Equity ETF


	Years Ended May 31,

	2025			2024			2023			2022			2021

Selected Per Share Data
Net Asset Value, beginning of year	$	41.68		$	35.47		$	37.41		$	37.54		$	29.75
Income (loss) from investment operations:
Net investment income (loss)(a)		1.20			1.08			1.05	(b)		1.13			0.78
Net realized and unrealized gain (loss)		2.73			6.78			2.12			(0.37	)		7.82
Total from investment operations		3.93			7.86			3.17			0.76			8.60
Less distributions from:
Net investment income		(0.53	)		(1.65	)		(0.64	)		(0.89	)		(0.81	)
Net realized gains		–			–			(4.47	)		–			–
Total from distributions		(0.53	)		(1.65	)		(5.11	)		(0.89	)		(0.81	)
Net Asset Value, end of year	$	45.08		$	41.68		$	35.47		$	37.41		$	37.54
Total Return (%)(c)		9.53			23.12			9.62			2.01			29.41

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		8,031			5,984			4,049			4,241			3,955
Ratio of expenses before fee waiver (%)		0.35			0.35			0.36			0.35			0.35
Ratio of expenses after fee waiver (%)		0.35			0.35			0.36			0.35			0.35
Ratio of net investment income (loss) (%)		2.85			2.91			2.99	(b)		2.97			2.35
Portfolio turnover rate (%)(d)		12			11			19			4			8

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

(b)

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

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

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

See Notes to Financial Statements.

DBX ETF Trust | 97

Financial Highlights (Continued)

Xtrackers MSCI Emerging Markets Hedged Equity ETF


	Years Ended May 31,

	2025			2024			2023			2022			2021

Selected Per Share Data
Net Asset Value, beginning of year	$	24.21		$	21.92		$	23.77		$	29.36		$	21.03
Income (loss) from investment operations:
Net investment income (loss)(a)		0.55			0.52			0.52			0.53			0.39
Net realized and unrealized gain (loss)		2.20			2.36			(1.80	)		(5.65	)		8.42
Total from investment operations		2.75			2.88			(1.28	)		(5.12	)		8.81
Less distributions from:
Net investment income		(0.62	)		(0.59	)		(0.57	)		(0.47	)		(0.48	)
Total from distributions		(0.62	)		(0.59	)		(0.57	)		(0.47	)		(0.48	)
Net Asset Value, end of year	$	26.34		$	24.21		$	21.92		$	23.77		$	29.36
Total Return (%)(b)		11.47			13.39			(5.40	)		(17.67	)		42.20

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		68			73			89			97			117
Ratio of expenses before fee waiver (%)		0.66			0.67			0.66			0.65			0.65
Ratio of expenses after fee waiver (%)		0.66			0.67			0.66			0.65			0.65
Ratio of net investment income (loss) (%)		2.17			2.30			2.33			2.00			1.48
Portfolio turnover rate (%)(c)		10			17			16			14			13

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

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

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

See Notes to Financial Statements.

98 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI Europe Hedged Equity ETF


	Years Ended May 31,

	2025			2024			2023			2022			2021

Selected Per Share Data
Net Asset Value, beginning of year	$	42.06		$	36.55		$	34.31		$	34.02		$	26.91
Income (loss) from investment operations:
Net investment income (loss)(a)		1.24			1.04			1.04	(b)		0.97			0.77
Net realized and unrealized gain (loss)		2.52			5.85			1.85			(0.00	)(c)		7.07
Total from investment operations		3.76			6.89			2.89			0.97			7.84
Less distributions from:
Net investment income		(0.03	)		(1.38	)		(0.65	)		(0.68	)		(0.73	)
Total from distributions		(0.03	)		(1.38	)		(0.65	)		(0.68	)		(0.73	)
Net Asset Value, end of year	$	45.79		$	42.06		$	36.55		$	34.31		$	34.02
Total Return (%)(d)		8.86			19.47			8.77			2.85			29.68

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		685			557			459			527			563
Ratio of expenses before fee waiver (%)		0.45			0.45			0.48			0.45			0.45
Ratio of expenses after fee waiver (%)		0.45			0.45			0.48			0.45			0.45
Ratio of net investment income (loss) (%)		2.90			2.77			3.06	(b)		2.77			2.58
Portfolio turnover rate (%)(e)		10			12			13			5			9

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

(b)

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

(c)	Less than 0.005.

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

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

See Notes to Financial Statements.

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Financial Highlights (Continued)

Xtrackers MSCI Eurozone Hedged Equity ETF


	Years Ended May 31,

	2025			2024			2023			2022			2021

Selected Per Share Data
Net Asset Value, beginning of year	$	46.70		$	39.38		$	36.25		$	37.92		$	28.10
Income (loss) from investment operations:
Net investment income (loss)(a)		1.61			1.02			1.35			0.88			0.76
Net realized and unrealized gain (loss)		4.68			7.07			2.37			(1.90	)		9.71
Total from investment operations		6.29			8.09			3.72			(1.02	)		10.47
Less distributions from:
Net investment income		(0.28	)		(0.77	)		(0.59	)		(0.65	)		(0.65	)
Total from distributions		(0.28	)		(0.77	)		(0.59	)		(0.65	)		(0.65	)
Net Asset Value, end of year	$	52.71		$	46.70		$	39.38		$	36.25		$	37.92
Total Return (%)(b)		13.56			20.95			10.57			(2.77	)		37.79

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		76			40			28			13			15
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) (%)		3.38			2.46			3.65			2.32			2.37
Portfolio turnover rate (%)(c)		12			14			14			7			10

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

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

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

See Notes to Financial Statements.

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Financial Highlights (Continued)

Xtrackers MSCI Japan Hedged Equity ETF


	Years Ended May 31,

	2025			2024			2023			2022			2021

Selected Per Share Data
Net Asset Value, beginning of year	$	75.65		$	57.06		$	48.84		$	49.08		$	39.80
Income (loss) from investment operations:
Net investment income (loss)(a)		1.30			1.08			1.00			0.79			0.62
Net realized and unrealized gain (loss)		3.15			20.74			7.61			0.13			9.82
Total from investment operations		4.45			21.82			8.61			0.92			10.44
Less distributions from:
Net investment income		(2.12	)		(3.23	)		(0.39	)		(1.16	)		(1.16	)
Total from distributions		(2.12	)		(3.23	)		(0.39	)		(1.16	)		(1.16	)
Net Asset Value, end of year	$	77.98		$	75.65		$	57.06		$	48.84		$	49.08
Total Return (%)(b)		6.07			40.04			17.78			1.87			26.96

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		390			431			291			191			199
Ratio of expenses before fee waiver (%)		0.45			0.45			0.47			0.45			0.45
Ratio of expenses after fee waiver (%)		0.45			0.45			0.46			0.45			0.45
Ratio of net investment income (loss) (%)		1.76			1.66			1.98			1.61			1.41
Portfolio turnover rate (%)(c)		17			15			18			6			12

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

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

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

See Notes to Financial Statements.

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Notes to Financial Statements

1. Organization

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

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.


Fund		Underlying Index

Xtrackers MSCI All World ex US Hedged Equity ETF		MSCI ACWI ex USA US Dollar Hedged Index

Xtrackers MSCI EAFE Hedged Equity ETF		MSCI EAFE US Dollar Hedged Index

Xtrackers MSCI Emerging Markets Hedged Equity ETF		MSCI EM US Dollar Hedged Index

Xtrackers MSCI Europe Hedged Equity ETF		MSCI Europe US Dollar Hedged Index

Xtrackers MSCI Eurozone Hedged Equity ETF		MSCI EMU IMI US Dollar Hedged Index

Xtrackers MSCI Japan Hedged Equity ETF		MSCI Japan US Dollar Hedged Index

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

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

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

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

Underlying Index.

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

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

102 | DBX ETF Trust

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

Each Fund is 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.

2. Significant Accounting Policies

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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.

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.

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

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.

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The Funds file tax returns with the Internal Revenue Service, the State of New York, and various other states. Specific to

U.S. federal and state taxes, generally, each of the tax years in the four-year period ended May 31, 2024, remains subject to examination by taxing authorities. Specific to foreign countries in which the Funds invest, all open tax years remain subject to examination by taxing authorities in the respective jurisdictions. The open tax years vary by each jurisdiction in which each Fund invests.

As of May 31, 2025, 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	$	3,769,579	$	(17,277,448)	$	39,505,549	$	25,997,680

Xtrackers MSCI EAFE Hedged Equity ETF		249,980,930		(789,072,733)		1,818,350,083		1,279,258,280

Xtrackers MSCI Emerging Markets Hedged Equity ETF		466,214		(15,940,083)		15,856,375		382,506

Xtrackers MSCI Europe Hedged Equity ETF		21,314,500		(115,033,229)		71,538,202		(22,180,527)

Xtrackers MSCI Eurozone Hedged Equity ETF		2,291,363		(4,131,389)		8,995,711		7,155,685

Xtrackers MSCI Japan Hedged Equity ETF		13,265,154		(118,397,363)		57,455,622		(47,676,587)

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


	Year Ended May 31, 2025
	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
	Year Ended May 31, 2024
	Ordinary Income^*

Xtrackers MSCI All World ex US Hedged Equity ETF	$	4,798,675

Xtrackers MSCI EAFE Hedged Equity ETF		191,362,884

Xtrackers MSCI Emerging Markets Hedged Equity ETF		2,456,982

Xtrackers MSCI Europe Hedged Equity ETF		17,261,146

Xtrackers MSCI Eurozone Hedged Equity ETF		693,739

Xtrackers MSCI Japan Hedged Equity ETF		16,910,387

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

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	Short-Term		Long-Term		Total Amount

Xtrackers MSCI All World ex US Hedged Equity ETF	$	2,928,317	$	14,349,131	$	17,277,448

Xtrackers MSCI EAFE Hedged Equity ETF		199,324,525		589,748,208		789,072,733

Xtrackers MSCI Emerging Markets Hedged Equity ETF		6,846,323		9,093,760		15,940,083

Xtrackers MSCI Europe Hedged Equity ETF		15,798,353		99,234,876		115,033,229

Xtrackers MSCI Eurozone Hedged Equity ETF		1,412,864		2,718,525		4,131,389

Xtrackers MSCI Japan Hedged Equity ETF		43,989,300		74,408,063		118,397,363


	Distributable earnings (loss)		Paid-In Capital

Xtrackers MSCI All World ex US Hedged Equity ETF	$	(5,713,671)	$	5,713,671

Xtrackers MSCI EAFE Hedged Equity ETF		(72,973,673)		72,973,673

Xtrackers MSCI Emerging Markets Hedged Equity ETF		(449,788)		449,788

Xtrackers MSCI Europe Hedged Equity ETF		(10,728,677)		10,728,677

Xtrackers MSCI Eurozone Hedged Equity ETF		(2,504,723)		2,504,723

Xtrackers MSCI Japan Hedged Equity ETF		(26,133,686)		26,133,686


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

Xtrackers MSCI All World ex US Hedged Equity ETF	$	133,633,914	$	39,904,095	$	48,624,417		$ (8,720,322)

Xtrackers MSCI EAFE Hedged Equity ETF		6,202,265,565		1,816,367,860		2,041,444,838		(225,076,978)

Xtrackers MSCI Emerging Markets Hedged Equity ETF		50,643,822		16,531,858		25,355,457		(8,823,599)

Xtrackers MSCI Europe Hedged Equity ETF		609,015,678		71,305,698		120,294,270		(48,988,572)

Xtrackers MSCI Eurozone Hedged Equity ETF		66,992,848		8,981,592		12,551,718		(3,570,126)

Xtrackers MSCI Japan Hedged Equity ETF		333,810,377		57,346,651		77,270,551		(19,923,900)

Foreign Taxes. The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of May 31, 2025, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

In consideration of recent decisions rendered by European courts, Xtrackers MSCI EAFE Hedged Equity ETF and Xtrackers MSCI Europe Hedged Equity ETF have filed for additional reclaims (“EU reclaims”) related to prior years. A corresponding receivable is established when both the amount is known and significant contingencies or uncertainties regarding collectability are removed. These amounts, if any, are reported in dividends and interest receivable in the Statement of Assets and Liabilities. For the year ended May 31, 2025, Xtrackers MSCI EAFE Hedged Equity ETF and Xtrackers MSCI Europe Hedged Equity ETF received reclaims and interest related to EU reclaims, which is reported in unaffiliated dividend income and other income in the Statement of Operations. Expenses incurred related to filing EU reclaims are recorded in other expenses in the Statement of Operations. For U.S. income tax purposes, EU tax reclaims received by the Funds, if any, reduce the amount of foreign taxes Fund shareholders can use as tax credits in their individual income tax returns. In the event

106 | DBX ETF Trust

that EU tax reclaims received by a fund during the fiscal year exceed foreign withholding taxes paid, and a fund previously passed foreign tax credits on to its shareholders, a fund must either amend historic tax reporting to shareholders or enter into a closing agreement with the Internal Revenue Service (“IRS”) in order to pay the associated tax liability on behalf of the fund’s shareholders. For the year ended May 31, 2025, the EU reclaims received by the Funds did not exceed the foreign withholding taxes of the Funds. During the fiscal year ended May 31, 2023, the EU reclaims received for Xtrackers MSCI Europe Hedged Equity ETF exceeded the foreign withholding taxes of the Fund. As a result, the Fund entered into a closing agreement with the IRS and recognized a closing agreement fee of $180,000.

Securities Lending. National Financial Services LLC (Fidelity Agency Lending), serves as securities lending agent for

Xtrackers MSCI EAFE Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. Deutsche Bank AG, serves as securities lending agent for Xtrackers MSCI All World ex US Hedged Equity ETF and Xtrackers MSCI Emerging Markets Hedged Equity ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended May 31, 2025, the Funds invested the cash collateral, if any into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.13% annualized effective rate as of May 31, 2025) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of May 31, 2025, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at year end.


Remaining Contractual Maturity of the Agreements, as of May 31, 2025
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 Days		>90 Days		Total

Xtrackers MSCI EAFE Hedged Equity ETF

Common Stocks	$	84,787,252	$	—	$	—	$	—	$	84,787,252

Exchange-Traded Funds	$	2,883,650	$	—	$	—	$	—	$	2,883,650

Rights	$	9,628	$	—	$	—	$	—	$	9,628

Total Borrowings	$	87,680,530	$	—	$	—	$	—	$	87,680,530

Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	87,680,530

Xtrackers MSCI Europe Hedged Equity ETF

Common Stocks	$	5,319,270	$	—	$	—	$	—	$	5,319,270

Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	5,319,270

Xtrackers MSCI Eurozone Hedged Equity ETF

Common Stocks	$	700,075	$	—	$	—	$	—	$	700,075

DBX ETF Trust | 107



Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	700,075

Xtrackers MSCI Japan Hedged Equity ETF

Common Stocks	$	4,696,050	$	—	$	—	$	—	$	4,696,050

Exchange-Traded Funds	$	170,050	$	—	$	—	$	—	$	170,050

Total Borrowings	$	4,886,100	$	—	$	—	$	—	$	4,886,100

Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	4,886,100

As of May 31, 2025, Xtrackers MSCI All World ex US Hedged Equity ETF and Xtrackers MSCI Emerging Markets Hedged Equity ETF had no securities on loan.

Derivatives

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

A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the year ended May 31, 2025, Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI EAFE Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF and Xtrackers MSCI Eurozone Hedged Equity ETF, invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. Similarly, the Xtrackers MSCI Japan Hedged Equity ETF invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against the Japanese yen, respectively.

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

A summary of the open forward currency contracts as of May 31, 2025 is included in a table following the Funds’ Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the respective Fund had to the value of non U.S currencies during the year ended May 31, 2025.

Futures Contracts. Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the year ended May 31, 2025, Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI EAFE Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF utilized futures in order to simulate investments in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the Statement of

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

A summary of the open futures contracts as of May 31, 2025 is included in a table following the Funds’ Schedule of

Investments.

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	Asset Derivatives			Liability Derivatives

Xtrackers MSCI All World ex US Hedged Equity ETF

Equity contracts	Unrealized appreciation on futures contracts^*	$	235,169	Unrealized depreciation on futures contracts^*	$	—

Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		1,054,193	Unrealized depreciation on forward foreign currency contracts		1,435,717

	Total	$	1,289,362	Total	$	1,435,717


Xtrackers MSCI EAFE Hedged Equity ETF

Equity contracts	Unrealized appreciation on futures contracts^*	$	5,356,005	Unrealized depreciation on futures contracts^*	$	321,586

Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		46,718,973	Unrealized depreciation on forward foreign currency contracts		32,154,639

	Total	$	52,074,978	Total	$	32,476,225


Xtrackers MSCI Emerging Markets Hedged Equity ETF

Equity contracts	Unrealized appreciation on futures contracts^*	$	32,029	Unrealized depreciation on futures contracts^*	$	—

Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		514,163	Unrealized depreciation on forward foreign currency contracts		1,263,435

	Total	$	546,192	Total	$	1,263,435


Xtrackers MSCI Europe Hedged Equity ETF

Equity contracts	Unrealized appreciation on futures contracts^*	$	440,210	Unrealized depreciation on futures contracts^*	$	101,991

Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		2,144,437	Unrealized depreciation on forward foreign currency contracts		2,129,815

	Total	$	2,584,647	Total	$	2,231,806


Xtrackers MSCI Eurozone Hedged Equity ETF

Equity contracts	Unrealized appreciation on futures contracts^*	$	24,508	Unrealized depreciation on futures contracts^*	$	—

Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		224,799	Unrealized depreciation on forward foreign currency contracts		84,687

	Total	$	249,307	Total	$	84,687


Xtrackers MSCI Japan Hedged Equity ETF

Equity contracts	Unrealized appreciation on futures contracts^*	$	315,041	Unrealized depreciation on futures contracts^*	$	—

Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		6,196,933	Unrealized depreciation on forward foreign currency contracts		1,619,544

	Total	$	6,511,974	Total	$	1,619,544


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	$	642	$	(5,660,108)	$	(5,659,466)

Xtrackers MSCI EAFE Hedged Equity ETF		5,592,866		(397,693,889)		(392,101,023)

Xtrackers MSCI Emerging Markets Hedged Equity ETF		73,906		49,727		123,633

Xtrackers MSCI Europe Hedged Equity ETF		1,179,763		(39,497,480)		(38,317,717)

Xtrackers MSCI Eurozone Hedged Equity ETF		(5,835)		(3,521,282)		(3,527,117)

Xtrackers MSCI Japan Hedged Equity ETF		(460,957)		(25,907,502)		(26,368,459)

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	$	197,448	$	967,527	$	1,164,975

Xtrackers MSCI EAFE Hedged Equity ETF		2,061,104		80,425,623		82,486,727

Xtrackers MSCI Emerging Markets Hedged Equity ETF		31,815		(485,400)		(453,585)

Xtrackers MSCI Europe Hedged Equity ETF		236,872		8,608,543		8,845,415

Xtrackers MSCI Eurozone Hedged Equity ETF		26,780		666,888		693,668

Xtrackers MSCI Japan Hedged Equity ETF		303,234		3,122,055		3,425,289

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


	Futures Contracts (Contract Value)		Forward Foreign Currency Contracts (Contract Value)

Xtrackers MSCI All World ex US Hedged Equity ETF	$	3,708,047	$	(148,875,754)

Xtrackers MSCI EAFE Hedged Equity ETF		142,614,879		(6,741,373,833)

Xtrackers MSCI Emerging Markets Hedged Equity ETF		1,344,920		(73,317,981)

Xtrackers MSCI Europe Hedged Equity ETF		12,991,963		(583,802,027)

Xtrackers MSCI Eurozone Hedged Equity ETF		394,628		(47,422,604)

Xtrackers MSCI Japan Hedged Equity ETF		7,193,208		(411,197,983)

110 | DBX ETF Trust

As of May 31, 2025, the Funds have transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Funds may have collateral agreements with certain counterparties to mitigate risk. Interest expense from collateral received, if any, is included in Interest expense on the Statements of Operations. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:


Fund	Gross 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		136		(136	)		—		—		14,159		(136	)		—			14,023

Citigroup Global Markets		8,299		(2,725	)		—		5,574		2,725		(2,725	)		—			—

Goldman Sachs & Co.		67,439		(67,439	)		—		—		88,052		(67,439	)		—			20,613

JP Morgan & Chase Co.		142,239		(142,239	)		—		—		567,469		(142,239	)		(300,000	)		125,230

Morgan Stanley Capital		35,734		(35,734	)		—		—		36,657		(35,734	)		—			923

RBC Capital Markets		512,517		(512,517	)		—		—		692,532		(512,517	)		(170,000	)		10,015

The Bank of New York Mellon		287,829		(34,123	)		—		253,706		34,123		(34,123	)		—			—

		1,054,193		(794,913	)		—		259,280		1,435,717		(794,913	)		(470,000	)		170,804

Xtrackers MSCI EAFE Hedged Equity ETF

Citigroup Global Markets		568,469		(124,163	)		—		444,306		124,163		(124,163	)		—			—

Goldman Sachs & Co.		4,378,975		(1,252,685	)		—		3,126,290		1,252,685		(1,252,685	)		—			—

JP Morgan & Chase Co.		242,017		(242,017	)		—		—		2,814,238		(242,017	)		—			2,572,221

Morgan Stanley Capital		2,453,381		(2,453,381	)		—		—		2,516,785		(2,453,381	)		—			63,404

RBC Capital Markets		28,778,513		(23,831,555	)		—		4,946,958		23,831,555		(23,831,555	)		—			—

The Bank of New York Mellon		10,297,618		(1,615,213	)		—		8,682,405		1,615,213		(1,615,213	)		—			—

		46,718,973		(29,519,014	)		—		17,199,959		32,154,639		(29,519,014	)		—			2,635,625

Xtrackers MSCI Emerging Markets Hedged Equity ETF

Bank of America		205		(205	)		—		—		20,384		(205	)		—			20,179

Citigroup Global Markets		1,055		(1,055	)		—		—		11,494		(1,055	)		—			10,439

Goldman Sachs & Co.		7,274		(7,274	)		—		—		91,424		(7,274	)		—			84,150

JP Morgan & Chase Co.		186,005		(186,005	)		—		—		650,950		(186,005	)		(560,000	)		95,055

Morgan Stanley Capital		150		(150	)		—		—		159		(150	)		—			9

RBC Capital Markets		119,968		(119,968	)		—		—		472,836		(119,968	)		(200,000	)		152,868

The Bank of New York Mellon		199,506		(16,188	)		—		183,318		16,188		(16,188	)		—			—

		514,163		(330,845	)		—		183,318		1,263,435		(330,845	)		(760,000	)		172,590

Xtrackers MSCI Europe Hedged Equity ETF

Citigroup Global Markets		71,454		(16,079	)		—		55,375		16,079		(16,079	)		—			—

Goldman Sachs & Co.		546,078		(153,036	)		—		393,042		153,036		(153,036	)		—			—

JP Morgan & Chase Co.		22,335		(22,335	)		—		—		154,701		(22,335	)		—			132,366

Morgan Stanley Capital		312,227		(312,227	)		—		—		320,306		(312,227	)		—			8,079

RBC Capital Markets		105,013		(105,013	)		—		—		1,298,928		(105,013	)		—			1,193,915

The Bank of New York Mellon		1,087,330		(186,765	)		—		900,565		186,765		(186,765	)		—			—

		2,144,437		(795,455	)		—		1,348,982		2,129,815		(795,455	)		—			1,334,360

Xtrackers MSCI Eurozone Hedged Equity ETF

JP Morgan & Chase Co.		71		(71	)		—		—		1,494		(71	)		—			1,423

Morgan Stanley Capital		26,469		(26,469	)		—		—		28,005		(26,469	)		—			1,536

RBC Capital Markets		642		(642	)		—		—		42,705		(642	)		—			42,063

The Bank of New York Mellon		197,617		(12,483	)		—		185,134		12,483		(12,483	)		—			—

		224,799		(39,665	)		—		185,134		84,687		(39,665	)		—			45,022

DBX ETF Trust | 111


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 Japan Hedged Equity ETF

RBC Capital Markets		6,196,933		(1,619,544	)		—		4,577,389		1,619,544		(1,619,544	)		—		—

		6,196,933		(1,619,544	)		—		4,577,389		1,619,544		(1,619,544	)		—		—

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

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

Affiliated Cash Management Vehicles. The Funds may invest uninvested cash balances in DWS Government Money Market Series and, prior to August 14, 2024, DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds. DWS ESG Liquidity

Fund liquidated on August 14, 2024.

3. Investment Advisory and Other Agreements

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, 2025, the Advisor waived expenses of the Funds as follows:


	Expenses Waived

Xtrackers MSCI All World ex US Hedged Equity ETF	$	3,410

Xtrackers MSCI EAFE Hedged Equity ETF		106,567

Xtrackers MSCI Emerging Markets Hedged Equity ETF		1,125

Xtrackers MSCI Europe Hedged Equity ETF		9,800

Xtrackers MSCI Eurozone Hedged Equity ETF		132

Xtrackers MSCI Japan Hedged Equity ETF		5,659

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

112 | DBX ETF Trust

The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as

Administrator, Custodian, Accounting Agent and Transfer Agent for each Fund.

Affiliated Securities Lending Agent Fees. Deutsche Bank AG serves as securities lending agent for the funds listed below. For the year ended May 31, 2025, the Funds incurred securities lending agent fees to Deutsche Bank AG as follows:


	Securities Lending Agent Fees

Xtrackers MSCI All World ex US Hedged Equity ETF	$	160

Xtrackers MSCI Emerging Markets Hedged Equity ETF		46

4. Investment Portfolio Transactions

For the year ended May 31, 2025, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:


	Purchases		Sales

Xtrackers MSCI All World ex US Hedged Equity ETF	$	19,740,228	$	21,834,060

Xtrackers MSCI EAFE Hedged Equity ETF		813,568,341		934,424,177

Xtrackers MSCI Emerging Markets Hedged Equity ETF		6,815,588		17,371,609

Xtrackers MSCI Europe Hedged Equity ETF		58,777,355		78,602,539

Xtrackers MSCI Eurozone Hedged Equity ETF		5,587,521		8,935,171

Xtrackers MSCI Japan Hedged Equity ETF		67,913,843		97,252,028

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


	Purchases		Sales

Xtrackers MSCI All World ex US Hedged Equity ETF	$	22,848,346	$	15,915,496

Xtrackers MSCI EAFE Hedged Equity ETF		1,552,268,407		165,493,729

Xtrackers MSCI Emerging Markets Hedged Equity ETF		9,022		2,292,975

Xtrackers MSCI Europe Hedged Equity ETF		126,615,504		54,188,911

Xtrackers MSCI Eurozone Hedged Equity ETF		39,717,341		8,353,054

Xtrackers MSCI Japan Hedged Equity ETF		47,331,151		96,102,256

5. Fund Share Transactions

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

6. Payments by Affiliates

During the year ended May 31, 2025, the Advisor agreed to reimburse Xtrackers MSCI Japan Hedged Equity ETF $3,631 for a loss due to a trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.

DBX ETF Trust | 113

7. Investing in Emerging Markets

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

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

8. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at May 31, 2025.

114 | DBX ETF Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders of

Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI EAFE Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF and the Board of Trustees of DBX ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI EAFE Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF (collectively referred to as the “Funds”), (six of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of May 31, 2025, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (six of the funds constituting DBX ETF Trust) at May 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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.

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 23, 2025

DBX ETF Trust | 115

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

Xtrackers MSCI All World ex-US Hedged Equity ETF, Xtrackers MSCI EAFE Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT WITH DBX ADVISORS LLC

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on May 13-14, 2025 (the “Meeting”), the Trustees, all of whom are Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers MSCI All World ex-US Hedged Equity ETF, Xtrackers MSCI EAFE Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF (each a “Fund,” and collectively, the “Funds”) for another annual period ending on May 31, 2026. The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

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

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:

116 | DBX ETF Trust

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

(Continued)

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.

Peer Group.

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

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

Xtrackers MSCI Japan Hedged Equity ETF had advisory fees and total expenses that were competitive with other currency-hedged ETFs in its Peer Group.

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

DBX ETF Trust | 117

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

(Continued)

Economies of Scale. The Board considered that Xtrackers MSCI All World ex-US Hedged Equity ETF, Xtrackers MSCI EAFE Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisors can share benefits of economies of scale.

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

118 | DBX ETF Trust

Tax Information (Unaudited)

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

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its period ended May 31, 2025.


	Qualified Dividend
	Income^*

Xtrackers MSCI All World ex US Hedged Equity ETF		88%

Xtrackers MSCI EAFE Hedged Equity ETF		73%

Xtrackers MSCI Emerging Markets Hedged Equity ETF		100%

Xtrackers MSCI Europe Hedged Equity ETF		86%

Xtrackers MSCI Eurozone Hedged Equity ETF		79%

Xtrackers MSCI Japan Hedged Equity ETF		49%

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

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


	Gross Foreign
	Income		Foreign Taxes Paid

Xtrackers MSCI All World ex US Hedged Equity ETF	$	4,791,749	$	488,905

Xtrackers MSCI EAFE Hedged Equity ETF		231,303,264		15,546,103

Xtrackers MSCI Emerging Markets Hedged Equity ETF		2,242,405		237,871

Xtrackers MSCI Europe Hedged Equity ETF		20,962,118		1,601,169

Xtrackers MSCI Eurozone Hedged Equity ETF		2,047,049		281,351

Xtrackers MSCI Japan Hedged Equity ETF		9,751,003		858,992

DBX ETF Trust | 119

This Page is Intentionally Left Blank

LOGO

May 31, 2025 Annual Financial Statements and Other Information DBX ETF Trust

Xtrackers Artificial Intelligence and Big Data ETF (XAIX)

Xtrackers Cybersecurity Select Equity ETF (PSWD)

Xtrackers International Real Estate ETF (HAUZ)

Xtrackers Semiconductor Select Equity ETF (CHPS)

Xtrackers US Green Infrastructure Select Equity ETF (UPGR)

Xtrackers US National Critical Technologies ETF (CRTC)

LOGO

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		19

Xtrackers US National Critical Technologies ETF		21

Statements of Assets and Liabilities		26

Statements of Operations		28

Statements of Changes in Net Assets		30

Financial Highlights		33

Notes to Financial Statements		39

Report of Independent Registered Public Accounting Firm		49

Board Considerations in Approval of Investment Advisory Contracts		51

Tax Information		54



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

DBX ETF Trust | 1

Schedule of Investments

Xtrackers Artificial Intelligence and Big Data ETF

May 31, 2025


	Number of Shares		Value $
COMMON STOCKS – 98.1%

Communication Services – 15.3%

Diversified Telecommunication Services – 6.2%
AT&T, Inc.		43,061		1,197,096
BT Group PLC		41,223		99,758
China Tower Corp. Ltd., Class H, 144A		102,984		152,869
Verizon Communications, Inc.		26,593		1,169,028


(Cost $2,287,103)				2,618,751

Entertainment – 0.1%
Kingsoft Corp. Ltd. *

(Cost $27,265)		6,353		27,060

Interactive Media & Services – 8.7%
Alphabet, Inc., Class A		9,377		1,610,406
Kakao Corp.		1,665		51,530
Meitu, Inc., 144A *		19,644		16,509
Meta Platforms, Inc., Class A		3,041		1,969,017
Snap, Inc., Class A *		7,447		61,438


(Cost $3,644,802)				3,708,900

Internet Software & Services – 0.3%
NAVER Corp.

(Cost $134,902)		932		126,658

Consumer Discretionary – 4.4%

Broadline Retail – 4.4%
Amazon.com, Inc. *		8,135		1,667,756
eBay, Inc.		2,893		211,681


(Cost $1,905,207)				1,879,437

Financials – 7.0%

Banks – 6.0%
Bank of America Corp.		40,550		1,789,472
Toronto-Dominion Bank		11,000		758,188


(Cost $2,422,204)				2,547,660

Financial Services – 1.0%
PayPal Holdings, Inc. *

(Cost $570,514)		6,341		445,645

Industrials – 0.1%

Ground Transportation – 0.1%
Lyft, Inc., Class A *

(Cost $32,125)		2,250		34,290

Information Technology – 71.3%

Communications Equipment – 5.6%
Arista Networks, Inc. *		6,699		580,401
Ciena Corp. *		722		57,803
Cisco Systems, Inc.		23,615		1,488,690


	Number of Shares		Value $
Extreme Networks, Inc. *		716		11,220
F5, Inc. *		317		90,465
NetScout Systems, Inc. *		358		8,177
Nokia OYJ, ADR		35,804		186,897


(Cost $2,369,785)				2,423,653

Electronic Equipment, Instruments & Components – 0.5%
Itron, Inc. *		243		28,091
Keysight Technologies, Inc. *		957		150,287


(Cost $179,961)				178,378

IT Services – 6.7%
Cloudflare, Inc., Class A *		1,698		281,681
Fujitsu Ltd.		13,200		303,528
International Business Machines Corp.		5,491		1,422,498
Kingsoft Cloud Holdings Ltd., ADR *		1,454		16,241
Kyndryl Holdings, Inc. *		1,325		51,728
NEC Corp.		8,800		230,833
Samsung SDS Co. Ltd.		175		16,514
Snowflake, Inc., Class A *		2,099		431,701
Twilio, Inc., Class A *		934		109,932


(Cost $2,297,975)				2,864,656

Semiconductors & Semiconductor Equipment – 10.7%
Advanced Micro Devices, Inc. *		9,725		1,076,849
Ambarella, Inc. *		250		13,160
Intel Corp.		25,112		490,940
Micron Technology, Inc.		6,685		631,465
NVIDIA Corp.		13,256		1,791,283
Realtek Semiconductor Corp.		3,110		56,143
SK Hynix, Inc.		3,375		500,245
Synaptics, Inc. *		238		13,985


(Cost $4,800,122)				4,574,070

Software – 38.3%
Adobe, Inc. *		2,596		1,077,574
Alarm.com Holdings, Inc. *		239		13,719
Asana, Inc., Class A *		750		13,432
Atlassian Corp., Class A *		1,576		327,225
C3.ai, Inc., Class A *		600		15,954
Commvault Systems, Inc. *		245		44,872
Crowdstrike Holdings, Inc., Class A *		1,555		732,980
CyberArk Software Ltd. *		312		119,427
Dassault Systemes SE		4,573		171,320
Dropbox, Inc., Class A *		1,810		52,237
Fortinet, Inc. *		4,024		409,563
Intuit, Inc.		1,680		1,265,830
Jamf Holding Corp. *		385		4,042
JFrog Ltd. *		606		26,022

See Notes to Financial Statements.

2 | DBX ETF Trust

Schedule of Investments

Xtrackers Artificial Intelligence and Big Data ETF (Continued)

May 31, 2025


	Number of Shares		Value $
Microsoft Corp.		4,223		1,944,100
MicroStrategy, Inc., Class A *		1,399		516,315
Nice Ltd., ADR *		392		65,045
Nutanix, Inc., Class A *		1,323		101,461
Open Text Corp.		1,450		40,981
Oracle Corp.		10,400		1,721,512
Palantir Technologies, Inc., Class A *		13,075		1,723,023
Palo Alto Networks, Inc. *		3,935		757,173
Qualys, Inc. *		209		28,957
Radware Ltd. *		234		5,457
Rapid7, Inc. *		200		4,590
RingCentral, Inc., Class A *		200		5,186
Salesforce, Inc.		5,324		1,412,830
SAP SE		6,904		2,084,064
SenseTime Group, Inc., Class B, 144A *		204,282		36,472
SentinelOne, Inc., Class A *		1,764		31,064
ServiceNow, Inc. *		1,235		1,248,696
SoundHound AI, Inc., Class A *		2,250		22,748
Tenable Holdings, Inc. *		605		19,493
UiPath, Inc., Class A *		3,435		45,720
Zscaler, Inc. *		626		172,588


(Cost $14,892,405)				16,261,672

Technology Hardware, Storage & Peripherals – 9.5%
Apple, Inc.		7,092		1,424,428
Dell Technologies, Inc., Class C		4,346		483,579
Getac Holdings Corp. *		2,201		8,923
Hewlett Packard Enterprise Co.		7,798		134,749
HTC Corp. *		4,039		5,236
Lenovo Group Ltd.		55,607		64,106
NetApp, Inc.		1,000		99,160
Pure Storage, Inc., Class A *		1,703		91,264
Samsung Electronics Co. Ltd.		33,204		1,352,515
Sandisk Corp. *		699		26,345
Seagate Technology Holdings PLC		1,146		135,159
Western Digital Corp. *		2,097		108,100
Wistron Corp.		17,797		69,184


(Cost $4,299,541)				4,002,748

TOTAL COMMON STOCKS


(Cost $39,863,911)				41,693,578

EXCHANGE-TRADED FUNDS – 1.3%
Technology Select Sector SPDR Fund		1,900		438,729
Xtrackers MSCI USA Selection Equity ETF (a)		2,250		122,690


(Cost $522,188)				561,419


	Number of Shares		Value $

CASH EQUIVALENTS – 0.3%

DWS Government Money Market Series “Institutional Shares”, 4.26% (b)

(Cost $107,192)		107,192		107,192

TOTAL INVESTMENTS – 99.7%

(Cost $40,493,291)				42,362,189

Other assets and liabilities, net – 0.3%				122,271


NET ASSETS – 100.0%				42,484,460

See Notes to Financial Statements.

DBX ETF Trust | 3

Schedule of Investments

Xtrackers Artificial Intelligence and Big Data ETF (Continued)

May 31, 2025

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


Value ($) at 8/2/2024 (Commencement of Operations)	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2025		Value ($) at 5/31/2025
EXCHANGE-TRADED FUNDS – 0.3%
Xtrackers MSCI USA Selection Equity ETF (a)

—		122,148		(6,810	)		(31	)		7,383		62		—		2,250		122,690

SECURITIES LENDING COLLATERAL – 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.22% (b)(c)

—		—		—			—			—		0		—		—		—

CASH EQUIVALENTS – 0.3%
DWS Government Money Market Series “Institutional Shares”, 4.26% (b)

—		2,311,054		(2,203,862	)		—			—		2,609		—		107,192		107,192

—		2,433,202		(2,210,672	)		(31	)		7,383		2,671		—		109,442		229,882

*	Non-income producing security.

(a)	Affiliated fund advised by DBX Advisors LLC.

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

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

ADR:	American Depositary Receipt

144A:

At May 31, 2025, 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

120,216

128,261

6/20/2025

8,045

Micro E-Mini S&P 500 Index

USD

81,664

88,740

6/20/2025

7,076

Total unrealized appreciation

15,121

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

USD	U.S. Dollar

See Notes to Financial Statements.

4 | DBX ETF Trust

Schedule of Investments

Xtrackers Artificial Intelligence and Big Data ETF (Continued)

May 31, 2025

Fair Value Measurements



Assets	Level 1		Level 2		Level 3		Total

Common Stocks (a)	$	41,693,578	$	—	$	—	$	41,693,578

Exchange-Traded Funds		561,419		—		—		561,419

Short-Term Investments (a)		107,192		—		—		107,192

Derivatives (b)

Futures Contracts		15,121		—		—		15,121

TOTAL	$	42,377,310	$	—	$	—	$	42,377,310

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

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

See Notes to Financial Statements.

DBX ETF Trust | 5

Schedule of Investments

Xtrackers Cybersecurity Select Equity ETF

May 31, 2025


	Number of Shares		Value $

COMMON STOCKS – 98.2%

Application Software – 6.4%
Alarm.com Holdings, Inc. *		1,277		73,300
Clear Secure, Inc., Class A		2,656		65,736
Datadog, Inc., Class A *		692		81,573
Dynatrace, Inc. *		1,499		80,961
InterDigital, Inc.		345		74,955
MIA Teknoloji AS *		33,019		25,950
Systena Corp.		17,322		47,778
TeamViewer SE, 144A *		5,478		63,806


(Cost $455,706)				514,059

Communications Equipment – 2.0%
F5, Inc. *		268		76,482
NetScout Systems, Inc. *		3,384		77,291


(Cost $115,767)				153,773

Internet Services & Infrastructure – 22.6%
Akamai Technologies, Inc. *		4,074		309,339
Fastly, Inc., Class A *		16,516		120,236
GDS Holdings Ltd., Class A *		114,727		346,015
Hennge KK		2,048		22,099
NEXTDC Ltd. *		51,510		434,587
Okta, Inc. *		3,092		319,002
OVH Groupe SAS *		1,750		27,834
SUNeVision Holdings Ltd.		77,000		65,987
Vnet Group, Inc., ADR *		21,376		114,148


(Cost $1,800,143)				1,759,247

IT Consulting & Other Services – 8.3%
Change Holdings, Inc. (a)		3,787		31,310
DXC Technology Co. *		4,337		65,922
Future Corp.		3,255		48,567
NCC Group PLC		19,133		40,302
NEC Corp.		3,793		99,494
Netcompany Group A/S, 144A *		1,652		76,582
Otsuka Corp.		3,499		71,910
Systex Corp.		22,990		89,372
TechMatrix Corp.		3,966		58,214
TietoEVRY OYJ		4,164		76,013


(Cost $583,468)				657,686

Research & Consulting Services – 1.8%
My EG Services Bhd

(Cost $115,693)		643,750		139,140

Systems Software – 57.1%
A10 Networks, Inc.		5,296		91,409
Ahnlab, Inc.		690		30,957
BlackBerry Ltd. * (a)		47,382		187,467
Check Point Software
Technologies Ltd. *		1,423		325,696


	Number of Shares		Value $
Crowdstrike Holdings, Inc., Class A *		831		391,708
CyberArk Software Ltd. *		889		340,291
Digital Arts, Inc.		1,209		61,080
Fortinet, Inc. *		3,132		318,775
N-able, Inc. *		6,000		46,740
OneSpan, Inc.		3,125		49,781
Palo Alto Networks, Inc. *		1,805		347,318
Qualys, Inc. *		2,477		343,188
Radware Ltd. *		1,271		29,640
Rapid7, Inc. *		7,328		168,178
SentinelOne, Inc., Class A *		16,526		291,023
Tenable Holdings, Inc. *		8,378		269,939
Trend Micro, Inc.		4,909		368,273
Varonis Systems, Inc. *		7,541		359,555
Zscaler, Inc. *		1,557		429,265


(Cost $3,511,958)				4,450,283

TOTAL COMMON STOCKS


(Cost $6,582,735)				7,674,188

EXCHANGE-TRADED FUNDS – 0.1%
Global X Cybersecurity ETF

(Cost $5,267)		160		5,586

SECURITIES LENDING COLLATERAL – 6.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.22% (b)(c)

(Cost $520,072)		520,072		520,072

CASH EQUIVALENTS – 0.1%
DWS Government Money Market Series “Institutional Shares”, 4.26% (b)

(Cost $11,360)		11,360		11,360

TOTAL INVESTMENTS – 105.1%

(Cost $7,119,434)				8,211,206

Other assets and liabilities, net – (5.1%)				(395,882	)


NET ASSETS – 100.0%				7,815,324

See Notes to Financial Statements.

6 | DBX ETF Trust

Schedule of Investments

Xtrackers Cybersecurity Select Equity ETF (Continued)

May 31, 2025

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


Value ($) at 5/31/2024	Purchases Cost ($)			Sales Proceeds ($)		Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2025		Value ($) at 5/31/2025
SECURITIES LENDING COLLATERAL – 6.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.22% (b)(c)

116,100		403,972	(d)		—		—		—		633		—		520,072		520,072

CASH EQUIVALENTS – 0.1%
DWS Government Money Market Series “Institutional Shares”, 4.26% (b)

1,845		674,630			(665,115)		—		—		334		—		11,360		11,360

117,945		1,078,602			(665,115)		—		—		967		—		531,432		531,432

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, Other Assets and Liabilities, Net includes pending sales amounting to $241,330 that are also on loan. The value of securities loaned at May 31, 2025 amounted to $448,612, which is 5.7% of net assets.

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

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

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

ADR:	American Depositary Receipt

144A:

At May 31, 2025, 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

81,770

85,507

6/20/2025

3,737

Micro E-Mini S&P 500 Index

USD

27,140

29,580

6/20/2025

2,440

Total unrealized appreciation

6,177

Currency Abbreviations

USD	U.S. Dollar

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

USD	U.S. Dollar

See Notes to Financial Statements.

DBX ETF Trust | 7

Schedule of Investments

Xtrackers Cybersecurity Select Equity ETF (Continued)

May 31, 2025

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total

Common Stocks (a)	$	7,674,188	$	—	$	—	$	7,674,188

Exchange-Traded Funds		5,586		—		—		5,586

Short-Term Investments (a)		531,432		—		—		531,432

Derivatives (b)

Futures Contracts		6,177		—		—		6,177

TOTAL	$	8,217,383	$	—	$	—	$	8,217,383

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

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

See Notes to Financial Statements.

8 | DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF

May 31, 2025


	Number of Shares		Value $


COMMON STOCKS – 98.6%

Australia – 13.4%
Arena REIT		376,354		908,260
BWP Trust REIT		505,183		1,150,891
Centuria Industrial REIT		497,550		986,211
Centuria Office REIT		437,438		343,446
Charter Hall Group REIT		438,094		5,122,767
Charter Hall Long Wale REIT		589,496		1,566,799
Charter Hall Retail REIT		491,420		1,246,038
Charter Hall Social Infrastructure REIT		324,838		618,787
Dexus REIT		1,000,313		4,506,261
DigiCo Infrastructure REIT REIT *		407,411		901,932
Goodman Group REIT		1,894,586		40,138,074
GPT Group REIT		1,792,438		5,536,914
Growthpoint Properties Australia Ltd. REIT		256,316		405,782
Healthco REIT		414,784		237,572
HMC Capital Ltd. REIT		287,725		935,086
HomeCo Daily Needs REIT		1,720,907		1,412,050
Ingenia Communities Group REIT		352,865		1,298,934
Lifestyle Communities Ltd.		94,339		415,876
Mirvac Group REIT		3,691,293		5,487,479
National Storage REIT		1,297,498		1,928,862
REA Group Ltd.		47,374		7,308,169
Region RE Ltd. REIT		1,098,757		1,675,839
Rural Funds Trust REIT		354,031		399,853
Scentre Group REIT		4,866,889		11,494,760
Stockland REIT		2,240,647		7,873,149
Vicinity Ltd. REIT		3,628,170		5,743,877
Waypoint REIT Ltd. REIT		619,160		1,035,997


(Cost $94,787,820)				110,679,665

Austria – 0.2%
CA Immobilien Anlagen AG (a)		39,943		1,097,357
CPI Europe AG * (a)		32,926		667,594


(Cost $1,919,030)				1,764,951

Belgium – 1.8%
Aedifica SA REIT (a)		44,346		3,347,865
Cofinimmo SA REIT		35,592		3,062,764
Montea NV REIT		19,697		1,453,467
Retail Estates NV REIT *		11,369		833,771
VGP NV		12,542		1,200,290
Warehouses De Pauw CVA REIT (a)		167,336		4,076,721
Xior Student Housing NV REIT		34,391		1,163,464


(Cost $17,428,501)				15,138,342

Brazil – 0.5%
Allos SA		379,976		1,472,958
Cyrela Brazil Realty SA Empreendimentos e Participacoes		263,675		1,148,623


	Number of Shares		Value $

Ez Tec Empreendimentos e Participacoes SA		139,012		323,275
Multiplan Empreendimentos Imobiliarios SA		295,462		1,385,546


(Cost $4,432,007)				4,330,402

Canada – 6.1%
Allied Properties Real Estate Investment Trust REIT (a)		118,770		1,363,097
Altus Group Ltd.		42,691		1,692,178
Artis Real Estate Investment Trust REIT (a)		61,091		319,462
Boardwalk Real Estate Investment Trust REIT (a)		37,576		1,914,943
Canadian Apartment Properties REIT (a)		156,201		5,084,953
Chartwell Retirement Residences (a)		254,806		3,448,809
Choice Properties Real Estate Investment Trust REIT (a)		235,167		2,560,420
Colliers International Group, Inc.		40,546		4,881,621
Crombie Real Estate Investment Trust REIT (a)		100,748		1,085,187
CT Real Estate Investment Trust REIT (a)		67,120		776,668
Dream Industrial Real Estate Investment Trust REIT (a)		260,056		2,114,569
First Capital Real Estate Investment Trust REIT (a)		181,342		2,341,045
FirstService Corp.		35,433		6,199,068
Granite Real Estate Investment Trust REIT (a)		58,646		2,998,519
H&R Real Estate Investment Trust REIT (a)		247,711		1,879,069
InterRent Real Estate Investment Trust REIT (a)		138,174		1,371,741
Killam Apartment Real Estate Investment Trust REIT (a)		109,169		1,545,095
Minto Apartment Real Estate Investment Trust REIT, 144A (a)		37,111		387,318
Nexus Industrial REIT (a)		40,327		215,574
NorthWest Healthcare Properties Real Estate Investment Trust REIT (a)		210,353		737,410
Primaris Real Estate Investment Trust REIT (a)		70,202		783,227
RioCan Real Estate Investment Trust REIT (a)		280,022		3,531,460
Slate Grocery, Class U REIT (a)		54,711		590,900
SmartCentres Real Estate Investment Trust REIT (a)		122,889		2,311,291


(Cost $52,222,342)				50,133,624

Chile – 0.4%
Cencosud Shopping SA		425,135		870,271
Parque Arauco SA		671,072		1,391,463

See Notes to Financial Statements.

DBX ETF Trust | 9

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2025


	Number of Shares		Value $

Plaza SA		592,507		1,291,240


(Cost $2,679,847)				3,552,974

China – 0.7%
A-Living Smart City Services Co. Ltd., 144A		683,818		242,428
China Resources Mixc Lifestyle Services Ltd., 144A		590,516		2,812,680
China Vanke Co. Ltd., Class H * (a)		2,100,369		1,374,077
Guangzhou R&F Properties Co. Ltd., Class H * (a)		1,429,296		178,627
Onewo, Inc., Class H		229,115		591,666
Poly Property Services Co. Ltd., Class H * (a)		151,670		590,893


(Cost $10,246,572)				5,790,371

Egypt – 0.1%
Palm Hills Developments SAE *		957,417		154,434
Talaat Moustafa Group		799,207		884,079


(Cost $532,121)				1,038,513

Finland – 0.3%
Citycon OYJ * (a)		87,797		373,370
Kojamo OYJ *		168,997		2,027,897


(Cost $3,159,261)				2,401,267

France – 3.6%
ARGAN SA REIT		11,614		849,101
Carmila SA REIT *		51,354		1,087,872
Covivio SA REIT		51,871		3,109,213
Gecina SA REIT		44,361		4,879,968
ICADE REIT		29,107		798,337
Klepierre SA REIT		207,820		8,130,074
Mercialys SA REIT		88,260		1,108,181
Unibail-Rodamco-Westfield REIT *		99,832		9,458,887


(Cost $24,557,244)				29,421,633

Germany – 3.8%
Deutsche Wohnen SE		48,548		1,262,114
LEG Immobilien SE (a)		69,578		5,904,390
TAG Immobilien AG		164,329		2,775,933
Vonovia SE (a)		653,426		21,386,166


(Cost $34,777,784)				31,328,603

Greece – 0.1%
LAMDA Development SA *

(Cost $558,956)		77,374		576,223

Hong Kong – 10.3%
C&D International Investment Group Ltd.		674,296		1,210,741
China Jinmao Holdings Group Ltd.		7,542,079		1,029,136
China Overseas Grand Oceans Group Ltd.		1,630,938		355,657
China Overseas Land & Investment Ltd.		3,466,780		5,835,772


	Number of Shares		Value $

China Overseas Property Holdings Ltd.		1,162,659		775,447
China Resources Land Ltd.		2,701,000		8,817,848
CK Asset Holdings Ltd.		1,916,032		7,941,165
ESR Group Ltd., 144A		1,930,114		3,155,506
Fortune Real Estate Investment Trust REIT		1,354,964		772,384
Hang Lung Group Ltd.		799,585		1,148,157
Hang Lung Properties Ltd.		1,588,183		1,255,713
Henderson Land Development Co. Ltd.		1,227,111		3,841,788
Hongkong Land Holdings Ltd.		963,241		4,979,956
Hysan Development Co. Ltd.		559,432		920,312
Kerry Properties Ltd.		539,712		1,296,705
Link REIT		2,409,045		12,795,522
New World Development Co. Ltd. * (a)		1,234,932		754,356
Poly Property Group Co. Ltd.		1,737,653		316,882
Shandong Hi-Speed Holdings Group Ltd. * (a)		1,747,723		2,768,167
Shanghai Industrial Holdings Ltd.		358,754		571,880
Sun Hung Kai Properties Ltd.		1,415,071		15,203,593
Swire Properties Ltd.		935,065		2,051,013
Wharf Holdings Ltd.		912,902		2,427,327
Wharf Real Estate Investment Co. Ltd.		1,444,843		3,622,449
Yuexiu Property Co. Ltd. (a)		1,333,175		746,362


(Cost $108,986,873)				84,593,838

India – 1.5%
DLF Ltd.		878,190		8,187,717
Godrej Properties Ltd. *		137,925		3,616,432
SignatureGlobal India Ltd. *		37,000		524,118


(Cost $8,073,820)				12,328,267

Indonesia – 0.2%
Bangun Kosambi Sukses PT		561,952		217,329
PT Bumi Serpong Damai Tbk *		6,463,536		353,134
PT Ciputra Development Tbk		7,874,519		476,145
PT Kawasan Industri Jababeka Tbk *		14,703,055		164,270
PT Pakuwon Jati Tbk		13,133,974		322,504
PT Summarecon Agung Tbk		9,216,792		228,581


(Cost $2,072,222)				1,761,963

Ireland – 0.1%
Irish Residential Properties REIT PLC REIT

(Cost $489,004)		497,091		604,954

Israel – 2.1%
Africa Israel Residences Ltd.		5,939		380,559
Airport City Ltd. *		54,343		850,550
Alony Hetz Properties & Investments Ltd.		174,670		1,478,601
Amot Investments Ltd.		218,557		1,216,638

See Notes to Financial Statements.

10 | DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2025


	Number of Shares		Value $

Aura Investments Ltd.		138,117		682,510
Azrieli Group Ltd.		34,091		2,602,004
Big Shopping Centers Ltd. *		15,149		2,440,353
Electra Real Estate Ltd. *		20,230		246,498
G City Ltd.		85,855		301,541
Israel Canada T.R Ltd.		153,002		484,768
Isras Investment Co. Ltd.		1,205		279,648
Melisron Ltd.		22,887		2,135,769
Menivim- The New REIT Ltd. REIT		732,380		400,825
Mivne Real Estate KD Ltd.		533,675		1,628,708
Prashkovsky Investments and Construction Ltd.		8,003		195,575
Reit 1 Ltd. REIT		187,987		1,079,050
Sella Capital Real Estate Ltd. REIT		197,940		530,911


(Cost $14,709,241)				16,934,508

Japan – 21.9%
Activia Properties, Inc. REIT (a)		1,416		1,129,503
Advance Residence Investment Corp. REIT		2,010		2,063,003
Aeon Mall Co. Ltd.		90,400		1,800,231
AEON REIT Investment Corp. REIT		1,622		1,406,232
Comforia Residential REIT, Inc. REIT		680		1,336,013
CRE Logistics REIT, Inc. REIT		602		617,040
Daito Trust Construction Co. Ltd.		61,300		6,899,144
Daiwa House REIT Investment Corp. REIT		2,142		3,561,217
Daiwa Office Investment Corp. REIT (a)		511		1,067,719
Daiwa Securities Living Investments Corp. REIT		1,869		1,218,843
Dear Life Co. Ltd.		23,200		183,291
ES-Con Japan Ltd.		49,600		338,928
Frontier Real Estate Investment Corp. REIT		2,352		1,343,115
Fukuoka REIT Corp. REIT		733		834,623
Global One Real Estate Investment Corp. REIT		710		612,107
GLP J REIT		4,496		3,960,231
Goldcrest Co. Ltd.		13,200		322,464
Hankyu Hanshin REIT, Inc. REIT (a)		644		660,536
Health Care & Medical Investment Corp. REIT		373		290,552
Heiwa Real Estate Co. Ltd.		20,300		627,451
Heiwa Real Estate REIT, Inc. REIT (a)		672		594,715
Hoshino Resorts REIT, Inc. REIT		566		930,422
Hulic Co. Ltd.		640,200		6,486,520
Hulic Reit, Inc. REIT		775		812,623
Ichigo Hotel REIT Investment Corp. REIT		262		222,426


	Number of Shares		Value $

Ichigo Office REIT Investment Corp. REIT		931		555,522
Ichigo, Inc.		190,400		504,056
Industrial & Infrastructure Fund Investment Corp. REIT		2,365		1,934,024
Invincible Investment Corp. REIT		7,203		3,060,008
JALCO Holdings, Inc. (a)		64,800		135,173
Japan Excellent, Inc. REIT		732		663,541
Japan Hotel REIT Investment Corp. REIT		4,772		2,470,414
Japan Logistics Fund, Inc. REIT		1,950		1,237,881
Japan Metropolitan Fund Invest REIT		6,730		4,598,759
Japan Prime Realty Investment Corp. REIT		639		1,592,020
Japan Real Estate Investment Corp. REIT		4,970		4,029,869
JINUSHI Co. Ltd.		16,400		242,428
Kasumigaseki Capital Co. Ltd. (a)		5,800		545,452
KDX Realty Investment Corp. REIT		3,814		4,009,729
Ki-Star Real Estate Co. Ltd.		7,600		256,502
LaSalle Logiport REIT		1,658		1,543,154
Leopalace21 Corp.		182,100		821,561
Loadstar Capital KK		10,400		193,376
Mirai Corp. REIT		1,831		543,101
Mirarth Holdings, Inc.		110,831		299,554
Mitsubishi Estate Co. Ltd.		1,169,000		21,395,953
Mitsubishi Estate Logistics REIT Investment Corp. REIT		1,425		1,154,458
Mitsui Fudosan Co. Ltd.		2,596,800		25,015,087
Mitsui Fudosan Logistics Park, Inc. REIT		3,004		2,115,156
Mori Hills REIT Investment Corp. REIT		1,541		1,394,744
Mori Trust Sogo Reit, Inc. REIT		2,388		1,097,227
Mugen Estate Co. Ltd.		12,100		173,582
Nippon Accommodations Fund, Inc. REIT		1,677		1,335,371
Nippon Building Fund, Inc. REIT		5,910		5,390,041
Nippon Prologis REIT, Inc. REIT (a)		6,753		3,603,597
NIPPON REIT Investment Corp. REIT		1,168		701,796
Nomura Real Estate Holdings, Inc.		502,600		2,952,660
Nomura Real Estate Master Fund, Inc. REIT		2,872		2,880,061
NTT UD REIT Investment Corp. REIT		947		861,715
One REIT, Inc. REIT		205		349,919
Open House Group Co. Ltd.		76,900		3,328,185
Orix JREIT, Inc. REIT		1,890		2,344,572
Relo Group, Inc.		96,200		1,147,706

See Notes to Financial Statements.

DBX ETF Trust | 11

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2025


	Number of Shares		Value $

Samty Residential Investment Corp. REIT		432		275,735
Sankei Real Estate, Inc. REIT		472		289,163
Sekisui House Reit, Inc. REIT		2,963		1,583,196
SOSiLA Logistics REIT, Inc. REIT (a)		707		538,965
SRE Holdings Corp. (a)		9,000		243,564
Star Asia Investment Corp. REIT		2,505		977,383
Starts Corp., Inc.		29,300		860,958
Starts Proceed Investment Corp. REIT		200		240,757
Sumitomo Realty & Development Co. Ltd.		444,000		17,092,900
Sun Frontier Fudousan Co. Ltd.		24,100		346,230
Takara Leben Real Estate Investment Corp. REIT		866		522,739
Tokyo Tatemono Co. Ltd.		196,500		3,498,448
Tokyu Fudosan Holdings Corp.		567,700		4,154,622
Tokyu REIT, Inc. REIT		602		771,822
Tosei Corp.		35,200		618,156
Tosei Reit Investment Corp. REIT		256		229,397
United Urban Investment Corp. REIT (a)		2,047		2,144,956


(Cost $177,661,425)				180,185,894

Luxembourg – 0.5%
Aroundtown SA *		660,673		2,098,583
Grand City Properties SA *		64,736		821,636
Shurgard Self Storage Ltd. REIT		29,168		1,187,101


(Cost $5,098,025)				4,107,320

Malaysia – 0.9%
Eastern & Oriental Bhd		889,500		173,449
Eco World Development Group Bhd		1,168,100		521,412
IGB Real Estate Investment Trust REIT		1,413,500		770,426
IOI Properties Group Bhd		1,020,487		457,919
Mah Sing Group Bhd		1,222,100		292,856
Matrix Concepts Holdings Bhd		1,091,541		359,017
Sime Darby Property Bhd		3,439,246		1,131,198
SP Setia Bhd Group		1,880,917		512,596
Sunway Bhd		2,030,361		2,265,762
Tanco Holdings Bhd *		2,215,920		520,597
UEM Sunrise Bhd		1,330,530		228,189


(Cost $4,207,482)				7,233,421

Mexico – 1.5%
Corp. Inmobiliaria Vesta SAB de CV		818,416		2,358,334
FIBRA Macquarie Mexico REIT, 144A		751,071		1,232,691
Fibra MTY SAPI de CV REIT (a)		2,241,338		1,605,411
Fibra Uno Administracion SA de CV REIT		2,580,632		3,629,055


	Number of Shares		Value $

Prologis Property Mexico SA de CV REIT		995,138		3,807,534


(Cost $10,008,941)				12,633,025

Netherlands – 0.8%
CTP NV, 144A (a)		119,268		2,269,289
Eurocommercial Properties NV REIT		41,399		1,287,752
NEPI Rockcastle NV *		430,143		3,294,170


(Cost $5,607,202)				6,851,211

New Zealand – 0.4%
Goodman Property Trust REIT		989,001		1,127,823
Kiwi Property Group Ltd.		1,474,595		792,366
Precinct Properties Group (b)		1,443,981		1,000,070


(Cost $3,674,719)				2,920,259

Norway – 0.1%
Entra ASA, 144A *

(Cost $939,881)		67,729		788,845

Philippines – 1.6%
AREIT, Inc. REIT		1,332,861		956,736
Ayala Corp.		306,994		3,191,263
Ayala Land, Inc.		7,037,128		2,900,868
SM Prime Holdings, Inc.		15,517,487		6,271,518


(Cost $18,675,927)				13,320,385

Russia – 0.0%
LSR Group PJSC * (c)		30,984		0
PIK-Spetsializirovannyy Zastroyshchik PAO * (c)		192,287		0


(Cost $2,472,023)				0

Singapore – 5.9%
AIMS APAC REIT		684,400		689,919
CapitaLand Ascendas REIT		3,325,269		6,833,098
CapitaLand Ascott Trust (b)		2,521,710		1,671,884
CapitaLand China Trust REIT		1,077,247		576,381
Capitaland India Trust (a)		916,617		700,115
CapitaLand Integrated Commercial Trust REIT		5,257,055		8,519,886
CapitaLand Investment Ltd.		2,334,163		4,561,175
CDL Hospitality Trusts (a)(b)		778,844		458,996
City Developments Ltd.		435,650		1,635,039
Digital Core REIT Management Pte Ltd. REIT		822,100		411,050
ESR-REIT REIT		672,091		1,156,980
Frasers Centrepoint Trust REIT		1,078,118		1,839,221
Frasers Logistics & Commercial Trust REIT		2,675,578		1,649,414
Keppel REIT		2,205,808		1,453,890
Keppel DC REIT		1,733,308		2,943,505
Lendlease Global Commercial REIT		1,691,851		623,162
Mapletree Industrial Trust REIT		1,971,078		2,949,892
Mapletree Logistics Trust REIT		3,133,417		2,697,032

See Notes to Financial Statements.

12 | DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2025


	Number of Shares		Value $

Mapletree Pan Asia Commercial Trust REIT		2,097,718		1,919,438
Parkway Life Real Estate Investment Trust REIT		420,862		1,328,248
Suntec Real Estate Investment Trust REIT (a)		1,741,100		1,525,623
UOL Group Ltd.		436,417		1,932,336
Yanlord Land Group Ltd. * (a)		521,300		185,948


(Cost $54,183,269)				48,262,232

South Africa – 0.9%
Equites Property Fund Ltd. REIT		597,084		551,205
Fortress Real Estate Investments Ltd., Class B		871,304		973,718
Growthpoint Properties Ltd. REIT		2,544,627		1,900,984
Hyprop Investments Ltd. REIT		273,684		666,875
Redefine Properties Ltd. REIT (a)		5,383,406		1,395,229
Resilient REIT Ltd. REIT		255,825		871,569
Vukile Property Fund Ltd. REIT		976,990		1,082,629


(Cost $6,503,935)				7,442,209

South Korea – 0.1%
ESR Kendall Square REIT Co. Ltd. REIT		135,696		431,273
SK Eternix Co. Ltd. *		13,829		195,452
SK REITs Co. Ltd. REIT		149,942		523,824


(Cost $1,293,950)				1,150,549

Spain – 0.8%
Inmobiliaria Colonial Socimi SA REIT		230,764		1,605,907
Merlin Properties Socimi SA REIT		353,665		4,376,334
Neinor Homes SA, 144A *		33,623		539,732


(Cost $5,707,031)				6,521,973

Sweden – 4.4%
Atrium Ljungberg AB, Class B		221,501		753,061
Castellum AB (a)		412,332		5,108,565
Catena AB		40,128		1,970,272
Cibus Nordic Real Estate AB (a)		58,008		1,087,391
Corem Property Group AB, Class B (a)		589,451		312,678
Dios Fastigheter AB		99,441		687,963
Fabege AB (a)		213,483		1,837,008
Fastighets AB Balder, Class B *		654,417		4,577,196
Hemnet Group AB		80,890		2,558,512
Hufvudstaden AB, Class A		105,899		1,346,209
Logistea AB, Class B		197,230		308,013
NP3 Fastigheter AB		31,274		843,312
Nyfosa AB		151,533		1,374,138
Pandox AB		101,098		1,692,519
Platzer Fastigheter Holding AB, Class B		71,016		558,223
Sagax AB, Class B (a)		205,056		4,479,018
Sagax AB, Class D		110,588		385,707


	Number of Shares		Value $

Samhallsbyggnadsbolaget i Norden AB (a)		1,218,865		713,938
Swedish Logistic Property AB, Class B *		174,563		698,801
Wallenstam AB, Class B (a)		460,462		2,315,505
Wihlborgs Fastigheter AB		258,719		2,595,284


(Cost $37,265,777)				36,203,313

Switzerland – 2.9%
Allreal Holding AG		14,413		3,301,718
Mobimo Holding AG		6,776		2,626,932
PSP Swiss Property AG		42,725		7,525,175
Swiss Prime Site AG		74,791		10,642,162


(Cost $17,130,765)				24,095,987

Taiwan – 1.3%
Advancetek Enterprise Co. Ltd.		263,886		620,784
Cathay Real Estate Development Co. Ltd.		595,017		385,182
Chong Hong Construction Co. Ltd.		200,184		613,875
Da-Li Development Co. Ltd.		311,999		520,545
Delpha Construction Co. Ltd.		453,079		487,572
Farglory Land Development Co. Ltd.		239,330		489,545
Highwealth Construction Corp.		1,684,492		2,248,350
Huaku Development Co. Ltd.		255,204		958,021
Huang Hsiang Construction Corp.		114,062		200,580
Hung Sheng Construction Ltd.		352,210		299,106
JSL Construction & Development Co Ltd. *		184,269		467,920
Kindom Development Co. Ltd.		361,353		669,206
Radium Life Tech Co. Ltd. *		549,506		249,371
Ruentex Development Co. Ltd.		1,812,564		1,808,421
Sakura Development Co. Ltd.		350,798		712,868
Taiwan Land Development Corp. * (c)		243,531		0


(Cost $9,782,214)				10,731,346

Thailand – 1.2%
Amata Corp. PCL		763,600		337,284
Amata Corp. PCL, NVDR		45,384		20,046
AP Thailand PCL, NVDR		2,296,800		475,767
Asset World Corp. PCL, NVDR		7,428,800		448,070
Central Pattana PCL, NVDR		3,208,300		4,446,810
CPN Retail Growth Leasehold REIT REIT		1,883,800		694,356
Land & Houses PCL, NVDR		7,024,000		860,147
MBK PCL		1,028,000		544,885
Origin Property PCL, NVDR		750,100		39,759
Quality Houses PCL		573,300		24,973
Quality Houses PCL, NVDR		6,887,700		300,035
Sansiri PCL		775,700		31,664
Sansiri PCL, NVDR		13,746,400		561,120
SC Asset Corp. PCL, NVDR		359,100		17,831

See Notes to Financial Statements.

DBX ETF Trust | 13

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2025


	Number of Shares		Value $

Supalai PCL, NVDR		1,138,865		503,040
WHA Corp. PCL, NVDR		9,342,296		910,680


(Cost $13,448,735)				10,216,467

Turkey – 0.4%
AKIS Gayrimenkul Yatirimi AS REIT		1,119,097		172,249
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT *		1,818,641		647,897
Is Gayrimenkul Yatirim Ortakligi AS REIT *		348,861		128,550
Kiler Holding AS *		221,972		317,048
Kuyumcukent Gayrimenkul Yatirimlari AS REIT *		318,168		397,287
LYDIA HOLDING AS *		66,536		153,531
Ozak Gayrimenkul Yatirim Ortakligi REIT *		342,448		86,830
Pera Yatirim Holding AS REIT *		514,209		202,975
Reysas Gayrimenkul Yatirim Ortakligi AS REIT *		493,392		161,691
Ronesans Gayrimenkul Yatirim AS *		42,264		131,073
Sinpas Gayrimenkul Yatirim Ortakligi AS REIT *		1,823,667		160,330
Torunlar Gayrimenkul Yatirim Ortakligi AS REIT		129,419		203,816
Ziraat Gayrimenkul Yatirim Ortakligi AS		831,128		533,305


(Cost $2,160,711)				3,296,582

United Kingdom – 7.8%
Assura PLC REIT		2,831,505		1,890,123
Big Yellow Group PLC REIT		183,889		2,469,918
British Land Co. PLC REIT		948,411		4,993,141
Derwent London PLC REIT		99,503		2,647,468
Empiric Student Property PLC REIT		637,459		828,699
Grainger PLC		623,950		1,872,178
Great Portland Estates PLC REIT		341,451		1,558,671
Hammerson PLC REIT		456,422		1,741,889
Land Securities Group PLC REIT		700,431		5,979,110
LondonMetric Property PLC REIT		1,825,065		4,951,922
Picton Property Income Ltd. REIT		525,559		549,276
Primary Health Properties PLC REIT		1,254,280		1,701,610
Rightmove PLC		742,743		7,464,125
Safestore Holdings PLC REIT		200,331		1,774,929
Savills PLC		127,198		1,670,732
Segro PLC REIT		1,154,494		10,851,554
Shaftesbury Capital PLC REIT		1,380,237		2,738,002
Tritax Big Box REIT PLC REIT		2,092,992		4,146,263
UNITE Group PLC REIT, Series 6		347,589		4,035,865


	Number of Shares		Value $

Workspace Group PLC REIT		133,689		751,794


(Cost $66,528,383)				64,617,269

TOTAL COMMON STOCKS


(Cost $823,983,040)				812,958,385

RIGHTS – 0.0%

South Korea – 0.0%
ESR Kendall Square REIT Co. Ltd.* , expires 7/9/25

(Cost $0)		21,014		1,142

WARRANTS – 0.0%

Malaysia – 0.0%
Eco World Development Group Bhd* , expires 4/12/29

(Cost $0)		106,640		18,540

Thailand – 0.0%
Origin Property PCL* , expires 5/18/28		187,250		1,141
Stella X PCL* (c), expires 7/5/25		1,291,580		393


(Cost $0)				1,534

TOTAL WARRANTS


(Cost $0)				20,074

EXCHANGE-TRADED FUNDS – 0.2%
Vanguard Global ex-U.S. Real Estate ETF

(Cost $1,866,336)		45,000		1,987,650

SECURITIES LENDING
COLLATERAL – 10.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.22% (d)(e)

(Cost $89,001,092)		89,001,092		89,001,092

CASH EQUIVALENTS – 0.1%
DWS Government Money Market Series “Institutional Shares”, 4.26% (d)

(Cost $834,418)		834,418		834,418

TOTAL INVESTMENTS – 109.7%

(Cost $915,684,886)				904,802,761

Other assets and liabilities, net – (9.7%)				(80,114,947	)


NET ASSETS – 100.0%				824,687,814

See Notes to Financial Statements.

14 | DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2025

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


Value ($) at 5/31/2024	Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2025		Value ($) at 5/31/2025

SECURITIES LENDING COLLATERAL – 10.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.22% (d)(e)

31,483,119		57,517,973 (f)		—		—		—		73,015		—		89,001,092		89,001,092

CASH EQUIVALENTS – 0.1%
DWS Government Money Market Series “Institutional Shares”, 4.26% (d)

1,564,194		45,764,129		(46,493,905)		—		—		422,744		—		834,418		834,418


33,047,313		103,282,102		(46,493,905)		—		—		495,759		—		89,835,510		89,835,510

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at May 31, 2025 amounted to $81,484,618, which is 9.9% of net assets.

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

(c)	Investment was valued using significant unobservable inputs.

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

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

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

CVA:	Certificaten Van Aandelen (Dutch Certificate)

NVDR:

Non Voting Depositary Receipt

PJSC:

Public Joint Stock Company

REIT:

Real Estate Investment Trust

SAE:	Societe Anonyme Egyptienne

144A:

Securities are listed in country of domicile.

At May 31, 2025, 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		6		532,209		527,619		6/20/2025		(4,590)
E-Mini S&P 500 Index		USD		10		2,830,566		2,958,000		6/20/2025		127,434
EURO STOXX 50 Index		EUR		35		2,091,280		2,132,909		6/20/2025		41,629
S&P/TSX 60 Index Mini		CAD		2		107,359		114,041		6/19/2025		6,682
SPI 200 Index		AUD		16		2,073,559		2,177,001		6/19/2025		103,442
TOPIX Index		JPY		10		1,866,819		1,938,737		6/12/2025		71,918

Total net unrealized appreciation												346,515

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

See Notes to Financial Statements.

DBX ETF Trust | 15

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

May 31, 2025

Currency Abbreviations



AUD		Australian Dollar
CAD		Canadian Dollar
EUR		Euro
JPY		Japanese Yen
USD		U.S. Dollar

Fair Value Measurements


Assets	Level 1			Level 2		Level 3		Total
Common Stocks (a)	$	812,958,385		$	—	$	0	$	812,958,385
Rights		—			1,142		—		1,142
Warrants (a)		19,681			—		393		20,074
Exchange-Traded Funds		1,987,650			—		—		1,987,650
Short-Term Investments (a)		89,835,510			—		—		89,835,510
Derivatives (b)
Futures Contracts		351,105			—		—		351,105

TOTAL	$	905,152,331		$	1,142	$	393	$	905,153,866

Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (b)

Futures Contracts	$	(4,590	)	$	—	$	—	$	(4,590)

TOTAL	$	(4,590	)	$	—	$	—	$	(4,590)

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

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

During the year ended May 31, 2025, the amount of transfers from Level 1 to Level 3 was $2,457. The investment was transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity. Transfers between price levels are recognized at the beginning of the reporting period.

See Notes to Financial Statements.

16 | DBX ETF Trust

Schedule of Investments

Xtrackers Semiconductor Select Equity ETF

May 31, 2025


	Number of Shares		Value $

COMMON STOCKS — 99.3%

Electronic Components — 0.9%
Kyocera Corp.

(Cost $65,752)		5,084		62,064

Electronic Manufacturing Services — 0.5%
Fabrinet *

(Cost $24,944)		138		32,136

Industrial Machinery & Supplies — 0.6%
VAT Group AG, 144A

(Cost $42,505)		103		39,204

Semiconductor Materials & Equipment — 28.8%
Advantest Corp.		2,813		143,618
Applied Materials, Inc.		1,781		279,172
ASM International NV		176		95,826
ASML Holding NV		436		323,661
BE Semiconductor Industries NV		296		35,804
Disco Corp.		342		77,907
Enphase Energy, Inc. *		486		20,116
Entegris, Inc.		578		39,732
KLA Corp.		379		286,858
Lam Research Corp.		3,751		303,043
Lasertec Corp.		301		30,466
Nova Ltd. *		112		23,503
Onto Innovation, Inc. *		187		17,193
SCREEN Holdings Co. Ltd.		323		23,168
Teradyne, Inc.		619		48,653
Tokyo Electron Ltd.		1,735		276,552


(Cost $1,927,366)				2,025,272

Semiconductors — 68.5%
Advanced Micro Devices, Inc. *		2,754		304,950
Alchip Technologies Ltd.		300		28,130
Analog Devices, Inc.		1,357		290,371
ASE Technology Holding Co. Ltd.		14,118		65,011
Broadcom, Inc.		1,440		348,581
Cirrus Logic, Inc. *		203		19,967
Credo Technology Group Holding Ltd. *		548		33,406
First Solar, Inc. *		390		61,651
Infineon Technologies AG		4,994		194,320
Intel Corp.		12,386		242,146
Lattice Semiconductor Corp. *		521		23,414
Marvell Technology, Inc.		3,304		198,868
MediaTek, Inc.		5,618		236,204
Microchip Technology, Inc.		2,020		117,241
Micron Technology, Inc.		3,425		323,525
Monolithic Power Systems, Inc.		177		117,156
Novatek Microelectronics Corp.		2,175		37,449
NVIDIA Corp.		2,333		315,258


	Number of Shares		Value $

NXP Semiconductors NV		971		185,587
ON Semiconductor Corp. *		1,610		67,652
Qorvo, Inc. *		357		27,139
QUALCOMM, Inc.		1,858		269,782
Rambus, Inc. *		409		21,869
Realtek Semiconductor Corp.		1,785		32,223
Renesas Electronics Corp.		6,200		76,611
SK Hynix, Inc.		2,062		305,631
Skyworks Solutions, Inc.		587		40,521
STMicroelectronics NV		96		2,409
STMicroelectronics NV, Class Y		2,454		61,375
Taiwan Semiconductor Manufacturing Co. Ltd.		11,221		362,070
Texas Instruments, Inc.		1,574		287,806
United Microelectronics Corp.		44,352		69,188


(Cost $4,289,734)				4,767,511

TOTAL COMMON STOCKS


(Cost $6,350,301)				6,926,187

EXCHANGE-TRADED FUNDS — 0.6%
Invesco PHLX Semiconductor ETF		1,010		37,845
SPDR S&P Semiconductor ETF		10		2,211


(Cost $39,536)				40,056

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 4.26% (a)

(Cost $1,387)		1,387		1,387

TOTAL INVESTMENTS — 99.9%
(Cost $6,391,224)				6,967,630

Other assets and liabilities, net — 0.1%				8,149


NET ASSETS — 100.0%				6,975,779

See Notes to Financial Statements.

DBX ETF Trust | 17

Schedule of Investments

Xtrackers Semiconductor Select Equity ETF (Continued)

May 31, 2025

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


Value ($) at 5/31/2024	Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2025		Value ($) at 5/31/2025

SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.22% (a)(b)

—		—		—		—		—		24		—		—		—

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 4.26% (a)

1,039		410,755		(410,407)		—		—		213		—		1,387		1,387


1,039		410,755		(410,407)		—		—		237		—		1,387		1,387

*	Non-income producing security.

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

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

144A:

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	6,926,187	$	—	$	—	$	6,926,187
Exchange-Traded Funds		40,056		—		—		40,056
Short-Term Investments (a)		1,387		—		—		1,387

TOTAL	$	6,967,630	$	—	$	—	$	6,967,630

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

See Notes to Financial Statements.

18 | DBX ETF Trust

Schedule of Investments

Xtrackers US Green Infrastructure Select Equity ETF

May 31, 2025


	Number of Shares		Value $

COMMON STOCKS – 99.8%

Consumer Discretionary – 12.3%
EVgo, Inc. *		30,720		121,344
Lucid Group, Inc. * (a)		31,196		69,567
QuantumScape Corp. *		19,640		78,560
Rivian Automotive, Inc., Class A *		6,792		98,688
Tesla, Inc. *		292		101,166


(Cost $491,134)				469,325

Energy – 2.1%
Green Plains, Inc. *
(Cost $229,775)		19,598		81,528

Industrials – 62.5%
A O Smith Corp.		1,272		81,802
Array Technologies, Inc. *		17,563		115,916
AZZ, Inc.		945		85,702
Bloom Energy Corp., Class A * (a)		4,452		82,229
Carrier Global Corp.		1,309		93,201
Casella Waste Systems, Inc., Class A *		716		83,922
ChargePoint Holdings, Inc. *		133,376		92,776
Clean Harbors, Inc. *		402		91,170
EnerSys		925		77,358
Eos Energy Enterprises, Inc. * (a)		20,612		85,746
Fluence Energy, Inc. * (a)		18,000		84,600
GE Vernova, Inc.		243		114,934
Graco, Inc.		1,008		85,337
IDEX Corp.		458		82,857
Ingersoll Rand, Inc.		1,082		88,335
Lennox International, Inc.		142		80,152
Microvast Holdings, Inc. *		44,446		159,561
NEXTracker, Inc., Class A *		2,028		114,967
Parker-Hannifin Corp.		133		88,405
Plug Power, Inc. *		65,751		58,038
Republic Services, Inc.		333		85,678
Shoals Technologies Group, Inc., Class A *		21,739		102,608
Sunrun, Inc. *		12,374		92,681
Veralto Corp.		873		88,199
Waste Management, Inc.		355		85,544
Xylem, Inc.		720		90,749


	Number of Shares		Value $

(Cost $2,396,634)				2,392,467

Information Technology – 4.9%
First Solar, Inc. *		614		97,061
Itron, Inc. *		799		92,364


(Cost $166,131)				189,425

Materials – 13.6%
Ecolab, Inc.		335		88,983
PureCycle Technologies, Inc. * (a)		12,240		116,402
Radius Recycling, Inc.		2,732		80,894
Reliance, Inc.		284		83,161
Ryerson Holding Corp.		3,450		71,622
Worthington Steel, Inc.		3,231		80,452


(Cost $461,038)				521,514

Utilities – 4.4%
Ormat Technologies, Inc.		1,146		85,182
XPLR Infrastructure LP		9,252		81,603


(Cost $255,269)				166,785

TOTAL COMMON STOCKS


(Cost $3,999,981)				3,821,044

EXCHANGE-TRADED FUNDS – 0.2%
Global X US Infrastructure
Development ETF		10		415
Vaneck Green Infrastructure ETF		200		4,941


(Cost $5,030)				5,356

SECURITIES LENDING COLLATERAL – 10.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.22% (b)(c)
(Cost $410,100)		410,100		410,100

CASH EQUIVALENTS – 0.0%
DWS Government Money Market Series “Institutional Shares”, 4.26% (b)

(Cost $1,769)		1,769		1,769

TOTAL INVESTMENTS – 110.7%
(Cost $4,416,880)				4,238,269

Other assets and liabilities, net – (10.7%)				(409,258	)


NET ASSETS – 100.0%				3,829,011

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

See Notes to Financial Statements.

DBX ETF Trust | 19

Schedule of Investments

Xtrackers US Green Infrastructure Select Equity ETF (Continued)

May 31, 2025


Value ($) at 5/31/2024		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2025		Value ($) at 5/31/2025

SECURITIES LENDING COLLATERAL – 10.7%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.22% (b)(c)

	603,600		—		(193,500	) (d)		—		—		34,649		—		410,100		410,100

CASH EQUIVALENTS – 0.0%

DWS Government Money Market Series “Institutional Shares”, 4.26% (b)

	—		89,470		(87,701	)		—		—		114		—		1,769		1,769

	603,600		89,470		(281,201	)		—		—		34,763		—		411,869		411,869

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at May 31, 2025 amounted to $377,692, which is 9.9% of net assets.

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

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

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

Fair Value Measurements


Assets	Level 1			Level 2			Level 3			Total

Common Stocks (a)	$	3,821,044	$		—	$		—	$		3,821,044

Exchange-Traded Funds		5,356			—			—			5,356

Short-Term Investments (a)		411,869			—			—			411,869

TOTAL	$	4,238,269	$		—	$		—	$		4,238,269

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

See Notes to Financial Statements.

20 | DBX ETF Trust

Schedule of Investments

Xtrackers US National Critical Technologies ETF

May 31, 2025


	Number of Shares		Value $

COMMON STOCKS – 99.6%

Communication Services – 16.3%
Alphabet, Inc., Class A		32,327		5,551,839
AT&T, Inc.		43,996		1,223,089
Auto Trader Group PLC, 144A		5,694		60,969
BCE, Inc.		5,463		118,800
BT Group PLC		28,044		67,866
CAR Group Ltd.		3,143		71,926
Charter Communications, Inc., Class A *		596		236,177
Comcast Corp., Class A		22,990		794,764
Electronic Arts, Inc.		1,445		207,762
Meta Platforms, Inc., Class A		9,847		6,375,834
Pinterest, Inc., Class A *		3,854		119,898
Quebecor, Inc., Class B		2,342		65,766
Rightmove PLC		6,160		61,904
ROBLOX Corp., Class A *		3,367		292,862
Rogers Communications, Inc., Class B		2,284		61,197
Snap, Inc., Class A *		8,941		73,763
Spark New Zealand Ltd.		47,994		63,900
Take-Two Interactive Software, Inc. *		998		225,828
Telstra Group Ltd.		69,324		213,252
TELUS Corp.		9,802		160,260
T-Mobile US, Inc.		2,826		684,457
TPG Telecom Ltd.		19,483		64,572
Trade Desk, Inc., Class A *		2,661		200,160
Verizon Communications, Inc.		25,891		1,138,168
Warner Bros Discovery, Inc. *		14,682		146,380


(Cost $17,996,976)				18,281,393

Consumer Discretionary – 5.7%
Amazon.com, Inc. *		28,538		5,850,575
DoorDash, Inc., Class A *		2,054		428,567
Expedia Group, Inc.		704		117,392


(Cost $6,214,633)				6,396,534

Energy – 5.2%
Ampol Ltd.		4,201		69,022
BP PLC		92,663		449,547
Chevron Corp.		10,706		1,463,510
Exxon Mobil Corp.		26,504		2,711,359
Imperial Oil Ltd.		877		62,496
Marathon Petroleum Corp.		1,918		308,299
Phillips 66		2,501		283,813
Suncor Energy, Inc.		7,621		270,431
Valero Energy Corp.		1,933		249,299


(Cost $6,361,189)				5,867,776

Financials – 0.9%
Adyen NV, 144A *		185		354,852
Block, Inc. *		3,288		203,034


	Number of Shares		Value $

Fidelity National Information Services, Inc.		3,256		259,210
Global Payments, Inc.		1,473		111,373
Wise PLC, Class A *		4,400		65,211


(Cost $989,136)				993,680

Health Care – 16.7%
Abbott Laboratories		10,557		1,410,204
AbbVie, Inc.		10,833		2,016,130
Agilent Technologies, Inc.		1,727		193,286
Alnylam Pharmaceuticals, Inc. *		763		232,379
Amgen, Inc.		3,293		948,977
Argenx SE, ADR *		373		213,826
Astellas Pharma, Inc.		10,800		106,956
Avantor, Inc. *		4,326		55,849
Biogen, Inc. *		833		108,115
Boston Scientific Corp. *		9,019		949,340
Bristol-Myers Squibb Co.		12,456		601,376
CSL Ltd.		2,925		464,930
Danaher Corp.		3,983		756,372
Dexcom, Inc. *		2,349		201,544
GE HealthCare Technologies, Inc.		2,918		205,836
Gilead Sciences, Inc.		7,623		839,140
GSK PLC		22,866		464,698
Haleon PLC		52,805		294,739
Hikma Pharmaceuticals PLC		2,688		77,573
ICON PLC *		435		56,672
IDEXX Laboratories, Inc. *		496		254,626
Illumina, Inc. *		1,017		83,638
Intuitive Surgical, Inc. *		2,181		1,204,653
IQVIA Holdings, Inc. *		1,078		151,276
Labcorp Holdings, Inc.		499		124,236
Medtronic PLC		7,850		651,393
Mettler-Toledo International, Inc. *		130		150,218
Moderna, Inc. *		2,309		61,327
Novo Nordisk A/S, Class B		19,343		1,335,457
Ono Pharmaceutical Co. Ltd.		4,900		53,162
Pfizer, Inc.		34,795		817,334
Pro Medicus Ltd.		456		82,758
Quest Diagnostics, Inc. *		647		112,151
Regeneron Pharmaceuticals, Inc.		646		316,721
ResMed, Inc.		898		219,821
Royalty Pharma PLC, Class A		1,993		65,530
Takeda Pharmaceutical Co. Ltd.		9,200		275,053
Teva Pharmaceutical Industries Ltd. *		7,437		131,341
Thermo Fisher Scientific, Inc.		2,311		930,917
Veeva Systems, Inc., Class A *		917		256,485
Vertex Pharmaceuticals, Inc. *		1,574		695,787
Waters Corp. *		356		124,329
Zoetis, Inc.		2,730		460,360

See Notes to Financial Statements.

DBX ETF Trust | 21

Schedule of Investments

Xtrackers US National Critical Technologies ETF (Continued)

May 31, 2025


	Number of Shares		Value $


(Cost $19,126,044)				18,756,515

Industrials – 12.8%
AMETEK, Inc.		1,415		252,917
Atlas Arteria Ltd. (a)		19,757		67,515
Auckland International Airport Ltd.		12,118		54,625
Automatic Data Processing, Inc.		2,493		811,546
BAE Systems PLC		17,980		461,056
Boeing Co. *		4,608		955,331
Broadridge Financial Solutions, Inc.		697		169,253
CAE, Inc. *		2,584		66,397
Carrier Global Corp.		4,957		352,938
Dover Corp.		812		144,333
Eaton Corp. PLC		2,404		769,761
Emerson Electric Co.		3,458		412,816
Expeditors International of
Washington, Inc.		801		90,297
Experian PLC		5,548		276,301
Fortive Corp.		2,057		144,381
GE Vernova, Inc.		1,678		793,660
General Dynamics Corp.		1,639		456,445
Honeywell International, Inc.		3,946		894,440
Howmet Aerospace, Inc.		2,453		416,740
Illinois Tool Works, Inc.		1,806		442,614
Ingersoll Rand, Inc.		2,454		200,345
Johnson Controls International PLC		4,054		410,954
L3Harris Technologies, Inc.		1,151		281,235
Leidos Holdings, Inc.		771		114,509
Lockheed Martin Corp.		1,437		693,180
Mainfreight Ltd.		1,961		82,308
Melrose Industries PLC		10,207		64,432
Northrop Grumman Corp.		883		428,052
PACCAR, Inc.		3,179		298,349
Parker-Hannifin Corp.		791		525,778
Rockwell Automation, Inc.		682		215,205
Rolls-Royce Holdings PLC		50,351		588,158
RTX Corp.		8,187		1,117,362
Smiths Group PLC		2,571		74,682
SS&C Technologies Holdings, Inc.		1,414		114,265
Thomson Reuters Corp.		845		167,568
TransDigm Group, Inc.		338		496,329
Transurban Group (a)		18,469		168,540
Vertiv Holdings Co., Class A		2,270		245,001


(Cost $12,428,456)				14,319,618

Information Technology – 35.0%
Adobe, Inc. *		2,608		1,082,555
Amdocs Ltd.		752		69,004
Analog Devices, Inc.		3,029		648,145


	Number of Shares		Value $

ANSYS, Inc. *		535		176,989
Applied Materials, Inc.		4,968		778,734
AppLovin Corp., Class A *		1,283		504,219
Arista Networks, Inc. *		6,324		547,911
Atlassian Corp., Class A *		974		202,232
Autodesk, Inc. *		1,308		387,325
Cadence Design Systems, Inc. *		1,678		481,703
Capgemini SE		1,013		168,189
Celestica, Inc. *		763		88,189
Cellebrite DI Ltd. *		3,267		54,494
CGI, Inc.		1,163		124,788
Check Point Software Technologies Ltd. *		490		112,151
Cisco Systems, Inc.		24,304		1,532,124
Cloudflare, Inc., Class A *		1,861		308,721
Cognizant Technology Solutions Corp., Class A		3,008		243,618
Constellation Software, Inc.		119		430,645
Crowdstrike Holdings, Inc., Class A *		1,455		685,843
CyberArk Software Ltd. *		313		119,810
Datadog, Inc., Class A *		1,844		217,371
Dell Technologies, Inc., Class C		1,888		210,078
Fair Isaac Corp. *		144		248,584
Fortinet, Inc. *		3,916		398,570
Gen Digital, Inc.		3,699		105,348
Halma PLC		2,352		92,172
Hewlett Packard Enterprise Co.		7,702		133,091
HubSpot, Inc. *		305		179,920
International Business Machines Corp.		5,679		1,471,202
Intuit, Inc.		1,676		1,262,816
Keysight Technologies, Inc. *		1,021		160,338
KLA Corp.		811		613,830
Lam Research Corp.		7,834		632,909
Microchip Technology, Inc.		3,155		183,116
Microsoft Corp.		13,291		6,118,645
MicroStrategy, Inc., Class A *		1,505		555,435
Monday.com Ltd. *		273		81,215
MongoDB, Inc. *		480		90,638
Motorola Solutions, Inc.		1,017		422,441
Nice Ltd., ADR *		97		16,095
Nice Ltd. *		319		53,681
NVIDIA Corp.		49,249		6,655,017
Open Text Corp.		2,690		76,027
Oracle Corp.		10,112		1,673,839
Palantir Technologies, Inc., Class A *		13,024		1,716,303
Palo Alto Networks, Inc. *		4,021		773,721
Roper Technologies, Inc.		656		374,097
Sage Group PLC		6,324		103,959
Salesforce, Inc.		5,745		1,524,551
ServiceNow, Inc. *		1,268		1,282,062

See Notes to Financial Statements.

22 | DBX ETF Trust

Schedule of Investments

Xtrackers US National Critical Technologies ETF (Continued)

May 31, 2025


	Number of Shares		Value $

Shopify, Inc., Class A *		7,432		792,631
Snowflake, Inc., Class A *		1,915		393,858
Synopsys, Inc. *		948		439,853
Technology One Ltd.		3,358		88,732
Teradyne, Inc.		1,032		81,115
Trimble, Inc. *		1,624		115,742
VeriSign, Inc.		573		156,125
WiseTech Global Ltd.		1,169		80,610
Wix.com Ltd. *		445		66,283
Workday, Inc., Class A *		1,310		324,500
Xero Ltd. *		938		111,247
Zebra Technologies Corp., Class A *		337		97,653
Zoom Communications, Inc. *		1,523		123,744
Zscaler, Inc. *		565		155,771


(Cost $35,216,746)				39,202,324

Materials – 1.7%
Antofagasta PLC		2,810		67,092
BHP Group Ltd.		28,794		708,787
Croda International PLC		1,826		75,548
Dow, Inc.		4,102		113,789
First Quantum Minerals Ltd. *		4,853		71,756
Freeport-McMoRan, Inc.		8,815		339,201
Fresnillo PLC		4,537		71,157
Lundin Mining Corp.		7,681		72,567
Lynas Rare Earths Ltd. *		10,856		55,123
Northern Star Resources Ltd.		7,433		100,358
Orica Ltd.		5,957		72,034
Pilbara Minerals Ltd. *		70,544		56,294
South32 Ltd.		38,665		75,893


(Cost $1,981,671)				1,879,599

Real Estate – 0.2%
CoStar Group, Inc. *
(Cost $191,876)		2,473		181,914

Utilities – 5.1%
American Electric Power Co., Inc.		3,359		347,623
Constellation Energy Corp.		1,922		588,420
Dominion Energy, Inc.		5,259		298,028
Edison International		2,269		126,270
Emera, Inc.		1,807		82,678
Energix-Renewable Energies Ltd.		20,964		66,601
Entergy Corp.		2,637		219,609
Exelon Corp.		6,222		272,648
FirstEnergy Corp.		3,430		143,854
Fortis, Inc.		3,241		158,049
Hydro One Ltd., 144A		2,016		74,089
Iberdrola SA		38,441		701,734
Mercury NZ Ltd.		17,282		60,981
Meridian Energy Ltd.		17,252		56,549
National Grid PLC		28,804		406,499


	Number of Shares		Value $

NextEra Energy, Inc.		12,619		891,406
PPL Corp.		4,395		152,726
Southern Co.		6,753		607,770
SSE PLC		6,146		145,955
Vistra Corp.		2,063		331,256


(Cost $5,051,966)				5,732,745

TOTAL COMMON STOCKS


(Cost $105,558,693)				111,612,098

EXCHANGE-TRADED FUNDS – 0.1%
Xtrackers Artificial Intelligence and Big Data ETF (b)

(Cost $123,674)		3,700		129,944

CASH EQUIVALENTS – 0.1%
DWS Government Money Market Series “Institutional Shares”, 4.26% (c) (Cost $123,604)		123,604		123,604

TOTAL INVESTMENTS – 99.8%
(Cost $105,805,971)				111,865,646

Other assets and liabilities, net – 0.2%				258,910


NET ASSETS – 100.0%				112,124,556

See Notes to Financial Statements.

DBX ETF Trust | 23

Schedule of Investments

Xtrackers US National Critical Technologies ETF (Continued)

May 31, 2025

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


Value ($) at 5/31/2024		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2025		Value ($) at 5/31/2025

EXCHANGE-TRADED FUNDS – 0.1%

Xtrackers Artificial Intelligence and Big Data ETF (b)

	—		265,756		(137,413	)		(4,669	)		6,270		73		—		3,700		129,944

SECURITIES LENDING COLLATERAL – 0.0%

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.22% (c)(d)

	18,550		—		(18,550	) (e)		—			—		1,110		—		—		—

CASH EQUIVALENTS – 0.1%

DWS Government Money Market Series “Institutional Shares”, 4.26% (c)

	68,548		2,469,574		(2,414,518	)		—			—		3,037		—		123,604		123,604

	87,098		2,735,330		(2,570,481	)		(4,669	)		6,270		4,220		—		127,304		253,548


*		Non-income producing security.
(a)		Stapled Security - A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.
(b)		Affiliated fund advised by DBX Advisors LLC.
(c)		Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.
(d)		Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
(e)		Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2025.



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

At May 31, 2025, open futures contracts purchased were as follows:

Contract Description

Currency

Number of
Contracts

Notional
Amount ($)

Contract Value
($)

Expiration
Date

Unrealized

Appreciation ($)

Micro E-mini NASDAQ 100 Index

USD

317,276

342,028

6/20/2025

24,752

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

Currency Abbreviations

USD U.S. Dollar

See Notes to Financial Statements.

24 | DBX ETF Trust

Schedule of Investments

Xtrackers US National Critical Technologies ETF (Continued)

May 31, 2025

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total

Common Stocks (a)	$	111,612,098	$	—	$	—	$	111,612,098

Exchange-Traded Funds		129,944		—		—		129,944

Short-Term Investments (a)		123,604		—		—		123,604

Derivatives (b)

Futures Contracts		24,752		—		—		24,752

TOTAL	$	111,890,398	$	—	$	—	$	111,890,398

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

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

See Notes to Financial Statements.

DBX ETF Trust | 25

Statements of Assets and Liabilities

May 31, 2025


	Xtrackers 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	$	42,132,307	$	7,679,774	$	814,967,251		$	6,966,243
Investment in affiliated securities at value		122,690		—		—			—
Investment in DWS Government Money Market Series		107,192		11,360		834,418			1,387
Investment in DWS Government & Agency Securities Portfolio*		—		520,072		89,001,092			—
Foreign currency at value		94,102		3,905		4,015,203			3,606
Deposit with broker for futures contracts		17,237		9,229		735,413			—

Receivables:
Investment securities sold		—		107,810		—			—
Dividends		20,405		3,298		4,253,680			5,395
Interest		490		110		2,386			17
Affiliated securities lending income		—		46		37,025			3
Foreign tax reclaim		2,442		1,241		559,958			—
Other assets		64		—		—			—
Total assets	$	42,496,929	$	8,336,845	$	914,406,426		$	6,976,651

Liabilities
Payable upon return of securities loaned	$	—	$	520,072	$	89,001,092		$	—

Payables:
Investment advisory fees		12,237		1,321		68,382			872
Variation margin on futures contracts		232		128		55,141			—
Deferred foreign tax		—		—		593,997			—
Total liabilities		12,469		521,521		89,718,612			872
Net Assets, at value	$	42,484,460	$	7,815,324	$	824,687,814		$	6,975,779

Net Assets Consist of
Paid-in capital	$	40,708,331	$	6,796,371	$	911,128,001		$	6,512,746
Distributable earnings (loss)		1,776,129		1,018,953		(86,440,187	)		463,033
Net Assets, at value	$	42,484,460	$	7,815,324	$	824,687,814		$	6,975,779
Number of Common Shares outstanding		1,210,001		225,001		36,950,001			235,001
Net Asset Value	$	35.11	$	34.73	$	22.32		$	29.68

Investment in non-affiliated securities at cost	$	40,270,792	$	6,588,002	$	825,849,376		$	6,389,837
Investment in affiliated securities at cost	$	115,307	$	—	$	—		$	—
Value of securities loaned	$	—	$	448,612	$	81,484,618		$	—
Investment in DWS Government Money Market Series at cost	$	107,192	$	11,360	$	834,418		$	1,387
Investment in DWS Government & Agency Securities Portfolio at cost*	$	—	$	520,072	$	89,001,092		$	—
Foreign currency at cost	$	92,460	$	3,902	$	3,929,393		$	3,584

* Represents collateral on securities loaned.

See Notes to Financial Statements.

26 | DBX ETF Trust

Statements of Assets and Liabilities (Continued)

May 31, 2025


	Xtrackers US Green Infrastructure Select Equity ETF			Xtrackers US National Critical Technologies ETF

Assets
Investment in non-affiliated securities at value	$	3,826,400		$	111,612,098
Investment in affiliated securities at value		—			129,944
Investment in DWS Government Money Market Series		1,769			123,604
Investment in DWS Government & Agency Securities Portfolio*		410,100			—
Foreign currency at value		—			65,889
Deposit with broker for futures contracts		—			27,848

Receivables:
Dividends		1,027			193,826
Interest		5			512
Affiliated securities lending income		941			152
Foreign tax reclaim		—			3,274
Total assets	$	4,240,242		$	112,157,147

Liabilities
Payable upon return of securities loaned	$	410,100		$	—

Payables:
Investment advisory fees		1,131			32,187
Variation margin on futures contracts		—			404
Total liabilities		411,231			32,591
Net Assets, at value	$	3,829,011		$	112,124,556

Net Assets Consist of
Paid-in capital	$	6,014,774		$	107,511,661
Distributable earnings (loss)		(2,185,763	)		4,612,895
Net Assets, at value	$	3,829,011		$	112,124,556
Number of Common Shares outstanding		225,001			3,500,001
Net Asset Value	$	17.02		$	32.04

Investment in non-affiliated securities at cost	$	4,005,011		$	105,558,693
Investment in affiliated securities at cost	$	—		$	123,674
Value of securities loaned	$	377,692		$	—
Investment in DWS Government Money Market Series at cost	$	1,769		$	123,604
Investment in DWS Government & Agency Securities Portfolio at cost*	$	410,100		$	—
Foreign currency at cost	$	—		$	64,510

* Represents collateral on securities loaned.

See Notes to Financial Statements.

DBX ETF Trust | 27

Statements of Operations

May 31, 2025


	Xtrackers Artificial Intelligence and Big Data ETF⁽¹⁾			Xtrackers Cybersecurity Select Equity ETF			Xtrackers International Real Estate ETF			Xtrackers Semiconductor Select Equity ETF

Investment Income
Unaffiliated dividend income*	$	222,722		$	29,272		$	27,176,537		$	85,088
Affiliated dividend income		62			—			—			—
Income distributions from affiliated funds		2,609			334			73,015			213
Affiliated securities lending income		0			633			422,744			24
Total investment income		225,393			30,239			27,672,296			85,325

Expenses
Investment advisory fees		69,341			13,227			767,082			10,878
Other expenses		—			58			403			58
Total expenses		69,341			13,285			767,485			10,936
Less fees waived (see note 3):
Waiver		(86	)		(9	)		(29,627	)		(6	)
Net expenses		69,255			13,276			737,858			10,930
Net investment income (loss)		156,138			16,963			26,934,438			74,395

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments**		(239,186	)		51,858			(23,968,601	)		(112,587	)
Investments in affiliates		(31	)		—			—			—
In-kind redemptions		26,668			661,929			1,626,694			491,608
Futures contracts		(8,011	)		(862	)		76,782			—
Foreign currency transactions		(1,366	)		4,642			30,136			(1,485	)
Payments by Affiliates (see note 6)		451			—			—			—
Net realized gain (loss)		(221,475	)		717,567			(22,234,989	)		377,536
Net change in unrealized appreciation (depreciation) on:
Investments***		1,861,515			781,594			70,927,896			(1,213,202	)
Investments in affiliates		7,383			—			—			—
Futures contracts		15,121			6,177			272,458			—
Foreign currency translations		1,738			4,002			187,846			127
Net change in unrealized appreciation (depreciation)		1,885,757			791,773			71,388,200			(1,213,075	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		1,664,282			1,509,340			49,153,211			(835,539	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,820,420		$	1,526,303		$	76,087,649		$	(761,144	)

* Unaffiliated foreign tax withheld	$	11,295		$	3,511		$	2,772,503		$	8,755
** Including foreign taxes	$	—		$	—		$	40,034		$	—
*** Net of change in deferred foreign taxes	$	—		$	—		$	(37,502	)	$	—

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

See Notes to Financial Statements.

28 | DBX ETF Trust

Statements of Operations (Continued)

May 31, 2025


	Xtrackers US Green Infrastructure Select Equity ETF			Xtrackers US National Critical Technologies ETF

Investment Income
Unaffiliated dividend income*	$	26,989		$	1,146,606
Affiliated dividend income		—			73
Income distributions from affiliated funds		114			3,037
Affiliated securities lending income		34,649			1,110
Unaffiliated securities lending income, net of borrower rebates		—			711
Total investment income		61,752			1,151,537

Expenses
Investment advisory fees		14,203			242,487
Other expenses		58			44
Total expenses		14,261			242,531
Less fees waived (see note 3):
Waiver		(2	)		(266	)
Net expenses		14,259			242,265
Net investment income (loss)		47,493			909,272

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(1,273,475	)		(1,765,568	)
Investments in affiliates		—			(4,669	)
In-kind redemptions		338,254			1,257,983
Futures contracts		—			5,160
Foreign currency transactions		—			(1,744	)
Net realized gain (loss)		(935,221	)		(508,838	)
Net change in unrealized appreciation (depreciation) on:

Investments		224,229			4,374,580
Investments in affiliates		—			6,270
Futures contracts		—			24,349
Foreign currency translations		—			2,189
Net change in unrealized appreciation (depreciation)		224,229			4,407,388
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(710,992)			3,898,550
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(663,499	)	$	4,807,822

* Unaffiliated foreign tax withheld	$	511		$	16,606

See Notes to Financial Statements.

DBX ETF Trust | 29

Statements of Changes in Net Assets


	Xtrackers Artificial Intelligence and Big Data ETF			Xtrackers Cybersecurity Select Equity ETF
	For the Period August 2, 2024⁽¹⁾to May 31, 2025			Year Ended May 31, 2025			For the Period July 13, 2023⁽¹⁾to May 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	156,138		$	16,963		$	38,751
Net realized gain (loss)		(221,475	)		717,567			344,941
Net change in net unrealized appreciation (depreciation)		1,885,757			791,773			310,047
Net increase (decrease) in net assets resulting from operations		1,820,420			1,526,303			693,739
Distributions to Shareholders		(19,894	)		(90,861	)		(40,336	)

Fund Shares Transactions
Proceeds from shares sold		41,030,578			2,443,179			6,436,453
Value of shares redeemed		(346,674	)		(1,718,684	)		(1,434,494	)
Net increase (decrease) in net assets resulting from fund share transactions		40,683,904			724,495			5,001,959
Total net increase (decrease) in Net Assets		42,484,430			2,159,937			5,655,362

Net Assets
Beginning of period		30			5,655,387			25
End of period	$	42,484,460		$	7,815,324		$	5,655,387

Changes in Shares Outstanding
Shares outstanding, beginning of period		1			200,001			1
Shares sold		1,220,000			75,000			250,000
Shares redeemed		(10,000	)		(50,000	)		(50,000	)
Shares outstanding, end of period		1,210,001			225,001			200,001

(1) Commencement of Operations.

See Notes to Financial Statements.

30 | DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers International Real Estate ETF						Xtrackers Semiconductor Select Equity ETF
	Year Ended May 31, 2025			Year Ended May 31, 2024			Year Ended May 31, 2025			For the Period July 13, 2023⁽¹⁾to May 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	26,934,438		$	24,747,681		$	74,395		$	49,403
Net realized gain (loss)		(22,234,989	)		(21,539,092	)		377,536			36,654
Net change in net unrealized appreciation (depreciation)		71,388,200			51,903,689			(1,213,075	)		1,789,576
Net increase (decrease) in net assets resulting from operations		76,087,649			55,112,278			(761,144	)		1,875,633
Distributions to Shareholders		(30,376,054	)		(22,772,407	)		(122,553	)		(31,304	)
Fund Shares Transactions
Proceeds from shares sold		84,681,908			116,414,059			2,133,240			5,818,749
Value of shares redeemed		(7,420,764	)		(6,807,337	)		(1,936,867	)		—
Net increase (decrease) in net assets resulting from fund share transactions		77,261,144			109,606,722			196,373			5,818,749
Total net increase (decrease) in Net Assets		122,972,739			141,946,593			(687,324	)		7,663,078
Net Assets
Beginning of period		701,715,075			559,768,482			7,663,103			25
End of period	$	824,687,814		$	701,715,075		$	6,975,779		$	7,663,103

Changes in Shares Outstanding
Shares outstanding, beginning of period		33,200,001			27,800,001			225,001			1
Shares sold		4,100,000			5,750,000			70,000			225,000
Shares redeemed		(350,000	)		(350,000	)		(60,000	)		–
Shares outstanding, end of period		36,950,001			33,200,001			235,001			225,001

(1)	Commencement of Operations.

See Notes to Financial Statements.

DBX ETF Trust | 31

Statements of Changes in Net Assets (Continued)


	Xtrackers US Green Infrastructure Select Equity ETF						Xtrackers US National Critical Technologies ETF
	Year Ended May 31, 2025			For the Period July 13, 2023⁽¹⁾to May 31, 2024			Year Ended May 31, 2025			For the Period November 16, 2023⁽¹⁾to May 31, 2024

Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	47,493		$	29,598		$	909,272		$	186,903
Net realized gain (loss)		(935,221	)		(717,287	)		(508,838	)		344,955
Net change in net unrealized appreciation (depreciation)		224,229			(402,840	)		4,407,388			1,679,399
Net increase (decrease) in net assets resulting from operations		(663,499	)		(1,090,529	)		4,807,822			2,211,257
Distributions to Shareholders		(40,957	)		(24,484	)		(722,401	)		(80,354	)
Fund Shares Transactions
Proceeds from shares sold		916,153			6,246,667			68,827,582			43,302,231
Value of shares redeemed		(906,363	)		(608,002	)		(4,764,954	)		(1,456,652	)
Net increase (decrease) in net assets resulting from fund share transactions		9,790			5,638,665			64,062,628			41,845,579
Total net increase (decrease) in Net Assets		(694,666	)		4,523,652			68,148,049			43,976,482
Net Assets
Beginning of period		4,523,677			25			43,976,507			25
End of period	$	3,829,011		$	4,523,677		$	112,124,556		$	43,976,507

Changes in Shares Outstanding
Shares outstanding, beginning of period		225,001			1			1,500,001			1
Shares sold		50,000			250,000			2,150,000			1,550,000
Shares redeemed		(50,000	)		(25,000	)		(150,000	)		(50,000	)
Shares outstanding, end of period		225,001			225,001			3,500,001			1,500,001

(1)	Commencement of Operations.

See Notes to Financial Statements.

32 | DBX ETF Trust

Financial Highlights

Xtrackers Artificial Intelligence and Big Data ETF


	Period Ended 5/31/2025(a)

Selected Per Share Data

Net Asset Value, beginning of period	$	30.00
Income (loss) from investment operations:

Net investment income (loss)(b)		0.21

Net realized and unrealized gain (loss)		4.93

Total from investment operations		5.14
Less distributions from:

Net investment income		(0.03	)

Total from distributions		(0.03	)

Net Asset Value, end of period	$	35.11

Total Return (%)(c)		17.13	**

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of period ($ millions)		42
Ratio of expenses before fee waiver (%)		0.35	*
Ratio of expenses after fee waiver (%)		0.35	*
Ratio of net investment income (loss) (%)		0.79	*
Portfolio turnover rate (%)(d)		11	**

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

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

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

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

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust | 33

Financial Highlights (Continued)

Xtrackers Cybersecurity Select Equity ETF


	Year Ended 5/31/2025			Period Ended 5/31/2024(a)

Selected Per Share Data

Net Asset Value, beginning of period	$	28.28		$	25.00
Income (loss) from investment operations:

Net investment income (loss)(b)		0.08			0.19

Net realized and unrealized gain (loss)		6.82			3.29

Total from investment operations		6.90			3.48
Less distributions from:

Net investment income		(0.07	)		(0.17	)

Net realized gains		(0.38	)		(0.03	)

Total from distributions		(0.45	)		(0.20	)

Net Asset Value, end of period	$	34.73		$	28.28

Total Return (%)(c)		24.47			13.87	**

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of period ($ millions)		8			6
Ratio of expenses before fee waiver (%)		0.20			0.20	*
Ratio of expenses after fee waiver (%)		0.20			0.20	*
Ratio of net investment income (loss) (%)		0.26			0.78	*
Portfolio turnover rate (%)(d)		49			41	**

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

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

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

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

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

34 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers International Real Estate ETF


	Years Ended May 31,

	2025			2024			2023			2022			2021

Selected Per Share Data
Net Asset Value, beginning of year	$	21.14		$	20.14		$	24.67		$	29.15		$	22.85
Income (loss) from investment operations:

Net investment income (loss)(a)		0.77			0.80			0.80			0.92			0.92

Net realized and unrealized gain (loss)		1.30			0.97			(4.91	)		(4.05	)		6.28

Total from investment operations		2.07			1.77			(4.11	)		(3.13	)		7.20
Less distributions from:

Net investment income		(0.89	)		(0.77	)		(0.42	)		(1.35	)		(0.90	)

Total from distributions		(0.89	)		(0.77	)		(0.42	)		(1.35	)		(0.90	)
Net Asset Value, end of year	$	22.32		$	21.14		$	20.14		$	24.67		$	29.15

Total Return (%)(b)		10.39			8.91			(16.76	)		(11.26	)		32.15

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of year ($millions)		825			702			560			559			458
Ratio of expenses before fee waiver (%)		0.10			0.12			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) (%)		3.64			3.86			3.70			3.38			3.55
Portfolio turnover rate (%)(c)		8			15			8			17			9

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

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

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

See Notes to Financial Statements.

DBX ETF Trust | 35

Financial Highlights (Continued)

Xtrackers Semiconductor Select Equity ETF


	Year Ended 5/31/2025			Period Ended 5/31/2024(a)

Selected Per Share Data

Net Asset Value, beginning of period	$	34.06		$	25.00
Income (loss) from investment operations:

Net investment income (loss)(b)		0.32			0.24

Net realized and unrealized gain (loss)		(4.17	)		8.98

Total from investment operations		(3.85	)		9.22
Less distributions from:

Net investment income		(0.31	)		(0.16	)

Net realized gains		(0.22	)		–

Total from distributions		(0.53	)		(0.16	)

Net Asset Value, end of period	$	29.68		$	34.06

Total Return (%)(c)		(11.35	)		36.98	**

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of period ($millions)		7			8
Ratio of expenses before fee waiver (%)		0.15			0.15	*
Ratio of expenses after fee waiver (%)		0.15			0.15	*
Ratio of net investment income (loss) (%)		1.03			0.99	*
Portfolio turnover rate (%)(d)		19			18	**

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

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

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

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

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

36 | DBX ETF Trust

Financial Highlights (Continued)

Xtrackers US Green Infrastructure Select Equity ETF


	Year Ended 5/31/2025			Period Ended 5/31/2024(a)

Selected Per Share Data

Net Asset Value, beginning of period	$	20.11		$	25.00
Income (loss) from investment operations:

Net investment income (loss)(b)		0.21			0.13

Net realized and unrealized gain (loss)		(3.12	)		(4.91	)

Total from investment operations		(2.91	)		(4.78	)
Less distributions from:

Net investment income		(0.18	)		(0.11	)

Total from distributions		(0.18	)		(0.11	)

Net Asset Value, end of period	$	17.02		$	20.11

Total Return (%)		(14.51	)(c)		(19.15	)**

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of period ($millions)		4			5
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) (%)		1.17			0.74	*
Portfolio turnover rate (%)(d)		60			55	**

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

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

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

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

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

DBX ETF Trust | 37

Financial Highlights (Continued)

Xtrackers US National Critical Technologies ETF


	Year Ended 5/31/2025			Period Ended 5/31/2024(a)

Selected Per Share Data

Net Asset Value, beginning of period	$	29.32		$	25.00
Income (loss) from investment operations:

Net investment income (loss)(b)		0.40			0.23

Net realized and unrealized gain (loss)		2.68			4.19

Total from investment operations		3.08			4.42
Less distributions from:

Net investment income		(0.35	)		(0.10	)

Net realized gains		(0.01	)		–

Total from distributions		(0.36	)		(0.10	)

Net Asset Value, end of period	$	32.04		$	29.32

Total Return (%)(c)		10.54			17.70	**

Ratios to Average Net Assets and Supplemental Data

Net Assets, end of period ($millions)		112			44
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) (%)		1.31			1.50	*
Portfolio turnover rate (%)(d)		29			6	**

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

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

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

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

*	Annualized.

**	Not Annualized.

See Notes to Financial Statements.

38 | DBX ETF Trust

Notes to Financial Statements

1. Organization

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

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.


Fund		Underlying Index

Xtrackers Artificial Intelligence and Big Data ETF		Nasdaq Global Artificial Intelligence and Big Data Index

Xtrackers Cybersecurity Select Equity ETF		Solactive Cyber Security ESG Screened Index

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

Xtrackers Semiconductor Select Equity ETF		Solactive Semiconductor ESG Screened Index

Xtrackers US Green Infrastructure Select Equity ETF		Solactive United States Green Infrastructure ESG Screened Index

Xtrackers US National Critical Technologies ETF		Solactive Whitney U.S. Critical Technologies Index

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

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

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

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

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

DBX ETF Trust | 39

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

Xtrackers International Real Estate ETF is a diversified series of the Trust. Xtrackers Artificial Intelligence and Big Data ETF, Xtrackers Cybersecurity Select Equity ETF, Xtrackers Semiconductor Select Equity ETF, Xtrackers US Green Infrastructure Select Equity ETF and Xtrackers US National Critical Technologies ETF are non-diversified and are not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. Each Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.

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.

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.

40 | DBX ETF Trust

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.

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

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

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

DBX ETF Trust | 41

these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

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

As of May 31, 2025, 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		$	136,183		$	(153,942	)		$	1,793,888			$	1,776,129

Xtrackers Cybersecurity Select Equity ETF			7,777			—				1,011,176				1,018,953

Xtrackers International Real Estate ETF			16,742,741			(38,458,739	)			(64,724,189	)			(86,440,187	)

Xtrackers Semiconductor Select Equity ETF			15,952			(95,911	)			542,992				463,033

Xtrackers US Green Infrastructure Select Equity ETF			—			(1,847,919	)			(337,844	)			(2,185,763	)

Xtrackers US National Critical Technologies ETF			311,631			(503,091	)			4,804,355				4,612,895

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


	Year Ended May 31, 2025
	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		—


	Period Ended May 31, 2024
	Ordinary Income^*

Xtrackers Cybersecurity Select Equity ETF		40,336

Xtrackers International Real Estate ETF		22,772,407

Xtrackers Semiconductor Select Equity ETF		31,304

Xtrackers US Green Infrastructure Select Equity ETF		24,484

Xtrackers US National Critical Technologies ETF		80,354

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

42 | DBX ETF Trust


	Short-Term		Long-Term		Total Amount

Xtrackers Artificial Intelligence and Big Data ETF	$	153,942	$	—	$	153,942

Xtrackers International Real Estate ETF		5,917,135		32,541,604		38,458,739

Xtrackers US Green Infrastructure Select Equity ETF		1,170,453		677,466		1,847,919

Xtrackers US National Critical Technologies ETF		331,702		171,389		503,091

Capital losses incurred after October 31 (“post-October capital losses”) and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the fiscal year ended May 31, 2025, the following Fund incurred and will elect to defer post-October capital losses.


	Post-October Losses on Capital

Xtrackers Semiconductor Select Equity ETF	$	95,911


	Distributable earnings (loss)		Paid-In Capital

Xtrackers Artificial Intelligence and Big Data ETF	$	(24,397)	$	24,397

Xtrackers Cybersecurity Select Equity ETF		(709,007)		709,007

Xtrackers International Real Estate ETF		(909,223)		909,223

Xtrackers Semiconductor Select Equity ETF		(497,599)		497,599

Xtrackers US Green Infrastructure Select Equity ETF		(329,447)		329,447

Xtrackers US National Critical Technologies ETF		(1,234,768)		1,234,768


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

Xtrackers Artificial Intelligence and Big Data ETF	$	40,570,039	$	1,792,150	$	3,555,865	$	(1,763,715)

Xtrackers Cybersecurity Select Equity ETF		7,203,901		1,007,305		1,422,112		(414,807)

Xtrackers International Real Estate ETF		969,249,781		(64,269,568)		70,057,667		(134,327,235)

Xtrackers Semiconductor Select Equity ETF		6,424,733		542,897		1,053,121		(510,224)

Xtrackers US Green Infrastructure Select Equity ETF		4,576,113		(337,844)		583,311		(921,155)

Xtrackers US National Critical Technologies ETF		107,063,651		4,801,995		9,802,038		(5,000,043)

DBX ETF Trust | 43

realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

Securities Lending National Financial Services LLC (Fidelity Agency Lending), as securities lending agent, for Xtrackers Cybersecurity Select Equity ETF, Xtrackers International Real Estate ETF, Xtrackers Semiconductor Select Equity ETF, Xtrackers US Green Infrastructure Select Equity ETF and Xtrackers US National Critical Technologies ETF, lends securities of the Funds to certain financial institutions under the terms of its securities lending agreement. Deutsche Bank AG serves as securities lending agent for Xtrackers Artificial Intelligence and Big Data ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended May 31, 2025, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.13% annualized effective rate as of May 31, 2025) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of May 31, 2025, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.


Remaining Contractual Maturity of the Agreements, as of May 31, 2025
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 Days		>90 Days		Total
Xtrackers Cybersecurity Select Equity ETF
Common Stocks	$	520,072	$	—	$	—	$	—	$	520,072
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	520,072
Xtrackers International Real Estate ETF
Common Stocks	$	89,001,092	$	—	$	—	$	—	$	89,001,092
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	89,001,092
Xtrackers US Green Infrastructure Select Equity ETF
Common Stocks	$	410,100	$	—	$	—	$	—	$	410,100
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	410,100

As of May 31, 2025, Xtrackers Artificial Intelligence and Big Data ETF, Xtrackers Semiconductor Select Equity ETF and Xtrackers US National Critical Technologies ETF had no securities on loan.

Derivatives

Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the year ended May 31, 2025, the Xtrackers Artificial Intelligence and Big Data ETF, Xtrackers Cybersecurity Select, Xtrackers International Real Estate ETF and Xtrackers US National Critical Technologies ETF utilized futures in order to simulate investment in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).

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

A summary of the open futures contracts as of May 31, 2025 is included in a table following the Funds’ Schedule of Investments.

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


	Asset Derivatives			Liability Derivatives
Xtrackers Artificial Intelligence and Big Data ETF
Equity contracts	Unrealized appreciation on futures contracts*	$	15,121	Unrealized depreciation on futures contracts*	$	—
	Total	$	15,121	Total	$	—

Xtrackers Cybersecurity Select Equity ETF
Equity contracts	Unrealized appreciation on futures contracts*	$	6,177	Unrealized depreciation on futures contracts*	$	—
	Total	$	6,177	Total	$	—

Xtrackers International Real Estate ETF
Equity contracts	Unrealized appreciation on futures contracts*	$	351,105	Unrealized depreciation on futures contracts*	$	4,590
	Total	$	351,105	Total	$	4,590

Xtrackers US National Critical Technologies ETF
Equity contracts	Unrealized appreciation on futures contracts*	$	24,752	Unrealized depreciation on futures contracts*	$	—
	Total	$	24,752	Total	$	—


Net Realized Gain (Loss) from:	Futures Contracts — Equity Contracts

Xtrackers Artificial Intelligence and Big Data ETF	$	(8,011)

Xtrackers Cybersecurity Select Equity ETF		(862)

Xtrackers International Real Estate ETF		76,782

Xtrackers US National Critical Technologies ETF		5,160

Net Change in Unrealized Appreciation (Depreciation) on:	Futures Contracts — Equity Contracts

Xtrackers Artificial Intelligence and Big Data ETF	$	15,121

Xtrackers Cybersecurity Select Equity ETF		6,177

Xtrackers International Real Estate ETF		272,458

Xtrackers US National Critical Technologies ETF		24,349

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


	Futures Contracts (Contract Value)

Xtrackers Artificial Intelligence and Big Data ETF	$	67,605

Xtrackers Cybersecurity Select Equity ETF		118,538

Xtrackers International Real Estate ETF		6,348,253

Xtrackers US National Critical Technologies ETF		93,383

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

3. Investment Advisory and Other Agreements

The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate. For its investment advisory services to the Funds below, the Advisor was entitled to receive a unitary advisory fee based on each Fund’s average daily net assets, (through August 12, 2024 for the Xtrackers International Real Estate ETF) computed and accrued daily and payable monthly, at an annual rate equal to:


		Unitary Advisory Fee

Xtrackers Artificial Intelligence and Big Data ETF		0.35%

Xtrackers Cybersecurity Select Equity ETF		0.20%

Xtrackers International Real Estate ETF		0.12%

Xtrackers Semiconductor Select Equity ETF		0.15%

Xtrackers US Green Infrastructure Select Equity ETF		0.35%

Xtrackers US National Critical Technologies ETF		0.35%

Effective August 13, 2024, for its investment advisory services to the Fund below, the Advisor was entitled to receive a unitary advisory fee based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:


		Unitary Advisory Fee

Xtrackers International Real Estate ETF		0.10%

The Advisor for the Xtrackers International Real Estate ETF had contractually agreed, until August 12, 2024, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) from exceeding 0.10% of the Fund’s average daily net assets. For the year ended May 31, 2025, the Advisor waived $27,976 of the expenses of the Fund.

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The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated Funds. For the year ended May 31, 2025, the Advisor waived expenses of the Funds as follows:


	Expenses Waived

Xtrackers Artificial Intelligence and Big Data ETF	$	86

Xtrackers Cybersecurity Select Equity ETF		9

Xtrackers International Real Estate ETF		1,651

Xtrackers Semiconductor Select Equity ETF		6

Xtrackers US Green Infrastructure Select Equity ETF		2

Xtrackers US National Critical Technologies ETF		266

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

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

4. Investment Portfolio Transactions

For the year ended May 31, 2025, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:


	Purchases		Sales

Xtrackers Artificial Intelligence and Big Data ETF	$	9,291,815	$	2,633,954

Xtrackers Cybersecurity Select Equity ETF		3,954,566		3,192,957

Xtrackers International Real Estate ETF		71,029,990		62,195,514

Xtrackers Semiconductor Select Equity ETF		1,427,009		1,362,818

Xtrackers US Green Infrastructure Select Equity ETF		2,456,513		2,496,792

Xtrackers US National Critical Technologies ETF		20,003,753		19,951,407

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


	Purchases		Sales

Xtrackers Artificial Intelligence and Big Data ETF	$	34,279,943	$	339,206

Xtrackers Cybersecurity Select Equity ETF		1,514,348		1,741,738

Xtrackers International Real Estate ETF		69,859,177		6,140,791

Xtrackers Semiconductor Select Equity ETF		1,830,287		1,746,581

Xtrackers US Green Infrastructure Select Equity ETF		916,144		856,687

Xtrackers US National Critical Technologies ETF		68,706,386		4,665,002

5. Fund Share Transactions

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

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a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. As of May 31, 2024, transaction fees for the creation or redemption of a Creation Unit of Xtrackers US National Critical Technologies ETF are paid by the Fund’s Advisor.

6. Payments by Affiliates

During the year ended May 31, 2025, the Advisor agreed to reimburse Xtrackers Artificial Intelligence and Big Data ETF $451 for a loss due to a trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.

7. Concentration of Ownership


		Approximate
		Percent of
		Outstanding
		Shares Held

Xtrackers Artificial Intelligence and Big Data ETF		3%

Xtrackers Cybersecurity Select Equity ETF		67%

Xtrackers Semiconductor Select Equity ETF		55%

Xtrackers US Green Infrastructure Select Equity ETF		89%

Xtrackers US National Critical Technologies ETF		28%

8. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers International Real Estate ETF, and certain other funds managed by the Advisor to borrow up to $105 million. The Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Fund had no outstanding loans at May 31, 2025.

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Report of Independent Registered Public Accounting Firm

To the Shareholders of

Xtrackers Artificial Intelligence and Big Data ETF, Xtrackers Cybersecurity Select Equity ETF, Xtrackers International Real Estate ETF, Xtrackers Semiconductor Select Equity ETF, Xtrackers US Green Infrastructure Select Equity ETF and Xtrackers US National Critical Technologies ETF and the Board of Trustees of DBX ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Xtrackers Artificial Intelligence and Big Data ETF, Xtrackers Cybersecurity Select Equity ETF, Xtrackers International Real Estate ETF, Xtrackers Semiconductor Select Equity ETF, Xtrackers US Green Infrastructure Select Equity ETF and Xtrackers US National Critical Technologies ETF (collectively referred to as the “Funds”), (six of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of May 31, 2025, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (six of the funds constituting DBX ETF Trust) at May 31, 2025, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.


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, 2025	For each of the two years in the period ended May 31, 2025	For each of the five years in the period ended May 31, 2025

Xtrackers US National Critical Technologies ETF	For the year ended May 31, 2025	For the year ended May 31, 2025 and the period from November 16, 2023 (commencement of operations) through May 31, 2024

Xtrackers Cybersecurity Select Equity ETF Xtrackers Semiconductor Select Equity ETF Xtrackers US Green Infrastructure Select Equity ETF	For the year ended May 31, 2025	For the year ended May 31, 2025 and the period from July 13, 2023 (commencement of operations) through May 31, 2024

Xtrackers Artificial Intelligence and Big Data ETF	For the period from August 2, 2024 (commencement of operations) through May 31, 2025

Basis for Opinion

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

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Report of Independent Registered Public Accounting Firm (Continued)

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

New York, New York

July 23, 2025

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Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT WITH DBX ADVISORS LLC

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on May 13-14, 2025 (the “Meeting”), the Trustees, all of whom are Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers Artificial Intelligence and Big Data ETF, Xtrackers Cybersecurity Select Equity ETF, Xtrackers International Real Estate ETF, Xtrackers Semiconductor Select Equity ETF, Xtrackers US Green Infrastructure Select Equity ETF and Xtrackers US National Critical Technologies ETF (each a “Fund,” and collectively, the “Funds”) for another annual period ending on May 31, 2026. The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

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

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:

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

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

Economies of Scale. The Board considered that Xtrackers International Real Estate ETF had attracted a substantial amount of assets, but determined that the Fund was not experiencing economies of scale beyond what was reflected in the Fund’s unitary fee, which the Board noted was competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisors can share benefits of economies of scale.

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

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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, 2025.


	Qualified Dividend Income*			Dividends Received Reduction*
Xtrackers Artificial Intelligence and Big Data ETF		100	%		99	%
Xtrackers Cybersecurity Select Equity ETF		54	%		8	%
Xtrackers International Real Estate ETF		64	%		—	%
Xtrackers Semiconductor Select Equity ETF		81	%		35	%
Xtrackers US Green Infrastructure Select Equity ETF		84	%		74	%
Xtrackers US National Critical Technologies ETF		100	%		92	%

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

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

Gross Foreign

Income

Foreign Taxes Paid

Xtrackers International Real Estate ETF

29,898,502

1,648,648

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